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ITE Group PLC (ITE)

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Monday 22 May, 2006

ITE Group PLC

Interim Results

ITE Group PLC
22 May 2006


22 May 2006

                                 ITE GROUP PLC
                          INTERIM RESULTS ANNOUNCEMENT


Highlights
                                                    Six months ended    Six months ended         % Change
                                                       31 March 2006       31 March 2005

Turnover                                                      £26.2m              £22.7m              15%

Headline pre-tax profit*                                       £3.7m               £3.3m              11%

Reported Profit before tax **                                  £3.0m               £3.2m              -7%

Headline diluted earnings per share*                            1.0p                0.8p              18%

Diluted earnings per share                                      0.8p                0.8p              -4%

Dividend per share                                              1.0p                0.9p              11%


     
•    Increase in sales and headline profits reflect strong demand for
     emerging market exhibitions

•    Turnover up 15%

•    Headline profit before tax of £3.7m up 11%

•    Headline diluted earnings per share up 18%

•    Forward sales up 12%+ on a like for like basis

•    Board are confident of prospects for the full year

Commenting on the results, Iain Paterson, Chairman, said:

'The Group reported another strong financial and trading performance.  The
results demonstrate our ability to grow our core business, to launch new events
successfully and to develop acquired events.

ITE has built a strong presence in its core markets and we are well positioned
to deliver further growth in the future. The second half has progressed well and
is in line with our expectations. As a result, the Board remains confident of
the prospects for the 2006 financial year.'

*  Headline pre-tax profit is defined as profit before tax, amortisation of
intangible assets arising on business combinations and impairment of goodwill
and intangible assets and profits or losses arising on disposal of group
undertakings - see the Profit and Loss Account for details

Headline diluted earnings per share is calculated using profit before
amortisation of intangible assets arising on business combinations and
impairment of goodwill and intangible assets and profits or losses arising on
disposal of group undertakings.

** Reported profit before tax of £3.0m (2005: £3.2m) is after amortisation
charges of £0.7m (2005: £0.1m). Net interest receipts for the first six months
were £0.2m (2005: £0.9m) on cash balances reduced by the £30m share buyback made
in August 2005

    
Enquiries:

Ian Tomkins                                     ITE Group plc                        020 7596 5000
Charles Palmer/Tim Spratt                       Financial Dynamics                   020 7831 3113



Interim Statement

ITE has delivered a positive set of trading results for the first six months of
the financial year. Turnover grew 15% to £26.2m (2005: £22.7m) and headline
profit before tax rose 11% to £3.7m (2005: £3.3m).  Reported pre-tax profit for
the six months was £3.0m (2005: £3.2m).

Demand for ITE Group's exhibitions and conferences remained strong throughout
the period, reflecting growing interest in ITE's core markets.  The Group has
continued to implement its strategy of supporting the core business with long
term agreements with key venues.  In October 2005 the Group advanced $10m
against future tenancy payments to the Moscow venue, Crocus, as part of a long
term agreement. Other venue prepayments made in the first six months were $2m
made to the IEC venue in Kyiv to support the construction of Phase III of its
venue, and $0.6m of a total $1.5m advance to the Atakent venue in Almaty,
Kazakhstan to support the further expansion of available venue facilities.
These venue expansion plans will assist the Group's growth opportunities in
these regions.


Board and Management

Malcolm Wall joined the Board as a non - executive Director on 4 May 2006.
Malcolm brings senior board level experience and extensive knowledge of the
international B2B media sector.  He is a member of the Audit, Remuneration and
Nomination Committees of the Board.

As previously announced Marco Sodi, the remaining appointee of Veronis Suhler
Stevenson resigned from the Board on 23 January 2006, following the sale of
Veronis Suhler Stevenson's residual shareholding in ITE Group plc.


Dividend

The Board has approved an interim dividend of 1.0p per share (2005: 0.9p).  The
dividend reflects the Board's policy of progressively increasing the dividend in
line with underlying earnings growth.


International Financial Reporting Standards

The results for the six months to 31 March 2006 are the first that the Group has
published under International Financial Reporting Standards ('IFRS').  The
comparative figures for last year have been re-stated on a consistent basis.
The principal changes affecting the results are the inclusion of a charge for
the cost of share options for employees (share based payments), the replacement
of goodwill amortisation with amortisation of intangible assets and the
application of fair value accounting to certain venue advances and to hedging
instruments.

ITE Group plc released a full statement of its adopted IFRS accounting policies
on 21 March 2006.  A copy of the IFRS statement is available on ITE's website:
www.ite-exhibitions.com


Financial Performance

Turnover for the first six months of the year increased 15% to £26.2m (2005:
£22.7m) particularly driven by strong sales in Central Asia and Ukraine, and
supported by the acquisitions made last year in the UK and Ukraine. Gross
margins across the Group are consistent with last year at 38% and gross profit
improved by 16% to £9.9m (2005: £8.6m).  The Footwear and BTO AgriHort
acquisitions together accounted for £1.6m of the increase in revenue and £0.7m
of the increase in gross profit for the first half.

Operating profit for the first six months was £2.7m after administrative costs
of £7.3m (2005: £2.3m after administrative costs of £6.3m). Administrative costs
include a charge for amortisation of intangible assets of £0.7m (2005: £0.1m).
Foreign exchange gains or losses included in administrative expense were £nil
for the first six months of this year (2005: £0.4m loss).

Net interest receipts for the first six months were £0.2m (2005: £0.9m). The
decline in interest receipts primarily reflects the Group's £30m share buyback
carried out in August 2005.

The Group's 50% owned associate in Turkey made a loss of £0.1m in the six months
to 31 March 2006 (2005: profit £0.1m). The result reflected the impact of
difficult trading conditions on the textile fabrics event, and the phasing of
the biennial Autoshow event.

At 31 March 2006 the Group had a strong balance sheet with £30.1m of net assets.
  Cash at 31 March 2006 was £14.9m, an increase of £1.8m over the first six
months. The Group's cash flow from operations was £17.4m of which £6.8m was
applied in making advances and prepayments to venues.


Trading Highlights & Review of Operations

In the six months to 31 March 2006 ITE organised 52 events (2005: 69 events).
The Group discontinued a number of exhibitions in the ordinary course of
business.  Total square metres sold in 2006 were 123,100 (2005: 97,000).

An analysis of the Group's sales and gross profit for the first six months is
set out below.  The exhibition business for the first six months increased over
last year's comparable figures by 27% in volume sales and by 15% in revenue.

                                                 Square                  Gross
                                                 Metres     Revenue     Profit
                                                   '000         £'m        £'m

First half 2005*                                   97.0        21.9        8.0
Core event net growth                              16.4        1. 8       0. 8
Acquisitions                                        9.7        1. 6       0. 7

                                                  123.1        25.3        9.5
Publishing activity                                   -         0.9        0.4
First half 2006                                   123.1        26.2        9.9


* excludes Publishing activity


Russia

The Group is experiencing strong demand underpinned by the continuing prosperity
of the Russian economy.   In the first half Moscow International Travel and
Tourism, TransRussia and Ingredients Russia all delivered good performances.
TransRussia grew by 20% and Moscow International Travel and Tourism recorded a
marginal increase in volume, albeit at a slightly reduced average yield per
square metre. The first half of the reporting year only includes approximately
20% of the Group's total Moscow activity, and the sales performance of the
Moscow business over the first six months was in line with our expectations. The
St. Petersburg based exhibitions saw a small drop in activity level as some
international exhibitors re-focused their participation from the St. Petersburg
events to the larger Moscow shows.


Central Asia

The Central Asia and Caucasus regions have continued their strong growth this
year.  The Kazakhstan Oil & Gas Exhibition and Conference, which took place in
October, reported revenue growth of 10% over the previous event. The exhibition
was space constrained in 2005, but will be assisted for the forthcoming Autumn
season by the construction of a new pavilion for October 2006. One highlight of
the first half was the launch of Kazbuild Spring in March which was a resounding
success for a new launch and is indicative of the demand in this sector.
Bakubuild in Azerbaijan was rescheduled from September to October 2005 and made
an increased contribution over its preceding event.


Eastern & Southern Europe

The Kyiv office reported a 30% increase in its volume sales and operating
results for the first six months, in which it holds most of its key events.
Among the highlights of this strong performance was the growth in the
construction event, Kievbuild, which expanded into new space built at the IEC
venue.  Kiev AgriHort, the premier international agricultural event acquired
last year, grew well under ITE's stewardship and benefited from the additional
available venue space.

EUF, our wholly owned business in Turkey, has delivered a useful first half,
though ITF, our 50% associate business, has struggled amidst a down-turn in the
Turkish textile industry in the face of competition from the Far East.


Western Europe & UK

The spring MODA event has consolidated its position as the UK's leading fashion
exhibition.  The newly acquired Footwear UK show which runs concurrently with
MODA grew from its pre-acquisition level and benefited from re-branding and
enhanced marketing from ITE's magazine publishing division.  RAS Publishing
performed well and made an improved contribution to the Group in the first half.


Outlook

April is the busiest month in ITE Group's exhibition season with events
contributing over a third of annual turnover.  Major events which have taken
place since 31 March include the building shows, MosBuild and MosBuild+, which
together this year increased by a further 25%,  utilising for the first time the
new pavilion 2 at the Crocus venue.  The continued strength of the Moscow
exhibition market was also reflected in the other April events with Moscow
International Protection and Security, Expoelectronica and the Moscow
International Boat show all recording double digit growth.

In Moscow, the Group will pursue opportunities presented by the recent increase
in available quality venue space, whilst monitoring and combating the
competition. The Ukraine and Central Asia exhibition businesses are well founded
and expect to continue their growth, fuelled by strong demand and the supply of
additional venue space.

ITE has built a very strong presence in its core markets and is well positioned
to continue to deliver further good growth.  As of 18 May 2006, the Group had
booked revenues of £69.5m for the full year.  This is in line with our
expectations and currently represents in excess of a 12% increase on a like for
like basis over the same period last year.  The second half has progressed well
to date and the Board remains positive and confident of the prospects for the
2006 financial year.


Iain Paterson                                           Ian Tomkins
Chairman                                                Chief Executive


Consolidated Income Statement
                                                  Six months to   Six months to       Year ended 30
                                                  31 March 2006   31 March 2005      September 2005
                                          Notes       Unaudited       Unaudited             Audited
                                                           £000            £000                £000
Revenue                                                  26,175          22,666              78,547
Cost of sales                                          (16,236)        (14,116)            (42,552)
                                                     __________      __________          __________
Gross profit                                              9,939           8,550              35,995
      Net administrative expenses                       (6,524)         (6,140)            (12,532)
before amortisation
     Amortisation                             1           (733)           (140)               (378)
Total administrative expenses                           (7,257)         (6,280)            (12,910)
                                                     __________      __________          __________
Operating profit                                          2,682           2,270              23,085
Share of associates' operating                             (71)              92                 393
(loss)/profit
Profit on disposal of group                                   -               -                 221
undertakings
Income from investments                       3             641           1,098               2,068
Finance costs                                             (285)           (256)               (596)
                                                     __________      __________          __________
Profit on ordinary activities before                      2,967           3,204              25,171
taxation
Tax on profit on ordinary activities                      (928)           (904)             (6,781)
                                                     __________      __________          __________
Profit for the period                                     2,039           2,300              18,390
                                                     __________      __________          __________
Attributable to:
      Equity holders of the parent                        2,022           2,300              18,423
      Minority interests                                     17               -                (33)
                                                     __________      __________          __________
                                                          2,039           2,300              18,390
                                                     __________      __________          __________

Earnings per share (p)
Basic                                         4             0.8             0.8                 6.7
Diluted                                       4             0.8             0.8                 6.5
                                                     __________      __________          __________



The results stated above relate to continuing activities of the Group

Consolidated Balance Sheet
                                                  31 March 2006   31 March 2005   30 September 2005
                                          Notes       Unaudited       Unaudited             Audited
                                                           £000            £000                £000
Non-current assets
Goodwill                                                 32,705          30,880              32,771
Other intangible assets                                   5,689           2,162               5,989
Property, plant & equipment                               1,234           1,182               1,126
Investments in associates                                 1,033           1,237               1,410
Venue advances and other loans                            3,180           2,698               2,216
Deferred tax asset                                        1,797           1,209               1,395
                                                    ___________     ___________         ___________
                                                         45,638          39,368              44,907
Current assets
Debtors due within one year                   5          29,345          22,643              22,722
Cash and cash equivalents                     7          14,852          38,009              13,019
                                                    ___________     ___________         ___________
                                                         44,197          60,652              35,741

Total assets                                             89,835         100,020              80,648

Current liabilities
Trade and other payables                      5        (55,786)        (49,859)            (43,844)
                                                    ___________     ___________         ___________
                                                       (55,786)        (49,859)            (43,844)
Non-current liabilities
Provisions for liabilities and                          (2,369)         (2,497)             (3,038)
charges
Deferred tax liabilities                                (1,549)           (484)             (1,671)
                                                    ___________     ___________         ___________
                                                        (3,918)         (2,981)             (4,709)

Total liabilities                                      (59,704)        (52,840)            (48,553)

                                                    ___________     ___________         ___________
Net assets                                               30,131          47,180              32,095
                                                    ___________     ___________         ___________
Capital and reserves
Called-up share capital                                   2,607           2,887               2,599
Share premium account                                       558          29,877                  38
Merger reserve                                            2,746           2,746               2,746
ESOT reserve                                            (3,021)         (3,580)             (3,562)
Profit and loss account                                  27,030          15,022              30,080
                                                    ___________     ___________         ___________
Equity attributable to equity                            29,920          46,952              31,901
holders of the parent
                                                    ___________     ___________         ___________
Minority interests                                          211             228                 194
                                                    ___________     ___________         ___________
Total equity                                             30,131          47,180              32,095
                                                    ___________     ___________         ___________



Consolidated Cash Flow Statement
                                                  Six months to   Six months to       Year ended 30
                                                  31 March 2006   31 March 2005      September 2005
                                          Notes       Unaudited       Unaudited             Audited
                                                           £000            £000                £000
Cash flows from operating activities
Operating profit                                          2,682           2,270              23,085
  Adjustments for:
Depreciation and amortisation                               987             364                 826
(Decrease)/increase in provisions                          (22)             738               1,531
                                                     __________      __________          __________
Operating cash flows before                               3,647           3,372              25,442
movements in working capital
(Increase)/decrease in trade                            (1,034)           1,569               1,970
receivables
Increase in trade payables                               14,767           9,330               1,355
                                                     __________      __________          __________
Cash generated from operations                           17,380          14,271              28,767
Tax paid                                                (4,352)         (4,510)             (8,378)
Interest paid                                             (285)           (256)               (596)
                                                     __________      __________          __________
Net cash from operating activities                       12,743           9,505              19,793

Cash flow from investing activities
Interest received                                           409           1,098               2,085
Dividends received from associates                          322             437                 437
Venue advances and loans                                (6,782)             440                 443
Acquisition of businesses                               (1,061)         (2,347)             (5,785)
Purchase of property, plant &                             (226)           (182)               (430)
equipment
                                                     __________      __________          __________
Net cash used in investing                              (7,338)           (554)             (3,250)
activities

Cash flows from financing activities
Dividends paid                                          (4,623)         (4,560)             (7,088)
Share cancellation                                            -               -            (30,185)
Net cash flow in relation to ESOT                           541           (788)               (724)
shares
Proceeds from issue of share capital                        510             860                 927
                                                     __________      __________          __________
Net cash flows from financing                           (3,572)         (4,488)            (37,070)
activities

Net increase/(decrease) in cash and                       1,833           4,463
cash equivalents                                                                           (20,527)

Cash and cash equivalents at                             13,019          33,546              33,546
beginning of period
                                                     __________      __________          __________
Cash and cash equivalents at end of           7          14,852          38,009              13,019
period
                                                     __________      __________          __________



Notes
     
1.   The interim results have been prepared in accordance with IFRS that the 
     directors expect to be applicable as at 30 September 2006.  IFRS are 
     subject to amendment or interpretation by the International Accounting 
     Standards Board and there is an ongoing process of review and endorsement 
     by the European Commission.  For these reasons, it is possible that the 
     information for the six months ended 31 March 2005 and the restated 
     information for the year ended 30 September 2005 may be subject to further 
     change before its inclusion in the Group's 2006 report and accounts, which 
     will contain the Group's first complete financial statements prepared in 
     accordance with IFRS.

     The Company adopted IFRS with a transition date of 1 October 2004.  
     Comparative figures for 2005, which have previously been reported in 
     accordance with accounting principles generally accepted in the United 
     Kingdom ('UK GAAP'), have been restated to comply with IFRS.  An analysis 
     of the restatement of the Group's results for the year ended 30 September 
     2005 and the accounting policies used under IFRS was included in an 
     announcement published on 21 March 2006 that is available on the Company's 
     website, www.ite-exhibitions.com.

     The Company adopted IAS32 'Financial Instruments:  Disclosure and 
     Presentation' and IAS39 'Financial Instruments:  Recognition and 
     Measurement' prospectively from 1 October 2005.  As a consequence of 
     adopting IAS32 and IAS39, the Company recognised a loss of £500,000 in 
     equity at that date.

     The amortisation charge in these financial statements is from intangible 
     assets arising on business combinations.

     These financial statements do not constitute statutory accounts as defined 
     by Section 240 of the Companies Act 1985.  These interim results were 
     approved by the Board on 19 May 2006 and copies of this document are being 
     sent to shareholders.  Further copies are available from the Company's 
     registered office.

     
2.   The results for the year ended 30 September 2005 have been extracted from 
     the statutory accounts, which have been reported on by the Group's auditors
     and have been delivered to the Registrar of Companies.  The auditors' 
     report was unqualified and did not contain any statement under section 237 
     (2) or (3) of the Companies Act 1985.

     
3.   Income from investments
                                                       Six months to 31 Six months to 31     Year ended 30
                                                             March 2006       March 2005    September 2005
                                                              Unaudited        Unaudited           Audited
                                                                   £000             £000              £000

Interest receivable from bank deposits                              386            1,066             2,002
Interest receivable on advances to venues                            18               15                34
Interest receivable on loan to Incheba Praha                          5               17                32
Fair value adjustment to venue advances                             232                -                 -
                                                             __________       __________        __________
                                                                    641            1,098             2,068

     
4.   The calculations of earnings per share are based on the following
     results and numbers of shares.

                                                 Headline diluted           Basic and diluted
                                                 2006        2005          2006          2005
                                                 £000        £000          £000          £000

Profit for the financial period                 2,022       2,300         2,022         2,300
Amortisation                                      733         140             -             -
Tax effect of amortisation                      (158)        (42)             -             -
                                             ________    ________      ________      ________
                                                2,597       2,398         2,022         2,300
                                             ________    ________      ________      ________


                                                             2006                         2005
                                          Number of shares ('000)      Number of shares ('000)
Weighted average number of shares:
For basic earnings per share                              250,710                      276,479
Exercise of share options                                  10,406                        8,762
                                                      ___________                  ___________
For diluted earnings per share                            261,116                      285,241
                                                      ___________                  ___________


Headline diluted earnings per share is intended to provide a consistent measure
of group earnings on a year on year basis.   Headline diluted earnings per share
is calculated using profit for the financial year before amortisation and
impairment of goodwill and profits or losses arising on disposal of group
undertakings.


5.   Debtors include trade debtors of £13.5m (31 March 2005: £14.6m; 30
     September 2005: £17.6m).
     Creditors: amounts falling due within one year include deferred income of 
     £47.4m (31 March 2005: £43.5m; 30 September 2005: £32.2m).

     
6.   Reconciliation of Headline profit before taxation to Profit on
     ordinary activities before taxation

                                                    Six months to   Six months to      Year ended 30
                                                    31 March 2006   31 March 2005     September 2005
                                                        Unaudited       Unaudited            Audited
                                                             £000            £000               £000

Profit on ordinary activities before taxation               2,967           3,204             25,171
Amortisation                                                  733             140                378
Loss on disposal of subsidiary undertakings                     -               -                221
                                                       __________      __________         __________
Headline profit before taxation                             3,700           3,344             25,770
                                                       __________      __________         __________



7.   As a result of the capital reduction in July 2005, £4.6m is held in a trust 
     account, which will be released as certain creditors are paid in full. At
     31 March 2006, £0.5m of the cash in trust was expected to be released 
     within one year.


8.   Reconciliation of results for the period to 31 March 2005 from UK
     GAAP to IFRS - (unaudited)
                                 UK GAAP      Share-based        Leases       Amortisation
                                                 payments
                                    £000             £000          £000               £000
Revenue                           22,666                -             -                  -
Cost of sales                   (14,116)                -             -                  -
                              __________       __________     _________         __________
Gross profit                       8,550                -             -                  -
      Net administrative         (5,924)            (243)            27                  -
expenses before

      amortisation
     Amortisation                (1,535)                -             -              1,395
Total administrative             (7,459)            (243)            27              1,395
expenses
                              __________       __________     _________         __________
Operating profit                   1,091            (243)            27              1,395
                              __________       __________     _________         __________
Share of associates'                 294                -             -                 76
operating profit
Income from investments            1,098                -             -                  -
Finance costs                      (256)                -             -                  -
                              __________       __________     _________         __________
Profit on ordinary                 2,227            (243)            27              1,471
activities before taxation
Tax on profit on ordinary        (1,077)                -             -                  -
activities
                              __________       __________     _________         __________
Profit for the period              1,150            (243)            27              1,471
                              __________       __________     _________         __________
Attributable to:
      Equity holders of the        1,150            (243)            27              1,471
parent
      Minority interests               -                -             -                  -
                              __________       __________     _________         __________
                                   1,150            (243)            27              1,471
                              __________       __________     _________         __________

Earnings per share
Basic                                0.4            (0.1)             -                0.5
Diluted                              0.4            (0.1)             -                0.5
                              __________       __________     _________         __________



                              Associates   Tax Adjustment  Deferred tax               IFRS
                                    £000             £000          £000               £000
Revenue                                -                -             -             22,666
Cost of sales                          -                -             -           (14,116)
                              __________       __________     _________         __________
Gross profit                           -                -             -              8,550
      Net administrative               -                -             -            (6,140)
expenses before

      amortisation
     Amortisation                      -                -             -              (140)
Total administrative                   -                -             -            (6,280)
expenses
                              __________       __________     _________         __________
Operating profit                       -                -             -              2,270
                              __________       __________     _________         __________
Share of associates'               (278)                -             -                 92
operating profit
Income from investments                -                -             -              1,098
Finance costs                          -                -             -              (256)
                              __________       __________     _________         __________
Profit on ordinary                 (278)                -             -              3,204
activities before taxation
Tax on profit on ordinary            278            (328)           223              (904)
activities
                              __________       __________    __________         __________
Profit for the period                  -            (328)           223              2,300
                              __________       __________     _________         __________
Attributable to:
      Equity holders of the            -            (328)           223              2,300
parent
      Minority interests               -                -             -                  -
                              __________       __________     _________         __________
                                       -            (328)           223              2,300
                              __________       __________     _________         __________

Earnings per share
Basic                                  -            (0.1)           0.1                0.8
Diluted                                -            (0.1)           0.1                0.8
                              __________        _________     _________          _________





            Reconciliation of Balance Sheet at 31 March 2005 from UK GAAP to
IFRS - (unaudited)
                               UK GAAP      Leases   Intangible      Amortisation      Deferred tax
                                                         assets
                                  £000        £000         £000              £000              £000
Fixed assets
Goodwill                        30,459           -      (1,590)             1,534               477
Other intangible assets             85           -        2,217             (139)                 -
Property, plant &                1,808           -        (627)                 -                 -
equipment
Investments in associates        1,161           -            -                76                 -
Venue advances and other         2,698           -            -                 -                 -
loans
Deferred tax asset                 251           -            -                 -               958
                             _________     _______    _________         _________         _________
                                36,462           -            -             1,471             1,435
Current assets
Debtors due within one          22,643           -            -                 -                 -
year
Cash and cash equivalents       38,009           -            -                 -                 -
                             _________     _______    _________         _________         _________
                                60,652           -            -                 -                 -

Total assets                    97,114           -            -             1,471             1,435

Current liabilities
Trade and other payables      (51,953)           -            -                 -                 -
                             _________     _______    _________         _________         _________
                              (51,953)           -            -                 -                 -
Non-current liabilities
Provisions for liabilities     (1,749)       (748)            -                 -                 -
and charges
Deferred tax liabilities             -           -            -                 -             (484)
                             _________     _______    _________         _________         _________
                               (1,749)       (748)            -                 -             (484)

Total liabilities             (53,702)       (748)            -                 -             (484)

                             _________   _________    _________         _________         _________
Net assets                      43,412       (748)            -             1,471               951
                             _________     _______    _________         _________         _________
Capital and reserves
Called-up share capital          2,887           -            -                 -                 -
Share premium account           29,877           -            -                 -                 -
Merger reserve                   2,746           -            -                 -                 -
ESOT reserve                   (3,580)           -            -                 -                 -
Profit and loss account         11,254       (748)            -             1,471               951
                             _________   _________    _________         _________         _________
Equity attributable to          43,184       (748)            -             1,471               951
equity holders of the
parent
                             _________     _______    _________         _________         _________
Minority interests                 228           -            -                 -                 -
                             _________     _______    _________         _________         _________
Total equity                    43,412       (748)            -             1,471               951
                             _________     _______    _________         _________         _________




                                        Holiday pay    Dividends    Tax Adjustment              IFRS
                                               £000         £000              £000              £000
Fixed assets
Goodwill                                          -            -                 -            30,880
Other intangible assets                           -            -                 -             2,163
Property, plant & equipment                       -            -                 -             1,181
Investments in associates                         -            -                 -             1,237
Venue advances and other loans                    -            -                 -             2,698
Deferred tax asset                                -            -                 -             1,209
                                            _______      _______         _________         _________
                                                  -            -                 -            39,368
Current assets
Debtors due within one year                       -            -                 -            22,643
Cash and cash equivalents                         -            -                 -            38,009
                                            _______      _______         _________         _________
                                                  -            -                 -            60,652

Total assets                                      -            -                 -           100,020

Current liabilities
Trade and other payables                      (122)        2,544             (328)          (49,859)
                                            _______      _______         _________           _______
                                              (122)        2,544             (328)          (49,859)
Non-current liabilities
Provisions for liabilities and charges            -            -                 -           (2,497)
Deferred tax liabilities                          -            -                 -             (484)
                                            _______      _______         _________           _______
                                                  -            -                 -           (2,981)

Total liabilities                             (122)        2,544             (328)          (52,840)

                                          _________    _________         _________           _______
Net assets                                    (122)        2,544             (328)            47,180
                                            _______      _______         _________         _________
Capital and reserves
Called-up share capital                           -            -                 -             2,887
Share premium account                             -            -                 -            29,877
Merger reserve                                    -            -                 -             2,746
ESOT reserve                                      -            -                 -           (3,580)
Profit and loss account                       (122)        2,544             (328)            15,022
                                            _______    _________         _________           _______
Equity attributable to equity holders         (122)        2,544             (328)            46,952
of the parent
                                            _______      _______         _________           _______
Minority interests                                -            -                 -               228
                                            _______      _______         _________           _______
Total equity                                  (122)        2,544             (328)            47,180
                                            _______      _______         _________           _______

Financial Calendar

Interim dividend


Record date                                                     2 June 2006
Payment date                                                    22 June 2006



Final dividend
Record date                                                     January 2007
Payment date                                                    March 2007




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