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W.H. Ireland Group (WHI)

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Monday 30 July, 2007

W.H. Ireland Group

Interim Results

W.H. Ireland Group PLC
30 July 2007


WHI.L
                              WH IRELAND GROUP PLC

                         ('WH Ireland' or 'the Group')

              Interim results for the six months ended 31 May 2007

Quoted on AIM, WH Ireland is an established financial services group with four
distinct activities, corporate finance, financial services, investments and
stockbroking.

Highlights

• Turnover up by 35% to £21.5m (2006: £15.9m)

• Total operating profit increased by 54% to £2.0m (2006: £1.3m)

• Pre tax profit up 58% to a record £3.69m (2006: £2.33m)

• Basic earnings per share 15.49p (2006: 8.8p) up 76%

• Net assets (before minority interests) per ordinary share 114.95p (2006:
  86.13p), up 33%

• Dividend increased by 39% to 2.0p per share (2006: 1.4375p)

• Total funds under management and control have grown to £1.5bn (2006:£1.1bn) up
  by 36%

• WH Ireland UK Growth Trust out performs its benchmarks and grows to over £60m

• Strong performance from the corporate finance division

• Further consolidation of our presence in Australia by increasing our stake in
  WHI Australia Pty Ltd to 76.63%

• Opening of a new office in Bristol

• Consolidation of our Leeds office with the opening of new premises at Canal
  Wharf


Commenting on the results, Laurie Beevers, WH Ireland's Chief Executive, said;

'We are delighted to be reporting on record results as we reap the benefits of
the investment we have made in the development and diversification of the Group
into a broadly based investment banking business. At the same time, our balance
sheet has continued to grow strongly such that we remain well placed to continue
to invest cautiously and steadily as opportunities arise. We look forward to
continued progress'.


Press enquiries

W H Ireland Group plc                 Tel: 020 7448 1000 (today)            
Laurie Beevers Chief Executive        Tel: 0161 832 6644 
                                      Mobile: 07903 164004                              

Biddicks                              Tel: 020 7448 1000                    
Zoe Biddick or Sophie Lane         


CHAIRMAN'S STATEMENT

Results and dividend

I am delighted to report record results for the six months ended 31 May 2007.
Turnover up by 35% to £21.54 million (2006: £15.90 million) has led to a 55%
increase in Group operating profit to a record £1.88 million (2006: £1.21
million) whilst a continuing contribution from profits in associated companies
has taken total operating profit up to approximately £2 million (2006: £1.3
million).

Despite lower investment profits during the period, the impact of the
implementation of FRS 26 has resulted in an unrealised gain on the value of
certain investments being taken to profit for the first time amounting to £0.99
million. As a result, pre tax profit for the period has grown by 58% to a record
£3.69 million (2006: £2.33 and earnings per share are 76% higher at a record
15.49p (2006: 8.8p).

Our balance sheet has continued to grow strongly with the value of the
investments, both quoted and unquoted, now being shown at their 'fair value' as
required by FRS 26. The carrying value of investments has increased by £3.9
million to £8.3 million and equity shareholders' funds (excluding minority
interests) now stand at £18.9 million, equivalent to 114.95p per ordinary share
(2006: £86.13p). Net cash at the end of the period stood at £11.4 million,
equivalent to 69.2p per ordinary share (2006: 48.4p per ordinary share)

Our strong balance sheet and substantial net cash have enabled us to increase
the interim dividend by 39% to 2.0p per share (2006: 1.4375p per share), to be
paid on 28 September 2007 to shareholders on the register on 10 August 2007.
Once again, a scrip dividend alternative will be offered.

Trading

We have continued to grow the Group into a broadly based investment banking
business. Whilst UK stockbroking is undoubtedly our core activity, we have used
the cash flow emanating from this area and the opportunities which have arisen
to develop from that base. By broadening and diversifying our income streams and
strengthening our balance sheet, we believe we have substantially reduced our
operational risk. In particular, we have continued to develop our corporate
finance business with the opening of a fourth office in Leeds and the
commencement of a fledgling mergers and acquisitions operation. The division now
acts for 83 corporate clients, of which 78 are quoted on AIM.

In the period under review we acted upon four AIM flotations and nine secondary
fundraisings, raising in excess of £60m for our corporate clients.

Figures for the half year include a significant contribution to both turnover
and operating profit from our Australian subsidiary WHI Australia Pty Limited
('WHIA'), the holding company of DJ Carmichael Pty Limited ('DJC'), the Perth
headquartered stockbroking and corporate finance boutique. In the period under
review, DJC opened a new corporate finance office in Melbourne and is looking to
continue to build a retail presence there as well. We have recently further
consolidated our position in Australia by increasing our stake in WHIA by 16.65%
to take our total holding up to 76.63%.

While our financial services business returned a lower profit than in the
comparable period last year, this reflects ongoing structural change in this
division with a view to increasing levels of recurring income as opposed to
initial fees. We have moved the Cardiff based part of this business into our
city centre stockbroking office in order to accommodate further expansion. We
continue to look at opportunities to expand this division in a meaningful
fashion.

We have continued our policy of acquiring individuals and teams for our
stockbroking business and also upgrading the working environment for all our
employees. As a result, we have opened a new office in Bristol and consolidated
the two offices in Leeds into refurbished premises at Canal Wharf.

Our funds under management and control now stand at in excess of £1.5bn and our
staff numbers in the UK and Australia now total in excess of 300. We expect
further additions to both investment advisers and funds under management in the
near future.

During the period under review, the WH Ireland UK Growth Trust , the principal
objective of which is to provide long term capital growth from a concentrated
portfolio of assets including securities predominately comprising the FTSE 350
index, out-performed both its primary peer benchmark and the UK stock market as
measured by the FTSE 350 Index, returning in excess of 13.3% for the period.
Significant growth of new money into the fund enabled it to grow to in excess of
£60m.

Property

The refurbishment of our Manchester head office is now substantially complete
and we intend to revalue the property in our full year's accounts. At that
stage, we anticipate a highly significant uplift in value over and above the
current book value of £5.7m.

Investments

We are pleased with the progress of our investments in our associated companies,
Ultimate Finance Group plc and Acceleris Ventures Limited, which together made a
useful contribution to total operating profit in the period under review.
Although our accounts for the year ended 30 November 2006 included the sale of
the balance of our shares in the London Stock Exchange, the carrying value of
the remainder of our equity and warrant investments increased during the period
by 47% to £8.3m, due principally to inclusion for the first time of our unquoted
investments in Euroclear and MNSS at 'fair values'.

Outlook

Since the half-year end, the Group has continued to make good progress. In
particular, the corporate finance division has acted as Nominated Adviser in a
further admission to AIM and another admission is pending. In addition, it acted
in 3 secondary fundraisings and as adviser in a further 2 transactions. The
continued takeover activity in the UK and overseas has encouraged the level of
stockbroking business although the market is experiencing yet another period of
volatility, impacted upon by worries over the US sub-prime mortgage debacle,
higher interest rates and expectations of lower US economic growth. However, we
continue to invest cautiously and steadily as opportunities arise and we are
confident that, providing markets remain stable, we will continue to progress.

As always, I would to take this opportunity to thank our shareholders,
stakeholders, clients and staff for their continued loyalty and support.


Sir David Trippier RD JP DL
Chairman
27 July 2007


CONSOLIDATED PROFIT AND LOSS ACCOUNT
for the six months ended 31 May 2007
                                                Unaudited     Restated*     Restated*
                                                 6 months     Unaudited       Audited
                                                    ended      6 months     12 months 
                                                   31 May         ended         ended
                                                     2007        31 May   30 November      
                                                                   2006          2006
                                                    £'000         £'000         £'000
Group turnover                                     21,543        15,906        30,342
Administration expenses                           (19,662)      (14,692)      (28,249)
                                             ----------------------------------------
Group operating profit                              1,881         1,214         2,093
Share of operating profit in associates               104            70           210
                                             ----------------------------------------
Total operating profit                              1,985         1,284         2,303
Realised profit on fixed asset investment            
sales                                                 597           955         1,268
Unrealised gain on assets at fair value               
through the profit and loss account                   992             -             -
Income from fixed asset investments                    17            17            32
Amounts written off investments                         -             -           (26)
                                             ----------------------------------------
                                                    3,591         2,256         3,577
Other interest receivable and similar income          363           252           517
Interest payable and similar charges                 (260)         (175)         (410)
                                             ----------------------------------------
Profit on ordinary activities before               
taxation                                            3,694         2,333         3,684
Tax on profit on ordinary activities               (1,019)         (825)       (1,228)
                                             ----------------------------------------
Profit on ordinary activities after taxation        2,675         1,508         2,456
Minority interest                                    (159)          (93)         (121)
Profit for the financial period                     2,516         1,415         2,335
                                             ----------------------------------------
Earnings per share
Basic                                              15.49p         8.82p        14.48p
Diluted                                            14.17p         7.88p        13.09p
                                             ----------------------------------------

* See note 4



STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
for the six months ended 31 May 2007
                                                Unaudited     Restated*     Restated*
                                                 6 months     Unaudited       Audited
                                                    ended      6 months     12 months
                                                   31 May         ended         ended
                                                     2007        31 May   30 November
                                                                   2006          2006
                                                    £'000         £'000         £'000
Profit for the period                               2,516         1,415*        2,335**
Unrealised (deficit) surplus on revaluation         
of fixed asset investments                            (29)          168           549
Taxation on realised surplus on revaluation        
of fixed asset investments                              -          (505)         (626)
Currency translation differences                       79           (88)          (90)
Prior year adjustment (see note 4)                    (83)***                        
                                               --------------------------------------
Total gains and losses recognised since last      
annual report                                       2,483           990         2,168
                                               --------------------------------------

* after having deducted £14,408 for the additional FRS 20 expense in the period
** after having deducted £37,030 for the additional FRS 20 expense in the year
*** the cumulative additional FRS 20 expense in respect of prior periods, net of
deferred tax


Note of Historical Cost Profits and Losses
for the six months ended 31 May 2007
                                                Unaudited     Restated*     Restated*
                                                 6 months     Unaudited       Audited
                                                    ended      6 months     12 months
                                                   31 May         ended         ended
                                                     2007        31 May   30 November
                                                    £'000          2006          2006
                                                    £'000         £'000         £'000
Profit on ordinary activities before              
taxation                                            3,694         2,333         3,684
Realisation of fixed asset investment             
revaluation gains                                       -         1,808         2,084
                                            -----------------------------------------
Historical cost profit on ordinary              
activities before taxation                          3,694         4,141         5,768
                                            -----------------------------------------

Historical cost profit retained for the     
period after the provision for taxation 
and minority interests                              2,516         2,718         3,793
                                            -----------------------------------------

* See note 4


CONSOLIDATED BALANCE SHEET
as at 31 May 2007
                                Unaudited           Unaudited            Audited
                               31 May 2007         31 May 2006      30 November 2006
                                £'000    £'000     £'000     £'000     £'000     £'000
Fixed assets
Intangible assets                        3,375               3,635               3,510
Negative goodwill                         (154)                  -                 (33)
                           -----------------------------------------------------------
                                         3,221               3,635               3,477
Tangible assets                          7,111               5,725               6,106
Investments                     8,309              4,403               4,768
Investment in associates          987                765                 837          
                           -----------------------------------------------------------
                                         9,296               5,168               5,605
                           -----------------------------------------------------------
                                        19,628              14,528              15,188
Current assets
Debtors                       214,007             78,221              76,388
Investments                       332                 20                  11
Cash at bank and in hand       15,451             11,938              14,819           
                           -----------------------------------------------------------
                              229,790             90,179              91,218 
Creditors due within one  
year                         (223,289)           (83,698)            (85,338)         
                           -----------------------------------------------------------
Net current assets                       6,501               6,481               5,880
                           -----------------------------------------------------------
Total assets less current            
liabilities                             26,129              21,009              21,068
Creditors due after one    
year                                    (6,486)             (5,729)             (5,195)
Provisions for liabilities                 (12)                (92)                (17)
                           -----------------------------------------------------------
Net assets                              19,631              15,188              15,856
                           -----------------------------------------------------------

Capital and reserves
Called up share capital                    824                811                 812
Share premium account                    2,002              1,774               1,786
Capital redemption reserve                 228                226                 228
Merger reserve                             491                491                 491
Property revaluation reserve               667                667                 667
Available for sale                    
revaluation reserve                      2,564              2,072               2,177
Other reserves                             754                754                 754
Retained profits                        11,502              7,176               8,038
Treasury shares                            (89)                 -                 (87)
                           ----------------------------------------------------------
Equity shareholders' funds              18,943             13,971              14,866
Minority interest (all                  
equity)                                    688              1,217                 990
                           ----------------------------------------------------------
Total capital employed                  19,631             15,188              15,856
                           ----------------------------------------------------------
Net assets (before minority         
interest) per ordinary 
share                                  114.95p             86.13p              91.54p
                           ----------------------------------------------------------



CONSOLIDATED CASH FLOW STATEMENT
for the six months ended 31 May 2007
                                                Unaudited     Unaudited       Audited
                                                 6 months      6 months     12 months
                                                    ended         ended         ended
                                                   31 May        31 May   30 November
                                                     2007          2006          2006
                                                    £'000         £'000         £'000
Net cash inflow from operating activities           3,985         3,219         7,264
Returns on investments and servicing of               120           165           262
finance
Taxation                                           (1,478)         (281)         (858)
Capital proceeds and financial investment          (1,366)        2,829         2,763
Acquisitions and disposals                           (486)         (440)         (617)
Equity dividends paid                                (488)         (400)         (479)
                                             ----------------------------------------
Cash inflow before financing                          287         5,092         8,335
Financing                                             358          (471)         (870)
                                             ----------------------------------------
Increase in cash in the period                        645         4,621         7,465
                                             ----------------------------------------


Reconciliation of operating profit to operating cash flow
                                                Unaudited     Restated*     Restated*
                                                 6 months     Unaudited       Audited
                                                    ended      6 months     12 months
                                                   31 May         ended         ended 
                                                     2007        31 May   30 November     
                                                                   2006          2006
                                                    £'000         £'000         £'000
Group operating profit                              1,881         1,214         2,093
Share-based payment charge (note 4)                    23           14             37
Less non cash transfer from revaluation    
reserve                                                 -          (168)          217
Less adjustment from profit on disposal of    
fixed asset investments                                 -            37          (165)
Depreciation                                          193           166           358
Amortisation                                          103           121           202
Profit on fixed assets                                (16)          (13)          (10)
Increase in debtors                              (137,221)       (8,892)       (7,247)
Increase in creditors                             139,343        10,745        11,786
Increase in current asset investments                (321)           (5)           (7)
                                             ----------------------------------------
                                                    3,985         3,219         7,264
                                             ----------------------------------------
* See note 4

Analysis of net debt
                                   At   Cash flow   Other non    Exchange  At the end
                            beginning                    cash   movements      of the
                               of the                 charges                  period
                               period                                   
                                £'000       £'000       £'000       £'000       £'000 
Cash at bank and in hand       14,819         599           -          33      15,451
Overdrafts                        (46)         46           -           -           -
                           ----------------------------------------------------------
                               14,773         645           -          33      15,451
Debt due within one year         (314)       (135)       (138)          -        (587)
Debt due after one year        (3,595)          -         130           -      (3,465)
Finance leases                     (4)          3           -           -          (1)
                           ----------------------------------------------------------
                               10,860         513          (8)         33      11,398
                           ----------------------------------------------------------

NOTES
for the six months ended 31 May 2007

1. The interim report, which is the responsibility of the Directors and has not
been audited, was approved by the Directors on 27 July 2007.

2. The figures for the six months ended 31 May 2007 have been prepared using the
same accounting policies as for the year ended 30 November 2006, except for the
adoption of FRS 20 Share-based payment, FRS 23 The effects of changes in foreign
exchange rates, the disclosure requirements of FRS 25 Financial instruments:
disclosure and presentation and of FRS 26 Financial instruments: recognition and
measurement.

3. These unaudited interim financial statements do not constitute statutory
accounts. They have, however, been reviewed by the auditors whose report is
included. The figures for the year ended 30 November 2006 have been extracted
from the audited accounts for that year. The comparative figures for the
financial year ended 30 November 2006 are not the Company's statutory accounts
for that year. Those accounts have been reported on by the Company's auditors
and delivered to the Registrar of Companies. The report of the auditors was
unqualified and did not contain a statement under section 237 (2) or (3)
of the Companies Act 1985.

4. Implementation of New Accounting Standards.

In the financial statements for the year ending 30 November 2007 the following
new standards will adopted for the first time:

   • FRS 20 Share-based payment;
   • FRS 23 The effects of changes in foreign exchange rates;
   • the disclosure requirements of FRS 25 Financial instruments: disclosure
    and presentation; and
   • FRS 26 Financial instruments: recognition and measurement.

FRS 20 'Share-based payment' - The Group recognises a charge to the profit and
loss account for the fair value of outstanding share options in relation the
Group's Unapproved Executive Share Option Scheme granted to employees after 7
November 2002. As all the group's share-based payments are equity settled a
corresponding amount is credited to retained profits directly in equity.

Following a restatement of the comparative figures to include amendments
required to reflect the impact of FRS 20, the profits for the six month period
ended 31 May 2006 have been reduced by a charge of £14,408 and the profits for
the year ended 30 November 2006 have been reduced by a charge of £37,030. A
total of £82,573 is shown in the statement of total recognised gains and losses
being the total of the FRS 20 charge for the year ended 30 November 2006 of
£37,030 and £45,543 as the total of the FRS 20 charge for previous periods. As
the awards are all equity settled, a corresponding credit arises directly in
equity and the restatement has no effect on retained profits. A charge of
£23,065 has been made in this year's profit to reflect the charge for the six
month period ended 31 May 2007.

FRS 23 'The effects of Changes in Foreign Exchange Rates' - The Group is
required to adopt FRS 23 from the date it adopts FRS 26. No material impact
arose on adoption, including on translation of the Group's Australian
subsidiary.

The disclosure requirements of FRS 25 'Financial instruments: disclosure and
presentation' - The Group is required to adopt the disclosure requirements of
FRS 25 from the date it adopts FRS 26. Additional disclosures will need to be
provided in the financial statements for the year ended 30 November 2007 but
otherwise there is no impact on adoption.

FRS 26 'Financial instruments: recognition and measurement' - the group has
elected to apply FRS 26 from 1 December 2006 and in accordance with the standard
has not restated comparative information. The group has elected to classify its
financial assets under the following headings:

Quoted and unquoted equity shares - these have been classified as 'Available for
sale equity shares' and are measured at fair value at each reporting date with
gains and losses on revaluation taken to revaluation reserve through the
statement of total recognised gains and losses, except for impairment losses
which are recognised in the profit and loss account. When available for sale
financial assets are derecognised the cumulative gain or loss previously
recognised in the statement of total recognised gains and losses is recycled to
the profit and loss account.

Options, warrants and equities which form part of the carried interest scheme -
these are classified as 'Financial assets at fair value through the profit and
loss account' and are measured at fair value at each reporting date with all
gains and losses credited or charged to the profit and loss account as
appropriate, including those on re-measurement to fair value and on
derecognition.

Loans and receivables - The effective interest method is used in measuring loans
and receivables.

As a consequence of taking advantage of the transitional provision under FRS 26
not to restate comparatives, the effect of the implementation of FRS 26 on the
accounts is as follows:

   • six month period ended 31 May 2006 - nil; and

   • year ended 30 November 2006 - nil; and

   • Six month period ended 31 May 2007 - opening reserves have been adjusted
    by a transfer of £1,333,278 from revaluation reserve to retained profits in
    relation to financial assets now at fair value through the profit and loss
    account but previously revalued through the statement of total recognised
    gains and losses with revaluation gains and losses recognised in the
    revaluation reserve. The revaluation reserve has been credited with
    £2,144,948 to reflect for the first time an increase the in value of assets
    available for sale to their fair value. The profit and loss account includes
    a gross gain of £1,896,623, which after transferring £905,201 to
    administration expenses to offset the relevant carried interest bonus
    thereon, amounts to a net gain of £991,420 for the increase in fair value in
    the period of financial assets at fair value through profit and loss. The
    revaluation reserve has been reduced by £29,371, relating to the decrease in
    fair value for the period of assets classified as available for sale.

5. Share premium and reserves

Group                 Share     Share      Capital    Merger     Property    Available     Other   Retained 
                    capital   premium   redemption   reserve  revaluation     for sale   reserve    profits 
                                           reserve                reserve  revaluation
                                                                               reserve
                      £'000     £'000        £'000     £'000        £'000        £'000     £'000      £'000
At 30 November 2006     812     1,786          228       491          667        2,177       754      8,038

Restatement                             
adjustment -
FRS 26 relating to
Assets at fair
value through
the profit and
loss account              -         -            -         -            -       (1,333)        -      1,333

Restatement                   
adjustment -
FRS 26 relating to
available for
sale equity shares        -         -            -         -            -        2,145         -          -
                   ----------------------------------------------------------------------------------------
At beginning                   
of the period
(restated)              812     1,786          228       491          667        2,989       754      9,371

Share option               
charge                    -         -            -         -            -            -         -         23
                                                                     
Payment of
dividend/scrip            6       142            -         -            -            -         -       (488)

Shares issued                                                 
on exercise of
options                   6        74            -         -            -            -         -          -

De-recognition               
on realistation           -         -            -         -            -         (393)        -          -

Adjustment on                        
investment
revaluation               -         -            -         -            -          (29)        -          -

Retained                                
profit for the
period                    -         -            -         -            -            -         -      2,516

Exchange rate                     
variance                  -         -            -         -            -           (3)        -         80
                 ------------------------------------------------------------------------------------------
At end of period        824     2,002          228       491          667        2,564       754     11,502
                 ------------------------------------------------------------------------------------------

6. A final dividend for the year ended 30 November 2006 totaling £488,490 was
satisfied by the payment in cash of £340,271 paid on 27 April 2007. And on the
same day 122,386 new ordinary shares of 5p each were issued at 121.1p per share
in relation to the scrip dividend alternative.

7. The basic earnings per share for the period has been calculated by dividing
the profit for the financial period by the weighted average number of shares in
issue during the period being 16,240,966 (six months ended 31 May 2006:
16,050,641 and year ended 30 November 2006: 16,124,635). Diluted earnings per
share is the basic earnings per share adjusted for the effect of the conversion
into fully paid shares of the weighted average number of all share options and
warrants outstanding during the year. The additional weighted average number of
shares used for the diluted calculation is 1,509,712 (six months ended 31 May
2006: 1,907,799, and year ended 30 November 2006: 1,715,123).

8. The tax charged to the profit and loss account of £900,961 represents a tax
charge of 27.07% (six months ended 31 May 2006: £825,232 and 35.15% and year
ended 30 November 2006: £1,228,034 and 33.00%). In addition, there is a tax
charge transferred to reserves relating to tax payable on realised gains
previously credited to the revaluation reserve of £117,900 (six months ended 31
May 2006: £504,896 and year ended 30 November 2006: £625,535).

9. During the period the Group maintained a carried interest bonus scheme under
which bonuses may be payable to certain corporate finance personnel when certain
warrants or shares acquired as part of a corporate finance transaction are
ultimately sold at a profit.

Creditors due within one year includes £307,409 (six months ended 31 May 2006:
£402,330 and year ended 30 November 2006: £108,579) relating to bonuses provided
under the carried interest scheme and creditors due after one year includes
£1,896,306 (six months ended 31 May 2006: £1,239,223 and year ended 30 November
2006: £1,259,746) relating to bonuses provided under the carried interest
scheme.

10. During the period the Groups holding in WHI Australia Pty Ltd was increased
by a further 16.65% for a total consideration of £344,715, taking the Groups
holding to 76.63%. The acquisition gave rise to negative goodwill of £135,916.




INDEPENDENT REVIEW REPORT BY KPMG AUDIT PLC
Introduction

We have been instructed by the Company to review the financial information for
the six months ended 31 May 2007, which comprises: the consolidated profit and
loss account; statement of total recognised gains and losses; note of historical
cost profits and losses; consolidated balance sheet; consolidated cash flow
statement; reconciliation of operating profit to operating cash flow; analysis
of net debt and notes 1 to 10. We have read the other information contained in
the interim report and considered whether it contains any apparent misstatements
or material inconsistencies with the financial information.

This report is made solely to the Company in accordance with the terms of our
engagement. Our review has been undertaken so that we might state to the Company
those matters we are required to state to it in this report and for no other
purpose. To the fullest extent permitted by company law we do not accept or
assume responsibility to anyone other than the Company for our review work, for
this report, or for the conclusions we have reached.

Directors' responsibilities

The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by, the Directors. The Directors
are responsible for preparing the interim report in accordance with the AIM
rules which require that the interim report must be presented and prepared in a
form consistent with that which will be adopted in the Company's annual accounts
having regard to the accounting standards applicable to such annual accounts.

Review work performed

We conducted our review having regard to guidance contained in Bulletin 1999/4:
Review of interim financial information issued by the Auditing Practices Board
for use in the UK. A review consists principally of making enquiries of Group
management and applying analytical procedures to the financial information and
underlying financial data and, based thereon, assessing whether the accounting
policies and presentation have been consistently applied unless otherwise
disclosed. A review excludes audit procedures such as tests of controls and
verification of assets, liabilities and transactions. It is substantially less
in scope than an audit performed in accordance with International Standards on
Auditing (UK and Ireland) Auditing Standards and therefore provides a lower
level of assurance than an audit. Accordingly we do not express an audit opinion
on the financial information.

Review conclusion

On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 31 May 2007.



KPMG Audit Plc
Chartered Accountants
Leeds
27 July 2007



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