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Havelock Europa PLC (HVE)

  Print      Mail a friend       Annual reports

Tuesday 07 April, 2009

Havelock Europa PLC

Final Results

RNS Number : 2245Q
Havelock Europa PLC
07 April 2009
 




Tuesday 7 April 2009 


HAVELOCK EUROPA PLC - PRELIMINARY ANNOUNCEMENT


'A seventh successive year of improved profit' 


Havelock, the retail and educational interiors and point of sale printing group, announces a seventh successive year of improved underlying pre-tax profit. In market conditions which were generally better than might have been expected, particularly in the retail sector, the Group performed strongly, reporting growth in all three of its Divisions. 


FINANCIAL HIGHLIGHTS


  • Revenue from continuing operations increased by 15% to £137.6m. 

  • Underlying+ pre-tax profit from continuing operations increased by 12% to £8.0m and underlying+ fully diluted earnings per share from continuing operations were 14.9p, up 15%. 

  • Reported pre-tax profit from continuing operations was £7.7m, up 15%, and reported fully diluted earnings per share from continuing operations amounted to 14.1p, up 18%. 

  • Despite a significant increase in revenue, net debt remained substantially unchanged at £11.7m and gearing fell from 48% to 46%, a fourth successive annual decrease. 

  • The Group continues to operate comfortably within its committed banking facilities of £37.0m, of which £19.0m is fully committed until July 2012. 

  • With an unchanged final dividend per share of 3.4p, total dividends per share are increased by 2% to 4.6p, covered 2.9 times.


  + Underlying excludes amortisation of intangibles (other than software) of £0.3m (2007: £0.4m)


COMMERCIAL HIGHLIGHTS


  • The Educational Interiors Division increased its revenue by 20% to £52.1m. ESA McIntosh recorded a significant increase in its revenue as the first Building Schools for the Future (BSF) programmes came on stream in England, whilst maintaining a leading position in the Scottish PPP market. 

  • The Retail Interiors Division traded strongly throughout the year and increased its revenue by 12% to £60.4m. Four new stores were completed for House of Fraser.

  • Continuing operations in the Point of Sale Division, at Showcard Print, recorded a 10% uplift in revenue to £25.1m. The Division procured its largest ever order in December 2008 by winning the contract to supply the closing down sale notices for Woolworths.


With regard to current trading and prospects, Malcolm Gourlay, Chairman, said 'In the current economic climate, visibility remains limited, particularly in the retail sector. With the Group's normal peak of activity falling in the second half of the year, forecasting and programming the likely outturn of events is a particularly difficult judgement call.  


Demand in Educational Interiors has remained in line with expectations, with strong activity in the PFI and BSF sectors.  


Point of Sale Print has had a slower start to 2009 and, whilst demonstrating its defensive qualities, is unlikely to match the record levels of activity seen in 2008.  


The pattern of activity in Retail Interiors will not be clear until after retailers' budgets are confirmed later in the second quarter. At this stage, in the absence of fully confirmed programmes from a number of substantial retail customers, it is possible that activity levels in 2009 will be weaker than seemed likely at the start of the year.  


Nevertheless, in what are highly uncertain economic conditions, the Group intends to take advantage of its spread of activities, which provide considerable resilience in the face of the current downturn.'



Enquiries:


Havelock Europa PLC

   01383-820 044

  Hew Balfour (Chief Executive)

07801-683 851

  Grant Findlay (Finance Director)

07768-745 960

Bankside Consultants Limited


  Charles Ponsonby

020-7367 8851



PRELIMINARY STATEMENT


2008 was the seventh successive year in which Havelock has substantially improved its underlying pre-tax profit. In market conditions which were generally better than might have been expected, particularly in the retail sector, the Group performed strongly, reporting growth in all three of its Divisions.


FINANCIAL OVERVIEW


Revenue from continuing operations increased by 15% to £137.6 million (2007: £120.0 million).  


Underlying pre-tax profit from continuing operations increased by 12% to £8.0 million (2007: £7.1 million) after adding back £0.3 million (2007: £0.4 million) in respect of the amortisation of intangibles (other than software). Fully diluted earnings per share from continuing operations on this basis were 14.9p (2007: 13.0p), up 15%. Reported pre-tax profit from continuing operations was £7.7 million (2007: £6.7 million), up 15%, and reported fully diluted earnings per share from continuing operations amounted to 14.1p (2007: 11.9p), up 18%.


Despite a significant increase in revenue, tight working capital controls enabled the Group to maintain net debt at £11.7 million (2007: £11.4 million). Net interest expense was reduced to £1.1 million (2007: £1.3 million) and was covered 7.8 times (2007: 5.6 times) by operating profit. With shareholders' funds increasing from £24.0 million to £25.6 million, gearing fell from 48% to 46%, a fourth successive annual decrease.


The Group continues to operate comfortably within its committed banking facilities of £37.0 million, of which £19.0 million is fully committed until July 2012. 


In May, the Group disposed of Showcard Display, which formed part of the Point of Sale Display Division. This business, which generated revenue of £4.9 million in 2007, manufactures acrylic display stands and has suffered from declining sales and margins in recent years. Cash proceeds amounted to £0.3 million and the disposal resulted in a loss from discontinued operations of £0.4 million. In accordance with accounting standards, comparative amounts for 2007 in the Group's accounts have been restated.


TRADING OVERVIEW


Educational Interiors

Revenue for the Division increased by 20% to £52.1 million (2007: £43.3 million). Improvements in the performance of the Educational Interiors Division continued throughout the year, particularly at TeacherBoards and Clean Air in the classroom accessory segment. Stage Systems, the manufacturer of demountable staging products for schools, acquired in February 2007, also improved its revenue and contribution. The business improvement programme at ESA McIntosh is beginning to bear fruit and the company recorded a significant increase in its revenue as the first Building Schools for the Future (BSF) programmes came on stream in England, whilst maintaining a leading position in the Scottish PPP market.



Retail Interiors

The Retail Interiors Division traded strongly throughout the year, benefiting from the decision, two years ago, to widen its customer base and concentrate on three main categories - large High Street retailers, banks and other retail financial institutions, and budget accommodation providers. With four new stores completed for House of Fraser, the maintenance of its traditional links with Primark and Boots, and an increased volume of business with Center Parcs and Travelodge, the Division increased its revenue by 12% to £60.4 million (2007: £54.0 million). Low cost country procurement continued to contribute significantly to the Division's competitiveness.


Point of Sale

Continuing operations in the Point of Sale Division, at Showcard Print, recorded a 10% uplift in revenue to £25.1 million (2007: £22.7 million). Showcard Print also procured its largest ever order in December 2008 by winning the contract to supply the closing down sale notices for Woolworths. 

 

Both the Retail Interiors and Point of Sale Divisions managed to offset margin pressure through significant increases in business volumes, on an expanded customer base.


STRATEGY


The Group intends to focus on its clearly established competitive advantages. Acquiring new customers is a priority in each Division, through a focus on the Group's core skills: 'live trading' refurbishment in Retail and Educational Interiors, exceptional customer service in all Divisions, an investment in technology in Point of Sale Print, and flexible low cost supply chain management throughout the Group.


The nature of many of the Group's larger educational interiors projects has underlined the benefits of working together as an integrated Interiors Division, embracing the Retail and Educational Interiors businesses, with a common business process, a common IT platform, and common project management skills. This will allow the Group to be more flexible in its allocation of resources in the event of a decline in activity in either business sector and will ensure that the educational interiors sector benefits from the standards of performance that have the enabled the Retail Interiors Division to improve its revenues and margins in each of the last four years. The two businesses have cooperated well over the last two years and the process of integration will now be accelerated.


DIVIDENDS


The Board is proposing an unchanged final dividend per share of 3.4p. If approved at the Annual General Meeting on 17 June 2009, the dividend will be paid on 3 July 2009 to shareholders on the register at close of business on 5 June 2009.


Including the interim dividend per share of 1.2p (2007: 1.1p), paid on 29 December 2008, proposed dividends per share for the year will total 4.6p (2007: 4.5p), up 2%, and be covered 2.9 times.


CURRENT TRADING AND PROSPECTS


In the current economic climate, visibility remains limited, particularly in the retail sector. With the Group's normal peak of activity falling in the second half of the year, forecasting and programming the likely outturn of events is a particularly difficult judgement call.  


Demand in Educational Interiors has remained in line with expectations, with strong activity in the PFI and BSF sectors.  


Point of Sale Print has had a slower start to 2009 and, whilst demonstrating its defensive qualities, is unlikely to match the record levels of activity seen in 2008.  


The pattern of activity in Retail Interiors will not be clear until after retailers' budgets are confirmed later in the second quarter. At this stage, in the absence of fully confirmed programmes from a number of substantial retail customers, it is possible that activity levels in 2009 will be weaker than seemed likely at the start of the year.  


Nevertheless, in what are highly uncertain economic conditions, the Group intends to take advantage of its spread of activities, which provide considerable resilience in the face of the current downturn.




Malcolm Gourlay                                      7 April 2009 
Chairman

  




CONSOLIDATED INCOME STATEMENT

   for the year ended 31 December 2008





2008

2007


Note

£000

£000




(restated - note 11)

Continuing operations








Revenue

4

137,577

120,038

Cost of sales


(109,733)

(94,169)





Gross profit


27,844

25,869

Administrative expenses


(19,066)

(17,927)





Operating profit 

4

8,778

7,942





Expected return on defined benefit pension plan assets


1,871

1,779

Net financial expenses - on bank borrowings and finance leases


(1,132)

(1,420)

Interest on defined benefit pension scheme liabilities


(1,842)

(1,638)





Net financing costs


(1,103)

(1,279)





Profit before income tax


7,675

6,663





Income tax expense  

5

(2,230)

(2,136)





Profit from continuing operations


5,445

4,527





Discontinued operation




(Loss)/profit from discontinued operation, net of income tax

12

(375)

28





Profit for the year (attributable to equity holders of the parent)

4

5,070

4,555













Basic earnings per share

6

13.5p

12.2p





Diluted earnings per share

6

13.1p

12.0p





Continuing operations




Basic earnings per share

6

14.5p

12.1p





Diluted earnings per share

6

14.1p

11.9p




  STATEMENT OF RECOGNISED INCOME AND EXPENSE

   for the year ended 31 December 2008





2008

2007



£000

£000


Note



Actuarial (loss)/gain on defined benefit pension plan


  (2,169)

  232

Tax on items taken directly to equity


 607

 (225)

Cash flow hedges:




Effective portion of changes in fair value

11

  ( 348)

  (36)





Net expense recognised directly in equity


  (1,910)

  (29)





Profit for the year


  5,070

  4,555





Total recognised income and expense (attributable to equity holders of the parent)

11

3,160

4,526



  CONSOLIDATED BALANCE SHEET

   as at 31 December 2008




2008

2007



£000

£000


Note



Assets




Non-current assets




Property, plant and equipment


13,025

14,117

Intangible assets


14,714

14,653

Deferred tax assets


1,803

1,417





Total non-current assets


29,542

30,187





Current assets




Inventories

7

12,593

11,385

Non-current assets classified as held for sale


-

1,765

Trade and other receivables

8

32,233

25,276

Cash and cash equivalents


4,736

4,447





Total current assets


49,562

42,873









Total assets    

4

79,104

73,060





Liabilities




Current liabilities




Interest-bearing loans and borrowings

9

(1,531)

(1,577)

Derivative financial instruments


(399)

(51)

Income tax payable


(1,148)

(1,090)

Non-current liabilities classified as held for sale


-

(409)

Trade and other payables

10

(28,240)

(25,512)





Total current liabilities


(31,318)

(28,639)





Non-current liabilities




Interest-bearing loans and borrowings

9

(14,880)

(14,286)

Retirement benefit obligations


(6,441)

(5,168)

Deferred tax liabilities


(907)

(1,007)





Total non-current liabilities


(22,228)

(20,461)





Total liabilities

4

(53,546)

(49,100)





Net assets


25,558

23,960





Equity




Issued share capital

11

3,853

3,853

Share premium

11

7,013

7,013

Other reserves

11

  2,779

  3,127

Revenue reserves

11

11,913

9,967





Total equity attributable to equity holders of the parent


25,558

23,960









 




CONSOLIDATED CASH FLOW STATEMENT

                          for the year ended 31 December 2008





2008

2007



£000

£000

Cash flows from operating activities

Note



Profit for the year


5,070

4,555

Adjustments for:




Depreciation of property, plant and equipment


1,811

2,095

Amortisation of intangible assets


441

546

Impairment losses on assets classified as held for sale


244

-

Loss/(gain) on sale of property, plant and equipment


1

(282)

Net financing costs


1,103

1,279

IFRS 2 charge and net movements relating to equity settled plans


210

326

Loss on sale of asset held for resale


379

-

Income tax expense


2,084

2,148

Operating cash flows before changes in working capital and provisions



11,343

10,667

Increase in trade and other receivables


(5,861)

(635)

(Increase)/decrease in inventories


(1,260)

468

Increase/(decrease) in trade and other payables


2,214

(1,266)

Movement relative to defined benefit pension scheme


(867)

(883)





Cash generated from operations


5,569

8,351





Interest paid


(1,121)

(1,473)

Income taxes paid


(1,905)

(2,145)





Net cash from operating activities


2,543

4,733





Cash flows from investing activities




Proceeds from sale of property, plant and equipment


-

699

Disposal of discontinued operation net of cash disposed of

12

192

-

Acquisition of property, plant and equipment


(720)

(4,113)

Acquisition of intangible assets


(502)

(256)

Acquisition of subsidiaries, net of cash balances acquired


-

(2,535)





Net cash used in investing activities


(1,030)

(6,205)





Cash flows from financing activities




Proceeds from the issue of share capital


-

5,110

Increase in bank loans


-

1,031

Repayment of loan notes


(476)

-

Repayment of bank borrowings


(997)

(625)

Repayment of finance lease liabilities


(329)

(98)

New finance leases


2,350

-

Dividends paid

11

(1,772)

(1,579)





Net cash (used in)/from financing activities


(1,224)

3,839





Net increase in cash and cash equivalents


289

2,367

Cash and cash equivalents at 1 January


4,447

2,080





Cash and cash equivalents at 31 December


4,736

4,447


  


NOTES TO THE STATEMENTS



1. The financial information set out above does not constitute the Company's statutory accounts for the years ended 31 December 2008 or 2007 but is derived from the 2008 accounts. Statutory accounts for 2007 have been delivered to the Registrar of Companies and those for 2008 will be delivered in due course. The auditors have reported on those accounts; their reports were (i) unqualified, (ii) did not include references to any matters to which the auditors drew attention by way of emphasis without qualifying their reports and (iii) did not contain statements under section 237(2) or (3) of the Companies Act 1985.


2. Basis of consolidation


The consolidated financial statements comprise Havelock Europa PLC and its subsidiaries. The financial statements of subsidiaries are prepared to the same reporting date using accounting policies consistent with those of the parent company. Intra-group transactions and balances, including any unrealised gains and losses or income and expenses arising from intra-group transactions, are eliminated in full. 


3. Profit before tax

                             



  Cost of

  sales

Administrative

Total



  costs





2008

2007

2008

2007

2008

2007


Note

£000

£000

£000

£000

£000

£000

Profit before tax is stated after charging/(crediting):
















Depreciation of property, plant and equipment

   8

901

1,369

910

726

1,811

2,095

Amortisation of intangible assets

   9

  -

14

441

532

441

546

Gain/(loss) on sale of property, plant and equipment


  -

(306)

-

24

  -

(282)

Non-recurring property costs


-

-

300

-

300

-


4. Segment reporting


Segment information is presented in respect of the Group's business segments and is based on the Group's management and internal financial reporting structure.


Inter-segment pricing is determined on an arm's length basis.


Segment results, assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Unallocated items mainly comprise interest-bearing loans and borrowings, deferred consideration payable for business combinations, income taxes and corporate assets, liabilities and expenses.


Segment capital expenditure is the total cost incurred during the period to acquire segment assets that are expected to be used for more than one period.


Business segments


The Group comprises the following business segments, all of which are continuing operations:


  • Retail Interiors - design, manufacture and installation of interiors for retailers, financial services, hotels and healthcare premises;


  • Educational Interiors - design, manufacture and installation of classrooms, fitted and loose furniture, teaching aids, display boards and fume cupboards for the education sector;


  • Point of Sale  - printing of promotional graphics for use in retail, financial services and branded goods businesses.



 

 

Business segments

Retail Interiors


Educational Interiors


Point of Sale


  Elimination

 Consolidated


2008

2007

2008

2007

2008

2007

2008

2008

2008

2007


£000

£000

£000

£000

£000

£000

£000

£000

£000

£000












Revenue from external customers

60,449

54,042

52,055

43,289

25,073

22,707

-

-

137,577

120,038

Inter-segment revenue

1,380

839

551

90

39

13

(1,970)

(942)

-

-

Total revenue

61,829

54,881

52,606

43,379

25,112

22,720

(1,970)

(942)

137,577

120,038

Discontinued operations

-

-

-

-

1,001

4,917

-

-

1,001

4,917

Consolidated revenue

61,829

54,881

52,606

43,379

26,113

27,637

(1,970)

(942)

138,578

124,955












Segment result before amortisation of











intangibles excluding software

3,728

3,644

2,939

1,970

4,665

4,673

-

-

11,332

10,287

Amortisation of intangibles excluding software

-

-

(296)

(435)

-

-

-

-

(296)

(435)

Segment result after amortisation of











  intangibles 

3,728

3,644

2,643

1,535

4,665

4,673

-

-

11,036

9,852

Unallocated expenses









(2,258)

(1,910)

Operating profit from continuing operations









  8,778

7,942

Net financing costs









(1,103)

(1,279)

Profit before income tax









7,675

6,663

Income tax expense









  (2,230)

(2,136)

Discontinued operations net of tax









(375)

   28

Profit for the year









5,070

4,555




Retail Interiors


Educational Interiors


Point of Sale


Discontinued operations

Consolidated


2008

2007

2008

2007

2008

2007

2008

2007

2008

2007


£000

£000

£000

£000

£000

£000

£000

£000

£000

£000























Segment assets

21,816

17,534

37,788

34,549

12,024

12,709

-

1,604

71,628

66,396

Assets classified as held for sale

-

-

-

-

-

161

-

-

-

161

Unallocated assets









7,476

6,503

Total assets









79,104

73,060












Segment liabilities

(17,477)

(15,229)

(5,268)

(4,918)

(6,049)

(3,062)

-

(409)

(28,794)

(23,618)

Unallocated liabilities









(24,752)

(25,482)

Total liabilities









(53,546)

(49,100)












Capital expenditure

(325)

(571)

(681)

(944)

(63)

(2,837)

-

(17)

(1,069)

(4,369)

Unallocated capital expenditure









(153)

   -

Depreciation

(422)

(422)

(536)

(540)

(815)

(1,079)

-

(34)

(1,773)

(2,075)

Unallocated depreciation









(38)

(20)

Amortisation of intangible assets

(17)

(18)

(410)

(508)

-

(15)

-

(2)

(427)

(543)

Unallocated amortisation of intangible assets









(14)

(3)



5. Income tax expense


Recognised in the income statement


Continuing operations






2008

2007



£000

£000

Current tax expense

Note



Current year


(2,326)

(1,944)

Adjustments for prior years


217

21



(2,109)

(1,923)





Deferred tax expense




Origination and reversal of temporary differences


(165)

(202)

Adjustments for prior years


44

(11)



(121)

(213)

Total tax expense in respect of continuing operations


(2,230)

(2,136)

Discontinued operations

12

146

(12)

Total income tax expense recognised in the consolidated income statement


(2,084)

(2,148)


 


6. Earnings per share


The calculation of basic earnings per share and underlying earnings per share at 31 December 2008 is based on the profit attributable to ordinary shareholders as follows:





2008

2007

2008

2007


Earnings

Earnings

EPS

EPS


£000

£000

pence

pence

Basic

5,070

4,555

13.5

12.2

Adjusted for:





Amortisation of intangibles that attract no corporate tax deduction

296

435

0.7

1.2

Adjusted

5,366

4,990

14.2

13.4

Diluted earnings per share



13.1

12.0

Diluted adjusted earnings per share



13.9

13.1



Continuing operations



2008

2007

2008

2007


Earnings

Earnings

EPS

EPS


£000

£000

pence

pence

Basic

5,445

4,527

14.5

12.1

Adjusted for:





Amortisation of intangibles that attract no corporate tax deduction

296

435

0.7

1.2

Adjusted

5,741

4,962

15.2

13.3

Diluted earnings per share



14.1

11.9

Diluted adjusted earnings per share



14.9

13.0



Amortisation of intangible assets



2008

2007


£000

£000

Total amortisation of intangible assets

441

546

Less amortisation of computer software

(145)

(111)

Amortisation of intangibles that attract no tax deduction

296

435



The weighted average number of shares used in each calculation is as follows:



Undiluted earnings per share





In thousands of shares

2008

2007




Issued ordinary shares at 1 January

38,532

34,859

Effect of own shares held

  (852)

  (656)

Effect of shares issued in 2007

-

3,166

Weighted average number of ordinary shares for the year ended 31 December

37,680

37,369



Diluted earnings per share





In thousands of shares

2008

2007




Weighted average number of ordinary shares for the year ended 31 December

37,680

37,369

Effect of share options on issue

985

671

Weighted average number of ordinary shares (diluted) for the year ended 31 December

38,665

38,040



 

7. Inventories



2008

2007


£000

£000

Raw materials and consumables    

3,446

3,477

Work in progress    

1,987

2,025

Finished goods

7,160

5,883


12,593

11,385


8. Trade and other receivables



2008

2007


£000

£000

Trade receivables

30,886

23,527

Other receivables

154

512

Prepayments

1,193

1,237


  32,233

  25,276


9. Interest-bearing loans and borrowings



Current liabilities

2008

2007


£000

£000

Secured bank loans

1,000

1,000

Loan notes

-

476

Obligations under hire purchase contracts and finance leases

531

101


1,531

1,577


Non-current liabilities

2008

2007


£000

£000

Secured bank loans 

12,977

13,974

Obligations under hire purchase contracts and finance leases

1,903

312


14,880

14,286


10. Trade and other payables


Amounts disclosed in current liabilities



2008

2007


£000

£000

Trade payables

20,373

17,064

Other taxes and social security

3,204

4,301

Accruals

4,663

4,147


28,240

25,512




11. Capital and reserves


Reconciliation of movement in capital and reserves 



Share

capital

Share

prem-ium

Merger

reserve

Hedg-ing

reserve

Other

reserve

Revenue

reserve

Total


£000

£000

£000

£000

£000

£000

£000

Balance at 1 January 2007 

3,486

2,020

2,184

(15)

994

6,658

15,327

Total recognised income and expense for the period

-

-

-

(36)

-

4,562

  4,526  

Movements relating to share-based payments and ESOP trust

-

-

-

-

-

326

326

Shares issued

367

4,993

-

-

-

-

5,360

Dividends to shareholders

-

-

-


-

(1,579)

(1,579)

Balance at 31 December 2007








and at 1 January 2008

3,853

7,013

2,184

(51)

994

9,967

23,960

Total recognised income and expense for the period

-

-

-

(348)

-

3,508

  3,160  

Movements relating to share-based payments and ESOP trust

-

-

-

-

-

210

210

Dividends to shareholders

-

-

-


-

(1,772)

(1,772)

Balance at 31 December 2008

3,853

7,013

2,184

(399)

994

11,913

25,558




12. Discontinued operations


In May 2008, the Group sold Showcard Display, part of the Point of Sale division; Showcard Display was classified as held for sale at 31 December 2007. Comparatives have been restated accordingly.


Results of discontinued operation




2008

£000


2007

£000




Revenue

1,001

4,917

Cost of sales

(839)

(3,862)

Gross profit

162

1,055

Administrative expenses

(304)

(1,015)

(Loss)/profit before tax

(142)

40

Income tax credit/(expense)

40

(12)

(Loss)/profit after income tax

(102)

28

Loss on sale of discontinued operation

(379)

-

Income tax credit on loss on sale of discontinued operation

106

-

(Loss)/profit from discontinued operation

(375)

28

Discontinued operation basic earnings per share (pence)

(1.0)

0.1

Discontinued operation diluted earnings per share (pence)

(1.0)

0.1



Cash flows from discontinued operation




2008

£000


2007

£000

Net cash from operating activities

631

580

Net cash from investing activities

(8)

(19)

Net cash from discontinued operation

623

561



 


Effect of disposal on the financial position of the Group




2008

£000

Property, plant and equipment

(32)

Inventories

(433)

Receivables

(15)

Net identifiable assets and liabilities

(480)



Consideration received, satisfied in cash

335

Expenses of sale

(234)

Net proceeds

101

Expenses of sales accrued

91

Net cash inflow in respect of disposals

192



13. The accounts for the year ended 31 December 2008 were approved by the Directors on 7 April 2009.





This information is provided by RNS
The company news service from the London Stock Exchange
 
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