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Weeks Group PLC (~156)

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Tuesday 03 December, 2002

Weeks Group PLC

Interim Results

Weeks Group PLC
03 December 2002

3 December 2002

                                WEEKS Group Plc

          Interim Results for the six months ending 30 September 2002

WEEKS Group Plc ('WEEKS' or the 'Group'), the UK consulting and testing house
for the natural and built environments, whose shares are traded on AIM,
announces its interim results for the six months ended 30 September 2002.


  • Turnover up 17% to £10,638,000 (2001: £9,080,000)

  • Expansion of the business in the Midlands and the North West

  • Acquisition of Newcastle-based, Ryton Testing Services

  • Formation of Pavement Technology Limited with Heriot-Watt University

  • Increase in demand for specialist environmental services

  • Interim dividend maintained at 0.068p

  • 70% of this year's order book secured to date

  • Significant increase in government contracts secured

John Low, Chairman of WEEKS, commented:

'Our turnover has increased as a result of the continued expansion of the Group
across the UK and the development of our services particularly in specialised
areas such as asbestos, analytical chemistry and structural investigation. We
are especially pleased with the performance of our recent acquisition in
Newcastle and Pavement Technology Limited, the joint venture with Heriot-Watt

'The improvement in sales has not been fully reflected in our margins due to the
cost of expansion, a significant rise in our professional indemnity insurance
premium and a shortage of professional staff in our specialist businesses.

'We remain confident, however, in the future of the Group and are progressing
the expansion of our legislative driven, high level advisory and maintenance

For further information, please contact:

Phillip Hill, Chief Executive WEEKS Group plc                  Tel: 01732 771388

Charlotte Lambkin/Emma Kent Bell Pottinger Financial           Tel: 0207 861 3232

Jeff Keating/David Galan Teather & Greenwood                   Tel: 0207 426 9000

Chairman's Statement

The Group continues to see increasing demand for its range of specialist
services nationally.

The Group has experienced a 17% growth in turnover relative to last year, with
total sales now reaching £10,638,000 for the six month period.

During the period, we have invested in a new laboratory outlet in Walsall and
expanded our existing facilities in Daventry. We, like others, have experienced
a resource shortage in the consulting business, which has resulted in greater
levels of sub-contract staff and therefore increased expenditure. Finally, we
have absorbed an exceptional increase in our professional indemnity insurance
premium (£100,000 in the first half) on its renewal in June. All these factors
have, naturally, affected our margins.

Pre-tax profit of £354,000 is therefore 30% lower than last year. Although
earnings per share have fallen, the interim dividend will be maintained at
0.068p. Shareholder funds have continued to grow to £6,776,000 as at 30
September 2002, up 2.4%, from £6,620,000 at 31 March 2002.

We have continued to invest in our support systems across the Group and will be
establishing new infrastructure in the new financial year.

Our investments in Pavement Technology Limited, a joint venture with Heriot-Watt
University, the successful integration of our asbestos consultancy, and
Newcastle laboratory, has meant that these businesses are already making
positive contributions to the Group.

Our order book is healthy with 70% of this year's book secured to date. During
the period we have confirmed several significant contracts. These include,
amongst others, a 7 year commission from DEFRA for composite design of its sites
in Southern England and a contract with HM Prisons providing asbestos surveys
and testing of all its facilities in Kent, East Sussex and Surrey. We have a
contract for concrete testing on Europe's largest distribution centre in the
Midlands and our Pavement Technology joint venture has been awarded the contract
for assessment and testing of the A1/A8.

We are confident in the knowledge that the strategy of geographic expansion
matched with appropriate acquisitions, partnerships and joint ventures in
further specialist services, will continue to enhance our services and diversify
still further our activities outside the new build cycle.

John Low


Consolidated Profit and Loss Account
                                                               6 months to            6 months to                Year to
                                                              30 September           30 September               31 March
                                                                      2002                   2001                   2002
                                                               (Unaudited)            (Unaudited)              (Audited)
                                                                     £'000                  £'000                  £'000

Turnover - continuing operations                                   10,590                  9,080                 19,482
- acquisitions                                                         48                      -                      -
                                                                                     ------------           ------------
Total turnover                                                     10,638                  9,080                 19,482
                                                              ------------           ------------           ------------
Operating profit - continuing operations                              345                    510                  1,218
- acquisitions                                                         20                      -
                                                              ------------           ------------           ------------
Total operating profit                                                365                    510                  1,218
Net interest payable                                                  (11)                    (7)                   (15)
                                                              ------------           ------------           ------------
Profit on ordinary activities before taxation                         354                    503                  1,203
Tax on profit on ordinary activities                                 (106)                  (168)                  (370)
                                                              ------------           ------------           ------------
Profit for the financial year                                         248                    335                    833
Dividends                                                            (106)                  (106)                  (262)
                                                              ------------           ------------           ------------
Retained profit for the financial year                                142                    229                    571
                                                              ============           ============           ============
Earnings per share
Basic                                                                0.16                   0.22                   0.54
                                                              ------------           ------------           ------------
Fully diluted                                                        0.16                   0.21                   0.53
                                                              ------------           ------------           ------------
Dividends per share                                                 0.068                  0.068                  0.168
                                                              ------------           ------------           ------------

Statement of Total Recognised Gains and Losses
                                                                6 months to            6 months to               Year to
                                                               30 September           30 September              31 March
                                                                       2002                   2001                  2002
                                                                (Unaudited)            (Unaudited)             (Audited)
                                                                      £'000                  £'000                 £'000

Profit for the period                                                   248                    335                   833
Currency translation differences on foreign                               -                      -                     -
currency net investment
                                                               ------------           ------------          ------------
Total gains and losses in the period                                    248                    335                   833
                                                               ------------           ------------          ------------

Consolidated Balance Sheet
                                                                  30 September        30 September              31 March
                                                                          2002                2001                  2002
                                                                   (Unaudited)         (Unaudited)             (Audited)
                                                                         £'000               £'000                 £'000
Fixed Assets
Intangible assets (excluding goodwill)                                      2                   -                     -
Goodwill - positive goodwill                                            1,374               1,082                 1,296
Tangible assets                                                         2,947               2,494                 2,550
Investments - other                                                         3                   3                     3
                                                                 ------------        ------------          ------------
                                                                        4,326               3,579                 3,849
                                                                 ------------        ------------          ------------
Current Assets
Stocks                                                                    489                 553                   757
Debtors                                                                 6,084               5,246                 5,746
Cash at bank and in hand                                                  136                 175                   262
                                                                 ------------        ------------          ------------
                                                                        6,709               5,974                 6,765
Creditors : amounts falling due within one year                        (4,128)             (3,204)               (3,951)
                                                                 ------------        ------------          ------------
Net current assets                                                      2,581               2,770                 2,814
                                                                 ------------        ------------          ------------
Total assets less current liabilities                                   6,907               6,349                 6,663
                                                                 ------------        ------------          ------------
Creditors : amounts falling due after more than one year                 (116)                (47)                  (24)
                                                                 ------------        ------------          ------------
Provisions for liabilities and charges                                    (16)                (25)                  (19)
                                                                 ------------        ------------          ------------
                                                                        6,775               6,277                 6,620
Minority Interests
Equity interests                                                            1                   -                     -
                                                                 ------------        ------------          ------------
Net assets                                                              6,776               6,277                 6,620
                                                                 ============        ============          ============
Capital and reserves
Called up share capital                                                   786                 779                   780
Share premium account                                                   1,525               1,517                 1,517
Profit and loss account                                                 4,465               3,981                 4,323
                                                                 ------------        ------------          ------------
Shareholders' funds                                                     6,776               6,277                 6,620
                                                                 ============        ============          ============

Consolidated Cash Flow Statement
                                                                     30 September          30 September         31 March
                                                                             2002                  2001             2002
                                                                      (Unaudited)           (Unaudited)        (Audited)
                                                                            £'000                 £'000            £'000
Operating activities
Net cash inflow/(outflow) from operating activities                           92                  (203)           1,420
                                                                       ----------            ----------       ----------
Returns on investment and servicing of finance
Interest paid on loans and overdrafts                                         (8)                   (2)             (10)
Interest paid on finance leases                                               (3)                   (5)              (5)
                                                                       ----------            ----------       ----------
                                                                             (11)                   (7)             (15)
                                                                       ----------            ----------       ----------
UK Corporation tax paid                                                      (33)                  (26)            (376)
                                                                       ----------            ----------       ----------
Capital expenditure and financial investment
Purchase of intangible fixed assets                                           (2)                    -                -
Purchase of tangible fixed assets                                           (426)                 (317)            (626)
Sale of tangible fixed assets                                                  6                    55               54
                                                                       ----------            ----------       ----------
                                                                            (422)                 (262)            (572)
                                                                       ----------            ----------       ----------
Purchase of subsidiary undertaking                                          (230)                    -             (360)
Bank balance acquired with subsidiary                                          -                     -               57
                                                                       ----------            ----------       ----------
                                                                            (230)                    -             (303)
                                                                       ----------            ----------       ----------
                                                                       ----------            ----------       ----------
Equity dividends paid                                                       (156)                 (144)            (250)
                                                                       ----------            ----------       ----------
                                                                       ----------            ----------       ----------
Cash outflow before financing                                               (760)                 (642)             (96)
                                                                       ----------            ----------       ----------
Issue of shares                                                               14                    23               24
Repayment of principal under finance leases                                  (19)                  (19)             (69)
                                                                       ----------            ----------       ----------
                                                                              (5)                    4              (45)
                                                                       ----------            ----------       ----------
                                                                       ----------            ----------       ----------
(Decrease) in cash in the period                                            (765)                 (638)            (141)
                                                                       ----------            ----------       ----------
Reconciliation of net cash flow to movement in net
(Decrease) in cash in the period                                             (765)             (638)             (141)
Cash outflow from decrease in debt                                             19                19                69
Change in net debt resulting from cash flows                                 (746)             (619)              (72)
Other non-cash items:-
New finance leases and hire purchase                                          189                 -                 -
Movement in net debt in the period                                           (557)             (619)              (72)
Opening net debt                                                             (224)             (152)             (152)
                                                                        ----------        ----------        ----------
Closing net debt                                                             (781)             (771)             (224)
                                                                        ----------        ----------        ----------

 1. The interim financial information has been prepared on the basis of
    accounting policies set out in the Report and Accounts for the period ended
    31 March 2002.

 2. The taxation charge for the six months ended 30 September 2002 has been
    calculated on the basis of the estimated tax rate for the twelve months
    ending 31 March 2003.

 3. The basic earnings per share has been calculated by dividing the earnings
    attributable to ordinary shareholders by the weighted average number of
    ordinary shares in issue during the period.

    For diluted earnings per share, the average number of ordinary shares has
    been adjusted to assume conversion of all dilutive potential ordinary
    shares. The Company has only one category of dilutive potential ordinary
    shares; those share options granted to employees where the exercise price is
    less than the average market price of the Company's ordinary shares during
    the period. The weighted average number of shares used in the calculations

                                                    6 months to              6 months to                  Year to
                                                   30 September             30 September                 31 March
                                                           2002                     2001                     2002
                                                        Million                  Million                  Million
    Basic EPS
    Weighted average number of shares                       157                    155.2                    155.6
    Effect of dilutive securities
    Options                                                 1.9                      2.1                      1.7

    Diluted EPS                                     ------------             ------------             ------------
    Adjusted number of shares                             158.9                    157.3                    157.3
                                                    ============             ============             ============

 4. These statements do not constitute statutory financial statements within the
    meaning of Section 240 of the Companies Act 1985. The comparative figures
    for the year ended 31 March 2002 are an abridged statement of the full
    financial statements for that period which have been delivered to the
    Registrar of Companies and on which the auditors made an unqualified report.
    No financial statements will be filed for the six months ended 30 September

 5. A copy of this statement will be sent to all shareholders on 5 December 2002
    and is available from the Company's registered office, The Oasts, Newnham
    Court, Bearsted Road, Maidstone, Kent ME14 5LH for a period of 14 days.

                      This information is provided by RNS
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