RNS Number:7063F
Hyder Consulting PLC
29 November 2004
Hyder Consulting PLC (HYC.L)
Interim Results for the six months ended 30 September 2004
(Hyder Consulting is an international engineering design, advisory and
specialist management consultancy)
Key points
* Turnover for the period increased by 6% to #63.9m (2003 : #60.2m).
* Operating profit before goodwill amortisation and exceptionals
increased by 138% to #2.2m (2003:#0.9m).
* Profit before tax increased by 234% to #1.9m (2003 : #0.6m).
* Basic earnings per share increased by 235% to 6.56p (2003 : 1.96p)
* Order book increased by 6% to #178m (March 2004 : #168m)
Sir Alan Thomas, Chairman of Hyder Consulting PLC, commented:
"Results in the first half showed a further solid improvement in the profit
margin in line with plan. We are maintaining our drive to increase margins by
increasing the proportion of higher added-value advisory work; and by optimising
capacity through organic growth and acquisitions. We look forward to further
progress in the second half."
Press contacts:
Tim Wade
Chief Executive,
Hyder Consulting PLC Tel: +44 (0)20 7904 9011
Simon Hamilton-Eddy
Financial and Commercial Director,
Hyder Consulting PLC Tel: +44 (0)20 7904 9011
Shane Dolan
Biddicks Tel: +44 (0)20 7448 1000
Chairman's statement
I am pleased to report that Hyder Consulting PLC has made further progress in
the six months to 30 September 2004. The results are significantly ahead of the
same period last year and overall are in line with expectations.
Turnover for the period increased to #63.9m (2003: #60.2m).
Operating profit before goodwill amortisation and exceptionals increased to
#2.2m (2003: #0.9m).
Net interest costs increased to #0.4m (2003: #0.2m).
Profit before tax increased to #1.9m (2003: #0.6m).
Basic earnings per share increased to 6.56p (2003: 1.96p).
Exceptional costs of #0.1m were incurred during the period in relation to
further costs on the run down of operations in South East Asia.
Market conditions in most sectors in our key territories remained generally
strong, the main exception being the UK water market which weakened ahead of the
regulator's final AMP 4 price determination in December 2004. However, we have
secured three framework contracts since publication of the interim review in
August.
The order book increased to #178m from #168m at 31 March 2004, and #174m at 30
September 2003.
Working capital increased, partly as a result of acquisitions and organic
growth, but also because of the increasing proportion of work on contracts with
milestone payment terms in the UK and in the Middle East, which have tended to
increase debtor and work in progress levels. Net debt increased from #3.4m at 31
March 2004 to #8.4m at 30 September 2004; however, interest cover increased from
4.0 times at 31 March 2004 to 5.3 times at 30 September 2004.
As at 30 September 2003 the Group's banking facilities were due to expire within
one year. The facilities have been renegotiated to expire on 31 May 2006, and
the related debt at 30 September 2004 has therefore been classified on the
balance sheet as 'amounts due after more than one year'.
Pension Fund Deficit (FRS17)
Recent mortality surveys have shown greater improvement in mortality than
previously anticipated. The external actuary has advised us that had this been
reflected in the 31 March 2004 FRS17 valuations the deficit discussed in the
notes to those accounts would have increased by #3.6m net of deferred tax to
#23.8m. Further actions are in hand to reduce the deficit which will take effect
from 1 April 2005.
Taxation
The effective rate of tax is 11% reflecting low rates in the Middle East and the
utilisation of tax losses brought forward in Asia Pacific.
Dividend
The Board has declared an interim dividend of 0.2p payable on 4 January 2005 to
shareholders on the register at 10 December 2004.
Strategy
We have made good progress in improving the profit margin, our main priority at
present. This has been achieved by increasing turnover through our fixed cost
base, resolution of claims on legacy low margin contracts, and through our
programme of infill acquisitions to increase the proportion of higher
added-value advisory services.
Towards the end of the first half we completed three small acquisitions in the
UK and in the Middle East, for a total consideration of #3.5m partly funded
through the placing of 2,295,950 shares in July 2004. The net assets acquired
amounted to #0.9m, giving rise to an increase in goodwill from #1.9m to #4.4m.
The acquisitions did not have a material effect on the period's results. We are
looking at a number of further acquisitions to help us build our higher value
services and to fill gaps in targeted service areas within existing territories.
International Financial Reporting Standards (IFRS)
The Group is currently assessing the impact of IFRS which will become mandatory
for the first time on publication of the interim results for the six months
ended 30 September 2005. A project team has been constituted and is assessing
the financial and non-financial impact on the Group. Further information will
follow the announcement of the Group's full year results in June 2005. Restated
results in respect of the 2004 interim and full year results will be presented
in the period between announcement of the Group's 31 March 2005 full year and
the 30 September 2005 interim results.
Regional Review
UK / Europe
Turnover increased to #38.3m (2003: #36.3m) whilst operating profits fell
slightly to #1.9m (2003: #2.1m). The operating profit was down on last year and
on current year expectation mainly because of the reduction in workload ahead of
the AMP 4 water framework contract awards and temporary delays in starting
certain highways projects.
However, orders were very good in the first half and we expect the second half
to be stronger as a consequence. We are very pleased to have secured AMP 4
framework contracts either directly or indirectly with our three main water
sector clients, Thames Water, Glas Cymru / Welsh Water and South West Water.
These contracts will provide a steady flow of work over the next five to ten
years though the benefit to the current year will not be felt until the final
quarter.
In transport, we have remained busy with work orders placed through regional
framework contracts with the Highways Agency, notably on improvements to the
M25. We also secured a role within the West One consortium, which has been
appointed to provide transportation services to Westminster City Council for an
initial five years and won another major Early Contractor Involvement project,
the Mottram-Tintwistle Bypass in the Peak District. In Central Europe, we won
our first ever road project in Slovakia and new highways commissions in Hungary
and Romania. The upturn in rail sector business has continued with our
appointment to design and implement pollution prevention measures at maintenance
depots throughout England and Wales.
Our German business secured a reasonable flow of projects in a market which
remains difficult.
Middle East
Turnover for the first half was similar to that of last year at #10.8m, though
operating profits increased to #0.7m (2003: #0.5m).
The Middle East market continues to be extremely buoyant, particularly in the
property arena. The acquisition of the Roberts & Partners International building
services business is a significant step in building our overall property sector
offering. This adds to our already strong property capability in this region.
Significant projects won in the period included the Ritz Carlton Hotel in the
Dubai International Financial Centre zone and a new high-rise project in Qatar.
Asia Pacific
Turnover in the region increased to #14.7m (2003: #13.1m) reflecting continued
growth in Australia offset by a further reduction in volume in Hong Kong as that
business adjusts to the lower level of market demand. The Hong Kong business is
still loss-making at the trading level, but we expect these losses to continue
to reduce as we complete older low margin work over the coming months.
Operating profits in the region increased to #0.7m (2003: operating loss #0.8m).
This improvement was in part due to improving trading margins, but also includes
the benefit of settling some significant outstanding variations in Hong Kong.
The Australia market remains firm and we have secured a number of important
projects over recent months including two separate commissions associated with
the upgrading of the Pacific Highway and the project management of an improved
rail link between the Port of Melbourne and the city centre. Through our
Australian operation, we are also pursuing opportunities in South East Asia and
this led to our appointment as designer and project manager for the Hanoi
Petroleum Trading Centre.
In Hong Kong we are winning a steady flow of smaller projects including a two
year term contract to support a leading architect on renovation and new build
projects for Hang Seng Bank, and slope stabilisation work on the East Rail
Route. A higher proportion of our work is now coming from projects in mainland
China such as the extensions to the Guangzhou Metro, and this is a trend that we
expect to continue.
Corporate Overheads
Corporate overheads increased to #1.0m (2003: #0.9m) due to higher spending on
corporate governance and risk management.
Outlook
Our strong order book gives us confidence for the second half which, in any
case, is traditionally stronger than the first. Prospects in most of our markets
remain good and we expect our infill acquisitions to help our drive to increase
operating margins.
We were extremely pleased to have secured Investors in People accreditation last
month, which reflects the importance that we attach to staff training and
development. I would like to welcome the new staff who have joined us through
our recent acquisitions and to thank all our staff whose professionalism and
commitment have again helped us to deliver improved results.
Sir Alan Thomas
Chairman
Consolidated profit and loss for the six months ended 30 September 2004
Six months Six months Year
ended ended ended
30 September 30 September 31 March
2004 2003 2004
(Unaudited) (Unaudited) (Audited)
Note #'000 #'000 #'000
-------- -------- --------
Turnover including share of
joint venture: 63,860 60,224 122,943
Less; Share of joint venture - - (600)
-------- -------- --------
Turnover 2a&b 63,860 60,224 122,343
-------- -------- --------
Amortisation of positive (80) (34) (83)
goodwill
Amortisation of negative 245 75 1,063
goodwill
Other operating costs (before
exceptional items) (61,624) (59,285) (119,535)
Exceptional items
Re-structuring costs - (177) (284)
Establishment of IBNR provision - - (500)
-------- -------- --------
Net operating costs (61,459) (59,421) (119,339)
-------- -------- --------
Group operating profit 2,401 803 3,004
Share of joint venture - - 365
-------- -------- --------
Operating profit including share
of joint venture 2,401 803 3,369
Exceptional item
Loss on termination of business (101) - (419)
-------- -------- --------
Profit on ordinary activities
before interest 2,300 803 2,950
Interest receivable 36 68 130
Interest payable (470) (312) (859)
-------- -------- --------
Profit on ordinary activities
before taxation 2c 1,866 559 2,221
Taxation (205) (74) (8)
-------- -------- --------
Profit on ordinary activities
after taxation 1,661 485 2,213
Minority interests (2) (25) (50)
-------- -------- --------
Profit for the financial period 1,659 460 2,163
Dividends (54) - (98)
-------- -------- --------
Retained profit for the
financial period 1,605 460 2,065
======== ======== ========
Earnings per share (undiluted) 3 6.56p 1.96p 9.02p
======== ======== ========
Earnings per share (diluted) 3 6.46p 1.95p 8.94p
======== ======== ========
Earnings per share before
exceptional items and goodwill
(undiluted) 3 6.31p 2.54p 9.95p
======== ======== ========
Earnings per share before
exceptional items and goodwill
(diluted) 3 6.21p 2.53p 9.86p
======== ======== ========
There is no difference between the profit on ordinary activities before taxation
and the retained profit for the period stated above, and their historical cost
equivalents.
Statement of group total recognised gains and losses
Six months Six months Year
ended 30 ended 30 ended 31
September 2004 September 2003 March 2004
(Unaudited) (Unaudited) (Audited)
#'000 #'000 #'000
-------- -------- --------
Profit for the
financial
period 1,659 460 2,163
Translation
difference on
foreign
exchange 189 (383) (1,476)
-------- -------- --------
Total gains
for the
financial
period 1,848 77 687
======== ======== ========
Reconciliation of movements in group shareholders' funds
Six months Six months Year
ended 30 ended 30 ended 31 March
September 2004 September 2003 2004
(Unaudited) (Unaudited) (Audited)
#'000 #'000 #'000
-------- -------- --------
Profit for the
financial
period 1,659 460 2,163
Dividends (54) - (98)
-------- -------- --------
Retained
profit for the
financial
period 1,605 460 2,065
Translation
difference
taken to
reserves 189 (383) (1,476)
Issue of
ordinary
shares for
acquisitions 245 143 143
Premium on
ordinary
shares issued
for cash 2,799 1,059 1,058
Premium on
ordinary
shares issued
for
acquisitions 185 - -
Capital reduction:
- Deferred
share
cancellation - - (7,332)
- Share
premium
cancellation - - (8,763)
- Creation of
profit and
loss reserve - - 16,095
-------- -------- --------
Net increase
in
shareholders'
funds 5,023 1,279 1,790
Shareholders'
funds at 1
April 15,298 13,508 13,508
-------- -------- --------
Total
shareholders'
funds at end
of period 20,321 14,787 15,298
======== ======== ========
Consolidated balance sheet as at 30 September 2004
As at As at As at
30 September 30 September 31 March
2004 2003 2004
(Unaudited) (Unaudited) (Audited)
#'000 #'000 #'000
--------- --------- --------
Fixed assets
Intangible assets
- Goodwill 4,380 159 1,931
- Negative Goodwill (811) (914) (1,037)
Tangible assets 8,270 8,624 8,101
Fixed asset investments 174 220 174
Investment in joint ventures
- Share of gross liabilities (136) (240) (91)
- Transfer to provisions 136 240 91
--------- --------- --------
12,013 8,089 9,169
--------- --------- --------
Current assets
Debtors 54,305 56,604 49,542
Cash at bank and in hand 1,755 6,024 6,507
--------- --------- --------
56,060 62,628 56,049
Creditors : amounts falling due within
one year (29,803) (41,841) (31,073)
--------- --------- --------
Net current assets 26,257 20,787 24,976
--------- --------- --------
Total assets less current liabilities 38,270 28,876 34,145
--------- --------- --------
Creditors : amounts falling due after
more than one year (10,192) (3,300) (9,951)
Provisions for liabilities and charges (7,673) (9,797) (8,815)
--------- --------- --------
Net assets 20,405 15,779 15,379
========= ========= ========
Capital and reserves
Called up share capital 2,690 9,778 2,445
Share Premium 2,799 8,762 -
Other reserves 265 80 80
Profit and loss account 14,567 (3,833) 12,773
--------- --------- --------
Shareholders' funds (equity interests) 20,321 14,787 15,298
Equity minority interests 50 886 22
Non-equity minority interests 34 106 59
--------- --------- --------
Total shareholders' funds 20,405 15,779 15,379
========= ========= ========
The interim statements on pages 4 to 11 were approved by the board of directors
on 29 November 2004 and were signed on its behalf by:
Simon Hamilton-Eddy
Financial and Commercial Director
29 November 2004
Consolidated cash flow statement
Six months Six months Year
ended 30 ended 30 ended 31
September 2004 September 2003 March 2004
Note (Unaudited) (Unaudited) (Audited)
#'000 #'000 #'000
------- -------- -------
Net cash
(outflow) /
inflow from
operating
activities 4a (3,802) (1,936) 95
------- --------
Returns on
investment and
servicing of
finance 4b (400) (244) (469)
Taxation
(paid) /
repaid (259) 530 181
Capital
expenditure
and financial
investment 4c (682) (319) (652)
Acquisitions
and disposals 4d (2,398) (128) (1,019)
Equity
dividends paid
to
shareholders (98) - -
------- -------- -------
Cash outflow
before financing (7,639) (2,097) (1,864)
Financing 4e 2,836 (5,684) (5,205)
------- -------- -------
Decrease in
cash during
the period (4,803) (7,781) (7,069)
======= ======== =======
Reconciliation
of net cash
flow to
movement in
net funds
Net debt at
start of
period (3,384) (1,367) (1,367)
Decrease in
cash in the
period (4,803) (7,781) (7,069)
Cash outflow
from decrease
in debt 193 6,768 6,161
Other non cash movements
Finance leases (335) (363) (886)
------- -------- -------
(8,329) (2,743) (3,161)
Finance leases (32) - -
acquired with
acquisition
Exchange
difference (22) (104) (223)
------- -------- -------
Net debt at
end of period 4f (8,383) (2,847) (3,384)
======= ======== =======
Notes to the financial statements
1. Basis of Preparation
Except for the implementation of UITF 17 (Revised), 'Employee Share Schemes',
the financial statements are prepared under the historical cost basis of
accounting and have been prepared in accordance with applicable United Kingdom
accounting standards. Accounting policies applied are as stated in the financial
statements for the year ended 31 March 2004.
The interim financial statements, which are abridged and unaudited, have been
prepared in accordance with the guidelines published by the Accounting Standards
Board and are prepared on a consistent basis using the accounting policies set
out in the 2004 Annual Report. The balance sheet as at 31 March 2004 and the
results for the year then ended have been abridged from the Group's 2004
statutory accounts which have been filed with the Registrar of Companies. The
auditors reported on those accounts; their report was unqualified and did not
include a statement under Section 237 (2) and (3) of the Companies Act 1985. The
interim statement does not constitute statutory accounts within the meaning of
Section 240 of the Companies Act 1985.
2. Segmental analysis by geographical area
Six months Six months Year Ended 31
ended 30 ended 30 March 2004
September 2004 September 2003
--------- --------- --------
(Unaudited) (Unaudited) (Audited)
#'000 #'000 #'000
(a) Turnover by origin
Continuing operations
UK and Continental Europe 38,343 36,340 75,672
Middle East 10,838 10,783 20,520
Asia Pacific 14,679 13,101 26,751
Share of joint
venture - - (600)
--------- --------- --------
Turnover 63,860 60,224 122,343
========= ========= ========
(b) Turnover by destination
Continuing operations
UK and Continental Europe 37,532 35,130 72,696
Middle East 11,041 11,617 21,524
Asia Pacific 15,287 13,477 28,723
Share of joint
venture - - (600)
--------- --------- --------
Turnover 63,860 60,224 122,343
========= ========= ========
(c) Profit on ordinary activities before taxation
Continuing operations
UK and Continental Europe 1,866 2,097 4,441
Middle East 673 540 954
Asia Pacific 746 (753) (689)
Share of joint
venture - - 365
--------- --------- --------
3,285 1,884 5,071
--------- --------- --------
Operating profit
exceptional items - (177) (784)
Amortisation of positive
goodwill (80) (34) (83)
Amortisation of negative
goodwill 245 75 1,063
Corporate overheads (1,049) (945) (1,898)
Post-operating profit
exceptional item (101) - (419)
Net interest payable (434) (244) (729)
--------- --------- --------
Profit on ordinary
activities before
taxation 1,866 559 2,221
========= ========= ========
The results of the acquisitions made in the period are not shown separately as
due to their timing the effect on the period's results is not material.
3. Earnings per ordinary share
Six months Six months Year
ended 30 ended 30 ended 31
September 2004 September 2003 March 2004
(Unaudited) (Unaudited) (Audited)
#'000 #'000 #'000
-------- -------- --------
Profit after tax and
minority interests 1,659 460 2,163
Exceptional items and
goodwill amortisation (64) 136 223
-------- -------- --------
Profit before exceptional
items and goodwill
amortisation 1,595 596 2,386
======== ======== ========
Basic earnings
per share 6.56p 1.96p 9.02p
Basic earnings
per share on exceptional
items and goodwill
amortisation (0.25p) 0.58p 0.93p
-------- -------- --------
Basic earnings
per share before
exceptional items and
goodwill amortisation 6.31p 2.54p 9.95p
======== ======== ========
Diluted
earnings per share 6.46p 1.95p 8.94p
Diluted
earnings per share on
exceptional items and
goodwill amortisation (0.25p) 0.58p 0.92p
-------- -------- --------
Diluted earnings per
share before exceptional
items and goodwill
amortisation 6.21p 2.53p 9.86p
======== ======== ========
Number at Number at Number at
30 September 30 September 31 March
2004 2003 2004
-------- -------- --------
Weighted average number
of ordinary shares 25,287,704 23,449,537 23,976,026
Dilutive ordinary shares 426,767 75,484 234,489
-------- -------- --------
Diluted weighted
average number of ordinary
shares 25,714,471 23,525,021 24,210,515
======== ======== ========
Basic earnings per share is calculated by dividing the earnings attributable to
ordinary shareholders by the weighted average number of shares during the year.
Diluted earnings per share is calculated by adjusting earnings attributable to
ordinary shareholders and the weighted average number of ordinary shares in
issue on the assumption of conversion of all dilutive share options in issue.
Supplementary basic and diluted earnings per share have been calculated to
exclude the effect of exceptional items and goodwill amortisation. The adjusted
numbers have been provided in order that the effects of these items on reported
earnings can be fully appreciated.
4. Analysis of cash flows for headings netted in the cash flow statement
a)Net cash flow from operating activities
Six months Six months Year
ended ended ended
30 September 30 September 31 March
2004 2003 2004
-------
(Unaudited) (Unaudited) (Audited)
#'000 #'000 #'000
-------- -------- -------
Operating profit 2,401 803 3,004
Net amortisation of intangible fixed
assets (165) (41) (980)
Depreciation of tangible fixed assets 1,093 1,159 2,301
Profit / (loss) on sale of tangible
fixed assets (3) (16) 2
Increase in amounts recoverable on
contracts (2,648) (1,317) (1,822)
Decrease in fixed asset investments - - 46
Increase in external debtors (1,308) (1,702) (4,373)
(Decrease) / increase in external
creditors (1,952) (228) 2,828
Decrease in provisions (1,119) (594) (1,394)
-------- -------- -------
Net cash flow from operating
activities (3,701) (1,936) (388)
Other items affecting cash flows:
Fair value amendments - - 902
Post-operating exceptional item (101) - (419)
-------- -------- -------
Net cash flow from operating
activities (3,802) (1,936) 95
======== ======== =======
b)Returns on investment and servicing of finance
Interest received 36 68 130
Interest paid (392) (273) (674)
Interest element on finance lease payments (44) (39) (80)
Distribution from associated undertaking - - 155
-------- -------- -------
(400) (244) (469)
======== ======== =======
c)Capital expenditure and financial investment
Purchase of tangible fixed assets (752) (413) (777)
Proceeds from sale of fixed assets 70 94 125
-------- -------- -------
(682) (319) (652)
======== ======== =======
d)Acquisitions and disposals
Purchase of fixed asset investments - - (3)
Purchase of subsidiary minority interests - (128) (427)
Purchase of subsidiary undertakings (2,512) - (589)
Cash in business acquired at acquisition 114 - -
-------- -------- -------
(2,398) (128) (1,019)
======== ======== =======
e) Financing
Issue of ordinary share capital 3,029 1,084 956
Increase in borrowings 100 - 1,309
Repayment of bank loans (171) (414) (706)
Loan notes repaid - (5,987) (6,000)
Capital element of finance lease payment (122) (367) (764)
-------- -------- -------
2,836 (5,684) (5,205)
======== ======== =======
f) Reconciliation of movement in net debt
At Cashflow Acquisition Non cash Exchange At 30
31 March 2004 (excluding cash movement movement September
and overdrafts) 2004
#'000 #'000 #'000 #'000 #'000 #'000
-------- -------- -------- -------- -------- --------
Cash at
bank and in hand 6,507 (4,779) - - 27 1,755
Overdraft (268) (24) - - (5) (297)
-------- -------- -------- -------- -------- --------
6,239 (4,803) - - 22 1,458
Debt due within 1 (100) - - (251) 4 (347)
year
Debt due after (8,357) 71 - 251 (46) (8,081)
1 year
Finance leases
due within 1 year (524) 258 (15) (319) (1) (601)
Finance leases
due after 1 year (642) (136) (17) (16) (1) (812)
-------- -------- -------- -------- -------- --------
(9,623) 193 (32) (335) (44) (9,841)
-------- -------- -------- -------- -------- --------
(3,384) (4,610) (32) (335) (22) (8,383)
======== ======== ======== ======== ======== ========
g) Acquisition issue of shares
Part of the consideration for the purchase of Ashact Limited comprised the issue
of 111,111 shares. In addition a further 33,520 shares were issued for the
purchase of Marcus Hodges Environment Limited.
5. Further information
The interim statement is unaudited but has been reviewed by the auditors.
Copies of the Interim Statement have been sent to shareholders. Further copies
are available from the Company's registered office at 29 Bressenden Place,
London SW1E 5DZ. In addition, an electronic version of the interim statement and
31 March 2004 financial statements can be viewed on the corporate web site:
www.hyderconsulting.com.
Independent Review Report to Hyder Consulting PLC
Introduction
We have been instructed by the company to review the financial information which
comprises Profit and loss account, Statement of total recognised gains and
losses, Reconciliation of movements in shareholders funds, Balance sheet, Cash
flow statement and related notes. 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.
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 Listing
Rules of the Financial Services Authority which require that the accounting
policies and presentation applied to the interim figures should be consistent
with those applied in preparing the preceding annual accounts except where any
changes, and the reasons for them, are disclosed.
Review work performed
We conducted our review in accordance with guidance contained in Bulletin 1999/4
issued by the Auditing Practices Board for use in the United Kingdom. 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 United Kingdom 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. This report including the
conclusion has been prepared for and only for the Company for the purpose of the
Listing Rules of the Financial Services Authority and for no other purpose. We
do not, in producing this report, accept or assume responsibility for any other
purpose or to any other person to whom this report is shown or in to whose hands
it may come save where expressly agreed by our prior consent in writing.
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-month
period ended 30 September 2004.
PricewaterhouseCoopers LLP
Chartered Accountants
Bristol
29th November 2004
This information is provided by RNS
The company news service from the London Stock Exchange
END
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