11th May 2006 07:01
Turbo Genset Inc.11 May 2006 Thursday 11th May 2006 TURBO GENSET INC. ANNOUNCES ITS RESULTS FOR THE FIRST QUARTER ENDED 31 MARCH 2006 Highlights for the first quarter •Revenue and development income up 155% to £1.1m (2005:£0.4m) •Operating loss before stock compensation charges (£0.1m) reduced by 14% to £1.5m •Operating cash outflow reduced by 34% to £1.0m (2005: £1.4m) •Bombardier (Canada) $1.5M contract for Auxiliary Power Systems for Beijing Light Rapid Transit System announced today Commenting on the results, Michael Hunt, Chief Executive, said: "We have started 2006 positively, with increasing revenues and furtherreductions in our cash outflow. Today's contract win with Bombardier hasstrengthened our order book further and is another strong endorsement of ourtechnical capabilities in the rail sector. " For further information, please contact: Turbo Genset Tel: +44 (0)20 8564 4460Michael Hunt, Chief Executive OfficerStephen Sadler, Chief Financial OfficerCompany Website: www.turbogenset.com Gavin Anderson (PR) Tel: +44 (0)20 7554 1400Ken Cronin NOTES TO EDITORS About Turbo Genset Turbo Genset designs and manufactures innovative power solutions which providelocal, high quality, controllable electrical power. The Group's products aresold into a number of markets but are all based on its core technologies ofpower electronics and high speed electrical machines. Forward Looking statements This news release contains forward-looking statements. Forward-lookingstatements include statements concerning plans, objectives, goals, strategies,future events, or performance, and underlying assumptions and other statementsthat are other than statement of historical fact. These statements are subjectto uncertainties and risks including, but not limited to, the ability to meetongoing capital needs, product and service demand and acceptance, changes intechnology, economic conditions, the impact of competition, the need to protectproprietary rights to technology, government regulation, and other risks definedin this document and in statements filed from time to time with the applicablesecurities regulatory authorities. Notice of no auditor review of interim financial statements Under Canadian National Instrument 51-102, Part 4, subsection 4.3(3)(a), if anauditor has not performed a review of the interim financial statements' theymust be accompanied by a notice indicating that the financial statements havenot been reviewed by an auditor. The accompanying un-audited interim financial statements of the Company havebeen prepared by and are the responsibility of the Company's management. The Company's independent auditor has not performed a review of these financialstatements in accordance with standards established by the Canadian Institute ofChartered Accountants for a review of interim financial statements by anentity's auditor. OPERATIONAL REVIEW During the first quarter of 2006, the Company continued to demonstrate positiveprogress, recording a significant increase in sales revenue as more of theexisting long term orders move from the development stage into production, andseeing further reductions in operating cash outflow. After extended field trials in North America, the company was pleased to receivethe initial production contract from the National Rail Equipment Company in theUSA for traction electronics for their low emissions Shunting Locomotive, whichis intended to go into service later this year. Our order book has been further enhanced by the announcement today of theplacement of a contract by Bombardier (Canada) for auxiliary power systems. i) Direct Drive High-Speed Motors and Drives Industrial Motor and Drive Design and Supply Agreement The programme to develop and supply to an international capital equipmentmanufacturer, three sizes of industrial motors and drives between 250kW and500kW, is proceeding well, with the procurement currently underway for theinitial prototype hardware. The product is expected to be formally launched at amajor international trade show in 2007. SKF Following receipt of the development contracts and the Supply Agreement for the15, 25 and 35kW high speed motors and drives for a gas compressor application,initial production schedules were received during December and volumes areexpected to gradually increase throughout 2006. ii) Specialist Drives and Motor applications (Aerospace, Oil and Gas) Eaton Aerospace The Company now has a dedicated engineering team developing the high performanceelectronic drives which provide motor control for the Eaton fuel transfer andjettison pumps on the new Boeing 787 commercial airliner. Initial testinghardware has been produced and the team is meeting the challenging programmemilestones. Qualified flight hardware will be supplied as part of the aircraftpre-production flight trials in the latter part of 2006, with initial productionquantities scheduled to commence in 2007. ALC - Oil and Gas Prototype units are now in manufacture and are scheduled to commence down holetesting later this year. ALC (the Artificial Lift Company) have completedextensive market research that has confirmed an addressable market size ofseveral hundred thousand wells world-wide. Lotus Engineering Three prototype passenger car hybrid drives and motors will be dispatched toLotus for integration into three vehicles by the end of Q2 2006. The modifiedenergy efficient passenger vehicles will be extensively tested by the sponsoringcar manufacturer in the second half of the year prior to any decision regardingthe production release. iii) High Voltage Power Supplies and Auxiliary Power Systems Bombardier Transportation (Canada) - Beijing We have today announced a contract with Bombardier for 40 Auxiliary Convertersfor the Beijing Light Rapid Transit System, to be delivered in 2007 in time forthe Beijing Olympics. The order is valued at approximately $1.5M Toronto Transit Commission - H6 subway car Auxiliary Power Unit (APU) We continue to deliver against the agreed production schedule which runs until2008. Toronto Transit Commission -CLRV Tram Upgrade Programme Delivery of the initial prototype low voltage power supplies occurred during2005, and following extensive vehicle testing, the customer plans to beginvehicle upgrades in early 2007. The initial development contract which wasreceived in 2004 was extended to include the initial production quantity of 100systems in March 2006. Trans Elektro Initial production units commenced in Q1 against the contract placed by TransElektro (Holland) for the design and manufacture of air-conditioning powersupplies required as part of a refurbishment programme for rolling stock inservice with the Netherlands rail operator Nedtrain. NREC The National Rail Equipment Company (USA) placed a contract at the end of 2004for a prototype power electronics traction system to drive its planned range oflow emissions switcher locomotives. The NREC requirement is in response to theimposition by the Environmental Protection Agency of strict deadlines forlocomotive operators to meet reduced emissions levels. NREC have demonstrated the emissions friendly prototype switcher to UnionPacific and have now received an order for a quantity of the locomotives. NRECin turn placed an order with Turbo Genset for £3million covering its firm andforecast requirements until the end of 2007. In addition, we have now concluded an exclusive long term agreement to supplyNREC with their traction electronics, with an initial term of 5 years. NREC continues to promote this technology to a wide range of rail freightcompanies and large industrial freight users in North America and anticipatescontinued growth in sales. Other Products Production of other high-voltage power electronics equipment such as powersupply for PRC lasers continued to contribute to the revenues for the period asdid an increased level of after market spares for a wide range of existingproducts. iv) Direct Drive High-Speed Generators and Inverters for the DistributedGeneration and Renewable Energy markets Distributed Generation (the use of small-scale power generation close to theload being served) and Renewable Energy Technologies remain an important market.High speed generators and inverters in sizes up to 5MW provide Systemintegrators with benefits in terms of efficiency, size and weight, life-cyclecost and ease of grid connection. Compact Power Ltd In the first quarter we announced that we had signed an agreement to collaboratewith Compact Power Ltd in the development of a packaged biomass distributedgeneration system. Turbo Genset will supply the generator and inverter technology which inconjunction with a gas turbine and recuperator being provided by other partners,will improve the efficiency and power output of the overall system. RESULTS OF OPERATIONS Revenue Revenue in the quarter ended 31 March 2006 was £0.97 million compared with £0.36million in 2005 and comprised; 2006 2005 £'000 £'000 Power electronics 949 360High speed machines 20 - --------- -------- 969 360 ========= ======== Power electronics revenue grew by 164% compared with the first quarter of 2005.Rail industry trading included hardware to Bombardier for London Undergroundstock refurbishment and to Toronto Transit Corporation for fleet enhancements.Sales into the industrial sector included laser power supplies to PRC Inc andmotor control electronics to Lotus Engineering for use in hybrid power vehicles.Spare and repairs revenue again made a strong contribution in the quarter. Highspeed machines revenues resulted from the contract with Artifical Lift Company. Development income Development income in the quarter was £0.10 million compared with £0.06 millionin 2005 and included receipts from Eaton Aerospace on the Boeing Dreamlinerprogramme. 2006 2005 £'000 £'000 Development income 99 59 ======= ===== Production costs The cost of product revenues in the period amounted to £0.73 million (2005 :£0.37 million), resulting in a gross profit on sales of £0.24 million (2005 :loss of £0.01 million) as follows; 2006 2005 £'000 £'000 Power electronics 366 110High speed machines (131) (122) --------- --------- 235 (12) ========= ========= The gross margin in the power electronics division improved to 39% (2005: 31%)reflecting efficiency gains as production programmes have become moreestablished. Certain fixed facilities costs attributable to the manufacturingoperation mean that the high speed machines division recorded an overall loss onproduct sales. Research and product development Research and product development expenditure in the period was £0.83 millioncompared with £0.84 million in 2005, and comprised; 2006 2005 £'000 £'000 Research and product development expenditure 841 864Accrued R&D tax credits (15) (20) -------- --------Total expenditure 826 844 ======== ======== Research and product development costs for the quarter were at similar levels to2005 but include a greater proportion of customer funded development work.Included in research and product development costs for the quarter are stockcompensation charges on option gains of £56,000 (2005: nil). General and administrative General and administrative costs of £0.75 million (2005: £0.67 million) consistmainly of staff costs, facilities costs and the costs associated with theCompany's public listings. Included in general and administrative costs for thequarter are stock compensation charges on option gains of £41,000 (2005: £2,000) Amortisation Amortisation was £0.39 million compared with £0.34 million in 2005. Interest income Interest income in the period was £0.08 million compared with £0.04 million in2005 with the increase reflecting a higher average cash balance held throughoutthe period. Interest expense and finance charges Interest expense and finance charges arise from the issue of convertible bondsin July 2003 and March 2005 and comprise; 2006 2005 £'000 £'000 Interest payable 134 74Amortisation of deferred finance charges 40 35Debt accretion 97 64 ----------- -------- 271 173 =========== ======== Convertible bonds are considered to be compound financial instruments, and theliability component and the equity component must be presented separately, asdetermined at initial recognition. The Company has valued the equity componentof these bonds using the residual value of equity component method, whereby theliability component is valued first using current market rate for comparableinstruments, at the time of issuance. The difference between the proceeds of thebonds issued and the fair value of the liability is assigned to the equitycomponent. The equity element of the March 2005 bond issue was estimated at£1.11 million. The equity element of the 2003 bond issue was estimated at£0.91 million. The carrying value of the debt element is increased over the termof the debt and this accretion expense is charged to the profit and lossaccount. During the period this charge amounted to £0.10 million (2005:£0.06 million). CASH FLOWS Cash outflow from operating activities Cash outflow from operating activities for the period was £0.95 million,compared with £1.44 million in 2005. In the first quarter of 2005 the Companyrecorded an operating loss of £1.80 million and had a decrease in workingcapital of £0.26 million. The first quarter 2006 operating loss was £1.64million and working capital decreased by £0.23 million during the period. Stocks, work in progress and creditors increased by £0.74 million during thequarter reflecting the increase in manufacturing volume. Restructuring payments of £0.23 million paid during the first quarter of 2005relate to redundancy and property disposal payments charged to the profit andloss account in prior periods. Interest paid of £0.26 million (2005: £0.07 million) during the periodrepresents payments made on the convertible bonds issued in 2003 and 2005. Capital investment activities Cash outflows from capital investments in the period were £0.02 million comparedwith £0.01 million in 2005, reflecting continued control over expenditure ontangible fixed assets. Cash flow from financing activities No cash movements resulting from financing activities occurred in the quarter. Cash inflow from financing in 2005 of £7.72 million in the quarter relates tonet funds received from the issue of convertible notes in March 2005 when theCompany completed an £8,000,000 (gross) financing agreement with institutionalinvestors. The financing comprised unsecured Convertible Notes and Warrants. TheConvertible Notes have a term of five years plus one day and bear interest at arate of 6.5% per annum. They are convertible into an aggregate of 66,666,667Common Shares in Turbo Genset Inc. at a conversion price of £0.12 per share. TheWarrants have a term of five years and are convertible into an aggregate of7,000,000 Common Shares in Turbo Genset Inc. at an exercise price of £0.15 pershare. Overall Cash outflow for the period Overall the cash outflow during the period was £1.15 million. This compares withan overall cash inflow of £6.23 million, including proceeds of the debt issue of£7.72 million, in 2005. BALANCE SHEET AS AT 31 MARCH 2006 The Company ended the period with a cash balance of £5.37 million compared with£6.53 million at 31 December 2005. Substantially all of the Company's cashbalances are denominated in Sterling. In addition the Company had restricted cash amounts of £1.50 million relating toperformance bonds entered into as part of contracts with the Toronto TransitCommission and Eaton ( 2005: £1.50 million ). Long-term assets have decreased from £4.54 million at 31 December 2005 to£4.13 million at 31 March 2006, after depreciation charges of £0.39 million anddeferred financing charges of £0.04 million. Deferred finance charges relate to the fair value of warrants issued in 2003,and expenses in connection with the March 2005 convertible bond issue. Thesecosts are amortised over the term of the convertible bonds and the warrants. Therelated amortisation charges are included in interest expense and financecharges. Long term liabilities have increased to £10.25 million at 31 March 2006 comparedto £10.21 million at 31 December 2005, reflecting the accretion of debtattributable to the convertible bond issue partially offset by a reduction indebt following the conversion of 65,000 convertible bonds into shares during theperiod. Net working capital at 31 March 2006, excluding cash balances, was (£0.31)million, compared with (£0.30) million as at 31 December 2005. During the quarter investors who had subscribed for the convertible bond issueconverted bonds into 541,665 ordinary shares. As at 31 March 2006, the Companyhad 191,051,924 common shares issued and outstanding. As at that date there were34,139,494 outstanding share options and 10,500,000 outstanding warrants. TURBO GENSET INC.CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND DEFICITUNAUDITED Notes Three months ended 31 March 2006 2005 £'000 £'000 Revenue 4 969 360Development income 4 99 59 -------- -------- 1,068 419 ExpensesProduction costs 734 372Research and product development 5 826 844General and administrative 752 666Amortisation 391 337 -------- -------- 2,703 2,219 -------- -------- Operating loss (1,635) (1,800) Other income and expensesInterest income 79 41Interest expense and finance charges 6 (271) (173)Foreign exchange losses (32) (7) -------- -------- (224) (139) -------- -------- Loss before taxation (1,859) (1,939)Taxation - - -------- -------- Loss for the period (1,859) (1,939)Deficit, beginning of period (44,718) (38,265) -------- --------Deficit, end of period (46,577) (40,204) ===== =====Loss per share (1.0)p (1.1)p TURBO GENSET INC.CONSOLIDATED BALANCE SHEETSUNAUDITED Notes As at 31 As at 31 March December 2006 2005 £'000 £'000AssetsCurrent assets Cash and cash equivalents 5,372 6,525 Debtors 10 1,529 1,346 Stock and work in progress 705 541 -------- ------- 7,606 8,412 -------- -------- Restricted cash 8 1,496 1,496 -------- -------- Long-term assets Investments 9 58 59 Intangible assets 9 1,256 1,471 Tangible assets 9 2,811 3,007 -------- -------- 4,125 4,537 -------- -------- 13,227 14,445 ======== ======== Liabilities and shareholders' equity Creditors: amounts falling due within one year 11 2,541 2,183 -------- -------- Creditors: amounts falling due after more than one year 12 10,254 10,211 -------- --------Capital and reserves Share capital and other equity 2,13 47,048 46,897 instruments Currency exchange adjustments 2 (39) (128) Loss deficit 2 (46,577) (44,718) ---------- ---------- Shareholders' funds 432 2,051 --------- --------- 13,227 14,445 ======== ======== TURBO GENSET INC.CONSOLIDATED CASH FLOW STATEMENTSUNAUDITED Three months ended 31 March Notes 2006 2005 £'000 £'000 Cash outflow from operating activities 3 (950) (1,435) Interest received 79 35Interest paid (263) (70) --------- ---------Net cash outflow from operating activities (1,134) (1,470) Capital investment activitiesPurchase of long-term assets (19) (12) --------- ---------Cash outflow from capital investment activities (19) (12) --------- ---------Net cash outflow beforefinancing activities (1,153) (1,482) Financing activitiesProceeds from debt issue - 7,715 --------- ---------Cash inflow from financing activities - 7,715 --------- ---------Increase/(decrease) in cash in the period (1,153) 6,233 ========= ========= Cash and cash equivalents:Beginning of period 6,525 2,067 --------- ---------End of period 5,372 8,300 ========= ========= TURBO GENSET INC.THREE MONTHS ENDED 31 MARCH 2006NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNAUDITED 1 Basis of preparation The unaudited financial statements of the Company have been prepared by management in accordance with International Accounting Standards and generallyaccepted accounting principles in Canada for interim financial statements. These unaudited financial statements do not include all the note disclosures required for annual financial statements and therefore they should be read in conjunction with the Company's audited consolidated financial statements for the yearended 31 December 2005. The significant accounting policies are consistent withprior years. Certain comparative figures have been reclassified to conform tothe financial statement presentation adopted for 2006. Most of the Company's operations are conducted by its United Kingdom subsidiaries in Sterling. All numbers reported in these financial statements are stated in Sterling unless otherwise denoted. 2 Movements in shareholders' funds Share Other equity Exchange Profit and Total capital adjustments loss £'000 £'000 £'000 £'000 £'000 Balance at 1 January 2005 42,932 1,027 (78) (38,265) 5,616 Loss for the period (6,453) (6,453) Exchange (loss) (50) (50) Stock compensation 133 133 Equity component of financial instrument 1,331 1,331 Conversion to shares 1,786 (298) 1,488 Equity adjustment 35 (49) (14) --------- --------- --------- --------- --------- Balance at 31 December 2005 44,753 2,144 (128) (44,718) 2,051 Loss for the period (1,859) (1,859) Exchange gain 89 89 Stock compensation 97 97 Conversion to shares 65 (11) 54 --------- --------- --------- --------- --------- Balance at 31 March 2006 44,818 2,230 (39) (46,577) 432 ========= ========= ========== ========== ========= 3 Reconciliation of operating loss to cash outflow from operating activities Three months ended 31 March 2006 2005 £'000 £'000 Operating loss for the period (1,635) (1,800) Movements in working capital balances Decrease / (increase) in debtors (183) 208 Decrease / (increase) in stocks and work in progress (163) 6 (Decrease) / increase in creditors 575 44 Restructuring payments - (225) Amortisation 391 337 Stock compensation expense 97 2 Foreign exchange (losses)/gains (32) (7) --------- --------- Cash outflow from operating activities (950) (1,435) ========= ========= 4 Segmental analysis The Group's three reportable segments are the power electronics segment, whichis involved in the development and manufacture of electrical power supply and control systems, the high speed machines segment, which is involved in the development and commercialisation of generators and motors, and the corporate segment which is responsible for the financing of the group and other related corporate activities. The power electronics and high speed machines segments operate in the United Kingdom. The corporate segment operates in Canada and the United Kingdom. All amounts in £'000 Power electronics High speed Corporate Total machines 2006 2005 2006 2005 2006 2005 2006 2005Three months ended 31 MarchRevenue 949 360 20 - - - 969 360Development income 99 59 - - - - 99 59Net interest income/ (expense) - - (242) (167) 50 35 (192) (132) Amortisation 74 31 317 306 - - 391 337Loss for the period (316) (397) (1,338) (1,247) (205) (295) (1,859) (1,939) Capital expenditure 18 10 1 2 - - 19 12 As at Mar Dec Mar Dec Mar Dec Mar Dec 2006 2005 2006 2005 2006 2005 2006 2005Total Assets 4,715 4,468 4,093 5,604 4,419 4,373 13,227 14,445Total Liabilities 1,350 787 11,321 11,494 124 113 12,795 12,394 5 Research and product development Research and product development expenditure incurred during the periodcomprised: Three months ended 31 March 2006 2005 £'000 £'000 Research and product development expenditure 841 864 Accrued tax credits (15) (20) -------- -------- Total expenditure 826 844 ======== ======== Deferred research and product development expenditure, net of accrued taxcredits, amortisation and provisions for impairment, at 31 March 2006amounted to £28,000 (31 December 2005 - £198,000). Deferred research andproduct development expenditure comprises materials, labour and allocatedoverheads. Total accrued tax credits receivable at 31 March 2006, including thosecredited against deferred research and product development expenditure,amounted to £95,000 (31 December 2005- £190,000). 6 Interest expense and finance charges Three months ended 31 March 2006 2005 £'000 £'000 Interest payable 134 74 Amortisation of deferred finance charges 40 35 Debt accretion 97 64 --------- --------- 271 173 ========= ========= 7 Loss per share Loss per common share has been calculated using the weighted average number of shares in issue during the relevant financial periods. The treasury stock method was used in determining the weighted average number of shares outstanding for each period. The weighted average number of shares outstanding in the period was190,532,944 (2005 - 175,837,930). No diluted earnings per share have beenreported as the Company has losses in both years and the effect would beanti-dilutive. The loss for the three months ended 31 March 2006 was£1,859,000 (2005 - £1,939,000). TURBO GENSET INC.THREE MONTHS ENDED 31 MARCH 2006NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - PART 4 OF 6UNAUDITED 8 Restricted cash The Company has committed cash bonds in support of contracts placed bycertain of its customers. The associated contracts require the bonds toremain in place until up to two years after all equipment is delivered.According to the current contract schedules that would result in cash beingunder the performance bond restrictions until 2012. At 31 March 2006 cashsubject to restrictions totalled £1,496,000 (December 2005 - 1,496,000). 9 Long - term assets Cost Impairment Amortisation Net book value £'000 £'000 £'000 £'000 At 31 March 2006: Investments 103 45 - 58 Intangible assets 5,527 1,706 2,565 1,256 Tangible assets 8,152 - 5,341 2,811 -------- -------- -------- -------- Total long term assets 13,782 1,751 7,906 4,125 ======== ======== ======== ======== At 31 December 2005: Investments 104 45 - 59 Intangible assets 5,527 1,706 2,350 1,471 Tangible assets 8,133 - 5,126 3,007 -------- -------- -------- -------- Total long term assets 13,764 1,751 7,476 4,537 ======== ======== ======= ======== 10 Debtors Mar 2006 Dec 2005 £'000 £'000 Trade debtors 797 631Prepayments 592 507Other debtors 45 18Tax recoverable 95 190 ------- ------ 1,529 1,346 ======= ======= 11 Creditors: amounts falling due within one year Mar 2006 Dec 2005 £'000 £'000 Trade creditors 1,011 547Other creditors 287 234Tax and social security creditor 112 126Accruals and deferred income 1,076 1,221Provision for restructuring 55 55 ------ -------- 2,541 2,183 ======= ======== 12 Creditors: due after more than one year Convertible bond Mar 2006 Dec 2005 £'000 £'000 At 1 January 2006 9,913 4,364 Issued during the period - 8,000 Conversion of Convertible Notes during the period (note 2) (54) (1,331) Less equity component - (1,488) ------- ------- 9,859 9,545 Add: accretion of debt component during the period (note 6) 97 368 -------- ------- At 31 March 2006 9,956 9,913 ======== ======= Provisions for warranty claims 298 298 ------- ------- 10,254 10,211 ======= ======= 13 Share capital - issued common shares Number of shares At 1 January 2006 190,510,259 Conversion of convertible notes 541,665 --------------- At 31 March 2006 191,051,924 =============== No options were exercised during the three months ended 31 March 2006. 14 Financing On 11 March 2005 the Company completed an £8,000,000 (gross) financing agreement with institutional investors. The financing comprised unsecured Convertible Notes and Warrants. The Convertible Notes have a term of five years plus one day and bear interest at a rate of 6.5% per annum. They are convertible into an aggregate of 66,666,667 Common Shares in Turbo Genset Inc. at a conversion price of £0.12 per share. The Warrants have a term of five years and are convertible into an aggregate of 7,000,000 Common Shares in Turbo Genset Inc. at an exercise price of £0.15 per share. 15 Stock options, warrants and compensation expense The number of options and warrants outstanding as at 31 March 2006, and themovement during the three months then ended, are as follows: Options Warrants Number Number Outstanding at 1 January 2006 34,995,134 10,500,000 Cancelled (6,917,640) - Issued 6,062,000 - ------------- ------------ Outstanding at 31 March 2006 34,139,494 10,500,000 ============= ============ The stock based compensation expense included in Research and product development in the three month period ended 31 March 2006 was £56,000 (2005:nil), and in General and administrative costs in the three month period ended 31 March 2006 was £41,000 (2005: £2,400). 16 Selected quarterly information The following table sets forth selected consolidated financial informationof the Company for the eight most recent quarters. Revenue Net loss (Loss) per share £'000 £'000 UK pence June 2004 249 (2,326) (1.3)September 2004 389 (2,609) (1.5)December 2004 507 (2,280) (1.3)March 2005 360 (1,939) (1.1)June 2005 593 (1,681) (0.9)September 2005 809 (1,584) (0.9)December 2005 874 (1,249) (0.6)March 2006 969 (1,859) (1.0) This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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