4th Apr 2006 07:00
Havelock Europa PLC04 April 2006 HAVELOCK EUROPA PLC - PRELIMINARY ANNOUNCEMENT 2005 was a year of further good progress for Havelock. Underlying pre-tax profitincreased substantially for a fourth successive year, with two of its threeDivisions (Retail Interiors and Point of Sale Display) performing strongly. Thethird Division (Education Furniture and Supplies) prepared itself for anexpected increase in activity in 2006 and 2007. Financial Highlights •Revenue increased by 16% to £100.2m. •Pre-tax profit increased by 49% to £6.0m (reported) and by 15% to £5.0m (underlying). •Basic fully diluted earnings per share were up 38% at 12.1p (reported) and up 8% at 10.3p (underlying). •Dividends per share are increased by 13% to 3.6p and are covered almost 3 times by underlying EPS. Commercial Highlights •The Retail Interiors Division delivered a significantly improved result, with revenue up 32% to £45.9m and profit substantially increased, as a result of the significant repositioning of its activities over the last two years. The Division's order book is above the seasonal norm, as a result of a high degree of activity in its retail customer base. •Education Furniture and Supplies revenue increased by 11% to £29.4m, after inclusion of a full year's activity from TeacherBoards and Clean Air. However, the volume of business in the PFI/PPP sector was static and profit was lower, also reflecting a build-up of additional costs in preparation for major programmes in 2006 and 2007. In 2006, the Division expects to benefit from substantially increased PFI/PPP business. •The Point of Sale Display Division increased its profit although revenue remained broadly the same at £24.9m. Further cost savings and an expansion of the Division's customer base are underway to counteract the expected reduction in Kwik Save business. •With a view to achieving further synergies between the education, healthcare and retail interiors businesses, since September, ESA McIntosh, Clean Air and Retail Interiors have been placed under the direction of Richard Lowery, a main Board Director and previously Managing Director of Retail Interiors. Malcolm Gourlay, Chairman, said: "The Group has made an encouraging start to theyear. The Board believes that further good progress will be made in the currentyear as a whole." Presentation: Today, from 09:30am to 10:30am, a presentation to broker's analysts will be heldat the offices of Bankside Consultants, 1 Frederick's Place, London EC2R 8AE. Enquiries: Havelock Europa PLC 01383-820 044 Hew Balfour (Chief Executive) 07801-683 851Grant Findlay (Finance Director) 07768-745 960 Bankside Consultants Limited Charles Ponsonby 020-7367 8851 PRELIMINARY STATEMENT 2005 was a year of further good progress for Havelock. Underlying pre-tax profitincreased substantially for a fourth successive year, with two of its threeDivisions (Retail Interiors and Point of Sale Display) performing strongly. Thethird Division (Education Furniture and Supplies) prepared itself for anexpected increase in activity in 2006 and 2007. FINANCIAL OVERVIEW The figures have been prepared under International Financial Reporting Standards("IFRS") and those for 2004 have been restated on a comparable basis. Revenue increased by 16% to £100.2 million (2004: £86.5 million). Pre-tax profit increased by 49% to £6.0 million (2004: £4.0 million).Disregarding a non-recurring pension past service credit of £1.4 million (2004:nil) and amortisation of intangibles, which were previously classified asgoodwill, of £0.4 million (2004: £0.3 million), underlying pre-tax profitincreased by 15% to £5.0 million (2004: £4.3 million). Basic fully diluted earnings per share were 12.1p (2004: 8.7p), up 38%, and10.3p (2004: 9.6p), up 8%, on an underlying basis. 2005 saw a strong performance from the Retail Interiors Division, as a result ofthe significant repositioning of its activities over the last two years. Pointof Sale Display also traded better than last year, with the first benefits ofthe integration of the Bristol and Letchworth sites, which commenced in July2005, coming through in the last quarter. Revenue from Education Furniture andSupplies increased, after inclusion of a full year's activity from thebusinesses acquired in mid-2004, TeacherBoards and Clean Air, but, asanticipated, profit was lower, reflecting a temporary lull in PFI/PPP schoolrefurbishment schemes and a build-up of additional costs in preparation for anincreased workload in 2006 and 2007. Net debt reduced to £14.1 million (2004: £14.5 million), reflecting tightworking capital control, despite the payment in cash of deferred considerationof £1.2 million and the issue of loan notes totalling £1.0 million in relationto the two acquisitions made in 2004. Net cashflow from operations increased by17% to £5.0m from £4.2m in 2004. Under IFRS, retirement benefit obligations and the related deferred tax assetare, for the first time, included in the Group Balance Sheet. At 31 December2005, the net deficit was £5.4 million (2004: £6.0 million). The deficit reducedin the year due to positive investment performance and the introduction of a capon future increases in pensionable salaries which generated a gain of £1.4million, reflecting a reduction in the scheme's future liabilities. DIVIDENDS The Board is proposing a final dividend per share of 2.7p (2004: 2.4p). Ifapproved at the Annual General Meeting on 27 June 2006, the dividend will bepaid on 4 July 2006 to shareholders on the register at close of business on 6June 2006. Including the interim dividend per share of 0.9p (2004: 0.8p) paid on 28December 2005, the proposed dividend per share for the year will total 3.6p(2004: 3.2p), which is up 13% on 2004 and covered 2.9 times by underlying EPS. TRADING REVIEW Retail Interiors The Retail Interiors Division delivered significantly improved results,reflecting its strategy to concentrate on UK retailers and banks which requireand value a consistency of quality in manufacturing and service delivery.Revenue rose by 32% to £45.9 million (2004 : £34.8 million). The principalcontributors were Primark (with whom business more than doubled), HBOS (whoseincreased business was aided by the start of a programme to create a chain ofnew branches for the Bank of Scotland in Ireland) and Boots The Chemists. Marks& Spencer returned as a major customer for the first time since 2002. Anencouraging start has been made in the Healthcare sector, for which thisDivision has responsibility. Education Furniture & Supplies As indicated in the Interim Announcement in September 2005, the Group'seducation businesses started 2005 more slowly than originally expected, with aparticularly slow period around the time of the General and Local Elections.Revenue rose to £29.4 million (2004 : £26.5 million), after inclusion of a fullyear's activity from TeacherBoards and Clean Air. However, the volume ofbusiness in the PFI/PPP sector was static and profit was lower, reflecting alsoa build-up of additional costs in preparation for major programmes in 2006 and2007. Clean Air, a manufacturer of fume cupboards for use in sciencelaboratories, suffered particularly from the lull in PFI/PPP refurbishmentschemes and a relative dearth of new university laboratory contracts. Point of Sale Display The Point of Sale Display Division increased its profit despite revenueremaining broadly the same at£24.9 million (2004 : £25.2 million). The capital investment in new technologyand the integration of the Bristol and Letchworth sites under one managementteam led to a very strong second half and an excellent result for the year.Somerfield/Kwik Save, Tesco and BHS remained amongst the Division's largestcustomers. STRATEGY Havelock's strategy is to concentrate on UK markets offering significantopportunities for profitable growth. With a view to achieving further synergiesbetween the education, healthcare and retail interiors businesses, ESA McIntosh,Clean Air and Retail Interiors have been placed under the direction of RichardLowery, a main Board Director and previously Managing Director of RetailInteriors. There has been a further restructuring of responsibilities under himto provide improved customer service and a launch pad for the furthersignificant growth expected in the education sector over the next two years. Specific attention is being given to the PFI/PPP sector, where the largecontract disciplines evolved in the Retail Interiors Division over many yearswill be applied throughout the education, healthcare and retail interiorsbusinesses. As a result, there is likely to be further integration of thesebusinesses during the course of this year with the aim of securing an optimaluse of skills and experience. A similar integration has already taken place in the Point of Sale DisplayDivision with a view to avoiding duplication of capital investment, maximisingthe capacity of the two plants, significantly improving customer service levelsand, as a result, enabling the development of a wider customer base and areduction in dependence on large individual customers. CURRENT TRADING AND PROSPECTS The Group has made an encouraging start to the year. The first three months of the year have seen the Retail Interiors Divisionincrease its order book above the seasonal norm, as a result of a high degree ofactivity in its retail customer base. The development of a number of new storesby Primark and the return of Marks & Spencer as a significant customer havecontributed to this busy start to the year. The award of additional work fromBank of Scotland in Ireland, where further branches are scheduled to open during2006, coupled with strong demand in both the primary and secondary healthcaresectors, has reinforced the order book. Within the education sector, letters of intent or orders have already beenreceived from 14 of the 16 PFI/PPP projects with which the Group expects to beinvolved during 2006. Work is underway at school sites on 12 of theseprojects.With activity in the factories at Dalgety Bay and Kirkcaldy already ata high level, the total value of PFI/PPP business is expected to be materiallyup on the invoiced turnover last year. Direct business with Local Authoritiesremains solid. The consolidation of the two Print facilities at Bristol and Letchworth is nownearing completion. The announcement by Somerfield of the disposal of themajority of its Kwik Save stores will result in a substantial reduction in theexpected level of turnover with the Somerfield group with effect from later thismonth. This is likely to require a decrease in the workforce at Bristol and amodification of shift patterns with a view to securing savings in overheads,particularly in relation to factory space. This reduction of business at Bristolhas, however, in the first quarter, been partly offset by a strong performanceat Letchworth and an expansion in the Division's customer base as the effects ofrecent investment in technology enhance product quality and productivity. Although the Retail Interiors Division has had a robust start to the year, theconcentration of work in this sector is always strongly biased in favour of thesecond half. Under IFRS, profit can only be recognised on major educationalcontracts following installation, and the benefit of the upturn in activity willnot show through, in accounting terms, until the second half of the year. Thesetwo factors mean that the Group's results will, as always, be very heavilyslanted towards the second half of the year. Nevertheless, the Board believesthat further good progress will be made by the Group in the current year as awhole. Malcolm Gourlay Chairman 4 April 2006 CONSOLIDATED INCOME STATEMENT for the year ended 31 December 2005 2005 2004 £000 £000 Note Revenue 100,194 86,526Cost of sales (78,790) (69,988) _______ _______Gross profit 21,404 16,538Non-recurring pension curtailment 1,389 -Other administrative expenses (15,290) (10,996) _______ _______Operating profit before financing costs 7,503 5,542 _______ _______ Financial income - interest receivable - 4Expected return on defined benefit pension plan 1,259 1,070assetsFinancial expenses - on bank borrowings andfinance (1,616) (1,366)leasesInterest on defined benefit pension scheme (1,411) (1,325)liabilities _______ _______Net financing costs (1,768) (1,617) _______ _______Share of profit of associates 294 121-------------------------------- ------- --------- ---------Profit before tax and non-recurring pension 4,640 4,046curtailmentNon-recurring pension curtailment 1,389 --------------------------------- ------- --------- --------- Profit before tax 6,029 4,046 Income tax expense 4 (1,839) (1,152) _______ _______Profit for the year (attributable to equityholders of 4,190 2,894the parent) ======= ========= Basic earnings per share 5 12.3p 9.1p Diluted earnings per share 5 12.1p 8.7p STATEMENT OF RECOGNISED INCOME AND EXPENSE for the year ended 31 December 2005 2005 2004 £000 £000 NoteExchange differences on translation of overseasassociate 10 63 (42)Actuarial losses on defined benefit pension (1,039) (975)planTax on items taken directly to equity 312 292Cash flow hedges:Effective portion of changes in fair value 10 (153) - _______ _______Net expense recognised directly in equity (817) (725) Profit for the year 4,190 2,894 _______ _______ Total recognised income and expense(attributable to 10 3,373 2,169equity holders of the parent) Effect of change in accounting policy Effect of adoption of IAS 32 and IAS 39 net oftax on 1 January 2005 (with 2004 not restated) on cash flow hedge reserve (165) - --------- --------- 3,208 2,169 =========== ============ CONSOLIDATED BALANCE SHEET as at 31 December 2005 £000 £000 Note 2005 2004AssetsNon-current assetsProperty, plant and equipment 12,902 13,687Intangible assets 12,852 14,467Investments in associates - 612Deferred tax assets 2,318 2,583 _______ _______Total non-current assets 28,072 31,349 _______ _______Current assetsInventories 6 8,923 9,629Trade and other receivables 7 20,261 16,777Cash and cash equivalents 2,089 627 _______ _______Total current assets 31,273 27,033 Non-current assets classified as held for sale 842 - _______ _______Total assets 3 60,187 58,382 _______ _______LiabilitiesCurrent liabilitiesInterest-bearing loans and borrowings 8 (6,817) (1,322)Derivative financial instruments (318) -Income tax payable (590) (954)Trade and other payables 9 (22,069) (21,112) _______ _______Total current liabilities (29,794) (23,388) _______ _______Non-current liabilitiesInterest-bearing loans and borrowings 8 (9,331) (13,842)Retirement benefit obligations (7,725) (8,610)Other payables 9 - (1,426)Deferred tax liabilities (1,072) (838) _______ _______Total non-current liabilities (18,128) (24,716) _______ _______Total liabilities 3 (47,922) (48,104) _______ _______Net assets 12,265 10,278 ========= =========EquityIssued share capital 10 3,479 3,430Share premium 10 1,987 1,808Other reserves 10 2,881 3,136Revenue reserves 10 3,918 1,904 _______ _______Total equity attributable to equity holders of theparent 12,265 10,278 ========= ========= CONSOLIDATED CASH FLOW STATEMENT for the year ended 31 December 2005 2005 2004 £000 £000Cash flows from operating activities NoteProfit before tax 6,029 4,046Adjustments for:Depreciation of property, plant and equipment 1,826 1,772Amortisation of intangible assets 510 452Gain on sale of property, plant and equipment (26) (30)Net financing costs 1,768 1,617Share of profit of associates (294) (121) ------- -------Operating cash flows before changes in workingcapital 9813 7,736and provisions(Increase)/decrease in trade and other receivables (3,484) 224Decrease/(increase) in inventories 706 (1,411)Increase in trade and other payables 2,954 638Movement relative to defined benefit pension scheme (1,924) (593)IFRS 2 charge relating to equity settled plans 70 93 _______ _______Cash generated from operations 8,135 6,687 _______ _______Interest paid (1,768) (1,205)Income taxes paid (1,392) (1,244) _______ _______Net cash from operating activities 4,975 4,238 _______ _______Cash flows from investing activitiesProceeds from sale of property, plant and equipment 26 84Acquisition of property, plant and equipment (1,041) (2,856)Acquisition of intangible assets (125) (51)Acquisition of subsidiaries, net of cash balancesacquired (1,185) (6,256)Dividends received from associate 127 - _______ _______Net cash from investing activities (2,198) (9,079) _______ _______Cash flows from financing activitiesProceeds from the issue of share capital 228 1,656Increase in bank loans 1,244 4,650Movements in relation to purchase of own shares (374) 95Repayment of bank borrowings (1,250) (1,250)Repayment of finance lease liabilities (72) (103)Dividends paid 10 (1,145) (928) _______ _______Net cash from financing activities (1,369) 4,120 _______ _______Net Increase/(decrease) in cash and cash equivalents 1,408 (721)Cash and cash equivalents at 1 January 627 1,348 _______ _______Cash and cash equivalents at 31 December 2,035 627 ========= ========= NOTES TO THE STATEMENTS 1. The financial information set out above does not constitute the Company'sstatutory accounts for the years ended 31 December 2005 or 2004 but is derivedfrom the 2005 accounts. Statutory accounts for 2004, which were prepared underUK GAAP, have been delivered to the Registrar of Companies, and those for 2005,prepared under International Financial Reporting Standards (IFRS) as adopted foruse in the EU, will be delivered in due course. The auditors have reported onthose accounts; their reports were (i) unqualified, (ii) did not includereferences to any matters to which the auditors drew attention by way ofemphasis without qualifying their reports and (iii) did not contain statementsunder section 237(2) or (3) of the Companies Act 1985. 2. Basis of consolidation The consolidated financial statements comprise Havelock Europa PLC and itssubsidiaries, together with the Group's share of the results of its associate.The financial statements of subsidiaries and its associate are prepared to thesame reporting date using accounting policies consistent with those of theparent company. Intra-group transactions and balances, including any unrealisedgains and losses or income and expenses, arising from intra-group transactionsare eliminated in full. 3. Segment reporting Segment information is presented in respect of the Group's business andgeographical segments. The primary format, business segments, is based on theGroup'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 asegment 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 andcorporate assets, liabilities and expenses. Segment capital expenditure is the total cost incurred during the period toacquire 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 continuingoperations: • Retail - design, manufacture and installation of interiors for retailers, banks, hotels and healthcare premises; ----------------------------------------------------------------------------------------------------- • Education - design, manufacture and installation of science labs and fitted furniture, teaching aids, display boards and fume cupboards for the education sector; ----------------------------------------------------------------------------------------------------- • Point of sale display - printing of promotional graphics and manufacture of display equipment for use in retail and branded goods businesses. ----------------------------------------------------------------------------------------------------- Business Retail Education Point of sale Elimination Consolidatedsegments display 2005 2004 2005 2004 2005 2004 2005 2004 2005 2004 £000 £000 £000 £000 £000 £000 £000 £000 £000 £000 Revenue fromexternalcustomers 45,896 34,799 29,386 26,504 24,912 25,223 - - 100,194 86,526Inter-segmentrevenue 148 327 102 24 415 325 (665) (676) - - ----- ----- ----- ----- ----- ----- ----- ----- ------ ------Total revenue 46,044 35,126 29,488 26,528 25,327 25,548 (665) (676) 100,194 86,526 ----- ----- ----- ----- ----- ----- ----- ----- ------ ------ Segmentresultbefore 1,476 167 2,867 3,358 3,549 3,245 - - 7,892 6,770pension ----- ----- ----- ----- ----- ----- ----- ----- ------ ------creditPension 1,016 - - - 165 - - - 1,181 -credit ----- ----- ----- ----- ----- ----- ----- ----- ------ ------Segmentresultafter pension 2,492 167 2,867 3,358 3,714 3,245 - - 9,073 6,770credit ----- ----- ----- ----- ----- ----- ----- ----- ------ ------Unallocatedpension 208 -creditUnallocatedexpenses (1,778) (1,228) ------ ------Profit fromoperationsbeforefinancingcosts 7,503 5,542Net financingcosts (1,768) (1,617)Share ofprofit fromassociates 294 121Income taxexpense (1,839) (1,152) ------ ------Profit forthe 4,190 2,894year ------ ------ Segment 15,953 14,118 23,081 25,241 13,508 12,987 - - 52,542 52,346assetsInvestment inassociates - 612Assetsclassified asheld for sale 842 -*Unallocatedassets 6,803 5,424 ------ ------Total assets 60,187 58,382 ------ ------ * included as investment in associates in 2004 Segmentliabilities (15,277) (13,290) (3,499) (3,705) (4,938) (5,133) - - (23,714) (22,128)Unallocatedliabilities (24,208) (25,976) ------ ------Totalliabilities (47,922) (48,104) ------ ------ Capitalexpenditure (209) (674) (304) (349) (603) (1,826) - - (1,116) (2,849)Unallocatedcapitalexpenditure (50) -Depreciation (548) (585) (443) (363) (773) (751) - - (1,764) (1,699)Unallocateddepreciation (62) (73)Amortisationofintangible (54) (47) (400) (343) (35) (39) - - (489) (429)assetsUnallocatedamortisationofintangible (21) (23)assetsOthernon-cashexpensesGain/ (loss)on sale ofpropertyplant - 9 (18) (12) (8) (27) - - (26) (30)andequipment 4. Income tax expense Recognised in the income statement 2005 2004 £000 £000Current tax expenseCurrent year (1,028) (1,181)Adjustments for prior years - (13) ------- ------- (1,028) (1,194) ------- ------- Deferred tax expenseOrigination and reversal of temporary differences (737) 92Adjustments for prior years (74) (50) ------- ------- (811) 42 ------- ------- Total income tax expense in the consolidated incomestatement (1,839) (1,152) ------- ------- 5. Earnings per share The calculation of basic earnings per share and underlying earnings per share at31 December 2005 is based on the profit attributable to ordinary shareholders asfollows: 2005 2004 2005 2004 Earnings Earnings EPS EPS £000 £000 pence penceBasic 4,190 2,894 12.3 9.1Adjusted for:Non-recurring pension curtailment gain (1,389) - (4.0) -Tax relief thereon 417 - 1.2 -Amortisation of intangibles formerlyclassified as goodwill 368 291 1.1 1.0 -------- -------- ------- -------Adjusted 3,586 3,185 10.6 10.1 -------- -------- ------- -------Diluted basic 12.1 8.7Diluted adjusted 10.3 9.6 2005 2004 £000 £000Total amortisation 510 452Less amortisation of computer software (142) (161) ------- -------Amortisation of intangibles formerly classified as goodwill 368 291 ------- ------- The weighted average number of shares used in each calculation is as follows: Basic earnings per share In thousands of shares 2005 2004 Issued ordinary shares at 1 January 34,300 31,069Effect of own shares held (673) (967)Effect of shares issued in 2004 - 1,536Effect of shares issued in 2005 351 - ------- -------Weighted average number of ordinary shares at 31 December 33,978 31,638 ------- ------- Diluted earnings per share In thousands of shares 2005 2004 Weighted average number of ordinary shares at 31 December 33,978 31,638Effect of share options on issue 713 1,540 ------- -------Weighted average number of ordinary shares (diluted) at 31December 34,691 33,178 ------- ------- 6. Inventories 2005 2004 £000 £000Raw materials and consumables 3,371 3,312Work in progress 2,176 1,454Finished goods 3,376 4,863 ------- ------ 8,923 9,629 ------- ------ Inventories are shown net of write-downs amounting to £597,000 (2004: £307,000) 7. Trade and other receivables 2005 2004 £000 £000Trade receivables 18,761 15,429Other receivables 336 340Prepayments 1,164 1,008Amounts owed by group undertakings - - ------- ------ 20,261 16,777 ------- ------ An allowance has been made for estimated irrecoverable amounts from the sale ofgoods of £388,000 (2004: £211,00) 8. Interest-bearing loans and borrowings Current liabilities 2005 2004 £000 £000Bank overdraft 54 -Secured bank loans 5,705 1,250Loan notes 1,008 -Obligations under hire purchase contracts and finance leases 50 72 ------- ------ 6,817 1,322 ------- ------ Non-current liabilities £000 £000Secured bank loans and overdraft 9,331 13,792Obligations under hire purchase contracts and finance leases - 50 ------- ------ 9,331 13,842 ------- ------ Finance lease liabilities are payable as follows: Minimum Interest Principal Minimum Interest Principal lease lease payments payments 2005 2005 2005 2004 2004 2004 £000 £000 £000 £000 £000 £000Less than oneyear 51 1 50 77 5 72Between oneand five years - - - 51 1 50 -------- -------- -------- -------- -------- -------- 51 1 50 128 6 122 -------- -------- -------- -------- -------- -------- 9. Trade and other payables Amounts disclosed in current liabilities 2005 2004 £000 £000Trade payables 15,222 14,125Other taxes and social security 3,441 2,584Accruals 3,160 2,180Deferred consideration relating to business combinations 246 2,223 -------- -------- 22,069 21,112 -------- -------- Amounts disclosed in non-current liabilities 2005 2004 £000 £000Deferred consideration relating to business combinations - 1,426 10. Reconciliation of movement in capital and reserves Share Share Merger Trans- Hedg-ing Other Revenue Total capital prem-ium reserve lation reserve reserve reserve reserve £000 £000 £000 £000 £000 £000 £000 £000Balance at 1January 2004 3,107 307 602 - - 994 514 5,524Totalrecognisedincome andexpense forthe period - - - (42) - - 2,211 2,169Movementsrelating toshare-basedpayments andESOP trust - - - - - - 107 107Shares issued 323 1,501 1,582 - - - - 3,406Dividends toshareholders - - - - - - (928) (928) ------ ------ ------ ------ ------ ------ ------- ------Balance at 31December 2004 3,430 1,808 2,184 (42) - 994 1,904 10,278 Implementationof IAS 32 andIAS 39 - - - - (165) - - (165) ------ ------ ------ ------ ------ ------ ------- ------Balance at 1January 2005 3,430 1,808 2,184 (42) (165) 994 1,904 10,113Totalrecognisedincome andexpense forthe period - - - 63 (153) - 3,463 3,373Movementsrelating toshare-basedpayments andESOP trust - - - - (304) (304)Shares issued 49 179 - - - - - 228Dividends toshareholders - - - - - (1,145) (1,145) ------ ------ ------ ------ ------ ------ ------- ------Balance at 31December 2005 3,479 1,987 2,184 21 (318) 994 3,918 12,265 ------ ------ ------ ------ ------ ------ ------- ------ 11. The accounts for the year ended 31 December 2005 were approved by theDirectors on 4 April 2006. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Havelock Europa