21st Mar 2005 07:02
Pinewood Shepperton plc21 March 2005 Pinewood Shepperton plcPreliminary results for the year ended 31 December 2004 Highlights for 2004 • Strong revenue and profit performance • Turnover from continuing operations up 3% at £38.5m (2003:£37.4m) • Strong growth for Television and Sound Services as expected • Operating profit from continuing operations before exceptional IPO related costs, up 13% at £12.9m (2003:£11.4m) • Profit on ordinary activities before taxation at £6.4m (2003:£2.6m) • Diluted earnings per share 13.1p (2003:11.9p) • Proposed final dividend of 2.7p per share • Studio enhancement planning applications submitted and progressing well Ivan Dunleavy, Chief Executive commented: "This is a strong set of results. In line with our expectations, we havemaintained our revenues in Film Stage Services against a very strong prior yearcomparative, and our Television and Sound Services business has grown well as wehave established a powerful position in this market." Michael Grade, Chairman added: "The Government has reiterated its commitment to UK film by extending thesupportive fiscal regime in the recent budget. Our performance in the first halfof 2005 will be adversely affected by the uncertainty that has surrounded thisissue and we are delighted that much of this uncertainty has now been removed.We look forward to the future with confidence." Enquiries Pinewood Shepperton plcIvan Dunleavy - Chief ExecutivePatrick Garner - Finance Director Brunswick Group LLP 020 7404 5959Simon Sporborg / James Olley A presentation of the results of the Company will be available on PinewoodShepperton's website: www.pinewoodshepperton.com from 12pm today. Notes to Editors: The Facilities Pinewood Shepperton is the leading European provider of studio and relatedservices to the film and television industries encompassing 34 stages, 2 digitaltelevision studios, 14 sound theatres, production offices, workshops, an outdoorpaddock tank, an underwater filming stage and four backlots for set building.Accommodation is provided to over 200 businesses which benefit from beinglocated at Pinewood or Shepperton Studios. Film Stage Services Pinewood Shepperton derives income from the rental of its 34 stages for film andfilmed television production. Additional ancillary services such as art anddesign facilities, utilities, consumables, specialised workshops and productionoffices are also provided. Television and Sound Services Pinewood Television has two dedicated digital television studios, which wereintroduced during 2001 to diversify revenue streams. Since that date PinewoodTelevision has established itself as a recognised provider of digital televisionfacilities and has played host to a cross section of major productions. Pinewood Shepperton has 13 dedicated audio mixing and recording theatres and apreview theatre that offer a range of facilities. Customers have access to highspeed broadband secure networks which provide fast and reliable file transferbetween the studios and global locations. Media Park Income Pinewood Shepperton hosts over 200 businesses at its two studios on leasearrangements ranging from six months to five years. These businesses aregenerally media related and view Pinewood Shepperton as a media community,providing them with a readily accessible market for their businesses. Thefacilities are also let to production companies on a flexible basis which givesrise to low vacancy rates. OPERATING AND FINANCIAL REVIEW Operating Review Overview For over seventy years Pinewood Shepperton has competed globally, and we willcontinue to ensure that it remains a preferred destination for film andtelevision production. During 2004 turnover from continuing operations increasedby 3% with operating profit from continuing operations, before exceptional IPOrelated costs, rising 13% to £12.9m. This has been another strong performancefor our market leading business, building on successes in prior years. A principal element of Pinewood Shepperton's long term growth strategy is ourstudio enhancement plans, which, if successful, will increase our capacity andefficiency significantly. In May 2004 we submitted outline planning applicationsfor both studios and discussions with the planning authorities are progressingwell. Global demand for filmed entertainment continued to increase - especially withthe introduction of digital technology. A large percentage of the major filmstudios' revenues is now derived from DVD sales. During 2004 we built upon our growing reputation as a provider of bespoketelevision facilities, by hosting a number of new productions not previouslyhoused at the studios, together with productions which have establishedthemselves at our television facility. Film Stage Services Film Stage Services revenues for 2004 were £21.5m (2003:£21.5m) During 2004 Pinewood Shepperton enjoyed strong Film Stage Services revenues,from the following productions amongst others; Charlie and the ChocolateFactory, Batman Begins, Harry Potter and the Goblet of Fire, Sahara, KingArthur, Bridget Jones:Edge of Reason, Mrs Henderson, Russian Dolls and NannyMcPhee. In the year, Pinewood Shepperton provided facilities to 21 features, 54commercials and pop promos and 26 TV dramas or specials, such as Strictly IceDancing. We also provided ancillary services to 32 location productions. In April 2004, the 007 stage reverted to Pinewood Shepperton together with allrights to the revenue from this unique facility. This stage was utilisedprimarily by Charlie and the Chocolate Factory following reversion. As part of the studio enhancement plans, at Shepperton Studios, we commencedconstruction of 8,000 sq. ft of phase I of the Eastern Workshops, which wascompleted in March 2005. These additional workshops will increase ancillaryfacilities' revenues. Additionally, at Shepperton Studios, we received detailed planning permission inSeptember 2004 for I Block, a major complex comprising 62,000 sq. ft ofproduction facilities. Pre-development work has commenced with constructionexpected to start during 2005, for twelve months. This will further add to ourancillary revenues. Pinewood Studios commenced construction in October 2004, of a new underwaterfilming stage, U Stage, which was completed in March 2005 and has a depth of 6metres, length of 20 metres and width of 10 metres, housed in a bespoke complex.This is a unique facility that will enhance the reputation of the studios andadd to our premium offering. In addition to the above projects we continued to upgrade and enhance our stageand ancillary facilities, and during the year, we invested in such projects as aMotion Capture Studio at Pinewood and improvements to A and B Stages atShepperton. Television and Sound Services Television and Sound Services revenues for 2004 were £10.7m (2003:£9.7m). During 2004 we hosted The Weakest Link, My Family, All About Me, According toBex, 20th Century Roadshow and a number of other smaller productions which wewere able to accommodate given the flexibility of the Pinewood Sheppertonoffering. We continued to invest in our television studios' infrastructure to facilitate abroader spectrum of recorded and live productions, and actively seek to attractmajor broadcasters and independent production companies. During the second half of 2004 we restructured the management of PinewoodTelevision to enhance our ability to increase our share of this potential growthmarket, as the major broadcasters outsource or dispose of their studiofacilities, and to dovetail with the wider Pinewood Shepperton sales andmarketing initiatives. During the year Pinewood Shepperton's sound services business experienced anexceptional level of activity, working on productions such as Troy, Thunderbirds, Around the World in 80 Days, Alien vs Predator and Phantom of the Opera. We renewed our contract in April 2004 to dub foreign language versions forDisney Character Voices International (DCVI), a division of Buena VistaInternational (UK) Limited, using four of Shepperton Studios' audio theatresexclusively. We continue to invest in our facilities in the sound post production businessesand have recently renewed sound desks in the Korda Theatre and Theatre One atShepperton Studios, in addition to upgrades to support our foreign languageversioning for DCVI. At Pinewood Studios we are in the process of redevelopingTheatre Two, which will facilitate the dubbing and mixing of televisionprogrammes, being a new growth opportunity for us. Media Park Income Media Park Income for 2004 was £6.3m (2003:£6.2m). As expected 2004 media park income remained consistent with 2003. As surplusspace is absorbed in the surrounding market, it is anticipated that furtherdemand for our media park facilities will emerge. Our market continues tobenefit from media businesses wishing to relocate away from central London. Financial Review Overview Group revenues from continuing operations for 2004 were £38.5m (2003:£37.4m). Our Film Stage Services revenue of £21.5m retained the momentum of 2003's recordsuccess. Several major productions, notably Charlie and the Chocolate Factoryand Batman Begins, utilised facilities for a significant period during 2004.Television and Sound Services had another satisfying year with revenuesincreasing 10.2% to £10.7m, arising from established and new televisionproductions in the year, and a number of major sound services contracts. Mediapark income of £6.3m was in line with 2003, as we continued to enjoy highoccupancy rates in 2004. Profit Performance Gross margin from continuing operations increased from 46.4% in 2003 to 49.1% in2004, and operating margin from continuing operations before exceptional costsincreased from 30.4% in 2003 to 33.6% in 2004. Our business is operationallygeared and therefore growth in revenue in 2004 has beneficially impacted bothgross margin and operating margin. Continued cost control has further benefitedoperating margin. Earnings Per Share Diluted earnings per share increased by 10% from 11.9p in 2003 to 13.1p in 2004,including the impact of the Company's change in capital structure following itsInitial Public Offering. Operating Cash Flow Cash flow generated from operating activities was £12.2m (2003:£16.2m). £1.5m ofthe reduction in operating cash flow in the year was attributable to costsincurred relating to the Initial Public Offering. The balance of £2.5m reflecteda lower level of contracted productions at 31 December 2004, compared to theequivalent position in 2003, and so reduced instalments received in advance offacility usage. Initial Public Offering and Refinancing Costs During the year the company incurred £1.5m of costs related to the InitialPublic Offering, which were charged to the Profit and Loss Account, and £3.1m ofequity raising costs, which were charged to the Share Premium Account. Inaddition, £0.7m of costs were incurred in arranging and executing the company'snew £60m revolving credit facility. These costs have been capitalised and arebeing amortised over the five year life of the facility. In the period from 12May to 31 December 2004, £91,000 of debt amortisation costs were charged to theProfit and Loss Account. Interest Interest payable and similar charges decreased from £7.3m in 2003 to £4.3m in2004, resulting from the refinancing of the Company at the time of the InitialPublic Offering in May 2004. The Company has put in place a revolving creditfacility that enables flexibility to pre-pay and re-draw debt in accordance withthe requirements of the business. In May 2004 the Company entered into a fiveyear interest rate SWAP at a fixed rate of 5.525% on £20m of drawn debt, withinterest on the remainder of the debt at floating rate libor. During the restructuring of the Company's financing at the time of the InitialPublic Offering, it incurred a one off charge of £0.6m, being the earlytermination costs of the then existing interest rate agreements. Taxation The effective tax rate for the year is 29.8%, reflecting one-off deductible anddisallowable exceptional items associated with the Initial Public Offering andrelated reorganisation of the Company's capital structure. In future years, weanticipate an effective tax rate of circa 32%, allowing for the impact ofcertain disallowable expenditure. Dividend The proposed final dividend for 2004 of £1.2m, which the directors arerecommending, to be paid on 27 May 2005 to shareholders on the register on 6 May2005 (ex dividend date 4 May 2005), represents 2.7p per share. The directorsintend to maintain a progressive dividend policy. Net Debt Net borrowings at 31 December 2004 were £40.6m (2003:£89.2m), after raising£46.9m of equity from our Initial Public Offering. Accounting Disclosures and Policies The Company's directors are mindful of the impending implementation of theInternational Financial Reporting Standards (IFRS) and continue to review, withour auditors Ernst & Young, all accounting policies to ensure that compliancewith the standards will be met for calendar year commencing 1 January 2005. The Company's current expectation is that the principal impact of IFRS will bethe requirement to recognise a deferred tax liability arising from the uplift infair values of land and buildings on the acquisitions of Pinewood StudiosLimited and Shepperton Studios Limited in 2000 and 2001 respectively. Under UKGAAP, no deferred tax liability is required to be recognised. Current Trading and Outlook As anticipated, our Television and Sound Services revenues continue to performwell as we develop a strong presence in the television market. Our Media Parkrevenues are also performing in line with expectations. Our Film Stage Services revenues are always impacted by the timing of the startof larger films during each year. A review was expected of Section 42 film taxpolicy for large films, creating uncertainty in the industry particularly amongfilm producers. Tax relief in the UK partly mitigates the effects of the weakerUS Dollar which is another consideration for film makers. This fiscaluncertainty against a background of continued Dollar weakness has understandablycaused delays in the timing of some key productions provisionally booked atPinewood Shepperton. The effect of this will be to reduce substantially ourrevenues from Film Stage Services for the first half of 2005 compared with thefirst half of 2004. The recent budget has removed this uncertainty. The government's commitment tofiscal incentives for the film industry for the long term has been reconfirmedby the Chancellor, and the Treasury is now working on an improved replacementfor Section 42 relief. Fiscal policy in the UK continues to be positive overallfor film and our customers can now begin to commit to their productions. Although we are expecting the reduction in Film Stage Services revenues in thefirst half of 2005 to lead to a reduction in total revenues for the year whencompared with 2004, the outlook for the second half of 2005 is encouraging andwe are expecting revenues in this period to show real growth over those for thesecond half of 2004. Overall, demand for our services continues to rise and world-wide media marketscontinue to grow. In response to this we will continue our strategy of investingin unique and state-of-the-art facilities. The Board views the Company'sprospects and strategy with confidence and looks forward to growth in the yearsto come. Group profit and loss accountfor the year ended 31 December 2004 2004 2003 Notes £000 £000TurnoverContinuing operations 38,535 37,438Discontinued operations 132 431 -------- -------- 1 38,667 37,869Cost of sales 2 (19,762) (20,434) -------- --------Gross profitContinuing operations 18,912 17,367Discontinued operations (7) 68 -------- -------- 18,905 17,435 Selling and distribution expenses 2 (1,830) (2,406)Administrative expenses 2 (4,256) (4,094)Exceptional administrative expenses 4 (1,517) - Group operating profitContinuing operations 11,418 11,393Discontinued operations (116) (458) -------- -------- 3 11,302 10,935 Loss on sale of operations - discontinued operations (7) -Interest receivable 28 22Interest payable and similar charges (4,284) (7,321)Amortisation of loan issue costs (91) (1,008)Exceptional interest payable (555) - -------- --------Total interest payable and similar charges (4,909) (8,307) -------- --------Profit on ordinary activities before taxation 6,393 2,628Taxation (1,908) (881) -------- -------- 4,485 1,747Minority interest 91 118 -------- --------Profit for the year attributable to the members of the parent company 4,576 1,865Ordinary dividend on equity shares 5 (1,237) - -------- --------Retained profit for the year 3,339 1,865 -------- -------- Earnings per share - basic 5 13.1p 12.0p - diluted 5 13.1p 11.9p Group balance sheetat 31 December 2004 2004 2003 Notes £000 £000Fixed assetsTangible fixed assets 99,113 97,849 -------- --------Current assetsStocks 396 366Debtors 4,568 4,235Cash at bank and in hand - 114 -------- -------- 4,964 4,715Creditors: amounts falling due within one year (12,048) (11,421) -------- --------Net current liabilities (7,084) (6,706) -------- --------Total assets less current liabilities 92,029 91,143 Creditors: amounts falling due after more than one year (38,363) (88,436) Provisions for liabilities and charges (2,634) (2,589) Minority interest - 650 -------- -------- 51,032 768 -------- --------Capital and reservesCalled up share capital 6 4,581 238Share premium account 7 43,269 807Capital redemption reserve 7 135 -Merger reserve 7 348 348Profit and loss account 7 2,699 (625) -------- --------Equity shareholders' funds 51,032 768 -------- -------- Group statement of cash flowsfor the year ended 31 December 2004 2004 2003 £000 £000 Net cash inflow from operating activities 12,210 16,184 -------- --------Returns on investments and servicing of financeInterest received 28 22Interest paid (5,055) (6,401)Interest element of finance lease rental payments (2) (21)Loan issue costs (728) - -------- --------Net cash outflow from returns on investments and servicing of finance (5,757) (6,400) -------- --------Capital expenditurePayments to acquire tangible fixed assets (3,947) (3,033) -------- --------Net cash disposed of with subsidiary undertaking (281) - -------- --------TaxationCorporation tax paid (1,321) (659) -------- --------Net cash inflow before financing 904 6,092 -------- --------FinancingIssue of ordinary share capital 50,000 -Share issue costs (3,104) -Increase in loans 39,124 140Repayment of capital element of finance leases (106) (349)Repayment of loans (88,536) (6,597) -------- --------Net cash outflow from financing (2,622) (6,806) -------- --------Decrease in cash (1,718) (714) -------- -------- Reconciliation of operating profit to net cash inflow from operating activities 2004 2003 £000 £000 Operating profit 11,302 10,935Depreciation 3,821 3,619(Increase) in stocks (30) (36)(Increase)/Decrease in debtors (333) 72(Decrease)/increase in creditors (2,550) 1,594 -------- -------- 12,210 16,184 -------- -------- Reconciliation of net cash flow to movement in net debt 2004 2003 £000 £000 Decrease in cash (1,718) (714)Cash inflow from increase in loans (39,124) (140)Issue costs of new long term loans 728 -Repayment of capital element of finance leases 106 349Repayment of long term loans 88,536 6,597 -------- --------Changes in net debt resulting from cash flows 48,528 6,092Disposal 774 -Other non-cash movements (91) (2,008) -------- --------Movement in net debt 49,211 4,084Net debt at beginning of year (89,178) (93,262) -------- --------Net debt at end of year (39,967) (89,178) -------- -------- Group statement of total recognised gains and lossesfor the year ended 31 December 2004 2004 2003 £000 £000 Profit for the year 4,576 1,865Exchange differences (15) (40) -------- --------Total recognised gains relating to the year 4,561 1,825 -------- -------- Notes forming part of the accountsat 31 December 2004 1. Turnover and sector analysis Turnover is recognised in the period in which the service is provided, and isstated net of value added tax. The group operates in one principal area of activity, that of media services,arising primarily in the United Kingdom. Continuing operations represent the provision of media services for film andtelevision production. Discontinued operations relate to the activities of Silver Lining ProductionsLimited, being the development of intellectual property. Revenues from these activities can be further analysed as follows: Continuing Discontinued Total2004 £000 £000 £000 Film stage services 21,545 - 21,545Television and sound services 10,678 - 10,678Media park income 6,312 - 6,312Silver Lining Productions - 132 132 -------- -------- ------- 38,535 132 38,667 -------- -------- ------- Continuing Discontinued Total2003 £000 £000 £000 Film stage services 21,511 - 21,511Television and sound services 9,694 - 9,694Media park income 6,233 - 6,233Silver Lining Productions - 431 431 -------- -------- ------- 37,438 431 37,869 -------- -------- ------- 2. Cost of sales and operating expenses Continuing Discontinued Total £000 £000 £0002004Cost of sales 19,623 139 19,762Selling and distribution expenses 1,783 47 1,830Administrative expenses 4,194 62 4,256Exceptional administrative expenses 1,517 - 1,517 -------- -------- ------- Continuing Discontinued Total £000 £000 £0002003Cost of sales 20,071 363 20,434Selling and distribution expenses 2,283 123 2,406Administrative expenses 3,691 403 4,094 -------- -------- ------- 3. Operating profit This is stated after charging/(crediting): 2004 2003 £000 £000 Depreciation - owned assets 3,821 3,446 - under finance leases - 173Auditors' remuneration - audit services 90 73 - non-audit services 178 57Development expenditure written off 40 140Operating lease rentals - plant and machinery 5 16Reorganisation costs 533 333Studio enhancement initial assessment costs - 775Rates rebate (686) (691) ------ ------ Depreciation of owned assets includes £155,000 following an impairment review ofassets relating to reorganised activities during the year. Reorganisation costs represents costs associated with the restructuring ofcertain of the group's trading activities during the year. In addition to the above £332,000 of non-audit services auditors' remuneration,relating directly to the raising of equity, has been charged to the sharepremium account. Rate rebates for 2004 and 2003 reflect one off receipts in relation to thereassessment of previous year rateable values at the group's two principallocations. 4. Exceptional items During the year the company incurred costs in connection with its listing on theLondon Stock Exchange, and the refinancing of its banking facilities. £3,104,000of costs were directly attributable to the raising of equity and have beencharged to the share premium account; £728,000 of costs incurred in arrangingand executing the company's new £60,000,000 revolving credit facility have beencapitalised and are being amortised over the five year term of the facility;£1,517,000 of costs have been disclosed as exceptional administrative expensesand expensed to the profit and loss account, being costs related to the InitialPublic Offering; £555,000 of costs relating specifically to the cancellation ofthe company's existing swap agreements have been disclosed in the profit andloss account as exceptional interest payable. 5. Earnings per ordinary share and dividend The calculation of basic earnings per ordinary share is based on earnings of£4,576,000 (2003 - £1,865,000), and on 34,887,000 (2003 - 15,519,000) ordinaryshares, being the weighted average number of ordinary shares in issue during theyear after. The number of basic shares for 2004 and 2003 is adjusted to reflect theaggregate number of shares that would have been in issue had the fourteen forone bonus issue on all shares in issue prior to admission, been in place for thefull 2003 and 2004 years. The calculation of basic number of shares is summarised as follows: 2004 2003 thousands thousands Basic number of shares at start of the year 1,035 1,035Number of shares issued via bonus issue 14,484 14,484Weighted number of shares issued in the year 19,368 - ------ ------ 34,887 15,519 ------ ------ The calculation of diluted earnings per share is based on profit for the year of£4,576,000 (2003 - £1,865,000) and on 35,038,000 (2003 - 15,684,000) ordinaryshares, calculated as follows: 2004 2003 thousands thousands Basic weighted average number of shares 34,887 15,519Dilutive potential ordinary shares:Employee options relating to the Sharesave scheme 151 -Employee share options - 28Warrants - 137 ------ ------ 35,038 15,684 ------ ------Dividend 2004 2003 £000 £000 Final dividend proposed at 2.7p per ordinary share 1,237 - ------ ------ 6. Share capital Authorised 2004 2003 £ £ Ordinary shares of 10p each 7,000,000 -Ordinary shares of £1 each - 150,000A Ordinary shares of 10p each - 88,946B Ordinary shares of 10p each - 13,549C Ordinary shares of £1 each - 54,450 --------- ------- 7,000,000 306,945 --------- ------- Allotted, called up and fully paid 2004 2003 No. £ No. £ Ordinary shares of 10p each 45,813,118 4,581,312Ordinary shares of £1 each - - 150,000 150,000A Ordinary shares of 10p each - - 749,059 74,906B Ordinary shares of 10p each - - 135,494 13,549 ---------- --------- --------- ------- 45,813,118 4,581,312 1,034,553 238,455 ---------- --------- --------- ------- All issued shares rank pari passu. At the time of listing on the London Stock Exchange, on 12 May 2004, the companyredesignated and increased its authorised and issued share capital as follows: The issued and unissued A and B ordinary shares were each redesignated as oneordinary share of 10p. The unissued C ordinary shares of £1 were sub-divided into ten ordinary sharesof 10p each. The existing ordinary shares of £1 each were sub-divided into one ordinary shareof 10p and one deferred share of 90p. In accordance with the terms of a contingent purchase contract approved by awritten resolution passed on 19 April 2004, the Company purchased all ofthe 150,000 deferred shares of 90p each for an aggregate consideration of £1.The authorised share capital was increased from £306,945 to £7,000,000 by thecreation of 66,930,550 ordinary shares of 10p each. Prior to the listing, the company had a share option scheme under which optionsto subscribe for 30,494 of C Ordinary shares of £1 were awarded to certainexecutive directors and senior employees at par. These options were adjusted viaa bonus issue of fourteen for one, so as to equal options in respect of 457,41010p ordinary shares. These options were exercised upon admission on 12 May 2004. Intermediate Capital Investments Limited and Intermediate Capital Limitedtogether held warrants which entitled them to subscribe to 11.42% of theordinary share capital of the company at a subscription price of 10p. Followinga fourteen for one bonus issue, warrants over 2,059,635 10p ordinary shares werecreated. These warrants were exercised upon admission on 12 May 2004. On 12 May 2004, all redesignated shares in issue were increased via a fourteenfor one bonus issue. By a resolution of the Board passed on 6 May 2004, 27,777,778 new 10p ordinaryshares were allotted. The company has an approved and an unapproved Company Share Option Plan underwhich options to subscribe for the company's shares have been granted to certaindirectors and senior managers of the company. On 12 May 2004 247,663 optionswere granted under the approved scheme and 510,859 options were granted underthe unapproved scheme. All options have an exercise price of 203.5p per share,exercisable between 12 May 2007 and 12 May 2014 provided certain performanceconditions have been satisfied. The company has a Sharesave scheme under which options to subscribe for thecompany's shares have been granted to employees wishing to participate in thescheme. On 9 June 2004 283,319 options were granted at 162.8p each. Of these146,553 options are exercisable between 1 July 2007 and 1 January 2008 and136,766 options are exercisable between 1 July 2009 and 1 January 2010. Since 9June 2004, a total of 19,575 of options relating to the Sharesave scheme havelapsed. 7. Reconciliation of shareholders' funds and movements on reserves Group Share Capital Profit Share premium redemption Merger and loss capital account reserve reserve account Total £000 £000 £000 £000 £000 £000 At 1 January 2003 238 807 - 348 (2,450) (1,057)Profit for the year - - - - 1,865 1,865Exchange differences - - - - (40) (40) ----- ------ ------ ----- ------ -------At 1 January 2004 238 807 - 348 (625) 768Profit for the year - - - - 4,576 4,576Dividend - - (1,237) (1,237)Exchange differences - - - - (15) (15)New shares issued 2,778 47,222 - - - 50,000Options exercised 46 (16) - - - 30Warrants exercised 206 (192) - - - 14Bonus issue 1,448 (1,448) - - -Shares repurchased (135) - 135 - - -Share issue costs - (3,104) - - - (3,104) ----- ------ ------ ----- ------ ------- At 31 December 2004 4,581 43,269 135 348 2,699 51,032 ----- ------ ------ ----- ------ ------- The financial information contained herein does not constitute the Company'sstatutory accounts for the year ended 31 December 2004, as defined in section240 of the Companies Act 1985, but have been extracted from the statutoryaccounts, upon which the auditors issued an unqualified opinion. Statutoryaccounts for 2003 have been delivered to the Registrar of Companies. Statutoryaccounts for the year ended 31 December 2004 will be delivered following theCompany's Annual General Meeting. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
PWS.L