12th Jul 2005 07:00
Pace Micro Technology PLC12 July 2005 Contact: John Dyson Chief Executive, Pace Micro Technology plc David Brocksom Finance Director, Pace Micro Technology plc Ginny Pulbrook Director, Citigate Dewe Rogerson Helen Kettleborough Head of Marketing & Communications, Pace Micro Technology plc Telephone: 020 7282 8000 until 12:30Thereafter: 0207 282 2940 Pace Micro Technology plc Results for the year ended 4 June 2005 12 July 2005 There will be a presentation for stockbroking analysts at 9.30am at CitigateDewe Rogerson's office, 26 Finsbury Square, EC2A 1SH PACE MICRO TECHNOLOGY PLC Results for the year ended 4 June 2005 SALIENT POINTS • Turnover for the year (53 weeks) of £253.3m (2004: £239.9m) • Profit before tax, amortisation of goodwill and exceptional items of £8.1m (2004: £5.9m) • Full year gross margin of 20.8% (2004: 19.0%) • Significant gross margin improvement from 16.8% in the first half to 26.6% in the second half, reflecting the improved mix of Pace's products to higher margin products together with increased service and engineering revenues • Adjusted diluted earnings per share (stated before exceptional items and amortisation of goodwill) of 5.8p (2004: 4.5p) • Net cash position £26.4m (2004: £20.4m) • Volume shipments increased to 3.4 million set-top boxes (2004: 2.2 million) • Further penetration of the US market achieved with multi-year agreement with Comcast Corporation, the US's largest provider of cable, entertainment and communications • Capitalising on strengths of engineering and technology teams to develop competitiveness and leadership in the set-top box market and explore diversification opportunities • Continued focus on productivity and performance improvement Commenting on the results, Sir Michael Bett, Chairman, said: "These improved results demonstrate Pace's continued technological leadership,greater penetration of the digital television global market and the managementteam's success in balancing the demands of gaining market share with control ofproductivity and business costs. "Looking forward, the Board anticipates that revenues as currently forecast willbe ahead of expectations, albeit at a slightly lower margin. There will be anuneven distribution of revenues between the first and second halves of the year,as deliveries on our new US and European business start at the end of calendar2005 and grow in 2006. With first half results expected to be below break-even,second half revenues for the next year are expected to be significantly ahead offirst half revenues. "Pace is now in a much improved position and the Board is enthusiastic about theCompany's current and future opportunities and is confident in the ability ofPace's employees to deliver upon them." Preliminary Announcement The Board of Pace Micro Technology plc established a strategy two years ago tobroaden its customer base and to align its business to the global pay TV market.The overall aim was to broaden the geographical spread of Pace's sales from anover dependence on a maturing UK market, and, in particular, to obtain a muchimproved position in the US market which represents an estimated 40% of theglobal pay TV market. In order to fulfil this strategy, we have been investingin the US market, at the same time as focusing research and development on morecomplex products, such as the Personal Video Recorder (PVR) and products forHigh Definition (HD) TV. With the announcement of the agreement with Comcast in May 2005, Pace is wellpositioned to meet these strategic aims, although there remains considerablework to be done during the course of this year to deliver on the contractualrequirements. This work makes predicting the results for this year harder thanever, however we are confident that, by the end of this year, the business willbe in a strong position for continued growth. The Pace Board is therefore delighted to report a further improvement in Pace'sresults for the year ended 4 June 2005. We have achieved this improvement by delivering on a range of new contracts wonin the previous year and a series of new business wins, most importantly in theUS, due to our leadership in higher value set-top box technologies used in PVRand HD TV. At the same time we have continued to manage the level of businesscosts. Several new initiatives to improve productivity and extend ouroutsourcing activities are now under way as the management team recognises thereis still significant room and opportunity for performance improvement. Results Profit before tax, amortisation of goodwill and exceptional items improved to£8.1m (2004: £5.9m) on turnover of £253.3m (2004: £239.9m), with profit beforetax of £7.1m (2004: £3.9m). Basic earnings per share were 5.4p (2004: 3.7p).Before goodwill amortisation and exceptional items, adjusted earnings per sharewere 5.9p (2004: 4.6p) and adjusted diluted earnings per share were 5.8p (2004:4.5p). The Board has decided not to recommend a dividend (2004: nil). Trading review During the period Pace set a new record for set-top box shipments, with volumesincreasing by 55% to 3.4 million. To improve margin performance Pace haslimited its role in the low margin market for free-to-air set-top boxes andshifted the balance of shipments towards higher specification, higher-marginproducts for payTV operators. As a result, and with the addition of moreservice and engineering revenues, the Group increased annual gross margins forthe year as a whole to 20.8% (2004: 19.0%) from 16.8% in the first half.Underlying product margins for the year were similar to the prior year. The trading environment continues to be highly competitive and the managementteam is driving initiatives to improve efficiency and cost-effectiveness. Theseinitiatives, which involve significant changes to how we manage our engineeringdevelopment process, have associated implementation costs and gave rise to someexceptional costs last year. There will be further such costs in the yearahead. In addition we have expanded Pace's team of outsourced softwareengineers at Tata Elxsi in Bangalore, India and engaged an additional largescale manufacturing partner with design capabilities to complement our existingsuccessful relationship with Solectron. United Kingdom In the UK, Europe's most mature digital TV market, BSkyB continues to be animportant customer as their Sky+ PVR service expands. We also made shipments toour cable customers Ntl and Telewest and won new business with a number ofsmaller companies. Total UK shipments remained constant at 1 million boxes andrepresented circa 40% of total revenues. EMEA Shipments into Continental Europe increased to 1.9 million boxes (2004: 0.7m),largely due to our successful Sky Italia relationship. Pace was the leadsupplier in Sky Italia's digital upgrade programme, which took place in thefirst half of the financial year and volumes were substantially lower in thesecond half as the upgrade programme completed. Pace's relationship with Premiere in Germany expanded, with new orders for PVRand Europe's first high definition set-top box for commercial deployment. InScandinavia and Germany we also continued to work with Viasat, for which we nowprovide a PVR, and for KDG. The year ended with another important customer winat UGC, owners of cable operator UPC. Pace was selected as a key vendor tosupply set-top boxes for UPC's digital rollout in The Netherlands. Asia Pacific In Asia Pacific, Pace's largest customer was Foxtel in Australia, whichcontinued to purchase our cable and satellite set-top boxes and launched IQ, anew PVR service for which Pace was sole launch supplier. Elsewhere wemaintained our long-term relationship with Sky New Zealand and are now workingwith them on PVR, in addition to establishing a number of new relationships withoperators in markets as diverse as Pakistan, China and Hong Kong. Totalshipments remained at 350,000 units. North America In the US we continued to invest heavily, as we have done over the last fiveyears. Set-top box shipments reduced slightly to 138,000 units (2004: 162,000)but the region's contribution objective was met due to increased engineeringrevenues. More importantly, we have won new business with Comcast, the world'slargest and most important digital TV operator. The agreement includes aset-top box order with a total purchase value of between $375 million and $550million, a joint development agreement whereby Pace and Comcast will worktogether on new technology projects and a licence for Comcast to use Pace'sEngineware(TM)software platform in the North American market. This agreement demonstrates that important operators now perceive Pace as atechnology partner that can add value. It puts us at the centre of the world'slargest payTV operator in the world's most technologically advanced payTVmarket. We have also shipped product to our other US cable customers TimeWarner Cable and Bright House, our Canadian IPTV customer Sasktel and wonbusiness with Canadian cable operator Videotron. Future technologies We continue to invest in technology development so that we can win the moreprofitable business ahead of the competition. For example, our long-terminvestment in multiroom and home networking technologies - distributingtelevision around the home to multiple TVs - is beginning to excite our markets.Multiroom and home networking is expected to become an important long-termgoal for advanced operators as it supports high value customer retention andrevenue expansion. Next year we will increase our focus on the new advanced coding standards, thegrowth of next generation mobile and high definition PVR platforms as well asexpanding our work on alternative delivery platforms such as internet protocoltelevision (IPTV). At the same time we will continue to investigate new marketsin which we can apply our technological skills for new opportunities within theIntelligent Home. Financial review Overheads have increased, due to the investment required to support Pace's newbusiness wins. Selling, general and administrative expenditure (excludingoperating exceptional items and goodwill amortisation) rose to £20.9m (2004:£18.5m) and engineering development expenditure rose to £24.0m (2004: £21.3m).As a percentage of revenue, total overheads excluding operating exceptionalitems and goodwill amortisation, were 17.7% (2004: 16.6%). The Group continued its policy of providing for all current claims relating tothe alleged use of the intellectual property of others and was able, as inprevious years, to release part of the overall provision. In the year ended 4June 2005, the level of releases exceeded new provisions by £0.8m (2004: £0.6m). The period has benefited from a tax credit of £4.8m relating to the agreement ofa prior year tax computation with the UK Revenue and Customs. At the end of theyear we have approximately £12m of UK tax losses of which £8m is recognised inthe form of a deferred tax asset. In future years, when UK tax losses areutilised, the Group will again bear UK corporate tax charges. In January 2005, Pace agreed to pay a civil penalty of £450,000 in relation to asettlement with the Financial Services Authority (FSA), without admitting theFSA's conclusions. An exceptional provision of £1.5 m was made in the yearending 29 May 2004 to cover costs in relation to this matter and, followinginsurance recoveries and the payment of the penalty, there has been a £0.2mrelease of the provision in the period Net assets at 4 June 2005, excluding goodwill, increased to £53.0m (2004, asrestated: £40.1m). Net current assets were £61.0m (2004: £54.1m). Net cashbalances at the year end were £26.4m (2004: £20.4m). Stocks at the year end amounted to £10.1m (2004: £10.0m), comprising £2.3m ofraw materials and work in progress and £7.8m of finished goods. The stockturnover rate was over 20 times based on year end stock levels (2004: 19 times).Debtors of £55.8m (2004: £64.7m) included insured balances of £36.8m (2004:£38.5m). The trade debt collection period was 8 weeks (2004: 11 weeks). International Accounting Standards In the last year Pace commenced an analysis of the impact of InternationalAccounting Standards (IAS), which the European Commission requires all EU-listedpublic companies to adopt. Pace's 2006 accounts will be presented under the IASformat, which for the year under review would have provided an improvement toprofit before tax of £1.9m. The principal ongoing impact of IAS for Pace is therequirement under IAS38 to capitalise engineering development expenses, withsubsequent amortisation as product shipments are made. Board appointments Two new Non-executive Board members were appointed during February. The first,Marten Fraser, was the senior partner at PricewaterhouseCoopers Nottingham andthe second, Pat Chapman-Pincher, is a founding partner of the Cavell Group. BobLambourne, a Pace Non-executive Director since 1996 has decided to retire fromthe Board at the AGM and our thanks go to Bob for his commitment and diligenceover the last nine years. Outlook Looking forwards Pace's full year business outlook is in line with expectations.Revenues are likely to exceed current expectations although gross margins willbe lower than last year. In the UK, a market that is becoming increasingly mature, we expect units andrevenues to fall. Revenues in continental Europe and APAC are also expected tofall, although with a lower number of more complex units being shipped, averageselling prices will rise. In the US, we continue to focus our efforts onbuilding our relationships with Comcast, Time Warner and Bright House, as wellas developing increasingly good relationships with other important operators. There will be an uneven split of revenues between the first and second halves ofthe year, as deliveries on our new US and European business starts at the end ofcalendar 2005 and grows in 2006. As a result second half revenues for the nextyear are expected to be significantly ahead of first half revenues, with firsthalf results expected to be below break-even. The new business Pace willdeliver on during the course of next year includes a substantial range of newproducts and the outcome for the year is dependent on good execution of thesecontracts. Pace is now in a much improved position and the Board is enthusiastic about theCompany's current and future opportunities and is confident in the ability ofPace's employees to deliver upon them. Sir Michael BettChairman12 July 2005 CONSOLIDATED PROFIT AND LOSS ACCOUNTFOR THE FIFTY THREE WEEK PERIOD ENDED 4 JUNE 2005 Note 2005 2004 £000 £000 Turnover 2 253,326 239,949Cost of sales (200,704) (194,425) _____________ _____________Gross profit 52,622 45,524 Other operating income and charges:Before operating exceptional items (45,452) (40,350)Operating exceptional items 3 (145) (1,500)Total operating income and charges (45,597) (41,850) _____________ _____________ Operating profit 7,025 3,674Non-operating exceptional item: loss on closure of (360) -businessNet interest receivable and similar charges 410 206 _____________ _____________ Profit on ordinary activities before taxation 7,075 3,880Tax credit on profit on ordinary activities 4 4,717 4,186 _____________ _____________ Retained profit for the financial year 11,792 8,066 _____________ _____________ Basic earnings per ordinary share 5 5.4p 3.7p Basic diluted earnings per ordinary share 5 5.3p 3.6p Adjusted basic earnings per ordinary share 5 5.9p 4.6p Adjusted diluted earnings per ordinary share 5 5.8p 4.5p CONSOLIDATED BALANCE SHEETAT 4 JUNE 2005 2005 2004 Note As restated (note 6) £000 £000Fixed assetsIntangible 8,872 9,436Tangible 6,185 7,010Investments 674 - ____________ ____________ 15,731 16,446 ____________ ____________Current assetsStocks 10,135 10,006Debtors 7 55,836 64,724- due within one year 51,827 60,912- due after one year 4,009 3,812Cash at bank and in hand 26,647 20,705 ____________ ____________ 92,618 95,435 Creditors: amounts falling due within one year (31,666) (41,378) ____________ ____________Net current assets 60,952 54,057 ____________ ____________ Total assets less current liabilities 76,683 70,503 Creditors: amounts falling due after more thanone year (205) (246) Provisions for liabilities and charges 8 (14,627) (20,748) ____________ ____________Net assets 61,851 49,509 ____________ ____________ Capital and reservesCalled up equity share capital 11,349 11,339Share premium account 35,677 35,647Profit and loss account 14,825 2,523 ____________ ____________Total equity shareholders' funds 61,851 49,509 ____________ ____________ CONSOLIDATED CASH FLOW STATEMENTFOR THE FIFTY THREE WEEK PERIOD ENDED 4 JUNE 2005 2005 2004 Note £000 £000 Net cash inflow from operating activities 9 11,208 14,165 Returns on investments and servicing of finance 343 136 Taxation (1,378) 391 Capital expenditure and financial investment (3,559) (2,665) Acquisitions and disposals (674) (4,936) ____________ ____________ Cash inflow before financing 5,940 7,091 Financing 2 204 ____________ ____________ Increase in cash in the year 5,942 7,295 ____________ ____________ RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS 2005 2004 £000 £000 Increase in cash in the period 5,942 7,295Cash flow from decrease in debt 38 34 ____________ ____________ Movement in net funds in the year 5,980 7,329Net funds at start of year 20,406 13,077 ____________ ____________Net funds at end of year 26,386 20,406 ____________ ____________ ANALYSIS OF CHANGES IN NET FUNDS At 30 May At 4 June 2004 Cash flow 2005 £000 £000 £000 Cash at bank and in hand 20,705 5,942 26,647Debt due within one year (53) (3) (56)Debt due after one year (246) 41 (205) ____________ ____________ ____________ 20,406 5,980 26,386 ____________ ____________ ____________ NOTES 1 Basis of preparation The annual financial statements are drawn up to the Saturday nearest to 31 May. The current year's financial statements are for the 53-week period ended 4 June 2005 and the previous year's financial statements are for the 52-week period ended 29 May 2004. The annual financial statements for the next period will be for a 52-week period ending 3 June 2006. The financial information set out herein does not constitute the Group's financial statements for the periods ended 4 June 2005 and 29 May 2004 but is derived from those financial statements. The financial statements for the 52-week period ended 29 May 2004 have been delivered to the Registrar of Companies, and those for the 53-week period ended 4 June 2005 will be delivered following the Annual General Meeting. The auditors have reported on those financial statements; their reports were unqualified and did not contain statements under section 237 (2) or (3) of the Companies Act. Financial position and market conditions The performance of the Group has continued to improve in this period. Unit volumes and turnover have increased and the geographical diversity continues to widen. However, pressure on selling prices continues and the net profit margin remains low. The risks in the digital broadcasting industry involve the application of new and evolving technologies and the nature of Pace's activities, which are characterised by large individual sales orders for goods and engineering support services, to a limited range of customers, are unchanged. Some customers are incurring losses as they implement their business plans and others continue to review the timing and nature of their plans. These factors, particularly in the context of the level of net profitability, increase both the volatility of the business and the sensitivity of the judgements required to prepare the financial statements. In making these judgements, a consistent approach has been applied using all available information. The Group ended the period with net cash balances of £26.4m and has uncommitted banking facilities in an amount of £20m, which are available until 30 September 2006. The Board has built the above circumstances into their working capital forecasts and has modelled various business scenarios. Based on these, the Board has concluded that it is appropriate to confirm the going concern basis of preparation for the financial statements. 2 Turnover 2005 2004 £000 £000 The geographical analysis of turnover by destination is as follows: United Kingdom 106,269 138,275 EMEA 98,095 56,812 Asia Pacific 24,547 19,986 North America 23,531 22,252 Rest of the World 884 2,624 ____________ ____________ 253,326 239,949 ____________ ____________ 3 Operating exceptional items 2005 2004 £000 £000 (Release)/cost regarding reference to Financial Services and Markets Tribunal (180) 1,500 Restructuring costs 325 - ____________ ____________ 145 1,500 ____________ ____________ In the previous year the Company was a party to a reference to the Financial Services and Markets Tribunal. The Board considered it appropriate to make an exceptional charge for costs associated with this reference. Following the settlement of the matter in the current period, the costs incurred, net of insurance recoveries, have been offset against the provision established. The restructuring and reorganisation charges relate to an ongoing restructuring programme within the Group. All of the above items are operating exceptional items. 4 Tax credit on profit on ordinary activities 2005 2004 £000 £000 The tax credit is based on the profit for the year and represents: Current tax: United Kingdom corporation tax at 30% (2004: 30%) - - Overseas tax (240) 44 Adjustment in respect of prior years 4,760 8,214 ____________ ____________ 4,520 8,258 Deferred tax Origination and reversal of timing differences 197 (4,072) ____________ ____________ 4,717 4,186 ____________ ____________ No tax credit has been taken in respect of the exceptional items included within the above tax charges. 5 Basic and diluted earnings per share 2005 2004 pence pence Basic earnings per share before amortisation of goodwill and exceptional items 5.9 4.6 Effect of amortisation of goodwill (0.2) (0.2) Effect of exceptional items (0.3) (0.7) ____________ ____________ Basic earnings per share 5.4 3.7 ____________ ____________ The calculation of basic earnings per share is based on profit for the year of £11,792,000 (2004: £8,066,000) divided by the weighted average number of ordinary shares in issue of 219,164,009 (2004: 218,497,203). Adjusted earnings per share before amortisation of goodwill and exceptional items is disclosed to indicate the underlying profitability of the Group and is based on profit of £12,861,000 (2004: £10,130,000). 2005 2004 £000 £000 Earnings before amortisation of goodwill and exceptional items 12,861 10,130 Effect of amortisation of goodwill (564) (564) Effect of exceptional items (505) (1,500) ____________ ____________ Profit for the year 11,792 8,066 ____________ ____________ 2005 2004 million million Number of shares Weighted average number of ordinary shares in issue during the year 219.2 218.5 Dilutive effect of options outstanding 4.6 6.8 ____________ ____________ Diluted weighted average number of ordinary shares in issue 223.8 225.3 during the year ____________ ____________ Diluted earnings per ordinary share vary from basic earnings per ordinary share due to the effect of the notional exercise of outstanding share options. 6 Prior year adjustment At 4 June 2005 the Pace Micro Technology Employee Benefits Trust and QUEST held shares in the Company which cost £21,421,000 (2004: £21,450,000). These shares are held to satisfy options granted to employees. In line with the requirements of UITF Abstract No 38 "Accounting For ESOP Trusts", such amounts have been reclassified to show the Company's purchases of own shares as deductions from the Profit and Loss Account reserve in arriving at Shareholders' Funds. The previous treatment was to classify such amounts, net of impairment provisions, as assets in Fixed Asset Investments. The comparative figures in the financial information have been restated to reflect this change with a resulting impact on the comparative balance sheet as follows. 29 May 2004 £000 Decrease in Investments and Net Assets (2,436) ____________ Net decrease in Profit and Loss Account Reserve and (2,436) Shareholders' funds ____________ There is no impact on the Profit and Loss Account for the year ended 29 May 2004 resulting from the above restatement. 7 Debtors Debtors include a deferred tax asset of £4,009,000 (2004: £3,812,000) all of which is due after more than one year. 8 Provisions for liabilities and charges Royalties under negotiation Onerous Corporation (see below) contracts Warranties Tax Total £000 £000 £000 £000 £000 At 30 May 2004 7,864 1,828 5,696 5,360 20,748 Net (credit)/charge for the year (816) - 7,037 (5,360) 861 Utilised (608) (802) (5,572) - (6,982) ____________ ____________ ____________ ____________ ____________ At 4 June 2005 6,440 1,026 7,161 - 14,627 ____________ ____________ ____________ ____________ ____________ The owners of patents covering technology allegedly used by the Group have indicated claims for royalties relating to the Group's use (including past usage) of that technology. Whilst negotiations over these liabilities continue, they are not concluded. The Board has made provision for the potential royalties payable based on the latest information available. Having taken legal advice, the Board considers that there are defences available that should mitigate the amounts being sought. The Group will vigorously negotiate all claims but, in the absence of agreement, the amounts provided may prove to be different from the amounts at which the potential liabilities are finally settled. The Board considers that to disclose the amounts unused following the negotiation of royalty claims during the year would be seriously prejudicial to other royalty claims currently under negotiation, in litigation or in dispute. Accordingly the directors have aggregated amounts released unused with additional provisions made in order to arrive at the net credit for the year shown above. 9 Net cash inflow from operating activities 2005 2004 £000 £000 Operating profit 7,025 3,674 Amortisation of goodwill 564 564 Depreciation 4,419 5,317 Loss on sale of tangible fixed assets 1 317 (Increase)/decrease in stocks (129) 5,961 Decrease/(increase) in debtors 9,152 (11,540) (Decrease)/increase in creditors (9,063) 10,728 Decrease in provisions for liabilities and charges (761) (856) ____________ ____________ Net cash inflow from operating activities 11,208 14,165 ____________ ____________ The following information does not form part of the audited financialstatements. 10 International Financial Reporting Standards ("IFRS") To date, the Group has prepared its accounts in compliance with UK Generally Accepted Accounting Principles ("UK GAAP"). EU regulations require the Group to adopt IFRS in its financial statements for the year ended 3 June 2006. The following summarises the significant areas of financial impact to arrive at the IFRS adjusted amounts. Any adjustments referred to below are unaudited and included for illustrative purposes only. (a) Income statement reconciliation The following table outlines the main adjustments on the Group profit before tax for the fifty-three week period ended 4 June 2005. Notes £000 Profit before tax for period to 4 June 2005 -UK GAAP 7,075 Development costs (i) 816 Share based payments (ii) (744) Foreign exchange hedging (iii) 892 Goodwill amortisation (iv) 924 ____________ Profit before tax for period to 4 June 2005 - IFRS 8,963 ____________ (b) Opening net asset position The following table outlines the main adjustments to be made to the net asset position of the Group at 29 May 2004 Notes £000 Net assets as 29 May 2004 - UK GAAP 49,509 Development costs (i) 6,634 Foreign exchange hedging (iii) (1,005) ____________ Net assets at 29 May 2004 - IRFS 55,138 ____________ (c) Net asset position at 4 June 2005 The following table outlines the main adjustments to be made to the net asset position of the Group at 4 June 2005 Notes £000 Net assets as 4 June 2005 - UK GAAP 61,851 Development costs (i) 7,450 Foreign exchange hedging (iii) (113) Goodwill amortisation (iv) 564 ____________ Net assets at 4 June 2005 - IRFS 69,752 ____________ Notes i) Research and Development costs Under IFRS, development costs, meeting specific criteria, must be capitalised as intangible assets and amortised over their useful economic life. ii) Share based payments IFRS requires the fair value of share-based payments granted to employees since 7 November 2002 to be charged to the income statement over the vesting periods of the share instruments involved. iii) Foreign exchange hedging Under IFRS the aggregate value of all the Group's outstanding derivatives will be shown as one asset on the balance sheet, which will be ''marked-to-market'' each year to reflect the underlying fair value. iv) Goodwill amortisation IFRS prohibits the amortisation of goodwill on business combinations. Instead it requires goodwill arising on business combinations to be carried at cost less any impairment provisions. The Annual Report and Accounts will be posted to shareholders as soon aspracticable and will be available to the public from the Company's registeredoffice at Pace Micro Technology plc, Victoria Road, Saltaire, West Yorkshire,BD18 3LF. There will be an analysts' presentation on 12 July 2005 at 9.30am at CitigateDewe Rogerson's office at 26 Finsbury Square, London, EC2. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
PIC.L