10th Mar 2006 07:00
Marshalls PLC10 March 2006 Preliminary Results Statement for the year ended 31 December 2005 Marshalls plc, the specialist Landscape Products Group, delivers a resilienttrading performance. • Revenue, including acquisitions, up 9.4 per cent with like for like revenue up 1.3 per cent • Operating profit up 1.0 per cent at £47.4 million (2004: £47.0 million) before works closure costs of £3.0 million • Gain on sale of Clay Products business of £31.5 million • Net debt of £46.7 million (2004: £108.2 million) with gearing at 28.1 per cent (2004: 82.3 per cent) • Basic EPS (continuing operations) up 2.7 per cent • Final dividend up 5.0 per cent at 8.4 pence per ordinary share These results are reported under International Financial Reporting Standards. Year ended Year ended Increase/ 31 December 2005 31 December 2004 (decrease) %Revenue £359.3m £328.3m 9.4EBITDA * £66.4m £64.0m 3.7Operating profit * £47.4m £47.0m 1.0Operating profit £44.4m £47.0m (5.4)Profit before tax £38.0m £40.3m (5.6)Basic EPS (total operations **) 40.73p 20.18p 101.8Basic EPS (continuing operations) 18.55p 18.07p 2.7Final dividend per share 8.40p 8.00p 5.0 * before £3.0 million of works closure costs.** 2005 including gain on sale of Clay Products business. Commenting on these results, Graham Holden, Chief Executive, said: "Marshalls continues to develop its integrated offer for the Public Sector andCommercial market and its consumer initiatives for the Domestic market, as wellas continually reviewing its cost base. These improvements complemented byrecent acquisitions and a strong balance sheet ensure that the Group is wellpositioned to operate in the challenging market conditions anticipated in 2006and to take advantage of the expected market improvements in 2007." Enquiries: Graham Holden Chief Executive Marshalls plc 0207 404 5959 on 10 March 2006Ian Burrell Finance Director Marshalls plc 01484 438900 thereafterJon Coles Brunswick Group 0207 404 5959Sarah Lindgreen Brunswick Group 0207 404 5959 Group Results These preliminary results are reported under International Financial ReportingStandards and comparable figures have been restated to reflect this. Marshalls' revenue from continuing operations, including acquisitions, increased9.4 per cent to £359.3 million (2004: £328.3 million). Like for like revenue was1.3 per cent ahead at £332.7 million (2004: £328.3 million). Operating profit increased by 1.0 per cent to £47.4 million (2004: £47.0million) before works closure costs of £3.0 million (2004: £nil) with a further£0.5 million expected to be charged in 2006. Net financial expenses totalled£6.4 million (2004: £6.7 million). Basic earnings per share from continuing operations increased 2.7 per cent to18.55 pence (2004: 18.07 pence) per share. Basic earnings per share from totaloperations was 40.73 pence (2004: 20.18 pence) per share including the gain onthe sale of the Clay Products business. The Board is recommending a final dividend of 8.4 pence (2004: 8.0 pence) perordinary share an increase of 5.0 per cent. This dividend will be paid on 7 July2006 to shareholders on the register at the close of business on 9 June 2006.The ex dividend date will be 7 June 2006. Operating Performance Market conditions in 2005 were more difficult than they have been for a numberof years. The Construction Products Association ("CPA") statistics show thatconstruction output fell by 1.3 per cent in 2005, the first year on year fallsince 1994. Marshalls demonstrated a resilient trading performance in these moredifficult markets. Like for like revenue from the Public Sector and Commercial market, whichrepresents half of Group revenue, was 3.7 per cent ahead of the previous year.After an encouraging start to the year, revenue from the Domestic market endedthe year 1.3 per cent lower than 2004 reflecting the widely reported consumerslowdown. The cost base of the Group continues to be reduced. During 2005 the tworemaining sites that did not form part of the Service Centre and NationalManufacturing structure were closed. These two production units were no longerrequired following the capacity increases resulting from the excellentproductivity gains from recent capital investment initiatives, combined withflatter markets. An important part of the Group's strategy is the development of an integratedproduct offer for the Public Sector and Commercial market. During the year anumber of major projects have been progressed which demonstrate the benefits ofa product offer combining natural stone and concrete paving, linear drainage,bollards and attractively designed lighting. All of these are now available fromwithin the Marshalls Group. This will continue to be an important area fororganic growth and will be a focus for future acquisitions. In line with the Group's strategy to improve awareness of the Marshalls brand apilot Marshalls Garden & Driveway Transformation Centre was opened in Falkirk,Scotland in March 2005. This displays a wide range of garden and drivewayproducts in an aspirational setting and has so far generated a pleasing level offootfall and a positive response from the trade. The initial results of thispilot have been encouraging and two further sites will be opened in 2006, atBramhall, Cheshire and Roxton, Bedfordshire. Corporate Activity Marshalls continues to pursue its strategy of acquiring complementary businessesthat provide quality products to enhance the core product offer. In September2005 £8.7 million was paid for Paver Systems (Carluke) Limited, based inScotland. This business primarily supplies driveway products. It will operate inconjunction with Stonemarket, the Coventry based patio paving specialist. On 4 January 2005 Marshalls Clay Products Limited was sold to Hanson PLC for acash consideration of £65.0 million (including the repayment of all inter-groupindebtedness). The post tax gain on sale of this business was £31.5 million. Thegain on sale and the results in 2004 of the former Clay Products business havebeen disclosed under discontinued operations in the Consolidated IncomeStatement. Balance Sheet At 31 December 2005 net debt was £46.7 million (2004: £108.2 million) andgearing was 28.1 per cent (2004: 82.3 per cent). Pension liabilities of £65.3million have been recognised in accordance with IAS 19 which is partially offsetby a deferred tax asset of £19.6 million. The Group continues to invest in the business with net capital investment in theyear of £20.7 million (2004: £26.5 million). This includes £3.1 million for thepurchase of Stoke Hall Quarry, in Derbyshire, a natural stone reserve that willform part of Stancliffe Stone, the existing stone walling, cladding and masonrybusiness. The capital investment also includes further investment in automationutilising industrial robotics and is net of £4.4 million of proceeds from thesale of a surplus property. The Board is committed to ensuring that the balance sheet is efficient. TheGroup has demonstrated an ability to identify, acquire, integrate and growcomplementary bolt-on acquisitions which, whilst individually small,collectively make a difference. There are an increasing number of bolt-onopportunities available for Marshalls to consider and the Group is spending moretime targeting these to create greater value for shareholders. The Group'sobjective is to increase the flow of suitable acquisition candidates. Outlook Market intelligence shows that Public Sector and Commercial demand, whichrepresents half of Group revenue, remains robust. The CPA forecasts that thePublic Sector and Commercial market will grow by 2.9 per cent in 2006 and afurther 3.8 per cent in 2007. From 2008 onwards building for the 2012 Olympicswill start to have a benefit. By contrast, the Domestic market is expected to remain challenging in 2006 withthe CPA forecasting a decline of 1.0 per cent in private housing repair,maintenance and improvement expenditure before an increase of 3.0 per cent in2007. Domestic installers' average order books remain constant and are currently8.4 weeks (2005: 8.3 weeks). Order intake and despatch volumes since the year end have been at a similarlevel to early 2005. Marshalls continues to develop its integrated offer for thePublic Sector and Commercial market and its consumer initiatives for theDomestic market as well as continually reviewing its cost base. Theseimprovements complemented by recent acquisitions and a strong balance sheetensure that the Group is well positioned to operate in the challenging marketconditions anticipated in 2006 and to take advantage of the expected marketimprovements in 2007. Graham HoldenChief Executive AUDITED CONSOLIDATED INCOME STATEMENTFOR THE YEAR ENDED 31 DECEMBER 2005 Notes 2005 2004 £'000 £'000Revenue 2 359,310 328,343Net operating costs (314,885) (281,370) ------- -------Operating profit 2 44,425 46,973Financial expenses 4 (14,421) (12,985)Financial income 4 8,014 6,267 ------- -------Profit before tax 2 38,018 40,255Income tax expense 5 (11,661) (12,230) ------- -------Profit after tax but before gain on sale andpost tax profit of discontinued operation 26,357 28,025Gain on sale and post tax profit ofdiscontinued operation 3 31,517 3,278 ------- -------Profit for the financial period 57,874 31,303 ------- ------- Earnings per share (total operations including gain on sale in 2005) Basic 7 40.73p 20.18p ------- -------Diluted 7 40.71p 20.15p ------- -------Earnings per share (continuing operations): Basic 7 18.55p 18.07p ------- -------Diluted 7 18.54p 18.04p ------- -------Dividend: Pence per share 6 12.10p 11.25p ------- -------Dividends declared 6 17,169 17,829 ------- ------- AUDITED CONSOLIDATED BALANCE SHEET31 DECEMBER 2005 Assets Notes 2005 2004 £'000 £'000Non-current assetsProperty, plant and equipment 198,030 191,400Intangible fixed assets 46,461 40,732 ------- ------- 244,491 232,132 ------- -------Current assetsInventories 67,759 60,501Trade and other receivables 36,598 35,090Cash and cash equivalents 5,210 21Assets classified as held for sale 3 - 36,301 ------- ------- 109,567 131,913 ------- -------Total assets 354,058 364,045 ------- -------Liabilities Current liabilitiesBank overdraft - 16,693Trade and other payables 64,570 55,661Current instalments of loans 348 229Liabilities classified as held for sale 3 - 8,531 ------- ------- 64,918 81,114 ------- -------Non-current liabilitiesTrade and other payables 475 2,200Interest bearing loans and borrowings 51,550 91,341Employee benefits 8 65,264 50,855Deferred taxation 5,511 7,042 ------- ------- 122,800 151,438 ------- -------Total liabilities 187,718 232,552 ------- -------Net assets 166,340 131,493 ------- -------Equity Capital and reserves attributable to equity holdersShare capital 35,772 35,478Share premium account 2,694 287Own shares (102) (655)Capital redemption reserve 72,573 71,237Consolidation reserve (213,067) (213,067)Hedging reserve (2) (6)Retained earnings 268,472 238,219 ------- -------Equity shareholders' funds 166,340 131,493 ------- ------- AUDITED CONSOLIDATED CASH FLOW STATEMENTFOR THE YEAR ENDED 31 DECEMBER 2005 Notes 2005 2004 £'000 £'000 Net cashflow from operating activities 9(i) 42,750 42,212 Net cashflow from investing activities 9(ii) 35,668 (42,111) Net cashflow from financing activities 9(iii) (56,539) (24,654) ------- -------Net increase/(decrease) in cash and cashequivalents 21,879 (24,553) Cash and cash equivalents at 1 January (16,669) 7,884 ------- -------Cash and cash equivalents at 31 December 5,210 (16,669) ------- ------- The above includes the operating, investing and financing cashflows of thediscontinued operation disclosed in Note 3. The relevant cash flows of thediscontinued operation are included in Note 9. Reconciliation of Net Cash Flow to Movement in Net Debt 2005 2004 £'000 £'000 Net increase/(decrease) in cash and cash equivalents 21,879 (24,553)Cash outflow/(inflow) from decrease/(increase)in debt and lease financing 39,910 (69,812)Finance leases acquired on acquisition of subsidiaryundertakings (238) (631) ------- -------Movement in net debt in the period 61,551 (94,996)Net debt at 1 January (108,239) (13,243) ------- -------Net debt at 31 December (46,688) (108,239) ------- ------- AUDITED CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSESFOR THE YEAR ENDED 31 DECEMBER 2005 2005 2004 £'000 £'000 Cash flow hedges: Effective portion of changes infair value 4 (6)Actuarial losses (net of deferred taxation) (8,563) (694) ------- -------Net expense recognised directly in equity (8,559) (700)Profit for the period 57,874 31,303 ------- -------Total recognised income and expensesfor the period (equity) 49,315 30,603 ------- ------- AUDITED CONSOLIDATED NOTESFOR THE YEAR ENDED 31 DECEMBER 2005 1. Basis of Preparation The Group Consolidated Financial Statements have been prepared in accordancewith International Financial Reporting Standards (IFRSs) as endorsed by theEuropean Union and IFRS 1 has been applied. The Consolidated Financial Statements have been prepared on the basis of therequirements of IFRSs in issue and endorsed by the EU and effective (oravailable for early adoption) at 31 December 2005. The Group has adopted IAS 32 and IAS 39 from 1 January 2004. The effect of thison the Consolidated Financial Statements is not material. The Group has also adopted IFRS 5 from 1 January 2004. The effect of this hasbeen the separate disclosure of the disposal of Marshalls Clay Products Limitedas assets and liabilities held for sale. The Group has elected to use the following exemptions allowable by IFRS 1: • IFRS 3 Business combinations: the Group has not applied this standard to business combinations that occurred before 1 January 2005; and • Revaluation as deemed cost: the Group has elected to use previous UK GAAP revaluations of property, plant and equipment at 1 January 2004 as deemed cost as it considers those valuations to be broadly comparable to fair value. This has had the effect of reclassifying the balance on the revaluation reserve of £5,166,000 at 1 January 2004 and 31 December 2004 to retained earnings. An explanation of how the transition to IFRSs has affected the reportedfinancial position, financial performance and cash flows of the Group wasprovided in our Interim Results announcement on 9 September 2005. This noteincluded reconciliations of equity and profit for comparative periods reportedunder UK GAAP to those reported for those periods under IFRSs. The IFRS accounting policies have been applied consistently to all periodspresented in these Consolidated Financial Statements from the date of transitionon 1 January 2004. They also have been applied in preparing an opening IFRSbalance sheet at 1 January 2004 for the purposes of the transition to IFRSs, asrequired by IFRS 1. The accounting policies have been applied consistentlythroughout the Group for the purposes of these Consolidated Financial Statementsand are set out on the Company's website (www.marshalls.co.uk). The accountingpolicies will also be disclosed in the full Group Consolidated FinancialStatements for the year ended 31 December 2005. 2. Segmental analysis Revenue Operating Profit 2005 2004 2005 2004 £'000 £'000 £'000 £'000 Continuing operations 359,310 328,343 44,425 46,973 ------- -------Financial income and expenses (net) (6,407) (6,718) ------- -------Profit on ordinary activities beforetaxation 38,018 40,255 ------- ------- The Directors have undertaken a review of the Group's continuing operations andits associated business risks and consider that the continuing operations shouldbe reported as a single business segment. The Directors consider that thecontinuing operations represent one product offering with similar risks andrewards and should be managed and reported as a single business segment in linewith the Group's internal reporting framework. 2005 2004 £'000 £'000Geographical destination of revenue:United Kingdom 356,051 323,830Rest of the world 3,259 4,513 ------- ------- 359,310 328,343 ------- ------- All revenue originates in the United Kingdom from continuing operations andthere is no material inter-segmental turnover. Segmental information for the discontinued operations is included in Note 3below. 3. Non-current assets held for sale and discontinued operations On 4 January 2005 Marshalls Clay Products Limited was sold to Hanson PLC for acash consideration of £65 million (including the repayment of all intergroupindebtedness) and a pre-tax gain of £31.5 million was realised. The results ofthis former business have been disclosed under discontinued operations in theConsolidated Income Statement. Towards the end of December 2004 the transactionhad become highly probable and consequently the assets and liabilities wereclassified as held for sale in the Consolidated Balance Sheet as at 31 December2004. The discontinued assets and liabilities of the Clay Products business as at 31December 2004 were as follows: 2004 £'000AssetsProperty, plant and equipment 27,008Inventories 5,510Trade and other receivables 3,780Cash and cash equivalents 3 ------- 36,301 -------LiabilitiesTrade and other payables 5,415Deferred taxation 3,116 ------- 8,531 -------Gain on sale and post tax profit of discontinued operation: 2005 2004 £'000 £'000 Revenue - 33,966Net operating costs - (28,521) ------- -------Operating profit - 5,445Gain on sale of discontinued operation 31,517 -Financial expenses - (564) ------- -------Profit before tax 31,517 4,881Income tax expense - (1,603) ------- -------Gain on sale and post tax profit of discontinuedoperation 31,517 3,278 ------- -------Geographical destination of revenue:United Kingdom - 33,102Rest of the world - 864 ------- ------- - 33,966 ------- ------- The cash flow disclosures in respect of the above discontinued operations areshown in Note 9. There is no tax arising in the year in respect of the gain onsale of discontinued operations. 4. Financial expenses and income 2005 2004 £'000 £'000(a) Financial expensesInterest expense on bank loans,overdraftsand loan notes 2,487 2,495Interest on obligations under thedefined benefit pension scheme 9,505 8,108Debenture interest expense 2,275 2,275B share dividend expense 132 92Finance lease interest expense 22 15 ------- ------- 14,421 12,985 ------- -------(b) Financial incomeExpected return on plan assets underthe defined benefit pension scheme 7,953 6,162Interest receivable and similar income 61 105 ------- ------- 8,014 6,267 ------- -------5. Income tax expense 2005 2004 £'000 £'000Current tax expenseCurrent year 12,165 12,682Adjustments for prior year (274) (1,708) ------- ------- 11,891 10,974 Deferred taxation expenseOrigination and reversal of temporary differencesCurrent year 371 497Adjustments for prior year (601) 759 ------- -------Total tax expense in the Consolidated Income Statement 11,661 12,230 ------- ------- Reconciliation of effective tax rate 2005 2005 2004 2004 % £'000 % £'000 Profit before tax 100.0 38,018 100.0 40,255 ----- ------ ----- ------Tax using domestic corporation tax rate 30.0 11,405 30.0 12,077 Disallowed amortisation of intangiblefixed assets 0.2 77 - 17Net items not taxable 2.8 1,054 2.7 1,085Prior year items (2.3) (875) (2.3) (949) ----- ------ ----- ------ 30.7 11,661 30.4 12,230 ----- ------ ----- ------ The net amount of deferred taxation credited to the Consolidated Statement ofRecognised Income and Expenses in the year was £3,677,000 (2004: £300,000). 6. Dividends Ordinary dividends: equity shares 2005 2004 per share £'000 per share £'0002004 Final: paid 8 July 2005 8.00p 11,353 7.35p 12,3002005 Interim: paid 7 December 2005 4.10p 5,816 3.90p 5,529 ----- ------ ----- ------ 12.10p 17,169 11.25p 17,829 ----- ------ ----- ------ 7. Earnings per share Basic earnings per share on total operations of 40.73 (2004: 20.18) pence pershare is calculated by dividing the profit attributable to ordinary shareholdersfrom total operations of £57,874,000 (2004: £31,303,000) by the weighted averagenumber of shares in issue during the year of 142,106,234 (2004: 155,107,622). Basic earnings per share on continuing operations of 18.55 (2004: 18.07) penceper share is calculated by dividing the profit attributable to ordinaryshareholders from continuing operations of £26,357,000 (2004: £28,025,000) bythe weighted average number of shares in issue during the year of 142,106,234(2004: 155,107,622). Basic earnings per share for discontinued operations of 22.18 (2004: 2.11) penceper share is calculated by dividing the profit attributable to ordinaryshareholders from discontinued operations of £31,517,000 (2004: £3,278,000) (seeNote 3) by the weighted average number of shares in issue during the year of142,106,234 (2004: 155,107,622). Profit attributable to ordinary shareholders 2005 2004 £'000 £'000Profit attributable to ordinary shareholders:- Continuing operations 26,357 28,025- Discontinued operations 31,517 3,278 ------- -------Total 57,874 31,303 ------- -------Weighted average number of ordinary shares 2005 2004 Issued ordinary shares at 1 January 141,913,313 167,346,883Effect of shares issued in the year 192,921 155,631Effect of reduction of share capital and sharescancelled in the year - (12,394,892) ------------ ----------Weighted average number of ordinary shares at31 December 142,106,234 155,107,622 ------------ ---------- Diluted earnings per share on total operations of 40.71 (2004: 20.15) pence pershare is calculated by dividing the profit attributable to ordinary shares, andpotentially dilutive ordinary shares, from total operations of £57,874,000(2004: £31,303,000) by the weighted average number of shares in issue during theyear of 142,106,234 (2004: 155,107,622) plus dilutive shares of 44,303 (2004:241,303) which totals 142,150,537 (2004: 155,348,925). Diluted earnings per share on continuing operations of 18.54 (2004: 18.04) penceper share is calculated by dividing profit attributable to ordinary shares, andpotentially dilutive ordinary shares, from continuing operations of £26,357,000(2004: £28,025,000) by the weighted average number of shares in issue during theyear of 142,106,234 (2004: 155,107,622), plus dilutive shares of 44,303 (2004:241,303) which totals 142,150,537 (2004: 155,348,925). Diluted earnings per share for discontinued operations of 22.17 (2004: 2.11)pence per share is calculated by dividing profit attributable to ordinaryshares, and potentially dilutive ordinary shares, from discontinued operationsof £31,517,000 (2004: £3,278,000) by the weighted average number of shares inissue during the year of 142,106,234 (2004: 155,107,622), plus dilutive sharesof 44,303 (2004: 241,303) which totals 142,150,537 (2004: 155,348,925). Weighted average number of ordinary shares (diluted) 2005 2004 £'000 £'000Weighted average number of ordinary shares at 31December 142,106,234 155,107,622Effect of share options in issue 44,303 241,303 ----------- -----------Weighted average number of ordinary shares at 31December 142,150,537 155,348,925 ----------- -----------8. Employee benefits The Group operates the Marshalls plc Pension and Life Assurance Scheme (the"Scheme") which has both a defined benefit and a defined contribution section.The assets of the Scheme are held in separately managed funds which areindependent of the Group's finances. 2005 2004 £'000 £'000Present value of funded obligations (212,245) (176,703)Fair value plan of assets 146,981 125,848 ------- -------Recognised liability for defined benefit obligations(see below) (65,264) (50,855) ------- ------- Movements in the net liability for defined benefit obligations recognised in thebalance sheet 2005 2004 £'000 £'000Net liability for defined benefit obligations at 1January (50,855) (45,775)Contributions received 1,695 1,806Expense recognised in the Consolidated Income Statement (3,862) (5,895)Actuarial (losses) (12,242) (991) ------- -------Net liability for the defined benefit obligations at 31December (65,264) (50,855) ------- ------- 9. Notes to the cash flow statement 2005 2004 Continuing Discont- Group Continuing Discont- Group operations inued operations inued operations operations £'000 £'000 £'000 £'000 £'000 £'000 9(i) Cashflows from operating activities Profit before tax 38,018 - 38,018 40,255 4,881 45,136Adjustments for:Depreciation 18,716 - 18,716 17,005 2,046 19,051Amortisation 259 - 259 55 - 55Gain on sale of property,plant & equipment (1,545) - (1,545) (45) 4 (41)Equity settled sharebased payment expenses - - - 128 - 128Loss in hedging instrument - - - 330 - 330Financial income andexpenses (net) 6,407 - 6,407 6,718 564 7,282 ------ ----- ------ ------ ----- ------Operating cashflow beforechanges in working capitaland provisions 61,855 - 61,855 64,446 7,495 71,941(Increase)/decrease intrade and otherreceivables (533) - (533) (2,157) 1,149 (1,008)(Increase)in inventories (6,805) - (6,805) (8,041) 1,041 (7,000)Increase/decrease) intrade and other payables 3,336 - 3,336 (7,257) 1,477 (5,780)Increase in employeebenefits 1,225 - 1,225 1,784 544 2,328 ------ ----- ------ ------ ----- ------Cash generated from theoperations 59,078 - 59,078 48,775 11,706 60,481Financial expenses paid (4,969) - (4,969) (2,576) (2,013) (4,589)Non equity dividendspaid (75) - (75) (90) (2) (92)Income tax paid (11,284) - (11,284) (11,800) (1,788) (13,588) ------ ----- ------ ------ ----- ------Net cash flow fromoperating activities 42,750 - 42,750 34,309 7,903 42,212 ------ ----- ------ ------ ----- ------9(ii) Cash flows from investing activities Proceeds from sale ofproperty, plant &equipment (net of costs) 3,172 - 3,172 673 - 673Financial incomereceived 61 - 61 105 - 105Disposal of subsidiary,net of cash disposed of - 65,000 65,000 - - -Acquisition ofsubsidairies (9,406) - (9,406) (17,968) - (17,968)Bank balance acquiredwith subsidiaries 664 - 664 2,297 - 2,297Acquisition ofproperty, plant &equipment (23,823) - (23,823) (28,083) 865 (27,218) ------ ----- ------ ------ ----- ------Net cash flow frominvesting activities (29,332) 65,000 35,668 (42,976) 865 (42,111) ------ ----- ------ ------ ----- ------9(iii) Cash flows from financing activities Proceeds from issue ofshare capital 2,701 - 2,701 751 - 751(Decrease)/increase inother debt and leasefinancing (293) - (293) 66,779 - 66,779Redemption of B shares (1,102) - (1,102) (71,036) - (71,036)Repayment of borrowings (38,281) - (38,281) (1,124) - (1,124)Payment of transactioncosts (118) (2,277) (2,395) (2,195) - (2,195)Equity dividends paid (17,169) - (17,169) (17,829) - (17,829) ------ ----- ------ ------ ----- ------Net cash flow fromfinancing activities (54,262) (2,277) (56,539) (24,654) - (24,654) ------ ----- ------ ------ ----- ------10. Annual General Meeting The Annual General Meeting will be held at Birkby Grange, Birkby Hall Road,Birkby, Huddersfield, West Yorkshire, HD2 2YA at 12.00 (noon) on Wednesday 24May 2006. 11. Other The financial information set out above does not constitute the Company'sconsolidated statutory accounts for the years ended 31 December 2005 or 2004 butis derived from those accounts. Statutory accounts for the year ended 31December 2004, under UK GAAP, have been delivered to the Registrar of Companies,and those for the year ended 31 December 2005, under IFRSs, will be deliveredfollowing the Company's Annual General Meeting. The auditors have reported onthose accounts; their reports were unqualified and did not contain statementsunder section 237(2) or (3) of the Companies Act 1985. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Marshalls