5th Jun 2007 07:03
Opsec Security Group PLC05 June 2007 5th June 2007 OPSEC SECURITY GROUP plc ("OpSec" or "the Group") (formerly Applied Optical Technologies plc) Preliminary Announcement of Results for the Year Ended 31st March 2007 OpSec Security Group plc, the supplier of anti-counterfeiting technologies,services and programmes announces its results for the year ended 31st March2007. Highlights 2007 2006 Revenue £33.1m £25.4mOperating Profit £5.3m £1.6mAdjusted Operating Profit* £5.8m £1.9mBasic Earnings Per Share 7.7p 3.5pAdjusted Basic Earnings Per Share* 8.8p 4.1p * Adjusted for the charges for intangible amortisation and share based payments(note 2c) * Group revenue up by 31% and adjusted operating profit more than trebled; * Record results across each business unit and market sector - Brand protection revenue up 28% - ID Technologies revenue up 62% - Banknote and High Security revenue up 12% * Record results in 3dcd joint venture on the back of successful launch of its major software customer's new operating software; * Successful completion of acquisition and integration of GenuOne, Inc; * Proposed final dividend of 1p per share; * Significant investment in management and equipment to position Group for further growth. David Mahony, Chairman, said: "The Board believes that the current year will see further growth in theunderlying business, albeit without the exceptional contribution from 3dcd whichfeatured in the year just ended. In order to accommodate this expected growththe Group continues to invest heavily both in its staff and its facilities. Wealso expect to conclude acquisitions as the opportunities arise which willfurther add to the performance of the Group in the current and future years." - Ends - For further information, please contact: OpSec Security Group plc today; 020 7067 0700Mark Turnage, Chief Executive thereafter: 0191 417 5434([email protected]) Mike Angus, Finance Director ([email protected]) Weber Shandwick Financial 020 7067 0700Nick Oborne/ Stephanie Badjonat/Charlie Hooper Oriel Securities Ltd 020 7710 7600Andrew Edwards 5th June 2007 OPSEC SECURITY GROUP plc ("OpSec" or "the Group") (formerly Applied Optical Technologies plc) Preliminary Announcement of Results for the Year Ended 31st March 2007 Chairman's Statement Introduction I am pleased to report that the year to 31st March 2007 represented a recordyear for the Group across all of its business units and market sectors. Adjustedoperating profit amounted to £5.8 million (2006: £1.9 million) helped by anexceptional contribution of £3.3 million (2006: £0.7 million) from our jointventure 3dcd. This significant contribution should not be allowed to mask thestrong performance by the other elements of the Group; excluding the 3dcdcontribution revenue grew by 31% and adjusted operating profit grew by 127%. TheGroup continues to be very cash generative and net cash inflow from operatingactivities was £3.7 million (2006: £3.3 million). Our European operations made excellent progress in the year to 31st March 2007and improved their operating profit by 255% in the period through a combinationof growing turnover by 29% and improving gross margins. Our American operations achieved growth of 31% in turnover and 33% inprofitability when stated in dollar terms and including the impact of GenuOne.Excluding the impact of the acquisition, revenue grew by 14% and operatingprofit grew by 32%. Acquisition of GenuOne The Group is committed to growing both organically and by acquisition. It isencouraging to be able to report that the acquisition of GenuOne has proved itsworth both by successful cross selling to the enlarged Group's customer listsand by its major contribution to the software offering we can make to majorbrand and revenue protection programmes. Management and Employees We have undertaken a comprehensive review of existing remuneration schemesthroughout the Group and revised these to incentivise all employees to continueto achieve improved performance and reward them when this is delivered. The Board would like to record its thanks to all employees for theircontribution to the achievement of the excellent results for the year underreview. Investment Programme I have commented previously on the programme of major capital investment thatthe Group is undertaking. The initial stages of this programme have now beencompleted in our American operations and the current year will see our Europeanoperations completing the first part of a programme which will include theinstallation of state of the art coating equipment. Corporate Activity In view of the results for the year ended 31st March 2007 and the Board'sconfidence as to profitability in future years a final dividend of 1p per sharewill be proposed at the forthcoming AGM. During the year ended 31st March 2007 the Company acquired 1.1 million shares onbehalf of its employee trusts at an average price of 68 pence. The Board willkeep under review the possibility of further share buy backs in the currentyear. Outlook The Board believes that the current year will see further growth in theunderlying business, albeit without the exceptional contribution from 3dcd whichfeatured in the year just ended. In order to accommodate this expected growththe Group continues to invest heavily both in its staff and its facilities. Wealso expect to conclude acquisitions as the opportunities arise which willfurther add to the performance of the Group in the current and future years. DA MahonyChairman5th June 2007 BUSINESS REVIEWChief Executive's Review Introduction OpSec is an international company whose mission is to provide solutions to itscustomers in combating counterfeiting and the related problems of diversion,grey marketing, online brand abuse and fraud. OpSec's customers include manygovernments and a number of the world's largest corporations. OpSec's Banknote and High Security group provides products which help protectbanknotes, fiduciary instruments, licenses, traveller's cheques, and other highsecurity documents against counterfeiting. OpSec also provides turn-key taxstamp systems solutions, and integration services for governments seeking tosecure their excise tax collection systems. OpSec's Brand Protection group provides comprehensive brand protection andmanagement solutions to brand owners who experience counterfeiting of theirproducts, as well as diversion, online brand abuse and sale of fake goods. OpSecsolutions allow customers to understand better their supply chain and the use oftheir brand and to exercise control from production through to final sale ofgoods. The ID Technologies group provides governments with leading technology solutionsto secure individual identity cards, passports, and similar documents againstcounterfeiting, forgery and alteration. OpSec also provides a suite of otherservices in the ID sector including ID and passport issuance integrationservices. These market sectors are served from operating divisions and facilities in theUnited Kingdom and the United States, and from sales offices in Latin Americaand Hong Kong. OpSec and its customers are also supported by a network of over40 agents worldwide. Review of Operations OpSec experienced record Group revenue and operating profit in 2007. This wasdriven by record revenue in all of its market segments and geographical businessunits, and an exceptional contribution from its joint venture, 3dcd. For the year to 31st March 2007, revenue was up 31% to £33.1 million (2006:£25.4 million) with adjusted operating profit up 206% to £5.8 million (2006:£1.9 million). Net cash inflow from operating activities was £3.7 million (2006:£3.3 million), and adjusted basic earnings per share grew 115% to 8.8 pence(2006: 4.1 pence). These record performances were realised in spite of theadverse movement in the sterling-dollar exchange rate during the year. Strategy OpSec's strategy is to grow profitably by continuing to leverage its technologyand solutions portfolio in its core markets. OpSec maintains its competitivepositioning by investing in personnel, Research & Development, manufacturing andsales and marketing. In addition, OpSec seeks to strengthen its technologicaland market position through selective acquisitions in appropriate markets. Market Sectors During the year a reorganisation of the Group's sales, marketing, customersupport, and product development resources was undertaken by placing theseresources into groups dedicated solely to specific target markets. It isanticipated that this reorganisation will allow the Group to compete better inits core markets. Brand Protection The Brand Protection group had a record year with revenue up 28% to £12.6 million (2006: £9.9 million). This result reflected strong underlying growth in new and existing clients, as well as the successful integration of GenuOne, Inc., the acquisition of which was completed during the year. The acquisition of GenuOne has significantly expanded the technology portfolio the Group is able to offer its brand protection customers, specifically via the proprietary GenuNetTM software in the area of online monitoring for theft of brand logos, names, and domains, as well as the sale of counterfeit merchandise. A number of new customers for these services were secured during the year, including Boots, Oillily, River Island, and Gant. In addition, a number of OpSec customers have now subscribed for GenuNetTM services and products. OpSec continues to provide proprietary supply chain security and product tagging and tracking solutions to its customers to allow authentication of products in the marketplace. The year saw strong underlying growth in the provision of these products. OpSec's proprietary solutions allow customers to control and administer licensing and outsourced manufacturing, an increasingly critical issue in an era of globalisation. In keeping with OpSec's strategy of providing its customers with a comprehensive service and technology offering, the Group now offers GenuNetTM products as part of a comprehensive brand protection management system. This has facilitated the successful integration of the GenuOne operations and management into the larger OpSec organisation. ID Technologies Revenue in the ID Technologies business market grew 62% to £9.1 million (2006: £5.6 million). This record was achieved with substantial growth in the Group's passport security business, particularly in South Asia, as well as strong underlying performance in the UK and the Americas. Confidentiality provisions do not generally allow OpSec to disclose the names of its government clients. Significant investment was made during the year in developing new cost-efficient technologies for ID document protection, the commercialisation of which will occur during the current year. This has resulted in new colour-shifting technologies, as well as products combining a number of the Groups' existing technologies. OpSec provides a variety of security technologies and solutions for identity documents. The Group also provides integration services and products for a broad variety of identity document issuance systems, often in conjunction with strategic partners. During the year the Group participated successfully with a number of such partners in providing these services and it is anticipated that as the Group's ID business continues to grow the scope of the services and products OpSec can offer will increase. Banknote and High Security The Banknote and High Security market sector achieved record revenue of £10.8 million (2006: £9.6 million), an increase of 12% over the prior year. This growth was driven primarily by strong sales of excise stamp products. The Group also continues to supply a broad range of products for currency, traveller's cheques, licenses, and other government and fiduciary instruments. During the year OpSec invested heavily in its excise stamp product and software offerings, reflecting its belief that this market will continue to expand as governments continue to be faced with significant fraud in the collection of tax revenues via excise stamps. The Group's product offering now extends beyond the supply of anti-counterfeiting technologies to the turnkey provision of excise stamp programmes, including tracking and authentication software. Geographical Business Units The Group reports revenues and profitability split geographically between itsEuropean and American operations. These operations compete across all the marketsectors referenced above. The reorganisation of the Company along market facinglines has led to a substantial increase in cooperation between the businessunits. American Operations In spite of a weak first quarter, revenue in our American operations excluding GenuOne was a record $31.2 million (2006: $27.3 million), with operating profit a record $5.2 million (2006: $3.9 million). The Lancaster, Pennsylvania facility in particular had very strong results for the year. During the year substantial investments were made in expanding the range of manufacturing capabilities in the American facilities, particularly in security printing and coating. A substantial investment was also made during the year in hiring new American operating management. The Board believes that these investment have already yielded significant benefits. The purchase and integration of GenuOne's operations was concluded during the year. These operations continue to be based in Boston, Massachusetts with several members of the GenuOne management team now having wider Group responsibilities. In the ten months to 31st March 2007 GenuOne contributed revenue of $5.8 million and operating profit of $43,000 to Group results. A charge for intangible amortisation of £109,000 (2006: £nil) was made during the year. This relates to the amortisation of the intangible assets arising on the acquisition of GenuOne. European Operations The European operations achieved very strong results, with revenue of £15.8 million (2006: £12.2 million) and operating profit of £2.1 million (2006: £0.6 million). This positive result builds on the restructuring completed in the prior year. Particularly strong performance was realised during the year in both the ID Technologies and the Banknote and High Security markets. A programme of investment in technology and equipment designed to enhance the European operations' manufacturing capabilities commenced during the year. The installation of the new equipment will be completed in the current year and will lead to a significant increase both in capacity and technical capabilities. The Group also made significant investments in its optical origination facilities based in Leicestershire. 3dcd Joint Venture A record contribution of £3.3 million (2006: £0.7 million) to the Group's profits was realised from the Group's 50% share of 3dcd. The strong performance during the year reflected the launch of 3dcd's major customer's new operating and office software packages. The level of contribution will return to a normal level in the current year as a substantial part of the revenues were one-off in nature and tied to the launch of the new software. The Group continues actively to seek new customers for the 3dcd technology and to invest in the next generation of optical disk protection technology. Corporate The charge for share based payments increased from £329,000 to £413,000. Other corporate costs increased by 43% to £2.2 million (2006: £1.5 million). Included in this category are the costs of all management bonus schemes, all centrally controlled legal, professional and patent costs, public company costs, and corporate office and personnel costs. The major contributors to the increase were a significant increase in costs associated with intellectual property issues and the higher cost of management bonuses. People OpSec has 241 employees operating from its manufacturing facilities in NorthAmerica and the United Kingdom, as well as its optical laboratories in theUnited Kingdom, the corporate office in Denver, and sales and support facilitiesin Hong Kong and Latin America OpSec believes strongly that employee recruitment, training and retention arecritical to its success as a group. The Group remains fully committed tomaintaining its health, safety and environmental standards and performance. MT TurnageChief Executive5th June 2007 BUSINESS REVIEWFinancial Review Revenue Revenue increased by 31% to £33.1 million (2006: £25.4 million). Excluding thebenefit from the acquisition of GenuOne, the increase was 19% to £30.1 million. Gross profit margin Gross profit margin for the year was 44% (2006: 38%). The increase was aconsequence of margins in our European operations increasing from 32% to 38% andan increase in American margins from 37% to 45%. This latter increase was aidedby the higher margins in our GenuOne acquisition. Operating Profit Adjusted operating profit (adjusted for the effects of intangible amortisationand share based payments) increased by 206% to £5.8 million (2006: £1.9million). Excluding joint venture income and the contribution from current yearacquisitions operating profit grew by 125% to £2.0 million (2006: £0.9 million). Finance expense The net finance cost for the year was £0.1 million (2006: income of £0.1million). The movement reflects the cost of the borrowings used partially tofund the GenuOne acquisition and losses on the retranslation of foreign currencydeposits due to adverse movements in exchange rates. Tax The tax charge for the year of £1,253,000 (2006: credit of £40,000) represents24% of profit before tax. The charge comprises deferred tax and corporation taxcharges on the profits of the American operations and joint venture. No chargeis payable on the profits of our UK operations due to losses brought forward. Earnings per share Basic adjusted earnings per share increased by 115% to 8.8p, (2006: 4.1p).Adjusted fully diluted earnings per share increased by 105% to 8.2p, (2006:4.0p). Balance sheet Net assets increased by £1.4 million to £23.1 million (2006: £21.7 million). Theprincipal movements during the year arose from the GenuOne acquisition,property, plant and equipment additions of £3.8 million, the profitability ofthe Group and the impact of exchange rate movements. Intangible assets increased by £5.1 million following the acquisition of GenuOnein June 2006. Cash flow Net cash inflow from operating activities was £3.9 million, an increase of 14%compared to 2006, (£3.4 million). In addition, the Group received dividends fromits joint venture amounting to £2.6 million (2006: £0.8 million). The principal cash outflows during the year were the acquisition of GenuOne for£7.3 million, the purchase of shares on behalf of the employee trusts of £0.7million and property, plant and equipment additions of £3.7 million (2006: £1.4million). Overall the net cash outflow for the year was £3.8 million. After the effects ofexchange rate fluctuations on cash of £0.7 million, net cash and cashequivalents fell to £3.1 million (2006: £7.6 million). Liquidity Risk OpSec seeks to maintain a balance between continuity of funding and flexibility.The Company's only indebtedness is a revolving credit facility with the Bank ofAmerica. The facility matures on 16th June 2009. At 31st March 2007 theavailable bank facilities totalled $10 million of which $2.9 million was drawndown. In addition, uncommitted and overdraft facilities are maintained toprovide short-term flexibility. Foreign currency risk A significant proportion of OpSec's net assets are in currencies other thansterling. The Company's policy is to limit the translation exposure and theresulting impact on shareholders' funds by borrowing in those currencies inwhich it has significant net assets. Throughout the year borrowings were primarily denominated in US Dollars. TheCompany does not hedge the translation effect of exchange rate movements on theincome statement. The majority of OpSec's transactions are carried out in the functionalcurrencies of its operations and so transaction exposure is limited. Principal exchange rates Average Closing 2007 2006 2007 2006 US$ : £ 1.90 1.78 1.96 1.73 • : £ 1.47 1.46 1.47 1.40 The differences between the average and closing exchange rates, particularly theUS dollar, are such that if the results for the year ended 31st March 2007 weretranslated at the closing rates rather than the average rates, revenue would bereduced by £0.4 million and operating profit by £0.1 million. MW AngusFinance Director5th June 2007 OPSEC SECURITY GROUP plcConsolidated Income Statement Year ended Year ended 31-Mar-07 31-Mar-06 £'000 £'000 Revenue 33,134 25,390 Cost of sales (18,581) (15,759) ___________ _________ Gross profit 14,553 9,631 Distribution and selling costs (4,169) (3,051) _________________________________________________________________________|Administrative expenses (8,369) (5,688)| |Intangible amortisation (109) - | _________________________________________________________________________ Total administrative expenses (8,478) (5,688) Other income 119 - ___________ _________ 2,025 892 Share of profit of joint ventures 3,298 690 ___________ _________ Operating profit 5,323 1,582 Finance income (10) 151 Finance expenses (139) (2) ___________ _________ Net finance costs (149) 149 ___________ _________ Profit before income tax 5,174 1,731 Income tax (1,253) 40 ___________ _________ Profit for the year attributable to equity holders of the parent 3,921 1,771 ========== ========= Basic earnings per share (p) 7.7 3.5 ========== ========= Diluted earnings per share (p) 7.2 3.4 ========== ========= Final proposed dividend per share (p) 1.0 - ========== ========= OPSEC SECURITY GROUP plcConsolidated Statement of Recognised Income and Expense Year ended Year ended 31-Mar-07 31-Mar-06 £'000 £'000 Foreign exchange translation differences (2,300) 1,495 __________ _________ Net income / (expense) recognised directly in equity (2,300) 1,495 Profit for the year 3,921 1,771 __________ _________ Total recognised income for the year attributable to equity holders of the parent 1,621 3,266 ========== ========== OPSEC SECURITY GROUP plcConsolidated Balance Sheet 31-Mar-07 31-Mar-06 £'000 £'000 ASSETS Non-current assets Property, plant and equipment 7,125 4,966 Intangible assets 10,846 6,498 Investment in joint venture 920 329 Other investments 18 28 Deferred tax assets 3,194 1,758 ___________ __________Total non-current assets 22,103 13,579 ___________ __________ Current assets Inventory 2,729 1,839 Trade and other receivables 5,600 3,616 Cash and cash equivalents 3,077 7,568 ___________ __________ Total current assets 11,406 13,023 ___________ __________ ___________ __________Total assets 33,509 26,602 ___________ __________ LIABILITIES Current liabilities Interest-bearing loans and borrowings (4) - Deferred government grants - (21) Trade and other payables (8,911) (4,876) ___________ __________Total current liabilities (8,915) (4,897) ___________ __________ Non current liabilities Interest-bearing loans and borrowings (1,470) - ___________ __________ Total non current liabilities (1,470) - ___________ __________ Total liabilities (10,385) (4,897) ___________ __________ Net assets 23,124 21,705 =========== ========== EQUITY Capital and reserves Issued capital 2,669 2,669 Share premium account 29,309 29,309 Translation reserve (1,251) 1,049 Retained earnings (7,603) (11,322) ___________ __________ Total equity attributable to equity holders of the parent 23,124 21,705 =========== ========== OPSEC SECURITY GROUP plcConsolidated Statement of Cash Flows Year ended Year ended 31-Mar-07 31-Mar-06 £'000 £'000 Cash flows from operating activities Profit for the year 3,921 1,771 Depreciation 1,239 1,332 Amortisation of intangible assets 109 - Profit on sale of investment (119) - Profit on sale of plant and machinery - (97) Release of government grants (21) (21) Share based payment expense 413 329 Share of joint venture income (3,298) (690) Finance income 10 (151) Finance expenses 139 2 Income tax expense 1,253 (40) Movement in inventory (847) 415 Movement in debtors (1,626) 683 Movement in creditors 2,711 (129) ___________ __________ Cash from operating activities 3,884 3,404 Interest paid (139) (2) Income tax paid - overseas (86) (111) ___________ __________ Net cash inflow from operating activities 3,659 3,291 ___________ __________ Cash flows from investing activities Acquisition of subsidiary undertaking (7,297) - Acquisition of property, plant and equipment (3,695) (1,397) Proceeds from sale of property, plant and equipment - 286 Proceeds from sale of investment 130 - Dividends received from joint venture 2,589 849 Income from other fixed asset investments - - Interest received (10) 130 ___________ __________ Net cash outflow from investing activities (8,283) (132) ___________ __________ Cash flows from financing activities Payment of finance lease liabilities (26) (14) Proceeds from borrowings 1,470 - Proceeds from sale of own shares 133 121 Purchase of own shares (748) - ___________ __________ Net cash inflow from financing activities 829 107 ___________ __________ Net (decrease)/increase in cash and cash equivalents (3,795) 3,266 Cash and cash equivalents at the start of the year 7,568 3,954 Effect of exchange rate fluctuations on cash (700) 348 ___________ __________ Cash and cash equivalents at the end of the year 3,073 7,568 =========== ========== OPSEC SECURITY GROUP plcNotes to the Preliminary AnnouncementFor the year ended 31st March 2007 1) The financial information set out above does not constitute the Company's statutory accounts for the years ended 31st March 2007 or 2006. The financial information for 2006 is derived from the statutory accounts for 2006 which have been delivered to the registrar of companies. The auditors have reported on the 2006 accounts; their report was (i) unqualified, (ii) did not include references to any matters to which the auditors drew attention by way of emphasis without qualifying their reports and (iii) did not contain statements under section 237 (2) or (3) of the Companies Act 1985. The statutory accounts for 2007 will be finalised on the basis of the financial information presented by the Directors in this preliminary announcement and will be delivered to the registrar of companies in due course. 2) Segment Information Year ended Year ended 31-Mar-07 31-Mar-06 £'000 £'000 a) Revenue by geographic segment American operations 19,315 15,369 European operations 15,824 12,226 Intersegment sales (2,005) (2,205) ____________ ___________ 33,134 25,390 ============ =========== b) Revenue by market sector Banknote and high security documents 10,795 9,647 Brand protection 12,645 9,868 ID technologies 9,081 5,598 Other 613 277 ____________ ___________ 33,134 25,390 ============ =========== c) Operating profit by geographic segment American operations 2,587 2,189 European operations 2,057 579 Joint ventures 3,298 690 Corporate costs (2,619) (1,876) ____________ ___________ Operating profit 5,323 1,582 Exclude intangible amortisation 109 - Exclude share based payments 413 329 ____________ ___________ Adjusted operating profit 5,845 1,911 ============ =========== d) Adjusted operating profit by geographic segment American operations 2,696 2,189 European operations 2,057 579 Joint ventures 3,298 690 Corporate costs (2,206) (1,547) ____________ ___________ 5,845 1,911 ============ =========== 3) Net Operating Expenses 2007 2006 £'000 £'000 Distribution Costs Distribution and selling costs 4,169 3,051 ____________ ___________ Administrative Expenses Technical support 1,017 463 Research and development costs 1,499 1,082 Administrative costs 5,853 4,143 Intangible amortisation (109) - ____________ ___________ 8,478 5,688 ____________ ___________ Net operating expenses 12,647 8,739 ============ =========== 4) Share of Profit of Joint Venture The share of profit of joint venture represents the Group's share of the resultsof 3dcd for the year ended 31st March 2007. 5) Financial Income 2007 2006 £'000 £'000 Interest income 96 129 Exchange (losses)/gains on foreign currency deposits (106) 22 ____________ ___________ (10) 151 ============ =========== 6) Financial Expenses 2007 2006 £'000 £'000 Interest expense (139) - Exchange losses on foreign currency borrowings - 2 ____________ ___________ (139) 2 ============ =========== 7) Dividends A final dividend of 1p per share will be proposed at the forthcoming AGM. 8) Taxation 2007 2006 £'000 £'000 Overseas tax Corporation tax 415 (12) Deferred tax 838 (28) ___________ ___________ 1,253 (40) =========== =========== No taxation is payable in the current year by any of the Group's UK basedcompanies due to trading losses brought forward. Corporation tax on profits arising in the Group's American operations comprisesstate taxes and federal taxes, which have been reduced due to losses broughtforward from prior years. At 31st March 2007 the Group had a deferred tax asset of £3,194,000 (2006:£1,758,000) due to losses available in America to carry forward to offsetagainst future profits of the same trades and other short term timingdifferences. At 31st March 2007 the Group had additional tax losses in respect of Europeanoperations. No deferred tax asset has been recognised in respect of theselosses. 9) Earnings Per Share The calculations of earnings per share are based upon the following losses andnumbers of shares. 2007 2006 £'000 £'000 Earnings Earnings for the financial year (basic and diluted) 3,921 1,771 Intangible amortisation 109 - Share based payments 413 329 _____________ ____________ Adjusted earnings for the financial year (basic and diluted) 4,443 2,100 ============= ============ Weighted average number of shares No. of shares No. of shares For basic EPS 50,766,763 50,725,745 Effect of share options and other awards 3,639,620 1,308,349 _____________ ____________ For diluted EPS 54,406,383 52,034,094 ============= ============ 10) Reconciliation of Movements in Capital and Reserves Attributable to equity shareholders Share Share Translation Retained Total capital premium reserve earnings £'000 £'000 £'000 £'000 £'000 At 1st April 2006 2,669 29,309 1,049 (11,322) 21,705Total recognised income and expense - - (2,300) 3,921 1,621 Share based payments - - - 413 413Own shares sold - - - 133 133Own shares purchased - - - (748) (748) ___________________________________________________At 31st March 2007 2,669 29,309 (1,251) (7,603) 23,124 =================================================== 11) A copy of the preliminary statement is available from the Company Secretary, 40 Phoenix Road, Crowther District 3, Washington, Tyne & Wear, NE38 0AD. 12) The preliminary announcement was approved by the Board of Directors for release on 5th June 2007. - Ends - This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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