24th Feb 2005 07:01
Davis Service Group PLC24 February 2005 FOR IMMEDIATE RELEASE 24 February 2005 DAVIS SERVICE GROUP Preliminary results announcement for the year ended 31 December 2004 PROFITS GROWTH MAINTAINED MARGIN TARGETS EXCEEDED AT BERENDSEN CHIEF EXECUTIVE SUCCESSOR ANNOUNCED Turnover - continuing operations Down 2% to £797.7 million (2003: £814.6 million) Profit before tax Up 7% to £92.5 million (2003: £86.4 million)(before goodwill amortisationand exceptionals) Profit before tax Increased to £53.4 million (2003: £26.8 million) Adjusted earnings per share Up 6% to 31.7 pence (2003 : 30.0 pence) Total dividends Up 6% to 16.5 pence (2003 : 15.6 pence) Free cash flow (before dividendsand acquisitions) Generation of £74.3 million (2003: £76.5 million) Gearing Improved to 58% (2003: 86%) Chairman, Neil Benson OBE commented: "In overall terms, a good set of trading results with the Berendsen businesspushing forward strongly. We do not see much change in the UK trading climateover the coming year, whereas on the Continent we look to see some improvementin the economies in which we operate. The Group is well placed to meet thechallenges ahead and expects to deliver further growth in the coming year. We are also pleased to announce that Roger Dye, our Finance Director, is tosucceed John Ivey as Chief Executive." For further information contact: Davis Service Group Financial Dynamics John Ivey Chief Executive Richard Mountain/Andrew LorenzRoger Dye Finance Director Telephone 020 7269 7291Telephone 020 7269 7291(today until 2 pm)Telephone 020 7259 6663 (thereafter) THE DAVIS SERVICE GROUPRESULTS FOR THE YEAR ENDED 31 DECEMBER, 2004 OVERVIEW OF YEAR In overall terms a good set of trading results. In Continental Europe marketsgenerally remained flat, whereas in the UK a more positive background wasaccompanied by pricing and cost pressures which continue to hold backprofitability. In such circumstances it was pleasing to see both of our UKoperations in line with last year's level of earnings and on the Continent, ourstrategy to drive for cost savings and efficiency levels has continued to pushthe Berendsen business forward strongly. Turnover from continuing operations during 2004 was £797.7 million, (2003 :£814.6 million). Pre-tax profit before goodwill amortisation and exceptionalitems at £92.5 million was 7% up on the 2003 level of £86.4 million. Adjustedearnings per share at 31.69 pence were 6% up on last year (2003 : 30.01 pence)mainly as a result of the enhanced performance throughout the Berendsencompanies. Exceptional items, principally relating to the loss on the sale of the HSSbusiness, are shown on the face of the Profit and Loss Account and laid out inmore detail in Note 2 of the Results. There is a separate comment on the HSStransaction later in this release. Profits before tax were £53.4 million (2003:£26.8 million) after the exceptional items and goodwill amortisation. The board is recommending a final dividend of 11.25 pence which together withthe interim dividend of 5.25 pence paid in October 2004, gives a total of 16.5pence, an increase of 6% on last year. The total 2004 dividend is covered justunder two times by adjusted earnings per share. Net borrowings at the year end were £250.5 million (2003: £376.7 million). Theresulting gearing was 58% compared to 86% at 31 December 2003 and 58% at 30 June2004. Interest was covered 7 times by operating profit before exceptional itemsand goodwill amortisation. Free cash flow generated was £74.3 million (2003:£76.5 million). OPERATIONS REVIEW Textile Maintenance - UK and Ireland Turnover for the year increased by 4.6% to £263.3m (2003: £251.6). Operatingprofit at £38.3m was very much in line with last year (2003: £38.4m). This was a good performance in an extremely competitive and difficult marketplace, characterised by improving volumes across all of our business sectors,significant cost inflation and price pressures. These factors are reflected inthe margin decline from 15.3% to 14.5%. Our policy has been to maintain market share, to improve our operationalefficiency by way of a strong investment programme and to rationalise smallerplants. During 2004 we closed five plants and have directed the bulk of ourinvestment programme towards the flatwork area (healthcare and linen). Inaddition we have committed to a two-year IT investment programme to provideintegrated systems to support operations, customer relationships, and businessdevelopment. We expect the operating units to fully utilise the new systems inthe first half of 2006. Our linen rental business benefited from the upturn in the fortunes of the hotelsector. In a price driven environment we more than held our market sharealthough the increased volumes brought little benefit to the "bottom line". The healthcare division saw growth in turnover and operating profits. However,here also, pricing pressures were evident, especially in the re-tenderingprocess for established business. It is pleasing to report that our workwear business saw both volume and turnovergrowth, reflecting the focus we are putting on sales and service operations.However, the division faced similar cost and pricing pressures seen in our otheractivities. Consequently both margin and profitability levels slipped slightly. In Ireland our business put up a creditable performance. All revenue lines wereup, particularly those in the healthcare sector, but operating profits wereneutral compared with last year. Looking forward, it is difficult to see much change in the trading climate.Volume is expected to continue at reasonable levels but cost and pricingpressures will remain a feature. However, with Steve Finch, Sunlight's ManagingDirector, and his colleagues, we feel well positioned to deal with such issuesand are confident we can meet the challenges ahead. Textile Maintenance - Continent Turnover for the period was £388.2m (2003: £406.1) and operating profit was£56.2m (2003: £48.3m). The overall impact of foreign exchange on these results,compared to the equivalent period in 2003, was to reduce turnover by £8.7m andoperating profit by £1.3m. With the economic climate still affecting turnover growth our policy to focus oncosts and operating efficiency delivered a strong uplift in operating profit.At £56.2m, operating profit was 16% up on last year. Consequently, margins wereup from 11.9% to 14.5%, an impressive performance. New business levels, whilst satisfactory, were held back by the underlyinghealth of the customer base, particularly in Germany. Sales levels in our linenbusinesses covering the healthcare and hotel/restaurant markets fell below lastyear, both areas also being affected by our Scandinavian re-organisation.Additionally, in the case of our healthcare markets, budgetary constraintswithin the customer base continued to be an adverse factor. Despite anextremely difficult market in the Netherlands, in total our garment andfacilities activities matched last year's levels. Although we completed the Scandinavian linen rental re-organisation in theperiod, the business areas involved still have to settle down, a process whichshould be out of the way by the end of the first quarter of 2005. WithinDenmark we closed two plants, one of which was re-equipped and subsequentlyre-opened, and within Sweden three plants were closed. Running parallel withthis process we re-organised our facilities (mats and hygiene) business inSweden - following acquisitions in this area in 2003 - and closed seven smallunits. This restructuring process has had some impact on our turnover levels aswe did not seek to accommodate all the existing work within our revised plantnetwork. During the period we sold a safety business in Holland, linenbusinesses in Norway and Germany, and we recently agreed to dispose of a linenbusiness in Sweden. Acquisition activity has not been a primary concern over the last few years, butwith management now running a more settled and efficient business we have beenmore active, particularly towards the end of the year. During the period wepurchased two small facility businesses in Norway, garment turnover and a matprocessing unit in Poland and a mixed linen and garment business in Denmark.The cost of acquisitions in the year totalled £8.0 million. In addition, we haverecently agreed a turnover purchase for our German business. Over the last two and a half years the Berendsen business has been substantiallyrestructured and the very significant benefits of so doing are clear for all tosee. This exercise was carried out by the existing Berendsen management teamunder the direction of Peter Wason (the former Managing Director of The SunlightService Group). Peter Wason's unequalled experience of the textile rentalindustry enabled the task to be carried out in an extremely short time scale andin a manner which has placed the business in a strong position from which todevelop. Our thanks are due to him for doing such a superb job. From 1 January2005 the Berendsen business has been managed by Christer Strom (ManagingDirector), Peter Haveus (Operations Director) and Henrik Stahl (FinanceDirector), all of whom are existing Berendsen directors and have played asignificant part in the change programme. In the coming year we expect to see a slight improvement in the economic climatewhich, with the benefits of our acquisitions and continuing drive forefficiency, should enable us to make good progress. Building Systems Turnover at £146.2 million was down 7% from last year's level of £156.9 million.Operating profits at £17.8 million fell just short of last year's level (£18.1million). Operating margins were 12.2% compared to 11.5% last year. The fall in turnover was primarily driven by the lack of product sales andrelated services and was to a degree compensated for by another good performancefrom our hire related activities. Elliotthire and Loohire both delivered strong performances. We have continuedto invest in our fleets - our core hire fleet grew by 4% in the period and nowhas over 31,000 units and Loohire over 8,000 units (an increase of 6%). InMarch of this year the Elliotthire division embarked on a major project toreplace its ageing in-house hire software system. The system went live inNovember and although still capable of improvement the day-to-day operation ofthe system is working well and has been well received. Turnover in our direct sales and related service activities fell short of lastyear's levels. The shortfall can be attributed to the cessation of some largercontracts, a continued decline in our business for the telecom sector, longerlead times and our failure to support at sufficient speed our sales effort inalternative markets with new products. These issues are being attackedrigorously, our sales effort re-focused, product development is being targetedat key markets and the manufacturing capacity has been re-balanced.Additionally consideration has been given to the future shape of our factory anddepot facilities with the closure in the period of our Brownhills and Thamefacilities and in relation to Peterborough we have agreed Heads of Terms betweenparties to move our facilities to a larger site on the edge of the town. Whilst we do not expect an immediate uplift in the fortunes of our sales andrelated activities, management efforts in this direction and the strength of thebalance of the business should be sufficient to drive through an improvement in2005. SALE OF HSS As previously reported, the group sold its tool hire business for £142.7 millionon 21 January 2004. The purchase price was dependent on the finalisation of theCompletion Accounts which were agreed in November 2004, resulting in a paymentof £8.6 million to the purchaser. The purchaser has now informed the group that it intends selling its business inthe United States. As a result, the scale of the repayment of the securedvendor loan of £20 million to the US business is now in doubt. While effortscontinue to be made by both the group and the purchaser to maximise therepayment, the board believes it would be prudent to make a partial provision of£12.5 million at this time and accordingly we have now valued the vendor loan at£7.5 million. The Board currently believes that no provision is necessary inrespect of the vendor loan notes of £12.5 million to the UK business. SALE OF ELLIOTT On 22 December we announced that we were in discussions with a number of partieswhich had expressed interest in acquiring Elliott. To date these discussionshave not resulted in an agreement to sell the business. BOARD The process of change referred to in last year's statement is now substantiallycomplete. Philip Rogerson who joined us as a non-executive director in June2004 has already become a highly valued colleague, and we feel sure that thesame will be true of Per Utnegaard who was appointed to the Board earlier thisyear. Last year our Chief Executive, John Ivey, announced his intention to retire.This he now intends to do on 30 April. With the assistance of outside searchconsultants, the Nomination Committee considered a large number of candidatesfor the position. Our Finance Director, Roger Dye, was one of those candidatesand we announce today that he has been selected. The search for a new FinanceDirector has been started. With the succession of the Chief Executive confirmed and that of the FinanceDirector in train and with the non-executive membership of the Board at theright level, Neil Benson also intends to retire from the Board on 30 April 2005,from which date he will be succeeded by Christopher Kemball (currently DeputyChairman). OUTLOOK Our view is that we will see very little change in the UK trading climate overthe coming year, whereas on the Continent we look to see some improvement in theeconomies in which we operate. The group is well placed to meet the challengesahead and expects to deliver further growth in the coming year. THE DAVIS SERVICE GROUP PLC CONSOLIDATED PROFIT AND LOSS ACCOUNTFor the year ended 31 December 2004 2004 2003 Before Before goodwill goodwill amortisation Goodwill amortisation Goodwill and amortisation and amortisation exceptional and exceptional and items exceptional items exceptional items Total items Total Notes £'000 £'000 £'000 £'000 £'000 £'000 TurnoverContinuing operations 797,662 - 797,662 814,635 - 814,635Discontinued operations - - - 180,718 - 180,718 1 797,662 - 797,662 995,353 - 995,353Operating profitContinuing operationsBefore goodwillamortisation andexceptional operatingcostsContinuing 108,086 - 108,086 101,696 - 101,696Goodwill amortisation - (20,389) (20,389) - (18,102) (18,102)Exceptional operating 2(a) - 973 973 - (11,317) (11,317)items 108,086 (19,416) 88,670 101,696 (29,419) 72,277Discontinued operations - - - 7,968 (647) 7,321Operating profit 1 108,086 (19,416) 88,670 109,664 (30,066) 79,598Profit on sale ofproperties in continuingoperations 2(b) - 3,448 3,448 - 2,627 2,627Loss on sale of business 2(b) - (55,294) (55,294) - - -Provision for loss on 2(b) - 32,165 32,165 - (32,165) (32,165)sale of businessProfit on ordinary activities 108,086 (39,097) 68,989 109,664 (59,604) 50,060before interestNet interest payable 3 (15,617) - (15,617) (23,302) - (23,302)Profit on ordinary activities 92,469 (39,097) 53,372 86,362 (59,604) 26,758before taxation Tax on profit onordinary activities 4 (28,045) 1,154 (26,891) (22,118) 5,732 (16,386) Profit on ordinary 64,424 (37,943) 26,481 64,244 (53,872) 10,372activities aftertaxationMinority interests (310) - (310) (391) - (391)Profit attributable to 64,114 (37,943) 26,171 63,853 (53,872) 9,981ordinary shareholders Dividends paid and 5 (33,744) (31,408)proposedRetained (loss) for the year (7,573) (21,427) pence pence Basic earnings per share 6 12.93 4.98 Diluted earnings per share 12.85 4.94 Adjusted earnings per 6 31.69 30.01share The accompanying notes form part of this preliminary announcement THE DAVIS SERVICE GROUP PLC CONSOLIDATED BALANCE SHEETAs at 31 December 2004 2004 2003 Notes £'000 £'000 £'000 £'000 Fixed assets Intangible 276,525 290,575Tangible 458,781 561,046Investments 20,000 - 755,306 851,621 Current assets Stocks 22,319 28,631 Debtors 151,611 190,937 Cash at bank and in hand 73,856 50,911 247,786 270,479 Creditors: Amounts falling duewithin one year (263,851) (316,072) Net current (liabilities) (16,065) (45,593) Total assets lesscurrent liabilities 739,241 806,028 Creditors: Amounts falling due aftermore than one year (273,779) (333,055) Provisions for liabilitiesand charges: Deferred tax (29,518) (34,722) 435,944 438,251 Minority Interest (Equity) (1,672) (2,192) Net assets 434,272 436,059 Capital and reserves Share capital 50,692 50,326 Reserves 383,580 385,733 Shareholders' funds 7 434,272 436,059 THE DAVIS SERVICE GROUP PLC CONSOLIDATED CASH FLOW STATEMENTFor the year ended 31 December 2004 2004 2003 Notes £'000 £'000 £'000 £'000 Net cash inflow fromoperating activities 10 227,582 275,773 Returns on investments andservicing of financeInterest received 2,868 2,917Interest paid (15,811) (27,338)Net cash outflow (12,943) (24,421)TaxationUK corporation tax paid (6,986) (13,008)Overseas tax paid (10,039) (11,599)Net cash outflow (17,025) (24,607) Capital expenditurePurchase of tangible fixed assets (142,529) (169,788)Proceeds from sale of tangible fixed assets 19,176 19,581Net cash outflow (123,353) (150,207) Free cashflow 74,261 76,538 Acquisitions and disposals Acquisition of subsidiaries and businesses (11,059) (18,065)Net balances acquired with subsidiaries (652) 1,120Disposal of subsidiaries 118,135 -Net (cash) sold with subsidiary (1,195) -undertakingsIssue of loan notes (20,511) -Net cash inflow / (outflow) 84,718 (16,945) Equity dividends paid (32,152) (30,324)Net cash inflow before financing 126,827 29,269 FinancingIssue of ordinary share capital 4,086 2,718Repayment of loan notes (69) (52)Repayment of finance leases/hire purchase liabilities (4,366) (5,196)Net repayment of medium term loans (105,326) (22,712)Net cash outflow from financing (105,675) (25,242)Increase in cash 11 21,152 4,027 THE DAVIS SERVICE GROUP PLC Notes to the preliminary announcement of resultsFor the year ended 31 December 2004 1. SEGMENTAL ANALYSIS (a) By class of business 2004 2003 Net Net operating Operating assets Operating operating profit profit assets Turnover Turnover £'000 £'000 £'000 £'000 £'000 £'000 Continuing operationsTextile maintenance - UK & Ireland 263,250 38,267 157,087 251,595 38,369 141,840 Textile maintenance - Continent 388,214 56,159 181,831 406,110 48,321 184,354Building systems 146,198 17,804 85,514 156,930 18,063 87,320Central overheads net of currency - (4,144) (13,137) - (3,057) 1,334gain 797,662 108,086 411,295 814,635 101,696 414,848Discontinued operations - - - 180,718 7,968 128,667 797,662 108,086 411,295 995,353 109,664 543,515Goodwill amortisation - (20,389) 276,525 - (18,749) 290,575Exceptional operating items - 973 - - (11,317) -(note 2a) 797,662 88,670 687,820 995,353 79,598 834,090Analysis of goodwillTextile maintenance - UK & Ireland (3,216) 23,922 (2,862) 26,203Textile maintenance - Continent (16,133) 245,583 (13,999) 255,538Building systems (1,040) 7,020 (1,241) 8,060 (20,389) 276,525 (18,102) 289,801Discontinued operations - - (647) 774 (20,389) 276,525 (18,749) 290,575 1. SEGMENTAL ANALYSIS (continued) (b) By geographical segment 2004 2003 Net operating Net assets Operating Operating operating profit profit Turnover Turnover assets £'000 £'000 £'000 £'000 £'000 £'000 Continuing operationsUnited Kingdom 382,152 48,360 205,515 381,893 49,631 207,507Europe 415,510 59,726 205,780 432,742 52,065 207,341 797,662 108,086 411,295 814,635 101,696 414,848Discontinued operationsUnited Kingdom - - - 144,778 12,331 92,791Europe - - - 3,748 777 4,375United States of America - - - 32,192 (5,140) 31,501 - - - 180,718 7,968 128,667Goodwill amortisation - (20,389) 276,525 - (18,749) 290,575Exceptional operating items - 973 - - (11,317) -(Europe) 797,662 88,670 687,820 995,353 79,598 834,090Analysis of goodwillUnited Kingdom (4,094) 29,849 (4,072) 34,128Europe (16,295) 246,676 (14,072) 255,977United States of America - - (605) 470 (20,389) 276,525 (18,749) 290,575 (c) Reconciliation of net operating assets to net assets 2004 2003 £'000 £'000 Net operating assets (as above) 687,820 834,090Investments 20,000 -Net debt (250,509) (376,656)Proposed dividend (23,039) (21,375)Net assets (as per balance sheet) 434,272 436,059 All turnover relates to external customers. There is no material difference inturnover stated by origin and destination. 2. EXCEPTIONAL ITEMS a) Exceptional operating items 2004 2003 £'000 £'000 Closure costs of laundries - (11,317)Release of provisions (note i) 973 - 973 (11,317) (i) The exceptional income reflected in 2004 represents the release ofexcess provisions not required in respect of the reorganisation of flatworkactivities in Scandinavia. b) Exceptional items 2004 2003 £'000 £'000 Excess of consideration over net assets 4,001Provision for transaction costs (6,641)Provision for past service pensions (13,500)Related goodwill previously written off to reserves (18,571)Partial provision for US Vendor loan notes (note i) (12,500)Settlement of completion account matters (note i) (8,594)Realised exchange gain 511Loss on sale of HSS (55,294) Provision for the loss on sale of HSS 32,165 (32,165)Profit on sale of properties in continuing 3,448 2,627operations (note ii) (19,681) (29,538) (i) The actual loss on sale of HSS exceeded the provision for loss on salemade at 31 December 2003 principally due to the finalisation of completionaccount matters and a partial provision for the US Vendor loan notes. (ii) The profit on sale of properties realised in 2004 largely related tothe sale of properties within the Sunlight Group and Elliott (tax effect is acredit of £221,000). 3. NET INTEREST PAYABLE 2004 2003 £'000 £'000 Interest receivable 3,751 3,230 Interest payable (19,368) (26,532) (15,617) (23,302) 4. TAXATION Analysis of charge for the year 2004 2003 £'000 £'000 £'000 £'000Current tax:UK corporation tax on profits for the year 6,434 10,682Adjustment in respect of previous years 1,066 (686) 7,500 9,996Overseas tax 14,529 11,888Total current tax 22,029 21,884Deferred tax:Origination and reversal of timing differences 6,146 (4,595)Changes in tax rates and laws (455) 12Adjustments to deferred tax assets arising in previous years (829) (915)Total deferred tax 4,862 (5,498)Tax on profit on ordinary activities 26,891 16,386 On ordinary activities before exceptional items 28,045 25,816On goodwill amortisation and exceptional items (1,154) (5,732)Tax credit in respect of prior years (Germany) - (3,698) 26,891 16,386 5. ANALYSIS OF DIVIDENDS 2004 2003 £'000 £'000 Interim - paid 5.25 pence per share (2003 : 5.00 pence) 10,705 10,033 Final - proposed of 11.25 pence per share (2003 : 10.60 pence) 23,039 21,375 33,744 31,408 6. EARNINGS PER SHARE Earnings per share are based on the group profit for the year and a weightedaverage of 202,346,162 (2003: 200,492,294) ordinary shares in issue during theyear. 2004 2003 Pence Pence Basic earnings per share 12.93 4.98Profit on disposal of properties (after taxation) (1.81) (1.25)Goodwill amortisation (after taxation) 9.81 9.35Tax credit in respect of prior years - (1.84)Exceptional operating costs (after taxation) (0.49) 4.75Loss on sale of business (after taxation) 25.15 -Provision for loss on sale (after taxation) (13.90) 14.02Adjusted earnings per share 31.69 30.01 Diluted earnings per share are based on the group profit for the year and aweighted average of ordinary shares in issue during the year calculated asfollows: 2004 2003 Number of Number of shares shares In issue 202,346,162 200,492,294Dilutive potential ordinary shares arising from unexercised share options 1,367,305 1,546,183 203,713,467 202,038,477 7. MOVEMENT IN SHAREHOLDERS' FUNDS 2004 2003 £'000 £'000 Retained (loss) (7,573) (21,427)Currency translation 1,701 11,521Reinstatement of goodwill - 18,571Issue of share capital 4,085 2,719Net (reduction) / addition to shareholders' (1,787) 11,384funds Opening shareholders' funds 436,059 424,675Closing shareholders' funds 434,272 436,059 8. BORROWINGS 2004 2003 £'000 £'000 Within one year - bank 55,299 97,477 - other 3,290 4,316 Within one to two years - bank 42,110 34,064 - other 2,680 2,747 Within two to five years - bank 217,413 285,381 - other 3,361 3,342 Over five years - bank 63 93 - other 149 147 324,365 427,567 9. GEARING 2004 2003 £'000 £'000 Net assets before net debt 684,781 812,715 Net debt (note 12) (250,509) (376,656) Shareholders' funds 434,272 436,059 Net gearing 58% 86% 10. NET CASH INFLOW FROM OPERATING ACTIVITIES 2004 2003 £'000 £'000 Operating profit 88,670 79,598 Amortisation of intangible fixed assets 20,389 18,749 Depreciation of tangible fixed assets 135,111 162,281 Profit on disposal of tangible fixed assets (3,063) (2,703) Decrease / (increase) in stocks 2,913 (1,687) (Increase) / decrease in debtors (10,420) 18,133 (Decrease) / increase in creditors (6,018) 1,402 227,582 275,773 11. RECONCILIATION OF NET CASHFLOW TO MOVEMENT IN NET DEBT 2004 2003 £'000 £'000 Increase in cash 21,152 4,027 Cash inflow from movement in debt and lease financing 109,760 27,960 Changes in net debt resulting from cash flows 130,912 31,987 New finance leases (3,787) (4,437) Bank loans and lease obligations (acquired) / disposed with subsidiaries (2,779) (2,411) Translation differences 1,801 (18,171) Movement in net debt in period 126,147 6,968 Net debt at beginning of period (376,656) (383,624)Net debt at end of period (250,509) (376,656) 12. ANALYSIS OF NET DEBT At beginning Other Exchange At end of of year non-cash movement year changes Cash flow £'000 £'000 £'000 £'000 £'000 Cash at bank and in hand 50,911 19,509 - 3,436 73,856 Bank overdrafts (12,682) 1,643 - (1,145) (12,184) 38,229 21,152 - 2,291 61,672 Loans and other lease obligations (414,885) 109,760 (6,566) (490) (312,181) Net debt (376,656) 130,912 (6,566) 1,801 (250,509) 13 The information on pages 8 to 17 have been extracted from the auditedfinancial statements for the year ended 31 December 2004 which have beenprepared on the basis of the accounting policies as set out in the financialstatements for the year ended 31 December 2003. The figures and financialinformation for the year ended 31 December 2003 do not constitute the financialstatements for that year. Those financial statements have been delivered to theRegistrar and included the auditor's report which was unqualified and did notcontain a statement under either Sections 237(2) or 237(3) of the Companies Act1985. 14 The final dividend is subject to confirmation at the Annual General Meetingwhich will be held on Tuesday, 26 April 2005 at Glaziers Hall, 9 Montague Close,London Bridge, London SE1 9DD at 11.00am. Transfers to be taken into accountfor the proposed final dividend must be lodged at the company's transfer office,Lloyds Bank Registrars, Goring-on-Sea, Worthing, West Sussex by mid-day onFriday 15 April 2005, the expected record date. The proposed final dividend willbe paid on 4 May 2005. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Berendsen