8th Apr 2008 07:00
Havelock Europa PLC08 April 2008 Tuesday 8 April 2008 HAVELOCK EUROPA PLC - PRELIMINARY ANNOUNCEMENT Havelock, the Educational and Retail Interiors and Point of Sale Display Group,announces a year of further progress, with underlying pre-tax profit increasingsubstantially for a sixth successive year. Financial Highlights • Revenue increased by 9% to £125.0m. • Underlying+ pre-tax profit increased by 23% to £7.1m and underlying+ fully diluted earnings per share were 13.1p, up 13%. • Reported pre-tax profit was £6.7m, up 24%, and reported fully diluted earnings per share amounted to 12.0p, up 13%. • Gearing fell from 88% to 48%, a third successive annual decrease. • With the final dividend per share up 13% to 3.4p, total dividends per share are increased by 13% to 4.5p, covered 2.6 times. + Underlying excludes amortisation of intangibles (other than software) of £0.4m(2006: £0.4m). Commercial Highlights • Retail Interiors finished the year strongly, with revenue up 14% to £54.0m as a result of strong performances with House of Fraser, Marks and Spencer, Primark, HBOS and Boots the Chemist. • Retail Interiors started 2008 with strong order books and Havelock considers that the Division is well placed to withstand any temporary downturn in the retail sector. • Point of Sale Display produced an excellent result, following significant capital investment in plant and machinery, and revenue increased marginally to £27.6m. • Point of Sale Display has, in the past, benefited from more difficult trading conditions in the retail sector, as retailers increase their expenditure on promotion to preserve sales. First quarter order intake increased substantially as a result of the addition of new customers. Another good year is expected in Point of Sale Display. • As indicated in the pre-close trading update issued on 21 January 2008, the overall results of Educational Interiors were disappointing. Whilst revenue increased by 9% to £43.3m, all of this increase was accounted for by revenue from the newly-acquired Stage Systems. • In 2008, renewed organic growth in Educational Interiors is anticipated, with the Group likely to be involved in approximately 21 PFI and BSF projects in 2008, in respect to which letters of intent or orders have already been received for 19. Its opening order book as at 1 January 2008 was £43.4m as compared with £10.0m at 1 January 2007 and this order book continues to increase. Overall Prospects Malcolm Gourlay, Chairman, said "With first quarter order intake increased to£36.4m from £25.6m in 2006, a higher than normal percentage of 2008 sales isalready visible. Havelock remains on track for a further year of progressalthough, as usual, it is expected that a great majority of its profits will beearned in the second half." Enquiries: Havelock Europa PLC 01383-820 044Hew Balfour (Chief Executive) 07801-683 851Grant Findlay (Finance Director) 07768-745 960 Bankside Consultants LimitedCharles Ponsonby 020-7367 8851 PRELIMINARY STATEMENT 2007 was a year of further progress for Havelock, with underlying pre-tax profitincreasing substantially for a sixth successive year. In an increasinglycompetitive marketplace, useful advances have been made in seeking anddelivering efficiencies for our customers and in improving our internalprocesses and procedures, as new complexity is becoming evident in many of ourinteriors contracts. FINANCIAL OVERVIEW Revenues increased by 9% to £125.0 million (2006: £114.5 million). Pre-tax profit increased by 23% to £7.1 million (2006: £5.8 million) afteradding back £0.4 million (2006: £0.4 million) in respect of the amortisation ofintangibles (other than software) and fully diluted earnings per share on thisbasis were 13.1p (2006: 11.6p), up 13%. Reported pre-tax profit was £6.7 million(2006: £5.4 million), up 24%, and reported fully diluted earnings per shareamounted to 12.0p, up 13% (2006: 10.6p). In February 2007, Havelock raised £4.9 million, net of expenses, through theissue of 3.2 million new ordinary shares. This was applied, in part, to fund theacquisition of Stage Systems Limited, an educational furniture business, for atotal consideration of £3.45 million. The balance of the cash raised of £1.45million, together with improved working capital flows, enabled Group net debt tobe reduced to £11.4 million (2006: £13.5 million). Net interest expense wasreduced to £1.3 million (2006: £1.6 million) and was covered 6.2 times (2006:4.4 times) by operating profit. With shareholders' funds increasing from £15.3million to £24.0 million, gearing fell from 88% to 48%, a third successiveannual decrease. DIVIDENDS The Board is proposing a final dividend per share of 3.4p (2006: 3.0p), up13.3%. If approved at the Annual General Meeting on 25 June 2008, the dividendwill be paid on 4 July 2008 to shareholders on the register at close of businesson 6 June 2008. Including the interim dividend per share of 1.1p (2006: 1.0p), paid on 27December 2007, proposed dividends per share for the year will total 4.5p (2006:4.0p), up 12.5%, and covered 2.6 times. At the Annual General Meeting, a resolution will also be proposed to give theCompany power to purchase up to 10% of its own shares. The Company does notcurrently have this power and, if the resolution is approved by shareholders,the Board will monitor market conditions and will consider purchasing shares ifit believes it would be in the best interests of shareholders so to do. TRADING OVERVIEW Retail Interiors Retail Interiors finished the year strongly, with revenue up by 14% to £54.0m(2006: £47.5m) as a result of strong performances with House of Fraser, Marksand Spencer, Primark, HBOS and Boots. The improved fortunes of the divisionreflects the success of a strategy to focus on three major markets: • substantial and successful retailers; • major High Street banks; and • providers of accommodation in the education, defence and budget hotel sectors. Property rationalisation and low cost country procurement contributed to animprovement in margins. Point of Sale Display Although revenues for the two businesses in this division increased onlymarginally to £27.6m (2006: £27.4m), with a decline in revenue at ShowcardDisplay being offset by increased revenue in Showcard Print, the divisionproduced an excellent result following significant capital investment in plantand machinery, including a large format digital litho press. Educational Interiors As indicated in the pre-close trading update issued on 21 January 2008, theoverall results of the educational furniture and supplies businesses weredisappointing. Whilst revenues increased by 9% to £43.3m (2006: £39.6m), all ofthis increase was accounted for by revenue from the newly-acquired StageSystems, a manufacturer of demountable staging products for schools. As projectsin the Direct to Schools segment have become larger and more complex, the periodelapsing between the placing of an order and the commencement of work haselongated. Whilst the volume of PFI business continued to grow in 2007, thisbusiness stream has lower margins and this, when combined with a lower revenueflow from the Direct to Schools segment, affected the divisional results for theyear. In addition, as previously noted, a number of operational issuescontributed to produce a lower than expected outcome. Whilst, elsewhere in thisdivision, Stage Systems traded well and above original expectations, this wasinsufficient to offset the less than satisfactory performance in the furniturebusiness. An action plan to rectify these shortcomings is in place and thechanges are already showing benefits. STRATEGY The Group's strategy is based on a drive to find new growth sectors and improveshareholder value by concentrating on UK markets where the Group can establishsignificant competitive advantage or where there is scope for expansion. To thisend, the Group concentrates on relationships with customers who value innovativedesign, quality of performance, capacity to supply, and consistency of service.The separation of the Retail Interiors business into two business units, oneconcentrating on the supply and installation of store fittings and furniture andthe other on internal fit out and contracting, has had beneficial effects andimproved marketing success. The application of project management skills,pioneered in the department store arena, to retail banking and the fit out ofcorporate offices within the financial services sector, is one example of thedeveloping opportunities that the Retail Interiors Division is progressing. In addition, the Retail and Educational Interiors divisions are now working as asingle team to improve operational efficiency through the sharing of equipment,production planning and logistics. The two divisions will continue to workclosely together under the leadership of Richard Lowery, the main Board Directorresponsible for co-ordinating the operational improvement plan within theEducational businesses. CURRENT TRADING AND PROSPECTS Notwithstanding the more uncertain outlook in the UK economy, 2008 started withstrong order books in place in both Retail and Educational Interiors, with ahigher than normal percentage of 2008 sales already visible. In the retail sector, this reflects a significant development programme in placewith House of Fraser and a continuation of refurbishment activity with bothMarks and Spencer and Boots. In the last three months, the order book hasincreased with new, significant customers being added. With a strong customerbase in this division, many of whom have firm capital expenditure plans,including a number in retail banking, the Group considers that it is well placedto withstand any temporary downturn in the retail sector. The Point of Sale Division has, in the past, benefited from more difficulttrading conditions in the retail sector, as retailers increase their expenditureon promotion to preserve sales volume. First quarter order intake in thedivision increased substantially over the comparative figure for the previousyear as the result of the addition of a number of new customers. Another goodyear is expected in this division. Renewed organic growth in Educational Interiors is anticipated, with the Grouplikely to be involved in some 21 PFI and BSF (Building Schools for the Future)projects in 2008, in respect of which letters of intent or orders have alreadybeen received for 19. The opening order book as at 1 January 2008 was £43.4m ascompared with £10.0m as at 1 January 2007 and this order book continues toincrease. In the first quarter of 2008, Group, order intake was £36.4m (2007: £25.6m).Revenues are in line with expectation but slightly lower than the first quarterof 2007, reflecting the completion dates of some larger contracts. The volume of activity in low-cost country procurement is expected to doubleduring the year, with five full time employees now located in Shanghai, bringingbenefits to both Retail and Educational Interiors. Further cost savings from theproperty rationalisation at Bristol and Dalgety Bay undertaken in 2007 will comethrough in 2008, as planned, and these, combined with further operatingefficiencies, will contribute to improved performance. Accordingly, the Group remains on track for a further year of progress although,as usual, it is expected that the great majority of its profits will be earnedin the second half of the year. Malcolm Gourlay 8 April 2008 CONSOLIDATED INCOME STATEMENT for the year ended 31 December 2007 2007 2006 Note £000 £000 Revenue 4 124,955 114,504Cost of sales (98,031) (91,767) ______ _______Gross profit 26,924 22,737 Administrative expenses (18,942) (15,868) _______ _______Operating profit 4 7,982 6,869 Expected return on defined benefit pension plan 1,779 1,484assetsNet financial expenses - on bank borrowings andfinance (1,420) (1,561)leasesInterest on defined benefit pension scheme (1,638) (1,479)liabilities _______ _______Net financing costs (1,279) (1,556) _______ _______ Share of profit of associates - 24Gain on sale of interest in associate - 98 _______ _______Profit before tax 6,703 5,435 Income tax expense 5 (2,148) (1,743) _______ _______Profit for the year (attributable to equity holdersof 4 4,555 3,692the parent) _______ _______ Basic earnings per share 6 12.2p 10.8p Diluted earnings per share 6 12.0p 10.6p STATEMENT OF RECOGNISED INCOME AND EXPENSE for the year ended 31 December 2007 2007 2006 £000 £000 NoteExchange differences on translation of overseas 11 - (21)associateActuarial gain on defined benefit pension plan 232 622Tax on items taken directly to equity (225) (187)Cash flow hedges:Effective portion of changes in fair value 11 (36) 303 _______ _______Net expense recognised directly in equity (29) 717 Profit for the year 4,555 3,692 _______ _______ Total recognised income and expense (attributableto 11 4,526 4,409equity holders of the parent) ------- ------------- === === BALANCE SHEET as at 31 December 2007 2007 2006 £000 £000 NoteAssetsNon-current assetsProperty, plant and equipment 14,117 12,321Intangible assets 14,653 12,470Deferred tax assets 1,417 1,927 _______ _______Total non-current assets 30,187 26,718 _______ _______Current assetsInventories 7 11,385 11,791Non-current assets classified as held for sale 1,765 348Trade and other receivables 8 25,276 25,279Cash and cash equivalents 4,447 2,080 _______ _______Total current assets 42,873 39,498 _______ _______Total assets 4 73,060 66,216 _______ _______LiabilitiesCurrent liabilitiesInterest-bearing loans and borrowings 9 (1,577) (3,591)Derivative financial instruments (51) (15)Income tax payable (1,090) (1,160)Non-current liabilities classified as held for sale (409) -Trade and other payables 10 (25,512) (26,603) _______ _______Total current liabilities (28,639) (31,369) _______ _______Non-current liabilitiesInterest-bearing loans and borrowings 9 (14,286) (11,964)Retirement benefit obligations (5,168) (6,424)Deferred tax liabilities (1,007) (1,132) _______ _______Total non-current liabilities (20,461) (19,520) _______ _______Total liabilities 4 (49,100) (50,889) _______ _______Net assets 23,960 15,327 _______ _______EquityIssued share capital 11 3,853 3,486Share premium 11 7,013 2,020Other reserves 11 3,127 3,163Revenue reserves 11 9,967 6,658 _______ _______Total equity attributable to equity holders of theparent 23,960 15,327 _______ _______ CASH FLOW STATEMENT for the year ended 31 December 2007 2007 2006 £000 £000Cash flows from operating activities NoteProfit before tax 6,703 5,435Adjustments for:Depreciation of property, plant and equipment 2,095 1,818Amortisation of intangible assets 546 466Gain on sale of property, plant and equipment (282) (11)Gain on sale of interest in associate - (98)Net financing costs 1,279 1,556Share of profit of associates - (24)IFRS 2 charge relating to equity settled plans 326 177 ------- -------Operating cash flows before changes in working capitaland provisions 10,667 9,319Increase in trade and other receivables (635) (5,018)Decrease/(increase) in inventories 468 (2,868)(Decrease)/Increase in trade and other payables (1,266) 4,627Movement relative to defined benefit pension scheme (883) (674) _______ _______Cash generated from operations 8,351 5,386 _______ _______Interest paid (1,473) (1,585)Income taxes paid (2,145) (909) _______ _______Net cash from operating activities 4,733 2,892 _______ _______Cash flows from investing activitiesProceeds from sale of property, plant and equipmentand asset held for resale 699 64Proceeds from sale of interest in associate - 943Acquisition of property, plant and equipment (4,113) (1,105)Acquisition of intangible assets (256) (84)Acquisition of subsidiaries, net of cash balancesacquired (2,535) (246) _______ _______Net cash outflow from investing activities (6,205) (428) _______ _______Cash flows from financing activitiesProceeds from the issue of share capital 5,110 40Increase in bank loans 1,031 782Movements in relation to purchase of own shares - (99)Repayment of loan notes - (532)Repayment of bank borrowings (625) (1,250)Repayment of finance lease liabilities (98) (72)Dividends paid 11 (1,579) (1,288) _______ _______Net cash inflow/(outflow) from financing activities 3,839 (2,419) _______ _______Net increase in cash and cash equivalents 2,367 45Cash and cash equivalents at 1 January 2,080 2,035 _______ _______Cash and cash equivalents at 31 December 4,447 2,080 _______ _______ NOTES TO THE STATEMENTS 1. The financial information set out above does not constitute the company'sstatutory accounts for the years ended 31 December 2007 or 2006 but is derivedfrom the 2007 accounts. Statutory accounts for 2006 have been delivered to theRegistrar of Companies and those for 2007 will be delivered in due course. Theauditors have reported on those accounts; their reports were (i) unqualified,(ii) did not include references to any matters to which the auditors drewattention by way of emphasis without qualifying their reports and (iii) did notcontain statements under section 237(2) or (3) of the Companies Act 1985. 2. Basis of consolidation The consolidated financial statements comprise Havelock Europa PLC and itssubsidiaries, together with the Group's share of the results of its formerassociate. The financial statements of subsidiaries are prepared to the samereporting date using accounting policies consistent with those of the parentcompany. Intra-group transactions and balances, including any unrealised gainsand losses or income and expenses arising from intra-group transactions, areeliminated in full. 3. Profit before tax Cost of Administrative Total sales costs 2007 2006 2007 2006 2007 2006 £000 £000 £000 £000 £000 £000Profit before tax is statedafter charging/ (crediting): Depreciation of property,plant 1,369 1,463 726 355 2,095 1,818and equipmentAmortisation of intangible 14 - 532 466 546 466assets(Gain)/loss on sale ofproperty, (306) - 24 (11) (282) (11)plant and equipmentDilapidations andnon-recurring - - - 545 - 545property costs 4. Segment reporting Segment information is presented in respect of the Group's business segments andis based on the Group's management and internal financial reporting structure. Inter-segment pricing is determined on an arm's length basis. Segment results, assets and liabilities include items directly attributable to asegment as well as those that can be allocated on a reasonable basis.Unallocated items mainly comprise interest-bearing loans and borrowings,deferred consideration payable for business combinations, income taxes andcorporate assets, liabilities and expenses. Segment capital expenditure is the total cost incurred during the period toacquire segment assets that are expected to be used for more than one period. Business segments The Group comprises the following business segments, all of which are continuingoperations: • Retail - design, manufacture and installation of interiors for retailers, financial services, hotels and healthcare premises; • Education - design, manufacture and installation of classrooms, fitted and loose furniture, teaching aids, display boards and fume cupboards for the education sector; • Point of sale display - printing of promotional graphics and manufacture of display equipment for use in retail, financial services and branded goods businesses. Business Retail Education Point of sale Elimination Consolidatedsegments display 2007 2006 2007 2006 2007 2006 2007 2006 2007 2006 £000 £000 £000 £000 £000 £000 £000 £000 £000 £000 Revenue fromexternalcustomers 54,042 47,507 43,289 39,623 27,624 27,374 - - 124,955 114,504Inter-segmentrevenue 839 368 90 167 570 573 (1,499) (1,108) - - ----- ----- ----- ----- ----- ----- ----- ----- ------ ------Total revenue 54,881 47,875 43,379 39,790 28,194 27,947 (1,499) (1,108) 124,955 114,504 ----- ----- ----- ----- ----- ----- ----- ----- ------ ------ Segmentresult beforeamortisationofintangiblesexcludingsoftware 3,644 1,124 1,970 4,154 4,713 3,806 - - 10,327 9,084Amortisationofintangiblesexcluding - - (435) (368) - - - - (435) (368)software ----- ----- ----- ----- ----- ----- ----- ----- ------ ------Segmentresult afteramortisationofintangibles 3,644 1,124 1,535 3,786 4,713 3,806 - - 9,892 8,716Unallocatedexpenses (1,910) (1,847) ------ ------Profit fromoperationsbeforefinancingcosts 7,982 6,869Net financingcosts (1,279) (1,556)Share ofprofit fromassociates - 24Gain on saleof interestin - 98associateIncome taxexpense (2,148) (1,743) ------ ------Profit forthe 4,555 3,692year ------ ------ Segment 17,534 18,184 34,549 29,528 12,709 13,233 - - 64,792 60,945assetsAssetsclassified asheld for sale 1,765 348 1,765 348Unallocatedassets 6,503 4,923 ------ ------Total assets 73,060 66,216 ------ ------ Segmentliabilities (15,229) (18,055) (4,918) (4,122) (3,471) (4,013) - - (23,618) (26,190)Unallocatedliabilities (25,482) (24,699) ------ ------Totalliabilities (49,100) (50,889) ------ ------ Capitalexpenditure (571) (567) (944) (756) (2,854) (394) - - (4,369) (1,717)Unallocatedcapitalexpenditure - (5)Depreciation (422) (502) (540) (449) (1,113) (853) - - (2,075) (1,804)Unallocateddepreciation (20) (14)Amortisationof intangibleassets (18) (24) (508) (407) (17) (20) - - (543) (451)Unallocatedamortisationof intangibleassets (3) (15) 5. Income tax expense Recognised in the income statement 2007 2006 £000 £000Current tax expenseCurrent year (1,956) (1,559)Adjustments for prior years 21 80 ------- ------- (1,935) (1,479) ------- ------- Deferred tax expenseOrigination and reversal of temporary differences (202) (207)Adjustments for prior years (11) (57) ------- ------- (213) (264) ------- ------- Total income tax expense in the consolidated incomestatement (2,148) (1,743) ------- ------- 6. Earnings per share The calculation of basic earnings per share and underlying earnings per share at31 December 2007 is based on the profit attributable to ordinary shareholders asfollows: 2007 2006 2007 2006 Earnings Earnings EPS EPS £000 £000 pence penceBasic 4,555 3,692 12.2 10.8Adjusted for:Amortisation of intangibles that attractno 435 368 1.2 1.1corporate tax deduction -------- -------- ------- -------Adjusted 4,990 4,060 13.4 11.9 -------- -------- ------- -------Diluted basic earnings per share 12.0 10.6Diluted adjusted earnings per share 13.1 11.6 Amortisation of intangible assets 2007 2006 £000 £000Total amortisation of intangible assets 546 466Less amortisation of computer software (111) (98) -------- -------Amortisation of intangibles that attract no tax deduction 435 368 -------- ------- The weighted average number of shares used in each calculation is as follows: Undiluted earnings per share In thousands of shares 2007 2006 Issued ordinary shares at 1 January 34,859 34,789Effect of own shares held (656) (656)Effect of shares issued in 2006 - 50Effect of shares issued in 2007 3,166 - ------- -------Weighted average number of ordinary shares for the yearended 31 December 37,369 34,183 ------- ------- Diluted earnings per share In thousands of shares 2007 2006 Weighted average number of ordinary shares for the yearended 31 December 37,369 34,183Effect of share options on issue 671 724 ------- -------Weighted average number of ordinary shares (diluted) for theyear ended 31 December 38,040 34,907 ------- ------- 7. Inventories 2007 2006 £000 £000Raw materials and consumables 3,477 3,161Work in progress 2,025 3,783Finished goods 5,883 4,847 ------- ------- 11,385 11,791 ------- ------- 8. Trade and other receivables 2007 2006 £000 £000Trade receivables 23,527 22,719Other receivables 512 466Prepayments 1,237 2,094 ------- ------- 25,276 25,279 ------- ------- 9. Interest-bearing loans and borrowings Current liabilities 2007 2006 £000 £000Secured bank loans 1,000 3,021Loan notes 476 476Obligations under hire purchase contracts and finance leases 101 94 ------- ------- 1,577 3,591 ------- ------- Non-current liabilities 2007 2006 £000 £000Secured bank loans 13,974 11,547Obligations under hire purchase contracts and finance leases 312 417 ------- ------- 14,286 11,964 ------- ------- 10. Trade and other payables Amounts disclosed in current liabilities 2007 2006 £000 £000Trade payables 17,064 15,045Other taxes and social security 4,301 3,981Accruals 4,147 7,577Amounts owed to group undertakings - - -------- -------- 25,512 26,603 -------- -------- 11. Capital and reserves Reconciliation of movement in capital and reserves Share Share Merger Trans- Hedg-ing Other Revenue Total capital prem-ium reserve lation reserve reserve reserve reserve £000 £000 £000 £000 £000 £000 £000 £000Balance at 1January 2006 3,479 1,987 2,184 21 (318) 994 3,918 12,265 Totalrecognisedincome andexpense forthe period - - - (21) 303 - 4,127 4,409 Movementsrelating toshare-basedpayments andESOP trust - - - - - - (99) (99) Shares 7 33 - - - - - 40issued Dividends toshareholders - - - - - - (1,288) (1,288) ------ ------ ------ ------ ------ ------ ------- ------Balance at31 December2006and at 1January 2007 3,486 2,020 2,184 - (15) 994 6,658 15,327 Totalrecognisedincome andexpense forthe period - - - - (36) - 4,562 4,526 Movementsrelating toshare-based'paymentsand - - - - - - 326 326ESOP trust Shares 367 4,993 - - - - - 5,360issued Dividends toshareholders - - - - - (1,579) (1,579) ------ ------ ------ ------ ------ ------ ------- ------Balance at31 3,853 7,013 2,184 - (51) 994 9,967 23,960December ------ ------ ------ ------ ------ ------ ------- ------2007 12. Acquisitions Stage Systems Limited On 12 February 2007, the Company acquired 100% of Stage Systems Limited for apurchase price of £3.45 million. £3.2 million was paid in cash raised in avendor placing of 2,091,504 shares at 153p each. The balance of £0.25 millionwas paid by the issue to the vendors of 159,236 new Havelock shares at 157peach. Cost of business acquisition 2007 £000Shares issued 250Cash and cash equivalents 3,200Directly attributable costs of business combination 409 ------Total purchase consideration 3,859 ------ Identifiable assets and liabilities acquired 2007 Book Fair value Fair values adjustments values £000 £000 £000Property, plant and equipment 111 - 111Intangible assets (excluding goodwill) - 923 923Goodwill - 1,557 1,557Inventories 342 101 443Trade and other receivables 473 - 473Cash and cash equivalents 1,074 - 1,074Trade and other payables (635) - (635)Corporation tax liabilities - (140) (140)Deferred tax asset - 53 53 -------- -------- --------Total identifiable net assets acquired 1,365 2,494 3,859 -------- -------- -------- Stage Systems Limited earned a profit after tax of £620,000 in the year ended 31March 2007, of which £50,000 arose in the period from 12 February 2007 to 31March 2007. If the acquisition had taken place at 1 January 2007, Group revenuein the year to 31 December 2007 would have been £125,230,000 and profit beforetax would have been £6,609,000. Group profit before tax includes £425,000 inrespect of Stage Systems Limited (net of amortisation of £164,000 in respect ofintangibles relating to this acquisition). The impact on group cash flows wasnot materially different from the profit. 13. The accounts for the year ended 31 December 2007 were approved by theDirectors on 8 April 2008. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Havelock Europa