15th May 2007 07:01
Enterprise Inns PLC15 May 2007 15 May 2007 Unaudited Interim Results of Enterprise Inns plc for the six months ended 31 March 2007 Enterprise Inns plc, the leading specialist operator of leased and tenanted pubsin the UK, today announces its interim results for the six months ended 31 March2007. Interim results highlights 2007 2006 Increase--------------------------------------------------------------------------------Pro-forma EBITDA * # £256m £246m 4.1%-------------------------------------------------------------------------------- EBITDA * £258m £268m--------------------------------------------------------------------------------Profit before tax and exceptionals £149m £153m--------------------------------------------------------------------------------Earnings per share ^ 25.7p 19.0p 35.3%--------------------------------------------------------------------------------Adjusted earnings per share ^+ 18.4p 15.9p 15.7%--------------------------------------------------------------------------------Interim dividend ^ 5.2p 4.5p 15.6%--------------------------------------------------------------------------------Average EBITDA per pub £33,300 £31,200 6.7%--------------------------------------------------------------------------------70.6m shares purchased at a cost of £446m (excluding costs)-------------------------------------------------------------------------------- * Earnings before interest, tax, depreciation and amortisation and exceptional items # Adjusted for the effects of the disposal of 769 pubs to Admiral Taverns in September 2006 and of the Scottish estate of 137 pubs in December 2006. See note 3. ^ Re-stated for the sub-division of shares from 5 pence to 2.5 pence per share on 17 January 2007 + Excludes exceptional items Commenting on the results, Ted Tuppen, Chief Executive said: "These are encouraging results, reflecting market share gains resulting from ourcontinuing efforts to improve the quality of our pub estate, its attractivenessto customers and its profitability for our licensees. The second half of thefinancial year has started well and, through the consistent execution of ourproven strategy, we look forward to delivering further growth in shareholdervalue." Enquiries:Emma Baines, Investor Relations Manager 07990 550210Ted Tuppen, Chief Executive 0121 733 7700 David George, Chief Financial Officer 0121 733 7700 The investor presentation will be available on the company website atwww.enterpriseinns.com on Tuesday 15 May 2007. A live recording of thepresentation can be accessed at 9.30am BST by dialling +44(0)20 7162 0125 ( +1334 323 6203 US callers). A recorded version will be available from 12 noon BSTon +44(0)20 7031 4064 (for European callers) or +1 954 334 0342 (for US callers)passcode 748576. CHAIRMAN'S INTERIM STATEMENT I am delighted to report on our interim results for the six months to 31 March2007 during which period pro-forma EBITDA was £256m, an increase of 4.1% overthe prior period. These pro-forma results take account of the effects of thedisposal of 769 pubs to Admiral Taverns in September 2006 and of our Scottishestate of 137 pubs in December 2006 and therefore allow a like-for-likecomparison of the performance of the Group. Basic earnings per share increased by 35.3% to 25.7p and adjusted earnings pershare rose by 15.7% to 18.4p. The Directors intend to pay an interim dividend of5.2p per share, an increase of 15.6% over last year, on 4 July 2007 toshareholders on the register of members on 8 June 2007. Free cash flow after interest, tax, dividend and capital expenditure amounted to£30m. At the end of the period gross debt was £3,589m with interest costs 95%fixed at an average rate of 6.4% for 12 years. Underlying net debt was £3,504mwhich includes £85m of cash held within the business. We continue to enhance the quality of the pub estate through investment,acquisitions and disposals. During the period we invested £35m in the estatewhich, alongside licensee expenditure, will improve the quality and potential oftheir pub businesses. We acquired 52 high quality pubs at a cost of £38m anddisposed of our entire Scottish estate of 137 pubs to Retail and LicensedProperties Limited. Including other individual disposals, our disposal programmeduring the period generated proceeds of £121m and a profit over book value of£17m. At 31 March 2007 the estate comprised 7,713 pubs. At the preliminary results in November last year, we announced that, in theabsence of material acquisitions and subject to market conditions, we intendedto return, through share buy backs and dividends, at least the same amount ofcash to shareholders during the year to 30 September 2007 as we did last year.During the six months to 31 March 2007 we bought 70.6m shares at a cost of£446m. When combined with the dividend payment in January of £52m, a total of£498m of cash has been returned to shareholders in the first half of thisfinancial year, exceeding the total amount returned last year of £463m. Since 31March we have purchased 5.1m shares at a cost of £33m and we will continue tobuy back shares taking into consideration the cash flow needs of the business. It is too early to draw definitive conclusions on the impact of the total ban onsmoking in pubs in Wales introduced on 2 April. We expect that good quality pubswill gain new customers and market share following the introduction of thesmoking ban in both Wales and England. As a result of the continued investmentby both the Company and our licensees, 90% of our pubs now have outside tradingareas and we are encouraged by the way in which the food offering availableacross the estate is developing. We therefore feel confident that the majorityof our licensees are well placed to meet the challenges of the ban and have theopportunity to grow profitability. There has been much debate about the value for shareholders that might becreated as a result of recent legislation in respect of Real Estate InvestmentTrusts (REITs) and we are carefully monitoring developments and investigatingpotential opportunities. There are many uncertainties surrounding the long termvalue for shareholders arising from splitting the company into an operatingcompany and a property company, not least because value parameters have yet tobe established by the market. We are, however, exploring with our advisorswhether the existing Group could meet the qualifying criteria for admission as aREIT without the need for material restructuring of the business and whethersuch a conversion would be in the best long term interests of our shareholders. In the meantime, we are working on refinancing our existing balance sheet, wherecurrent market parameters suggest that we could raise some £750 million ofadditional debt. We expect this refinancing process to be completed by the endof the calendar year and to be structured in a way that would not adverselyimpact our ability to generate shareholder value through the implementation ofany other corporate structures that might become attractive in the future. These encouraging interim results reflect both another sound performance fromour high quality pub estate and substantial investment in our rolling sharebuyback programme. We continue to churn and invest in our pubs to support ourdrive for improved quality and profitability and ensure that we are well placedto meet the challenges of the smoking ban and changing consumer demands. Thesecond half of the financial year has started well and we remain focused onimproving our operational performance and delivering attractive returns forshareholders. H V ReidChairman15 May 2007 Group Income Statement Unaudited Unaudited Audited Six months ended 31 March 2007 Six months ended 31 March 2006 Year ended 30 September 2006 Pre- Exceptional Total Pre- Exceptional Total Pre- Exceptional Total exceptional Items exceptional Items exceptional Items Items items items Notes £m £m £m £m £m £m £m £m £m ------------------------------------------------------------------------------------------------------Revenue 453 - 453 473 - 473 970 - 970Cost of sales (177) - (177) (186) - (186) (387) - (387) ------------------------------------------------------------------------------------------------------Gross profit 276 - 276 287 - 287 583 - 583Administrativeexpenses (18) - (18) (19) - (19) (36) (2) (38) ------------------------------------------------------------------------------------------------------EBITDA * 258 - 258 268 - 268 547 (2) 545 Depreciationandamortisation (4) - (4) (4) - (4) (8) - (8) ------------------------------------------------------------------------------------------------------Group operatingprofit 254 - 254 264 - 264 539 (2) 537 Net profit onsale ofproperty,plant andequipment - 17 17 - 2 2 - 67 67Movements fromrevaluation ofpub estate - - - - - - - (2) (2) Interestreceivable 4 - 4 3 - 3 6 - 6 Interestpayable (109) - (109) (114) - (114) (230) - (230)Write off ofunamortisedissue costs - - - - - - - (3) (3)Movement infair value ofinterest rateswaps - 17 17 - 21 21 - 40 40 ------------------------------------------------------------------------------------------------------Total financecosts (109) 17 (92) (114) 21 (93) (230) 37 (193) ------------------------------------------------------------------------------------------------------Profit beforetax 149 34 183 153 23 176 315 100 415 Taxation 5 (44) 8 (36) (47) (2) (49) (95) 5 (90) ------------------------------------------------------------------------------------------------------Profit aftertax andattributableto members ofthe parentcompany 105 42 147 106 21 127 220 105 325 ------------------------------------------------------------------------------------------------------Earnings per Share ^ Basic 6 25.7p 19.0p 50.5pDiluted 6 25.5p 18.8p 50.0p Adjusted 6 18.4p 15.9p 34.2pAdjusteddiluted 6 18.2p 15.7p 33.9p Dividends^Dividends paid and/orproposed per share in respect of the period 7 5.2p 4.5p 13.5p ------------------------------------------------------------------------------------------------------ * Earnings before interest, tax, depreciation and amortisation ^ Re-stated for the sub-division of shares from 5 pence to 2.5 pence per share on 17 January 2007 Group Statement of Recognised Income and Expense Unaudited Unaudited Audited Six months ended Six months ended Year ended 31 March 2007 31 March 2006 30 September 2006 £m £m £mUnrealised surplus on revaluation oflicensed estate - - 323Movement in deferred tax liabilityrelated to revalued licensed estate 4 16 (91)Gains on cash flow hedges 7 - -Deferred tax relating to gains on cashflow hedges (2) - -Deferred tax relating to share schemesrecognised directly in equity 4 2 5 -----------------------------------------------------------Net income recognised directly inequity 13 18 237 Profit for the period 147 127 325 -----------------------------------------------------------Total recognised income and expense 160 145 562 ----------------------------------------------------------- Statement of Changes in Equity Re-stated* Re-stated* Unaudited Unaudited Audited Six months ended Six months ended Year ended 31 March 2007 31 March 2006 30 September 2006 £m £m £m Total equity at start of period 1,602 1,573 1,573Total recognised income and expense forthe period 160 145 562Equity dividends paid (52) (42) (70)Consideration paid for purchase ownshares held in treasury - (192) (230)Consideration paid for own sharessubsequently cancelled (449) - (166)Change in provision for share buybacks 21 (50) (74)Purchase of shares to be held inemployee benefit trust - (1) -Employee share option entitlementsexercised in the period 3 4 4Share-based expense recognised inoperating profit 2 2 3 -----------------------------------------------------------Total equity at end of period 1,287 1,439 1,602 ----------------------------------------------------------- * see note 2 Group Balance Sheet Re-stated* Re-stated* Unaudited Unaudited Audited 31 March 2007 31 March 2006 30 September 2006 £m £m £mNon-current assetsGoodwill 417 417 417Investments 2 - 2Intangible assets: operating lease premiums 20 26 24Property, plant and equipment 5,304 5,212 5,343Financial assets 9 - 1 ----------------------------------------------------------- 5,752 5,655 5,787Current assetsAssets held for sale 5 8 6Trade and other receivables 92 93 94Cash 85 84 111Financial assets 1 - 1 ----------------------------------------------------------- 183 185 212Non-current assets heldfor sale 8 39 10 -----------------------------------------------------------Total assets 5,943 5,879 6,009 -----------------------------------------------------------Current liabilitiesTrade and other payables (193) (190) (210)Current tax payable (47) (55) (52)Financial liabilities (77) (116) (128)Provisions (1) (1) (1) ----------------------------------------------------------- (318) (362) (391)Non-current liabilitiesFinancial liabilities (3,639) (3,484) (3,316)Accruals and deferred income (4) (5) (4)Provisions (4) (6) (4)Deferred tax (691) (583) (692) ----------------------------------------------------------- (4,338) (4,078) (4,016) -----------------------------------------------------------Total liabilities (4,656) (4,440) (4,407) ----------------------------------------------------------- Net Assets 1,287 1,439 1,602 ----------------------------------------------------------- EquityCalled up share capital 15 17 16Share premium account 486 486 486Revaluation reserve 841 681 845Capital redemption reserve 10 8 9Merger reserve 77 77 77Treasury share reserve (227) (191) (227)Other reserve (36) (47) (42)Cash flow hedge reserve 5 - -Profit and loss account 116 408 438 -----------------------------------------------------------Total equity 1,287 1,439 1,602 ----------------------------------------------------------- * see note 2 Group Cash Flow Statement Unaudited Unaudited Audited Six months ended Six months ended Year ended 31 March 2007 31 March 2006 30 September 2006 £m £m £m Cash flow from operationsOperating profit 254 264 537Depreciation and amortisation 4 4 8Share-based expense recognised inprofit 2 2 3Decrease/(increase)in receivables 2 (9) (10)Decrease in payables (11) (5) (2)Decrease in provisions - (1) (3)Decrease/(increase) in current assetsheld for sale 1 (1) 1 ----------------------------------------------------------- 252 254 534Tax paid (35) (29) (69) -----------------------------------------------------------Net cash flows from operating activities 217 225 465 Cash flows from investing activitiesPayments to acquire public houses (38) (58) (80)Payments made on improvements to public houses (35) (26) (54)Payments to acquire other property, plant and equipment (2) (4) (7)Receipts from sale of property, plant and equipment 121 20 362 -----------------------------------------------------------Net cash flows from investing activities 46 (68) 221 Cash flows from financing activitiesInterest paid (102) (116) (234)Interest received 4 3 7Issue costs of long-term loans - - (4)Equity dividends paid (52) (42) (70)Payments to acquire shares held in employee benefit trust - (16) (17)Payments to acquire own shares (454) (192) (388)Receipts from exercise of share options 4 4 5Restructuring of interest rate swaps (1) - (30)Debt due beyond one year- new long term loans 482 326 602- repayment of long term loans (170) (136) (542) -----------------------------------------------------------Net cash flows from financing activities (289) (169) (671) -----------------------------------------------------------Net (decrease)/increase in cash (26) (12) 15Cash at start of period 111 96 96 -----------------------------------------------------------Cash at end of period 85 84 111 ----------------------------------------------------------- Reconciliation of net cash flow to movement in net debt Re-stated* Re-stated* Unaudited Unaudited Audited Six months ended Six months ended Year ended 31 March 2007 31 March 2006 30 September 2006 £m £m £m(Decrease)/increase in cash in the period (26) (12) 15Cash inflow from change in debt (311) (190) (30)Issue costs of new long term loans - - 4 -----------------------------------------------------------Change in net debt resulting from cash flows (337) (202) (11)Amortisation of issue costs anddiscounts/premiums on long-termloans (1) (1) (2)Amortisation of securitised bonds 2 2 5Change in fair value of interest rateswaps 24 21 40Change in provision for share buybacks 21 (50) (74)Change in finance lease creditors 1 - -Write off of unamortised issue costs - - (3) -----------------------------------------------------------Movement in net debt in the period (290) (230) (45) Net debt at start of period (3,331) (3,286) (3,286) -----------------------------------------------------------Net debt at end of period (3,621) (3,516) (3,331) ----------------------------------------------------------- Analysis of net debt Re-stated* Re-stated* Unaudited Unaudited Audited Six months ended Six months ended Year ended 31 March 2007 31 March 2006 30 September 2006 £m £m £m Corporate bonds (1,185) (1,185) (1,185)Syndicated bank borrowings (818) (468) (425)Securitised bonds (1,586) (1,754) (1,667) -----------------------------------------------------------Gross debt (3,589) (3,407) (3,277)Cash 85 84 111 -----------------------------------------------------------Underlying net debt (3,504) (3,323) (3,166) Capitalised debt issue costs 19 21 20Fair value adjustments on acquisition of bonds (65) (70) (67)Fair value of interest rate swaps (14) (88) (39)Provision for share buybacks in closeperiod (53) (50) (74)Finance lease creditors (4) (6) (5) -----------------------------------------------------------Net debt (3,621) (3,516) (3,331) -----------------------------------------------------------Balance sheet:Current financial assets 1 - 1Non-current financial assets 9 - 1Current financial liabilities (77) (116) (128)Non-current financial liabilities (3,639) (3,484) (3,316)Cash 85 84 111 -----------------------------------------------------------Net debt (3,621) (3,516) (3,331) ----------------------------------------------------------- * see note 2 Notes 1. Publication of non-statutory accounts The financial information contained in this interim statement, which isunaudited, does not constitute statutory accounts as defined in section 240 ofthe Companies Act 1985. The figures for the year ended 30 September 2006 arebased on the statutory accounts for that year. These accounts, upon which theauditors issued an unqualified opinion, have been delivered to the Registrar ofCompanies. 2. Accounting policies and basis of preparation of interim financial information These interim results have been prepared in accordance with the InternationalFinancial Reporting Standards (IFRS) expected to apply at 30 September 2007 andwhich applied at 30 September 2006 with the exception of the treatment ofcontingent agreements entered into regarding share buybacks during the closeperiod for which we have adjusted the Balance Sheet for the period ended 31March 2006 and the year ended 30 September 2006. In accordance with IAS 32'Financial Instruments : Disclosure and Presentation' a financial liability hasbeen recognised as the Company has entered into a contingent agreement with athird party which requires the Company to purchase shares during the closeperiod. We have re-stated the Balance Sheet for the comparative periods torecognise the financial liability estimated to have existed at those dates. As permitted, this interim report has been prepared in accordance with UKlisting rules and not in accordance with IAS 34 'Interim Financial Reporting'. 3. Pro-forma EBITDA The Group disposed of 769 pubs to Admiral Taverns on 6 September 2006 and itsScottish estate of 137 pubs to Retail & Licensed Properties Limited on 5December 2006. The pubs disposed of generated a total of £2m of EBITDA beforeexceptional items during the six months ended 31 March 2007, £40m in the yearended 30 September 2006 and £22m in the six months ended 31 March 2006. EBITDAhas been revised for the effects of these disposals to allow a like-for-likecomparison of the results of the Group. Pro-forma Pro-forma Pro-formaPro-forma EBITDA Six months ended Six months ended Year ended 31 March 2007 31 March 2006 30 September 2006 £m £m £m -------------------------------------------------------Revenue 450 437 901Cost of sales (176) (172) (358) -------------------------------------------------------Gross profit 274 265 543Administrative expenses (18) (19) (36) -------------------------------------------------------EBITDA before exceptionalitems 256 246 507 ------------------------------------------------------- Reconciliation of EBITDA Six months ended 31 March 2007 As reported Disposals Pro-forma £m £m £m -------------------------------------------------------Revenue 453 (3) 450Cost of sales (177) 1 (176) -------------------------------------------------------Gross profit 276 (2) 274Administrative expenses (18) - (18) -------------------------------------------------------EBITDA before exceptional items 258 (2) 256 ------------------------------------------------------- Six months ended 31 March 2006 As reported Disposals Pro-forma £m £m £m -------------------------------------------------------Revenue 473 (36) 437Cost of sales (186) 14 (172) -------------------------------------------------------Gross profit 287 (22) 265Administrative expenses (19) - (19) -------------------------------------------------------EBITDA before exceptional items 268 (22) 246 ------------------------------------------------------- Year ended 30 September 2006 As reported Disposals Pro-forma £m £m £m -------------------------------------------------------Revenue 970 (69) 901Cost of sales (387) 29 (358) -------------------------------------------------------Gross profit 583 (40) 543Administrative expenses (36) - (36) -------------------------------------------------------EBITDA before exceptional items 547 (40) 507 ------------------------------------------------------- 4. Exceptional items The Group has elected to classify certain items as exceptional and present themseparately on the face of the Income Statement. Exceptional items are classifiedas those which are separately identified by virtue of their size or nature toallow a full understanding of the underlying performance of the Group andinclude the following: Exceptional administrative costs The exceptional item shown within administrative costs in the year ending 30September 2006 relates to restructuring costs. Net profit on sale of property The net profit arising from the sale of property, plant and equipment in theperiod amounts to £17m. Of this, £13m relates to the profit on sale of ourScottish estate of 137 pubs in December 2006. Movements from revaluation of pub estate Under IFRS any revaluation that causes the book value of a pub to fall belowhistoric cost will lead to a charge in the Income Statement. If that same publater recovers in value so that its book value exceeds historic cost, theincrease in value is credited to the Income Statement to the extent that a debitwas previously recognised. Where pubs identified for disposal are written downto 'fair value less costs to sell', this write down is also recognised in thisline. Most of the impact of the annual revaluation exercise is accounted for inequity and recognised in the Statement of Recognised Income and Expense. The revaluation of the pub estate occurs only at the end of the full financialyear and there have been no write downs in the period. There is therefore noexceptional item in this category in the period. Movement in fair value of interest rate swaps The interest rate swaps are re-valued to fair value at each Balance Sheet dateand the movement is recognised in the Income Statement unless hedge accountingis adopted. The movement in the fair value of swaps where hedge accounting isnot applied of £17m is shown as an exceptional item. In addition to this, £7mhas been recognised in equity, in the 'cash flow hedge reserve' relating to theeffective portion of the movement in fair value of swaps which are accounted foras hedging instruments in cash flow hedges. This is shown in the balance sheetnet of deferred tax of £2m. Tax Under IFRS, a deferred tax liability has been recognised on the Balance Sheetrelating to the pub estate. On transition to IFRS, the Group elected to applyIFRS 3 retrospectively to acquisitions from 1 January 1999. This led to anincrease in goodwill in respect of this deferred tax. As this pre-acquisitionliability reduces due to capital gains indexation relief, a credit is recognisedin the Income Statement. This credit of £18m has been classified as anexceptional item. All other movements in respect of this deferred tax liabilityare accounted for in equity and recognised in the Statement of Recognised Incomeand Expense. A deferred tax charge of £10m relating to other exceptional items is alsoincluded in exceptional items. The total exceptional tax credit combines the£18m indexation credit and £10m deferred tax charge and is therefore £8m. 5. Taxation The pre-exceptional tax charge of £44m for the six months equates to aneffective tax rate of 29.5%. The effective tax rate does not include the effectof exceptional items. The future tax charge would be affected by the proposed changes to thecorporation tax rate and capital allowances announced in the budget statement inMarch 2007. The impact of these changes will be reflected in the financialstatements of the Group when the Finance Bill 2007 has been 'substantivelyenacted' in line with IAS 12 'Income Taxes'. We anticipate this to occur beforethe end of the financial year. 6. Earnings per Ordinary Share Basic earnings per ordinary share is based on earnings of £147m (2006 six months£127m, full year £325m) and on 571.1m (2006 six months 666.8 m*, full year644.2m*) ordinary shares in issue excluding shares held by trusts relating toemployee share options. Adjusted earnings per share is based on earnings adjusted for the effects ofexceptional items, net of tax, of £105m (2006 six months £106m, full year £220m)and on 571.1m (2006 six months 666.8m*, full year 644.2m*) ordinary shares inissue excluding shares held by trusts relating to employee share options. Diluted earnings per share is based on basic earnings of £147m (2006 six months£127m, full year £325m) and adjusted earnings of £105m (2006 six months £106m,full year £220m) and on 576.2m (2006 six months 673.8m*, full year 649.4m*)ordinary shares in issue adjusting for shares held by trusts relating toemployee share options. 7. Dividends An interim dividend of 5.2 pence per Ordinary Share is proposed (2006: interim4.5 pence*; final 9.0 pence*) which amounts to £27m (2006: interim £29m; final£52m). This will be payable on 4 July 2007 to shareholders on the register ofmembers on 8 June 2007. * Re-stated for the sub-division of shares from 5 pence to 2.5 pence per shareon 17 January 2007 Independent review report to Enterprise Inns Plc Introduction We have been instructed by the Company to review the financial information forthe six months ended 31 March 2007 which comprises the Group Income Statement,Group Statement of Recognised Income and Expense, Statement of Changes inEquity, Group Balance Sheet, Group Cash Flow Statement, Reconciliation of NetCash Flow to Movement in Net Debt, Analysis of Net Debt and the related notes 1to 7. We have read the other information contained in the interim report andconsidered whether it contains any apparent misstatements or materialinconsistencies with the financial information. This report is made solely to the Company in accordance with guidance containedin Bulletin 1999/4 'Review of interim financial information' issued by theAuditing Practices Board. To the fullest extent permitted by law, we do notaccept or assume responsibility to anyone other than the Company, for our work,for this report, or for the conclusions we have formed. Directors' responsibilities The interim report, including the financial information contained therein, isthe responsibility of, and has been approved by, the directors. The directorsare responsible for preparing the interim report in accordance with the ListingRules of the Financial Services Authority which require that the accountingpolicies and presentation applied to the interim figures should be consistentwith those applied in preparing the preceding annual accounts except where anychanges, and the reasons for them, are disclosed. Review work performed We conducted our review in accordance with guidance contained in Bulletin 1999/4'Review of interim financial information' issued by the Auditing Practices Boardfor use in the United Kingdom. A review consists principally of making enquiriesof Group management and applying analytical procedures to the financialinformation and underlying financial data, and based thereon, assessing whetherthe accounting policies and presentation have been consistently applied, unlessotherwise disclosed. A review excludes audit procedures such as tests ofcontrols and verification of assets, liabilities and transactions. It issubstantially less in scope than an audit performed in accordance withInternational Standards on Auditing (UK and Ireland) and therefore provides alower level of assurance than an audit. Accordingly we do not express an auditopinion on the financial information. Review conclusion On the basis of our review we are not aware of any material modifications thatshould be made to the financial information as presented for the six monthsended 31 March 2007. Ernst & Young LLPBirmingham15 May 2007 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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