9th May 2005 07:00
Diploma PLC09 May 2005 DlPLOMA PLC 20 BUNHILL ROW, LONDON EC1Y 8UD TELEPHONE: +44 (0)20 7638 0934 FACSIMILE: +44 (0)20 76387651 FOR IMMEDIATE RELEASE 9 May 2005 Announcement of Interim Results for Half Year ended 31 March 2005 Unaudited Unaudited Audited Half year ended 31 Half year ended Year ended March 2005 31 March 2004 30 Sept 2004 Turnover £55.8m £48.0m £100.5m Operating profit before exceptional items and goodwill amortisation £7.5m £5.5m £12.3m Profit before tax, exceptional items and goodwill amortisation £7.8m £6.0m £13.1m Profit before tax, after exceptional items £7.1m £9.0m £15.4m Adjusted earnings per share 23.5p 18.1p 41.2p Basic earnings per share 20.4p 27.0p 52.7p Dividends per share 7.0p 6.0p 17.0p • Strong sales and profit growth driven by half year contribution from Somagen, acquired in July 2004, and strengthened trading conditions in the Group's North American businesses. • Profit before tax, exceptional items and goodwill amortisation up 30.0% to £7.8m from £6.0m; operating margin of 13.4% (2004: 12.2%) boosted by new acquisitions and recovery in Seals margins. • Earnings per share, after adjusting for exceptional items and goodwill amortisation, up 30% at 23.5p; basic earnings per share 20.4p. Interim dividend up by 1.0p to 7.0p. • Free cash flow of £4.3m; prior half year free cash flow of £6.5m benefited from sale of Phase 2 of the Stamford land. Cash funds at 31 March 2005 were £19.7m. Commenting on the results for the period, Bruce Thompson, Diploma's Chief Executive said: "Trading in our North American businesses continues to be strong, but our businesses in the UK and Continental Europe still have to work hard to achieve growth in sluggish markets. However, with current trading at similar levels to the first half, the results for the full year are expected to confirm continued progress in 2005." www.diplomaplc.com REGISTERED IN ENGLAND. NUMBER 3899848. 20 BUNHILL ROW, LONDON EC1Y 8UD. For further enquiries please contact: Bruce Thompson, Chief Executive Officer 020 7638 0934Nigel Lingwood, Group Finance Director 020 7448 4875Ian Seaton, Bankside Consultants 020 7444 4157 NOTE TO EDITORS: Diploma PLC is a specialised international distribution group operating in threesectors: Life Sciences - Distributors of Instrumentation, Consumables and relatedServices to research, development and diagnostic laboratories. Principalcompanies are Anachem Group in the UK and Germany, and Somagen in Canada. Seals- Next day delivery of hydraulic seal kits, gaskets and cylindercomponents, for the repair and maintenance of mobile machinery. Principalcompanies are Hercules Bulldog Sealing Products in North America and FPE in theUK. Controls - Distributors of specialised wiring, connectors and control devicesfor a range of technically demanding applications. Principal companies are ISGroup in the UK and US, Sommer and Filcon in Germany and Hawco in the UK. Within each of these sectors, the Diploma businesses serve industry segmentswith long term growth potential and with the opportunity for sustainablesuperior margins through the quality of customer service, depth of technicalsupport and value adding activities. Further information on Diploma PLC can be found at www.diplomaplc.com HALF YEAR REVIEW TO 31 MARCH 2005 In the six months to 31 March 2005 the Group generated strong growth in salesand profits. The main drivers for growth were the half year contribution fromSomagen and strengthened trading conditions in the Group's North Americanbusinesses. Sales increased by 16% to £55.8m (2004: £48.0m) and profit before amortisationof goodwill, exceptional items and tax increased by 30% to £7.8m (2004: £6.0m). There were no exceptional items in the half year (2004: £3.3m exceptionalprofit, net) and goodwill amortisation increased to £0.7m (2004: £0.3m)following the acquisition of Somagen. Profit before tax, after goodwillamortisation and exceptional items, was £7.1m (2004: £9.0m). Adjusted earnings per share, which are stated after excluding exceptional itemsand goodwill amortisation, increased 30% to 23.5 pence compared with 18.1 pencein the prior year. Basic earnings per share were 20.4 pence (2004: 27.0 pence). The Directors have declared an increased interim dividend of 7.0 pence per share(2004: 6.0 pence) payable on 15 June 2005 to shareholders on the register on 20May 2005. LIFE SCIENCES The Life Science businesses increased sales by 43% to £17.7m (2004: £12.4m) andoperating margins increased to 15.8% (2004: 12.9%). A strong performance fromthe newly acquired Somagen more than offset weaker trading conditions in theAnachem businesses. Somagen has continued to grow strongly since we acquired it in July 2004 andgave a substantial boost to sales and margins in the first half. There wassustained demand for Somagen's core diagnostic kits as part of longer termreagent rental contracts. This was supplemented by increased sales of capitalequipment, with orders released by hospital laboratories to satisfy pent-updemand. Additional growth was generated from new suppliers within theImmunology portfolio, as well as from the small bolt-on acquisition of Adaltisin September 2004. Adaltis has been successfully integrated into Somagen and isperforming well. Anachem continued to experience difficult trading conditions in its core UKpharmaceutical and biotechnology markets. The Bioscience consumables businesssuccessfully defended its market leadership position in pipetting products andservice by sustaining a high level of promotional and direct marketingactivities. Pricing pressures constrained revenues for traditional manualpipettes, but the newer, ergonomically focused manual and electronic pipettesperformed well. The Instrumentation business dug in and held its position afteran extended period of declining sales. New product, software and serviceintroductions later in 2005 should further bolster Anachem's position, thoughthe market is unlikely to offer much assistance in the near term. Progress in the Environmental business was held back in the early part of theyear by delays in customer orders for higher price chemical analysers. However,stronger order levels for these products were experienced at the end of thesecond quarter and positive demand continues for the potent powder containmentenclosures. Success has also been achieved in broadening the geographic scopeof the Environmental business, with sales in Continental Europe now representingmore than 50% of business unit sales. SEALS The Seals businesses increased sales in sterling terms by 11% to £14.2m (2004:£12.8m) and operating margins increased to 9.9% (2004: 7.0%). The majorinvestments in IT and process improvements, implemented in 2004, have allowedHercules Bulldog to take full advantage of the buoyant market conditions inNorth America. Hercules Bulldog delivered 18% sales growth in US dollar terms. The buoyantmarket conditions have provided strong demand across the product groups andacross the US and Canada. International export sales have also continued tobenefit from the weaker US dollar. Equally important however in generating thegrowth has been the stability of operations with much improved deliveryperformance and reduced errors. Investments made in 2004 in capacity andefficiency improvements have also delivered increased profitability withoperating margins increasing by three percentage points. The catalogue based Hercules Bulldog businesses in the US and Canada deliveredparticularly strong growth. Initiatives included the successful launch of newcatalogues in both countries and the introduction of a new range of compacthydraulic cylinders sourced from the Far East. In Canada, the Edmonton branchcontinued to make excellent progress after its start-up in March 2004. Theinternationally focused gasket and seal business based in Reno, Nevada launchednewly developed replacement kits designed to expand the range of mobileequipment covered by its products and also significantly improved theavailability of finished kits to its larger overseas customers. Growth in FPE sales slowed in a generally subdued UK market, with activitylevels much reduced at MRO (maintenance and repair operation) customers. Amajor new catalogue launch is planned for the second half of the year and FPE iswell placed to benefit from any strengthening in the domestic economy. CONTROLS The Controls businesses increased sales by 5% to £23.9m (2004: £22.8m) andmaintained operating margins at 13.8% (2004: 13.2%). This was a creditableperformance when compared with a strong first half in 2004 and with generallysubdued trading levels in the major markets of the UK and Germany. The IS Group achieved modest growth in slowing market conditions in the UK. Theaerospace sector was flat against the previous year and military/marine was downdue to delays in the build programmes for the Astute submarines and Type 45destroyers. However, Motorsport generated increased sales reflecting a steadyperformance in the UK and continued strong growth in the US. General commercialsales also increased as the IS Group boosted its marketing activity to smallercustomers. Sommer/Filcon grew sales by 10% in euro terms after adjusting for a full halfyear contribution from Filcon. This growth was achieved, in difficult marketconditions, by continued territorial expansion within Germany and through theefforts of a larger cross-trained sales team. The Eurofighter Tranche IIproject, approved in late 2004, should contribute to connector sales from thesecond half of 2005. Hawco held sales broadly flat against the prior year in a UK market which waschallenging for the OEM customers. Demand was sluggish across the range ofpressure and temperature control devices, though order levels were showing signsof improvement toward the end of the second quarter. The refrigeration segmentof the business continued to make progress with its portfolio of specialistcontrollers for commercial refrigeration equipment. FINANCE The Group's operating margin improved to 13.4% from 12.2% in the previous year.This improvement reflected a combination of higher operating margins in therecently acquired Somagen business and the recovery in margins achieved byHercules Bulldog. The results were impacted by the continuing depreciation of the US dollaragainst sterling during the first half of the year. However a smallappreciation in the euro against sterling limited the impact to a net reductionof £0.5m in sales and £0.1m in operating profits, against the comparable periodlast year. At Stamford, work has continued to focus on obtaining a Section 106 agreementwith the local authority which will confirm approval for residential developmentof the Phase 3 site. Marketing of the site, which comprises some 12 acres ofland, will commence as soon as the Section 106 agreement is finalised. In theDirectors' opinion the market value of Phase 3, with current planning consent,is likely to be not less than £5.5m, before expenses and tax. Operating cash flow in the first half of the year was £5.3m compared with £4.2min the comparable period last year. A combination of strong trading in NorthAmerica, together with a number of seasonal factors, contributed to a £3.0mincrease in working capital, compared with 30 September 2004. The Group's freecash flow, which is before expenditure on acquisitions and dividends, was £4.3m.The free cash flow in the comparable period last year was £6.5m, benefitingfrom the proceeds on the disposal of Phase 2 of the Stamford land. Interestreceived reduced to £0.3m (2004: £0.5m) reflecting the acquisition spend of£17.3m in 2004. At 31 March 2005, the Group's cash funds had increased to £19.7m. The Group continues to make progress with its IFRS Transition Project andintends to publish IFRS compliant primary financial statements for the yearending 30 September 2005, concurrent with its results for 2005 under current UKGAAP. CURRENT TRADING Trading activity in our North American businesses continues to be strong, butour businesses in the UK and Continental Europe still have to work hard toachieve growth in sluggish markets. However, with current trading at similarlevels to the first half, the results for the full year are expected to confirmcontinued progress in 2005. Bruce ThompsonChief Executive Officer9 May 2005 Group Profit and Loss Accountfor the Half Year ended 31 March 2005 Unaudited Unaudited Audited 31 March 2005 31 March 2004 Before goodwill Goodwill and Before Goodwill Year end and exceptional exceptional goodwill and items items and exceptional 30 Sept exceptional items 2004 (note 3) Total items (note 3) Total Note £m £m £m £m £m £m £m-------------------------------------------------------------------------------------------------------------------Turnover 2Continuing operations 55.8 55.8 48.0 48.0 100.5-------------------------------------------------------------------------------------------------------------------Operating profit 2,3Continuing operations 7.5 (0.7) 6.8 5.5 (1.0) 4.5 10.7-------------------------------------------------------------------------------------------------------------------Non-Operating Items 3Continuing operations - Profit on disposal of fixed - - - - 4.0 4.0 3.9 assets------------------------------------------------------------------------------------------------------------------- 7.5 (0.7) 6.8 5.5 3.0 8.5 14.6 Interest income 0.3 - 0.3 0.5 - 0.5 0.8-------------------------------------------------------------------------------------------------------------------Profit on ordinary activitiesbefore tax 7.8 (0.7) 7.1 6.0 3.0 9.0 15.4 Taxation 4 (2.3) - (2.3) (1.9) (1.0) (2.9) (3.3)-------------------------------------------------------------------------------------------------------------------Profit on ordinary activitiesafter tax 5.5 (0.7) 4.8 4.1 2.0 6.1 12.1 Minority interests (0.2) - (0.2)-------------------------------------------------------------------------------------------------------------------Profit for the financial period 4.6 6.1 11.9 Dividends 10 (1.6) (1.4) (3.8)-------------------------------------------------------------------------------------------------------------------Retained profit for the year 3.0 4.7 8.1-------------------------------------------------------------------------------------------------------------------Earnings per 5p share 5 On basic and diluted earnings 20.4p 27.0p 52.7p On adjusted earnings 23.5p 18.1p 41.2p Group Balance Sheetas at 31 March 2005 Unaudited Unaudited Audited 31 March 31 March 30 Sept 2005 2004 2004 £m £m £m-------------------------------------------------------------------------------------------------------------Fixed assetsIntangible assets: Goodwill 22.6 11.2 23.5Tangible assets 10.1 8.8 10.6------------------------------------------------------------------------------------------------------------- 32.7 20.0 34.1-------------------------------------------------------------------------------------------------------------Current assetsStocks 20.3 17.0 20.4Debtors 19.7 17.6 19.3Cash and bank deposits 19.7 29.9 17.9------------------------------------------------------------------------------------------------------------- 59.7 64.5 57.6-------------------------------------------------------------------------------------------------------------Creditors: Amounts falling due within one year (22.4) (22.6) (24.4)-------------------------------------------------------------------------------------------------------------Net current assets 37.3 41.9 33.2-------------------------------------------------------------------------------------------------------------Total assets less current liabilities 70.0 61.9 67.3 Provisions for liabilities and charges (1.9) (1.5) (2.0)------------------------------------------------------------------------------------------------------------- 68.1 60.4 65.3-------------------------------------------------------------------------------------------------------------Capital and reservesCalled up equity share capital 1.1 1.1 1.1Capital redemption reserve 0.2 0.2 0.2Profit and loss account 65.3 58.5 62.7-------------------------------------------------------------------------------------------------------------Equity shareholders' funds 66.6 59.8 64.0 Equity minority interests 1.5 0.6 1.3------------------------------------------------------------------------------------------------------------- 68.1 60.4 65.3 Group Cash Flow Statementfor the Half Year ended 31 March 2005 Unaudited Unaudited Audited Year ended 30 31 March 31 March Sept 2005 2005 2004 2004 2004 Note £m £m £m £m £m-------------------------------------------------------------------------------------------------------------Net cash inflow from operating activities 6 5.3 4.2 10.7 Returns on investments and servicing of financeInterest received 0.3 0.5 0.8 TaxationUK corporation tax paid (0.3) (1.0) (2.5)Overseas tax paid (0.7) (0.4) (1.4)------------------------------------------------------------------------------------------------------------- (1.0) (1.4) (3.9)Capital expenditure and financial investmentPurchase of tangible fixed assets (0.7) (0.4) (1.5)Proceeds from the sale of tangible fixed assets 0.4 4.1 4.0Purchase of own shares - (0.5) (0.5)------------------------------------------------------------------------------------------------------------- (0.3) 3.2 2.0Acquisitions and disposalsAcquisition of businesses - (3.6) (17.3) Equity dividends paid (2.5) (2.3) (3.6)-------------------------------------------------------------------------------------------------------------Cash inflow/(outflow) before use of liquid resourcesand financing 1.8 0.6 (11.3) Management of liquid resources(Increase)/decrease in short term deposits (1.8) 2.3 14.8 FinancingRedemption of Loan Notes - (1.2) (1.2)-------------------------------------------------------------------------------------------------------------Increase in cash in the period 7 - 1.7 2.3------------------------------------------------------------------------------------------------------------- Statement of Total Recognised Gains and Lossesfor the Half Year ended 31 March 2005 Unaudited Unaudited Audited Year ended 30 Sept 2004 31 March 31 March 2005 2004 £m £m £m-------------------------------------------------------------------------------------------------------------Profit for the financial period 4.6 6.1 11.9Currency translation adjustments on foreign currency net investments (0.4) (1.5) (0.7)-------------------------------------------------------------------------------------------------------------Total recognised gains and losses for the period 4.2 4.6 11.2------------------------------------------------------------------------------------------------------------- Reconciliation of Movements in Shareholders' Fundsfor the Half Year ended 31 March 2005 Unaudited Unaudited Audited Year ended 31 March 31 March 30 Sept 2005 2004 2004 £m £m £m-------------------------------------------------------------------------------------------------------------Profit for the financial period 4.6 6.1 11.9Dividends (1.6) (1.4) (3.8)-------------------------------------------------------------------------------------------------------------Retained profit for the period 3.0 4.7 8.1 Currency translation adjustments on foreign currency net investments (0.4) (1.5) (0.7)Purchase of own shares - (0.5) (0.5)-------------------------------------------------------------------------------------------------------------Net increase in shareholders' funds 2.6 2.7 6.9Shareholders' funds at beginning of year 64.0 57.1 57.1-------------------------------------------------------------------------------------------------------------Shareholders' funds at end of period 66.6 59.8 64.0------------------------------------------------------------------------------------------------------------- Notes to the Financial Statementsfor the Half Year ended 31 March 2005 1. ACCOUNTING POLICIES The interim financial information has been prepared on the basis of theaccounting policies set out in the Group's published accounts for the financialyear ended 30 September 2004. 2. ANALYSIS OF RESULTS Profit before interest Turnover Operating profit* and taxation 31 Mar 31 Mar 30 Sept 31 Mar 31 Mar 30 Sept 31 Mar 31 Mar 30 Sept 2005 2004 2004 2005 2004 2004 2005 2004 2004 £m £m £m £m £m £m £m £m £m-------------------------------------------------------------------------------------------------------------------By BusinessLife Sciences 17.7 12.4 26.0 2.8 1.6 3.5 2.4 1.6 3.1Seals 14.2 12.8 27.4 1.4 0.9 2.4 1.4 0.8 2.3Controls 23.9 22.8 47.1 3.3 3.0 6.4 3.0 2.1 5.3------------------------------------------------------------------------------------------------------------------- 55.8 48.0 100.5 7.5 5.5 12.3 6.8 4.5 10.7Unallocated items: Profit on sale of properties - - - - 4.0 3.9------------------------------------------------------------------------------------------------------------------- 55.8 48.0 100.5 7.5 5.5 12.3 6.8 8.5 14.6 By Geographic AreaUnited Kingdom 27.4 28.8 58.9 3.4 3.9 8.3 3.2 7.0 10.9Rest of Europe 8.5 7.5 14.6 1.4 1.1 2.0 1.2 1.0 1.8North America 19.9 11.7 27.0 2.7 0.5 2.0 2.4 0.5 1.9------------------------------------------------------------------------------------------------------------------- 55.8 48.0 100.5 7.5 5.5 12.3 6.8 8.5 14.6------------------------------------------------------------------------------------------------------------------- * before goodwill amortisation, exceptional items and taxation Turnover by geographical area is stated by origin, which with the exception ofNorth America, is not materially different from turnover by destination. InNorth America, turnover of £1.8m (out of £19.9m) is to customers based outsideNorth America. 3. GOODWILL AND EXCEPTIONAL ITEMS Goodwill Goodwill Goodwill amorti-sation Except. amorti- Except. amorti- Except. 31 Mar items Total sation items Total sation items Total 2005 31 Mar 31 Mar 31 Mar 31 Mar 31 Mar 30 Sept 30 Sept 30 Sept 2005 2005 2004 2004 2004 2004 2004 2004 £m £m £m £m £m £m £m £m £m-------------------------------------------------------------------------------------------------------------------Operating profitContinuing operations (a) (0.7) - (0.7) (0.3) (0.7) (1.0) (0.8) (0.8) (1.6) Non-Operating itemsProfit on disposal offixed assets (b) - - - - 4.0 4.0 - 3.9 3.9------------------------------------------------------------------------------------------------------------------- (0.7) - (0.7) (0.3) 3.3 3.0 (0.8) 3.1 2.3Tax (charge)/credit onexceptional items - - - - (1.0) (1.0) - 0.3 0.3------------------------------------------------------------------------------------------------------------------- (0.7) - (0.7) (0.3) 2.3 2.0 (0.8) 3.4 2.6------------------------------------------------------------------------------------------------------------------- (a) In 2004 costs of £0.5m were incurred in restructuring the Control's business of Hawco, acquired in July 2003. Costs of £0.3m were also incurred in restructuring the Life Science business of Anachem. (b) The profit on disposal of fixed assets in 2004 arose from the sale of eight acres of land (known as Phase 2) in Stamford, East Midlands. No tax arose on this disposal due to the availability of capital tax losses. 4. TAXATION The taxation charge on profit before exceptional items for the six months ended31 March 2005 of £2.3m (2004: £1.9m) is based on the estimated tax rate for thefull year. 5. EARNINGS PER ORDINARY SHARE Basic and diluted earnings per share Basic and diluted earnings per ordinary share are calculated on the basis of theweighted average number of shares in issue during the period of 22,542,538(2004: 22,619,516) and the profit for the financial period, after minorityinterests, of £4.6m (2004: £6.1m). There were no potentially dilutive shares. Adjusted earnings per share Adjusted earnings per share is shown by reference to earnings before goodwillamortisation, exceptional items and related tax. The Directors consider thatthis gives a clearer indication of the underlying performance of the Group.Earnings before goodwill amortisation, exceptional items and related tax arecalculated as follows: 31 Mar 31 Mar 30 Sept 31 Mar 31 Mar 30 Sept 2005 2004 2004 2005 2004 2004 pence pence pence per share per share per share £m £m £m---------------------------------------------------------------------------------------------------------------Profit for the financial year, after minorityinterests 20.4 27.0 52.7 4.6 6.1 11.9Goodwill amortisation 3.1 1.3 3.5 0.7 0.3 0.8Exceptional items, net of tax - (10.2) (15.0) - (2.3) (3.4)---------------------------------------------------------------------------------------------------------------Adjusted earnings 23.5 18.1 41.2 5.3 4.1 9.3--------------------------------------------------------------------------------------------------------------- 6. RECONCILIATION OF OPERATING PROFIT TO NET CASH FLOW FROM OPERATING ACTIVITIES 31 March 31 March 30 Sept 2005 2004 2004 £m £m £m-------------------------------------------------------------------------------------------------------Operating profit 6.8 4.5 10.7Depreciation 0.7 0.5 1.2Amortisation of goodwill 0.7 0.3 0.8(Increase) in stocks (0.2) (0.6) (2.3)Decrease/(increase) in debtors 0.2 (1.6) (1.3)(Decrease)/increase in creditors (3.0) 0.8 1.5Increase in provisions 0.1 0.3 0.1-------------------------------------------------------------------------------------------------------Net cash inflow from operating activities 5.3 4.2 10.7------------------------------------------------------------------------------------------------------- 7. RECONCILIATION OF NET CASH FLOWS TO THE MOVEMENT IN NET FUNDS 31 March 31 March 30 Sept 2005 2004 2004 £m £m £m-------------------------------------------------------------------------------------------------------Increase in cash in the period - 1.7 2.3Increase/(decrease) in short term deposits 1.8 (2.3) (14.8)-------------------------------------------------------------------------------------------------------Change in net funds resulting from cash flows 1.8 (0.6) (12.5)Decrease in debt due within one year - 1.2 1.2Exchange adjustment - - (0.1)Net funds at start of year 17.9 29.3 29.3-------------------------------------------------------------------------------------------------------Net funds at end of period 19.7 29.9 17.9------------------------------------------------------------------------------------------------------- 8. ANALYSIS OF NET FUNDS 1 October Exchange 31 March 2004 Cash flow movement 2005 £m £m £m £m-------------------------------------------------------------------------------------------------Cash at bank 4.1 - - 4.1Short term deposits 13.8 1.8 - 15.6-------------------------------------------------------------------------------------------------Net funds 17.9 1.8 - 19.7------------------------------------------------------------------------------------------------- 9. ACQUISITIONS In May 2005 deferred consideration of £0.3m (€0.4m) was paid to the vendors ofFilcon Electronic GmbH. No further consideration is payable on thisacquisition. As a result of this payment, excess deferred consideration of£0.2m has been released and goodwill adjusted accordingly. 10. DIVIDENDS The Directors have declared an interim dividend of 7.0p per share (2004: 6.0p)payable on 15 June 2005 to shareholders on the register on 20 May 2005. 11. EXCHANGE RATES The following exchange rates have been used to translate the results of theoverseas business: Average Closing 31 31 30 31 31 30 March March Sept March March Sept 2005 2004 2004 2005 2004 2004-------------------------------------------------------------------------------------------US Dollar 1.89 1.80 1.81 1.89 1.84 1.81Canadian Dollar 2.30 2.35 2.34 2.29 2.42 2.29Euro 1.44 1.47 1.48 1.45 1.50 1.46------------------------------------------------------------------------------------------- 12. STATUS OF INTERIM REPORT The Interim Report, which is unaudited, was approved by the Directors on 9 May2005. It should be read in conjunction with the 2004 Annual Report, whichcontains the most recent financial statements. The financial information contained in this report does not constitute statutoryaccounts. The figures for the financial year ended 30 September 2004 have beenextracted from the Group's published accounts for that year which have beenreported on by the Company's auditors and delivered to the Registrar ofCompanies. The report of the auditors was unqualified and did not contain astatement under section 237 (2) or (3) of the Companies Act. The figures forthe half year ended 31 March 2004 were extracted from the 2004 Interim Reportwhich was unaudited. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Diploma