19th Jul 2007 07:01
Microgen PLC19 July 2007 19 July 2007 MICROGEN plc ('Microgen') INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2007 Microgen plc reports results for the six months ended 30 June 2007 slightlyahead of the Board's declared operating margin target with good organic growthin key sectors. Highlights • Profit before tax (excluding exceptional profit on property disposal) of £3.1 million (H1, 2006 : £2.9 million). • Operating margin before intangible amortisation and exceptional items remains very strong at 17.2% (H1, 2006 : 15.1%), ahead of the Board's declared target. • Adjusted basic eps (excluding intangible amortisation and exceptional items) of 2.3p (H1, 2006 : 2.1p). Basic eps of 2.4p (H1, 2006 : 2.0p). • Good organic growth in key software businesses. Significant new customer wins for Microgen Aptitude in financial services and commercial sectors. • Positive operating cash flow of £2.4 million (H1, 2006 : £1.8 million) producing cash of £11.0 million and net funds of £6.5 million as at 30 June 2007, after £5.7 million investment in shares of Trace Group plc. • Acquisition of the Oscar software from Cronus Consultancy Limited completed in July 2007. • Increase in interim dividend to 0.6 pence per share (2006 : 0.5 pence per share) reflecting the confidence of the Board in the prospects of the Group. ContactsMartyn Ratcliffe, Chairman 01252 772 311David Sherriff, Chief Operating OfficerPhilip Wood, Group Finance Director Giles Sanderson, Financial Dynamics 020 7831 3113 * Throughout this statement adjusted operating profit and margin excludesgoodwill and intangible impairment/amortisation and exceptional items 19 July 2007 MICROGEN plc ('Microgen')Interim Results for the Six Months ended30 June 2007 Chairman's Statement Microgen has produced a strong operating performance in the first half of 2007with excellent operating margins and good organic growth in three of the Group'sfour operating divisions. The technical and marketing investments made inMicrogen Aptitude are now delivering tangible results, while the Group continuesto reduce its exposure to the general IT consulting market. Furthermore, thecontinued transition to e-billing has produced strong organic growth withenhanced margin in Microgen's managed billing services business. At the start of 2007, the Board defined its priorities for the coming year andset these out in the Preliminary Announcement and Annual Report for 2006. Goodprogress on these priorities has been achieved. Group Financial Performance In the six months ended 30 June 2007, Microgen generated adjusted operatingprofit of £3.1 million (H1, 2006 : £3.0 million) from revenue of £18.1 million(H1, 2006 : £19.6 million). The reduction in revenue is consistent with theBoard's declared intent to reduce its exposure to the general IT consultingmarket, offset by the strong organic growth in the Group's software-basedbusinesses. Adjusted operating margin at 17.2% (H1, 2006 : 15.1%) was ahead ofthe Group's defined target. Operating profit for the period was £3.3 million (H1, 2006 : £2.8 million).Profit before tax in the period was £3.5 million (H1, 2006 : £2.9 million).Adjusted basic earnings per share were 2.3p (H1, 2006 : 2.1p) with a basicearnings per share of 2.4p (H1, 2006 : 2.0p). During the period, the Group produced positive operating cash flow of £2.4million (H1, 2006: £1.8 million). In addition, one of the Group's long-leaseholdproperties, located in London, was sold for £2.1 million of which £1.2 millionwas used to reduce the loan secured on the Group's freehold and long-leaseholdproperties. The disposal produced an exceptional profit of £0.4 million.Additionally, four leases on surplus properties were terminated, withsettlements in line with previous provisions, significantly reducing the Group'sexposure to potential future liabilities. As a result, the Group continues tohave a strong balance sheet with cash of £11.0 million (H1, 2006 : £12.8million) and net funds of £6.5 million at 30 June 2007 (H1, 2006 : £6.8million), after investing £5.7 million in shares in Trace Group plc. Reflecting the confidence of the Board in the future prospects for the Group,the interim dividend has been increased by 20% to 0.6 pence per share (2006 :0.5 pence per share). The interim dividend will be paid on 24 August 2007 toshareholders on the register as at 27 July 2007. Operational Overview The organic growth derived from Microgen's software-based activities of 9%compared to the second half of 2006 is particularly pleasing such that revenuederived from Microgen software now accounts for 63% of Group revenue (H1, 2006 :55%). The Group has continued to reduce its exposure to lower value general ITconsultancy and this evolution has resulted in the Group's average consultancyfee rate in the first six months of 2007 increasing by approximately 8% comparedto the second half of 2006. (Operating margins referred to below exclude interest, exceptional items,goodwill & intangible amortisation and Group costs.) The Group's Banking Division delivered a strong recovery in the first half withrevenue growth of 14% on the second half of 2006 and, with a strong salespipeline for the remainder of the year, the Board are optimistic regarding thecontinued recovery in this division. This continued progress is expected to bedriven by Microgen Aptitude based solutions. For the period ended 30 June 2007,the Banking division reported revenue of £4.6 million (H1, 2006 : £4.6 million)with an operating margin of 25% (H1, 2006 : 20%). The Asset & Wealth Management Division maintained the solid performancedelivered in 2006, reporting revenue in the period ended 30 June 2007 of £5.7million (H1, 2006 : £5.3 million) and an operating margin of 27% (H1, 2006 :21%). In July, Microgen acquired the Oscar software from Cronus ConsultancyLimited which will be integrated into the Asset & Wealth Management Division,providing a cost-effective route to a next-generation Trust and Fund Managementproduct set. During the period, and following successes with Microgen Aptitude basedsolutions, the Board determined to combine the Group's Consultancy, ApplicationManagement and Energy businesses into a Commercial, Public & Utilities Division.The support of the PowerQuote customer base in the Energy sector is now managedwithin the combined applications management operation. For the period ended 30June 2007, this Division reported revenue on continuing operations of £4.2million (H1, 2006 : £6.3 million) and an operating margin of 20% (H1, 2006 :25%). The exit from SAP support activities is expected to be completed bySeptember and the Group has continued to reduce its overall exposure to thecommodity segments of the general IT consultancy market. In the future, theBoard anticipates that Microgen Aptitude will account for an increasingproportion of the revenue from this division. The Group's Billing & Database Management Division had a very strong performancein the first half with strong organic revenue and margin growth driven by thecontinued migration from print services to e-billing, particularly in thetelecom sector. Microgen's ability to provide multi-channel services is a keydifferentiator in the migration from paper to electronic billing and, in June2007, 22% of all documents were distributed electronically. For the period ended30 June 2007, the division reported revenue of £3.1 million (H1, 2006 : £2.7million) and an operating margin of 34% (H1, 2006 : 23%). Offer for Trace Group plc On 25 May 2007, Microgen announced a recommended cash offer for Trace Group plc("Trace"), which was increased on 15 June 2007, following an increased competingoffer from Tulip Holdings Limited ("Tulip"). The Microgen offer of 180 pence perTrace share values Trace at £25.6 million. Details of the Microgen offer areavailable at www.microgen.com. Microgen has acquired approximately 25.8% of the issued shares in Trace for anaverage price of approximately 154.4 pence per share. In addition, as at 13 July2007, Microgen had received acceptances for approximately 17.6% of Trace sharesand has received an undertaking from an Independent Director of Trace,representing 10.01% of Trace shares, to accept the Microgen offer in the eventthat the Tulip offer lapses or is withdrawn. The final closing date for the offers is 31 July 2007 and further updates willbe made as appropriate. Prospects The Group's results reflect the success being achieved in pursuing the Board'sdefined priorities. The operating margins continue to be very strong and alldevelopment costs are fully expensed. Except for the general IT consultingsector where the Board has made a conscious decision to maintain margins andreduce exposure to lower end segments, the organic growth in all other areas isa result of the investments made in products, services and marketing. Microgen Aptitude is increasingly being recognised by customers, prospects andtechnical analysts for its event-driven architecture and high transactionprocessing capability. Furthermore, the Group is now working with a number ofmajor system integrator and/or consultancy partners on Microgen Aptitudeopportunities which have opened up larger opportunities for the product andassociated services. The Board continues to focus on its defined priorities and expects the dynamicsexperienced in the first half to continue for the rest of the year, although theBoard may increase sales and marketing investment to balance future growth withoperating margin. The strong sales pipeline for Microgen Aptitude basedsolutions in the Banking Division is anticipated to enable the recoveryexperienced in the first half to continue for the rest of the year. The solidperformance in the Asset & Wealth Management Division is expected to continueand the Commercial, Public & Utilities Division is anticipated to increase theproportion of business derived from Microgen Aptitude, offsetting the reductionin general IT consulting. The strong performance from the Billing & DatabaseManagement Division is anticipated to continue, although the Board expect somepressure on margins. In summary, the Board is pleased with the performance ofthe Group in the first half of the year and believes that the performance forthe year as a whole will be in line with its expectations. Martyn RatcliffeChairman Microgen plcGROUP INTERIM INCOME STATEMENTFor the six months ended 30 June 2007 Unaudited six months ended 30 June 2007 Note Before intangible Total intangible amortisation amortisation and and exceptional exceptional items items £000 £000 £000 Revenue 1 18,098 - 18,098Operating costs (14,986) 188 (14,798) Operating profit/(loss) 1 3,112 188 3,300Finance income 415 - 415Finance expenses (173) - (173) Profit/(loss) before tax 3,354 188 3,542 Taxation 4 (1,080) Retained profit/(loss) transferred to reserves 2,462 Earnings/(loss) per share 5Basic 2.4p Diluted 2.4p Adjusted earnings per share 5Basic 2.3p Diluted 2.3p Dividend per share pence £000Proposed interim / final dividend per share 7 0.6p 616 Paid final / interim dividend per share 7 1.0p 1,027 Unaudited six months ended 30 June 2006 Audited year ended 31 Dec 2006 Note Before Intangible Total Before Goodwill Total intangible Amortisation goodwill and amortisation and and intangible and exceptional intangible impairment/ exceptional items impairment/ amortisation items amortisation and and exceptional exceptional items items £000 £000 £000 £000 £000 £000 Revenue 1 19,608 - 19,608 37,632 - 37,632Operating costs (16,645) (162) (16,807) (31,874) (14,758) (46,632) Operating profit/(loss) 1 2,963 (162) 2,801 5,758 (14,758) (9,000)Finance income 270 - 270 579 - 579Finance expenses (214) - (214) (426) - (426) Profit/(loss) before tax 3,019 (162) 2,857 5,911 (14,758) (8,847) Taxation 4 (863) (1,684) Retained profit/(loss) transferred toreserves 1,994 (10,531) Earnings/(loss) per share 5Basic 2.0p (10.3p) Diluted 1.9p (10.3p) Adjusted earnings per share 5Basic 2.1p 4.1p Diluted 2.1p 4.0p Dividend per share pence £000 pence £000Proposed interim /final dividend per share 7 0.5p 513 1.0p 1,027 Paid final /interim dividend per share 7 - - 0.5p 513 Microgen plcGROUP STATEMENT OF RECOGNISED INCOME AND EXPENSEFor the six months ended 30 June 2007 Unaudited Unaudited Audited Six Six Year months months ended ended ended 30 June 2007 30 June 2006 31 Dec 2006 £000 £000 £000Cash flow hedges: - net fair value gains net of tax 74 65 82 - reclassified and reported in net profit - (56) 4Deferred tax on share options 8 - (43)Exchange differences on translation of foreign operations 50 (51) (117)Net income/(expense) recognised directly in equity 132 (42) (74) Profit/(loss) for the period 2,462 1,994 (10,531) Total recognised income and expense for the period 2,594 1,952 (10,605) Microgen plcGROUP BALANCE SHEETAs at 30 June 2007 Unaudited Unaudited Audited Note as at as at as at 30 June 30 June 31 Dec 2007 2006 2006ASSETS £000 £000 £000Non-current assetsGoodwill 46,880 61,892 46,980Intangible assets 934 1,248 1,021Property, plant and equipment 7,311 9,303 9,104Investments 5,683 - -Deferred tax asset 1,883 1,941 2,103 62,691 74,384 59,208Current assetsInventories 93 88 73Trade and other receivables 7,833 7,346 7,801Financial assets - derivative financial instruments 225 80 151Cash and cash equivalents 11,014 12,787 15,297 19,165 20,301 23,322LIABILITIESCurrent liabilitiesFinancial liabilities - borrowings (533) (333) (667)Trade and other payables (14,057) (13,297) (14,445)Current tax liabilities (1,753) (1,564) (1,476)Provisions (39) (467) (503) (16,382) (15,661) (17,091) Net current assets 2,783 4,640 6,231 Non-current liabilitiesFinancial liabilities - borrowings (3,967) (5,667) (5,333)Provisions (143) (808) (525) (4,110) (6,475) (5,858) NET ASSETS 61,364 72,549 59,581 SHAREHOLDERS' EQUITYOrdinary shares 5,132 5,132 5,132Share premium account 11,214 11,213 11,214Other reserves 37,536 37,385 37,462Retained earnings 7,482 18,819 5,773EQUITY SHAREHOLDERS' FUNDS 8 61,364 72,549 59,581 Microgen plcGROUP CASH FLOW STATEMENTFor the six months ended 30 June 2007 Unaudited Unaudited Audited six months six months year ended ended ended 30 June 2007 30 June 2006 31 Dec 2006 Note £000 £000 £000Cash flows from operating activitiesCash generated from operations 6 2,409 1,806 5,631Interest received 415 270 606Interest paid (157) (178) (352)Tax paid (549) (482) (1,143)Net cash from operating activities 2,118 1,416 4,742 Cash flows from investing activitiesAcquisition of investment (5,683) - -Proceeds from the sale of property, plant and equipment 2,100 - -Purchase of property, plant and equipment (253) (356) (552) Net cash used in investing activities (3,836) (356) (552) Cash flows from financing activitiesNet proceeds from issue of ordinary share capital - 58 59Dividends paid (1,027) - (513)Repayments of borrowings (1,500) - -Net cash from financing activities (2,527) 58 (454) Net (decrease)/increase in cash and cash equivalents (4,245) 1,118 3,736Opening cash and cash equivalents 15,297 11,804 11,804Effects of exchange rate changes (38) (135) (243)Closing cash and cash equivalents 11,014 12,787 15,297 Notes to interim financial information 1. Segmental information The segmental information below reflects the divisional operating structure ofthe Group, which is the primary segmentation of the operating performancereviewed by the Board. Unaudited six months ended 30 June 2007Revenue Asset & Banking Commercial, Billing & Total Wealth Public & Database Management Utilities Management £000 £000 £000 £000 £000 Software based 5,693 4,556 1,064 - 11,313Managed services - - 1,467 3,129 4,596General consultancy - - 2,189 - 2,189Total revenue 5,693 4,556 4,720 3,129 18,098 Operating costs (4,159) (3,437) (3,768) (2,073) (13,437) Operating profit before group overheads, 1,534 1,119 952 1,056 4,661intangible amortisation and exceptional items Group overheads (1,549) Operating profit before intangibleamortisation and exceptional items 3,112 Divisional intangible amortisation (131) (22) (9) - (162)Divisional operating profit 1,403 1,097 943 1,056 Group exceptional items - Profit on sale of asset 429 - Other (79)Total intangible amortisation and exceptional 188items Operating profit 3,300Net finance income 242 Profit before tax 3,542Taxation (1,080) Profit for the period 2,462 1. Segmental information (continued) Unaudited six months ended 30 June 2006Revenue Asset & Banking Commercial, Billing & Total Wealth Public & Database Management Utilities Management £000 £000 £000 £000 £000 Software based 5,326 4,581 968 - 10,875Managed services - - 1,903 2,692 4,595General consultancy - - 4,138 - 4,138Total revenue 5,326 4,581 7,009 2,692 19,608 Operating costs (4,203) (3,669) (5,392) (2,063) (15,327) Operating profit before group overheads,intangible amortisation and exceptional items 1,123 912 1,617 629 4,281 Group overheads (1,318) Operating profit before intangible amortisation and exceptional items 2,963 Divisional intangible amortisation (131) (22) (9) - (162)Divisional operating profit 992 890 1,608 629 Total intangible amortisation and exceptional costs (162) Operating profit 2,801Net finance income 56 Profit before tax 2,857Taxation (863) Profit for the period 1,994 1. Segmental information (continued) Audited year ended 31 Dec 2006Revenue Asset & Commercial, Billing & Wealth Public & Database Management Banking Utilities Management Total £000 £000 £000 £000 £000 Software based 10,897 8,594 1,802 - 21,293Managed services - - 3,732 5,605 9,337General consultancy - - 7,002 - 7,002Total revenue 10,897 8,594 12,536 5,605 37,632 Operating costs (8,452) (7,136) (9,753) (4,217) (29,558) Operating profit before group overheads, goodwill and intangible impairment/amortisation andexceptional items 2,445 1,458 2,783 1,388 8,074 Group overheads (2,316) Operating profit before goodwill and intangible impairment/amortisation and exceptional items 5,758 Divisional intangible amortisation and exceptional costs - Goodwill and intangible impairment - - (14,000) - (14,000) - Intangible amortisation (261) (44) (19) - (324)Divisional operating profit/(loss) 2,184 1,414 (11,236) 1,388 Group exceptional items - Goodwill adjustment (546) - Property provision 112Total intangible amortisation and exceptional items (14,758) Operating loss (9,000)Net finance income 153 Loss before tax (8,847)Taxation (1,684) Loss for the year (10,531) 2. Basis of preparation This financial information comprises the group interim balance sheet as at 30June 2007 and 30 June 2006, related group interim statements of income, cashflows and recognised income and expense and related notes for the six monthsthen ended of Microgen plc (hereinafter referred to as 'financial information'). This financial information has been prepared in accordance with the ListingRules of the Financial Services Authority. In preparing this financialinformation management has used the principal accounting policies as set out inthe group's annual financial statements for the year ended 31 December 2006 onpages 32 to 40. The group has chosen not to adopt IAS 34, 'Interim financial statements', inpreparing its 2007 interim statements and, therefore, this interim financialinformation is not in compliance with IFRS. 3. Cessation of business activities The Board has previously determined that the Group's SAP support operations weresub-scale and the investment required to achieve the necessary scale would beunlikely to deliver a satisfactory return for shareholders. Therefore, the Boarddetermined to exit this activity which will be completed in the second half of2007. The Divisional results for 2006 and the first six months of 2007 withoutthe SAP business would have been as follows: Unaudited Unaudited Audited six months six months year ended ended ended 31 Dec 2006 30 June 2007 30 June 2006 £000 £000 £000RevenueCommercial, Public & Utilities 4,720 7,009 12,536Less: SAP (515) (674) (1,288) Commercial, Public & Utilitiesexcluding SAP 4,205 6,335 11,248 Operating profit before groupoverheads, intangibleamortisation and exceptionalitemsCommercial, Public & Utilities 952 1,617 2,783Less: SAP (90) (43) (186) Commercial, Public & Utilitiesexcluding SAP 862 1,574 2,597 4. Taxation The tax charge of £1,080,000 is at an effective tax rate of 30.5% (H1 2006:30.2%, 2006: (19.0%)) of the profit before tax. 5. Earnings per share Unaudited six Unaudited six Audited year months ended months ended ended 31 Dec 30 June 2007 30 June 2006 2006 pence pence penceEarnings per shareBasic 2.4 2.0 (10.3) Diluted 2.4 1.9 (10.3) Adjusted earnings per shareBasic 2.3 2.1 4.1 Diluted 2.3 2.1 4.0 To provide an indication of the underlying operating performance the adjustedearnings per share calculation above excludes goodwill and intangible impairment/amortisation, exceptional items and has a tax charge based on the effectiverate. Unaudited six Unaudited six Audited year months ended months ended ended 31 Dec 30 June 2007 30 June 2006 2006 pence pence pence Basic earnings per share 2.4 2.0 (10.3)Exceptional (credit) / charge netof tax (0.2) - 0.6Prior years' tax charge - - (0.1)Intangible amortisation net of tax 0.1 0.1 0.2Goodwill & intangible impairment - - 13.7 Adjusted earnings per share 2.3 2.1 4.1 6. Cash generated from operations Unaudited Unaudited Audited six months six months year ended ended ended 31 Dec 30 June 2007 30 June 2006 2006 £000 £000 £000 Profit for the period 2,462 1,994 (10,531)Adjusted for:Taxation 1,080 863 1,684Depreciation 376 405 777(Profit)/loss on disposal of property, plant and equipment (429) - 11Amortisation of intangibles 162 162 324Goodwill and intangible impairment - - 14,000Share-based payment expense 216 150 251Fair value adjustment to goodwill 100 - 546Finance income (415) (270) (579)Finance expense 173 214 426 Changes in working capital:(Increase)/decrease in inventories (20) (13) 2Decrease in receivables 169 1,187 655Decrease in payables (638) (2,720) (1,559)Decrease in provisions (827) (166) (376) Cash generated from operations 2,409 1,806 5,631 7. Equity dividends on ordinary shares Unaudited Unaudited Audited six months six months year ended ended ended 31 Dec 30 June 2007 30 June 2006 2006 £000 £000 £000Dividends paid: Interim dividend - - 513Final dividend 1,027 - - Proposed but not recognised as a liability: Interim dividend 616 513 -Final dividend - - 1,027 The proposed interim dividend was approved by the Board on 18 July 2007 but wasnot included as a liability as at 30 June 2007, in accordance with IAS 10'Events after the Balance Sheet date'. This interim dividend will be payable on24 August 2007 to shareholders on the register at the close of business on 27July 2007. 8. Statement of changes in equity Share Share Retained Other Total capital premium earnings reserves £'000 £'000 £'000 £'000 £'000 At 1 January 2007 (unaudited) 5,132 11,214 5,773 37,462 59,581Net fair value gain on cash flow hedges net - - - 74 74of taxExchange rate adjustments - - 50 - 50Share options - value of employee service - - 216 - 216Deferred tax on share options - - 8 - 8Dividends - - (1,027) - (1,027)Retained profit for the period - - 2,462 - 2,462 At 30 June 2007 (unaudited) 5,132 11,214 7,482 37,536 61,364 9. Statement by the directors The financial information in this interim statement has been prepared inaccordance with the accounting policies set out in the 31 December 2006 annualreport. The financial information does not constitute statutory accounts within themeaning of section 240 of the Companies Act 1985. This interim statement andthe financial information contained therein, has not been audited by thecompany's Auditors. Statutory accounts for Microgen plc for the year ended2006, on which the Auditors gave an unqualified report, have been delivered tothe Registrar of Companies. The directors of Microgen plc accept responsibilityfor the information contained in this announcement. To the best of theirknowledge and belief (having taken all reasonable care to ensure that such isthe case) the information contained in this announcement is in accordance withthe facts and does not omit anything that is likely to affect the import of suchinformation. Copies of this statement are being posted to shareholders and will also beavailable on the investor relations page of our website (www.microgen.com).Further copies are available from the Company Secretary at Fleet House, 3Fleetwood Park, Barley Way, Fleet. GU51 2QJ. Independent review report to Microgen plc Introduction We have been instructed by the company to review the financial information forthe six months ended 30 June 2007 which comprises of the group interim balancesheet as at 30 June 2007 and the related group interim statements of income,cash flows and recognised income and expense for the six months then ended andrelated notes. We have read the other information contained in the interimreport and considered whether it contains any apparent misstatements or materialinconsistencies with the financial information. Directors' responsibilities The interim report, including the financial information contained therein, isthe responsibility of, and has been approved by the directors. The Listing Rulesof the Financial Services Authority require that the accounting policies andpresentation applied to the interim figures should be consistent with thoseapplied in preparing the preceding annual accounts except where any changes, andthe reasons for them, are disclosed. This interim report has been prepared in accordance with the basis set out inNote 2. Review work performed We conducted our review in accordance with guidance contained in Bulletin 1999/4issued by the Auditing Practices Board for use in the United Kingdom. A reviewconsists principally of making enquiries of group management and applyinganalytical procedures to the financial information and underlying financial dataand, based thereon, assessing whether the disclosed accounting policies havebeen applied. A review excludes audit procedures such as tests of controls andverification of assets, liabilities and transactions. It is substantially lessin scope than an audit and therefore provides a lower level of assurance.Accordingly we do not express an audit opinion on the financial information.This report, including the conclusion, has been prepared for and only for thecompany for the purpose of the Listing Rules of the Financial Services Authorityand for no other purpose. We do not, in producing this report, accept or assumeresponsibility for any other purpose or to any other person to whom this reportis shown or into whose hands it may come save where expressly agreed by ourprior consent in writing. 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 30 June 2007. PricewaterhouseCoopers LLPChartered AccountantsWest London19 July 2007 Notes: (a) The maintenance and integrity of the Microgen plc web site is theresponsibility of the directors; the work carried out by the auditors does notinvolve consideration of these matters and, accordingly, the auditors accept noresponsibility for any changes that may have occurred to the interim reportsince it was initially presented on the web site. (b) Legislation in the United Kingdom governing the preparation anddissemination of financial information may differ from legislation in otherjurisdictions. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Aptitude