19th Sep 2006 07:02
Bloomsbury Publishing PLC19 September 2006 19th September 2006 BLOOMSBURY PUBLISHING PLC Interim Results for the six months to 30 June 2006 • Six months revenue up 6.5% to £37.66m (2005, £35.37m) • Pre-tax profit increased 3.4% to £4.22m (2005, £4.08m) • Basic earnings per share increased 2.3% to 4.08p (2005, 3.99p) • Interim dividend up 10% to 0.66p (2005, 0.60p) • Investment in future titles excluding reference databases increased 39.4% to £31.24m (31 December 2005, £22.41m), which underpins strong publishing lists for second half and into 2007 • US and German operations performing well • Expansion into new areas of publishing within Children's and Adult divisions • Trading in line with the Board's expectations. Board remains confident of a satisfactory outcome for the year. Commenting on the results and prospects for Bloomsbury, Nigel Newton, Chairman,said: "Bloomsbury has made good progress in the first six months of 2006. Ourinternational businesses are clearly established and performing well. Thebenefits of our prior investment in authors and new business initiatives arecoming through as planned." "The Group's publishing programme for the second half of the year is one of thestrongest to date and includes books from some of our bestselling authors andpotential bestsellers from new authors. The second half has started well withtrading in line with our expectations, and the Board remains confident of asatisfactory outcome to the year." For further information, please contact: Tim Spratt/Charles Palmer, Financial Dynamics 020 7831 3113Sandy Karon, PA to the Chairman, Bloomsbury Publishing Plc 020 7494 6015 CHAIRMAN'S STATEMENT OVERVIEW Bloomsbury has made good progress in the first six months of 2006. BloomsburyUSA has shown very satisfactory growth, driven by continued re-orders for autumn2005 titles and strong sales of a number of 2006 titles. Berlin Verlag hasperformed well compared to the first half of 2005, with top line sales growthand continued focus on the cost base. In the UK, we had three books recommendedon television by the Richard and Judy Book Club, and the recent acquisition ofMethuen Drama is being successfully integrated. Revenue for the first six months increased 6.5% to £37.66m (2005, £35.37m).Gross profit increased 6.4% to £18.71m (2005, £17.58m), with the gross marginunchanged at 49.7% (2005, 49.7%). Marketing and distribution costs were 4.9% higher at £6.81m (2005, £6.49m), butas a percentage of turnover they decreased slightly to 18.1% (2005, 18.3%). Theincrease in marketing spend was due to a higher number of lead titles in thefirst half publishing programme. The increase in distribution costs wasprimarily a function of the increased turnover. Administrative expensesincreased 15.9% to £8.88m (2005, £7.66m), largely due to additional office costsand increased salary costs as the Group continues to grow its publishingprogramme. As a percentage of turnover, administrative expenses increased to23.6% (2005, 21.7%). Interest income increased by 83.6% to £1.23m (2005, £0.67m) primarily as aresult of higher average cash balances. Profit before tax increased 3.4% to £4.22m (2005, £4.08m.). The effective rateof corporation tax for the six months was 29.4% (2005, 29.8%). Basic earnings per share increased 2.3% to 4.08 pence (2005, 3.99 pence). The exchange adjustments recognised in reserves of £1.08m loss (2005, £0.13mprofit) arise from retranslation of foreign subsidiaries' assets and liabilitiesand reflect principally the weakening of the dollar against sterling since theend of 2005 and the increase in the underlying net asset values. Net cash outflow for the Group for the first six months of the year was £22.4m(30 June 2005, inflow £4.88m). The cash outflow related primarily to royaltiespaid to authors in March. In the first six months of 2006 the Group also paidcorporation tax of £2.28m (2005, £2.62m) and the 2005 final dividend of £2.19m(2005, nil. The final dividend in respect of 2004 was paid in July 2005). Inaddition, £2.35m was paid for the acquisition of Methuen Publishing. Net cashbalances at 30 June decreased 41.8% to £31.12m (31 December 2005, £53.51m). At30 June 2006 the Group had under contract 1,113 titles (31 December 2005, 1,062)for future publication with a gross investment excluding reference databases of£31.24m (31 December 2005, £22.41m). After payment of the initial tranches ofadvances to authors, our liability for future cash payments on these contractedtitles at that date was £18.57m (31 December 2005, £12.05m). INTERIM DIVIDEND The directors have declared a 10% increase in the interim dividend to 0.66 penceper share (2005, 0.60 pence per share), which will be paid on 17 November 2006to shareholders on the register at close of business on 3 November 2006. Thedividend takes account of the profit growth and cash-generating capability ofthe Group, as well as the need to retain funds to respond to opportunities forfuture expansion and acquisition growth. OPERATIONAL REVIEW Children's In the first half of 2006 we published our first full pre-school list programme.Sixteen titles were released, and we had strong support from book clubs, specialand international sales channels. We are now working hard to build critical massin this area. The new novel, Small Steps, by the bestselling author of Holes, Louis Sachar,was published during the first half of this year. Other significantpublications so far this year have been the second in the Septimus Heap series,Flyte, by Angie Sage and the third in the series of books by Sue Limb, Girl 16.Both Angie Sage and Sue Limb are writing a series of books featuring thecharacters Araminta Spook and Ruby Rogers respectively. The first of thesetitles will be published in the second half of this year. In June, we published the paperback edition of Harry Potter and The Half-BloodPrince, with copies of the adult and children's paperback editions of thisbestselling book released internationally. In October, we are publishing the highly anticipated Larklight by Philip Reevesimultaneously in the UK, Germany and the USA and for which we already havetwelve foreign publishers partnering with us, as well as a substantial confirmedfilm deal. We will also broaden out into the film and TV tie-in market and this autumn willbe publishing four titles tying in with the big cinematic children's releaseOpen Season. In the second half we are also publishing a series of in-houseoriginated titles, Mermaid S.O.S., participating in the current successful trendof long series titles for young female readers. Adult The first half of this year got off to a good start with the publication ofJoanna Trollope's new novel, Second Honeymoon, which went to No. 1 in thehardback bestseller list. We also had three Richard & Judy Book Club selectionsin the first half of the year: Moondust by Andrew Smith, Empress Orchid byAnchee Min and The Highest Tide by Jim Lynch. Sales of the Kite Runnercontinued to build and it remains one of our core backlist titles. We alsobrought Douglas Coupland to our UK list with his new novel, JPod. We hired a new editor, Richard Atkinson, who specialises in food, lifestyle andTV tie-in books. He brought with him the bestselling food writer, HughFearnley-Whittingstall. He has also made a number of significant TV tie-inpurchases, including the book to accompany David Dimbleby's forthcoming BBCseries on the buildings of Britain and also a book to tie-in with a major TVseries about human anatomy. The appointment of Richard Atkinson and thepurchase of these books mark an important move for Bloomsbury into TV-ledbestsellers. We have continued to buy major titles for publication this autumn which shouldcreate the strongest publishing list in the Adult division in Bloomsbury'shistory. The fiction list includes So Many Ways to Begin, the second novel frombestselling author Jon McGregor; a major new novel, Restless, from William Boydwho has just joined Bloomsbury (in the UK, US and Germany).; a collection ofstories from Man Booker Prize winner Margaret Atwood; and a collection ofstories from the author of the bestselling Jonathan Strange & Mr Norrell,Susanna Clarke. We also have one of America's most distinguished novelists,Richard Ford, on the list, and a twice Booker shortlisted Irish writer, PatrickMcCabe. Both Jon McGregor's new novel, So Many Ways to Begin, and NadineGordimer's Get a Life have been longlisted for the 2006 Man Booker Prize. KiranDesai's shortlisted novel, The Inheritance, will be published by Berlin Verlag. In non-fiction for the second half of this year, we have autobiographies fromTake That's singer/songwriter Gary Barlow and the boxer Amir Khan; food books byHugh Fearnley-Whittingstall and Heston Blumenthal; history from the bestsellingWilliam Dalrymple (author of White Mughals); and, as previously announced, booksby Gordon Brown and David Blunkett. Finally, Ruth Badger, who was one of thecontestants in the successful TV series, The Apprentice, signed with Bloomsbury. Reference & Electronic Media On 1 June 2006, A&C Black purchased the prestigious theatre list, Methuen Drama,with over 700 titles in print and excellent back-list sales. This list includesworks by playwrights such as Caryl Churchill, Willy Russell, Bertold Brecht andTennessee Williams, as well as famous theatre practitioners such as Stanislavskyand Patsy Rodenburg. A&C Black already has a well-established theatre listwhich will in future be published under the Methuen Drama imprint, creating thelargest drama list in the UK. A&C Black's sales and marketing team has muchgreater reach into bookshops in the UK and internationally as well as to schoolsand universities than with Methuen's previous arrangement. We have recentlysigned a number of agreements for important new drama titles and expect asignificant increase in sales over the next five years. A&C Black has hadconsiderable success in acquiring properties to become the dominant players inits niche markets. It is a strategy that has worked well for the business and weare continuing to look for similar acquisition opportunities that will continueto add critical mass. Other highlights in the first six months include a record year for sales ofWisden Cricketers' Almanac, for which we act as sales agents, and anothersuccessful collaboration with the RSPB to produce My First Garden Bird Book. Inthe second half of the year, we will be publishing the second edition of theBloomsbury reference title Business, which will be underpinned by a majormarketing campaign in association with our partners. We also celebrate the100th anniversary of our bestselling annual reference book The Writers' andArtists' Yearbook with a nationwide marketing campaign which includes a launchat the Edinburgh Book Festival. Major new print and electronic reference database projects are at an advancedplanning stage. These follow the Company's successes with the Encarta WorldEnglish Dictionary and the ELT database partnership with Macmillan. Futuredatabase projects may benefit from the surge in online advertising and theincreased use of the internet as a research tool. International Bloomsbury USA and Walker Publishing Company, Inc. Bloomsbury USA sales for the first six months of the year were up 46.3% to£6.79m (2005, £4.64m). The strong increase in title sales for the period wasdriven by a number of factors. Titles published in the autumn of 2005 continuedto sell well in 2006. These included Don't Try This at Home, How to Survive aRobot Uprising, Man Booker winner The Line of Beauty, Newberry Award winnerPrincess Academy and Nanny McPhee. Advance orders on a number of our 2006 titleswere also strong, including The Nasty Bits by Tony Bourdain, Field Notes from aCatastrophe by Elizabeth Kolbert and with The Highest Tide by Jim Lynch. Theoperation made a loss of £0.43m (2005, £0.08m profit) due to continued plannedinvestment in staff and office and to fund its expansion. It is expected tomake an operating profit for the full year. Bloomsbury USA moved into mass market publishing with the launch of mass marketeditions of Susanna Clarke's Jonathan Strange and Mr Norrell and with HerbieBrennan's Faerie Wars. Sales are comfortably ahead of budget and the success ofthese titles will determine the strategy for future growth of this new revenuestream. In June, we appointed Peter Ginna as Publisher of a new imprint. He willconcentrate on developing a list of high profile non-fiction projects to startin September. In July, Nick Trautwein joined the Bloomsbury Adult editorial teamwhere he will develop a list of popular titles on sports, politics and currentevents. We are looking to appoint a new publisher for our Children's division aswe seek to grow this area of our US business more aggressively. We are still focusing on reducing the cost base in the US and in May, we signeda new two-year contract on more favourable terms with our primary US printerwhich will result in additional production savings. We have a very strong list for the autumn including the US edition of BenSchott's Almanac, Melissa Fay Greene's There Is No Me Without You and WilliamBoyd's Restless. Pre-orders are already strong for these titles. Berlin Verlag Berlin Verlag continued to show good growth in the first six months of 2006,with revenues increasing 24.3% to £2.51m (2005, £2.02m). Particular successes included Der Teppichhandler by the American author MegMullins which was featured on the influential TV show Lesen! in June. BenSchott's Sammelsurien continues to perform strongly, and on publication of thethird volume, Schotts Sammelsurium Sport, Spiel und Mussiggang, in the Springall three titles appeared together in Der Spiegel bestseller list. Therepositioning of the paperback list with its new cover design style has beenvery well received and the performance of this list continues to improve. We areparticularly delighted at the success of Khaled Hosseini's Der Drachenlaufer(The Kite Runner) where sales are greater than ever and the book appeared in thepaperback bestseller list for the first time in May. The autumn list highlights include Erbin des Verlorenen Landes by Kiran Desai,Die Kommende Welt by Dara Horn and Impuls, Robert Frenay's book on bionics.Bloomsbury Berlin's lead titles are the German edition of Schott's Almanac whichwill appear in November, fully reworked for the German market, and BenjaminKunkel's Unentschlossen. Our first Children's non-fiction list launches in October. The two lead titleson this new list, 101 Dinge and Das 1-2-3 Kinderkochbuch, are both titles sharedwith Bloomsbury UK and US, and together with the continuing successes in Germanyof Ben Schott, Khaled Hosseini and Susanna Clarke bear testimony to theadvantages of Bloomsbury's strategy of publishing joint titles globally in orderto maximise benefits to the Group as a whole. Sales by Berlin Verlag of Bloomsbury's English-language titles into the Germanmarket continue to grow and reach more shops directly rather than throughwholesalers. The paperback edition of Harry Potter and the Half-Blood Princeperformed particularly well. The benefits of the comprehensive and ongoing review of costs, especially onproduction, continue to bear fruit and to help margins. Outlook The Group's publishing programme for the second half of the year is one of thestrongest to date, and includes books from some of our bestselling authors andpotential bestsellers from new authors. We continue to build on the success ofour US and German operations and benefits of our strategy of publishing jointtitles globally are coming through as expected. We also continue to move intonew areas of publishing within our divisions. The second half has started wellwith trading in line with our expectations. As a result, the Board remainsconfident of a satisfactory outcome to the year. Nigel NewtonChairman19 September 2006 CONSOLIDATED INCOME STATEMENTfor the six months ended 30 June 2006 Notes 6 months 6 months Year ended ended ended 30 June 30 June 31 December 2006 2005 2005 (unaudited) (unaudited) (audited) £'000 £'000 £'000 Revenue 2 37,659 35,367 109,108 Cost of sales (18,949) (17,789) (53,514) ______ ______ ______Gross profit 18,710 17,578 55,594Marketing and distribution costs (6,812) (6,486) (18,107)Administrative expenses (8,883) (7,656) (18,681) ______ ______ ______ Profit before investment income 2 3,015 3,436 18,806Investment income 1,232 666 1,392Finance costs (28) (18) (71) ______ ______ ______Profit before taxation 4,219 4,084 20,127Income tax expense (1,241) (1,219) (5,481) ______ ______ ______ Profit for the period 2,978 2,865 14,646 ______ ______ ______Basic earnings per share 3 4.08p 3.99p 20.30p ______ ______ ______Diluted earnings per share 3 4.01p 3.91p 19.93p ______ ______ ______ CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSEfor the six months ended 30 June 2006 6 months 6 months Year ended ended ended 30 June 30 June 31 December 2006 2005 2005 (unaudited) (unaudited) (audited) £'000 £'000 £'000 Profit for the period 2,978 2,865 14,646Exchange adjustments recognised in reserves (1,076) 131 640 ______ ______ ______Total recognised income for the period 1,902 2,996 15,286 ______ ______ ______ CONSOLIDATED BALANCE SHEETat 30 June 2006 30 June 2006 30 June 2005 31 December 2005 (unaudited) (unaudited) (audited) £'000 £'000 £'000ASSETSNon-current assets Property, plant and equipment 2,613 1,233 1,615 Intangible assets 17,528 15,559 15,511 Deferred tax assets 1,746 772 1,238 ______ ______ ______ Total non-current assets 21,887 17,564 18,364 ______ ______ ______ Current assets Inventories 15,876 17,513 15,129 Trade and other receivables 40,742 52,101 48,630 Cash and cash equivalents 31,117 24,242 53,511 ______ ______ ______ Total current assets 87,735 93,856 117,270 ______ ______ ______ TOTAL ASSETS 109,622 111,420 135,634 ______ ______ ______EQUITY AND LIABILITIESEquity attributable to equity holders of theparent Share capital 913 900 911 Share premium 38,392 36,848 38,123 Capital redemption reserve 20 20 20 Share-based payment reserve 743 298 453 Translation reserve (434) 133 642 Retained earnings 49,423 37,298 48,634 ______ ______ ______Total equity 89,057 75,497 88,783 ______ ______ ______ Non-current liabilities Employee benefits 141 97 130 Other payables 225 337 163 ______ ______ ______ Total non-current liabilities 366 434 293 ______ ______ ______ Current liabilities Trade and other payables 18,350 33,750 43,974 Short-term borrowings - 353 - Current tax payable 1,849 1,386 2,584 ______ ______ ______ Total current liabilities 20,199 35,489 46,558 ______ ______ ______Total liabilities 20,565 35,923 46,851 ______ ______ ______ TOTAL EQUITY AND LIABILITIES 109,622 111,420 135,634 ______ ______ ______ STATEMENT OF CHANGES IN EQUITY Share Share Capital Share based capital premium redemption payment reserve reserve £'000 £'000 £'000 £'000 Balances at 1 January 2005 894 35,763 20 217 Exchange differences on translating - - - -foreign operations Profit for the period - - - 81 Dividends - - - - Share issues 6 1,085 - - ______ ______ ______ ______Balances at 30 June 2005 900 36,848 20 298 Exchange differences on translating - - - -foreign operations Profit for the period - - - 155 Dividends - - - - Share issues 11 1,275 - - ______ ______ ______ ______Balances at 31 December 2005 911 38,123 20 453 Exchange differences on translating - - - -foreign operations Profit for the period - - - 290 Dividends - - - - Share issues 2 269 - - ______ ______ ______ ______Balances at 30 June 2006 913 38,392 20 743 ______ ______ ______ ______ Translation Retained Total reserve earnings £'000 £'000 £'000 Balances at 1 January 2005 2 36,206 73,102 Exchange differences on translating 131 - 131foreign operations Profit for the period - 2,865 2,946 Dividends - (1,773) (1,773) Share issues - - 1,091 ______ ______ ______ Balances at 30 June 2005 133 37,298 75,497 Exchange differences on translating 509 - 509foreign operations Profit for the period - 11,781 11,936 Dividends - (445) (445) Share issues - - 1,286 ______ ______ ______ Balances at 31 December 2005 642 48,634 88,783 Exchange differences on translating (1,076) - (1,076)foreign operations Profit for the period - 2,978 3,268 Dividends - (2,189) (2,189) Share issues - - 271 ______ ______ ______ Balances at 30 June 2006 (434) 49,423 89,057 ______ ______ ______ CONSOLIDATED CASH FLOW STATEMENTfor the six months ended 30 June 2006 6 months 6 months Year ended ended ended 30 June 30 June 31 December 2006 2005 2005 (unaudited) (unaudited) (audited) £'000 £'000 £'000Cash flows from operating activitiesNet profit before tax 4,219 4,084 20,127Adjustments for:Depreciation of property, plant and equipment 228 152 400Amortisation of publishing relationships 18 18 35Profit on sale of property, plant and equipment (1) (3) (3)Share-based payment charges 290 81 236Investment income (1,232) (666) (1,392)Finance costs 28 18 71 ______ ______ ______ 3,550 3,684 19,474Increase in inventories (779) (5,910) (3,442)Decrease / (increase) in trade and other receivables 6,782 (10,158) (6,353)(Decrease) / increase in trade and other payables (25,343) 9,631 21,460 ______ ______ ______Cash (used in) / generated from operations (15,790) (2,753) 31,139Income taxes paid (2,278) (2,618) (5,898) ______ ______ ______Net cash (outflow) / inflow from operating activities (18,068) (5,371) 25,241 ______ ______ ______Cash flows from investing activitiesPurchase of property, plant and equipment (1,226) (607) (1,268)Proceeds from sale of property, plant and equipment - - 33Purchase of businesses (2,350) (33) (33)Interest received 1,232 666 1,392 ______ ______ ______Net cash (used in) / generated from investing activities (2,344) 26 124 ______ ______ ______Cash flows from financing activitiesShare options exercised 271 510 1,796Equity dividends paid (2,189) - (2,218)Interest paid (28) (18) (118)Repayment of loans - (26) (445) ______ ______ ______Net cash (used in) / generated from financing activities (1,946) 466 (985) ______ ______ ______ Net (decrease) / increase in cash and cash equivalents (22,358) (4,879) 24,380Cash and cash equivalents at beginning of period 53,511 29,120 29,120Unrealised exchange (loss) / gain on cash and cash equivalents (36) 1 11 ______ ______ ______Cash and cash equivalents at end of period 31,117 24,242 53,511 ______ ______ ______ ACCOUNTING POLICIES The accounting policies used in the preparation of the accounts for the sixmonths ended 30 June 2006 are consistent with those used in the statutoryaccounts for the year ended 31 December 2005. NOTES TO THE ACCOUNTS 1. Interim accounts The figures for the six months ended 30 June 2006 do not comprise full accounts.The financial information included in this document has been approved by theDirectors and prepared on a consistent basis with the accounts for the yearended 31 December 2005. The statutory accounts for the year ended 31 December2005, which received an unqualified audit report, have been lodged with theRegistrar of Companies. 2. Segmental analysis The Group considers that as the main thrust of its growth is to develop itsinternational publishing strategy, the primary segmental reporting should bebased on geographical segments. The analysis by geographical segment is shownbelow. External revenue 6 months 6 months Year ended ended ended 30 June 30 June 31 December 2006 2005 2005 (unaudited) (unaudited) (audited) £'000 £'000 £'000United Kingdom 28,355 28,708 92,616North America 6,793 4,638 11,027Continental Europe 2,511 2,021 5,465 _______ _______ _______ 37,659 35,367 109,108 _______ _______ _______ Segment result 6 months 6 months Year ended ended ended 30 June 30 June 31 December 2006 2005 2005 (unaudited) (unaudited) (audited) £'000 £'000 £'000United Kingdom 3,503 3,487 17,856North America (430) 83 478Continental Europe 18 (44) 642 _______ _______ _______ 3,091 3,526 18,976 Unallocated central costs (76) (90) (170) _______ _______ _______Profit before investment income 3,015 3,436 18,806 _______ _______ _______ The revenues for the United Kingdom and North America for the six months ended30 June 2005 have been restated to show a more accurate comparison with thecurrent period figures. 3. Earnings per share The earnings per share for the six months to 30 June 2006 is based on the profitafter taxation of £2,978,000 (2005 - £2,865,000) and on a weighted averagenumber of Ordinary Shares in issue of 72,918,862 (2005 - 71,878,716). Theearnings per share for the twelve months to 31 December 2005 is based on theprofit after taxation of £14,646,000 and a weighted average number of OrdinaryShares in issue of 72,134,014. The diluted earnings per share for the six monthsto 30 June 2006 has been calculated by reference to a weighted average number ofOrdinary Shares of 74,280,812 (2005 - 73,293,754, year ended 31 December 2005 -73,493,581) which takes account of share options. 4. Post balance sheet events The directors have proposed an interim dividend of 0.66 pence per share (2005,0.60 pence per share), which will be paid on 18 November 2006 to shareholders onthe register at close of business on 3 November 2006. Based on the number ofshares in issue at 30 June 2006, the interim dividend will be £482,000 (2005,£445,000). INDEPENDENT REVIEW REPORT TO BLOOMSBURY PUBLISHING PLC Introduction We have been instructed by the Company to review the financial information forthe six months ended 30 June 2006 which comprises the income statement,statement of recognised income and expense, balance sheet, statement of changesin equity, cash flow statement, accounting policies and related notes set out onpages 6 to 11. We have read the other information contained in the interimreport and considered whether it contains any apparent misstatements or materialinconsistencies with 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, therefore in producing this report, acceptor assume responsibility for any other purpose or to any other person to whomthis report is shown or into whose hands it may come save where expressly agreedby our prior consent in writing. 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. The accounting policies are consistent with those that the directors use in theannual financial statements. 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 have beenconsistently applied unless otherwise disclosed. A review excludes auditprocedures such as tests of controls and verification of assets, liabilities andtransactions. It is substantially less in scope than an audit and thereforeprovides a lower level of assurance. 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 30 June 2006. Baker TillyChartered Accountants2 Bloomsbury StreetLondonWC1B 3ST19 September 2006 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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