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Interim Statement

24th Sep 2012 07:00

RNS Number : 8913M

Personal Group Holdings PLC

24 September 2012

Press Release

24 September 2012

Personal Group Holdings Plc

("Personal Group" or "the Group")

Interim statement for the six months to 30 June 2012

Personal Group Holdings Plc (AIM: PGH), specialist providers of employee benefits, insurance and consultancy, is pleased to report its results for the six months to 30 June 2012:

Highlights

·;	Revenue increased by 1.4% to £13.8m (2011: £13.6m)
·;	Profit before tax and before goodwill impairment increased by 3.3% to £4.9m (2011: £4.8m)
·;	Claims incurred have remained in line with the board's expectations
·;	Total equity (shareholders' funds) increased by 0.7% to £25.8m (31 December 2011: £25.7m)
·;	Dividends per share paid in the period up 2.3% to 8.9 pence per share (2011: 8.7p)
·;	EPS (before goodwill impairment) increased by 6.1% to 12.2 pence per share (2011: 11.5p)

Mark Scanlon, Chief Executive of Personal Group, commented: "Once again we are reporting our strongest ever half year operating results, with new business generation at a consistently high level. At the same time, as a consequence of the business review which we have undertaken a series of initiatives are underway to improve our customer experience, to sharpen our product offering and to strengthen our operating systems, all with a view to building a sound platform for longer-term growth."

Enquiries:

Personal Group Holdings Plc

Mark Scanlon, Chief Executive

Tel:+44 (0) 1908 605000

John Barber, Finance Director

Cenkos Securities plc

Stephen Keys / Max Hartley

Tel: +44 (0) 20 7397 8900

Abchurch Communications

Joanne Shears

Tel: +44 (0) 20 7398 7709

Chairman's statement

A year ago I was able to report our best ever half year results. I am pleased to be able to do so again this year.

Financial Performance

Group profit before tax and goodwill impairment for the six months ended 30 June 2012 was £4.9m (2011: £4.8m), an increase of 3.3%. New business generation in this period matched the high level of the same period last year, with annualised new business premiums from the group's core employee benefits and insurance activities (namely our hospital, convalescence and death benefits plans) of £4.1m (2011: £4.0m).

Claims incurred during the period have remained in line with the board's expectations.

As mentioned in my statement in the 2011 Annual Report, we have stopped accepting new investment business into Berkeley Morgan Limited (BML) from 1 April 2012. As expected this has had no adverse impact on BML profit. Volumes of business into Universal Provident, the other major subsidiary of Berkeley Morgan Group (BMG), have, however, fallen short of expectations, and following an impairment review the decision has been taken to reduce BMG goodwill in the group balance sheet by £0.8m, to £2.1m.

Total equity at 30 June 2012 was £25.8m (30 June 2011: £24.4m, 31 December 2011: £25.7m). This includes net cash balances (including bank deposits classified under IFRS as financial assets) of over £14.7m (30 June 2011: £13.0m, 31 December 2011: £14.1m).

Business Review

Our results evidence the continuing strength and progress of our core business. At the same time a series of strategic initiatives have been carried on under the direction of our new Chief Executive, Mark Scanlon. These include:

·;	a full strategy review, which was presented to and agreed by the group board and is currently being implemented;
·;	strengthening the management team, as explained below;
·;	a thorough analysis of all the customer engagement aspects of our business: we are now implementing a series of initiatives to further improve the customer experience;
·;	a review of our IT provision and usage, as well as of our digital strategy: as a consequence all our sales executives are now presenting the benefit programmes, including our core products, using iPads. Initial feedback suggests that this has been well received by our customers;
·;	a project directed at the reward, recognition and career paths of our employees, to ensure that we can attract and retain the highest quality and most motivated people in our business; and
·;	the refreshment of our Vision and Values and an ongoing review of the longer-term shape, direction and focus of our business in a market which presents considerable opportunity and potential.

The Management Team

As part of the drive to develop the business, and in consequence of Chief Operating Officer Ken Rooney's indication of his wish to retire in early 2014, the management team is being strengthened. David Walker, formerly Sales Director at Dyson (GB) has been appointed as Commercial Director, and a further senior appointment has been made to head up our customer engagement activity. Other key appointments are expected to follow in the coming months.

Dividends

The first three dividends of 2012, each of 4.45p per share, have been paid in March and June and on 21 September. The directors expect that a fourth and final dividend for 2012 of the same amount will be paid in December. This would give a total for the year of 17.8p per share (2011: 17.4p per share).

Outlook

Demand for our core products remains strong and trading for the current period remains in line with the board's expectations. Much work is underway to improve our customer offering and to strengthen our competitive advantage. The board therefore remains optimistic for the prospects of the group.

Chris Curling

Chairman

24 September 2012

Consolidated income statement

		6 months ended 30 June 2012 Unaudited	6 months ended 30 June 2011 Unaudited	12 months ended 31 December 2011 Audited
	Note	£'000	£'000	£'000

Gross premiums written		10,683	9,247	20,581
Outward reinsurance premiums		(432)	-	(721)
Change in unearned premiums		42	(67)	(1,291)
Change in reinsurers' share of unearned premiums		(22)	-	539
		________	________	________
Earned premiums net of reinsurance		10,271	9,180	19,108
Other income:
Insurance related		2,410	3,424	6,391
Non-insurance related		687	678	1,427
Investment property		158	139	293
Investment income		228	138	259
		________	________	________
Revenue		13,754	13,559	27,478
		________	________	________

Claims incurred		(2,125)	(1,917)	(3,899)
Insurance operating expenses		(3,901)	(3,696)	(8,348)
Impairment of non-financial assets		(800)	-	-
Other expenses:
Insurance related		(1,308)	(1,928)	(3,149)
Non-insurance related		(1,420)	(1,182)	(2,123)
Investment property		(44)	(45)	(91)
Charitable donations		(50)	(40)	(100)
		________	________	________
Expenses		(9,648)	(8,808)	(17,710)
		________	________	________

Results of operating activities		4,106	4,751	9,768
Profit on disposal of subsidiary undertaking		-	-	250
Finance costs		(1)	(1)	(3)
		________	________	________
Profit before tax		4,105	4,750	10,015
Tax		(1,273)	(1,324)	(2,592)
		________	________	________
Profit for the period after tax		2,832	3,426	7,423
		________	________	________

The profit for the period after tax is attributable to equity holders of Personal Group Holdings Plc.
Earnings per share as arising from total and continuing operations		Pence	Pence	Pence
Basic	4	9.5	11.5	24.8
Diluted	4	9.5	11.5	24.8
Basic (before goodwill impairment)	4	12.2	11.5	24.8

All operations are considered to be continuing.

Consolidated statement of comprehensive income

	6 months ended 30 June 2012 Unaudited	6 months ended 30 June 2011 Unaudited	12 months ended 31 December 2011 Audited
	£'000	£'000	£'000

Profit for the period	2,832	3,426	7,423

Other comprehensive income
Available for sale financial assets:
Valuation changes taken to equity	17	(20)	(60)
Reclassification of gain on available for sale financial assets on derecognition	(7)	2	(18)

Income tax on unrealised valuationchanges taken to equity	(3)	(5)	21

	_______	_______	_______
Total comprehensive income for the period	2,839	3,403	7,366
	_______	_______	_______

The total comprehensive income for the period is attributable to equity holders of Personal Group Holdings Plc.

Consolidated balance sheet at 30 June 2012

		At 30 June 2012 Unaudited	At 30 June 2011 Unaudited	At 31 December 2011 Audited
	Note	£'000	£'000	£'000
ASSETS
Non-current assets Goodwill		2,100	3,000	2,900
Property, plant and equipment	5	5,418	5,524	5,475
Investment properties		3,185	3,185	3,185
Financial assets		14,549	8,554	14,536
		________	________	________
		25,252	20,263	26,096
		________	________	________
Current assets Trade and other receivables		6,111	3,376	5,231
Cash and cash equivalents		2,599	7,027	2,043
		________	________	________
		8,710	10,403	7,274
		________	________	________
Total assets		33,962	30,666	33,370
		________	________	________

Consolidated balance sheet at 30 June 2012

	At 30 June 2012 Unaudited	At 30 June 2011 Unaudited	At 31 December 2011 Audited
	£'000	£'000	£'000

EQUITY

Equity attributable to equity holders of Personal Group Holdings plc
Share capital	1,503	1,503	1,503
Capital redemption reserve	24	24	24
Amounts recognised directly into equity
relating to available for sale financial assets	(21)	6	(28)
Other reserve - own shares	(637)	(583)	(652)
Profit and loss reserve	24,975	23,404	24,810
	________	________	______
Total equity	25,844	24,354	25,657
	_________	_________	_________

LIABILITIES

Non-current liabilities
Deferred tax liabilities		204	213	204
		________	________	________
Current liabilities
Provisions		99	133	100
Trade and other payables		6,414	4,580	6,043
Current tax liabilities		1,300	1,327	1,252
Borrowings	6	101	59	114
		________	________	________
		7,914	6,099	7,509
		________	________	________

		________	________	________
Total liabilities		8,118	6,312	7,713
		________	________	________

		________	________	________
Total equity and liabilities		33,962	30,666	33,370
		________	________	________

Consolidated statement of changes in equity for the six months ended 30 June 2012

Equity attributable to equity holders of Personal Group Holdings Plc

	Share capital	Capital redemption reserve	Non-current assets held for sale	Other reserve - own shares	Profit & loss reserve	Total equity
	£'000	£'000	£'000	£'000	£'000	£'000

Balance as at 1 January 2012	1,503	24	(28)	(652)	24,810	25,657
	______	____	___	____	________	________
Dividends	-	-	-	-	(2,656)	(2,656)
Employee share-based compensation	-	-	-	-	11	11
Proceeds of AESOP share sales	-	-	-	-	103	103
Cost of AESOP shares sold	-	-	-	125	(125)	-
Cost of AESOP shares purchased	-	-	-	(110)	-	(110)
	______	___	___	____	________	________
Transactions with owners	-	-	-	15	(2,667)	(2,652)
	______	___	___	____	________	________
Profit for the period	-	-	-	-	2,832	2,832
Other comprehensive income
Available for sale financial assets:
Valuation changes taken to equity	-	-	17	-	-	17
Reclassification adjustment on derecognition	-	-	(7)	-	-	(7)
Current tax on unrealised valuation changes taken to equity	-	-	(3)	-	-	(3)
	______	___	___	____	________	________
Total comprehensive income for the period	-	-	7	-	2,832	2,839
	_______	_______	_______	_______	_______	_______

Balance as at 30 June 2012	1,503	24	(21)	(637)	24,975	25,844
	______	___	___	______	________	________

Consolidated statement of changes in equity for the year ended 31 December 2011

Equity attributable to equity holders of Personal Group Holdings Plc

	Share capital	Capital redemption reserve	Non-current assets held for sale	Other reserve - own shares	Profit & loss reserve	Total equity
	£'000	£'000	£'000	£'000	£'000	£'000

Balance as at 1 January 2011	1,503	24	29	(605)	22,573	23,524
	______	______	______	______	______	______
Dividends	-	-	-	-	(5,194)	(5,194)
Employee share-based compensation	-	-	-	-	18	18
Proceeds of AESOP share sales	-	-	-	-	80	80
Cost of AESOP shares sold	-	-	-	90	(90)	-
Cost of AESOP shares purchased	-	-	-	(137)	-	(137)
	______	______	______	______	______	______
Transactions with owners	-	-	-	(47)	(5,186)	(5,233)
	______	______	______	______	______	______

Profit for the year	-	-	-	-	7,423	7,423
Other comprehensive income
Available for sale financial assets:
Valuation changes taken to equity	-	-	(60)	-	-	(60)
Reclassification adjustment on derecognition	-	-	(18)	-	-	(18)
Current tax on unrealised valuation changes taken to equity	-	-	21	-	-	21
	______	______	______	______	______	______
Total comprehensive income for the year	-	-	(57)	-	7,423	7,366
	______	______	______	______	______	______

Balance as at 31 December 2011	1,503	24	(28)	(652)	24,810	25,657
	______	______	______	______	_________	________

Consolidated statement of changes in equity for the six months ended 30 June 2011

Equity attributable to equity holders of Personal Group Holdings Plc

	Share capital	Capital redemption reserve	Non-current assets held for sale	Other reserve - own shares	Profit & loss reserve	Total equity
	£'000	£'000	£'000	£'000	£'000	£'000

Balance as at 1 January 2011	1,503	24	29	(605)	22,573	23,524
	______	___	____	____	________	________
Dividends	-	-	-	-	(2,598)	(2,598)
Employee share-based compensation	-	-	-	-	7	7
Proceeds of AESOP share sales	-	-	-	-	42	42
Cost of AESOP shares sold	-	-	-	46	(46)	-
Cost of AESOP shares purchased	-	-	-	(24)	-	(24)
	______	___	____	____	________	________
Transactions with owners	-	-	-	22	(2,595)	(2,573)
	______	___	____	____	________	________
Profit for the period	-	-	-	-	3,426	3,426
Other comprehensive income
Available for sale financial assets:
Valuation changes taken to equity	-	-	(20)	-	-	(20)
Reclassification adjustment on derecognition	-	-	2	-	-	2
Current tax on unrealised valuation changes taken to equity	-	-	(5)	-	-	(5)
	______	___	____	____	________	________
Total comprehensive income for the period	-	-	(23)	-	3,426	3,403
	______	___	____	____	________	________

Balance as at 30 June 2011	1,503	24	6	(583)	23,404	24,354
	______	___	____	____	________	________

Consolidated cash flow statement

	6 months ended 30 June 2012 Unaudited	6 months ended 30 June 2011 Unaudited	12 months ended 31 December 2011 Audited
	£'000	£'000	£'000
Operating activities
Profit after tax	2,832	3,426	7,423
Adjustments for: Goodwill impairment	800	-	-
Depreciation	232	227	446
Profit on disposal of subsidiary undertaking	-	-	(250)
Profit on disposal of property, plant and equipment	(3)	(6)	(15)
Realised and unrealised net investment losses/(profits)	56	(10)	36
Interest received	(129)	(93)	(284)
Dividends received	(13)	(11)	(19)
Interest paid	1	1	3
Share-based payments	11	7	18
Taxation expense recognised in income statement	1,273	1,324	2,592
Changes in working capital:
Trade and other receivables	(755)	(285)	(2,145)
Trade and other payables	370	341	1,771
Taxes paid	(1,228)	(1,339)	(2,665)
	______	______	______
Net cash from operating activities	3,447	3,582	6,911
	______	______	______
Investing activities
Net proceeds from sale of subsidiary undertaking	-	-	350
Additions to property, plant and equipment	(345)	(173)	(390)
Proceeds from disposal of property, plant and equipment	48	39	100
Purchase of own shares by the AESOP	(110)	(24)	(137)
Proceeds from disposal of own shares by the AESOP	103	42	80
Purchase of financial assets	(4,682)	(2,063)	(12,242)
Proceeds from disposal of financial assets	4,623	1,079	5,170
Interest received	129	93	284
Dividends received	13	11	19
	______	______	______
Net cash used in from investing activities	(221)	(996)	(6,766)
	______	______	______
Financing activities
Proceeds from bank loans	110	24	137
Repayment of bank loans	(123)	(59)	(117)
Interest paid	(1)	(1)	(3)
Dividends paid	(2,656)	(2,598)	(5,194)
	______	______	______
Net cash used in financing activities	(2,670)	(2,634)	(5,177)
	______	______	______

Net change in cash and cash equivalents	556	(48)	(5,032)
Cash and cash equivalents, beginning of period	2,043	7,075	7,075
	______	______	______
Cash and cash equivalents, end of period	2,599	7,027	2,043
	______	______	______

Notes to the consolidated financial statements

1 General information

The principal activities of Personal Group Holdings Plc ('the company') and subsidiaries ('the group') include transacting short-term accident and health insurance and providing employee benefits related business and financial services in the UK.

The company is a public limited company incorporated and domiciled in England. The address of its registered office is John Ormond House, 899 Silbury Boulevard, Milton Keynes MK9 3XL.

The company's shares trade on the AIM of the London Stock Exchange.

The condensed consolidated financial statements do not include all of the information required for full annual financial statements, and should be read in conjunction with the consolidated financial statements of the group as at and for the year ended 31 December 2011.

The financial information for the year ended 31 December 2011 set out in this interim report does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. The statutory financial statements for the year ended 31 December 2010 have been filed with the Registrar of Companies. The auditor's report on those financial statements was unqualified and did not contain a statement under Section 498 (2) or (3) of the Companies Act 2006.

These interim financial statements are unaudited and have not been reviewed by the auditors under International Standard on Review Engagements (UK and Ireland) 2410.

These consolidated interim financial statements have been approved for issue by the board of directors on 24 September 2012.

2 Accounting policies

These June 2012 interim consolidated financial statements of Personal Group Holdings Plc are for the six months ended 30 June 2012. They have been prepared in accordance with International Accounting Standard 34 Interim Financial Reporting. These financial statements have been prepared on the basis of the recognition and measurement requirements of those IFRS standards and IFRIC interpretations as adopted by the EU, issued and effective or issued and early adopted in respect of periods beginning on or after 1 January 2012. The principal accounting policies have remained unchanged from the year ended 31 December 2011.

3 Segment analysis

The group operates two trading operating segments, namely employee benefits insurance and consultancy; and financial services offered by Berkeley Morgan Group Limited (BMG) and its subsidiary undertakings.

1) Employee benefits insurance and consultancy

Personal Assurance Plc (PA), a subsidiary within the group, is an FSA regulated general insurance company and is authorised to transact accident and sickness insurance. It was established in 1984 and has been underwriting business since 1985. In 1997 Personal Group Holdings Plc (PGH) was created and became the ultimate parent undertaking of the group.

This operating segment derives the majority of its revenue from the underwriting by PA of insurance policies that have been bought by employees of host companies via bespoke benefit programmes.

Insurance related income includes insurance and reinsurance brokerage commission. Insurance brokerage commission includes that derived from voluntary group income protection plan sales.

Non-insurance related income includes income derived from the sale of benefit books, consultancy services and property rental income.

2) Financial services

The financial services operating segment consists exclusively of revenue generated by BMG and its subsidiary undertakings. BMG was acquired by PGH in January 2005.

Financial services revenue consists mainly of commission generated by financial advisers and commission generated from insurance underwriting agencies.

The revenue and net result generated by each of the group's operating segments are summarised as follows:

	Employee benefits £'000	Financial services £'000	Unallocated £'000	Consolidation adjustments £'000	Group £'000

Operating segments

For the 6 months ended 30 June 2012
Revenue
Earned premiums net of reinsurance Other income:	10,271	-	-	-	10,271
Insurance related	1,702	708	-	-	2,410
Non-insurance related	687	-	-	-	687
Investment property	-	-	158	-	158
Investment income	228	-	-	-	228
	________	________	________	________	________
Total revenue	12,888 _______	708 ______	158 ______	- ______	13,754 _______
Net result for period before tax	4,662	144	114	(815)	4,105
	_______	______	______	______	_______
Segment assets	27,908	769	3,185	2,100	33,962
	_______	______	______	______	________
Segment liabilities	7,348	724	46	-	8,118
	_______	_______	_______	_______	_______
Depreciation and goodwill impairment	223	4	1	804	1,032
	_______	_______	_______	_______	_______

	Employee benefits £'000	Financial services £'000	Unallocated £'000	Consolidation adjustments £'000	Group £'000

For the year ended 31 December 2011
Revenue
Earned premiums net of reinsurance Other income:	19,108	-	-	-	19,108
Insurance related	3,233	3,158	-	-	6,391
Non-insurance related	1,427	-	-	-	1,427
Investment property	-	-	293	-	293
Investment income	258	1	-	-	259
	_______	_______	_______	_______	_______
Total revenue	24,026 _______	3,159 _______	293 _______	- _______	27,478 _______

Net result for year before tax	8,860	1,050	202	(97)	10,015
	_______	_______	_______	_______	_______
Segment assets	26,551	734	3,185	2,900	33,370
	_______	_______	_______	_______	_______
Segment liabilities	6,675	1,002	36	-	7,713
	_______	_______	_______	_______	_______
Depreciation	427	10	9	-	446
	_______	_______	_______	_______	_______

For the 6 months ended 30 June 2011
Revenue
Earned premiums net of reinsurance Other income:	9,180	-	-	-	9,180
Insurance related	1,535	1,889	-	-	3,424
Non-insurance related	678	-	-	-	678
Investment property	-	-	139	-	139
Investment income	137	1	-	-	138
	________	________	________	________	________
Total revenue	11,530 _______	1,890 ______	139 ______	- ______	13,559 _______
Net result for period before tax	4,315	329	94	12	4,750
	_______	______	______	______	_______
Segment assets	22,486	1,995	3,185	3,000	30,666
	_______	______	______	______	________
Segment liabilities	4,823	1,467	22	-	6,312
	_______	_______	_______	_______	_______
Depreciation	221	6	-	-	227
	_______	_______	_______	_______	_______

All income is derived from the UK.

The figures shown above for employee benefits and financial services are from the management accounts that are not prepared under IFRS. Unallocated amounts relate to the investment properties.

4 Earnings per share and dividends

The weighted average numbers of outstanding shares used for basic and diluted earnings per share are as follows:

	6 months ended 30 June 2012	6 months ended 30 June 2011	12 months ended 31 December 2011

Basic	29,860,011	29,873,044	29,871,611
Diluted	29,860,011	29,877,379	29,876,181
Basic (before goodwill impairment)	29,860,011	29,873,044	29,871,611

During the first six months of 2012, Personal Group Holdings Plc paid dividends of £2,676,000 to its equity shareholders (six months to 30 June 2011: £2,616,000, twelve months to 31 December 2011: £5,232,000). This represents a payment of 8.9p per share (six months to 30 June 2011: 8.7p, twelve months to 31 December 2011: 17.4p).

In the statement of changes in equity and the cash flow statement dividends are stated net of amounts paid on treasury shares and unallocated shares held by Personal Group Trustees Limited as follows:

	6 months ended 30 June 2012	6 months ended 30 June 2011	12 months ended 31 December 2011	6 months ended 30 June 2012	6 months ended 30 June 2011	12 months ended 31 December 2011

		Pence per share		£'000	£'000	£'000
Equity dividends
Ordinary shares paid in period

March	4.45	4.35	4.35	1,338	1,308	1,308
June	4.45	4.35	4.35	1,338	1,308	1,308
September	-	-	4.35	-	-	1,308
December	-	-	4.35	-	-	1,308
				______	______	______
				2,676	2,616	5,232
Less: amounts paid on own shares				(20)	(18)	(38)
	_____	_____	______	______	______	______
	8.90	8.70	17.40	2,656	2,598	5,194
	_____	_____	______	______	______	______

5 Property, plant and equipment

For the six months ended 30 June 2012

	Freehold land and properties £'000	Motor vehicles £'000	Computer equipment £'000	Furniture fixtures & fittings £'000	Total £'000
Cost
At 1 January 2012	5,478	960	524	1,176	8,138
Additions	-	150	70	-	220
Disposals	-	(117)	-	-	(117)
	______	____	____	______	______
At 30 June 2012	5,478	993	594	1,176	8,241
	______	____	____	______	______
Depreciation
At 1 January 2012	1,034	380	342	907	2,663
Provided in the period	47	120	39	26	232
Eliminated on disposals	-	(72)	-	-	(72)
	______	____	____	______	______
At 30 June 2012	1,081	428	381	933	2,823
	______	____	____	______	______

Net book amount at 30 June 2012	4,397	565	213	243	5,418
	______	____	____	______	______

Net book amount at 1 January 2012	4,444	580	182	269	5,475
	______	____	____	__ ___	______

For the year ended 31 December 2011

	Freehold land and properties £'000	Motor vehicles £'000	Computer equipment £'000	Furniture fixtures & fittings £'000	Total £'000
Cost
At 1 January 2011	5,478	970	455	1,209	8,112
Additions	-	276	94	20	390
Disposals	-	(286)	(25)	(53)	(364)
	______	____	____	______	______
At 31 December 2011	5,478	960	524	1,176	8,138
	______	____	____	______	______
Depreciation
At 1 January 2011	939	357	314	891	2,501
Provided in the year	95	235	52	64	446
Eliminated on disposals	-	(212)	(24)	(48)	(284)
	______	____	____	______	______
At 31 December 2011	1,034	380	342	907	2,663
	______	____	____	______	______

Net book amount at 31 December 2011	4,444	580	182	269	5,475
	______	____	____	______	______

Net book amount at 1 January 2011	4,539	613	141	318	5,611
	______	____	____	______	______

For the six months ended 30 June 2011

	Freehold land and properties £'000	Motor vehicles £'000	Computer equipment £'000	Furniture fixtures & fittings £'000	Total £'000
Cost
At 1 January 2011	5,478	970	455	1,209	8,112
Additions	-	147	13	13	173
Disposals	-	(135)	(41)	-	(176)
	______	____	____	______	______
At 30 June 2011	5,478	982	427	1,222	8,109
	______	____	____	______	______
Depreciation
At 1 January 2011	939	357	314	891	2,501
Provided in the period	47	117	26	37	227
Eliminated on disposals	-	(106)	(37)	-	(143)
	______	____	____	______	______
At 30 June 2011	986	368	303	928	2,585
	______	____	____	______	______

Net book amount at 30 June 2011	4,492	614	124	294	5,524
	______	____	____	______	______

Net book amount at 1 January 2011	4,539	613	141	318	5,611
	______	____	____	______	______

6 Borrowings

At 30 June 2012 the borrowings shown in the consolidated balance sheet are in respect of the Personal Group Trustees Limited AESOP bank loan.

Financial calendar for the year ending 31 December 2012

The company announces the following dates in its financial calendar for the year ending 31 December 2012:

●	Preliminary results for the year ending 31 December 2012	- March 2013
●	Publication of Report and Accounts for 2012	- March 2013
●	AGM	- April 2013

- Ends -

This information is provided by RNS

The company news service from the London Stock Exchange

END

IR UASORUVAKUAR

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