21st Nov 2007 07:01
United Drug PLC21 November 2007 United Drug plc Preliminary Announcement of Results Year ended 30 September 2007 Highlights IFRS Intangible Adjusted Increase based amortisation on 2006 •'000 •'000 •'000 Group revenue 1,583,622 - 1,583,622 8% Operating profit 60,038 6,554 66,592 17% Profit before tax 55,773 6,554 62,327 15% Diluted earnings per share 20.81 2.21 23.02 14%(cent) Dividend per share (cent) 7.30 - 7.30 15% United Drug believes that the adjusted operating profit, adjusted profit beforetax and adjusted diluted earnings per share are the most appropriate measures ofthe underlying group performance. Preliminary Announcement At a meeting of the Board of Directors, the preliminary announcement of theGroup for the year ended 30 September 2007 was approved. The Group IncomeStatement, Statement of Recognised Income and Expense, Balance Sheet and CashFlow Statement with comparative figures for the previous year, are attached. Statement During the last 12 months United Drug has made significant progress in itsdevelopment as an international healthcare services company. Strong performancefrom our well managed Irish and UK based businesses has been enhanced bystrategically important acquisitions in high growth areas enabling us to broadenour service offering to international healthcare manufacturers. This year hasseen us take our first steps into Continental Europe with acquisitions in bothBelgium and Holland in our pharma contract packaging business and since the endof the financial year we have added to our contract sales and marketing servicesin the United States with another bolt-on acquisition. These developments have helped to deliver further record results for the year aswe continue to deliver double-digit profit and earnings growth. Group revenuefor the year of €1.58 billion is 8% ahead of 2006. Headline profit, beforeintangible amortisation and tax, is €62.3 million, an increase of 15%, and fullydiluted earnings per share, measured on the same basis, increased 14% to 23.02cent. The Company remains committed to rewarding shareholders with improved dividendpayments and this is reflected by a proposed final dividend of 5.33 cent pershare, an increase of 15% over the 2006 final dividend. When combined with theinterim dividend of 1.97 cent per share, the proposed final dividend brings thetotal dividend payable for 2007 to 7.30 cent per share, an increase of 15% onthe 2006 total dividend. Pharma Wholesale 2007 has been another year of strong performance from our Pharma Wholesalebusiness with sales, profits and market share all increasing over the year. ThePharma Wholesale division continues to provide a top-quality, customer focusedservice to our independent pharmacy customers and gives them access to a fullrange of support services enabling them to compete effectively in themarketplace. Our Republic of Ireland based pharmaceutical wholesale business, United DrugWholesale (UDW), has further enhanced its position as the leading wholesalersupporting independent retail pharmacy in the growing Irish pharmaceuticalmarket. In the Irish retail pharmacy market, UDW's dynamic owner managed independentcustomers continue to outperform the corporate owned pharmacies of our wholesalecompetitors. As a result, we have again been able to further increase our marketshare in a market that continues to show good volume growth. A significant focus for UDW during the year has been Government intervention inthe market. A new four year agreement on drug prices in the Republic of Irelandmarket, announced in 2006, took effect on 1 March 2007. The new price agreementreduced growth in the market, in line with our expectations. The transition tothe new pricing regime was very well managed within our Pharma Wholesalebusiness and provides certainty on pricing until late 2010. On 17 September 2007, after completing its review of the Irish PharmaceuticalWholesaling sector, the Irish Health Service Executive (HSE) announced itsintention to reduce the reimbursement price it pays to community pharmacy forany medicines that it funds via various HSE schemes. Discussions continue inrelation to this matter but the announced measure will result in a reduction inthe profitability of community pharmacy in Ireland. We have again invested in automation within our businesses during 2007, tofurther improve productivity levels and to continue to drive reductions in ourkey cost to sales ratio. This has been a consistent focus within our businessand allows us to manage the significant forecasted volume growth withoutsignificant cost growth, and to continue to provide the best possible service toour customers. Within the UDW business, niche areas such as Ostomy supplies and our OTCsupplies business, Profitlines, have performed well during the year. They formpart of a broad range of support services for our independent community pharmacycustomer. Services such as these, supplement our core offering which is atop-quality, customer-focused wholesale service at a competitive cost. On 1 October 2007, we commenced supply to the Boots pharmacy chain of 43 shopsin the Republic of Ireland. This will substantially increase sales and volumeswithin the business. In Northern Ireland, our Sangers business has had another good year with sales,profits and market share all increasing and significant cash flows beinggenerated. In an environment of ongoing Government cost saving interventions inthis market over recent years, strong underlying volume growth continues tounderpin value growth in the market. Sangers continues to thrive within thismarket, through a continuous focus on customer relationships and costimprovement. During the past year, a number of pharmaceutical manufacturers in the UK markethave introduced a variety of 'Direct to Pharmacy' schemes through which themanufacturer seeks to develop a closer relationship with community pharmacy. Asignificant amount of time and effort has been spent in Sangers during 2007 inamending our IT and general business processes to allow us to change ourbusiness model to successfully adapt to this change in the market. We arealready servicing this market in Northern Ireland and, as the leading player inthe market with the most efficient and flexible business processes, we are wellplaced to benefit further from this change in market structure. In May 2007, we acquired Craig & Hayward, an Oxfordshire based distributor ofspecials medicines. A 'specials medicine' is a specially prepared productmanufactured to meet specific patients' prescription requirements. Craig &Hayward act as a 'one stop specials shop' for the retail pharmacy sector in theUK. Craig & Hayward has performed well since acquisition and the management team isnow focusing on leveraging the Group's existing customer relationships tofurther expand its business base. Each of the three business units within the Pharma Wholesale division has had avery successful year, and despite operating under difficult market conditions,each has increased sales, profits and market share during the period. Overall,despite exposure to markets which are the focus of ongoing Government costsaving initiatives, there is very strong underlying growth in our markets drivenby increasing and ageing populations and the increased demand for the medicinesand services we supply. Within these growth markets, our business units are wellplaced to continue to prosper based on our strong market positions, our focus onefficiency and our customer relationships. Supply Chain Services The Supply Chain Services division is focused on providing outsourced logisticsand related services to pharmaceutical, biotech and veterinary manufacturers.Development in this division is based on adding a range of high value-add,higher margin services in growth areas that are complimentary to the corelogistics offering in existing and new markets. The Division has recorded strongrevenue and profit growth during the year and is well positioned to exploitfuture growth opportunities. During the year, this division strengthened its position as a comprehensivesupply chain solutions provider for the pharmaceutical industry. The acquisitionof two contract packaging companies, Budelpack in Belgium and Pharma LogisticsInvestments in The Netherlands, were significant milestones as they representthe Group's first businesses in Continental Europe. These acquisitions add toour successful UK packaging business, TD Packaging, further enhancing the rangeof packaging solutions we provide and placing the Group in a good position tocapitalise on the growing European Pharma contract packaging opportunities. Our specialist supply chain solutions provider for vaccines in the UK, MASTA,performed very well during the year. MASTA offers route-to-market services tothe vaccine manufacturer as well as administering vaccines to the travellingpublic through owned and partnered clinics. Our commitment to the specialistdistribution area was further demonstrated in Ireland by the investment in, andsuccessful operation of, the national vaccine contract for the HSE and theacquisition of an interest in Temperature Controlled Pharmaceuticals (TCP). TCPis a cold-chain logistics and specialist home care provider. Our pre-wholesale business in Ireland, United Drug Distributors, had a solidperformance during the year, benefiting from efficiencies accruing from highclass infrastructure, while operating in a highly competitive environment. Asmaller part of this division is our consumer products business, trading asPemberton. Considerable time has been invested in this business in the currentyear and it has now been restructured to produce a more streamlined andefficient operation. In the UK, our joint venture with Alliance Boots, UniDrug Distribution Group(UDG), had an excellent year. UDG provides full logistics services topharmaceutical manufacturers and continues to strengthen its position in thegrowing outsourced pharma logistics market in the UK. The Supply Chain Services division is well positioned to continue to providevalue-added solutions for customers and to grow earnings for shareholders. Medical & Scientific The 2007 financial year has seen continued strong growth and significantdevelopment in the Medical & Scientific (M&S) division, both in Ireland and theUK. The growth is based on a focused provision of best-in-class sales, technicalservices and back-office support to high quality, technology-driven, medicalequipment and devices manufacturers. The development comes through broadeningthe range of clinical areas that we service, both organically and throughacquisition. M&S Ireland produced another year of record profits for the division. Particularareas of success included the introduction of a comprehensive range of infectioncontrol products from Molnycke Healthcare and continued expansion of our hyperimmunoglobulins products business, sourced from Biotest. Strong sales in theyear saw us build on our position as a leading supplier of infusion devices andassociated consumables, representing the 'Alaris' product range from CardinalHealth. The Scientific and Clinical Diagnostics business unit delivered anotherstrong performance, built around the product offerings of Sysmex and Tosoh. In Northern Ireland, the combined businesses of Vector Scientific, Primacare andUlster Anaesthetics continued strong sales and profit growth. Particularsuccesses were the first UK placements of the new Sysmex analyser, the CS2100,resulting in increased market share. In the UK, our endoscopy business, Endoscopy UK (EUK) had a very successfulyear. Our offering of advanced products combined with strong clinical supportcontinues to be well received in the private hospital sector. 2007 sawsignificant breakthroughs into the mainstream NHS sector, driven, in part, by aprogramme of increased cancer screening and also by improved market coverage.EUK is confident of building on this position. Our core UK businesses of Mantis Surgical and New Splint continued their growthtrend during the year, with both companies expanding the size and scope of theirsales teams. New Splint hosted a revision knee-surgery symposium in June whereover 50 specially invited orthopaedic surgeons spent two days in the presence ofan eminent orthopaedic faculty discussing the management of this highlyspecialised area of surgery. The symposium was also attended by seniormanagement from LINK, our manufacturer partner. M&S UK was further strengthened by the acquisition of Pyramed in February 2007.Pyramed represents a range of clinically differentiated surgical products in thecardiology, radiology, neuroradiology and cardiothoracic sectors. During theyear both Pyramed and Presearch, our Analytical Chemistry business, weresuccessfully integrated into our Basingstoke headquarters, thereby benefitingfrom cost efficiency while gaining access to a quality administrative andlogistics infrastructure. Our investment in expanding our clinical training resource in support of thedaVinci surgical robot was validated by strong sales growth in the year. Ofparticular note was the purchase of two systems in Ireland, in the Gynaecologyand Urology specialities, which for the first time offers Irish patients directaccess to the significant patient benefits of this surgical approach. Once again, the M&S division is well placed to deliver further sales and profitgrowth for the year ahead. Contract Sales Outsourcing The Contract Sales Outsourcing (CSO) division provides flexibility topharmaceutical manufacturers in the deployment of their sales and marketingeffort. The flexibility is provided by delivering excellence in the recruitment,training and administration of sales representatives and nurse advisors andthrough solutions that add value to the manufacturers' sales efforts. TheDivision, which comprises market leading businesses in the UK and Ireland alongwith a small US operation, performed well during the year and recorded very goodgrowth in revenue and profits. The strategy for the division is to continue togrow and develop the existing businesses while broadening the revenue streamsboth geographically within CSO and by diversification into selectedcomplimentary service offerings. 2007 has seen the successful integration of the existing UK CSO businesses,Ashfield and In2Focus. The combined entity, now re-branded as AshfieldIn2Focus,provides a comprehensive service offering to pharma manufacturers and is now amore efficient organisation. AshfieldIn2Focus remains as the supplier of choicefor the provision of field based sales and nursing services in the UK pharmamarketplace. In the UK, pharmaceutical manufacturers continue to restructure their salesefforts and seek the increased inbuilt flexibility which is achieved via the useof a CSO. Over the last 12 months, companies such as Pfizer, Sanofi Aventis andJanssen-Cilag have significantly downsized their in-house sales forces in the UKmarket and replaced much of that sales effort with out-sourced sales solutions.Many other companies are known to be actively considering new business models,to take advantage of the flexibility offered by CSO. We expect this trend to continue, potentially resulting in fewer representativesdirectly employed but with a much higher proportion outsourced. AshfieldIn2Focusis well positioned to benefit from this trend, with the most sophisticated andextensive offering. During the financial year, new business has been won withAstraZeneca, Pfizer, Nycomed, Solvay, Roche Diagnostics and Daiichi Sankyo. AshfieldIn2Focus Professional Nursing Services have continued to developstrongly, with a move towards more innovative programmes tailored to theindividual and local needs of both our clients and the NHS. The first everindustry sponsored service redesign programme was launched in July inpartnership with Schering Plough, and we have had significant business wins withAstraZeneca, Sanofi Aventis and Convatec for the provision of bespoke nursingservices. The marketplace within Ireland continues to be buoyant, which coupled withAshfield Ireland's continued focus on business development and diversificationof service offering has led to another strong performance with the companyexceeding targets. Notable business wins include, Schering Plough, Boehringer Ingelheim, Recordatiand Astellas. Ashfield Ireland is also developing its Sales Force Effectiveness(SFE) function, which has been successfully pioneered in the UK, and has enjoyedrecent success in this area with Janssen Cilag, AstraZeneca, MSD and ScheringPlough. Our SFE offering continues to enjoy international success and this year ourlargest ever event was held in Japan, which accommodated 1,000 people. We havenow held events in 13 different countries. The USA continues to be well positioned to deliver growth in what is a large andsomewhat under-developed contract sales marketplace. This year it has won a newsales contract team with Pam Labs and has introduced two new services to the USmarket. The new SFE programme has been well received by the US pharmaceuticaland device companies and this year we have run ten different SFE events withinsix different pharmaceutical companies. Additionally, we have started a newnurse adviser service and have secured two new contracts with Novartis. Another important development for the CSO division occurred just after the endof the financial year with the acquisition of Alliance Healthcare InformationInc., in the US. Alliance provides a range of solutions to support pharmacompanies' sales and marketing efforts in the US market. This acquisition willallow us to bring additional scale to our existing US business and to broadenour service offering and customer relationships in the US market. Dividends The Directors are proposing a final dividend of 5.33 cent per share, a 15%increase on the 2006 final dividend. In addition to the interim dividend, thisgives a total dividend for the year of 7.30 cent. This is a 15% increase on the2006 dividend and maintains our progressive dividend policy. The Directors arepleased to advise that all shareholders will be given the opportunity ofreceiving all or part of their 2007 final dividend as a scrip dividend in theform of new ordinary shares. The share alternative election/mandate forms,setting out the details of the share alternative offer and the procedures to befollowed, will be posted to shareholders in January 2008. Payments in respect ofthe final dividend or, alternatively, share certificates will be posted on 26February 2008 to holders of ordinary shares whose names appear on the Company'sregister at the close of business on 30 November 2007. 2007 Annual Report and Annual General Meeting The 2007 Annual Report will be published in January 2008 and the Annual GeneralMeeting of the Company will be held on 26 February 2008. Group Development and Outlook During the last 12 months the Company has further broadened the range ofservices available for our healthcare manufacturer customers in existing and newmarkets and enhanced its offering to our retail pharmacy customers.The Company now has a more diversified earnings base and will continue to pursueits ambition to be a dynamic, leading international healthcare servicesorganisation. The Company has a well developed physical infrastructure, a strong managementtalent pool and access to significant capital resources enhanced by stronginternally generated cash flows. The ability to leverage each of these assetsand pursue a range of exciting opportunities within the healthcare servicesarena leaves us very confident in our ability to continue to produce stronggrowth in the business, continuing our long term successful track record. I would like to extend my sincere thanks and appreciation to Dr. Dermot Egan onhis retirement from the Board of United Drug, following 15 years service.Dermot's contribution to the growth of the Company over the years has beenimmense, and he has been a source of great guidance and advice to me personally.I would like to wish him well in the future. Liam FitzGeraldChief Executive 21 November 2007 This announcement and further information is available on our web-site:www.united-drug.ie. Group income statement for the year ended 30 September 2007 2007 2006 Notes •'000 •'000 Group revenue 1,583,622 1,466,979 Cost of sales (1,352,186) (1,266,916)------------------------------ ---------- ---------Gross profit 231,436 200,063 Distribution expenses (161,617) (141,797) Administrative expenses (6,372) (3,704) Other operating expenses (6,554) (2,410) Share of joint ventures' profit after tax 3,145 2,365------------------------------ --------- ---------Operating profit 60,038 54,517 Finance income 1,556 1,175 Finance expense (5,821) (3,916)------------------------------ --------- ---------Profit before tax 55,773 51,776 Income tax expense (8,443) (8,880)------------------------------ --------- ---------Profit for the financial year attributable to equity holders of the Company 47,330 42,896------------------------------ --------- --------------------------------------- --------- --------- Earnings per share Basic 2 20.96c 19.31c Diluted 2 20.81c 19.14c Group statement of recognised income and expense for the year ended 30 September 2007 2007 2006 •'000 •'000 Items of income/(expense) recognised directly withinequity: Foreign currency translation effects (7,211) 1,692 Group cash flow hedges: Effective portion of cash flow hedges 1,926 (1,429) Movement in deferred tax (241) 178 Group defined benefit pension schemes: Actuarial gain/(loss) 6,461 (666) Movement in deferred tax (1,265) 26------------------------------- --------- ---------Net expense recognised directly within equity (330) (199) Profit for the financial year 47,330 42,896------------------------------- --------- ---------Total recognised income and expense for the yearattributable to equity holders of the Company 47,000 42,697------------------------------------------------- --------- ---------------------------------------------------------- --------- --------- The statement below has been included as a memorandum to the primary financialstatements. Group reconciliation of movement in shareholders' equity for the year ended 30 September 2007 2007 2006 •'000 •'000 Total equity at the beginning of year 283,237 240,709 Total recognised income and expense for the year 47,000 42,697 Equity shares issued 9,272 7,014 Scrip issue 5,218 4,480 Dividends (14,854) (12,602) Share-based payments expense 1,126 921 Transfer to share entitlement scheme 70 18------------------------------------ --------- ---------Total equity at end of year 331,069 283,237--------------------------- --------- ------------------------------------ --------- --------- Group balance sheet as at 30 September 2007 2007 2006 Notes •'000 •'000 ASSETS Non-current Property, plant and equipment 68,093 56,658 Goodwill 148,544 123,018 Intangible assets 39,404 15,661 Investment in joint ventures 20,857 18,955 Deferred tax assets - 722--------------------------- --------- ---------Total non-current assets 276,898 215,014--------------------------- --------- ---------Current Inventories 161,882 154,668 Trade and other receivables 279,550 262,785 Cash and cash equivalents 3 57,547 45,912--------------------------- --------- ---------Total current assets 498,979 463,365--------------------------- --------- ---------Total assets 775,877 678,379--------------------------- --------- ------------------------------------ --------- --------- EQUITY Equity share capital 11,801 11,563 Share premium 103,473 94,439 Other reserves (8,170) (3,770) Retained earnings 223,965 181,005--------------------------- --------- ---------Capital and reserves attributable to equity holders of the Company 331,069 283,237---------------------------------- --------- --------- LIABILITIES Non-current Interest-bearing loans and borrowings 3 74,873 81,683 Derivative financial instruments 3 7,574 3,684 Other payables 9,161 5,535 Provisions 216 1,453 Employee benefits 6,334 12,930 Deferred tax liabilities 9,525 3,479--------------------------- --------- ---------Total non-current liabilities 107,683 108,764--------------------------- --------- ---------Current Bank overdrafts 3 8,000 2,764 Interest-bearing loans and borrowings 3 28,810 5,016 Derivative financial instruments 3 6,568 4,463 Trade and other payables 286,369 268,964 Current tax liabilities 6,915 4,811 Provisions 463 360--------------------------- --------- ---------Total current liabilities 337,125 286,378--------------------------- --------- ---------Total liabilities 444,808 395,142--------------------------- --------- ---------Total equity and liabilities 775,877 678,379--------------------------- --------- ------------------------------------ --------- --------- Group cash flow statement for the year ended 30 September 2007 2007 2006 •'000 •'000 Cash flows from operating activities Profit before tax 55,773 51,776 Finance income (1,556) (1,175) Finance expense 5,821 3,916--------------------------- --------- ---------Operating profit 60,038 54,517 Share of joint ventures' profit after tax (3,145) (2,365) Depreciation 8,171 7,305 (Profit)/loss on disposal of property, plant and equipment (331) 134 Amortisation of intangible assets 6,554 2,410 Share-based payment expense 1,126 921 Charge in respect of share entitlement scheme 70 18 Increase in inventories (3,449) (14,434) Increase in trade and other receivables (12,020) (15,073) Increase in trade and other payables 13,011 11,997 Interest paid (6,350) (3,878) Income taxes paid (8,828) (13,449)----------------------------------------- --------- ----------Net cash inflow from operating activities 54,847 28,103----------------------------------------- --------- ---------- Cash flows from investing activities Interest received 1,556 1,175 Purchase of property, plant and equipment (9,589) (5,215) Proceeds from disposal of property, plant and equipment 1,313 19,905 Acquisition of subsidiaries (net of cash and cash equivalents acquired) (52,978) (27,887) Deferred acquisition consideration paid (11,727) (5,306) Investment in joint ventures (809) (7,429) Dividends received from joint ventures 1,628 ------------------------------------------- --------- ---------Net cash outflow from investing activities (70,606) (24,757)------------------------------------------ --------- --------- Cash flows from financing activities Proceeds from issue of shares (including share 9,272 7,014premium thereon, net of scrip dividend) Increase in interest-bearing loans and borrowings 22,535 2,566 Increase/(decrease) in finance leases 1,002 (63) Dividends paid to equity holders of the Company (9,636) (8,122)------------------------------------------ --------- ---------Net cash inflow from financing activities 23,173 1,395------------------------------------------ --------- --------- Net increase in cash and cash equivalents 7,414 4,741 Currency translation adjustment (1,015) 375 Cash and cash equivalents at beginning of year 43,148 38,032------------------------------------------ --------- ---------Cash and cash equivalents at end of year 49,547 43,148------------------------------------------ --------- --------------------------------------------------- --------- --------- Cash and cash equivalents are broken down asfollows: Cash at bank and short term deposits 57,547 45,912 Bank overdrafts (8,000) (2,764)------------------------------------------ --------- --------- 49,547 43,148------------------------------------------ --------- --------------------------------------------------- --------- --------- Notes to the preliminary announcement for the year ended 30 September 2007 1 Basis of preparation The financial information presented in this report has been prepared in accordance with the Group's accounting policies under International Financial Reporting Standards (IFRS), as adopted by the EU and as set out more fully in the Group's last Annual Report. Certain comparative figures have been reclassified to conform to the current year presentation. 2 Earnings per ordinary share 2007 2006 •'000 •'000 Profit for the financial year 47,330 42,896 Adjustment for intangible amortisation (net of tax) 5,040 2,410--------------------------------------- ----- ------Earnings adjusted for intangible amortisation 52,370 45,306--------------------------------------- ------ --------------------------------------------- ------ ------ Number of shares Number of shares Weighted average number of shares 225,863,180 222,155,656 Number of dilutive shares under option 1,617,076 1,957,140--------------------------------------- --------- ---------Weighted average number of ordinary shares, including share options 227,480,256 224,112,796--------------------------------------- ----------- -------------------------------------------------- ----------- ----------- Basic earnings per share - cent 20.96 19.31 Diluted earnings per share - cent 20.81 19.14 Adjusted basic earnings per share -cent* 23.19 20.39 Adjusted diluted earnings per share -cent* 23.02 20.22 * excluding intangible amortisation The 7,623,066 (2006: 7,623,066) treasury shares held by the Group do not rank for dividend and have therefore been excluded from the weighted average number of shares in issue used in the calculation of earnings per share. Notes to the preliminary announcement - continued for the year ended 30 September 2007 3 Net debt 2007 2006 •'000 •'000 Current Assets Cash at bank and short term deposits 57,547 45,912 Current liabilities Bank overdrafts (8,000) (2,764) Loan notes (3,604) (3,960) Bank borrowings (24,630) (1,013) Finance leases (576) (43) Derivative financial instruments (6,568) (4,463) Non-current liabilities Interest bearing loans and borrowings (74,404) (81,683) Finance leases (469) - Derivative financial instruments (7,574) (3,684)------------------------------ --------- --------- (68,278) (51,698) --------- --------- --------- --------- United Drug believes that net debt is relevant for an understanding of the Group's financial position. 4 Dividends 2007 2006 •'000 •'000 Dividends paid Final dividend for 2006 of 4.64 cent 10,389 8,804(2005: 4.00 cent) Interim dividend for 2007 of 1.97 cent (2006: 1.71 cent) 4,465 3,798-------------------------------------- --------- ------ Total dividends 14,854 12,602-------------------------------------- --------- ------- -------------------------------------- --------- ------- The Directors have proposed a final dividend for 2007, subject to shareholder approval at the Annual General Meeting, of 5.33 cent per share (2006: 4.64 cent) thereby giving a total dividend for the year of 7.30 cent per share (2006: 6.35 cent). The final dividend for 2007 has not been provided for in the balance sheet at 30 September 2007, in accordance with IAS 10. Notes This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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