24th Jan 2007 07:01
LPA Group PLC24 January 2007 PRELIMINARY ANNOUNCEMENT OF RESULTSFOR THE YEAR ENDED 30 SEPTEMBER 2006 LPA Group PLC, the lighting, power and electronics system manufacturer anddistributor, announces a return to profitability during the second half and astrong start to the new financial year. KEY POINTS • Turnover up 2.0% to £13.7m (2005: £13.5m) • Loss before taxation of £143,000 (2005: profit of £299,000) • Basic loss per share of 1.26p (2005: earnings 2.06p) • Adjusted loss per share (before amortisation of goodwill) 0.40p (2005: earnings 2.92p) • Proposed final dividend of 0.35p (2005: 0.35p) per share making an unchanged total for the year of 0.50p (2005: 0.50p) • Reduction in gearing to 38.8% (2005: 41.3%) • Order book up 2.7% despite continuing delay in award of rail contracts • Great interest in LED lighting for defence, infrastructure and rail vehicles • First contract won from SNCF (French Railways) for LED lighting - further exciting opportunities in Europe and Asia • Upgrade of London Underground stations boosting connector demand • Progress in low cost country sourcing - exclusive battery distribution agreement for Europe • Property revaluation confirms surplus of £1.05m (not incorporated in financial statements) Peter Pollock, Chief Executive, commented "Orders entered have exceeded sales for the fourth successive year and the orderbook continues to grow. The base load at the start of the year has been thestrongest on record. Short term orders have been encouraging, but more volumesare required. Success in the French market is reward for several years hardwork. We are bidding for more projects in Asia. Progress on operational issues is now accelerating with organisational changesmade to focus more resources on LED development, sales and marketing,development of proprietary products and low cost country sourcing. The final quarter of last year showed recovery and the first quarter of thecurrent year has been the strongest in the Group's recent history. The secondquarter is also promising so overall the first half should show good progress.The view for the second half is not yet as robust with more orders required atsome locations. Overall we expect to make sound progress in the year as a whole." 24 January 2007 ENQUIRIES Peter Pollock LPA Group Plc 07881 626123 or 01799 512844Gareth David College Hill 020 7457 2020James Glancy Teather & Greenwood Limited 020 7426 9010 CHAIRMAN'S STATEMENT Results In my Statement accompanying the interim figures I remarked that the Boardexpected only limited progress during the remainder of the year, following theloss before tax of £149,000 incurred in the first half. The Group's performanceimproved during the second half and this has continued in to the first quarterof the current year. The loss before tax for the year amounted to £143,000(2005: profit of £299,000) equating to a loss per share of 1.26p (2005: earningsper share of 2.06p). Dividends Given the encouraging start to the current year and the improved cash positionyour directors recommend the payment of a maintained final dividend of 0.35p pershare. This, together with the interim dividend of 0.15p, will make a total forthe year of 0.50p per share (2005: 0.50p). It should be noted that thesedividends disclosed do not represent amounts recognised in the year under FRS21but rather the dividends paid and proposed on the basis of the results for theyear. Subject to approval by shareholders at the Annual General Meeting of theCompany to be held at 10.00 am on Monday 26 February 2007 at the offices ofTeather and Greenwood Limited, 15 St Botolph Street, London, EC3A 7QR the finaldividend will be paid on 16 March 2007, to shareholders registered at the closeof business on 23 February 2007. Authority to allot shares and authority to buy shares The Agenda for the Annual General Meeting includes three resolutions relating tothe limited authority of the directors to allot shares, and for the Company tomake market purchases of its own shares: a. The first is a resolution to renew the authority of the directors to allot shares generally, as defined in section 80 of the Companies Act 1985; b. The second is a resolution to renew the authority of the directors to allot equity securities for cash without first offering them to existing shareholders, pursuant to section 95 of the Companies Act 1985; and c. The third is a resolution to permit the Company to make market purchases, as defined in section 163 of the Companies Act 1985, of its own shares. These authorities are part of the portfolio of powers commonly granted todirectors to ensure flexibility, should appropriate circumstances arise, toeither allot shares, or make purchases of the Company's own shares in the bestinterests of shareholders. Each authority will run through until the next AnnualGeneral Meeting. The directors have no present intention of using suchauthorities. Board My letter of appointment as Chairman of the Group was due to expire at theconclusion of the Annual General Meeting, however the Board have asked, and Ihave consented, to my appointment being extended to the conclusion of the AnnualGeneral Meeting in 2010. John Goodger, whose letter of appointment was due expire at the conclusion ofthis meeting has consented to serve another year on the Board and he will nowretire at the conclusion of the Annual General Meeting in 2008. John Goodger isthe director retiring by rotation at the forthcoming Annual General Meeting and,being eligible, offers himself for re-election. The directors intend to strengthen the Board through the appointment of at leastone new non-executive director. Discussions are under way and an announcementwill be made in due course. Employees and share option schemes Our people are our most valuable asset and contribute in many positive ways tothe Group's progress. The existing employee share option schemes were introduced in 1997 and weredesigned to have a life of ten years which will expire in April 2007. Anemployee share option scheme is one of a number of remuneration tools commonlyused to attract and retain good quality people. The Company has found theexisting schemes extremely useful in this respect and relatively simple toadminister. The Board proposes to introduce a replacement scheme, summarydetails of which will be circulated to shareholders with the Annual Report. Aresolution to implement the new scheme will be put to the Annual GeneralMeeting. Tender Offer by Mr Andrew Perloff Shareholders will be aware that on 26 October 2006, Mr Andrew Perloff, made aTender Offer to acquire, together with his existing holding, up to 29.99% of theGroup's issued share capital. As a result Mr Perloff now holds 17.85% of theGroup's issued share capital. The Board welcomes Mr Perloff as a new largeshareholder of the Group. Strategy Management remains focussed on delivering shareholder value. Restoring the Groupto profitability and financial stability has been the first priority, which nowachieved must be sustained and strengthened. The Group is seeking to reduce its dependence on large long-term contracts bydeveloping standard proprietary products, and to reduce manufacturing coststhrough low cost country sourcing. Opportunities exist to realise thedevelopment potential of the Saffron Walden site in the medium term, and to growthe Group both organically and through acquisition. Repositioning the Group'sproducts at the higher end of the technology spectrum, with the attendantreappraisal of the Group's potential by the market, is also a medium termobjective. Outlook The start to the new financial year has been the strongest for many years andsales output in the first quarter is the highest on record. The second quarter,while not as strong, should also contribute to considerable progress in thefirst half of the year. Although the load in the second half is not yet allsecured, parts of the business are experiencing record demand and prospects formost of the activities look good. There are still contracts for which we havebeen selected, but for which the orders have not yet been placed. There are manysignificant prospects, particularly for the Group's LED lighting products, whichare very exciting indeed. I expect to be able report further progress at the Annual General Meeting and inthe Interim Statement. Michael RuschChairman24 January 2007 CHIEF EXECUTIVE'S REVIEW Trading results After a disappointing first half the Group recovered in the final months of theyear. This was unfortunately insufficient, despite the cost reduction in thefirst half, to offset the losses already incurred and this resulted in a pre-taxloss for the year of £143,000 (2005: profit of £299,000). Orders entered haveexceeded sales for the fourth successive year, the order book increased by 2.7%over the year to £9.1m, while sales grew 2.0% to £13.7m. The net cash inflowbefore financing amounted to £277,000 (2005: £304,000) and gearing was reducedby 2.5% to 38.8%. The interim and final dividends were maintained. Markets Rail The Group remains the UK's leading designer, integrator and supplier ofauxiliary battery power systems, a position, which has been strengthened in theyear by our appointment as exclusive European distributor for a range ofbatteries for train use. The Group is similarly positioned for inter-vehicleelectrical connection systems. In lighting the Group holds a world classposition in LED drive and lensing technology integration, and supplies lightingsystems to UK, European and Asian based rail vehicle builders. Following a period of unprecedented demand for new rail vehicles, the UK iscurrently in consolidation mode. The number of new trains being built has fallensharply and the focus is now on refurbishment of surface stock and the upgradeof London Underground metro vehicles. There is some new build demand, notablyElectrostar, where the Group has only limited involvement, and Javelin (the highspeed Channel Tunnel Rail Link vehicle) for which the Group will supply lightingand electrical shore supply systems. Orders for Turbostar, where the Group iswell represented, are likely to be delayed while a new, environmentallyfriendly, diesel engine is procured. In addition to these there is a strongpossibility that the fleet of West Coast Mainline Pendolino trains will haveadditional cars added to each train set, and in this event the Group as supplierof the original equipment will be well placed to exploit the opportunity: thiswould be expected to benefit the end of this, and the whole of next, financialyear. The Group has been selected for, or awarded, contracts for the upgrade ofVictoria Line vehicles where initial deliveries have been completed: there isnow an evaluation and test period until 2008/9, when series production willcommence. The Group is currently heavily involved in the supply of inter-vehicleelectrical connection equipment for Taiwan. Much of the UK market for new vehicles is satisfied by imports with the mainsuppliers being Alstom, Bombardier, Hitachi and Siemens: we are established assuppliers to all four. Our commitment to quality, reliability and low life cycle cost has resulted insignificant interest in our range of LED lighting products, particularly fromFrance, where we have won some initial contracts with further majoropportunities available. Train building capacity in Europe exceeds demand and is under threat from newfacilities in Asia, which will have the capacity to satisfy at least someEuropean demand. At present the Asian philosophy of lowest possible initial costdoes not lend itself to the European environment, which puts a premium onreliability and low life cycle costs. However it is only a matter of time beforeAsian manufacturers raise their game and we must prepare for that event. We have enjoyed some limited success in the Asian market. However until thelocal cost of maintenance increases, through higher wage costs, opportunitiesfor our products will be limited. We do though continue to have discussions withAsian companies who wish to be our partners in the region. We continue to secure contracts in Australia, Hong Kong, Singapore, Japan forre-export, and elsewhere including South Africa. Aerospace and Defence Major aerospace projects have a long gestation period and are usually globalcollaborative projects. Equipment we have supplied to the UK Aerospace industryin the past is now the subject of pan-national bidding from which we are largelyprecluded. While this market remains important and challenging to the Group wewill continue to concentrate our resources on the subcontract and spares marketwhere our approach to quality and service are better rewarded. The more fragmented UK defence market presents the Group with similaropportunities to supply equipment: it is a growing market where the Group hasenjoyed success particularly with components and LED lighting. Infrastructure and General Industrial The Group is a leading player in the global market, excluding the US, foraircraft Ground Power connectors and harnesses. These provide power to aircrafton the ground enabling them to run essential services when the engines areswitched off, and are used for both civil and military applications. The Group manufactures and distributes a range of electrical connectionproducts, which are used in infrastructure, telecoms and general industry.London Underground station refurbishment is proving to be an exciting marketwhich is expected to continue for several years: in addition it is likely thatour LED lighting technology will have a part to play. The Group's specialist metal forming activities have achieved a remarkableturnaround. A number of competitors have withdrawn from the industry as volumeproduction has moved offshore. Focussed on high quality, service and shortproduction runs, the business is experiencing a period of major growth and isproducing very much improved results. Structure and costs The sales structure is kept under review and modified to reflect changing marketconditions. The growth in LED lighting demand requires that we continue to putadditional resources in to this activity. Operational costs were reduced duringand at the end of the year and responsibilities redistributed. Customersatisfaction, quality and delivery remain most important goals. Informationtechnology is an important opportunity for the Group. Design and development Resources have been focussed on the development of standard proprietary productsand the development of LED lighting applications. Standard products can becombined to provide bespoke customer solutions, lend themselves to increasedbatch sizes and sourcing from low cost countries. LED lighting products have ledto a major increase in interest in the Group's products in Europe and Asia. Prospects The start to this financial year has been remarkably good although the secondquarter has a less spectacular load. There are gaps in the electrical equipmentmanufacturing and distribution programmes yet to be filled, but there is time toallow this to happen and resources have been focussed on these objectives.Metal forming, electronics and lighting are buoyant. Prospects for the Grouphave improved such that the next couple of years should see significantprogress. Peter PollockChief Executive24 January 2007 FINANCIAL REVIEW Financial performance Turnover increased to £13.74m up £0.27m (2.0%) from £13.47m last year. Howevertrading conditions were difficult so that despite higher sales the Group's grossmargin fell by 3.3%, from 26.1% to 22.8%, as a consequence of (i) marginpressures experienced across all areas of the Group, (ii) an adverse sales mixresulting from reduced volumes of higher margin projects this year compared tolast, combined with the sales growth being in lower margin areas, and (iii) afall in the labour and overhead content of stock. Total operating expenses at£3.34m were £122,000 above last year, with higher pension costs of £57,000 andtermination costs of £72,000 being included in this increase. As a consequencean operating loss of £205,000 resulted compared to an operating profit of£289,000 last year. Net finance income increased to £62,000 (2005: £10,000) with interest costsfalling to £181,000 (2005: £194,000) reflecting both lower average borrowingsand interest rates, and the net return on pension increasing to £243,000 (2005:204,000). There was a tax credit of £6,000 in the period (2005: charge of£74,000). The loss after tax was £137,000 (2005: earnings of £225,000) representing basicloss per share of 1.26p (2005: earnings per share of 2.06p). The adjusted lossper share, which excludes goodwill amortisation from the calculation, was 0.40p(2005: earnings of 2.92p). At the end of the year shareholders funds were £5.72m (2005: £5.81m) giving anet asset value per ordinary share of 52.5p (2005: 53.3p). The Group obtained an independent valuation of its freehold properties at 30September 2006 prepared on an existing use basis as detailed in the note below.The valuation of £1.91m compared to the properties' net book value of £0.86mprovides an uplift of £1.05m equivalent to a net asset value per ordinary shareof 9.6p. The results of the valuation have not been included in the financialstatements. Pensions The Group has adopted the accounting standard FRS17 "Retirement Benefits" infull for the first time, and this has had a significant affect on the balancesheet, and the recognition of costs and pension returns in the profit and lossaccount. The balance sheet now includes the final salary scheme pension surplus, shown aspension asset, of £1.74m (2005: £1.56m) which is the difference between themarket value of scheme assets and the present value of scheme liabilities net ofdeferred tax. Previously the September 2005 balance sheet included a net pensionliability of £64,000 comprising an accrual of £92,000 (which was the differencebetween amounts charged to the profit and loss account and contributions paid tothe scheme) less deferred tax of £28,000. Included within operating profit are current pension costs of £233,000 (2005:£176,000), with a net pension return of £243,000 (2005: 204,000), whichrecognises that the scheme is in surplus, shown in net finance income. Thus anet pension credit of £10,000 (2005: £28,000) is now shown at the profit beforetax level. Previously, as reported in 2005, a pension cost of £95,000 (pensioncosts of £69,000 and life assurance costs of £26,000) was included in operatingprofit. Cash flow and debt Cash generated from operating activities in the year was £648,000 (2005:£787,000) the fall being explained by the reduced profit performance, in partoffset by a decrease in working capital during the year as compared to a smallincrease in the previous year. Capital expenditure which remains focused inproduction and engineering fell to £143,000 (2005: £248,000) reducing to netexpenditure of £137,000 (2005: £223,000) after asset disposals. After paymentsof interest £171,000 (2005: £183,000), tax £8,000 (2005: £28,000), and dividends£55,000 (2005: £49,000), the net cash inflow before financing amounted to£277,000 (2005: £304,000). Debt repayments in the year were £385,000 (2005:£448,000) such that there was a net decrease in the cash position of £108,000(2005: £144,000). In the year net debt fell to £2.22m (2005: £2.40m), gearing fell to 39% (2005:41%) and at the year-end there were £0.7m (2005: £0.7m) of un-drawn committedfacilities available to the Group. Subsequent to the year end the Group has negotiated (i) a £0.60m increase in itsterm loan facility to £1.75m, repayable in 24 quarterly instalments of £73,000,with the first payment being in January 2007, and (ii) a £0.50m reduction in itsworking capital facility to £1.25m available through to November 2007. Therenewal of the working capital facility after this date is expected. Interest ispayable on both facilities at between 1.50% and 1.75% over base rate. Treasury The Group's treasury policy, which operates within approved Board guidelines andhas not changed since 2005, seeks to ensure that adequate financial resourcesare available for the development of the Group's business whilst managing itsforeign currency, interest rate, liquidity and credit risks. The Group's principal financial instruments comprise sterling bank loans andoverdrafts, and obligations under hire purchase contracts together with tradedebtors and trade creditors that arise directly from its operations. The mainrisks arising from the Group's financial instruments can be analysed as follows: Currency risk - the Group has transactional currency exposure arising fromnormal trading activity. Such exposure arises from sales or purchases incurrencies other than sterling, the functional currency of the Group. The Grouphedges the foreign currency risk associated with significant future sales andpurchases using forward exchange contracts. Experience to date is that anyun-hedged exposure has not led to major exchange gains or losses. The mainforeign currencies in which the Group operates are the euro and the US dollar. Interest rate risk - the only financial liabilities of the Group which aresubject to interest charges are bank loans and overdrafts (floating rateliabilities which bear interest at market rates) and obligations under hirepurchase contracts (fixed rate liabilities which bear interest at the negotiatedmarket rate prevailing at the time the commitment is made). The directorsmonitor the overall level of borrowings and interest costs to limit any adverseeffects on financial performance of the Group. Liquidity risk - the Group's policy has been to ensure continuity of fundingthrough acquiring an element of its fixed assets under hire purchase agreements,and arranging funding for its operations through medium-term bank loans withshort-term flexibility achieved through the use of overdraft facilities. Credit risk - the Group's credit risk is primarily attributable to its tradedebtors. Credit risk is managed by monitoring the aggregate amount and durationof exposure to any one customer depending upon their credit rating. The amountspresented in the balance sheet are net of allowances for doubtful debts,estimated by the Group's management based on prior experience and theirassessment of the current economic environment. The Group does not trade in derivatives or make speculative hedges. The Group does not trade in derivatives or make speculative hedges. Going concern The directors have a reasonable expectation that the Group has adequateresources to continue in operational existence for the foreseeable future andtherefore the accounts have been prepared on a going concern basis. Stephen BrettFinance Director24 January 2007 Note: Basis of freehold property valuation The freehold interests in the property holdings of the Group were valued as at30 September 2006 by N S Booton MA MRICS of King Sturge LLP, acting as anExternal Valuer. This is the first time that either King Sturge LLP or N SBooton MA MRICS have valued these properties for the Company. The valuation wascarried out in accordance with the requirements of the Appraisal and ValuationStandards published by the Royal Institution of Chartered Surveyors. Thevaluation was prepared in accordance with the requirements of FRS 15 "TangibleFixed Assets". The three properties valued are all held freehold and valuedusing the Existing Use Value basis of valuation ("EUV"), assuming that theproperty would be sold as part of the business for continued use. The Valuer'sopinion of EUV was primarily derived using comparable recent market transactionson arms length terms. LPA GROUP PLC CONSOLIDATED PROFIT AND LOSS ACCOUNT For the year ended 30 September 2006 Restated 2006 2005 £'000 £'000 Turnover 2 13,737 13,469 Cost of sales (10,600) (9,960) Gross profit 3,137 3,509 Net operating expenses 3 (3,342) (3,220) Operating (loss) / profit 4 (205) 289 Net finance income 6 62 10 (Loss) / profit on ordinary activities before taxation (143) 299 Tax on (loss) / profit on ordinary activities 7 6 (74) (Loss) / profit on ordinary activities after taxation (137) 225 (Loss) / earnings per share 9Basic (1.26p) 2.06pDiluted (1.26p) 2.05p All activities are continuing. LPA GROUP PLC STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSESFor the year ended 30 September 2006 Restated 2006 2005 £'000 £'000 (Loss) / profit after tax and for the year (137) 225 Actuarial gain recognised in the pension scheme 144 556Deferred tax attributable to actuarial gain (43) (167) Total recognised (losses) / gains (36) 614 Prior year adjustment 1,622 Total gains recognised since last annual report 1,586 RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS FUNDSFor the year ended 30 September 2006 2006 2005 £'000 £'000 Opening equity shareholders' funds as previously reported 4,153 4,068 Prior year adjustment in respect of FRS17 (note 2) 1,622 1,148Prior year adjustment in respect of FRS21 (note 2) 39 33 5,814 5,249 (Loss) / profit after tax and for the year (137) 225Actuarial gain recognised in the pension scheme 101 389Dividends paid (55) (49) Closing equity shareholders funds 5,723 5,814 LPA GROUP PLC CONSOLIDATED BALANCE SHEETAt 30 September 2006 Restated 2006 2005 £'000 £'000 Fixed assetsIntangible assets 1,234 1,327Tangible assets 2,100 2,235 3,334 3,562 Current assetsStocks 2,632 2,604Debtors 3,114 3,085Cash at bank and in hand 4 3 5,750 5,692Creditors: Amounts falling due within one year (4,143) (3,743) Net current assets 1,607 1,949 Total assets less current liabilities 4,941 5,511 Creditors: Amounts falling due after more than one year (956) (1,211) Provisions for liabilities and charges (5) (44) Net assets excluding pension asset 3,980 4,256 Pension asset 1,743 1,558 Net assets 5,723 5,814 Capital and reservesCalled up share capital 1,090 1,090Share premium account 254 254Revaluation reserve 313 313Merger reserve 230 230Profit and loss reserve 3,836 3,927 Equity shareholders' funds 5,723 5,814 LPA GROUP PLC CONSOLIDATED CASH FLOW STATEMENTFor the year ended 30 September 2006 2006 2005 £'000 £'000 Net cash inflow from operating activities 648 787 Returns on investments and servicing of financeInterest paid (163) (169)Interest element of hire purchase payments (8) (14) (171) (183) Taxation (8) (28) Capital expenditurePayments to acquire tangible fixed assets (143) (248)Receipts from sale of other fixed assets 6 25 (137) (223) Equity dividends paid to shareholders (55) (49) Net cash inflow before financing 277 304 FinancingRepayment of loans (305) (306)Capital element of hire purchase payments (80) (142) (385) (448) Decrease in cash (108) (144) LPA GROUP PLC NOTES 1 - EARNINGS PER SHARE The calculation of earnings per share is based upon the loss after tax of£137,000 (2005: profit of £225,000) and the weighted average number of ordinaryshares in issue during the year of 10.903m (2005: 10.903m). Due to losses in thecurrent year no dilution arises and diluted earnings per share is thereforeshown as the same as basic earnings per share. Last year the weighted averagenumber of ordinary shares diluted for the effect of outstanding share optionswas 11.0m. Adjusted earnings per share, which is disclosed to reflect theunderlying performance of the Company, has been calculated on a loss of £44,000(2005: profit of £318,000) being the profit after tax for the year before theamortisation of goodwill. Details are as follows: 2006 2005 Basic Diluted Basic Diluted pence pence pence pence per per per per £'000 share share £'000 share share Basic earnings (137) (1.26) (1.26) 225 2.06 2.05Amortisation of goodwill 93 0.86 0.86 93 0.86 0.84 ______ ______ ______ ______ ______ ______ Adjusted earnings (44) (0.40) (0.40) 318 2.92 2.89 ______ ______ ______ ______ ______ ______ 2 - CHANGES IN ACCOUNTING POLICY Pension costs The Group previously accounted for its defined benefit pension scheme underSSAP24 "Pension Costs". Under SSAP24 a regular pension cost was determined usingactuarial methods and charged to the profit and loss account. Variations fromthe regular pension cost were spread over the average remaining service lives ofemployees. The cumulative difference between the profit and loss account expenseand employer contributions was held in the balance sheet as either a prepaymentor accrual. Under FRS17 "Retirement Benefits" pension scheme deficits orsurpluses are recognised on the balance sheet. The profit or loss accountcomprises the current service cost, the appropriate proportion of any pastservice cost, the interest cost and the expected return on any plan assets. Thenet impact of this change in the accounts is to increase net assets as atSeptember 2005 by £1,622,000 and to increase earnings in the year to September2005 by £85,000. Dividends The Group has changed its accounting treatment of proposed dividends. FRS21 "Events after the Balance Sheet Date" no longer permits proposed dividends to beincluded as an expense in the profit and loss account, with the correspondingliability in the balance sheet. Dividend distributions are not recognised in theprofit and loss account, they are disclosed as a component of the movement inshareholders' funds. A liability is recorded for a final dividend when thedividend is approved by the Company's shareholders, and for an interim dividendwhen the dividend is paid. The net impact of this change in the accounts is toincrease net assets at September 2005 by £39,000. 3 - INFORMATION The preceding information does not constitute the Company's statutory accountsfor the years ended 30 September 2006 or 30 September 2005 but is derived fromthose accounts. The 2006 accounts will be posted to shareholders on 2 February2007 and will be available from the Company Secretary, LPA Group Plc, DebdenRoad, Saffron Walden, Essex, CB11 4AN, shortly thereafter. Statutory accountsfor 2005 have been delivered to the Registrar of Companies, and those for 2006will be delivered following the Annual General Meeting. The auditors havereported on these accounts and their reports were unqualified and did notcontain statements under section 237(2) or (3) of the Companies Act 1985. 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