RNS Number:4066C
Braemar Seascope Group PLC
04 May 2006
For immediate release 4 May 2006
Results - Year ended 28 February 2006
Braemar Seascope Group plc (the "Group"), a leading provider of shipping
services, today announced full year unaudited results for the year ended 28
February 2006.
HIGHLIGHTS
*Revenue up to #68.5m (2005: #45.2m)
*Pre-tax profit up 27% to #10.3m (2005: #8.1m)
*Basic EPS up 26% to 37.03p (2005: 29.50p)
*Operating cash flow up 25% to #10.7m (2005: #8.6m)
*Final dividend 11.5p per share (up 15%), full year 18.0p (2005: 16.00p)
up 12.5%
*DV Howells acquired in March 2006, extending our service range
Commenting on the results and outlook, Sir Graham Hearne, Chairman, said:
"Shipbroking has continued to flourish in favourable markets and our business
has benefited from high freight rates and vessel values as well as increased
transaction volumes "
"The demand for seaborne trade continues to grow driven by the demand for the
long-range transportation of raw materials, oil, gas and manufactured products.
The Group is well-placed to benefit from the increased activity in all sectors.
We also expect the contribution from our non-broking businesses to increase in
the coming year.
The new financial year has started well with a good level of business concluded
already, both for this year and future years."
For further information, contact:
Braemar Seascope Group plc
Alan Marsh Tel 020 7535 2650
James Kidwell Tel 020 7535 2881
Aquila Financial
Peter Reilly Tel 020 7202 2601
Charles Stanley Securities
Philip Davies Tel 020 7953 2000
Notes to editors:
Through its subsidiaries Braemar Seascope Group plc's services provided
comprise:
Braemar Seascope Specialised shipbroking and consultancy services to
Limited, Braemar international ship owners and charterers in the sale &
Seascope Pty purchase, tanker, offshore, container and dry bulk
(Australia), markets.
www.braemarseascope.com
DV Howells Limited Pollution response service provider primarily in the
UK
www.dvhowells.co.uk
Cory Brothers Shipping Liner and port ship agency services within the UK.
Agency Limited www.cory.co.uk
Wavespec Limited Marine engineering and naval architecture consultants
to the shipping and offshore markets.
www.wavespec.com
PRELIMINARY ANNOUNCEMENT - YEAR ENDED 28 FEBRUARY 2006
CHAIRMAN'S STATEMENT
I am delighted to report another year of record profits for the Group and on
behalf of the Board I would like to thank the staff throughout the Group for
their hard work and commitment during the year. Their effort and skill has
contributed greatly to these results.
Revenue for the year increased to #68.5m (2005: #45.2m) and profit before tax
was #10.3m compared with #8.1m in the prior year. Earnings per share grew by 26%
to 37.03 pence (2005: 29.50 pence). The good performance was also reflected in
the net cash generated from operating activities which increased to #10.7m
(2005: #8.6m) contributing to the improvement in net funds which ended the year
at #13.6m (2005: #6.5m).
Shipbroking has continued to flourish in favourable markets and our business has
benefited from high freight rates and vessel values as well as increased
transaction volumes. Our new Australian business has integrated well within the
Group and we have used this as a platform to set up a new bunker trading
operation during the year.
We are encouraged by the growth we are seeing in certain of our broking and
shipping service areas which we have worked hard to develop in recent years. We
believe this growth will stand the Group in good stead in the future. The
non-broking segments of the Group have begun to show they are capable of a
meaningful financial contribution to the Group's overall result. Cory Brothers
improved its performance significantly in the UK ship agency, forwarding and
logistics market and has added two bolt-on acquisitions in the year to expand
its operations. Wavespec is now seeing the benefit of its market leading
position in technical design and supervisory work for LNG vessel construction.
In March 2006 we added a new services arm to the Group through the acquisition
of D V Howells, the UK based pollution response business. We expect that its
marine business will be capable of significant growth within the Group. The
acquisition is another step in our overall strategy of building a broadly-based
shipping services Group.
Iain Shaw will be retiring from the Company at the forthcoming AGM having been a
director since the company's inception. He has made an outstanding contribution
to the Group over the years for which the Board wish to record their deep
appreciation.
The Board is recommending a final dividend of 11.5 pence per ordinary share,
which together with the 6.5 pence interim dividend takes the total dividend for
the year to 18.0 pence (2005: 16.0 pence), a rise of 12.5%.
Outlook
The demand for seaborne trade continues to grow driven by the demand for the
long-range transportation of raw materials, oil, gas and manufactured products.
The Group is well-placed to benefit from the increased activity in all sectors.
We also expect the contribution from our non-broking businesses to increase in
the coming year.
The new financial year has started well with a good level of business concluded
already, both for this year and future years.
Sir Graham Hearne
4 May 2006
CHIEF EXECUTIVE'S OPERATIONAL AND FINANCIAL REVIEW
The size and scope of our business has increased significantly over the last few
years. An overview of the operations and composition of the Group by business
segment is shown in the table below:
Segment Trading names Number of Business
employees Locations
Shipbroking Braemar Seascope 189 UK head office
in London and an
office in
Aberdeen;
Shanghai and
Beijing;
Melbourne, Perth
and Sydney;
Singapore; Delhi
and Mumbai
(joint venture
offices).
Ship agency, Cory Brothers,
forwarding Morrisons,
and Planetwide 120 16 offices in
Logistics the UK, mainly
in ports of
which Tilbury,
Felixstowe and
Southampton are
the main
offices.
Technical
shipping
support Wavespec 17 Office in Malden
Essex.
Site offices in
the major
shipyards in
Korea and Japan
Bunker Braemar Seascope 2 Melbourne,
trading Australia
Pollution
response
services D V Howells 27 7 offices in the
(acquired March 2006) UK.
The segments form a complementary grouping of businesses operating separately
within the shipping industry. Together they extend the range of advice and
services we are able to provide for our clients and increasingly we are able to
act in a wide-ranging consulting capacity because of the breadth of our
services. We believe this is an important feature of the future of the business
and we will continue to seek opportunities to add value in related areas where
we can.
The new financial year has begun well with significant business concluded
already. We currently have in excess of US$30 million of shipbroking revenues
deliverable within the current year.
A segmental commentary on the operating activities during the year is set out
below.
Shipbroking
Shipbroking activities are undertaken by Braemar Seascope with revenues in 2005/
6 increasing to #39.7m (2005: #32.4m) and operating profits of #9.0m (2005:
#8.9m).
The tanker freight market began the financial year in a relatively benign state,
however the second half of the year was significantly influenced by the after
effects of the hurricane season in the United States. The initial impact on U.S.
refining capacity resulted in a surge of demand for imported products,
especially gasoline. The damage to offshore crude oil production facilities in
the Gulf of Mexico has still not been fully repaired, and less than half of the
sub-sea pipeline system has so far been restored. The consequent demand for
crude oil, imported from more geographically remote supply sources, supported a
strong tanker market throughout the winter months. In spite of high oil prices,
and a steady increase in the cost of bunker fuel, shipowners enjoyed healthy
earnings. Modern Very Large Crude Carriers averaged around $90,000 per day over
the 4th quarter of 2005 and 1st quarter of 2006, and over the same period a
medium size products carrier averaged around $25,000 per day.
Looking ahead over 2006, oil prices are at record levels and are likely to
remain high, as long as tension exists over Iran's nuclear ambitions. Problems
with supplies from Nigeria, due to local insurrection, and growing antipathy
between the governments of the USA and Venezuela, which accounts for some 15 per
cent of American crude oil imports, suggest that the United States will continue
to rely on long haul crude oil imports. In spite of the 'wake up call' to the US
refining sector, there are no plans for early expansion of capacity there.
Although the tanker market is currently experiencing a predictable seasonal
lull, there is every reason to believe that owners of all types of tanker can
look forward to healthy returns.
Specialised products chartering, comprising chemicals, gas, small tankers and
vegetable oils, enjoyed a year of high activity and good growth. The gas and
chemicals businesses are based on contracts with major charterers. Shipment
volumes and freight rates have increased year-on-year and the signs are that the
upward trend will continue in the coming year. Changes in regulations and
controls within the chemicals and vegetable oils sectors can only further
tighten available tonnage.
The Dry bulk market was volatile over the course of the financial year. The
benchmark Baltic Dry Index (BDI) was 4,663 on 1 March 2005 falling to a low of
1,747 on 3 August 2005 and recovering to 2,680 at 28 February 2006, overall
averaging 3,020 (2004/5: 4,396). It currently stands at 2,378. At the start of
the year demand for iron ore was high though this fell off through the first
half and freight rates reduced as the fleet grew with increases in the supply of
tonnage and port congestion eased. The addition of our Australian offices has
greatly increased our Dry market coverage and during the year we opened a new
Dry Bulk office in Singapore as some operators have relocated to benefit from
the local tax environment for shipping. Over the coming year demand is expected
to increase - Chinese GDP is expected to grow by at least 8 per cent during 2006
- though this may be offset by an increase in the supply of vessels,
particularly in the Capesize fleet where tonnage is expected to grow by some 12
per cent in deadweight terms over 2006. However scrapping of older vessels in
next few years is likely and may serve to restore a balance to the fleet.
Our sale and purchase team is engaged in second hand, demolition and newbuilding
business. Second hand activity prospered in markets which have seen sustained
investment activity for more than two years. The business has grown year-on-year
benefiting from the continuing high volume of transactions and a shift in the
mix towards higher value transactions. Substantial capital was raised in the
public markets for investment in shipping and we were involved in a number of
large vessel purchases for newly quoted clients. Activity levels across most
types and sizes of ship have remained high even though vessel prices have come
down in some sectors since the highs at the beginning of the financial year.
Newbuilding income increased over the year - it is recognised in line with the
contractual phasing of payments by the ship owner to the shipyard, and therefore
mainly reflects the activity of previous years. The addition of new contracted
business during the year maintained the forward order book with the benefit to
earnings accruing over the next four years.
There has been a high level of activity in the offshore market this year both in
the North Sea and worldwide, with exploration activity increasing due to the
outlook for oil prices. Charter rates firmed over the year and are expected to
remain high for the foreseeable future. Transaction volumes improved
year-on-year and the forward book of business has also been built significantly.
Container market rates began the year strongly but weakened sharply in the
latter half of 2005, finding a level of stability in the first quarter of 2006.
Global container volume growth was in the region of 10% in 2005 driven by strong
global economic growth. However, newbuilding tonnage under construction will
represent a high proportion of the existing fleet size and will continue to be
so for the next few years. Our team, held through a joint venture, performed
well in both chartering and sale and purchase in this volatile market.
Ship agency, forwarding and logistics
Ship agency, forwarding and logistics is undertaken by Cory Brothers. Revenues
increased to #15.9m (2005: #8.5m) and operating profits were #0.6m (2005: #(1.2)
m loss).
A much stronger performance from shipping service provider, Cory Brothers, has
been achieved through growth in all sectors. The new income streams identified
in 2005 in Logistics performed very strongly whilst there was continued
significant growth in both General Forwarding, Project Forwarding and Liner
services. Performance in Ship Agency was also higher due to increased port calls
which is a key driver of revenue.
In July 2005 Cory acquired the business of Geo Morrison & Co (Leith) Limited
which trades as Morrison Shipping and Morrison Tours for a cash consideration of
up to #525,000. Morrison is based in Leith, Scotland and acts as Ship's Agent,
Project Forwarder and provides shore excursions for Cruise operators. These
long-term business relationships with the Cruise operators complement those of
Cory Brothers which should enable further development elsewhere in the UK. In
November 2005 Cory acquired Planetwide Group Limited for a cash consideration of
up to #766,000. Planetwide is a Freight Forwarding business with strong
relationships in the Australia, New Zealand and Nigerian markets. Its business
involves warehousing, European trailer transport, air freight, containerisation
to deep-sea destinations and undertakes packing and all export and import
documentation as per its clients' needs. This expertise combines well with the
growing Cory Brothers Forwarding and Logistics business centred in Felixstowe.
Subsequent to the end of the financial year Cory Brothers formed Gorman Cory
Shipping Agency Limited, in which it has a 41% interest, with Gorman Shipping, a
Mersey based company providing ship agency services and handling more than 750
vessel calls per year. The three transactions are natural additions to Cory
Brothers' existing business and build on the client base and range of services
the company can offer.
Technical shipping support
Wavespec's revenues increased to #5.2m (2005: #4.3m) and operating profits were
#0.3m (2005: #0.1m).
Wavespec consolidated its position as the pre-eminent LNG carrier design and
construction specialists having been awarded contracts to act as Charterers'
Representatives in projects for Qatar and Sakhalin. The Qatari contract involves
overseeing the design review and construction of, potentially, up to 100 LNG
Carriers in three yards in Korea. For the most part these vessels represent the
cutting edge of LNG carrier design taking vessels up to 250,000 cubic metres in
size. Previously, LNG carriers had not exceeded 155,000 cubic metres. These
vessels are also the first LNG carriers to be fitted with slow speed diesel
propulsion and LNG gas reliquefaction plants. The Sakhalin vessels are the first
generation of ice-class LNG carriers and are to carry LNG from Sakhalin Island
to Japan. The company is also involved in new business connected with the
development of vessels to carry Compressed Natural Gas (CNG) and in the offshore
sector. As a result of these developments, and ongoing projects, Wavespec has a
strong order book going forward into 2006-7.
Bunker trading
Revenues in this new segment were #7.7m (2005: #Nil) and operating profits were
#30,000 (2005: Nil) after four months of operation.
We opened a bunker trading business which is operating successfully in the
Australian and Far East markets. This activity involves the purchase of bunkers
from oil companies against matched sales to ship owners or operators. We expect
revenues and profits from this segment to be significantly increased in the next
financial year.
Financial
Profit before tax increased to #10.3m compared with the IFRS restated figure of
#8.1m in 2005 on revenues of #68.5m (2005: #45.2m). The operating profit margin
of 14.4% in 2006 compared with 17.2% in 2005. The reduction mainly reflects the
inclusion of the new bunker trading business in Australia which acts as a
principal for the purchase and resale of bunkers and has an inherently lower
margin than the other segments together with the increased relative importance
of the lower margin, but less volatile, forwarding and logistics business and
higher staff and premises costs in shipbroking.
The majority of the Company's shipbroking, technical services and bunker trading
income is US dollar denominated and the average rate of exchange for conversion
of US dollar income in the year was $1.80/# (2005: $1.82/#) and at the year
ended 28 February 2006 the rate was $1.75/#. At present the Group has cover for
the 2006/7 year through forward foreign exchange contracts totalling US$21m at a
blended rate of $1.76/# plus the right to sell $US12m at $1.80/# over the next 6
months.
The tax rate on profits was 30.3% (2005: 33.2%). The tax charge in the year
benefited from the tax deductibility of share option exercises based on the
market value at the point of exercise.
Operating cash flow of #10.7m (2005: #8.6m), calculated after corporation tax
payments, increased in line with profits. The net cash balance increased over
the year by #7.1m to #13.6m (2005: #6.5m).
Cash expenditure for acquisitions (net of cash acquired) totalled #0.5m in
respect of Morrisons and Planetwide and an estimated additional #0.5m is payable
dependent on profits. In March 2006 the Group acquired the pollution response
specialist, D V Howells, for a cash consideration of #550,000.
The directors are proposing for approval at the AGM a final dividend of 11.5
pence per ordinary share, at a cost of #2.2m (not recognised as a liability at
28 February 2006), to be paid on 27 July 2006 to shareholders on the register at
the close of business on 30 June 2006 (the ex-dividend date will be 28 June
2006). Together with the 6.5p interim dividend the Company's dividend for the
year is 18.0 pence (2005: 16.0 pence) at a cost of #3.6m. The dividend is
covered 2.0 times by earnings.
Alan Marsh
4 May 2006
Braemar Seascope Group PLC
Consolidated income statement for the year ended 28 February 2006
Notes Year ended Year ended
28 Feb 2006 28 Feb 2005
#'000 #'000
Revenue 3 68,497 45,203
Operating costs (58,607) (37,412)
------- -------
Amortisation of other intangibles (287) -
Impairment of goodwill - (931)
Operating costs excluding amortisation of
other intangibles and impairment of goodwill (58,320) (36,481)
------- -------
------- -------
Operating profit 3 9,890 7,791
Finance income 162 28
Finance costs (2) (53)
Share of profit from joint ventures' and
associates after tax 243 365
------- -------
Profit before taxation 10,293 8,131
Taxation 4 (3,115) (2,699)
------- -------
Profit for the period attributable to
equity shareholders 7,178 5,432
------- -------
Earnings per ordinary share 6
Basic - pence 37.03 p 29.50 p
Diluted - pence 36.18 p 28.59 p
Braemar Seascope Group PLC
Statement of recognised income and expenses for the year ended 28 February 2006
Year ended Year ended
Notes 28 Feb 2006 28 Feb 2005
Restated
#'000 #'000
Profit attributable to
shareholders 7,178 5,432
Foreign exchange differences on
retranslation of foreign
operations 83 (8)
Tax on items taken directly to
or transferred from equity 576 40
Cash flow hedges:
- Transferred to income
statement in period (1,401) -
- Losses deferred in equity (40) -
-------- -------
Recognised income and expense
for the year 8 6,396 5,464
-------- -------
First time adoption of IAS 32 & 39 1,077 -
-------- -------
Total recognised income and
expense 7,473 5,464
-------- -------
Braemar Seascope Group PLC
Consolidated Balance sheet as at 28 February 2006
As at As at
28 Feb 06 28 Feb 05
ASSETS #'000 #'000
Non current assets
Goodwill 22,480 21,652
Other intangible assets 462 215
Property, plant and equipment 5,034 4,960
Investments 1,611 1,555
Deferred tax assets 510 309
Other receivables 58 95
-------- --------
30,155 28,786
Current assets
Trade and other receivables 17,717 11,688
Financial assets
- Derivative financial instruments 12 -
Restricted cash - 4,434
Cash and cash equivalents 13,567 9,606
-------- --------
31,296 25,728
-------- --------
Total assets 61,451 54,514
-------- --------
LIABILITIES
Current liabilities
Financial liabilities
- Short term borrowings - 3,067
- Derivative financial instruments 99 -
Trade and other payables 25,490 17,113
Current tax payable 2,224 1,556
Finance leases 11 31
Provisions 288 41
Client monies held as escrow agent - 4,434
-------- --------
28,112 26,242
Non-current liabilities
Deferred tax liabilities 139 65
Finance leases - 8
Provisions 343 110
-------- --------
482 183
-------- --------
Total liabilities 28,594 26,425
-------- --------
Total assets less total liabilities 32,857 28,089
-------- --------
EQUITY
Share capital 1,988 1,945
Capital redemption reserve 396 396
Share premium 8,046 7,505
Merger reserve 21,346 21,346
Shares to be issued (997) (637)
Other reserves 639 196
Retained earnings 1,439 (2,662)
-------- --------
Total equity 32,857 28,089
-------- --------
Braemar Seascope Group PLC
Consolidated Cash flow statement for the year ended 28 February 2006
Year ended Year ended
28 Feb 06 28 Feb 05
Notes #'000 #'000
Cash flows from operating
activities
Cash generated from operations 7 13,769 11,044
Interest received 156 26
Interest paid (1) (52)
Tax paid (3,210) (2,448)
-------- --------
Net cash generated from operating
activities 10,714 8,570
-------- --------
Cash flows from investing
activities
Dividends received from joint
ventures 239 -
Acquisition of subsidiaries, net of
cash acquired (521) (1,026)
Purchase of property, plant and
equipment (387) (175)
Proceeds from sale of property,
plant and equipment 29 11
Purchase of investments (36) (21)
Proceeds from sale of investment - 386
Other long term assets 37 8
-------- --------
Net cash used in investing
activities (639) (817)
-------- --------
Cash flows from financing
activities
Proceeds from issue of ordinary
shares 535 1
Dividends paid (3,194) (2,597)
Purchase of own shares (360) (572)
Payment of principal under finance
leases (28) (2)
Other - (2)
-------- --------
Net cash used in financing
activities (3,047) (3,172)
-------- --------
Increase in cash and cash
equivalents 7,028 4,581
Cash and cash equivalents at
beginning of the period 6,539 1,958
-------- --------
Cash and cash equivalents at end of
the period 13,567 6,539
-------- --------
Balance sheet analysis of cash and cash
equivalents
Cash and cash equivalents 13,567 9,606
Short term borrowings - (3,067)
-------- --------
Cash and cash equivalents at end of
the period 13,567 6,539
-------- --------
Braemar Seascope Group PLC
Notes to the financial statements
Note 1 - General Information
The Preliminary Announcement of results for the year ended 28 February 2006 is
an extract from the unaudited 2006 Annual Report and Accounts and does not
constitute the Group's statutory accounts of 2006 nor 2005. Statutory accounts
for 2005 (reported under UK GAAP) have been delivered to the Registrar of
Companies, and those for 2006 will be delivered following the company's Annual
General Meeting. The auditors have reported on the 2005 accounts; their report
was unqualified and did not contain statements under Sections 237(2) or (3) of
the Companies Act 1985.
Note 2 - Accounting policies
Whilst the financial information included in this preliminary announcement has
been prepared in accordance with International Financial Reporting Standards
(IFRSs) adopted for use in the European Union, this announcement does not itself
contain sufficient information to comply with IFRSs. The company expects to
publish full accounts that comply with IFRSs on 26 May 2006. The accounting
policies adopted by the Group are as set out in the Adoption of International
Financial Reporting Standards as published by the Group on 19 October 2005.
Note 3 - Segmental results
-------------- --------------
Revenue Profit for the period
--------------- --------------
2006 2005 2006 2005
#'000 #'000 #'000 #'000
Shipbroking 39,745 32,420 9,003 8,864
Ship agency, forwarding & 15,851 8,461 568 (1,213)
logistics
Technical shipping support 5,202 4,322 289 140
Bunker trading 7,699 - 30 -
-------- -------- -------- --------
Operating profit 68,497 45,203 9,890 7,791
-------- -------- -------- --------
Finance income (cost)- net 160 (25)
Share of profit from joint
ventures' and associates 243 365
-------- --------
Profit before taxation 10,293 8,131
Taxation (3,115) (2,699)
-------- --------
Profit for the period attributable
to shareholders 7,178 5,432
-------- --------
Note 4 - Taxation
The rate of taxation applicable to the Group's profits is 30.3% (2005: 33.2%).
Note 5 - Dividend
The proposed final dividend of 11.5 pence per share (2005: final 10.0 pence)
takes the total dividend for the year to 18.0 pence (2005: 16.0 pence). The cost
of the final dividend will be #2.2m (2005: #1.9m) based on 19,555,273 shares
(being the total in issue less shares held in the ESOP for which the dividend
has been waived) and will be charged to equity in the 2006/7 financial year.
Note 6 - Earnings per share
Basic earnings per share is calculated by dividing the earnings attributable to
ordinary shareholders by the weighted average number of ordinary shares
outstanding during the year, excluding 321,495 ordinary shares held by the
employee share trust (2005:222,500) which are treated as cancelled.
For diluted earnings per share, the weighted average number of ordinary shares
in issue is adjusted to assume conversion of all dilutive ordinary shares. The
Group has one class of potential dilutive ordinary shares being those granted to
employees where the exercise price is less than the average market price of the
Company's ordinary shares during the year.
2006 2006 2006 2005 2005 2005
Earnings Weighted Per share Earnings Weighted Per share
#'000s average amount #'000s average amount
number of pence number of pence
shares shares
From
continuing
operations
Profit for
the period
attributable
to 7,178 19,385,615 37.03 5,432 18,412,881 29.50
shareholders
Effect of
dilutive
share - 452,339 - - 585,077 -
options -------- -------- ------ ------ ------- -------
Fully
diluted
earnings per 7,178 19,837,955 36.18 5,432 18,997,958 28.59
share -------- -------- ------ ------ ------- -------
Note 7 - Reconciliation of operating profit to net cash flow from operating
activities
2006 2005
#'000 #'000
Profit for the period attributable to shareholders 7,178 5,432
Adjustments for:
Taxation 3,115 2,699
Depreciation 339 297
Profit on sale of investment - (123)
Profit on sale of property, plant and equipment (17) -
Impairment of goodwill - 931
Amortisation of intangibles 287 -
Share based payments 244 135
Finance income (162) (28)
Finance costs 2 53
Share of profit from joint ventures' and associates (243) (365)
Changes in working capital (excluding effects of
acquisitions of subsidiaries)
(Increase) in trade and other receivables (129) (1,416)
Increase in trade and other payables 2,913 3,658
Increase/(decrease) in provisions 242 (229)
-------- --------
Cash generated from operations 13,769 11,044
-------- --------
Note 8 - Statement of changes in total equity
Capital
Share redemption Share Merger Shares to Other Retained Total
capital reserve premium reserve be issued reserves earnings equity
Group #'000 #'000 #'000 #'000 #'000 #'000 #'000 #'000
-------------------------------------------------------------------------------------------------------------------
At 1March 2004 1,862 396 7,505 18,302 (65) 29 (5,469) 22,560
Recognised
income and
expense for
the year - - - - - 32 5,432 5,464
Dividends paid - - - - - - (2,625) (2,625)
Issue of
shares 83 - - 3,044 - - - 3,127
Purchase of
shares to be
issued - - - - (572) - - (572)
Credit in
respect of
share option
schemes - - - - - 135 - 135
At 28 February
2005 1,945 396 7,505 21,346 (637) 196 (2,662) 28,089
First time ---------------------------------------------------------------------------------------------------
adoption of
IAS 39 (net of
taxation) - - - - - 981 96 1,077
---------------------------------------------------------------------------------------------------
At 1 March
2005 1,945 396 7,505 21,346 (637) 1,177 (2,566) 29,166
Recognised
income and
expense for
the year - - - - - (782) 7,178 6,396
Dividends paid - - - - - - (3,173) (3,173)
Issue of
shares 43 - 541 - - - - 584
Purchase of
shares to be
issued - - - - (360) - - (360)
Cash flow
hedges
Credit in
respect of
share option
schemes - - - - - 244 - 244
---------------------------------------------------------------------------------------------------
At 28 February
2006 1,988 396 8,046 21,346 (997) 639 1,439 32,857
---------------------------------------------------------------------------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
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