TIDMBRU
RNS Number : 3839T
Brulines Group PLC
06 December 2011
Press Release 6 December 2011
Brulines Group plc
("Brulines" or "the Group")
Interim Results
Brulines Group plc (AIM:BRU), the leading provider of real time
monitoring systems and data management services for the leisure and
forecourt services sectors, is pleased to announce its interim
results for the six months ended 30 September 2011.
Financial Highlights
-- Turnover of GBP11.79 million (H1 2011: GBP12.27 million)
-- Profit before tax of GBP1.62 million (H1 2011: GBP1.95 million)
and post exceptional items of GBP(0.1) million (H1 2011:
GBP0.2 million)
-- Basic earnings per share of 4.25p (H1 2011: 4.98p)
-- Interim dividend payment maintained at 1.67p (H1 2011: 1.67p)
-- Recurring revenues account for over 80% of core leisure business;
recurring turnover blended across the Group is 70%
-- Leisure division operating profit up 2.28% at GBP2.69 million
(H1 2011: GBP2.66 million)
-- Fuel Solutions operating loss of GBP0.45 million (part H1
2011: GBP(0.0) million)
Operational Highlights
-- Continued roll out of iDraught(TM) sales with Enterprise
Inns placing 500 unit order
-- Successful launch of Nucleus Smart Till(TM) EPOS system
-- Contract extensions agreed with Enterprise Inns PLC, Spirit
Group PLC, and at an advanced stage with several other core
customers
-- Continued roll out of Vianet's vending telemetry with leading
international brand owners
-- Although Fuel Solutions had a difficult Q1 arising from integration
problems it achieved operational break even during Q2
-- Post balance sheet acquisition of Lookout Solutions Limited
-- Contract with Visa Europe to provide contactless payment
technology in its vending machines
Commenting on the interim results, James Newman, Chairman of
Brulines Group plc, said: "The Group has continued to trade
encouragingly in what has remained a difficult economic
environment. Good progress has been made across all areas of the
business, in particular in the core Leisure division with the
continued roll out of iDraughtTM and contract extensions secured
with a number of key customers. The Fuel Solutions division has now
overcome some initial challenges and is performing closer to
expectations.
"Overall, the Board believes the Group is well positioned in all
of its markets and enjoys a high level of recurring income. Despite
the macro-economic backdrop, the Board expects to maintain
Brulines' resilient performance for the remainder of the financial
year."
- Ends -
Enquiries:
Brulines Group plc
James Dickson, Chief Executive
Mark Foster, Finance Director Tel: +44 (0) 1642 358 800
mark.foster@brulines.com www.brulines.com
Cenkos Securities plc Tel: +44 (0) 207 397 8900
Stephen Keys / Camilla Hume
chume@cenkos.com
Media enquiries:
Abchurch
Sarah Hollins / Joanne Shears / Mark Tel: +44 (0) 207 398 7729
Dixon
mark.dixon@abchurch-group.com www.abchurch-group.com
Chairman's Statement
In light of the continued difficult economic conditions in the
key sectors in which the Group operates, the Board believes that
Brulines has achieved a satisfactory set of results for the six
months to 30 September 2011, demonstrating the strength of our
recurring revenue streams, particularly within the Leisure
Division.
Results
Turnover for the past six months amounted to GBP11.79 million,
some 3.9% lower than the same period last year (H1 2011: GBP12.27
million). This decrease is largely due to pub closures and
disposals which resulted in a net reduction of 660 sites in our
core Leisure business installation base, although this was
partially offset by delivering 361 higher value new iDraughtTM
installations. Turnover within the Fuel Solutions Division remained
broadly flat compared to the same period last year, although both
Edensure and RFS performed well.
Despite integration issues holding back the performance of the
Fuel Solutions Division, Group gross margins remained strong at
53.0% as compared to 55.2% in H1 2011. The Group has maintained
tight control over fixed overheads, which reduced by some 7.0% on
last year, and the Board continues to review these in light of the
difficult trading conditions within the leisure market.
The Group's profit before amortisation, share based payments and
exceptional items amounted to GBP1.91 million (H1 2011: GBP2.42
million), a decrease of 21 % over the comparable period last year.
Profit before taxation amounted to GBP1.62 million (H1 2011:
GBP1.95 million).
The Group's earnings per share, before exceptional credits of
GBP0.09 million (H1 2011: charge of GBP0.20 million), amounted to
3.93 pence (H1 2011: 5.43 pence).
Dividend
In line with the Group's current dividend policy and also to
reflect the Board's view of the prospects for the year as a whole,
the Board has declared an interim dividend of 1.67 pence per share
(H1 2011: 1.67 pence per share), payable on 1 February 2012 to
shareholders on the register as at 16 December 2011. A final
dividend of 3.98 pence per share was paid in respect of the year
ended 31 March 2011 on 28 July 2011.
Outlook
Although the economic climate remains challenging, particularly
in the pub sector, the Board believes that the Group is well placed
to make progress in H2, particularly in light of:
-- a number of contract extensions, including Enterprise Inns,
which was announced on 1 November 2011. In addition, the Group is
in discussions with several of its other key customers in its
Leisure Division over similar contract extensions;
-- the progress being made by Vianet with new sales
opportunities with major international brand owners, especially
following the acquisition of Lookout Solutions and the appointment
of Mark Boland as Sales and Marketing Director; and
-- the recent improvement in trading within the Fuel Solutions
Division following integration problems in the first half of the
year.
Brulines is well positioned in all of the markets in which it
operates, and the Board remains confident about the Group's
prospects for the future.
James H Newman
Chairman
6 December 2011
Executive Review
Satisfactory financial performance in a difficult trading
environment
Despite the difficult environment, the Board is pleased to
report that trading in the Group's core beer monitoring business
has been robust despite some initial delays to iDraughtTM
installation programmes. The Group's Fuel Solutions Division
performance was significantly held back in the first quarter by
some integration matters which have now been satisfactorily
resolved, with the second quarter showing a better performance, and
trading positively before exceptional costs. The resulting impact
of all of these factors is that the Group's results for the six
months to 30 September 2011 are moderately behind management
expectations for the period.
Nonetheless, the Board is encouraged by the headway made in
reducing the losses associated with Vianet, the progress being made
in the core beer monitoring business with further iDraughtTM gains
notably with Enterprise Inns, and the improvements now being seen
in the Fuel Solutions division moving close to contributing
positively on a month by month basis. The Group's technology
business, Viatelemetry, is bringing benefits to its internal
customers, protecting margin, and also growing an increasing
foothold externally which the Board believes will result in this
business moving towards being a profit contributor, as planned.
Overall the financial impact from the Group's trading
performance has led to the following results:-
Group turnover was GBP11.79 million, down by 3.9% on last half
year (H1 2011: GBP12.27 million) resulting primarily from slower
installation traction and first quarter integration matters within
the Fuel Solutions division.
Gross margins remained strong at expected levels of 53.0% (H1
2011: 55.2%) underpinned overall by a blended recurring revenue
rate across the Group of approximately 70%.
The core beer monitoring business continued to generate strong
operational cash flow of GBP1.3 million in H1 2011, despite being
held back by the timing of debtor and creditor movements which
impacted the overall Group cash generation. With a combination of
the Group's own cash and the utilisation of an overdraft facility
for the acquisitions of 2010-11, the Group had cash balances of
GBP0.14 million, an overdraft of GBP1.19 million, and overall net
debt of GBP3.27 million at 30 September 2011. The Group continues
to be cash generative which provides a strong financial base for
both operations and development.
Core beer monitoring service customers and contracts
The core Leisure business delivered 387 new installations in the
first half, of which 361 were the higher value iDraught(TM) (H1
2011: 595 installations, of which 533 were iDraught(TM)). These
installations have taken iDraught(TM) penetration to near 9% of the
active installation base which, factoring in pub closures and
disposals, fell by a net 660 sites in H1 2012. These numbers should
be put in the context of a total installation base of over
19,000.
On 1 November 2011, the Group announced that it had secured a
new long-term agreement with Enterprise Inns, which also included
the roll-out of iDraught(TM) into 500 Enterprise pubs as well as
the introduction of the Group's Nucleus Smart Till(TM) EPOS
systems. The Group is also in advanced discussions with other key
customers concerning contract extensions and iDraught(TM) trials.
These developments will consolidate the strong recurring revenues
for the core Leisure business, which in the first six months of the
current year accounted for over 80% of its turnover.
The Group is pleased with the launch of its Nucleus Smart
Till(TM) EPOS system which, together with its iDraught(TM) system,
is enabling pub companies and their licensees to deliver data
necessary for them to improve quality and efficiency in their
business; both vital during these difficult trading conditions. The
Board believes that this combination of systems will drive the
growth of the business in the medium term.
Whilst the turnover in the core Leisure business decreased in
comparison with the corresponding period last year, the trading
performance of the business was maintained at a similar level to
last year due largely to the fixed overheads of the business being
carefully controlled and monitored.
Whilst the Board does not expect any easing of the challenging
trading conditions in the pub market, it believes that the
significant level of recurring income enjoyed by the business will
enable it to maintain its resilient performance.
Vending Telemetry Solutions
Vianet has continued to make progress in the first half of the
current year, particularly in developing existing contracts and
also in progressing significant new sales opportunities with major
international brand owners. In addition, the acquisition of Lookout
Solutions, announced on 26 October 2011, enables the enlarged
business to create a one-stop shop for vending telemetry,
contactless payment processing and vending management software
solutions.
The Board was pleased to have been able to announce on 16
November 2011 that Vianet had entered into a contract with Visa
Europe to provide contactless payment technology in its vending
machines. This contract demonstrates the potential for contactless
payments in the vending industry, where Vianet believes that there
is significant growth potential.
Fuel Solutions Division
Fuel Solutions has had a mixed performance in the first half of
the year, with trading in the first three months significantly held
back by unforeseen integration problems, especially in the ELS
business, which has resulted in management changes being made. The
Board is satisfied that these problems have been resolved without
any material ongoing legacy issues. Trading has been progressively
less affected by these integration issues as the year has
developed; during the second quarter new business was gained and
this trend looks set to continue, Christmas season apart, through
to the fourth quarter.
Against that background, the Board is optimistic that the
division will achieve breakeven for H2 and provide a significant
profit contribution in 2012/13.
The Board believes that this division provides the market's only
end-to-end solutions for forecourt operators, allowing them to
maximise their return on their fuel stocks and assets. As such, the
prospects for Fuel Solutions remain very attractive.
Management and employees
The Group continues to invest in and develop the calibre of its
people and management to take advantage of the growth opportunities
that exist in its target markets.
In October 2011, Mark Boland, the founder of Lookout Solutions,
was appointed Sales and Marketing Director for the enlarged Vianet
business with a view to driving this part of the Group forward and
establishing it as a leading provider of vending solutions.
Outlook
The Group's strategic intent is to continue its drive to secure
market leading positions using its core capabilities and products,
through growth in iDraught(TM), Nucleus Smart Till(TM) and its
integrated vending solutions in the Leisure Division, as well as
through expansion of the Fuel Solutions division's end-to-end fuel
asset management solutions.
The Group is in the second year of a five year strategic plan to
achieve a market leading position in each of its chosen fields; the
core Leisure business has already reached this level and the Board
believes that the Group has the ability to achieve this position
within the vending and fuel solutions markets in the medium
term.
Despite the current challenging conditions, the Board considers
that the opportunities for growth in each of its areas of operation
are encouraging and continues to view the future with confidence
and, looking to 2012, believes the prospect of further contract
wins could well mark the turning point for growth.
James Dickson Mark Foster
Chief Executive Group Finance Director
6 December 2011
Consolidated Statement of Comprehensive Income
For the six months ended 30 September 2011
Before Total
Exceptional Exceptional Unaudited Unaudited Audited
6 months 6 months 6 months 6 months Year
Ended ended ended ended Ended
30 Sept 30 Sept 30 Sept 1 Oct 31 March
2011 2011 2011 2010 2011
Note GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------------- ----- ------------- ------------- ----------- ----------- ---------
Revenue 3 11,794 - 11,794 12,272 24,282
Cost of sales (5,549) - (5,549) (5,501) (11,396)
Gross profit 6,245 - 6,245 6,771 12,886
---------------------- ----- ------------- ------------- ----------- ----------- ---------
Administration
and other
operating
expenses 4 (4,334) 120 (4,214) (4,534) (9,104)
---------------------- ----- ------------- ------------- ----------- ----------- ---------
Profit before
amortisation
and share
based payments 3 1,911 120 2,031 2,237 3,782
Intangible
asset amortisation (362) - (362) (237) (696)
Share based
payments (18) - (18) (42) (28)
Operating
profit 1,531 120 1,651 1,958 3,058
Finance income 4 - 4 21 36
Finance costs (34) - (34) (31) (66)
Profit before
tax 1,501 120 1,621 1,948 3,028
Income tax
expense 5 (390) (31) (421) (540) (597)
---------------------- ----- ------------- ------------- ----------- ----------- ---------
Profit and
total comprehensive
income
for the period
attributable
to the owners
of the parent 3 1,111 89 1,200 1,408 2,431
---------------------- ----- ------------- ------------- ----------- ----------- ---------
Earnings per
share 6
Basic 3.93p 0.32p 4.25p 4.98p 8.61p
Diluted 3.75p 0.29p 4.04p 4.88p 8.26p
Consolidated Balance Sheet
At 30 September 2011
Unaudited Unaudited Audited
As at As at As at
30 Sept 1 Oct 31 March
2011 2010 2011
GBP'000 GBP'000 GBP'000
------------------------------- ---------- ---------- ----------
Assets
Non-current assets
Intangible assets 19,253 17,306 19,256
Property, plant and equipment 3,701 3,589 3,643
Investments 533 556 533
------------------------------- ---------- ---------- ----------
Total non-current assets 23,487 21,451 23,432
=============================== ========== ========== ==========
Current assets
Inventories 2,150 3,103 2,674
Trade and other receivables 5,475 4,234 4,553
Cash and cash equivalents - 3,577 2,517
------------------------------- ---------- ---------- ----------
7,625 10,914 9,744
=============================== ========== ========== ==========
Total assets 31,112 32,365 33,176
=============================== ========== ========== ==========
Equity and liabilities
Liabilities
Current liabilities
Trade and other payables 4,436 6,671 6,198
Borrowings 1,637 478 1,756
Tax liabilities 301 519 324
Provisions 89 89 89
------------------------------- ---------- ---------- ----------
6,463 7,757 8,367
=============================== ========== ========== ==========
Non-current liabilities
Borrowings 1,738 2,274 1,992
Provisions 34 96 75
Deferred tax 303 353 303
2,075 2,723 2,370
------------------------------- ---------- ---------- ----------
Equity attributable to owners
of the parent
Share capital 2,825 2,825 2,825
Share premium account 11,174 11,174 11,174
Shares to be issued 294 290 276
Own shares (1,154) (1,154) (1,154)
Merger reserve 310 310 310
Retained profit 9,125 8,440 9,008
------------------------------- ---------- ---------- ----------
Total equity 22,574 21,885 22,439
=============================== ========== ========== ==========
Total equity and liabilities 31,112 32,365 33,176
=============================== ========== ========== ==========
Summarised Consolidated Cash Flow Statement
For the six months ended 30 September 2011
Unaudited Unaudited Audited
6 months 6 months Year
Ended ended ended
30 Sept 1 Oct 31 March
2011 2010 2011
GBP'000 GBP'000 GBP'000
--------------------------------------- ---------- ---------- ---------
Cash flows from operating activities
Profit for the period 1,200 1,408 2,431
Adjustments for
Interest receivable (4) (21) (36)
Interest payable 34 31 66
Income tax expense 421 540 597
Amortisation of intangible assets 362 237 696
Depreciation 231 270 480
Gain on pre-existing contract
on acquisition - - (200)
Exceptional items (458) - -
Loss/(profit) on sale of property,
plant and equipment 2 (5) (80)
Share-based payments 18 42 28
--------------------------------------- ---------- ---------- ---------
Operating profit before changes
in
working capital and provisions 1,806 2,502 3,982
Change in inventories 524 (1,145) (510)
Change in receivables (922) 330 13
Change in payables (1,288) (164) (1,602)
Change in provisions (41) - (80)
--------------------------------------- ---------- ---------- ---------
(1,727) (979) (2,179)
Cash generated from the operations 79 1,523 1,803
Income tax paid (445) (375) (834)
--------------------------------------- ---------- ---------- ---------
Net cash from operating activities (366) 1,148 969
--------------------------------------- ---------- ---------- ---------
Cash flows from investing activities
Interest payable (34) (31) (66)
Interest receivable 4 21 36
Proceeds on disposal of property,
plant and equipment 1 23 121
Purchases of property, plant
and equipment (290) (688) (608)
Purchase of intangible assets (374) - (735)
Purchase of subsidiary undertakings - (3,392) (4,380)
Cash acquired with subsidiaries - 548 547
Net cash used in investing activities (693) (3,519) (5,085)
--------------------------------------- ---------- ---------- ---------
Cash flows from financing activities
Repayments of borrowings (257) (334) (452)
Dividends paid (1,082) (610) (1,064)
Net cash used in financing activities (1,339) (944) (1,516)
--------------------------------------- ---------- ---------- ---------
Net decrease in cash and cash
equivalents (2,398) (3,315) (5,632)
Cash and cash equivalents at
beginning of period 1,260 6,892 6,892
Cash and cash equivalents at
end of period (1,138) 3,577 1,260
--------------------------------------- ---------- ---------- ---------
Statement of changes in equity
6 months ended 1 October 2010
Share
Share based Profit
Share Premium payment Merger and loss
Capital Account Own Shares reserve Reserve account Total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
At 1 April 2010 2,825 11,174 (1,154) 248 310 7,641 21,044
Profit and total
comprehensive income
for the period - - - - - 1,408 1,408
Share based payment - - - 42 - - 42
Dividends - - - - - (609) (609)
----------------------- --------- --------- ----------- --------- --------- ---------- -------
At 1 October 2010 2,825 11,174 (1,154) 290 310 8,440 21,885
======================= ========= ========= =========== ========= ========= ========== =======
12 months ended 31 March 2011
Share
Share based Profit
Share Premium payment Merger and loss
Capital Account Own Shares reserve Reserve account Total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
At 1 April 2010 2,825 11,174 (1,154) 248 310 7,641 21,044
Profit and total
comprehensive income
for the period - - - - - 2,431 2,431
Share based payment - - - 28 - - 28
Dividends - - - - - (1,064) (1,064)
----------------------- --------- --------- ----------- --------- --------- ---------- --------
At 31 March 2011 2,825 11,174 (1,154) 276 310 9,008 22,439
======================= ========= ========= =========== ========= ========= ========== ========
6 months ended 30 September 2011
Share
Share based Profit
Share Premium payment Merger and loss
Capital Account Own Shares reserve Reserve account Total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
At 1 April 2011 2,825 11,174 (1,154) 276 310 9,008 22,439
Profit and total
comprehensive income
for the period - - - - - 1,200 1,200
Share based payment - - - 18 - - 18
Dividends - - - - - (1,083) (1,083)
----------------------- --------- --------- ----------- --------- --------- ---------- --------
At 30 September 2011 2,825 11,174 (1,154) 294 310 9,125 22,574
======================= ========= ========= =========== ========= ========= ========== ========
Notes to the interim report
1. Statutory information
The interim financial statements are unaudited and do not
constitute statutory accounts within the meaning of Section 435 of
the Companies Act 2006. The auditors' review report on the interim
financial information for the six months ended 30 September 2011 is
set out on page 13.
The financial information for the year ended 31 March 2011 has
been derived from the published statutory accounts. A copy of the
full accounts for that period, on which the auditors issued an
unqualified report that did not contain statements under 498(2) or
(3) of the Companies Act 2006, has been delivered to the Registrar
of Companies.
These interim financial statements will be posted to all
shareholders and are available from the registered office at One
Surtees Way, Surtees Business Park, Stockton on Tees, TS18 3HR or
from our website at www.brulines.com.
2. Accounting policies
These interim financial statements are for the six months ended
30 September 2011. As is permitted, the Group has chosen not to
adopt IAS 34 'Interim Financial Statements' and therefore the
interim financial information is not in full compliance with
International Financial Reporting Standards. They have been
prepared using the recognition and measurement principles of IFRS
as adopted by the European Union using the historic cost
convention.
3. Segmental information
For management purposes the Group is currently organised into
three operating divisions. These business segments are the basis on
which the Group reports its primary segmental information. As the
Group's business is entirely conducted within the United Kingdom,
there are no geographical business segments and as a result no
secondary reporting segmental information is presented.
Corporate strategy is to be market leader in the leisure and
fuel solution markets with the services we provide. In terms of
leisure this includes Brulines traditional core business around
dispense monitoring & iDraughtTM, as well as machine monitoring
across our vending & AWP sectors. Fuel solutions include a full
suite of products and services to help the forecourt operator
maximise their returns.
The segmental results for the 6 months ended 30 September 2011
are as follows:
Technology
Leisure Fuel Solutions Solutions
Services and Group Total
GBP'000 GBP'000 GBP'000 GBP'000
---------------------------------- ---------- ---------------- ----------- --------
Revenue
Total revenue 8,745 2,667 382 11,794
---------------------------------- ---------- ---------------- ----------- --------
Result
--------
Operating profit/(loss) before
exceptional items 2,689 (450) (328) 1,911
---------------------------------- ---------- ---------------- ----------- --------
Amortisation (112) (23) (227) (362)
Share based payments - - (18) (18)
Finance costs (19) (2) (9) (30)
---------------------------------- ---------- ---------------- ----------- --------
Profit/(loss) before exceptional
items 2,558 (475) (582) 1,501
Exceptional items (42) (229) 391 120
Profit/(loss) after exceptional
items 2,516 (704) (191) 1,621
Tax (654) 183 50 (421)
---------------------------------- ---------- ---------------- ----------- --------
Profit/(loss) attributable to
equity shareholders 1,862 (521) (141) 1,200
---------------------------------- ---------- ---------------- ----------- --------
The segmental results for the 6 months ended 1 October 2010 are as follows:
Technology
Leisure Fuel Solutions Solutions
Services and Group Total
GBP'000 GBP'000 GBP'000 GBP'000
---------------------------------- ---------- ---------------- ----------- --------
Revenue
Total revenue 9,540 2,732 - 12,272
---------------------------------- ---------- ---------------- ----------- --------
Result
--------
Operating profit/(loss) before
exceptional items 2,664 (4) (241) 2,419
---------------------------------- ---------- ---------------- ----------- --------
Amortisation (20) - (217) (237)
Share based payments - - (42) (42)
Finance (costs)/income (18) (2) 10 (10)
---------------------------------- ---------- ---------------- ----------- --------
Profit/(loss) before exceptional
items 2,626 (6) (490) 2,130
Exceptional items (8) (31) (143) (182)
Profit/(loss) after exceptional
items 2,618 (37) (633) 1,948
Tax (725) 10 175 (540)
---------------------------------- ---------- ---------------- ----------- --------
Profit/(loss) attributable to
equity shareholders 1,893 (27) (458) 1,408
---------------------------------- ---------- ---------------- ----------- --------
4. Exceptional items
Exceptional items principally relate to restructuring costs
within fuel solutions and deferred consideration provision
movements released in accordance with IFRS3 (Revised) Business
Combinations.
5. Tax
The charge for tax is based on the profit for the period and
comprises:
6 months 6 months Year
ended ended Ended
30 Sept 1 Oct 31 March
2011 2010 2011
GBP'000 GBP'000 GBP'000
United Kingdom corporation
tax 421 540 597
6. Earnings per share
Earnings per share is calculated on the profit after tax of
GBP1.200m (2010 GBP1.408m) and the average number of shares in
issue during the period of 28,128,164 (2010: 28,128,164).
Diluted earnings per share are calculated by taking the earnings
as disclosed above and the average number of shares that would be
issued on the full exercise of outstanding share options of
30,124,038 (2010: 29,671,914).
7. Post balance sheet events
On 26 October 2011 the Group, through its subsidiary
undertaking, Vianet Limited, acquired 100% of the issued share
capital of Lookout Solutions Limited.
Lookout Solutions is a provider of management information
systems and reports for the vending telemetry marketplace.
At this stage, the Directors have yet to finalise the business
combinations accounting for Lookout Solutions due to the limited
elapsed time since the acquisition date of 26 October 2011 and, as
such, the required fair value accounting and related disclosures
required by IFRS3 (Revised) have yet to be completed. INDEPENDENT
REVIEW REPORT TO BRULINES GROUP PLC
Introduction
We have been engaged by the company to review the financial
information in the half-yearly financial report for the six months
ended 30 September 2011 which comprises the consolidated statement
of comprehensive income, the consolidated balance sheet, the
summarised consolidated cash flow statement, the statement of
changes in equity and the related explanatory notes. We have read
the other information contained in the half yearly financial report
which comprises only the chairman's statement and executive review
and considered whether it contains any apparent misstatements or
material inconsistencies with the information in the condensed set
of financial statements.
This report is made solely to the company in accordance with
guidance contained in ISRE (UK and Ireland) 2410, 'Review of
Interim Financial Information performed by the Independent Auditor
of the Entity'. Our review work has been undertaken so that we
might state to the company those matters we are required to state
to them in a review report and for no other purpose. To the fullest
extent permitted by law, we do not accept or assume responsibility
to anyone other than the company, for our review work, for this
report, or for the conclusion we have formed.
Directors' responsibilities
The half-yearly financial report is the responsibility of, and
has been approved by, the directors. The AIM rules of the London
Stock Exchange require that the accounting policies and
presentation applied to the financial information in the
half-yearly financial report are consistent with those which will
be adopted in the annual accounts having regard to the accounting
standards applicable for such accounts.
As disclosed in note 2, the annual financial statements of the
group are prepared in accordance with IFRSs as adopted by the
European Union. The financial information in the half-yearly
financial report has been prepared in accordance with the basis of
preparation in note 2.
Our responsibility
Our responsibility is to express to the company a conclusion on
the financial information in the half-yearly financial report based
on our review.
Scope of review
We conducted our review in accordance with International
Standard on Review Engagements (UK and Ireland) 2410, 'Review of
Interim Financial Information Performed by the Independent Auditor
of the Entity' issued by the Auditing Practices Board for use in
the United Kingdom. A review of interim financial information
consists of making enquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other
review procedures. A review is substantially less in scope than an
audit conducted in accordance with International Standards on
Auditing (UK and Ireland) and consequently does not enable us to
obtain assurance that we would become aware of all significant
matters that might be identified in an audit. Accordingly, we do
not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that
causes us to believe that the financial information in the
half-yearly financial report for the six months ended 30 September
2011 is not prepared, in all material respects, in accordance with
the basis of accounting described in note 2.
GRANT THORNTON UK LLP AUDITOR
LEEDS 6 December 2011
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
END
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