RNS Number:2354K
Capital Radio PLC
9 May 2000
Not for release, publication or distribution in or into the USA, Canada,
Australia or Japan
INTERIM RESULTS FOR THE SIX MONTHS TO 31 MARCH 2000
Capital Radio plc today announces interim results for the six months to 31
March 2000.
Financial Highlights
* Group turnover up 14% to #59.5 million (#52.1 million)
* Group operating profit up 16% to #21.3 million (#18.3 million)
* Headline profit before tax up 21% to #21.7 million (#17.9 million)
* Underlying radio margin up to 40.3% (38.5%)
* Headline earnings per share up 26% to 20.5p (16.3p)
* Dividend per share up 17% to 6.0p (5.15p)
Operational Highlights
* Agreed offer for Border Television plc
* Strong radio revenue outperforming the market
* Growing digital network
* Good progress at Capital Interactive
David Mansfield, Chief Executive, commented:
"We have produced record revenues and profits in the first half of this
financial year, with growth coming from a number of different advertising
sectors. Our strategy of developing a national presence has been strengthened
by our forthcoming acquisition of Border's radio stations. We now have a
commanding position in digital radio, and Capital Interactive's new music
sites will appear on line during the next few weeks. We have made significant
progress and have strengthened our position as Britain's leading commercial
radio group."
Enquiries
Capital Radio plc
David Mansfield, Chief Executive 020-7766-6288
Peter Harris, Finance Director 020-7766-6257
Finsbury 020-7251-3801
Rupert Younger
James Leviton
Interim Statement
* Group turnover #59.5 million up 14%
* Group operating profit #21.3 million up 16%
* Headline profit before tax #21.7 million up 21%
* Underlying radio margin 40.3% up from 38.5%
* Headline earnings per share 20.5p up 26%
* Dividend per share 6.0p up 17%
We have driven strong revenues and profits from our business during the first
half of this year, with growth coming from a number of different advertising
sectors. Group turnover increased by 14% to #59.5 million and group operating
profit rose by 16% to #21.3 million. Headline profit before tax increased by
21% to #21.7 million, headline earnings per share rose 26% to 20.5p, and the
interim dividend increased by 17% to 6.0p.
The imminent acquisition of Border has further strengthened our position as
Britain's leading commercial radio group. Our digital radio networks are
developing well and we have made significant progress with our Interactive
business.
Strategy
Capital Radio is an ambitious company with strong growth prospects. We are
building a national presence for our business in order to offer our
advertising customers national advertising opportunities. We are taking a
leading position in digital radio, and are developing our Internet business,
Capital Interactive, which is expected to provide the UK's premier music
sites.
We have made significant progress during the first half of this financial
year. On 13 April 2000 we announced an agreed share offer for Border
Television plc, which owns three Century branded regional radio stations - in
the North East, North West and East Midlands - Sun FM in Sunderland, and the
ITV franchise for the Borders region. It was never our intention to diversify
into television, and the following week we announced that we had reached an
agreement with Granada Group plc under which Granada has a requirement to buy,
and we have a requirement to sell, Border's television asset for #50.5 million
within the next three years. On 20 April we announced our revised cash offer,
with a share alternative, which values Border at approximately #151 million,
and we are awaiting acceptance from Border's shareholders. The first closing
date for the offer is 18 May.
We have been actively interested in acquiring Border for some time, and are
delighted to have secured an agreed offer for the company. We look forward to
bringing the company's radio stations into the Capital group.
Border's radio assets are an excellent strategic fit for Capital Radio. They
extend our presence nationally and strengthen our advertising proposition,
giving us 20% more adult listeners and 17% more adult listening hours. We can
now offer customers an advertising presence in every major metropolitan area
in England and Wales. Two of the three Century stations have launched within
the last three years and have good audience and revenue growth potential. We
believe Capital's expertise in programming and marketing will ensure that
their potential is maximised, and Capital Radio Advertising, our national
sales organisation, will drive Century's revenue growth. In addition, the new
stations will enhance our opportunities in digital radio and the Internet.
Under the Radio Authority's ownership rules, this acquisition leaves the group
with headroom of 15 points. The addition of new analogue radio stations
remains a core part of our strategy, and we intend to apply for the regional
analogue licences in the West Midlands and Yorkshire, which will be advertised
later this year.
Radio
Audiences
We operate the market leading commercial stations in each of our areas and
currently broadcast to a third of the UK adult population. Overall weekly
reach has increased to 40% (6.4 million adults) in Capital's broadcast areas.
Our total adult listening hours stand at just under 70 million, and the
Capital group accounts for nearly 7% of all UK radio listening. The addition
of Border's radio stations will further increase our audiences.
Revenue
We are delighted with our radio revenue performance across the first half,
which has increased by 14% to #58.9 million. Advertising revenues have
increased by 15% compared to an industry increase of 13.5%. Dot.com revenue
accounted for an increase of 6%, leaving an underlying increase of 9%.
Although dot.com advertising has been an important addition to our revenue,
many other sectors continue to show strong growth, including pharmaceuticals,
travel and transport. Radio's advertising rates are often compared to those
of television and we remain competitively priced, particularly as ITV has
experienced severe price inflation over the past few months. The cost of
reaching a thousand 15-34 adults on Capital FM is around 15% of the cost of
reaching the same audience on ITV in London. Furthermore, the profile of
Capital Radio's audiences is particularly attractive to advertisers. 52% of
Capital FM's adult audience is within the15-34 age range, while only 26% of
ITV's adult audiences are15-34. This profile makes radio the primary national
medium for reaching this group in large numbers with minimal wastage.
Digital Radio
Digital radio, although unlikely to enjoy mass consumer take-up for some
years, offers us an important opportunity to increase the number of stations
we own and therefore increase our audiences and revenue. It also gives us the
important benefit of an automatic roll-over for the analogue licences of each
of our stations as they move across to digital. The commercial radio industry
has recently agreed to work together to co-ordinate consumer marketing for
digital radio.
On 31 January we launched our first national digital radio station, becoming a
national broadcaster for the first time. The station is called Life and has
an adult contemporary format, which emerged as one of the most popular formats
in our research into potential digital radio listening. It is being broadcast
exclusively on Digital One, Britain's national commercial digital radio
multiplex.
We are developing a national presence for Xfm on digital radio, and we have to
date won 11 digital licences in major metropolitan areas for Xfm, including
London, Birmingham, Manchester, Liverpool and Edinburgh. These stations will
be simulcasts of the analogue London service until digital audiences start to
build, and the first of them will go live in June 2000.
We have also won licences for two new adult contemporary digital stations in
London and Cardiff. In total we have been awarded 20 digital licences to
date, making us the largest digital radio group, and we will continue to apply
for new digital licences as they are advertised by the Radio Authority.
Capital Interactive
Revenues at Capital Interactive have shown an increase of 39% in the first
half of our financial year, and we have sold out of inventory in three recent
months. We have made good progress in building our new music sites. We now
have a team of more than 50 people in place, and agreements on software have
been reached. We have appointed a new retail partner, and strategic
partnerships are being developed.
The new-look sites will appear on line this month, featuring easy to use
navigation, better integrated buying opportunities, more options for
incorporating advertising and more inventory. Work on further new elements
for the sites is well advanced, and more changes will appear on line over the
coming weeks. We are committed to building a business of real value, around
sites which will offer customers significant advantages over other music sites
on the web.
Wildstar
Wildstar is focusing on two acts which we believe have great potential - Craig
David and the Dum Dums. Craig David in particular has got off to a flying
start by giving Wildstar its first number one single, and we are optimistic
about the prospects for his first album, which will be released in the summer.
Investment costs
Our anticipated investment costs for Xfm, digital radio and Interactive for
the full year remain unchanged as follows:
1st Half 2000 2nd Half 2000 Full Year
Xfm #0.6m #1.1m #1.7m
Digital radio #0.3m #0.9m #1.2m
Interactive #1.3m #2.7m #4.0m
Total #2.2m #4.7m #6.9m
Dividend
The Directors announce an interim dividend of 6.0p per share (1999: 5.15p) to
be paid on 3 July 2000 to shareholders on the register on 5 June 2000 (ex
dividend date: 30 May 2000). Capital Radio shares to be issued in connection
with our offer for Border will carry the right to receive the interim
dividend, which will be paid as soon as practicable following their issue.
Prospects
The acquisition of Border will further strengthen Capital Radio's position as
Britain's leading commercial radio group. Capital will benefit from its
ability to offer customers a national advertising presence as well as from the
continuing strength of the radio advertising market as a whole. Revenues
remain buoyant for the third quarter, from April to June, and on this basis we
look forward to a strong performance for the full year.
The offer by Capital Radio for Border Television plc referred to in this
announcement (the "Offer") is not being made, directly or indirectly, in or
into, or by the use of the mails of, or by any means or instrumentality
(including, without limitation, telephonically or electronically) of,
interstate or foreign commerce of, or of any facilities of a national
securities exchange of, the USA, or in or into Canada, Australia or Japan and
the Offer is not capable of acceptance by any such use, means, instrumentality
or facilities or from within the USA, Canada, Australia or Japan.
Accordingly, copies of this announcement are not being, and must not be,
mailed or otherwise distributed or sent in or into the USA, Canada, Australia
or Japan and persons receiving this announcement, including custodians,
nominees and trustees should not forward this announcement into the United
States, Canada, Australia or Japan.
The new Capital Radio ordinary shares and loan notes to be issued in
connection with the Offer have not been, and will not be, registered under the
US Securities Act of 1933, as amended. Furthermore, the relevant clearances
have not been, and will not be obtained from the securities commission of any
province of Canada, nor any city or prefecture of Japan. No prospectus in
relation to the new Capital Radio ordinary shares or loan notes has been, or
will be, lodged with or registered by the Australian Securities Commission.
Accordingly, except pursuant to an exemption, if available, from any
applicable registration requirements or otherwise in compliance with all
applicable laws, the new Capital Radio ordinary shares and loan notes may not
be offered, sold, resold or delivered, directly or indirectly, in or into the
United States, Canada, Australia or Japan.
This announcement does not constitute an offer or invitation to purchase any
securities.
Unaudited Group Profit and Loss Account
For the Half Year to 31st March 2000
Unaudited Unaudited Audited
Half Year Half Year Year Ended
NOTE to 31st to 31st 30th
March March September
2000 1999 1999
(Restated)
#000 #000 #000
----------------------------------------------------------------------------
Turnover: Continuing operations 2 59,481 52,059 105,846
Discontinued operations 2 442 11,277 19,555
----------------------------------
59,923 63,336 125,401
----------------------------------------------------------------------------
Operating profit
Continuing operations
Before goodwill and exceptional 2 21,272 18,277 38,374
operating costs
Amortisation of goodwill (1,274) (2,480) (2,487)
Exceptional fixed asset write-off - - (2,607)
Discontinued operations 3 (233) (1,687) (16,849)
----------------------------------
Operating profit 3 19,765 14,110 16,431
Share of operating profit of 328 398 628
associated companies
----------------------------------
Profit on ordinary activities 2 20,093 14,508 17,059
before interest
Net interest receivable/(payable) 70 (753) (1,263)
and similar income
----------------------------------------------------------------------------
Headline profit before taxation
from continuing operations 21,670 17,922 37,739
Exceptional items, goodwill and (1,507) (4,167) (21,943)
discontinued operations
----------------------------------------------------------------------------
Profit on ordinary activities 20,163 13,755 15,796
before taxation
Taxation on profit on ordinary 4 (6,003) (5,660) (11,107)
activities
----------------------------------
Profit on ordinary activities after 14,160 8,095 4,689
taxation
Minority interest in profit for the (271) (153) (438)
period - equity
----------------------------------
Profit for the financial period 13,889 7,942 4,251
Dividends 5 (4,534) (3,823) (12,386)
----------------------------------
Retained profit/(loss) for the 9,355 4,119 (8,135)
period and its share of associates
----------------------------------------------------------------------------
Earnings per share 6 18.5p 10.7p 5.7p
Profit per share on exceptional 2.0p 5.6p 29.5p
items, goodwill and discontinued
operations after taxation
Headline earnings per share from 6 20.5p 16.3p 35.2p
continuing operations
----------------------------------------------------------------------------
Diluted earnings per share 6 18.3p 10.6p 5.6p
----------------------------------------------------------------------------
Unaudited Group Balance Sheet
Unaudited Unaudited Audited
Half Year Half Year Year Ended
to 31st to 31st 30th
NOTE March March September
2000 1999 1999
(Restated)
#000 #000 #000
----------------------------------------------------------------------------
Fixed assets
Intangible assets - goodwill 29,363 44,555 32,806
Tangible fixed assets 20,848 26,556 19,059
Investments (including associated 4,123 2,884 2,791
undertakings)
----------------------------------
54,334 73,995 54,656
----------------------------------
Current assets
Stock 87 339 177
Debtors 7 19,369 19,693 21,970
Cash at bank and in hand 10,927 10,246 2,597
----------------------------------
30,383 30,278 24,744
----------------------------------
Creditors: amounts falling due
within one year 8 (29,516) (50,250) (37,007)
----------------------------------
Net current assets/(liabilities) 867 (19,972) (12,263)
----------------------------------
Net assets 55,201 54,023 42,393
----------------------------------------------------------------------------
Capital and reserves
Called up share capital 10 1,889 1,859 1,862
Share premium account 10 14,134 5,179 5,691
Profit and loss account 10 37,679 45,935 33,612
----------------------------------
Equity shareholders' funds 9 53,702 52,973 41,165
Minority interest - equity 1,499 1,050 1,228
----------------------------------
55,201 54,023 42,393
----------------------------------------------------------------------------
Unaudited Group Cashflow Statement
For the Half Year to 31st March 2000
Unaudited Unaudited Audited
as at as at 31st as at 30th
NOTE 31st March March September
2000 1999 1999
#000 #000 #000
----------------------------------------------------------------------------
Net cash inflow from operating 11 20,802 20,314 45,025
activities
Dividends from associated 561 430 885
undertakings
Returns on investments and
servicing of finance
----------------------------------
Interest received and similar 47 68 50
income
Interest paid (71) (664) (1,220)
Dividends paid to minority - - (160)
interests
----------------------------------
Returns on investments and (24) (596) (1,330)
servicing of finance
Taxation paid (3,658) (1,270) (12,497)
Capital expenditure
----------------------------------
Proceeds from sale of tangible 4,773 30 867
fixed assets
Purchase of tangible fixed assets (3,521) (3,201) (5,931)
----------------------------------
Cash inflow/(outflow) on capital 1,252 (3,171) (5,064)
expenditure
Acquisitions and disposals 12 (2,220) (335) (1,911)
Cash outflow from equity dividends (8,576) - (11,608)
paid
----------------------------------
Cash inflow before financing 8,137 15,372 13,500
Cash inflow/(outflow) from 3,167 (770) (9,521)
financing
----------------------------------
Increase in cash in the period 11,304 14,602 3,979
----------------------------------------------------------------------------
Reconciliation of net cash flow to 13
movement in net debt
----------------------------------------------------------------------------
Increase in cash in the period 11,304 14,602 3,979
Cash outflow from change in debt - 1,667 10,000
----------------------------------
Change in net debt arising from 11,304 16,269 13,979
cash flows
Repayment of finance leases 14 4 8
Net debt disposed of with - - 27
subsidiary
Repayment of loan notes - - 928
Exchange movements - 1 -
----------------------------------
Movement in net debt in the period 11,318 16,274 14,942
Net debt at start of period (1,243) (16,185) (16,185)
----------------------------------
Net cash/(debt) at end of period 10,075 89 (1,243)
----------------------------------------------------------------------------
Notes to the Interim Statement
1.Accounting Policies
The statement has been prepared under the historical cost accounting rules,
modified to include the revaluation of certain fixed assets, and in
accordance with applicable accounting standards. Tangible fixed assets are
stated at cost less accumulated depreciation. Fixed asset investments are
stated at cost less provisions. Stock is stated at the lower of cost and
net realisable value. The net assets, profit and loss accounts and loans in
the nature of equity to foreign subsidiaries are translated at the closing
rates of exchange.
The profit and loss account for the half year ended 31st March 1999 has
been restated to reclassify as discontinued the results of the Group's
Latin Branded restaurants, disposed of in October 1999.
The accounting policies applied in the period are identical to those for
the year ended 30th September 1999.
2.Segmental Information Unaudited Unaudited Audited
Half Year Half Year Year Ended
to 31st to 31st 30th
March 2000 March 1999 September
(Restated) 1999
#000 #000 #000
----------------------------------------------------------------------------
Turnover - continuing operations:
Commercial radio, all from UK: 58,939 51,670 105,175
Interactive, all from UK: 542 389 671
----------------------------------------
Total - continuing operations 59,481 52,059 105,846
Turnover - discontinued operations:
----------------------------------------
Restaurants 442 11,277 19,555
----------------------------------------
Total - discontinued operations 442 11,277 19,555
----------------------------------------
59,923 63,336 125,401
----------------------------------------------------------------------------
Profit before interest and taxation
Commercial radio, all from UK: 22,554 18,818 39,702
Interactive, all from UK: (1,282) (541) (1,328)
----------------------------------------
Continuing operations before 21,272 18,277 38,374
goodwill and exceptional operating
costs
Amortisation of goodwill - radio (1,274) (2,480) (2,487)
Restaurants (discontinued) (233) (1,687) (16,849)
Exceptional fixed assets write-off - - (2,607)
- Restaurants
Investment activities:
Share of operating profit of 328 398 628
associated undertakings
----------------------------------------
20,093 14,508 17,059
----------------------------------------------------------------------------
3.Operating Profit Continuing Discontinued
Operations Operations Total
#000 #000 #000
----------------------------------------------------------------------------
Unaudited Half Year to 31st March 2000
Turnover 59,481 442 59,923
Direct cost of sales (7,183) (124) (7,307)
----------------------------------------
Gross profit 52,298 318 52,616
Staff costs (13,953) (106) (14,059)
Other operating charges (15,347) (439) (15,786)
Depreciation (1,726) (6) (1,732)
Amortisation of goodwill (1,274) - (1,274)
----------------------------------------
Operating profit 19,998 (233) 19,765
----------------------------------------------------------------------------
Unaudited Half Year to 31st March 1999 (Restated)
Turnover 52,059 11,277 63,336
Direct cost of sales (6,527) (2,624) (9,151)
----------------------------------------
Gross profit 45,532 8,653 54,185
Staff costs (12,152) (3,487) (15,639)
Other operating charges (13,436) (4,347) (17,783)
Depreciation (1,667) (483) (2,150)
Amortisation of goodwill (2,480) (2,023) (4,503)
----------------------------------------
Operating profit 15,797 (1,687) 14,110
----------------------------------------------------------------------------
Audited Year to 30th September 1999
Turnover 105,846 19,555 125,401
Direct cost of sales (13,302) (4,503) (17,805)
----------------------------------------
Gross profit 92,544 15,052 107,596
Staff costs (23,157) (6,088) (29,245)
Other operating charges (27,641) (9,570) (37,211)
Depreciation (3,372) (1,013) (4,385)
Amortisation and impairment of (2,487) (15,230) (17,717)
goodwill
Fixed assets write-off (2,607) - (2,607)
----------------------------------------
Operating profit 33,280 (16,849) 16,431
----------------------------------------------------------------------------
4.Taxation
UK corporation tax has been provided at 30% (1999: 31%) on the taxable
profits for the period.
5.Dividends
The Directors propose to pay an interim dividend of 6.0p per share (1999:
Interim dividend of 5.15p per share, full year dividend of 16.65p per
share) on 3rd July 2000 to all shareholders on the register on 5th June
2000 (ex-dividend date: 30th May 2000).
6.Earnings Per Share
Earnings per share is based on the profit after tax and minority interest
of #13,889,000 (1999 restated: #7,942,000) divided by the weighted average
number of Ordinary Shares in issue in each of the relevant periods; 2000:
74,975,376 (1999: 74,228,293). Dilution increases the weighted average
number of shares to 76,063,696 (1999: 74,821,105).
7.Debtors Unaudited Unaudited Audited as
as at 31st as at 31st at 30th
March 2000 March 1999 September
1999
#000 #000 #000
----------------------------------------------------------------------------
Amounts falling due within one year
Trade debtors 14,757 13,600 13,887
Other debtors 732 3,304 1,228
Assets awaiting disposal 870 - 3,977
Prepayments and accrued income 3,010 2,789 2,878
----------------------------------------
19,369 19,693 21,970
----------------------------------------------------------------------------
8.Creditors Unaudited Unaudited Audited as
as at 31st as at 31st at 30th
March 2000 March 1999 September
1999
#000 #000 #000
----------------------------------------------------------------------------
Amounts falling due within one year
Bank loans and overdrafts - 8,333 2,974
Loan notes 850 1,778 850
Finance leases 2 20 16
Trade creditors 2,925 3,270 5,051
Royalty creditors 1,960 1,136 1,543
Other creditors 1,407 3,059 2,310
Corporation tax payable 11,351 15,205 9,006
Proposed dividend 4,534 11,609 8,564
Other taxation and social security 3,061 3,017 3,099
Accruals and deferred income 3,426 2,823 3,594
----------------------------------------
29,516 50,250 37,007
----------------------------------------------------------------------------
9.Reconciliation of Movement in Shareholders' Funds
Unaudited Unaudited Audited as
as at 31st as at 31st at 30th
March 2000 March 1999 September
(Restated) 1999
#000 #000 #000
----------------------------------------------------------------------------
Profit for the financial period 13,889 7,942 4,251
Dividends (4,534) (3,823) (12,386)
----------------------------------------
Retained profit/(loss) for the 9,355 4,119 (8,135)
period
New share capital issued 3,182 900 1,415
Unrealised exchange gains - 69 -
----------------------------------------
Net movement in shareholders' funds 12,537 5,088 (6,720)
Equity shareholders' funds at 41,165 47,885 47,885
beginning of period
----------------------------------------
Equity shareholders' funds at end 53,702 52,973 41,165
of period
----------------------------------------------------------------------------
10.Reserves
The movement on reserves during the period was as follows:
Share Share Profit and
Capital Premium Loss
Account
#000 #000 #000
----------------------------------------------------------------------------
Beginning of period 1,862 5,691 33,612
Retained profit for the period - - 9,355
New shares issued to Quest 8 5,280 (5,288)
New share capital issued 19 3,163 -
----------------------------------------
End of period 1,889 14,134 37,679
----------------------------------------------------------------------------
11.Reconciliation of Operating Profit to Net Cash Inflow from Operating
Activities
Unaudited Unaudited Audited
Half Year Half Year to Year Ended
to 31st 31st March 30th
March 2000 1999 September
(Restated) 1999
#000 #000 #000
----------------------------------------------------------------------------
Operating profit 19,765 14,110 16,431
Depreciation 1,732 2,150 4,385
Amortisation, write-off and 1,274 4,503 17,717
impairment of goodwill
(Loss)/profit on disposal of fixed - (23) 96
tangible assets
Write down of fixed assets - - 2,607
Loss on sale of investments - - 249
(Increase)/decrease in debtors (582) 1,372 2,681
Decrease/(increase) in stock 90 (5) 87
(Decrease)/increase in creditors (2,159) (1,875) 607
Change in provisions against 682 82 165
investments
----------------------------------------
Net cash inflow from operating 20,802 20,314 45,025
activities
----------------------------------------------------------------------------
12.Cash Flows from Acquisitions and Disposals
Unaudited Unaudited Audited
Half Year Half Year to Year Ended
to 31st 31st March 30th
March 2000 1999 September
1999
#000 #000 #000
----------------------------------------------------------------------------
Proceeds from sales of investments - - 38
Purchase of fixed asset investments (2,220) (335) (837)
Net cash disposed of with - - 281
subsidiary
Acquisition of Xfm Limited - - (1,393)
----------------------------------------
(2,220) (335) (1,911)
----------------------------------------------------------------------------
13.Analysis of Net Cash Net Debt at Cash Net Cash at
30th September Flow 31st March
1999 2000
#000 #000 #000
----------------------------------------------------------------------------
Cash at bank 2,597 8,330 10,927
Bank loans & overdrafts (2,974) 2,974 -
----------------------------------------
(377) 11,304 10,927
----------------------------------------
Loan notes (850) - (850)
Finance leases (16) 14 (2)
----------------------------------------
(866) 14 (852)
----------------------------------------
(1,243) 11,318 10,075
----------------------------------------------------------------------------
14.Post Balance Sheet Events
On 13th April 2000, the Group announced a recommended offer for the
ordinary share capital of Border Television plc, and on 20th April 2000 a
recommended offer on improved terms was announced. The offer of #14 in
cash for each Border Television plc share values the whole of their issued
share capital at approximately #151million. The Group is also making
available a loan note alternative and a share alternative on the basis of
92 new Capital Radio plc shares for every 100 Border Television plc shares.
The full terms of the offer are set out in the offer document from Credit
Suisse First Boston dated 27th April 2000.
15.Full Accounts
The comparative figures for the financial year ended 30th September 1999
are not the Company's statutory accounts for that financial year. Those
accounts have been reported on by the Company's auditors and delivered to
the Registrar of Companies. The report of the auditors was unqualified and
did not contain a statement under section 237(2) or (3) of the Companies
Act 1985.
END
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