RNS Number:7710T
Comino Group PLC
08 November 2005
COMINO GROUP PLC:
INTERIM RESULTS 30 SEPTEMBER 2005
Significant improvement;
Healthy order books and substantial opportunities for growth.
Comino Group plc ("Comino"), the provider of service delivery solutions for
Local Government, Social Housing and Occupational Pensions, announces Interim
Results for the six months ended 30 September 2005.
The company has reported using the International Financial Reporting Standard
(IFRS) and has restated comparatives. During the period, the company continued
to make general progress and also gained major contracts for Liverpool and
Manchester in Social Care and Social Housing respectively.
In his Chairman's report, David Quysner said:
"I am pleased to report that the interim results of Comino Group for the six
months ended 30 September 2005 show a significant improvement compared with the
same period last year. This is reflected in profits, operating profit margin and
order books."
Financial Highlights
* H1 turnover up 7% to #13.1m (2004: #12.2m)
* Profit before tax up 65% to #1.40m (2004: #0.85m)
* Order book 44% up compared with 2004
* Interim dividend of 3.0 pence per share (2004: 2.5p).
* Cash balances at 30 September 2005 of #8.2m (2004: #7.3m).
* Earnings per share 6.8p (2004: 4.1p).
Operational Highlights
* Major contract win in Social Care with Liverpool
* Major contract win in Social Housing with Manchester
* Continuing progress in extending Comino product "council-wide"
* Comino Connect sales up 61% compared to the same period last year.
Referring to the outlook for Comino, David Quysner, Chairman, said:
"Order books are healthy and our major markets continue to provide significant
opportunities for growth. Comino is well positioned both to complete the present
year successfully and to build on its reputation for the provision of effective
Service Delivery Solutions."
Comino plc Binns & Co PR Ltd
Garth Selvey, Chief Executive Tel: 020 7786 9600 on the day Peter Binns, Paul McManus
Paul Clifford, Finance Director Thereafter: 01628 525 433 Tel: 020 7786 9600
Mob: 07980 541 893
Editor's notes:
Comino provides Service Delivery Solutions for Local Government, Social Housing
and Occupational Pensions administration. Comino's products incorporate
workflow, computerised telephony and electronic document management. Comino has
its own technology in these areas and uses it to improve customer service and
administration performance generally across a customer base of some 400
organisations.
Case oriented workflow gives the user a complete picture together with access to
relevant records and documents that allow timely decisions to be made. Business
process reengineering defines and optimises the flow of information and the
result is a more seamless and responsive organisation.
Comino's operating companies are based near Maidenhead and in Leeds, Croydon and
the West Midlands.
CHAIRMAN'S STATEMENT
I am pleased to report that the interim results of Comino Group for the six
months ended 30 September 2005 show a significant improvement compared with the
same period last year. This is reflected in profits, operating profit margin and
order books.
For the first time, these accounts are prepared in accordance with International
Financial Reporting Standards (IFRS). Comparative periods are restated. Full
details of the transition to IFRS are given later in this report but the
introduction of IFRS for Comino results in no change to revenue recognition or
cashflows and has a relatively minor effect otherwise.
Profits
Profit before tax for the six month period to 30 September 2005 was #1.40m
(2004: #849,000) an increase of 65%. Last year included an exceptional charge of
#407,000 relating to the settlement of a legal claim. If this were added back
for comparison purposes the increase would be 12%.
Cash and Dividend
At 30 September 2005, cash balances were #8.2m compared with #7.3m at the same
time last year. An interim dividend of 3.0 pence per share (2004: 2.5p) will be
paid on 26 January 2005.
Turnover and Order Books
Turnover for the half year was #13.1m (2004: #12.2m) an increase of 7%. Against
a continuing backdrop of strong recurring revenues, order intake for products
and services increased by 24% compared with the same period last year. The
closing order book finished 44% higher leaving the group well positioned as it
enters the second half.
Operational Achievements
Within Local Government, we continue to win business in established areas such
as Revenues & Benefits and Planning departments, adding 15 Local Authority
systems in the first half of the financial year. There are now 120 users of our
Revenues & Benefits product and 35 users of our Planning system. Examples of
other departmental orders added in the half year period include workflow
processes and electronic document management for Environmental Services, Human
Resources, Payroll and Social Care.
This time last year, Comino recognised that Social Care presented a major
opportunity and we have been making steady progress in this area. An earlier
contract with Warrington, to implement Electronic Social Care Records, has been
followed with an #850,000 order from Liverpool City Council working in
partnership with BT. Liverpool is an existing user of our Universal Revenues &
Benefits product and this new implementation will provide key processes for
Social Services.
Other customers such as Chester le Street, East Devon and South Staffordshire
are also extending the use of Comino products across the council.
A major contract has been won in Social Housing with Manchester City Council
with a first phase order value of #2m. Comino will deliver an integrated
Service Delivery Solution to help support the Council's ambitious plans for
Manchester's housing.
Manchester is one of the largest orders that Comino has ever won. The contract
serves to reinforce our housing product strategy and confirms its relevance to
both Local Authorities and Housing Associations.
In Occupational Pensions, the upgrading of existing sites to the latest version
of the Universal Pension Management (UPM) product continues along with a
significant new installation at the Church of England Pensions Board. Third
party pensions administrators offering services based on UPM continue to win new
business.
Turnover in Comino Connect has increased by 61% to #1.5m compared with the same
period last year. Some additional investment has held first half profits at the
same level as last year but the benefit of this investment should begin to show
in the second half. The company continues to implement and manage solutions for
telephony, teleworking and fully integrated voice and data solutions.
Outlook
Order books are healthy and our major markets continue to provide significant
opportunities for growth. Comino is well positioned both to complete the present
year successfully and to build on its reputation for the provision of effective
Service Delivery Solutions.
Staff & customers
I would like to thank our employees for their continuing efforts and our
customers for their much appreciated business and support.
David Quysner
CHAIRMAN
7 November 2005
Consolidated Income Statement
6 months to 6 months to Year to
30 September 30 September 31 March
2005 2004 2005
#000 #000 #000
Revenue 13,061 12,229 25,533
Cost of sales (2,502) (2,402) (5,012)
Gross profit 10,559 9,827 20,521
Operating costs before exceptional charge (9,342) (8,711) (18,082)
1,217 1,116 2,439
Exceptional charge - settlement of claim 0 (407) (407)
Operating profit 1,217 709 2,032
Interest received 184 140 265
Profit before income tax 1,401 849 2,297
Income tax (420) (242) (712)
Profit for the period 981 607 1,585
Attributable to:
Equity holders of the parent 950 567 1,567
Minority interest 31 40 18
981 607 1,585
Basic earnings per share 6.8p 4.1p 11.3p
Diluted earnings per share 6.6p 4.0p 11.1p
Consolidated Balance Sheet
30 September 30 September 31 March
2005 2004 2005
#000 #000 #000
Non- current assets
Property, plant and equipment 2,638 2,687 2,693
Intangible assets 2,788 2,715 2,838
Deferred tax assets 250 271 252
5,676 5,673 5,783
Current assets
Inventories 848 847 857
Trade and other receivables 7,441 6,626 7,186
Cash and cash equivalents 8,232 7,336 11,029
16,521 14,809 19,072
Current liabilities
Trade and other payables (2,920) (3,471) (3,692)
Current tax liabilities (1,422) (728) (2,079)
Deferred income (7,086) (6,615) (8,691)
(11,428) (10,814) (14,462)
Net current assets 5,093 3,995 4,610
Net assets 10,769 9,668 10,393
Equity
Share capital 699 694 697
Share premium account 4,932 4,796 4,855
Retained earnings 4,834 3,884 4,553
Total shareholders' equity 10,465 9,374 10,105
Minority interest 304 294 288
Total equity 10,769 9,668 10,393
Consolidated Cash Flow Statement
6 months to 6 months to Year to
30 September 30 September 31 March
2005 2004 2005
#000 #000 #000
Cash flows from operating activities
Operating profit 1,217 709 2,032
Share based payments expense 29 1 18
Depreciation 349 341 716
Amortisation of intangible assets 50 50 100
Loss on disposal of property, plant and 2 0 1
equipment
Decrease/(Increase) in inventories 9 5 (5)
Decrease/(Increase) in trade and other receivables (255) 691 131
(Decrease)/Increase in trade and other payables (1,605) (1,874) (349)
(Decrease)/Increase in deferred income (1,538) (2,052) 24
Cash (used in)/generated from operations (1,742) (2,129) 2,668
Interest received 184 140 265
Income tax paid (246) (282) (560)
Net cash (used in)/generated from operating (1,804) (2,271) 2,373
activities
Net cash used in investing activities
Purchase of property, plant and equipment (296) (395) (778)
Purchase of intangible assets (63) (126) (250)
Purchase of subsidiary undertaking 0 0 (158)
(359) (521) (1,186)
Net cash used in financing activities
Issue of share capital 79 0 62
Dividends paid (713) (611) (959)
(634) (611) (897)
Net (decrease)/increase in cash and cash (2,797) (3,403) 290
equivalents
Opening cash and cash equivalents 11,029 10,739 10,739
Closing cash and cash equivalents 8,232 7,336 11,029
Notes to the consolidated interim financial statements
These consolidated interim financial statements of Comino Group plc ("the
Company") for the six months ended 30 September 2005 comprise the Company and
its subsidiaries (together "the Group"). The consolidated interim financial
statements were authorised for issuance on 8 November 2005. The financial
statements are unaudited but have been reviewed by Grant Thornton UK LLP and
their report is set out below.
1. Basis of preparation
EU law (IAS Regulation EC 1606/2002) requires that the next annual consolidated
financial statements of the Group, for the year ending 31 March 2006, be
prepared in accordance with International Financial Reporting Standards ("IFRS")
adopted for use in the EU ("Adopted IFRS").
This interim financial information has been prepared on the basis of the
recognition and measurement requirements of IFRS in issue that either are
endorsed by the EU and effective (or available for early adoption) at 31 March
2006 or are expected to be endorsed and effective (or available for early
adoption) at 31 March 2006, the Group's first annual reporting date at which it
is required to use Adopted IFRS. Based on these IFRS, the directors have made
assumptions about the accounting policies expected to be applied when the first
annual IFRS financial statements are prepared for the year ending 31 March 2006.
The Adopted IFRS that will be effective (or available for early adoption) in the
annual financial statements for the year ending 31 March 2006 are still subject
to change and to additional interpretations and therefore cannot be determined
with certainty. Accordingly, the accounting policies for that annual period will
be reviewed to reflect such changes applicable as at the date of preparation of
the annual financial statements for the year ending 31 March 2006.
An explanation of how the transition to IFRS has affected the reported financial
position and financial performance of the Group is provided in note 8. This note
includes reconciliations of equity and profit or loss for the comparative
periods reported under UK Generally Accepted Accounting Practice ("UK GAAP") to
those reported for those periods under IFRS.
The policies set out below have been consistently applied to all the periods
presented.
The preparation of interim financial statements requires management to make
judgements, estimates and assumptions that affect the application of policies
and reported amounts of assets and liabilities, income and expenses. Actual
results may differ from these estimates.
The comparative figures for the financial year ended 31 March 2005 have been
extracted from the Group's statutory accounts for that year and restated under
IFRS. Those accounts, which were prepared under UK GAAP, have been reported on
by the Group's auditors and delivered to the registrar of companies. The report
of the auditors was unqualified and did not contain statements under section 237
(2) or (3) of the Companies Act 1985.
2. Accounting policies
The transition to IFRS from UK GAAP has resulted in limited changes to the
accounting policies for the Group. The accounting policies under UK GAAP were
set out in the Annual Report and Financial Statements for the year ended 31
March 2005. Significant changes resulting from the adoption of IFRS are detailed
below.
(a) Basis of consolidation
The consolidated financial statements comprise the financial statements of the
Company and all its subsidiary undertakings as at 31 March each year. The
financial statements of the subsidiaries are prepared for the same reporting
year as the parent company, using consistent accounting policies, but in
accordance with UK GAAP. The results of subsidiary undertakings acquired during
the period are included from the date of acquisition using the acquisition
method. Profits or losses on intra-group transactions are
eliminated in full. On acquisition of a business or subsidiary all of the
acquired assets and liabilities which exist at the date of acquisition are
recorded at their fair value.
(b) Business combinations and goodwill
As a matter of accounting policy, purchased goodwill first accounted for in
accounting periods ending before 23 December 1998 was eliminated from the
financial statements by immediate write-off on acquisition against reserves.
Such goodwill will be eliminated on the subsequent disposal of business to which
it relates.
Goodwill recognised under UK GAAP prior to the date of transition to IFRS (1
April 2004) is stated at net book value as at this date. Goodwill recognised
subsequent to 1 April 2004 represents the excess of the fair value of the
consideration over the fair values of the identifiable assets acquired. Goodwill
is reviewed for impairment, annually or more frequently if events or changes in
circumstances indicate that the carrying value may be impaired.
(c) Research and development
Research expenditure is recognised as an expense as incurred. Costs incurred on
the development of new or substantially improved products are capitalised as
intangible assets when it is probable that the project will be a success,
considering its commercial and technological feasibility, resources are
available to complete the development, and costs can be reliably measured. The
expenditure capitalised are the direct labour costs together with other costs
which are directly attributable to the development of the product. Other
development expenditures are recognised as an expense as incurred. Product
development costs previously recognised as an expense are not recognised as an
asset in a subsequent period.
Capitalised product development expenditure is stated at cost less accumulated
amortisation and impairment losses. Product development costs that have been
capitalised are amortised from the time of development on a straight-line basis
over the expected useful life.
(d) Share-based payments
The Group operates share based incentive plans. No expense is recognised in
respect of share incentives granted before 7 November 2002. For share incentives
granted after 7 November 2002 the fair value of the incentives granted is
recognised as an employee expense with a corresponding increase in equity. The
fair value is measured at grant date and spread over the period during which the
employees become unconditionally entitled to the incentives. The fair value of
the incentives granted is measured using a Black-Scholes model.
(e) Taxation
Income tax on the profit or loss for the periods presented comprises current and
deferred tax. Current and deferred tax are recognised in the income statement,
except when the tax relates to items charged or credited directly to equity, in
which case the tax is also dealt with in equity.
Current tax is the expected tax payable on the taxable income for the year,
using tax rates enacted or substantially enacted at the balance sheet date, and
any adjustment to tax payable in respect of previous periods.
Deferred tax is recognised on all temporary differences where the transactions
or events that give the Group an obligation to pay more tax in the future, or a
right to pay less tax in the future, have occurred by the balance sheet date.
Deferred tax assets are recognised when it is more likely than not that they
will be recovered. Deferred tax is measured using rates of tax that have been
enacted or substantially enacted by the balance sheet date.
(f) Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held at call with
banks and other short-term highly liquid investments with original maturities of
three months or less.
(g) Employee benefits (other than share-based payments)
Pensions costs charged against profits represent the amount of contributions
payable to schemes in respect of the accounting period. All schemes are defined
contribution schemes.
A liability for short-term compensated absences, such as holiday, is recognised
for the amount the Group may be required to pay as a result of the unused
entitlement that has accumulated at the balance sheet date.
(h) Dividends
Dividends to the Company's shareholders are recognised as a liability and
deducted from shareholders' equity in the period in which the shareholders'
right to receive payment is established.
3. Segmental reporting
6 months to 6 months to Year to
30 September 2005 30 September 2004 31 March 2005
#000 #000 #000
Revenue
Local Government 6,150 6,323 12,484
Social Housing 4,236 3,980 8,741
Occupational Pensions 1,103 857 1,991
Comino software solutions 11,489 11,160 23,216
ISP & network solutions 1,492 926 1,966
Project costing 80 143 351
13,061 12,229 25,533
Result
Comino software solutions 1,493 947 2,604
ISP & network solutions 155 155 237
Project costing (230) (136) (254)
1,418 966 2,587
Unallocated corporate expenses (201) (257) (555)
1,217 709 2,032
The result of the Comino software solutions segment for the six months ended 30
September 2004 and the year ended 31 March 2005 is after charging an exceptional
item of #407,000.
4. Tax
The charge for tax for the six months ended 30 September 2005 has been
calculated based on the anticipated effective tax rate for the financial year.
5. Dividends
An interim dividend in respect of the year to 31 March 2006 of 3.0 pence per
share (2005: 2.5p) amounting to a total dividend of #419,000 (2005: #347,000),
was declared by the directors at their meeting on 7 November 2005. This interim
dividend will be payable on 26 January 2006 to shareholders on the register at
the close of business on 6 January 2006. These financial statements do not
reflect this dividend payable.
6. Earnings per share
The calculation of earnings per share for the six months ended 30 September 2005
is based on the profit for the financial period of #950,000 (2004: #567,000) and
on 13,963,386 (2004: 13,885,802) ordinary shares being the average number of
shares in issue during the period. The calculation of the diluted earnings per
share is based on the earnings per share, adjusted to allow for the issue of
shares and the post tax effects of dividends and interest, on the assumed
conversion of all dilutive options and other dilutive potential ordinary shares.
An adjusted earnings per share has been calculated in respect of the periods to
30 September 2004 and 31 March 2005 and excludes the exceptional item of
#407,000 less taxation. The adjusted earnings per share is 6.1p for the six
months to 30 September 2004 and 13.3p for the year to 31 March 2005.
7. Consolidated Statement of Changes in Shareholders' Equity
Share Share Retained Total Minority Total
capital premium earnings interest equity
#000 #000 #000 #000 #000 #000
Balance at 1 April 2004 694 4,796 3,927 9,417 254 9,671
Profit for the period 1,567 1,567 18 1,585
Share-based payments expense 18 18 18
Issue of share capital 3 59 62 62
Minority interest in acquisition 16 16
Dividends paid (959) (959) (959)
Balance at 31 March 2005 697 4,855 4,553 10,105 288 10,393
Profit for the period 950 950 31 981
Share-based payments expense 29 29 29
Issue of share capital 2 77 79 79
Dividends paid (698) (698) (15) (713)
Balance at 30 September 2005 699 4,932 4,834 10,465 304 10,769
8. Explanation of transition to IFRS
As stated in note 1, these are the Group's first consolidated interim financial
statements prepared in accordance with IFRS. The accounting policies referred to
in note 2 have been applied in preparing the consolidated interim financial
statements for the six months ended 30 September 2005, the comparative
information for the six months ended 30 September 2004, the financial statements
for the year ended 31 March 2005 and the preparation of an opening IFRS balance
sheet at 1 April 2004, the Group's date of transition to IFRS.
In preparing its opening IFRS balance sheet, comparative information for the six
months ended 30 September 2004 and financial statements for the year ended 31
March 2005, the Group has adjusted amounts reported previously in financial
statements prepared in accordance with UK GAAP.
An explanation of how the transition from UK GAAP to IFRS has affected the
Group's financial position and financial performance is set out in the following
tables and notes.
Equity as at 1 April 30 September 31 March
2004 2004 2005
Note #000 #000 #000
Total equity under UK GAAP 9,146 9,152 9,395
Intangible assets: goodwill a 175 358
Dividend payable b 611 347 713
Staff benefits: holiday pay c (123) (8) (112)
Staff benefits_ change in deferred tax asset c 37 2 34
Share-based payments: change in deferred tax asset d 5
Total equity under IFRS 9,671 9,668 10,393
Profit for the period 6 months to Year to
30 September 31 March
Note 2004 2005
Profit for the period under UK GAAP 353 1,232
Intangible assets: goodwill a 175 358
Staff benefits: holiday pay c 115 11
Staff benefits: change in deferred tax asset c (35) (3)
Share-based payments d (1) (18)
Share-based payments: change in deferred tax asset d 5
Profit for the period under IFRS 607 1,585
a. Business combinations and goodwill; IFRS 3
The Group has taken the exemption in IFRS 1 for business combinations. As a
result, the net book value of the goodwill under UK GAAP at 1 April 2004 became
the deemed cost of goodwill at the date of transition to IFRS. Under IFRS this
balance is no longer to be amortised but is subject to impairment testing
annually or more frequently if events or changes in circumstances indicate that
the carrying value may be impaired.
The impact of adopting IFRS is to reverse the amortisation charged throughout
the year to 31 March 2005 and to increase the carrying value of goodwill in the
balance sheets dated 30 September 2004 and 31 March 2005.
b. Dividends payable
Under UK GAAP, dividends were recognised as an appropriation in the profit and
loss account. An accrual was made for dividends that were proposed by directors
after the balance sheet date but prior to the signing of the financial
statements and a corresponding expense was recognised. Under IFRS, dividends are
not recognised in the income statement but are disclosed as a component of the
movement in shareholders' equity. A liability is recorded for a final dividend
when the dividend is approved by the Company's shareholders and for an interim
dividend when the right to receive payment is established. The impact of IFRS is
to remove the accrual for the 2004 interim dividend and the 2005 final dividend
from the respective balance sheets.
c. Employee Benefits; IAS 19
Under UK GAAP, the Group made no provision for any short term compensated
absences, such as holidays. IAS 19 requires that an asset or liability is
recorded at each balance sheet date in respect of any such liabilities.
The impact of adopting IFRS is to expense a new cost in the income statements
and to create a liability for holiday pay in the balance sheet.
d. Share-based payments; IFRS 2
The primary change is that IFRS 2 requires that the fair value for share
incentives to employees be estimated and charged to the profit and loss account
over the vesting period of the incentive. The standard also requires that the
potential tax benefit to the Group from share incentives being exercised in the
future be recorded as a deferred tax asset. Tax charges and credits are only
reflected in the income statement for incentives granted after 7 November 2002
for which the fair value is charged to the profit and loss account. The Group
adopted the exemption in IFRS 1 which allows a first-time adopter to apply the
new standard only to share options and equity instruments granted after 7
November 2002.
The impact of adopting IFRS is to expense a new cost in the income statement.
e. Research and development; IAS 38 Intangible Assets
Under UK GAAP all expenditure on research and development was expensed as
incurred. Under IFRS research expenditure is recognised as an expense as
incurred but costs incurred on the development of new or substantially improved
products are capitalised as intangible assets when it is probable that the
project will be a success, considering its commercial and technological
feasibility, resources are available to complete the development and costs can
be reliably measured. Other development expenditure is recognised as an expense
as incurred. Capitalised product development expenditure is amortised over the
expected useful life. A deferred tax liability arises on the product development
expenditure that has been capitalised. To 30 September 2005, no development
costs have been capitalised, largely as Comino does not currently account for
the cost of the research phase separately from the costs of the development
phase of producing new products. IAS 38 states that if the research phase of a
project to create an intangible asset cannot be distinguished from the
development phase of the project, the company must treat all the expenditure as
if it were incurred in the research phase only.
9. Circulation to shareholders
Copies of this interim report will be sent to shareholders and copies will be
available to the public at the Company's registered office: Comino House,
Furlong Road, Bourne End, Bucks, SL8 5AQ.
Independent Review Report to Comino Group plc
INTRODUCTION
We have been instructed by the company to review the financial information for
the six months ended 30 September 2005 which comprises the consolidated income
statement, consolidated balance sheet, consolidated cashflow statement and the
related notes 1 to 9. We have read the other information contained in the
interim report which comprises only the chairman's statement and considered
whether it contains any apparent misstatements or material inconsistencies with
the financial information.
This report is made solely to the company's members, as a body, in accordance
with guidance contained in APB Bulletin 1999/4 "Review of Interim Financial
Information". Our review work has been undertaken so that we might state to the
company's members 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 and the
company's members as a body, for our review work, for this report, or for the
conclusion we have formed.
DIRECTORS' RESPONSIBILITIES
The interim report including the financial information contained therein is the
responsibility of, and has been approved by, the directors. The directors are
responsible for preparing the interim report in accordance with the Listing
Rules of the Financial Services Authority.
As disclosed in note 1, the next annual financial statements of the group will
be prepared in accordance with those International Financial Reporting Standards
adopted for use by the European Union.
The accounting policies are consistent with those that the directors intend to
use in the next annual financial statements. There is, however, a possibility
that the directors may determine that some changes to these policies are
necessary when preparing the full annual financial statements for the first time
in accordance with those IFRSs adopted for use by the European Union.
REVIEW WORK PERFORMED
We conducted our review in accordance with guidance contained in Bulletin 1999/4
"Review of Interim Financial Information" issued by the Auditing Practices Board
for use in the United Kingdom. A review consists principally of making
enquiries of management and applying analytical procedures to the financial
information and underlying financial data and, based thereon, assessing whether
the accounting policies and presentation have been consistently applied unless
otherwise disclosed. A review excludes audit procedures such as tests of
controls and verification of assets, liabilities and transactions. It is
substantially less in scope than an audit performed in accordance with United
Kingdom auditing standards and therefore provides a lower level of assurance
than an audit. Accordingly, we do not express an audit opinion on the financial
information.
REVIEW CONCLUSION
On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 30 September 2005.
GRANT THORNTON UK LLP
REGISTERED AUDITORS
CHARTERED ACCOUNTANTS
LONDON
7 November 2005
Note
1 The maintenance and integrity of the Comino Group plc website is the
responsibility of the directors: the interim review does not involve
consideration of these matters and, accordingly, the company's reporting
accountants accept no responsibility for any changes that may have occurred
to the interim report since it was initially presented on the website.
2 Legislation in the United Kingdom governing the preparation and
dissemination of the interim report differs from legislation in other
jurisdictions.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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