RNS Number:7549F
Mouchel Parkman plc
16 October 2007
Mouchel Parkman plc
Preliminary Results
For the year ended 31 July 2007
Mouchel Parkman plc: consulting and business services group - announcement of
unaudited results for the year ended 31 July 2007
Financial Highlights
2007 2006
Revenue #448.4m #374.0m up 20%
Underlying operating profit(1) #33.0m #26.8m up 23%
Operating margins(1) 7.4% 7.2%
Profit before tax and exceptional items(1) #32.4m #27.4m up 18%
Profit before tax #48.1m #26.4m up 82%
Adjusted earnings per share(2) 21.0p 17.8p up 18%
Basic earnings per share 31.5p 17.4p up 81%
Dividend per share(3) 5.00p 4.05p up 23%
(1) Operating margins, underlying operating profits and profit before tax and
exceptional items are before amortisation of intangible assets arising from
business combinations of #2.4 million (2006: #0.9 million) and the net gain
arising on retirement benefit plan changes of #18.2 million (2006: #nil).
(2) Adjusted earnings per share is calculated after adding back shares held by
the employee share trusts to the weighted average number of shares and adjusting
earnings for amortisation of intangible assets arising from business
combinations and the net gain arising on retirement benefit plan changes (net of
taxation).
(3) Includes both paid and proposed dividends in respect of profits for the
year.
* Strong cash performance with 94% of underlying operating
profits converted into operating cash flow;
* Continuing excellent visibility of future earnings with
contract wins increasing forward order book to new record level of #2.2 billion
(including #0.7 billion for
HBS); and
* Bidding pipeline of near term opportunities and potential
contract extensions also increased to record level of #2.5 billion (including
#1.1 billion for HBS).
Business Highlights
* Further tendering success through AccordMP joint venture with
new highway maintenance commissions secured with TfL and London Borough of
Hillingdon;
* Oldham Metropolitan Borough Council strategic partnership
contract successfully commenced;
* Integration of Traffic Support Limited, Ewan Group plc and
Hornagold & Hills proceeding extremely well, reinforcing our existing positions
in highways, water and management consultancy;
* Strengthened position in local authority outsourcing
marketplace through acquisition of business process outsourcing specialist HBS
on 6 August 2007;
* Appointed preferred bidder for the Group's first Building
Schools for the Future commission in the London Borough of Hackney; and
* Excellent tendering performance maintained, with contract win
rate held at top end of target range of 33% to 40% of contracts tendered by
value.
Richard Cuthbert, Chief Executive, commented:
"We have enjoyed another period of excellent progress for the Group. Our
trading position remains strong having just announced record underlying
operating profits; 23% up on last year. In addition, our order book and bidding
pipeline are both at an all time high of #2.2 billion and #2.5 billion
respectively, reflecting our success in tendering and securing new work and the
wide range of opportunities which we are currently pursuing.
We have done much to support the future development of the Group, and this is
reflected in the #90 million invested in four acquisitions we have made over the
last 12 months which significantly strengthen our standing in highways, water,
management consultancy and, most recently in the BPO marketplace through the
acquisition of HBS.
In addition, today we have announced that we are re-branding to Mouchel Group.
The HBS brand will also be discontinued. We intend to use this change to
emphasise our positioning and differentiation in the marketplace and to reflect
the Group's growth and development since the merger of Mouchel and Parkman in
the summer of 2003.
The general market outlook for our services remains good and we continue to be
confident about our future prospects."
A presentation will be given to analysts at 8.45am today, Tuesday 16 October
2007, at the offices of Citigate Dewe Rogerson, 3 London Wall Buildings, London
Wall, London EC2M 5SY. For further information please contact:
Mouchel Parkman plc 01932 337122
Richard Cuthbert, Chief Executive
Kevin Young, Group Finance Director
Ian Parker, Marketing and Communications Director
Citigate Dewe Rogerson 020 7282 2945
Ginny Pulbrook, Director
Operating and financial review
Overview
Mouchel again achieved significant growth in both revenue and profits for the
year ended 31 July 2007. Revenue increased by 20% compared with last year.
Excluding the acquisition of Traffic Support Limited, Ewan Group plc, and
Hornagold and Hills - which were acquired in November 2006 - underlying revenue
increased by 13%.
Approximately 70% of revenue is derived from long term outsourcing activities in
each of our main sectors, almost all of which comes from projects in the UK
public sector and regulated industries.
Profit before tax and exceptional items rose by 18%, from #27.4 million to #32.4
million whilst at the same time Group operating margins rose from 7.2% to 7.4%.
Our medium term target for operating margins continues to be 8%.
The results for the year included an exceptional net gain of #18.2 million
arising from a reduction in the Group's pension liability following the move
from a final salary to a career average revalued earnings arrangement for the
Group's two main defined benefit pension schemes. Profit before tax but after
exceptional items was #48.1 million.
Segmental performance
Highways
During the year, revenue increased from #172.4 million to #201.9 million. At the
same time operating margins improved from 6.9% to 7.3%. The year end order book
and bidding pipeline figures of #501.0 million (2006: #374.4 million) and #717.0
million (2006: #586.7 million) respectively both represented significant
increases when compared with last year.
Revenue included an initial contribution of #4.3 million from Traffic Support
Limited (TSL) which was acquired in November 2006. Both the results for the year
and the year end order book reflect the recent successes in securing new
maintenance management contracts through our joint venture, AccordMP, with
Accord Group (now part of Enterprise plc). These include commissions with
Transport for London (TfL) and the London Boroughs of Harrow and Hillingdon as
well as for the Highways Agency in Devon and Cornwall (Area 1).
This increase in the bidding pipeline largely reflected the inclusion of two
further Highways Agency maintenance management contracts which the Group is
currently tendering in the South (Area 3) and the East Midlands (Area 8).
Technology
The trend towards more technologically sophisticated solutions to the problems
of congestion and road space management has continued, creating a competitive
advantage for Mouchel where our expertise in transport systems leads the market.
We believe this trend will continue and have, this year, extended our range of
products and services to exploit further growth opportunities.
The Highways Agency is making considerable investments in technology
improvements and traffic management on its network and, in 2007/08, will invest
#194 million in such schemes. It has this year procured a series of regional,
technology based service commissions called TechMAC contracts. To date, four
such contracts have been awarded and Mouchel, in an equal joint venture with
Peek Traffic Systems, has been successful on two of those in the East Midlands
and East of England, both of which will run for between five and seven years.
These project wins are strategically significant in this new market segment,
since they will enable us to approach future opportunities of this type from a
position of strength and with the benefit of the knowledge and experience gained
from these initial wins.
The acquisition of TSL, which we bought in November 2006 for a consideration of
#26.3 million (including #4.8 million for surplus cash acquired with the
business), has established Mouchel as a market leader in parking enforcement
software, and gives us a credible market presence in civil enforcement and
traffic management software, together with other e-government transportation
solutions. The decriminalised parking enforcement sector has created new
opportunities for outsourced service delivery and our client base includes
London boroughs and other metropolitan authorities throughout the UK. The
Traffic Management Act 2004 also creates the need for local authorities to
manage other highway violations and TSL software provides effective product
solutions to address these needs.
The TSL acquisition has also positioned Mouchel as a future supplier in support
of congestion charging and management services and we are assisting two of the
three consortia set up to bid for the next generation of London's Congestion
Charging franchise. Congestion charging schemes are being encouraged by
government, and some local authorities outside London are voicing interest in
such schemes. We believe that the TSL acquisition will strengthen our ability to
compete in this market. Mouchel has also been appointed as one of the
consultants to advise the Department for Transport (DfT) on its national
strategy for congestion charging.
Elsewhere, we have become responsible for a Highways Agency Transport Innovation
Funding submission relating to the so-called Birmingham Box motorways (the M5,
M6, and M42). Here we are looking at the feasibility of extending the M42 Active
Traffic Management project - a scheme project managed by Mouchel and involving
the use of motorway hard shoulders to provide additional, peak hour capacity -
to other parts of the West Midlands network.
We have also completed our first full year of trading on the Highways Agency's
TechMASTERS commission, which involves Mouchel in monitoring, maintaining and
developing the Agency's traffic technology and maintenance services.
Maintenance Management
The highway network management market has looked towards more vertically
integrated supplier relationships during the last few years. This model -
referred to as a 'Managing Agent Contractor' (MAC) arrangement - has now become
more generally established for both national and regional road authorities. We
believe this model will continue to be adopted by the Highways Agency, our
largest client, whose budget for maintaining the network in 2007/08 is 37% of
its #2.23 billion total programme.
The AccordMP joint venture, in which Mouchel has a 50% interest, positions
Mouchel for commissions of this type and our first success - Highways Agency
Area 1, the trunk road network in Devon and Cornwall - commenced operations in
September 2006 and will run to July 2010 (extendable to 2013). The AccordMP
joint venture has also completed its first year of trading in the London Borough
of Harrow, where we have a five year contract (extendable to seven) that
commenced in July 2006.
In December 2006, TfL awarded us a six year maintenance contract (extendable to
10) for roads in South London which commenced in April 2007, and in June 2007 we
began work on a five year (extendable to 10) highways works and project services
commission for the London Borough of Hillingdon.
Currently the AccordMP joint venture is tendering for two further MAC contracts
in Highways Agency Areas 3 (South) and 8 (East Midlands).
Capital Projects
This year has also seen the completion and opening of a number of major highway
schemes for which Mouchel has been providing consultancy services; including the
#93 million A30 Bodmin to Indian Queens - a much needed improvement of the main
holiday route to the Cornish coast in a county whose traffic volumes have risen
by 22% this year - and the #86 million A1/N1 Newry to Dundalk cross-border
highway in Ireland, which has key political as well as communications
significance.
Mouchel is a member of the M25 FLOW consortium, whose bid for the 30 year M25
private finance initiative commission is to be submitted in October, as the next
stage in a process leading to a contract start in summer 2009. The consortium,
which comprises Vinci (including its UK maintenance subsidiary Ringway), Laing,
Carillion, Costain, Jacobs Babtie and the French motorway contractor, ASF,
includes all of the parties currently involved in the maintenance management of
the M25 network and Dartford river crossings.
Government Services
Revenue for the year increased from #81.5 million to #101.4 million and
operating margins increased from 8.0% to 9.2%. Both the order book and bidding
pipeline, at #670.0 million (2006: #517.8 million) and #493.0 million (2006:
#332.0 million) respectively, grew substantially over the year.
Revenues included #11.1 million from Hornagold & Hills, following its
acquisition in November 2006. The results for the year also reflected the full
year impact of the bundled services contract in Rochdale as well as an initial
contribution from the similar commission in Oldham, which commenced in April
2007.
Overall, margins in Government Services tend to be higher due to the greater
proportion of high value consulting activity. However, we expect some reduction
in margins in the short term following the integration of HBS Business Services
(Group) Limited (HBS).
The year end order book benefited from the full term of the commissions in
Rochdale and Oldham and the bidding pipeline included our first tender in the
Building Schools for the Future (BSF) programme for a contract in the London
Borough of Hackney, where we have subsequently been named as preferred bidder.
Following the end of the year, the order book and pipeline in the combined
Government and Business Services segment have been boosted substantially by the
acquisition of HBS.
Property
The market for outsourcing local government property and real estate services
continues to grow and mature. Councils are responsible for substantial property
portfolios - in particular, their education estate - and are under continuing
pressure to manage this asset more efficiently and cost-effectively.
The BSF initiative is the biggest single investment in education property for
over half a century and involves rebuilding or improving every secondary school
in England over a 10 to 15 year period. Mouchel is preferred bidder for the 10
year BSF contract in Hackney, where we are working in joint venture with Babcock
Infrastructure Services. The BSF market has been slow to gain momentum and, as a
result, the progress in Hackney is particularly significant for us. Elsewhere,
we continue to provide BSF advisory services to other councils, including Oldham
Metropolitan Borough Council.
In order to deliver best practice in the design of education and other property
assets, using a larger proportion of in house resources, Mouchel has this year
established a national property design group. This team now provides clients
with a fully integrated capability in architectural and engineering design,
estates, and building maintenance consultancy and is available to support
capital works projects on our portfolio of term contracts.
In January 2007, we commenced a seven year (extendable to 10) property design
services commission with Cambridgeshire County Council and in April secured a
similar five year (extendable to seven) maintenance and design contract with the
London Borough of Islington. An extension of four years, from March 2008, was
agreed on our existing property maintenance commission with Hertfordshire County
Council and, since the year end, a two year extension for our maintenance
contract, from April 2008 has been agreed with Surrey County Council.
Management Consultancy
Following the acquisition of Hornagold & Hills in November 2006 for #11.4
million, Mouchel now ranks amongst the UK's top five construction and project
management businesses, according to the 2007 NCE Consultant's File.
Hornagold & Hills employed some 170 staff at acquisition and has introduced
Mouchel to a range of new public and private sector clients and contracts,
ranging from British Airways, BAA and TfL to the BBC and Pfizer. It has a strong
synergy with Mouchel's own management consultancy practice and through this
acquisition we have created an opportunity for broader based consultancy work in
the private, public and regulated sectors alike.
Hornagold & Hills trades in a competitive and demanding environment but its
combination of specialist services across many markets - from education, rail
and retail to commercial, heritage and conservation projects - and its links
with the wider Mouchel offer provide good differentiation and margins. Hornagold
& Hills has a strong brand identity in its core markets and, indeed, won the
2007 'Project Manager of the Year' award in January.
The management consultancy business, in common with our property business, works
extensively in the education sector. We have become market leader in the City
Academies marketplace and to date have been involved in the project management
of more than 30 City Academies across the UK, 15 of which opened their doors to
students this summer. Most recently, Mouchel was appointed as project manager
for the St Helens Academy, a three year scheme in Merseyside. We have also
recently been appointed to a project management framework for the Church of
England academies programme.
The breadth of our management consultancy skills means that we can provide
strategic support for our other businesses. Current projects range from the
migration of British Airways staff into Heathrow Terminal 5, the project
management of a new London Underground control centre and restoration of the
Cutty Sark in Greenwich. We believe that our management consultancy offer is
also complementary to that introduced through the acquisition of HBS, mutually
strengthening our position in ICT consultancy and in the provision of business
transformation support to local authorities.
Housing
The social housing market is less mature than other sectors in which Mouchel
operates, but there remains pressure on authorities to provide affordable
housing to their communities and Mouchel is working with its local government
clients to realise these aims. We are also providing consultancy services under
housing market renewal schemes in Rochdale and Liverpool, and in East London we
are providing estates management services to Hackney Homes.
Regeneration
There is a continuing and growing trend towards the bundling of local authority
non-core services into packages that form the basis of partnerships with the
private sector. In general, such deals, which are generally of a longer term and
a higher value than the more established single service outsourcing contracts,
are driven by the strategic aims of the authority; often their economic, social
and environmental regeneration agenda.
Mouchel leads the way on arrangements of this type. Its first partnership deal
with Liverpool City Council in 2003 established a model which, with some
modification, has formed the basis for wider partnerships in the North West. Our
2020 Liverpool joint venture was extended to include 2020 Knowsley in 2005,
which provides similar services in the neighbouring borough. In preparation for
2008, Liverpool's European Capital of Culture year, we have seen an increased
demand for services; major gateway schemes such as the Edge Lane project are
transforming the environs of the city and acting as a catalyst for inward
investment.
The Impact Partnership - a 15 year joint venture between the Rochdale
Metropolitan Borough Council and Mouchel - completed its first full year of
trading in 2006/07. The partnership includes services that range from highways,
property management and ICT to payroll and the management of a new customer
contact centre. In its first year the partnership has generated 150 new jobs,
the majority of which were awarded to local people. Rochdale aims to attract #1
billion of investment over the contract period and, as well as being involved in
urban regeneration projects such as the Rochdale East Employment Park, we
conduct 'out of scope' service reviews to identify savings in other council
services.
The Unity Partnership, our joint venture with Oldham Metropolitan Borough
Council which started on 1 April 2007, is a 12 year (extendable to 15)
partnership to provide highways, property, customer, exchequer and ICT services.
This commission was originally secured in a 50:50 joint venture with HBS prior
to the acquisition of the HBS business by Mouchel.
Since the year end, Somerset County Council and Taunton and Deane Borough
Council have announced the award of a 10 year bundled services commission to a
partnership led by IBM and including Mouchel. Due to the clients' requirement
for secondment rather than TUPE transfer of staff, the nature and extent of our
involvement will be different from that originally envisaged when we were
appointed preferred bidder. Nevertheless, the win is a major step forward in the
development of the Government's shared services agenda. We are delighted to have
played such a major part in securing the deal and look forward to playing a
significant part in the transformation of services to local authorities in the
South West. Discussions with IBM around the scope of our ongoing role are
currently being finalised.
The demand for such partnerships continues. Mouchel is currently tendering for
contracts in Merseyside, Yorkshire and the North East.
Regulated Industry
Revenue for the year increased from #120.1 million to #145.1 million while
operating margins reduced from 7.0% to 6.1%. The year end order book of #329.0
million (2006: #307.8 million) was largely unchanged from last year but the
pipeline increased significantly to #190.0 million (2006: #81.3 million).
The increase in revenue and bidding pipeline largely reflected the acquisition
of Ewan Group plc, which we acquired in November 2006 for #11.0 million and
which contributed #11.5 million of revenue during the year. The reduction in
operating margins was partly attributable to the continuing slow progress in
rail, where volumes remain low, although we did secure further resignalling work
with Network Rail during the year. It also reflects our approach to income
recognition on our resignalling work on the London Underground, given the scale
and complexity of the work and project duration.
Water and Energy
We are currently mid-way through the latest water industry Asset Management Plan
(AMP) period (AMP 4 from 2005 to 2010) and, as such, our focus has been more on
the delivery of existing work than on new business development, which tends to
take place towards the end of the AMP period and is likely to commence at the
end of the next financial year.
The acquisition of the Ewan business broadens Mouchel's client base, complements
the Group's existing offering in water and significantly enhances our prospects
for the next regulatory review period. As a result, we now work with all the
major English water companies and are a key player with Scottish Water.
The breadth of our client base and the activities we undertake as we move
towards the next AMP period and, for the first time, the production of 25 year
strategic statements of objectives by the water companies, will help to reduce
the cyclical nature of workload experienced in this sector in the past.
We have seen demand for services rise, in particular those delivered through
frameworks with major providers such as Severn Trent Water and Thames Water.
This year, Mouchel was appointed by Three Valleys Water under a leakage
management commission, by United Utilities under a professional services
package, and on various commissions by other water companies across the UK.
Mouchel's ports and coastal activities include the planning, engineering and
management of major ports, coastal and waterfront development projects. In
Liverpool, we have delivered a new cruise liner terminal which was inaugurated
by a visit of the 'Queen Elizabeth II' in September 2007.
Our rivers and flood defence teams work for local and regional government bodies
and private developers throughout England and Scotland. We undertake a variety
of analytical techniques to evaluate flood risk, including hydrological and
hydraulic modelling and economic appraisal together with the evaluation and
design of flood alleviation schemes. Following the recent significant flooding
events across the country we anticipate further opportunity in this market.
Mouchel's energy business played a major part in bringing the first dockside LNG
re-gasification vessel to Teesside as principal consultant to Excelerate Energy
and Murphy Pipelines. Our involvement in this project has won the company two
prestigious awards from the Society of British Gas Industries, a joint award for
Innovation and an individual award to one of our staff for 'Engineer of the
Year'. We have now formed an extended relationship with Excelerate Energy
whereby we are looking to adopt the approach first used in Teesside elsewhere in
the world.
Land and Environment
The value of our Land and Environment business lies not only in the specialist
expertise it provides to external clients, but also in the support it gives to
other parts of the Group.
Mouchel, in consortium with AEA Technology, has been appointed by the Mayor of
London to deliver its 'Green 500' scheme in the capital. This scheme provides
incentives, advice and support to London businesses on carbon management issues
and our role involves providing technical support and advice to participating
companies.
Land Aspects, Mouchel's specialist land information and knowledge management
business, has continued to find significant opportunities in linear developments
such as roads, rail and tramway projects. We have been involved in work ranging
from the Edinburgh Tram and CrossRail schemes to Natural England's 'Discovering
Lost Ways' project, a definitive review of ancient rights of way that are
missing from local authority records and are in danger of being forgotten
forever.
Waste
The waste treatment and disposal market has become more sophisticated in the
last few years, driven by increasingly stringent regulations and an awakening
environmental awareness in society. Mouchel, as design-and-build partner to
Shanks Waste Solutions, completed construction of the East London Waste
Authority's #45 million Frog Island treatment plant in April 2007. In Greater
Manchester, Mouchel is advising the waste disposal authority on its waste
strategy and in Merseyside we are working with the waste disposal authority to
implement a programme of waste disposal projects.
International
Mouchel's international business is centred on the Gulf States where we are
engaged in a number of the large scale developments for which this region has
become well known. Our business in the Gulf has doubled over the last year.
One of the largest schemes is the 14,000ha Dubai Waterfront project where
Mouchel is responsible for site infrastructure planning and the programme
management of one of the world's tallest structures. This is the largest
waterfront development in the world and will become home to more than a million
residents.
Rail
Mouchel's rail business offers a combination of consultancy and technology
services in a specialist marketplace with significant barriers to entry. Our
activities are mainly centred on the provision of services to Network Rail and
London Underground Limited (LUL).
During the year we continued to work on the Structures Examination Contract in
the North West Zone and Structures Assessment Contracts in the London North West
and South East Zones. We have also been appointed on more than 30 station
improvement projects, in which modifications to meet the requirements of the
Disability Discrimination Act are being carried out.
Network Rail's resignalling programme has provided some additional activity
during the year, although the tendering opportunities have not been as plentiful
as we had hoped and this has impacted both our workload and profit margins. To
date we have been appointed on two Type A (ancillary civil engineering services)
contracts in Leamington and Colchester.
On the London Underground we continued to provide signalling services to Thales
where we are currently part way through an eight year programme assisting them
with the upgrade of the signalling on the Jubilee and Northern Lines.
Elsewhere, we are programme managing the implementation of the CBS (previously
Viacom) digital advertising systems at central London stations. This innovative
advertising form will be extended to include cross-track projection at certain
stations and is due to be completed within the next 12 months. Other systems
work on the London Underground network includes installation of train descriptor
panels on Metronet and TubeLines platforms.
Forward order book
At 31 July 2007, the Group's forward order book stood at a record #1.5 billion,
25% more than the #1.2 billion at the corresponding point last year. This
reflected our success over the last year in winning new contracts and extending
or renewing existing commissions and means that we continue to have outstanding
visibility of our future earnings. The bidding pipeline of potential contract
extensions and other near term opportunities currently being tendered was
increased to #1.4 billion which was also a significant increase compared with
the #1.0 billion last year. Our win rate for the year has also been maintained
at the top end of our target range of 33% to 40% of contracts tendered by value.
The acquisition of HBS following the year end added #0.7 billion and #1.1
billion to the order book and pipeline, giving totals of #2.2 billion and #2.5
billion respectively.
Cash flow and working capital
Cash generated from operations was #31.1 million for the year ended 31 July
2007, compared with #34.9 million last year. Cash, cash equivalents and
overdrafts at the year end were #2.8 million positive, compared with borrowings
of #15.1 million at 31 January 2007 and a #33.4 million positive cash balance at
31 July 2006.
Cash conversion for the year was again excellent, with 94% of the Group's
underlying operating profits being converted into operating cash flow (i.e. cash
generated from operations per note 8), versus 130% last year. Working capital
management was satisfactory, with the overall investment in unbilled revenue and
trade receivables maintained at approximately two and a half months' revenues.
On 1 August 2007, an unsecured revolving credit facility of #125 million was put
in place. This is a joint arrangement with The Royal Bank of Scotland and
Lloyds TSB, to finance the acquisition of HBS, fund existing working capital
requirements and provide capacity for the future growth and development of the
business.
Taxation
The effective rate of tax on profits before tax and exceptional items was 29.0%
compared with 29.9% for the year ended 31 July 2006. The difference between the
effective rate of tax and the statutory rate of 30% again reflected the benefit
of additional reliefs, partly offset by the normal level of disallowable
expenditure.
Pensions
The Group operates two main defined benefit pension schemes (the Mouchel Parkman
Superannuation Fund and the Mouchel Parkman Staff Pension Scheme) and accounts
for them under IAS 19 Employee Benefits. The IAS 19 charge for the year was #7.2
million compared with #8.3 million last year, largely reflecting the increase in
bond yields over the year.
At 31 July 2007, the deficit under IAS 19 totalled #18.0 million before tax
compared with #52.4 million at 31 January 2007 and #48.3 million at 31 July
2006. The year on year movement reflected the actuarial gain associated with
stronger investment returns, as well as the agreement of most members in the
non-public sector sections of the schemes to move from a final salary
arrangement to a career average revalued earnings (CARE) basis for the
calculation of their pension benefits. Under this basis the link to final
salary has effectively been removed for both past and future service. As a
result, the balance sheet liability under IAS 19 has been reduced by #18.5
million. This amount, net of the costs of implementing the changes of #0.3
million, has been treated as an exceptional gain in the income statement for the
year.
From a funding point of view, the last actuarial valuations of both main schemes
were undertaken as at 31 March 2004, at which point there was an aggregate
deficit in the two schemes of #25.9 million. New actuarial valuations being
prepared as at 31 March 2007 will take into account the effects of CARE, offset
by some increase in the deficit, due to an improvement in life expectancy
levels.
Further IAS 19 disclosure is contained in note 10.
Earnings per share
Adjusted earnings per share increased 18% from 17.8p to 21.0p. Adjusted earnings
per share is calculated after adding back shares held by the employee share
trusts to the weighted average number of shares. Earnings are adjusted to
exclude amortisation of intangible assets arising from business combinations and
other exceptional items (net of taxation).
Basic earnings per share was 31.5p (2006: 17.4p).
Dividends
It is proposed that a final dividend of 3.45p (2006: 2.70p) per ordinary share
will be paid on 14 December 2007 to shareholders on the register as at 16
November 2007. Taken together with the interim dividend of 1.55p, this gives a
total dividend of 5.00p for the year, an increase of 23% on last year.
It is anticipated that the interim and final dividends will continue to
represent approximately one third and two thirds respectively of the total
dividend for the year.
Outlook
We have reported another very good set of results. Our profits have continued
to grow strongly and our cash performance has again been excellent. The order
book and pipeline were both at an all time high at the year end and have been
boosted subsequently following the acquisition of HBS.
We have further strengthened the foundations for our continuing growth through
the acquisitions we have made and the contracts we have secured or extended over
the course of the year. The acquisition of HBS, in particular, is strategically
very significant for us. It opens up a completely new revenue stream for the
Group, positions us well to pursue even larger and more complex commissions in
our existing markets and potentially offers us the capability to provide similar
services in new markets.
We also have the resources to support our continued growth. We have a good
management team, which we have been able to strengthen further as a result of
our recent acquisitions, and we have recently put in place new bank facilities
which could be increased should the need arise.
We remain enthusiastic about our prospects. We are not short of opportunities
to develop and grow the business which, together with the progress we have made
over the last year, means we can look forward with continuing confidence.
Richard Cuthbert Kevin Young
Chief Executive Group Finance Director
16 October 2007
Consolidated income statement (unaudited)
For the year ended 31 July 2007
Notes Results Exceptional Total Results Exceptional Total
before items(1) 2007 before items(1) 2006(2)
exceptional #000 #000 exceptional #000 #000
items items
#000 #000
Continuing operations:
Revenue 2 448,381 - 448,381 374,020 - 374,020
Cost of sales (364,626) 16,168 (348,458) (304,750) - (304,750)
Gross profit 83,755 16,168 99,923 69,270 - 69,270
Administrative expenses (50,781) (426) (51,207) (42,496) (919) (43,415)
Operating profit 2 32,974 15,742 48,716 26,774 (919) 25,855
Interest receivable 631 - 631 701 - 701
Finance costs (1,215) - (1,215) (109) - (109)
Profit before tax 32,390 15,742 48,132 27,366 (919) 26,447
Taxation 4 (9,404) (4,723) (14,127) (8,190) 276 (7,914)
Profit for the year 22,986 11,019 34,005 19,176 (643) 18,533
Basic earnings per share 6 31.5p 17.4p
Diluted earnings per share 6 31.3p 17.3p
Final dividend proposed per 5 3.45p 2.70p
share
Interim dividend paid per 5 1.55p 1.35p
share
(1) Exceptional items include amortisation of intangible assets arising from
business combinations of #2,448,000 (2006: #919,000) and the net gain arising on
retirement benefit plan changes of #18,190,000 (2006: #nil). Further details of
the pension benefit gain are given in note 3.
(2) The figures given for the year ended 31 July 2006 are extracted from the
audited 2006 Annual Report for the Group.
Consolidated balance sheet (unaudited)
As at 31 July 2007
Notes 2007 2006(1)
#000 #000
ASSETS
Non-current assets
Goodwill 48,691 22,569
Other intangible assets 34,293 10,229
Property, plant and equipment 16,517 14,030
Deferred tax assets 7 8,018 17,112
107,519 63,940
Current assets
Unbilled revenue 50,079 45,993
Trade and other receivables 72,278 55,270
Cash and cash equivalents 9 19,007 33,366
141,364 134,629
Current liabilities
Bank overdrafts and borrowings 9 (16,176) -
Trade and other payables (85,036) (72,727)
Current tax liabilities (9,358) (4,510)
Retirement benefit obligations 10 (487) (500)
(111,057) (77,737)
Net current assets 30,307 56,892
Non-current liabilities
Trade and other payables (622) (417)
Deferred tax liabilities 7 (9,379) (3,150)
Retirement benefit obligations 10 (17,517) (47,791)
(27,518) (51,358)
Net assets 110,308 69,474
EQUITY
Share capital 274 271
Share premium 26,464 25,466
Other reserves 12,845 11,738
Retained earnings 70,725 31,999
Total equity 12 110,308 69,474
(1) The figures given for the year ended 31 July 2006 are extracted from the
audited 2006 Annual Report for the Group.
Consolidated cash flow statement (unaudited)
For the year ended 31 July 2007
Notes 2007 2006(1)
#000 #000
Cash flows from operating activities
Cash generated from operations 8 31,067 34,894)
Taxation paid (4,755) (5,141)
Net cash from operating activities 26,312 29,753)
Cash flows from investing activities
Acquisition of subsidiaries (net of cash acquired) (31,436) (4,950)
Payments to acquire unincorporated businesses (11,382) -
Proceeds from sale of property, plant and equipment 25 10
Purchase of property, plant and equipment (8,374) (6,596)
Purchase of intangible assets - software (1,655) (1,775)
Interest received 631 701
Finance costs paid (990) (109)
Net cash used in investing activities (53,181) (12,719)
Cash flows from financing activities
Net proceeds from issue of ordinary share capital 12 1,000 1,087
Sale of own shares by employee share trusts 13 579
Dividends paid to shareholders (4,537) (3,761)
Finance lease principle payments (71) -
Net cash used in financing activities (3,595) (2,095)
Effects of exchange rate changes (71) 27
Net (decrease) / increase in cash, cash equivalents and bank (30,535) 14,966
overdrafts
Cash, cash equivalents and bank overdrafts at 1 August 33,366 18,400
Cash, cash equivalents and bank overdrafts at 31 July 9 2,831 33,366
(1) The figures given for the year ended 31 July 2006 are extracted from the
audited 2006 Annual Report for the Group.
Consolidated statement of recognised income and expense (unaudited)
For the year ended 31 July 2007
Notes 2007 2006(1)
#000 #000
Profit for the year 34,005 18,533
Differences on exchange (364) 27
Profit on sale of own shares held in employee share trusts 11 265
Tax relief on shares issued to employees 140 448
Actuarial gain on pension scheme valuations 10 12,346 5,255
Deferred tax on movement in pension scheme valuations (3,704) (1,313)
Net gains not recognised in income statement 8,429 4,682
Total recognised income for the year 42,434 23,215
(1) The figures given for the year ended 31 July 2006 are extracted from the
audited 2006 Annual Report for the Group.
Notes to the preliminary financial statements (unaudited)
For the year ended 31 July 2007
1 Basis of preparation
These consolidated financial statements, which are abridged and unaudited for
the year ended 31 July 2007, have been prepared in accordance with the Listing
Rules of the Financial Services Authority. They have also been prepared in
accordance with the accounting policies the Group is adopting in its 2007 Annual
Report and unless stated are consistent with those adopted in the consolidated
financial statements for the year ended 31 July 2006. The accounts have been
prepared in accordance with the EU-adopted International Financial Reporting
Standards (IFRSs) and International Financial Reporting Interpretations
Committee (IFRIC) interpretations adopted by the Group for the year ended 31
July 2007.
This Report is not audited and does not constitute statutory financial
statements as defined in Section 240 of the Companies Act 1985. Comparative
figures for the year ended 31 July 2006 have been extracted from the Group
Financial Statements, on which the auditors gave an unqualified opinion and did
not include a statement under section 237(2) or (3) of the Companies Act 1985.
The Group Financial Statements for the year ended 31 July 2006 have been filed
with the Registrar of Companies.
2 Segmental analysis
Primary segment information - business segments
Analysis of results by business segment is as follows:
2007 Highways Government Regulated Group
#000 Services Industry #000
#000 #000
Total revenue 228,211 104,653 158,627 491,491
Inter-segment revenue (26,303) (3,263) (13,544) (43,110)
Total external revenue 201,908 101,390 145,083 448,381
Underlying operating profit(1) 14,812 9,304 8,858 32,974
Amortisation of intangible assets arising from (1,148) (333) (967) (2,448)
business combinations
Net gain arising on retirement benefit plan 18,190
changes
Operating profit 48,716
Interest receivable 631
Finance costs (1,215)
Profit before tax 48,132
Taxation (14,127)
Profit for the year 34,005
(1) Underlying operating profit is before amortisation of intangible assets
arising from business combinations and net gain arising on retirement benefit
plan changes.
2006 Highways Government Regulated Group
#000 Services Industry #000
#000 #000
Total revenue 197,347 85,729 128,897 411,973
Inter-segment revenue (24,894) (4,232) (8,827) (37,953)
Total external revenue 172,453 81,497 120,070 374,020
Underlying operating profit(1) 11,876 6,546 8,352 26,774
Amortisation of intangible assets arising from (919) (919)
business combinations
Operating profit 25,855
Interest receivable 701
Finance costs (109)
Profit before tax 26,447
Taxation (7,914)
Profit for the year 18,533
Secondary segment information - geographical segments
The table below represents revenue by geographical origin (the analysis by
geographical destination is not materially different to that by origin). The
analysis in the table below is based on the location of the customer, which is
not materially different from the location where the order was received.
Analysis of revenue by geographical segment is as follows:
2007 2006
#000 #000
United Kingdom 430,663 365,197
Non United Kingdom 17,718 8,823
Revenue 448,381 374,020
(1) Underlying operating profit is before amortisation of intangible assets
arising from business combinations.
3 Exceptional items
2007 2006
#000 #000
Reduction in retirement benefit obligations 18,530 -
Costs associated with change in benefits (340) -
Net gain arising on retirement benefit plan changes 18,190 -
Amortisation of acquired intangibles (2,448) (919)
Exceptional items 15,742 (919)
During the year the Group conducted a review of the benefits provided under the
Group's two principal defined benefit pension schemes - the Mouchel Parkman
Superannuation Fund and the Mouchel Parkman Staff Pension Scheme ('the
schemes').
Following consultation with members of the main sections of the schemes the
pension ultimately payable to an individual will be based on his or her average
revalued earnings, calculated over the period of pensionable service (career
average revalued earnings or CARE) rather than his or her salary in the period
immediately preceding retirement (final salary).
The averaging of salary described above will take place only for future periods
of service. The pension built up to the 31 July 2007 will be calculated on
final pensionable salary and will increase in line with inflation, capped at 5%
per annum, up to retirement date.
As a result of this change the retirement benefit obligation has been reduced by
#18,190,000 net of costs.
The Group treats the amortisation of intangible assets arising from business
combinations as exceptional costs.
4 Taxation
a Analysis of tax charge for the year
2007 2006
#000 #000
Current tax (9,783) (8,797)
Deferred tax (4,344) 883
Tax charge for the year (14,127) (7,914)
b Factors affecting the tax charge for the year
The tax charge for each year is different to the standard rate of corporation
tax in the UK of 30% (2006: 30%). The differences are explained below:
Note 2007 2006
#000 #000
Profit before tax 48,132 26,447
Profit multiplied by the standard rate of corporation tax in the (14,440) (7,934)
UK of 30%
Effects of:
Permanent differences 702 (288)
Adjustment in respect of prior years (276) 280
Losses (113) 28
Tax charge for the year (14,127) (7,914)
c Tax on items charged to equity
2007 2006)
#000 #000)
Movement in pension scheme valuations (3,704) (1,313)
Adjustments to estimated recoverable deferred tax assets (312) (913)
Deferred tax on items charged to equity (4,016) (2,226)
Deferred tax on items charged to the income statement (4,344) 883
Total deferred tax charge (8,360) (1,343)
5 Dividends
Amounts recognised as distributions to ordinary shareholders in the year:
2007 2006
#000 #000
Final paid in respect of the previous year 2.70p (2006:2.20p) 2,926 2,345
Interim paid in respect of current year 1.55p (2006:1.35p) 1,701 1,444
Less: dividend on own shares (21) (30)
Less: dividend waived by employee share ownership trusts (69) (27)
Total dividends paid 4,537 3,732
In addition, the Directors are proposing a final dividend for the financial year
ended 31 July 2007 of 3.45p (2006: 2.70p) per share which will absorb an
estimated #3,800,000 (2006: #2,900,000) of shareholders' funds. It will be paid
on 14 December 2007 to shareholders who are on the register of members on 16
November 2007.
6 Earnings per share
2007 2006
Basic earnings per share 31.5p 17.4p
Diluted earnings per share 31.3p 17.3p
Adjusted earnings per share 21.0p 17.8p
2007 2006
#000 #000
Profit for the year 34,005 18,533
Earnings for basic and diluted earnings per share 34,005 18,533
Adjustments:
Amortisation of intangible assets arising from business
combinations (net of taxation) 1,714 643
Gain arising on retirement benefit plan changes (net of taxation) 3 (12,733) -
Adjusted earnings 22,986 19,176
2006 2006
Number Number
000s 000s
Weighted average number of ordinary shares 107,964 106,515
Dilutive share options 463 193
Dilutive Save As You Earn schemes 350 481
Diluted weighted average number of ordinary shares 108,777 107,189
Weighted average number of ordinary shares 107,964 106,515
Average number of shares held by the employee share trusts 2,113 2,326
Share options (shares held in the employee share trusts) matured in (606) (810)
respect of Executive share option schemes
Adjusted weighted average number of ordinary shares 109,471 108,031
Basic earnings per share is calculated by dividing the earnings attributable to
ordinary shareholders by the weighted average number of shares during the
period.
Diluted earnings per share is calculated by adjusting the weighted average
number of ordinary shares in issue on the assumption of conversion of all
dilutive share options in issue and shares under Save As You Earn Schemes. The
share price used to calculate diluted earnings per share is based on a weighted
average price of 407.05p (31 July 2006: 306.98p).
Adjusted earnings per share is calculated after adding back shares held by the
employee share trusts to the weighted average number of shares. Earnings are
adjusted to exclude amortisation of intangible assets arising from business
combinations and other exceptional items (net of taxation). The Directors
believe that this additional measure provides a better indicator of the
underlying trends in the business.
7 Deferred tax
Deferred tax assets
Provisions Employee Share Accelerated Retirement Total
#000 benefits based capital benefit #000
#000 payments allowances obligations
#000 #000 #000
At 1 August 2006 60 752 1,379 434 14,487 17,112
Capital allowances in excess of - - - 137 - 137
depreciation
Employee benefits - (3) - - - (3)
Tax relief on shares issued to - - (221) - - (221)
employees
Actuarial gain on pension scheme - - - - (3,704) (3,704)
valuation
Gain arising on retirement benefit plan - - - - (5,381) (5,381)
changes
Share based payments - - 78 - - 78
At 31 July 2007 60 749 1,236 571 5,402 8,018
Deferred tax liabilities
Intangibles ESOP Freehold Total
#000 #000 Property #000
#000
At 1 August 2006 (2,450) (120) (580) (3,150)
Amortisation of intangible assets 734 - - 734
Additions (intangible assets acquired) (6,963) - - (6,963)
At 31 July 2007 (8,679) (120) (580) (9,379)
8 Cash generated from operations
2007 2006
#000 #000
Profit for the year 34,005 18,533
Adjustments for:
Income tax expense 14,127 7,914
Depreciation 3,919 3,111
Profit on disposal of property, plant and (14) (1)
equipment
Amortisation of intangible assets 3,545 1,567
Interest receivable (631) (701)
Finance costs 1,215 109
Gain arising on retirement benefit plan (18,530) -
changes
Other non-cash movement 587 2,000
Changes in working capital
Increase in trade and other receivables including unbilled (12,879) (4,755)
revenue
Increase in trade and other payables 5,723 7,117
Cash generated from operations 31,067 34,894
9 Cash and cash equivalents
Cash, cash equivalents and bank overdrafts are analysed as follows:
2007 2006
#000 #000
Cash and cash equivalents 19,007 33,366
Bank overdrafts and borrowings (16,176) -
Cash, cash equivalents and bank overdrafts 2,831 33,366
10 Retirement benefit obligations
The Group operates several occupational pension schemes for its employees. These
schemes are a combination of defined benefit, defined contribution and third
party defined benefit schemes. The Mouchel Parkman Superannuation Fund and the
Mouchel Parkman Staff Pension Scheme are both funded defined benefit schemes,
the Legal and General GPP scheme, Parkman DC Scheme and the Parkman Ireland
Pension Scheme (DC section) are defined contribution schemes and the Group is a
member of the Merseyside Pension Fund, a third party defined benefit scheme.
a Defined benefit pension schemes - third party schemes
2020 Liverpool and 2020 Knowsley employees are members of the Merseyside Pension
Fund, a pre-funded defined benefit scheme. The Group accounts for this scheme as
a defined contribution scheme. Cash contributions are recognised as pension
costs and no asset or liability is shown on the balance sheet.
b Defined benefit pension schemes - Group schemes
For the two principal defined benefit schemes, the future liabilities for
benefits are provided for by the accumulation of assets held externally to the
Group in separate, trustee administered funds. The cost of these schemes is
determined in accordance with the advice of independent, professionally
qualified actuaries on the basis of formal actuarial valuations using the
projected unit credit method. In line with normal business practice these
valuations are undertaken on a triennial basis.
Both schemes are closed to new entrants except for employees transferring to the
Group under the Transfer of Undertakings (Protection of Employment) Regulations
(1981) as amended, where the Group is required to provide benefits which are
broadly comparable to those provided under the Local Government Pension Scheme
or another defined benefit scheme provided by the transferring employer. Given
the membership of the two schemes, under the projected unit credit method, the
current service cost would be expected to increase as the members of the scheme
approach retirement. However, following the amendment to the scheme rules (note
3) the deficit has been reduced by #18.5m. The date of the most recent full
actuarial valuations of the two schemes was March 2004.
2007 2006
% %
Discount rate 5.7 5.2
Expected rate of increase in pensionable salaries 4.8 4.8
Expected rate of increase in pensions in payment 2.5 2.8
Expected rate of price inflation 3.0 2.8
2007 2006
Years Years
Life expectancy at age 65;
Current pensioners: male 87.1 84.1
female 90.1 87.0
Future pensioners: male 85.6 85.4
female 88.5 88.4
The sensitivity associated with these assumptions is as follows:
Effect on
deficit
Change #000
Discount rate -/+ 0.1% +/- 4,000
Expected rate of price inflation -/+ 0.1% +/- 2,900
Life expectancy -/+ 1 year +/- 5,600
The expected return for the scheme assets in the forthcoming year is as follows:
%
Equities 8.0
Bonds, gilts and cash 4.9
Property 7.4
The amounts recognised in the balance sheet are as follows:
2007 2006
#000 #000
Equities 121,519 108,439
Bonds and gilts 39,365 36,132
Cash 1,711 1,543
Property 8,558 6,942
Unpaid contributions (487) (500)
Fair value of plan assets 170,666 152,556
Present value of obligations (188,670) (200,847)
Liability in the balance sheet (18,004) (48,291)
Current liability (487) (500)
Non-current liability (17,517) (47,791)
Total liability in the balance sheet as above (18,004) (48,291)
Movements in the present value of the defined benefit obligation are as follows:
Notes 2007 2006
#000 #000
Retirement benefit obligations at the beginning of the period (48,291) (51,531)
Service cost (7,078) (8,358)
Net interest (expense)/income (160) 64
Company contributions 6,636 6,359
Movement in unpaid contributions at the period end 13 (80)
Gain arising on retirement benefit plan changes 3 18,530 -
Actuarial gain 12,346 5,255
Retirement benefit obligation at the end of the period (18,004) (48,291)
During the year the Group conducted a review of the benefits provided under the
two principle defined benefit pension schemes. As a result of this review the
liabilities of the schemes have significantly reduced. Further details can be
found in note 3.
The amounts recognised in the income statement are as follows:
2007 2006
#000 #000
Current service cost 7,078 8,358
Interest cost 10,561 9,763
Expected return on plan assets (10,401) (9,827)
Total recognised in the income statement 7,238 8,294
Of the amount recognised in the income statement, #772,000 (31 July 2006:
#585,000) has been included in administrative expenses and #6,306,000 (31 July
2006: #7,773,000) has been included in cost of sales. Interest income of
#10,401,000 (31 July 2006: #9,827,000) and interest cost of #10,561,000 (31 July
2006: #9,763,000) have been included in finance costs (31 July 2006: interest
receivable).
The gain arising on retirement benefit plan changes is reflected as an
exceptional item with #16,508,000 being included in cost of sales and #2,022,000
included in administrative expenses.
Actuarial gains and losses recognised in the statement of recognised income and
expense are as follows:
2007 2006
#000 #000
Actual return less expected return on pension scheme assets 3,493 1,607
Experience gains and losses arising on the scheme liabilities (833) 854
Effect of changes in assumptions on the present value of scheme 9,686 2,794
liabilities
Deferred tax on scheme deficit (3,700) (1,444)
Deferred tax on current service cost (4) 131
Total recognised in the statement of recognised income and expense 8,642 3,942
11 Acquisitions during the year
a Traffic Support Limited
On 16 November 2006 the Group acquired 100% of the issued share capital of
Traffic Support Limited. This company was later renamed Traffic Support Mouchel
Parkman Limited.
b Ewan Group plc
On 16 November 2006 the Group acquired 100% of the issued share capital of Ewan
Group plc. This company was later renamed Mouchel Parkman Ewan Limited.
c Hornagold and Hills (private partnership)
On 16 November 2006 the Group acquired 100% of the trade and assets of Hornagold
& Hills, a management consultancy practice.
Carrying values Fair value
pre-acquisition adjustments Fair value
#000 #000 #000
Net assets acquired
Other intangible assets - 23,210 23,210
Investments 132 (132) -
Plant, property and equipment 1,165 (374) 791
Trade receivables 8,683 (841) 7,842
Cash and cash equivalents 5,698 - 5,698
Trade payables (6,993) (318) (7,311)
Deferred tax - (6,963) (6,963)
8,685 14,582 23,267
Goodwill - - 26,122
Consideration 49,389
#000
Satisfied by:
Cash 47,200
Acquisition costs 711
Shares 1,478
Consideration 49,389
The outflow of cash and cash equivalents upon acquisition is calculated as
follows:
#000
Cash consideration including costs 47,911
Cash acquired (5,698)
Net cash outflow 42,213
12 Consolidated statement of changes in equity
Share Share Other Retained Total
capital premium reserves earnings #000
#000 #000 #000 #000
Balance at 1 August 2006 271 25,466 11,738 31,999 69,474
Profit for the year - - - 34,005 34,005
Dividends - - - (4,537) (4,537)
Proceeds from shares issued 2 998 - - 1,000
Equity consideration issued 1 - 1,477 - 1,478
Exchange adjustments - - (364) - (364)
Sale of own shares by employee share trusts - - (6) - (6)
Profit on sale of own shares held in employee - - - 11 11
share trusts
Share based payments - - - 474 474
Tax relief on shares issued to employees - - - 140 140
Increase in unrealised profit on shares held in
employee share trusts
- - - (9) (9)
Actuarial gain on pension scheme valuations - - - 12,346 12,346
Deferred tax on pension scheme valuations - - - (3,704) (3,704)
Balance at 31 July 2007 274 26,464 12,845 70,725 110,308
13 Post balance sheet events
a Acquisitions
On 6 August 2007, the Group acquired 100% of the issued share capital of HBS
Business Services (Group) Limited (HBS), a business outsourcing company with
whom the Group was already working in partnership for Oldham Metropolitan
Borough Council, for consideration of #32.2 million (net of #14.0 million cash
acquired).
HBS provides business transformation consultancy, outsourced back-office and
customer-facing services (such as finance, administration, payroll, human
resources), a wide range of ICT consultancy services and education support
services. HBS's turnover this year will be around #130 million. The company has
over 3,000 staff and an order book of #0.7 billion.
b Credit facility
On 1 August 2007, an unsecured revolving credit facility of #125 million was put
in place. This is a joint arrangement with The Royal Bank of Scotland and
Lloyds TSB, to finance the acquisition of HBS, fund existing working capital
requirements and provide capacity for the future growth and development of the
business.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR GUGRCUUPMGMA
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