RNS Number:6124E
SPG Media Group Plc
15 June 2006
SPG MEDIA GROUP PLC
PRELIMINARY RESULTS FOR THE YEAR ENDED 31 MARCH 2006
Financial Highlights
Turnover #18.2 million (2005: # 18.8 million)
Operating profit (before exceptional items
and goodwill amortisation)* #1.6 million (2005: Loss #0.5 million)
Operating profit* #1.5 million (2005: Loss #3.4 million)
Cash generated by operations #2.2 million (2005: #0.7 million)
Cash in hand #2.3 million (2005: #0.2 million)
* During the year the Group changed its accounting policy on work in progress.
Had the previous accounting policy been maintained during the year ended 31
March 2006, profit before tax would have been #1.0 million lower.
Stephen Davidson, Chairman
"I am pleased to report a return to profitability and strong cash generation."
Steve Nicholson, Chief Executive
"In year ended 31 March 2006 we achieved our objective of returning the business
to profits, generating substantial levels of cash, strengthening the core
management team and further improving the businesses operations."
Contact:
Steve Nicholson SPG Media Group plc 020 7915 9685
Keith Sadler SPG Media Group plc 020 7915 9756
Barrie Newton Rowan Dartington 0117 933 0020
Chairman's Statement
I am pleased to report a return to profitability and strong cash generation.
Trading results
The results for the year ended 31 March 2006 show turnover of #18.2 million
(2005: #18.8 million) and an operating profit, before exceptional items and
amortisation, of #1.6 million (2005: loss #0.5 million). The profit before
taxation was #1.3 million (2005: loss #3.1 million). As I mention below we have
changed our accounting policy on work in progress. Had we continued with the
same policy we would have had an increased charge through the profit and loss
account of some #1.0 million.
I indicated in my brief statement last year and reiterated in my interim
statement that it would be a year of challenges. It has been so.
Our internet division delivered a solid performance with marginally higher
revenues of #6.1 million (2005 #5.9 million). We will seek to improve our
competitive position by investing in content for our websites.
The inexorable transition to electronic sources and delivery for information
continues to materially impact our print division. Revenues declined to #5.9
million (2005: #7.9 million). Print remains an important contributor and we
continue to carefully manage costs consistent with revenue expectations.
Our events division performed very well with 29% revenue growth to #6.2 million
(2005: #4.8 million). We will continue to focus on expanding successful events.
Change of auditors
As part of the process of reviewing the provision of professional services to
the Group the Board decided to appoint PricewaterhouseCoopers LLP as the Group's
auditors. As Deloitte & Touche LLP resigned, PricewaterhouseCoopers were
appointed to fill the vacancy and complete the audit for the year ended 31 March
2006. They will stand for appointment at the next annual general meeting.
Change in calculation of work in progress
In accordance with Financial Reporting Standard 18 the Board regularly review
the group's accounting policies to ensure that they remain the most appropriate.
During the year the Board have decided to change the accounting policy in
respect of work in progress. Under the new accounting policy only directly
attributable expenditure to a publication, website or event is included as work
in progress. Under the previous accounting policy, certain overheads and sales
force costs were also included. In the view of the Board, the new accounting
policy is more appropriate and will provide a better platform for the Group's
transition to International Financial Reporting Standards in 2008.
This change in accounting policy has been reflected as a prior year adjustment.
This results in an additional charge of #0.1 million to the profit and loss
account for the year ended 31 March 2005 and a reduction in net assets of #4.4
million as at 31 March 2005.
Had the previous accounting policy been maintained during the year ended 31
March 2006, profit before tax would have been #1.0 million lower.
The impact on the profit and loss account of the change in accounting policy is
greater in the year to March 2006 than in 2005. This is a consequence of a
reduction in the cost base and thus a lower level of costs to be carried forward
at March 2006, and, the incidence and timing of publications and events.
Customers & Employees
I would like to express my thanks to the sponsors, delegates and advertisers who
have supported us this year. Further, the unstinting efforts of many hard
working employees has made a difference; thank you. Finally, my thanks to Board
colleagues for their considerable support.
Outlook
Revenue in the first quarter is at similar levels to last year with comparable
outlook. Faced with increasing cost pressures we will have to continue to apply
tight cost controls. Rescheduling of certain publications and events will result
in a greater percentage of revenue in the second half of this year.
Stephen Davidson
Chairman
15 June 2006
Chief Executive's Operational Review
Results in Summary:
Revenues were marginally down at #18.2 million (2005: #18.8 million) with the
group returning operating profits of #1.5 million (2005 loss #3.4 million),
generating #2.2 million of operating cash flows (2005 #0.7 million), through
improving productivity and reducing the operational expenditure of the business.
The group changed its accounting policy in respect of work in progress resulting
in an additional charge of #0.1 million to the P&L year ended 31 March 2005 and
a reduction in net assets of #4.4 million as at 31 March 2005.
Business Strategy:
In 2004 we started the process of moving the business from its origins as a
controlled circulation publisher into a media company with integrated products
and services.
We set about reducing the cost base, aligning the products to specific business
markets and integrating the operations of the group. I am delighted to confirm
we are making positive progress.
Our strategy is to deliver integrated media services, via the Internet and
publications, conferences and executive summit events, to approximately 500,000
global business executives, in a style and format that provokes opinion,
influences decisions and delivers commercial value to our many advertisers,
sponsors and business partners.
I am delighted to confirm we are making positive progress.
The UK operations are based in central London with expansion planned through our
offices in Nottingham. The UK employs approximately 225 people, focusing on 9
global B2B markets, delivering nearly 100 different products.
The Indian business is based in Hyderabad focusing on developing a national
presence with the broader objective of building our position in the key Asian
markets. We currently employ c120 people, in India, with a strategy to develop
the operational and marketing skills to launch integrated media services
relevant to the Asian and Indian markets.
2006 will be a year of investment as we continue the process of strengthening
our overall international editorial capability, building strong industry
relationships and launching new products and services in line with our strategic
ambitions.
Market Overview:
We live and work in a fast changing world where our individual preferences,
values and beliefs are increasingly shaped by technology, most notably the
Internet.
Access to a global information source is changing how we work, how we live and
how we communicate - all have a direct and lasting impact on how an
international media business should operate to provide value and customer
satisfaction
At the heart of our strategy is a deep understanding that we must respond to
these changes, recognise the changing requirements of our customers and above
all we must strive to provide valuable services in a relevant and timely manner.
We believe SPG is well placed to respond to these changing dynamics.
Business Operations:
The business has three operating divisions:
Internet:
Headlines:
2006 2005
Revenues: #6.1m #5.9m
Operating Profit/loss: #0.6m #(1.6m)
Employees: 59
Web sites:
UK: 21 21
India: 7 5
Advertisers: 4,200
Notes: 2006 headcount is the average for the financial year
No comparative data for 2005 due to different reporting
Performance:
- 3% increase in recognised revenues
- 6% increase in order intake
- 30% increase in customer repeat rates
The Internet business provides our customers with a rich source of reference
materials on technical projects segmented across a variety of different
international business markets.
The strategy in 2005 was to improve the quality of the web sites, introduce a
new sales structure designed to improve customer service and retention, invest
in the development of our young and talented management team, in addition to,
the development of new products and web based services to provide a platform for
future growth and development.
We successfully implemented the new sales structure delivering a significant
improvement in our customer repeat rates, created a vibrant and enthusiastic
business environment and invested in product development.
We successfully launched new services across our web sites, introduced 6 new
websites, complimentary to our publishing business, in addition to launching our
first portal, for the packaging industry, using Qmina, a search based industry
directory service.
Over the past four months we have seen the number of unique user sessions grow
by 67% and the number of page views increase from approximately 5.5 million to
8.5 million per month.
In 2006 we will continue to invest in the development of our core products and
services, we will strengthen our international editorial competencies, expand
our information services, launch two new portals and continue to build our
Indian web based activities.
The joint venture with EIL to launch response based electronic newsletters was
terminated, these types of service will be integrated into our core products.
Events:
Headlines:
2006 2005
Revenues: #6.2m #4.8m
Operating Profit/loss: #0.5m (#0.6m)
Employees: 51
Events: 42 47
UK: 2 1
India: 1,552 1,595
Delegates: 427 343
Sponsors/Suppliers:
Notes: 2006 headcount is the average for the financial year
No comparative data for 2005 due to different reporting
Performance:
- 29% growth in revenues
- Doubled customer repeat rates
- Successfully launched new events in core markets
In 2005 we successfully integrated the traditional conferences business,
acquired in 2003, with the organically developed and highly successful executive
summits business, which we re-launched in 2004.
The business is now fully integrated and sector based delivering content rich
programs, via our conferences and summits, in addition to bringing global
audiences of senior buyers and sellers together to network and build
international trading relationships.
We believe that the key to developing this business will be a continual cycle of
product and service innovation based on the outstanding execution of each event.
We successfully launched a number of new events during 2005, most notably PACE,
a summit event for the packaging industry and SAOF, an International outsourcing
summit event on behalf of the South African Government.
In addition to the developments in the core events business we also launched SPG
Customise, an embryonic business focused on delivering turnkey media solutions
to blue chip clients.
This is a fast growing business building outstanding brands and deep industry
relationships.
Print Publishing:
Headlines:
2006 2005
Revenues: #5.9m #7.9m
Operating Profit/loss #0.4m (#1.2m)
Employees: 65
Publications:
UK: 22 33
India: 2 -
Circulation base: 221,562 342,300
Advertisers: 1,131 1,388
Notes: 2006 headcount is the average for the financial year
No comparative data for 2005 due to different reporting
This is a business in transition with an experienced management team carefully
managing the widely accepted and general trend of advertisers moving towards
digital media.
In recognition of these changes we have focused on only retaining publications
in our core markets and where we feel our readership would benefit from
complimentary web services and events, as a consequence the number of
publications we will run in 2006 will be reduced.
All publications are bi-annual, with the exception of one quarterly magazine,
with a controlled circulation readership broadly targeted at the top executives
in specific international markets.
New product launches are planned, predominantly in Asia, where we intend to
launch Asian editions of UK published magazines, plus a small number of new
publications targeted at the Indian and Asian markets.
We are actively aligning our publishing business to our events and Internet
business with the objective of building integrated media propositions, which we
believe has a stronger appeal to our customer base.
India:
The 2005 strategy was to build the core competencies and management team, to
launch Asian publications, to build on our expertise operating executive summit
events and to create a group data centre to support the collection and
management of the group's customer data.
We recruited a strong management team, with relevant industry experience,
successfully launched our first publications, Pharma Asia and Asian Hospitals,
ran two International Outsourcing Summit events, in Dubai and Holland, enhanced
our web based services and successfully developed the related sales operations
out of the Indian office.
Turnover increased from #0.2 million to #0.9 million.
The development of a group data centre did not materialise as fast as we planned
and as an interim step to building the group competence we have focused the
operations on building and managing the Indian data as the precursor to pursuing
the group's interests.
In 2006 we will expand the number of publications operated out of India,
transfer the sales and management of the Broadcasting products from the UK and
open a small sales office in Mumbai to support the process of selling more
economically.
Unaudited Consolidated profit and loss account
For the year ended 2006 2005
31 March
Restated* Restated*
Before Exceptional Total Before Exceptional Total
Exceptional items and exceptional items and
items and amortisation items and amortisation
amortisation amortisation
#'000 #'000 #'000 #'000 #'000 #'000
Turnover( including share
of joint venture) 18,256 - 18,256 18,861 - 18,861
Less share of joint
venture turnover (65) - (65) (21) - (21)
Turnover 18,191 - 18,191 18,840 - 18,840
Cost of sales (8,349) - (8,349) (10,583) - (10,583)
Gross profit 9,842 - 9,842 8,257 - 8,257
Distribution costs (450) - (450) (366) - (366)
Administrative expenses (7,752) (94) (7,846) (8,351) (2,970) (11,321)
Administrative expenses (7,752) - (7,752) (8,351) - (8,351)
Amortisation - (248) (248) - (109) (109)
Exceptional items - 154 154 - (2,861) (2,861)
Total administrative
expenses (7,752) (94) (7,846) (8,351) (2,970) (11,321)
Group operating profit/
(loss) 1,640 (94) 1,546 (460) (2,970) (3,430)
Share of joint venture
operating loss (44) - (44) (10) - (10)
Loss on termination of
joint venture - (57) (57)
Profit on disposal of
business - 51 51 - 429 429
Net interest payable (152) - (152) (75) - (75)
Profit/(loss) on
activities before
taxation 1,444 (100) 1,344 (545) (2,541) (3,086)
Tax on profit/(loss) on
ordinary activities - - - (6) - (6)
Profit/(loss) on ordinary
activities after taxation
and retained loss for the
financial year 1,444 (100) 1,344 (551) (2,541) (3,092)
Basic profit/(loss) per
share 1.59p (3.65)p
Diluted profit/(loss) per
share 1.58p (3.65)p
* All of the above activities are continuing operations with the exception of
the joint venture
Unaudited Consolidated Balance Sheet
As at 31 March 2006
2006 2005
Restated
#'000 #'000
Fixed assets
Intangible assets 4,159 4,407
Tangible assets 1,590 2,580
Investment in joint venture - 55
5,749 7,042
Current assets
Debtors 4,861 4,476
Cash at bank and in hand 2,329 233
7,190 4,709
Creditors - amounts falling due within one year
Trade and other creditors (8,072) (7,160)
(8,072) (7,160)
Net current liabilities (882) (2,451)
Total assets less current liabilities 4,867 4,591
Creditors - amounts falling due after more than one year (39) (48)
Provisions for liabilities and charges (2,280) (3,347)
Net assets 2,548 1,196
Capital and reserves
Called up share capital 4,293 4,293
Share premium account 7,262 7,262
Capital redemption reserve 7,874 7,874
Other reserves 733 733
Profit and loss account (17,614) (18,966)
Equity shareholders' funds 2,548 1,196
Unaudited Consolidated statement of total recognised gains and losses
For the year ended 31 March 2006
2006 2005
Restated
#'000 #'000
Profit/(loss) for the financial year
- Group 1,388 (3,082)
- Joint venture (44) (10)
1,344 (3,092)
Exchange rate adjustment offset in reserves (retranslation of foreign
investments) 8 (5)
Release of negative goodwill on sale of Debretts - (225)
Total recognised gains/(losses) for the year 1,352 (3,322)
Prior year adjustment (note 12) (4,431)
Total loss recognised since last annual report (3,079)
Unaudited Reconciliation of movements in shareholders' funds
For the year ended 31 March 2006
2006 2005
Restated
#'000 #'000
Profit/(loss) for the financial year 1,344 (3,092)
Other recognised gains and losses 8 (230)
Net change in shareholders' funds 1,352 (3,322)
Shareholders' funds as at start of year (previously #8.9 million
before prior year adjustment of #4.4 million) 1,196 4,518
Shareholders' funds as at 31 March 2,548 1,196
Unaudited Consolidated cash flow statement
For the year ended 31 March 2006
2006 2005
Restated
#'000 #'000
Net cash inflow from operating activities 2,199 666
Returns on investments and servicing of finance
Interest received and similar items 21 8
Interest paid - (27)
Interest element of finance lease payments (5) (2)
Taxation
Overseas corporation tax paid - (6)
Capital expenditure and financial investment
Payments to acquire tangible fixed assets (291) (569)
Investments in joint venture - (65)
Acquisitions and disposals
Net cash inflow from sale of trading assets 180 569
Net cash flow before financing 2,104 574
Financing
Capital element of finance lease payments (8) (3)
Increase in cash in the period 2,096 571
Reconciliation of net cash flow to movement in net debt
Increase in cash in the period 2,096 574
Cash outflow from lease financing 8 3
Change in net debt resulting from cash flows 2,104 577
New finance lease obligations - (58)
Movement in net funds for the period 2,104 519
Opening net funds/(debt) 178 (341)
Closing net funds 2,282 178
1. Segmental reporting analysis
The turnover and operating profit is derived from international business to
business communications and originates in the UK and India. Revenue generated
out of India was #0.9 million (2005: #0.2 million).
Geographical analysis of turnover:
2006
#'000
UK 3,659
USA 3,640
Europe (other than UK) 9,272
Other 1,620
18,191
No comparative information has been disclosed above as the relevant data was not
recorded during the year ended 31 March 2005.
Business analysis:
2006 2006 2006 2005 2005 2005
#'000 #'000 #'000 #'000 #'000 #'000
Turnover Operating Net assets Turnover Operating Net assets
profit loss
Print 5,884 404 1,098 7,919 (1,243) 507
Internet 6,115 653 120 5,947 (1,583) 381
Events 6,192 489 1,330 4,801 (604) 308
Other - - 173 -
18,191 1,546 2,548 18,840 (3,430) 1,196
The calculation of operating profit has been undertaken by allocating central
costs to each division on the basis of contribution generated.
2. Exceptional items
The following have been identified as exceptional items and disclosed separately
on the face of the profit and loss account:
Exceptional items 2006 2005
#'000 #'000
Property provisions 523 (2,445)
Write-off of leasehold improvements associated with
onerous leases (369) -
Redundancy costs - (416)
154 (2,861)
Closure of joint venture (57) -
Profit on disposal of business 51 429
In 2005 the property provision was a charge in respect of the non-operational
properties of the Group. During the current year certain of the empty properties
have been let which has meant a release of the provision made in previous
periods.
Leasehold improvements were undertaken to improve the potential letting ability
of the non-operational properties and accordingly the ascertained costs have
therefore been written off.
The Board decided to discontinue its joint venture with its partner and closed
this business down. A one-off charge has been made in the year of outstanding
loans made to the joint venture company. #57,000 has been written off.
The deferred consideration relates to the Debrett's disposal in the prior year
has been adjusted to reflect the actual amount receivable, resulting in a
#51,000 credit to the profit and loss account.
3. Net interest payable
2006 2005
#'000 #'000
Interest payable
Interest on overdrafts repayable within five - (27)
years
Interest on finance leases (5) (2)
Unwinding of discount on property provisions (168) (54)
(173) (83)
Interest receivable
Bank interest 21 8
Total (152) (75)
4. Tax charge
2006 2005
#'000 #'000
UK corporation tax at 30% (2005: 30%) - -
Foreign taxation - (6)
Deferred taxation (note ) -
- (6)
The current tax charge is reconciled to the standard corporation tax rate
applicable in the UK as follows:
2006 2005
#'000 #'000
Profit/(loss) on ordinary activities before tax 1,344 (3,040)
Corporation tax at 30% (2005: 30%) 403 (912)
Effects of:
Capital gains reliefs utilised - (173)
Prior year adjustment for basis of work-in-progress (1,329) -
Expenses not deductible for tax purposes 57 143
Excess of capital allowances over depreciation of eligible 195 (12)
assets
Reduction in rate due to foreign reliefs (35) (11)
Losses carried forward 694 915
General bad debt provision (71) 17
Amortisation of goodwill 73 39
Associate losses not recognised 13 -
- (6)
5. Earnings per share
The earnings per share of 1.59p (2005: loss 3.65p) and the diluted earnings per
share of 1.58p (2005: loss 3.65p) have been calculated on the attributable
profit to shareholders of #1.3 million (2005: loss #3.1million).
The weighted average number of shares in issue during the period (excluding
those held by the Group's Employee Benefit Trust) were:
2006 2005
Number Number
'000 '000
Total number of shares 85,857 85,857
Shares held in employee benefit trust (1,214) (1,214)
Basic number of shares 84,643 84,643
Dilutive effect of share options 376 -
Diluted number of shares 85,019 84,643
6. Intangible assets
Goodwill Publishing rights Total
and other
intangible fixed
assets
#'000 #'000 #'000
Group
Cost
At 1 April 2005 and 31 March 2006 2,306 10,539 12,845
Amortisation/permanent diminution
At 1 April 2005 (731) (7,707) (8,438)
Charge for the year (107) (141) (248)
At 31 March 2006 (838) (7,848) (8,686)
Net book value
At 31 March 2006 1,468 2,691 4,159
At 31 March 2005 1,575 2,832 4,407
7. Tangible fixed assets
Short-term Equipment, Total
leasehold vehicles
premises fixtures and
fittings
#'000 #'000 #'000
Group
Cost
At 1 April 2005 988 4,539 5,527
Additions 23 268 291
Assets written off (748) (771) (1,519)
Exchange adjustment - 10 10
At 31 March 2006 263 4,046 4,309
Depreciation
At 1 April 2005 (417) (2,530) (2,947)
Charge for the year (38) (883) (921)
Depreciation written off 379 771 1,150
Exchange adjustment - (1) (1)
At 31 March 2006 (76) (2,643) (2,719)
Net book value
At 31 March 2006 187 1,403 1,590
At 31 March 2005 571 2,009 2,580
8. Stocks and Work-in-progress
2006 2005
Restated
#'000 #'000
Group and company
Work-in-progress as previously reported - 4,517
Restated as prepayments - (86)
Prior year adjustment as a result of change in
accounting policy - (4,431)
As restated - -
At 31 March - -
During the year the Board have decided to change the accounting policy in
respect of work in progress. Under the new accounting policy only directly
attributable expenditure to a publication, website or event is included as work
in progress. Under the previous accounting policy, certain overheads and sales
force costs were also included. In the view of the Board, the new accounting
policy is more appropriate and will provide a better platform for the Group's
transition to International Financial Reporting Standards in 2008.
This change in accounting policy has been reflected as a prior year adjustment.
This results in an additional charge of #0.1 million to the profit and loss
account for the year ended 31 March 2005 and a reduction in net assets of #4.4
as at 31 March 2005.
Had the previous accounting policy been maintained during the year ended 31
March 2006, profit before tax would have been #1.0 million lower.
9. Debtors
Group
Restated
2006 2005
#'000 #'000
Trade debtors 4,179 3,333
Amounts by joint venture - 65
Other debtors 234 690
Prepayments and accrued income 448 388
4,861 4,476
Amounts owed by Group undertakings are repayable on demand and are
non-interesting bearing.
10. Creditors - amounts falling due within one year
Group
2006 2005
#'000 #'000
Net obligations under finance leases 8 7
Trade creditors 92 364
Other taxes and social security costs 268 256
Other creditors 1,762 1,624
Accruals and deferred income 5,942 4,909
8,072 7,160
Amounts owed to Group undertakings are repayable on demand and are non-interest
bearing.
11. Creditors - amounts falling due after more than one year
Group
2006 2005
#'000 #'000
Net obligations under finance leases 39 48
39 48
12. Provision for liabilities
Group
#'000
At 1 April 2005 3,347
Utilised in year (712)
Release in the year (523)
Unwinding of discount (see note 6) 168
At 31 March 2006 2,280
Provision has been made for the net present value of future residual leasehold
commitments. This provision has been calculated making assumptions on future
rental income, market rents, insurance and rates this has then been discounted
using a discount rate of 5.0% per annum. As these are estimates this provision
cannot be known with certainty.
The provision will be utilised over the term of the relevant leases and falls
within the following periods:
#'000
Group
Less than one year 633
Between two and five years 1,237
More than five years 410
Total 2,280
13. Share capital
2006 2005 2006 2005
Number Number
'000 '000 #'000 #'000
Authorised
Ordinary shares of 5p each 223,754 223,754 11,188 11,188
Redeemable deferred shares of 1p each 535,621 535,621 5,356 5,356
At 31 March 16,544 16,544
Allotted and fully paid
Ordinary shares of 5p each 85,857 85,857 4,293 4,293
14. Statement of movement on reserves
Share Capital Other Profit and
premium redemption reserves loss account
reserve
#'000 #'000 #'000 #'000
Group
At 31 March 2005 as previously
stated 7,262 7,874 733 (14,535)
Prior year adjustment - - - (4,431)
7,262 7,874 733 (18,966)
Retained profit for the year - - - 1,344
Exchange rate differences - - - 8
At 31 March 2006 7,262 7,874 733 (17,614)
15. Reconciliation of operating loss to net cash inflow from operating
activities
2006 2005
Restated
#'000 #'000
Operating profit / (loss)
- Group 1,546 (3,430)
Amortisation of goodwill 248 109
Depreciation of tangibles fixed assets 921 1,000
Write-off of leasehold improvements 369 -
(Increase)/decrease debtors (511) 1,746
Write off of joint venture investment (47) -
Loan to joint venture - (65)
Increase/(Decrease) creditors 908 (808)
Provision for liabilities and charges (1,235) 2,114
Net cash inflow from operating activities 2,199 666
16. Analysis of net funds
1 April 2005 Cash flow 31 March 2006
#'000 #'000 #'000
Cash at bank and in hand 233 2,096 2,329
Overdrafts - - -
233 2,096 2,329
Finance leases (55) 8 (47)
Net funds 178 2,104 2,282
Preliminary results
These unaudited preliminary results do not constitute statutory accounts. The
preliminary results for the year ended 31 March 2006 are extracted from the
unaudited Group's accounts for the year. Those financial statements have not yet
been delivered to the Registrar of Companies, nor have the auditors yet reported
on them.
These preliminary results have been prepared on the basis of the accounting
policies set out in the Company's 2005 statutory accounts, apart from the change
of accounting policy relating to work-in-progress as explained in note 8.
Copies of the directors' report and the audited financial statements for the
year ended 31 March 2006 will be posted to shareholders on 30 June 2006 and may
obtained from the Company's registered office
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR AKQKNCBKDPAD
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