Interim Results
September 05 2000 - 3:01AM
UK Regulatory
RNS Number:3982Q
Taylor Woodrow PLC
5 September 2000
TAYLOR WOODROW plc INTERIM STATEMENT
for the six months ended 30 June 2000 (unaudited)
"Excellent results - major strategic objectives achieved"
- Operating profit from continuing operations up 34 percent to #76.5m
- Worldwide housing profits up 59 percent to #53.4m
- Taywood Homes profits increase 67 percent to #15m
- ROCE up from 13 percent to 16 percent
- Key Strategy 2000 objectives achieved:
- Construction restructured
- Monarch minority acquired
- North American business streamlined
- Greenham Trading sold for #76.4 million
- Other non-core assets disposed of
GROUP FINANCIAL SUMMARY Six months to 30 June (unaudited)
2000 1999
as restated
Group turnover #736.4m #684.1m
Group operating profit # 78.8m # 60.5m
Profit before taxation # 89.4m # 49.7m
Basic earnings per share 16.4p 8.1p
Dividends per share 1.82p 1.65p
30 June 2000 31 December 1999
(unaudited) as restated
Net debt #195.9m #112.6m
Net gearing 24.1% 15.1%
Shareholders' funds per share 212.8p 195.1p
Commenting on the results, Keith Egerton, Group Chief Executive, said,
"Taylor Woodrow, the international developer, enjoyed a successful
first half of 2000. In addition to excellent operational results,
we made considerable progress in implementing our Strategy 2000
initiatives which will deliver superior returns in the future.
Operating profit from continuing operations for the six months ended
30 June 2000 grew 34 percent over the same period last year, to #76.5
million. Return on capital employed improved from 13 percent to 16
percent.
Our core housing and property businesses performed particularly strongly.
Housing's operating profit increased 59 percent, to #53.4 million and
Property's operating profit rose 12 percent, to #23.7 million. Underlying
operating margins in Construction were similar to the first half of 1999
on reduced turnover. Construction's order book at 30 June 2000 stood at
#644 million, of which #147 million was long-term PFI facilities
management work.
We recorded exceptional profits on the disposal of investments and
properties, notably #15.3 million on the sale of Greenham Construction
Materials. Basic earnings per share calculated after these exceptional
profits more than doubled to 16.4p.
The Board has declared an interim dividend of 1.82p per share, an increase
of 10 percent over the comparable payment last year.
There was a net cash outflow of #79.1 million in the first half. This
was entirely due to the #94 million acquisition of the 45 percent interest
in our Canadian subsidiary Monarch Development Corporation and was largely
funded by proceeds from the sale of Greenham Trading which was completed
in July. The major part of the Strategy 2000 restructuring and
re-organisation costs were charged in the first half. These include #5
million of net redundancy costs at Taylor Woodrow Construction.
At 30 June 2000 total shareholders' funds were #812.5 million, compared
with #743.9 million at the end of 1999. This is equivalent to 212.8p per
share, an increase of 17.7p per share from the year end position. Net
debt was #195.9 million and net gearing 24.1 percent.
REVIEW OF OPERATIONS
UK
Operating profit from UK operations in the first half rose 82 percent over
last year's comparable period, to #42 million.
Taywood Homes, which is responsible for the Group's UK housing activities
outside Central London, increased its operating profit 67 percent and
improved its margin to 13.4 percent, compared with 11 percent for the
first half of 1999. Home completions increased 14 percent, to 748 and its
average selling price rose 22 percent, to #132,800.
Taywood Homes' seven regional operations are all in prosperous parts of
the UK. This geographic spread provided the business with some protection
against the slowdown evident in the UK housing market, particularly in the
South East. Its Lifestyle division, launched in 1998 to provide quality,
well located homes for active retirees, has already substantially sold out
its first three developments and is on track to be an important part of
Taywood Homes' activities.
During the first half Taywood Homes adopted a cautious approach to
purchasing land on the open market in the face of high prices, focusing
instead on several urban redevelopment prospects where the skills of other
Taylor Woodrow businesses can also be used. With land prices beginning
to moderate, Taywood Homes anticipates improving land purchase
opportunities in economically robust locations.
Changes in the planning process are resulting in longer lead times in
bringing sites forward for development. At 30 June 2000 Taywood Homes'
owned and controlled land bank totalled 5,476 lots, equivalent to 2.5
years' projected supply. In addition, Taywood Homes benefits from a flow
of sites from its strategic land bank acquired in previous years.
The company has launched several initiatives to improve its product
offering and customer service. Its Conservation range at Chelmsford won
the prestigious Year 2000 RIBA Housing Design Award and is now a benchmark
for quality developments in higher density locations. An IT and business
process platform is being introduced across the company to enhance the
operational effectiveness of every part of the business. The supply chain
is being improved through closer working with preferred sub-contractors
and a reduction in the number of suppliers and merchants. Drawing upon the
experience of our North American businesses, it is enhancing its web based
communication with prospective purchasers.
In Central London, prices stayed firm despite a quietening market. Only
one apartment remains unsold at City Quay, four at Montevetro and four at
Drury Lane. Interest in Greenwich Millennium Village continues at a very
high level; 90 percent of the first phase units were sold in the first two
weeks of being offered.
In March we acquired, in joint arrangement with Hutchison Whampoa, the
Lots Road power station site in Chelsea. We are making good progress in
developing our master plan for this exciting #350 million mixed-use
residential project.
Taylor Woodrow Property recorded a strong first half, supported by
excellent occupier demand for its developments throughout the UK. It sold
nine let developments and is close to selling another six, which together
will deliver the profit target for the year. It strengthened its trading
portfolio with 12 new sites, including several in central Scotland. Its
dramatic #100 million mixed-use Baltic Quays scheme, in Gateshead, which
it is developing in collaboration with Taylor Woodrow's housing and
construction businesses, progresses well with first revenues anticipated
in the final quarter of 2001.
In the investment portfolio, voids are being maintained at less than 2
percent and good rental growth is being achieved. Our sale of assets is
progressing in line with our strategy to reduce the investment portfolio
to #200 million by the end of 2001.
The benefits of Taylor Woodrow Construction's strategy to provide selected
clients with innovative, technology-led solutions in clearly defined
sectors were apparent in the first half. It secured several contracts
totalling over #75 million from Tesco, a contract to refurbish the 14-
storey AA building in Cardiff in conjunction with Taywood Homes, a major
facilities management contract from Lex Service and it commenced work on
the UK's largest land reclamation project at Newcastle upon Tyne. Under
its new management team it made significant progress in introducing a
customer-orientated structure, improving its procurement programmes and
reducing overhead.
NORTH AMERICA
Profits from our North American operations grew 15 percent over last
year's comparable period, to #33.8 million, which account for 43 percent
of the Group's operating profit.
In Florida, demand for our golf course developments remained high.
Aggressive price increases were successfully implemented, resulting in
exceptional operating margins. Construction has commenced on the 2,300-
acre Mirasol (formerly known as Golf Digest) project in Palm Beach Gardens
and plans are well advanced for other new developments in Tampa and
Naples.
In California, operating profits more than doubled as a result of larger
volumes and increased selling prices, in line with the business' strategy
to target the higher value market. We continued our profitable expansion
into Northern California with the acquisition of a prime parcel of land in
Sonoma.
Planning and final entitlement of the 2,500 acre Steiner Ranch, in Austin,
Texas progresses well, with substantial revenues expected in 2001. We
purchased an additional 661 acres adjacent to Steiner Ranch in July.
Demand for home sites in Austin remains strong and we are confident this
development will prove very successful.
Our activities in Canada benefited from continued sustained demand for our
high rise apartment developments in and around Toronto, where we completed
on 135 units in our Queens Harbour development.
Following the Group's acquisition of the minority interest in Monarch, we
streamlined our North American activities into one management structure.
This reorganisation will not only improve the reporting process, it will
also enable the management teams throughout North America to share
resources, product development and general management expertise, thereby
sharpening our operational performance and prospects in this key market.
OTHER INTERNATIONAL
Our housing activities in Spain go from strength to strength. Last year's
excellent sales and profit performance across developments in Mallorca,
Menorca and the Costa del Sol were sustained throughout the first half of
2000, with strong interest in our properties being shown by local
purchasers and European second home owners.
The housing market in Australia was impacted by uncertainty relating to
interest rate pressures and the introduction of Goods and Services Tax
(GST). However, our major residential development at Harrington Park,
Sydney continues to sell exceptionally well, with completions for the year
anticipated to be around 250 for the second successive year. Our land
development expertise was acknowledged during the first half when we won
four awards from the Urban Development Industry in Australia, including "Best
Community Development" for Harrington Park.
Taylor Woodrow Construction continued to be active in Africa and Asia,
targeting high margin projects where risks can be tightly managed.
NON-CORE ACTIVITIES
We have made excellent progress in disposing of the activities we
identified in March as being non-core.
In July we announced that Greenham Trading had been sold to Bunzl plc for
#76.4 million. Greenham reported lower operating profits in the first
half of 2000 at #2.3 million compared with #3.4 million for the equivalent
period of 1999. Turnover was up 1 percent, at #71.7 million.
In March we sold Greenham Construction Materials for #30 million and in
May sold our minority shareholding in the Fife Sand and Gravel Company.
These transactions completed the disposal of our mineral operations.
During the first half Taylor Woodrow Construction sold its Foundation
Engineering and Inshore Technical Services plant and continued to run down
its Precast business.
OUTLOOK
Our strong market positions, combined with the actions we have taken
following our strategic review, gives us confidence for the future.
The international spread of our activities (just under one half of our
operating profits are derived from overseas) provides some protection
against a downturn in any one market. For instance, buoyed by strong
economic activity in and around Toronto, demand for our Canadian high rise
developments shows continued strength. Likewise our activities in Spain
remain robust. Uniquely among UK housebuilders, our extensive
international housing activities reduce significantly our exposure to
uncertainties associated with the UK market and its challenging planning
process.
While our UK housing business is experiencing a softening in some of its
markets, particularly in the South East, this is balanced by strength
elsewhere. Our geographical spread in other economically robust parts of
the UK gives us a good deal of protection. We expect house prices to
stabilise prior to returning to their long-term growth trend. Taywood
Homes will stay focused on improving volume and margins. By harnessing
its housebuilding skills with the Group's expertise in property,
construction and Central London development we expect to secure a
significant share of the UK's large mixed use and brownfield market.
We anticipate continued good demand for our UK property development
projects as the supply of well located, high quality sites remains tight.
We are confident we will achieve our target of having 3.5 million square
feet of development activity with an end value in excess of #550 million
through the period to 2004. We will reduce our UK property investment
holdings in a controlled manner to around #200 million by the end of 2001.
Despite a moderation in the US new housing market we expect further
improvement in profitability and returns from our North American
activities following the integration and more active management of our
businesses there by the new management team. We expect to reduce our
investment property holdings in Canada by 60 percent.
The performance of Taylor Woodrow Construction will be enhanced further as
it focuses on providing technology-led solutions through construction,
PFI, facilities management and consultancy.
We have embarked on a #7 million investment programme to equip us with
best-in-class technological and communication systems. We will capitalise
on the e-commerce experience of our Californian housing operations to
create leading edge web applications.
To improve operational effectiveness and secure closer co-ordination we
will co-locate the senior corporate and business unit teams in the UK
into one head office during the second half of 2000.
As the new Taylor Woodrow takes shape we expect to report another set of
good results for 2000 and remain optimistic about our longer-term
prospects."
SHAREHOLDER INFORMATION
The interim dividend will be paid on Wednesday 1 November 2000 to
shareholders whose names appear on the register of members at the close of
business Friday 15 September 2000.
The company offers a Dividend Re-investment Plan which provides
shareholders with a facility to use their cash dividends to purchase
Taylor Woodrow plc shares in the market. Details will be sent to
shareholders with the interim statement, which is expected to be mailed on
5 September 2000.
Copies of the interim statement and the Dividend Re-investment Plan
literature will be available from the company's registered office (4
Dunraven Street, London, W1Y 3FG) from 5 September 2000.
Analyst enquiries:
Adrian Auer Office 020 7629 1201
Media enquiries:
Nicholas Jones Office 020 7629 1201
Mobile 07879 433119
Gavin Anderson:
Neil Garnett Office 020 7496 1426
DETAILED FINANCIAL INFORMATION FOLLOWS
TAYLOR WOODROW plc
SUMMARY CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE SIX MONTHS TO 30 JUNE 2000
Six months to Year to
30 June (unaudited) 31 December
2000 1999 1999
as as
restated restated
Notes #m #m #m
Turnover: Group and share of joint
ventures 745.6 691.8 1,522.0
Less share of joint ventures'
turnover (9.2) (7.7) (18.0)
----- ----- -------
Continuing operations 664.7 613.3 1,362.4
Discontinued operations 7 71.7 70.8 141.6
Group turnover 1 736.4 684.1 1,504.0
===== ===== =======
Continuing operations 76.5 57.1 132.4
Discontinuing operations 7 2.3 3.4 6.9
Group operating profit 1 78.8 60.5 139.3
Share of operating profit in
joint ventures 3.2 0.8 2.0
Profit on disposal of investments
and properties 17.1 - 3.6
----- ----- -------
Profit on ordinary activities before
interest 99.1 61.3 144.9
Net interest payable 3 (9.7) (11.6) (22.3)
----- ----- -------
Profit on ordinary activities before
taxation 89.4 49.7 122.6
Tax on profit on ordinary activities 4 (22.4) (14.0) (34.4)
----- ----- -------
Profit on ordinary activities after
taxation 67.0 35.7 88.2
Minority equity interests (5.1) (3.1) (6.0)
----- ----- -------
Profit for the financial period 61.9 32.6 82.2
Dividends (6.9) (6.6) (20.9)
----- ----- -------
Profit retained 55.0 26.0 61.3
===== ===== =======
Basic earnings per share 5 16.4p 8.1p 20.7p
==== ==== ====
Diluted earnings per share 5 16.3p 8.0p 20.5p
==== ==== ====
Dividends per ordinary share 1.82p 1.65p 5.45p
==== ==== ====
CONSOLIDATED STATEMENT OF TOTAL
RECOGNISED GAINS AND LOSSES
FOR THE SIX MONTHS TO 30 JUNE 2000
Six months to Year to
30 June (unaudited) 31 December
2000 1999 1999
as as
restated restated
#m #m #m
Profit for the financial period 61.9 32.6 82.2
Unrealised surplus on revaluation of
properties - - 25.9
Tax on realised revaluation surplus - (0.9) (0.9)
Currency translation differences on
foreign currency net investments 12.9 15.1 11.7
---- ---- -----
Total recognised gains and losses
relating to the period 74.8 46.8 118.9
==== =====
Prior year adjustment (note 2) (6.4)
----
Total gains and losses recognised
since the last annual report 68.4
====
SUMMARY CONSOLIDATED BALANCE SHEET
AT 30 JUNE 2000
30 June 31 December
2000 1999
(unaudited) as restated
#m #m #m
Fixed assets
Investment properties 371.3 378.5
Other tangible assets 84.8 101.6
Investments
Joint ventures (note 2)
Share of gross assets
(31 Dec. 1999 as restated:#58.7m) 59.7
Share of gross liabilities
(31 Dec. 1999 as restated:#56.4m) (57.9) 1.8 2.3
---- ------- -------
457.9 482.4
------- -------
Current assets
Stocks 874.1 781.3
Debtors 151.4 153.2
Current asset investments 5.9 5.7
Cash at bank and in hand 138.4 138.6
------- -------
1,169.8 1,078.8
Creditors: amounts falling due within
one year (note 2) (492.1) (487.8)
------- -------
Net current assets 677.7 591.0
------- -------
Total assets less current liabilities 1,135.6 1,073.4
Non-current creditors and provisions (321.6) (250.0)
------- -------
814.0 823.4
======= =======
Represented by:
Capital and reserves - equity
Called up ordinary share capital 95.4 95.3
Capital redemption reserve 14.2 14.2
Share premium account 232.6 232.2
Revaluation reserve 136.8 125.0
Profit and loss account (note 2) 333.5 277.2
----- -----
Shareholders' funds 812.5 743.9
Minority interests in equity of subsidiary
undertakings 1.5 79.5
----- -----
814.0 823.4
===== =====
SUMMARY CONSOLIDATED CASH FLOW STATEMENT
FOR THE SIX MONTHS TO 30 JUNE 2000
Six months to Year to
30 June (unaudited) 31 Dec
2000 1999 1999
#m #m #m
Group operating profit 78.8 60.5 139.3
Depreciation 4.0 7.0 13.8
Increase in stocks (62.4) (96.8) (93.9)
(Increase)/decrease in debtors (3.5) (3.7) 32.3
(Decrease)/increase in creditors (19.0) 9.5 (0.3)
Exchange adjustments (0.7) 1.2 1.3
---- ---- -----
Continuing operating activities (5.8) (29.1) 81.6
Discontinued operating activities (note 7) 3.0 6.8 10.9
Net cash (outflow)/inflow from operating
activities (2.8) (22.3) 92.5
Dividends from joint ventures 0.3 0.2 0.6
Returns on investments and servicing of finance (7.3) (9.2) (18.2)
Taxation (17.2) (14.2) (26.8)
Capital expenditure and financial investment 41.9 (1.4) 41.8
Acquisition of minority interest (note 6) (94.0) - -
Equity dividends paid - - (21.1)
---- ---- -----
Net cash (outflow)/inflow before financing (79.1) (46.9) 68.8
Issue of ordinary share capital by
Taylor Woodrow plc less contributions
to team member share trust 0.7 (0.6) (0.4)
Repurchase of ordinary share capital - - (33.4)
Exchange/non-cash changes in net debt (4.9) (6.1) (5.9)
---- ---- -----
Movement in net debt (83.3) (53.6) 29.1
==== ==== =====
MOVEMENT IN NET DEBT #m #m #m
(Decrease)/increase in cash in the period (13.1) (5.4) 18.4
Cash inflow from increase in debt (62.4) (44.6) (32.5)
(Decrease)/increase in liquid resources (2.9) 2.5 49.1
----- ----- -----
(Increase)/decrease in net debt resulting
from cash flows (78.4) (47.5) 35.0
Exchange/non-cash changes in net debt (4.9) (6.1) (5.9)
----- ----- -----
(Increase)/decrease in net debt in the period (83.3) (53.6) 29.1
Net debt at beginning of the period (112.6) (141.7) (141.7)
----- ----- -----
Net debt at end of the period (195.9) (195.3) (112.6)
===== ==== =====
NOTES ON THE INTERIM ACCOUNTS
1. SEGMENTAL ANALYSIS
Group turnover Group operating
(by origin) profit
Six months to Six months to Capital employed
30 June 30 June 30 June 31 Dec
2000 1999 2000 1999 2000 1999
By activity #m #m #m #m #m #m
Housing 398.9 265.3 53.4 33.5 598.8 508.1
Property development
and investment 61.3 53.0 23.7 21.2 450.0 474.0
Construction 204.5 295.0 (0.6) 2.4 (71.1) (74.2)
----- ----- ---- ---- ------- -----
Continuing operations 664.7 613.3 76.5 57.1 977.7 907.9
Discontinued
operations:
Greenham Trading 71.7 70.8 2.3 3.4 32.2 28.1
----- ----- ---- ---- ------- -----
736.4 684.1 78.8 60.5 1,009.9 936.0
===== ===== ==== ==== ======= =====
By market
United States of
America 195.0 136.1 24.1 23.2 255.1 221.9
Canada 51.7 36.0 9.7 6.2 191.8 165.1
Rest of the world 71.8 81.5 3.0 8.0 36.6 24.5
----- ----- ---- ---- ------- -----
Total overseas 318.5 253.6 36.8 37.4 483.5 411.5
United Kingdom 417.9 430.5 42.0 23.1 526.4 524.5
----- ----- ---- ---- ------- -----
736.4 684.1 78.8 60.5 1,009.9 936.0
===== ===== ==== ====
Net debt (195.9) (112.6)
Minority interests (1.5) (79.5)
----- -----
Shareholders' funds (1999 as restated - note 2) 812.5 743.9
===== =====
The focus of the Group has been repositioned to an international
housing and property development business with construction being
less significant and the Greenham Trading business being sold
on 28 July 2000. Consequently it has been decided to present
the segmental analysis on a Group operating profit and capital
employed basis rather than the profit before tax and net assets
basis previously presented. Comparative figures for the six
months to 30 June 1999 and at 31 December 1999 have been stated
accordingly. In addition Group turnover in 1999 included
#10.4m analysed as Other in respect of Greenham Construction
Materials Limited which was sold early in 2000; this is now
analysed as Construction.
Operating loss for construction excludes its share of the
construction joint ventures and interest. Profit before
taxation for construction would be #2.3m including these items.
2. BASIS OF PREPARATION OF THE INTERIM ACCOUNTS
The interim accounts have been prepared on a basis
which is consistent with the accounting policies
adopted for the year to 31 December 1999, except that
following the promulgation of Financial Reporting
Standard No. 15, Tangible Fixed Assets, all interest
payable is now fully expensed immediately it accrues.
Previously interest payable by joint ventures was
capitalised during the construction phase of Private
Finance Initiative projects where these were financed
by specific borrowings.
Accordingly prior years' interest payable capitalised
by joint ventures of #6.5m (including 1999 interim: #1.3m;
1999 full year: #2.5m) less #0.1m which had already been
depreciated in 1999 has been fully expensed as a prior year
adjustment. The Group's share of gross assets of joint
ventures at 31 December 1999 has been reduced by #6.4m and
the Group's share of gross liabilities of joint ventures
deducted from this figure has been reduced by #5.0m with
a compensating increase of #5.0m in creditors falling due
within one year in respect of joint ventures.
In accordance with our stated accounting policy, invest-
ment and fixed asset properties have not been valued since
31 December 1999 and 31 December 1997 respectively.
Investment and fixed asset properties will next be valued
at 31 December 2000.
The interim accounts were approved by the board of directors
on 5 September 2000.
These accounts do not constitute statutory accounts.
Comparative figures for the year to 31 December 1999
have been extracted from the latest published accounts
on which the report of the auditors was unqualified
and did not contain a statement made under section 237
(2) or section 237 (3) of the Companies Act 1985. The
1999 annual accounts have been delivered to the
Registrar of Companies.
3. NET INTEREST PAYABLE
Net interest payable includes the Group's share of joint
venture interest payable of #2.4m (1999 interim as re-
stated: #2.3m; 1999 full year as restated: #4.4m).
4. TAX ON PROFIT ON ORDINARY ACTIVITIES
Year to
Six months to 30 June 31 December
2000 1999 1999
#m #m #m
United Kingdom 7.2 2.5 10.9
Overseas 15.2 11.3 23.4
Joint ventures - 0.2 0.1
---- ---- ----
22.4 14.0 34.4
==== ==== ====
The effective overall tax rate is 25.1% (1999 interim as
restated: 28.2%; 1999 full year as restated: 28.1%). The tax
charges are below standard tax rates mainly due to the
utilisation of tax losses.
5. EARNINGS PER SHARE
Year to
Six months to 30 June 31 December
2000 1999 1999
as as
restated restated
#m #m #m
Earnings per share has been
calculated by dividing:
Profit for the financial
period 61.9 32.6 82.2
===== ===== =====
by the
weighted average number of shares
for basic earnings per share 377.4m 401.2m 396.7m
weighted average of dilutive
options 1.8m 3.8m 3.0m
weighted average of dilutive
awards under the Group Executive
Bonus Plan 1.1m 1.0m 1.1m
----- ----- -----
for diluted earnings per share 380.3m 406.0m 400.8m
===== ===== =====
6. ACQUISITION OF MINORITY INTEREST IN SUBSIDIARY
UNDERTAKINGS
On 22 May 2000, the Group acquired the 45% of the Monarch
Development Corporation Group held by other shareholders for
#94.0m (C$213.3m) in cash which was equivalent to the fair
value of the minority interest acquired.
#m
Book value of the minority interest acquired 84.8
Fair value adjustment 9.2
----
Acquisition cost 94.0
====
7. DISPOSAL OF GREENHAM TRADING
Following the disposal of Greenham Trading on 28 July 2000,
this business segment has been shown as discontinued in
the interim accounts. The net cash consideration received
on completion was #76.4m. The profit on disposal is subject
to finalisation of costs and to completion accounts which
are in the process of being prepared and agreed.
INDEPENDENT REVIEW REPORT TO TAYLOR WOODROW plc
Introduction
We have been instructed by the company to review the financial
information set out on pages 6 to 11 and we have read the other
information contained in the interim report and considered whether
it contains any apparent misstatements or material inconsistencies
with the financial information.
Directors' Responsibilities
The interim report, including the financial information
contained therein, is the responsibility of, and has been
approved by the directors. The Listing Rules of the UK
Listing Authority require that the accounting policies and
presentation applied to the interim figures should be
consistent with those applied in preparing the preceding
annual accounts except where any changes, and the reasons
for them, are disclosed.
Review Work Performed
We conducted our review in accordance with guidance contained
in Bulletin 1999/4 issued by the Auditing Practices Board.
A review consists principally of making enquiries of Group
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 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 June
2000.
Deloitte & Touche
Chartered Accountants
Hill House
1 Little New Street
London,
EC4A 3TR.
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