RNS Number:9314X
Vp PLC
07 June 2007
Press Release 7 June 2007
Vp plc
("Vp" or "the Group")
Final Results
Vp plc, the equipment rental specialist, today announces its Final Results for
the year ended 31 March 2007.
Highlights
* Record results
* Operating profit up by 44% to #16.5 million (2006: #11.5 million)
* Profit before tax up 36% to #14.5 million (2006: #10.7 million)
* Revenue up 22% to #121.6 million (2006: #99.4 million)
* Earnings per share increased by 40% to 24.5 pence (2006: 17.5 pence)
* Total dividend increased by 25% to 8.25 pence (2006: 6.60 pence)
based on recommended final dividend of 6.00 pence per share
Jeremy Pilkington, Chairman, commented:
"The record result we are reporting reflects the underlying strength of the
markets served by the Group and the success of our strategy in translating
opportunities into profitable growth.
The outlook remains positive and we are confident that the Group can deliver
sustainable growth over the medium term."
- Ends -
Enquiries:
Vp plc
Jeremy Pilkington, Chairman Tel: +44 (0) 1423 533 405
jeremypilkington@vpplc.com
Neil Stothard, Group Managing Director Tel: +44 (0) 1423 533 445
neil.stothard@vpplc.com
Mike Holt, Group Finance Director Tel: +44 (0) 1423 533 445
mike.holt@vpplc.com www.vpplc.com
Media enquiries:
Abchurch Communications
Sarah Hollins/ Helen Waggott/ Emma Johnson Tel: +44 (0) 20 7398 7784
emma.johnson@abchurch-group.com www.abchurch-group.com
CHAIRMAN'S STATEMENT
Results
I am very pleased to report record results for the Group for the year ended 31
March 2007.
Operating profits rose 44% to #16.5 million (2006: #11.5 million) on revenues
ahead by 22% at #121.6 million. Profit before tax increased by 36% to #14.5
million and earnings per share increased 40% to 24.50 pence per share. In
recognition of this excellent performance the Board is recommending a final
dividend of 6.00 pence per share, making a total for the year of 8.25 pence per
share, an increase of 25%. Subject to shareholder approval at the Annual
General Meeting on 11 September 2007, the dividend will be paid on 1 October
2007 to shareholders registered as at 7 September 2007.
The Group continues to enjoy a period of sustained growth in all of its
principal markets and we are committing significant capital investment to take
the fullest advantage of the opportunities this presents. In parallel, we are
strengthening our human resources and infrastructure systems to ensure that our
capabilities in these performance critical areas remain aligned with our growth
aspirations.
It remains our strategy to seek market leadership for each of our businesses and
to be irresistibly the provider and employer of choice. We regard these
qualitative objectives as being highly interdependent with the Group's financial
aspirations.
The Group retains significant financial capacity to pursue growth opportunities
as they are identified.
Groundforce
Groundforce performed strongly during the year with significant progress being
achieved in all of its businesses. Operating profits rose by 21% to #6.4
million on turnover up 19% to #28.1 million. The AMP4 water industry capital
investment programme is now gathering pace and is providing useful incremental
revenue streams in many parts of the country.
In the course of the new financial year Groundforce will be opening a depot in
the Republic of Ireland. Groundforce has traded in Ireland for a number of
years but with a local operational base it will be in a much stronger position
to offer the full range of its services to an already established customer base.
Hire Station
Hire Station delivered an outstanding result with profits more than doubling to
#3.1 million on revenues ahead by 7% at #44.9 million. This profit growth is
largely organic, reflecting continuing improvements in operational efficiency
and revenue quality, together with a strong contribution from the ESS Safeforce
activity.
Hire Station has continued to make selective acquisitions. MEP, the specialist
pipework fittings company, acquired in November 2006, has progressed well and
made a contribution ahead of expectations in its first period. A single branch
acquisition in Colchester was completed at the end of the period and has been
successfully integrated into our Southern region. Post the year end, in April
2007, our acquisition of Cool Customers adds a substantial revenue stream and
the experience of a successful internet based business model to the recently
established Climate Hire business.
Hire Station has delivered its three year profit recovery plan and I am
confident of significant upside as margins improve and the business pursues
further revenue growth.
Airpac Bukom
Airpac Bukom's results reflect strong underlying organic growth and the first
full year contribution from the acquisition of Bukom in March 2006. Profits
increased by 90%, to #2.4 million on revenues which doubled to #10.0 million.
Market conditions in the oil and gas exploration business remain very positive
and we have committed significant capital investment to meet demand. To better
support the broader global reach of the enlarged business, we are establishing
additional distribution centres in Western Australia, South America and the
Middle East. We expect these locations to be fully operational in the second
half of 2007.
UK Forks
UK Forks profits, as previously indicated, were not sustainable at the excellent
levels of the previous year. Profits reduced to #1.4 million on revenues of
#13.9 million. It is positive to note that trading stabilised in the second
half of the year and that revenue levels have improved significantly as we have
entered the new financial year.
TPA
TPA reported its first full year contribution of #1.0 million on turnover of
#11.4 million. TPA derives a significant proportion of its revenue and profits
from the seasonal summer events market which weights its contribution heavily
towards the first half. Winter period losses were more severe than anticipated
and were exacerbated by the underperformance of the barrier hire activity.
Management are focussed on addressing these issues to stabilise first half
profits in the forthcoming financial year.
Torrent Trackside
Torrent Trackside had a very good year with profits increasing 13% to #2.0
million on revenues ahead by 8% at #13.1 million. The rail infrastructure
industry remains an attractive but challenging market and we remain confident
that Torrent's reputation and expertise will sustain its position as a leading
supplier to this market.
Outlook
The record result we are reporting reflects the underlying strength of the
markets served by the Group and the success of our strategy in translating
opportunities into profitable growth.
The outlook remains positive and we are confident that the Group can deliver
sustainable growth over the medium term.
Jeremy Pilkington
Chairman
7 June 2007
BUSINESS REVIEW
Overview
The year ended 31 March 2007 demonstrates excellent progress in the development
of the Vp business, and the delivery of substantial earnings growth.
Operating profits increased 44% on the corresponding period to #16.5 million, on
revenues 22% ahead of last year at #121.6 million. Whilst prior year
acquisitions have assisted this growth, 30% of the increase in profit is
organic.
To support new business opportunities we made organic capital investment of over
#30 million during the year. In addition, we have completed three business
acquisitions with a combined value of #4.6 million. We have seen only a
marginal increase in gearing as a result of these investments due to the
excellent cash generation from the Group and there remains a comfortable level
of financial headroom to pursue further expansion.
The markets the Group operates within have remained stable and supportive, with
oil and gas and latterly water being particularly buoyant.
Groundforce
Excavation support systems and specialist products for the water, civil
engineering and construction industries.
Revenue #28.1 million (2006: #23.5 million)
Operating Profit #6.4 million (2006: #5.3 million)
Investment in Rental Fleet #5.4 million (2006: #2.2 million)
All constituent Groundforce businesses enjoyed growth in the year with combined
revenues up #4.6 million to #28.1 million, delivering a very good result,
improving profit by 21% to #6.4 million.
Revenues were underpinned by the ongoing activity in housing and construction,
but were buoyed by the release of AMP4 contracts in the second half.
Involvement in projects, such as the tunnel under the River Shannon in Limerick
and the Bristol Broadmeads redevelopment, has widened the scope of our
activities in the large civil engineering project arena. The 250 tonne strut
product launched during 2006 was utilised in these projects. Groundforce now
holds a class leading position in what is a technically challenging area and we
expect further opportunities to arise in the coming year. In March 2007, we
acquired Evershore, a small, Leeds based, shoring rental company which has been
fully integrated into the division. The formwork activity, Easiform, completed
its first full year of operation in line with expectations, and we are pleased
with the progress of this business.
Piletec Dudley Vale also benefited from the upturn from AMP4 and delivered
revenues above expectation. Our technical leadership in this field paid
dividends, with the business being involved in many large contracts that have
provided a consistent income stream. We will continue to build the Piletec
business capabilities with ongoing investment in high performance equipment.
The reorganisation of Survey in the previous year proved effective, with the
streamlined business delivering a good performance. Further investment in
high-tech survey fleet was completed as a result of important customer gains.
We believe that all elements of Groundforce are capable of acquisitive growth
should the right opportunity arise. However, each element has the ability to
grow organically and with new products, services and geographic expansion
underway, we expect a year of further progression and development.
Hire Station
Tools and specialist products for industry, construction and home owners.
Turnover #44.9 million (2006: #41.9 million)
Operating Profit #3.1 million (2006: #1.4 million)
Investment in Rental Fleet #8.4 million (2006: #7.3 million)
After a strong profit turnaround in the prior year, Hire Station, made further
excellent progress. Full year operating profits of #3.1 million were 118% up on
prior year on revenues, up 7% at #44.9 million. The majority of the revenue
growth was delivered organically, although there was a valuable five month
contribution from MEP, following its acquisition in November.
Midway Plant and Tool hire, based in Colchester was purchased in March 2007
strengthening our distribution capability in Essex. After the year end, in
April, the business purchased Cool Customers, based in Derbyshire, specialising
in the hire and sale of air conditioning units, chillers and cooling equipment -
this business has been successfully integrated into our Climate Hire operation,
which was launched in the final quarter of the current financial year.
The tools business has made further solid progress during the year, delivering
good profit growth. Strong capital investment in our core stock items has helped
drive revenues forward with stock availability being a key differentiator. We
were pleased to achieve the environmental and quality accreditations (ISO 9001
and ISO 14001), recognising the high levels of systems and controls that we
operate within the business.
We have invested once again in additional resource at our national hire desk in
Manchester, as a result of an increase in customers expressing a preference to
transact business through this centre.
Revenues for the seasonal products were mixed; a very warm summer and excellent
stock availability meant we significantly increased our cooling income, although
the relatively mild winter impacted heating equipment hire. Two new greenfield
sites have opened since the year end in Hull and Exeter, areas that we
identified as important to our national distribution network.
The specialist lifting business, Lifting Point, performed well and we have now
introduced satellite-stocking operations in all tool branches. This expansion
has delivered a 20% improvement in turnover in this product area, and more is
expected in the coming year.
The specialist safety rental business, ESS Safeforce had an excellent year in a
broadly supportive market, with strong performances from the hire, sales and
confined space training activities. During the year we opened a further centre
at Andover for confined space training. We also enjoyed solid revenues from the
oil and petro-chemical market supplying safety equipment and labour in support
of customers carrying out maintenance during temporary shutdowns. This is an
area we expect to grow further in 2007.
In November 2006, we acquired Mechanical and Electrical Pressfittings Limited
(MEP), a business based near Glasgow which specialises in the hire and sale of
electrofusion and pressfitting tools to the mechanical, electrical and plumbing
sectors. Trading in the five months subsequent to the acquisition was ahead of
expectation. In the month following the acquisition, we relocated into a new
8,500 sq ft building nearby to accommodate growth plans and the central hire
desk facility of the business. The first MEP distribution satellite has been
established at Heathrow. Since the year end we have established a trading
location in Dublin in response to local demand.
The Climate Hire business was established in the final quarter of the year and
will specialise in four key product areas: Warm Air (heaters), Dry Air
(dehumidifiers, airmovers), Cool Air (chillers, aircon units) and Clean Air
(ozone units, air purifiers). As with Lifting Point, ESS Safeforce and MEP,
Climate Hire is an additional specialist business which will complement the
general tool hire offer. The acquisition post year-end of Cool Customers is an
important development for the business.
Airpac Bukom Oilfield Services
Equipment and service providers to the international oil and gas exploration and
development markets.
Revenue #10.0 million (2006: #5.0 million)
Operating Profit #2.4 million (2006: #1.2 million)
Investment in Rental Fleet #2.5 million (2006: #0.8 million)
During the year our oilfield services division successfully integrated the
business of Bukom Oilfield Services, which was acquired in March 2006. The
combined business continued to enjoy the benefit of healthy demand across its
primary markets and in this challenging year produced a very satisfactory
result. The business delivered a 90% increase in profits to #2.4 million
generated from revenues which doubled at #10.0 million.
Oil company expenditure held at a healthy level, driven by the continued
strength of the oil price and global oil and gas demand. The demand for oilfield
support services has in turn remained high, with the expanded business in a
position to take advantage of these opportunities.
The early months of the year saw a smooth integration of the Bukom business in
terms of fleet, personnel, bases and systems across our facilities in the UK and
Singapore. The management team of the combined business has been further
strengthened, with a number of key appointments made to support the future
growth of the business.
The focus of the Bukom offering was historically in support of international
well testing operations, and this has become the primary market for the enlarged
business. As anticipated, our position in the Asia Pacific region has
strengthened and we now have improved access to markets in Africa, North and
South America and the Middle East. The addition of new products such as sand
filters, heat exchangers and coflexip hoses to the fleet has broadened our
service offering to our clients.
We saw high demand for the provision of our specialist compressors to large
contractors conducting maintenance and modification work on the offshore
platform infrastructure, primarily in the North Sea. Our high pressure fleet was
involved on a number of important pipeline related works during the year.
Taking account of the combined resources of the enlarged business, we have
embarked upon a significant capital investment programme which will achieve
marked growth in the fleet over the coming year. At the same time several key
customer support initiatives involve developing our present network of
facilities and our plans in this regard are well progressed. We anticipate
opening further hub locations for the business in support of the Australian,
Middle East and South American markets by the end of summer 2007.
The market fundamentals and outlook remain positive. The strength of our
expanded organisation, enhanced product offering, broader geographic exposure
and our fleet and network expansion initiatives place us in a good position to
develop the business further during the coming year.
UK Forks
Rough terrain material handling equipment for industry, residential and general
construction.
Revenue #13.9 million (2006: #14.3 million)
Operating Profit #1.4 million (2006: #2.1 million)
Investment in Rental Fleet #3.4 million (2006: #3.1 million)
UK Forks had a challenging year, with activity levels subdued in the first nine
months, but picking up strongly in the final quarter. Revenues of #13.9 million
produced operating profits of #1.4 million, #0.7 million lower than the prior
year.
The ongoing consolidation in the housebuilding sector created some volatility.
Whilst volumes in the South East were disappointing for most of the year, this
performance reversed in the final quarter. Further progress was also made with
a number of national accounts, particularly in general construction, a growth
sector targeted by the business.
Fleet size remained broadly static at over 1,200 machines. However, investment
of #3.4 million enabled product mix improvement, reflecting increased demand for
telehandlers at both ends of the size spectrum. In construction, tighter access
within sites created demand for smaller machines up to 6 metres and the larger
rotational telehandlers up to 25 metres. In housebuild, the continued
popularity of flats and apartments (representing nearly 50% of housebuilding
starts in the UK in 2006) meant that standard products up to 17 metres were in
demand.
The year finished strongly in the final quarter, and with activity levels at the
start of the new financial year maintaining that momentum, prospects for the
business going forward are much improved.
TPA
Portable roadway systems, bridging, fencing and barriers primarily to the UK
market, but also in the Republic of Ireland and mainland Europe.
Revenue #11.4 million (2006: #2.5 million)
Operating Profit #1.0 million (2006: #(0.3) million)
Investment in Rental Fleet #4.7 million (2006: #1.1 million)
TPA completed its first full year as part of the Vp Group, delivering operating
profit of #1.0 million on revenues of #11.4 million. The summer period proved
buoyant with strong demand from both the events and transmission markets. The
demand during the winter period reduced, an historic trend, with a general lack
of activity in the transmission market, and a challenging trading environment
for the barriers business.
In further developing the business, a satellite facility in Scotland was opened
in the year, enabling a more efficient service to the local market. In addition
we established TPA in Germany with the formation of a German subsidiary which
will act as a platform for further expansion into mainland Europe. Both
ventures performed well in the first year of operation. We also relocated the
barriers business to improved premises in Croydon during the year. Investment
in the fleet has continued strongly to ensure that TPA maintains its quality and
market leading offer to the marketplace. A new lightweight roll-out roadway,
MD40 has been developed and will be launched in the new financial year.
The markets within which TPA operates remain broadly supportive. In particular,
the announcement by the National Grid in October 2006 of a major five year
programme of investment to upgrade and develop the electricity transmissions
network across England and Wales is likely to act as a valuable longer term
market driver, albeit that regulated spend of this type can be unpredictable in
terms of timing. The outdoor events market in the UK remains stable and we
expect it to deliver further potential opportunities.
Torrent Trackside
Infrastructure equipment and services for the railway renewals and maintenance
industry.
Revenue #13.1 million (2006: #12.1 million)
Operating Profit #2.0 million (2006: #1.7 million)
Investment in Rental Fleet #3.2 million (2006: #2.4 million)
The year was one of further development in the railway renewals and maintenance
market. Torrent performed well in this changing market, growing revenues by 8%
to #13.1 million and delivering operating profit of #2.0 million, a 13.0%
increase on the prior year.
We have accelerated our plant replacement programme to ensure that the quality
of our equipment is the benchmark for the industry and to also reinforce our
reputation for introducing innovative products that further improve operational
safety and production. These initiatives continue to strengthen our status in
this safety critical environment and Torrent continues to be regarded as a key
supplier in this specialist market.
Our ongoing systems development programme provides Torrent with an advantage in
the supply of quality operational data to our major customers, helping them to
reduce costs and improve production in a manner which is safe.
Overall, the business remains well positioned to participate in Network Rail's
ongoing rail expenditure programme and to further support the London Underground
as it works towards the 2012 Olympics.
Prospects
We remain ambitious to further enhance the quality track record established over
recent years and have the resource and management capability to deliver on that
ambition. In order to maintain profitable growth, we recognise that investment
in people and infrastructure is essential. We have successfully developed a
breadth of business activities which we believe provides a resilient and strong
platform for future growth.
Neil Stothard
Group Managing Director
7 June 2007
Financial Highlights
Consolidated Income Statement
For the year ended 31 March 2007
Note 2007 2006
#000 #000
Revenue 1 121,607 99,396
Cost of sales (84,897) (72,092)
Gross profit 36,710 27,304
Administrative expenses (20,459) (15,842)
Operating profit before other income 16,251 11,462
Other income - property profit 257 -
Operating profit 1 16,508 11,462
Financial income 125 188
Financial expense (2,154) (978)
Profit before taxation 14,479 10,672
Taxation 5 (3,998) (3,070)
Net profit for the year 10,481 7,602
Pence Pence
Basic earnings per 5p ordinary share 2 24.50 17.49
Diluted earnings per 5p ordinary share 2 23.34 16.83
Dividend per 5p ordinary share paid and proposed 6 8.25 6.60
Consolidated Statement of Recognised Income and Expense
For the year ended 31 March 2007
Note 2007 2006
#000 #000
Actuarial gains on defined benefit pension schemes 411 231
Tax on items taken directly to equity (123) (67)
Effective portion of changes in fair value of cash flow
hedges 366 (89)
Foreign exchange translation difference (1) -
Net income recognised direct to equity 653 75
Profit for the year 10,481 7,602
Total recognised income and expense for the year 3 11,134 7,677
Consolidated Balance Sheet
As at 31 March 2007
Note 2007 2006
(Restated)
#000 #000
ASSETS
Non-current assets
Property, plant and equipment 76,797 66,041
Intangible assets 35,909 34,133
Total non-current assets 112,706 100,174
Current assets
Inventories 4,814 3,119
Income tax receivable - 34
Trade and other receivables 30,112 28,185
Cash and cash equivalents 4 6,662 5,578
Total current assets 41,588 36,916
Total assets 154,294 137,090
LIABILITIES
Current liabilities
Interest bearing loans and borrowings 4 (7,535) (2,148)
Income tax payable (1,500) (1,183)
Trade and other payables (31,698) (21,744)
Total current liabilities (40,733) (25,075)
Non-current liabilities
Interest bearing loans and borrowings 4 (35,677) (36,062)
Employee benefits (2,048) (2,894)
Other payables (4,240) (7,930)
Deferred tax liabilities (6,004) (4,806)
Total non-current liabilities (47,969) (51,692)
Total liabilities (88,702) (76,767)
Net assets 65,592 60,323
EQUITY
Issued share capital 2,309 2,309
Share premium account 16,192 16,192
Hedging reserve 277 (89)
Retained earnings 46,787 41,884
Total equity attributable to equity holders of the parent 65,565 60,296
Minority interests 27 27
Total equity 3 65,592 60,323
The restatement of the prior year relates solely to refinements to the
accounting for acquisitions.
Consolidated Cash Flow Statement
For the year ended 31 March 2007
2007 2006
#000 #000
Cash flow from operating activities
Profit before taxation 14,479 10,672
Pension fund contributions in excess of service cost (435) (791)
Share based payment charge 1,000 292
Depreciation 14,093 12,224
Intangible amortisation 25 4
Financial expense 2,154 978
Financial income (125) (188)
Profit on sale of property, plant and equipment (3,307) (2,275)
Operating cashflow before changes in working capital 27,884 20,916
Increase in inventories (1,458) (559)
Increase in trade and other receivables (1,131) (579)
Increase in trade and other payables 4,599 2,832
Cash generated from operations 29,894 22,610
Interest paid (1,930) (710)
Interest element of finance lease rental payments (155) (111)
Interest received 125 188
Income tax paid (2,890) (3,120)
Net cash flow from operating activities 25,044 18,857
Cash flow from investing activities
Disposal of property, plant and equipment 8,966 6,181
Purchase of property, plant and equipment (26,746) (15,506)
Acquisition of businesses (4,375) (28,964)
Net cash flow from investing activities (22,155) (38,289)
Cash flow from financing activities
Purchase of own shares by Employee Trust (3,671) (1,073)
Repayment of borrowings (156) (8,000)
Repayment of loan notes (941) (125)
Proceeds from new loans 7,000 33,500
Capital element of hire purchase/finance lease agreements (1,105) (2,475)
Dividends paid (2,932) (2,572)
Net cash flow from financing activities (1,805) 19,255
Increase/(decrease) in cash and cash equivalents 1,084 (177)
Cash and cash equivalents at the beginning of the year 5,578 5,755
Cash and cash equivalents at the end of the year 6,662 5,578
NOTES
The final results have been prepared on the basis of the accounting policies
which are to be set out in Vp plc's annual report and accounts for the year
ended 31 March 2007.
EU Law (IAS Regulation EC1606/2002) requires that the consolidated accounts of
the group for the year ended 31 March 2007 be prepared in accordance with
International Financial Reporting Standards ("IFRSs") as adopted for use in the
EU ('adopted IFRSs').
The financial information set out above does not constitute the Company's
statutory accounts for the years ended 31 March 2007 or 2006. The statutory
accounts for 2006 have been delivered to the Registrar of Companies and those
for 2007 will be delivered following the Company's Annual General Meeting. The
auditors have reported on these accounts; their reports were unqualified and did
not contain a statement under section 237 (2) or (3) of the Companies Act 1985.
The financial statements were approved by the board of directors on 6 June 2007.
1. Business Segments
Revenue Depreciation Operating profit/
and (loss)
amortisation
2007 2006 2007 2006 2007 2006
#000 #000 #000 #000 #000 #000
Groundforce 28,119 23,542 2,510 2,313 6,384 5,258
UK Forks 13,933 14,307 2,347 2,416 1,407 2,071
Airpac Bukom 10,033 4,997 1,324 757 2,360 1,242
Hire Station 44,931 41,937 4,584 4,531 3,121 1,433
Torrent Trackside 13,149 12,134 1,686 1,485 1,954 1,733
TPA 11,442 2,479 1,272 428 1,025 (275)
Group - - 395 298 257 -
Total 121,607 99,396 14,118 12,228 16,508 11,462
Group costs have been allocated across the trading divisions and included above
with the exception of the #257,000 property profit which is shown at Group
level.
2. Earnings Per Share
Basic earnings per share is based on the profit after taxation of #10,481,000
(2006: #7,602,000) and the weighted average number of 5p ordinary shares in
issue during the year of 42,780,000 (2006: 43,460,000).
2007 Weighted 2006 Weighted
Average Shares Earnings per Earnings Average Shares Earnings per
Earnings #000 Number 000's share pence #000 Number 000's share pence
Basic earnings 10,481 42,780 24.50 7,602 43,460 17.49
Share options - 2,133 - - 1,697 -
Diluted earnings 10,481 44,913 23.34 7,602 45,157 16.83
3. Consolidated Statement of Changes in Equity
2007 2006
#000 #000
Total recognised income and expense for the year 11,134 7,677
Dividends paid (2,932) (2,572)
Net movement in shares held by Vp Employee Trust at cost (3,671) (1,073)
Share option charge in the year 1,000 292
(Losses)/gains on disposal of shares (240) 80
Tax movements on equity (22) 489
Change in Equity 5,269 4,893
Equity at start of year 60,323 55,430
Equity at end of year 65,592 60,323
4. Analysis of Debt
At At
31 March 1 April
2007 2006
#000 #000
Cash and cash equivalents (6,662) (5,578)
Current debt 7,535 2,148
Non current debt 35,677 36,062
Net debt 36,550 32,632
Year end gearing (calculated as net debt expressed as a percentage of
shareholders' funds) stands at 56% (2006: 54%).
5. Taxation
The charge for taxation for the year represents an effective tax rate of 27.6%
(2006: 28.8%). The effective tax rate excluding adjustments in respect of prior
years is 29.4% (2006: 29.6%).
6. Dividend
The Board has proposed a final dividend of 6.00 pence per share to be paid on 1
October 2007 to shareholders on the register at 7 September 2006. This,
together with the interim dividend of 2.25 pence per share paid on 11 January
2007 makes a total dividend for the year of 8.25 pence per share.
7. Annual Report and Accounts
The Annual Report and Accounts for the year ended 31 March 2007 will be posted
to shareholders on or about 27 July 2007.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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