RNS Number:4029E
White Young Green PLC
25 September 2007
For Immediate Release 25 September 2007
WHITE YOUNG GREEN PLC
Preliminary results for the year ended 30 June 2007
White Young Green Plc, consultant to the built, natural and social environment,
announces its preliminary results for the year ended 30 June 2007.
Highlights:
- 32% increase in revenue to #220.6m (2006: #167.5m)
- 43% increase in operating profit before acquired intangible
amortisation to #19.6m (2006: #13.7m)
- 37% increase in profit before tax and acquired intangible
amortisation to #16.0m (2006: #11.7m)
- 23% increase in adjusted earnings per share to 24.5p (2006: 20.0p)
- 15% increase in dividend per share to 8.3p (2006: 7.2p)
- 23% increase in net order book to a record of #380m (2006: #310m)
- Operating margin on net revenue increased to 11.1% (2006: 10.3%)
- 14% organic growth
- Seven acquisitions completed in the 15 month period to September
2007
Statutory disclosures:
- 29% increase in operating profit to #16.9m (2006: #13.1m)
- 21% increase in profit before tax to #13.4m (2006: #11.1m)
- 13% increase in earnings per share to 21.0p (2006: 18.6p)
Commenting on the results, Chairman Peter Wood said:
"I am pleased to be able to report a year of significant success and achievement
for White Young Green. Revenue, profit, earnings per share, margins and order
book are all at record levels, seven acquisitions have been successfully
completed, enhanced underlying organic growth has been generated and further
improvements in working capital management in GB and Ireland have been
delivered. The Group therefore remains confident that it has the vision,
financial capability, business model and skills mix to enable it to fulfil its
ambitions and deliver success for all stakeholders."
For further information, please contact:
WHITE YOUNG GREEN PLC Tel: 0113 278 7111
Lawrie Haynes, Chief Executive
Bob Hartley, Finance Director
BUCHANAN COMMUNICATIONS Tel: 020 7466 5000
Tim Anderson / Rebecca Skye Dietrich
CHAIRMAN'S STATEMENT
INTRODUCTION
I am pleased to be able to report a year of significant success and achievement
for White Young Green (''WYG''). Revenue, profit, earnings per share, margins
and order book are all at record levels, seven acquisitions have been
successfully completed, enhanced underlying organic growth has been generated
and further improvements in working capital management in England, Scotland and
Wales ("GB") and Ireland have been delivered. All of this is testimony to the
success of WYG's established growth strategy of blending strong double digit
organic growth with selective earnings enhancing acquisitions at the
strategically important higher value end of the market. As a consequence the
Group has broadened its appeal to a wider range of clients and stepped up its
rate of revenue growth to an average of over 30% per annum over the last three
years whilst also continually improving its margins to amongst the best in its
peer group. This strategy will continue to underpin the future development of
the Group.
This year marks the tenth anniversary of White Young Green following the merger
of White Young Consulting Group Ltd with Ernest Green Holdings Plc in July 1997.
Since that time the Group's revenue has grown almost tenfold from #23m in the
year to June 1997 to #221m in the year just ended. More importantly for the
longer term future of the business, WYG has been transformed from a regional
consulting engineer working primarily on capital projects to a national and
international multi-skilled consultancy offering clients a full range of
complementary in-house professional services appropriate to every stage of the
life cycle of their assets. These services now include front end socio-economic
analysis, town planning, transport planning, urban design, cost management,
environmental sciences, project management, property management and energy
consultancy. All of this has been achieved against a background of consistently
delivering enhanced earnings per share for the benefit of all stakeholders,
including a much broader based shareholder register. I, therefore, take this
opportunity to thank and congratulate both the current and previous management
teams on these outstanding achievements which provide a sustainable and
resilient platform for future growth.
The current year has started strongly with trading conditions continuing to be
very favourable in all key areas of business activity. Recent acquisitions are
also integrating well and trading at least in line with our expectations.
RESULTS
Gross revenue grew by 32% in the year to #220.6m (2006: #167.5m) and included a
contribution of #10.9m from acquisitions completed during the course of the
year. The underlying growth in revenue from continuing operations was 14%
(2006: 10%). Revenue attributable to third parties, on which the Group does not
make a margin, increased to #44.1m (2006: #34.6m) as a consequence of the
continuing use of a wide range of specialist sub-consultants, particularly in
the international arena. Revenue, net of payments to third parties, therefore
grew by 33% in the year to #176.5m (2006: #132.9m).
Operating profit before amortisation of intangible assets increased by a
substantial 43% to #19.6m (2006: #13.7m) and included a contribution of #2.2m
from acquisitions completed during the course of the year. Operating profit
after amortisation of intangible assets increased by 29% to #16.9m (2006:
#13.1m).
Operating margin, calculated as operating profit before amortisation of
intangible assets expressed as a percentage of revenue net of payments to third
parties improved further to 11.1% (2006: 10.3%) reflecting a continued
improvement in the mix of business generated in the year and increased
efficiency.
Earnings per share adjusted to exclude amortisation of intangible assets
increased by 23% to 24.5p (2006: 20.0p). Basic earnings per share increased by
13% to 21.0p (2006: 18.6p).
The balance sheet remains strong. Working capital days in the UK and Ireland
fell to 103 days (2006: 112 days) whilst overall working capital days increased
in the period to 99 days (2006: 95 days) due, in part, to changes in the way
that the advance payments enjoyed by WYG International are now processed by the
EU. Gearing, defined as net debt as a percentage of total net assets, increased
in the year to 50% (2006: 38%). Net debt at the year end was #44.6m (2006:
#28.8m) with the majority of the increase in debt being due to the #13.9m in
cash paid as part of the acquisition activity undertaken in the year. Interest
on borrowings was covered 6.2 times (2006: 8.4 times) by operating profit before
amortisation of intangible assets.
DIVIDEND
It is proposed that the final dividend be increased by 17% to 5.4p per share
(2006: 4.6p) making a total for the year of 8.3p (2006: 7.2p), an annual
increase of 15%. The dividend is covered 2.9 times (2006: 2.8 times) by
adjusted earnings per share and 2.5 times (2006: 2.6 times) by basic earnings
per share. The final dividend will be paid on 11 December 2007 to shareholders
on the register at 5 October 2007.
ACQUISITIONS
WYG has completed seven acquisitions since 1 July 2006 for a total initial
consideration of #37.0m. Five of these acquisitions, comprising Trench Farrow in
October 2006, Adams Kara Taylor in November 2006, Malachi Cullen in January
2007, Turner Holden in February 2007 and DeLeeuw International in April 2007
were completed during the course of the financial year to 30 June 2007 whilst
Savell Bird and Axon and IMCL were completed in August 2007 after the year end.
Collectively these high margin acquisitions add approximately #22.7m to gross
revenue on an annualised basis.
Trench Farrow is a niche project management consultancy based in London and
Swindon which focuses particularly on the corporate fit out and urban
regeneration markets. It adds specialist complementary expertise to WYG's
existing project management portfolio in both the public sector and private
sector development markets.
Adams Kara Taylor is an award winning structural and civil engineering
consultancy based in London. It works closely on iconic structures with many of
the better known architects, developers and contractors, both in the UK and
internationally, and has grown consistently since its formation in 1996 on the
back of a reputation for innovation, creativity and delivery. This acquisition
will significantly strengthen WYG's position in the strategically important
London and export markets.
The acquisition of Malachi Cullen is a small but important step forward in the
continuing development of WYG in Ireland. This civil and structural engineering
consultancy based in Athlone services a region of Ireland which is experiencing
substantial and exciting economic growth. WYG will seek to enhance the range of
services available to existing clients in that region and use the new office
location to develop additional business for national clients.
Turner Holden is a town planning consultancy based in Wellington, Somerset,
which operates primarily in the house building sector. It will complement WYG's
existing town planning operations in South West England and will create
opportunities for WYG's environmental and transportation teams in the house
building sector in the region.
DeLeeuw International is a management consultancy based in Turkey which will add
to WYG International's capability in that country.
Savell Bird and Axon is one of the UK's leading specialist transport
consultancies with offices in London, Manchester and Cardiff. It provides high
level strategic advisory services to a blue chip client base spanning across the
private and public sector development industry, tackling vitally important
issues such as transport policy, travel plan initiatives, public transport,
traffic impact assessments, land use policy and masterplanning.
IMCL, from its base in Andover Hampshire, provides international financial
management consultancy services to governments and public bodies in third world
and transitional countries. It delivers high level diagnostic studies and
reform programme designs, advice on public financial management and monitoring,
advice on and project management of public financial management reform projects
and IT systems, and training in financial management, reporting and auditing and
will allow White Young Green International to broaden the range of donor aid
projects in which it participates.
All of these acquisitions have settled well into WYG and are performing at least
in line with expectations. All major clients have been retained and the
integration of business systems is well advanced in all cases.
WYG continues to finance acquisitions through a mix of cash and shares with
earn-outs, where appropriate, being restricted to one year only in order to
facilitate integration. However, as the financial strength and borrowing
capacity of the Group has increased then the cash/shares mix has evolved from 30
/70 towards 60/40. This accelerates earnings per share growth and facilitates
greater stability in share ownership from incoming vendors.
REVIEW OF OPERATIONS
WYG has enjoyed another year of successful trading with order book up 23% to
#380m (2006: #310m) and prospects for future growth strengthening across all
three principal areas of business activity. Operational highlights for the year
to 30 June 2007 include the following:-
* 103% of 2007 net revenue already secured for 2008 (2006: 94%)
* 44% of net order book in long term framework contracts extending beyond 2012
* Operating margin on net revenue up to 11.1% (2006: 10.3%)
* 45%/55% public/private revenue split in GB & Ireland (2006:52%/48%)
* 61% increase in private sector revenues
* 21% increase in public sector revenues
* 14% organic revenue growth delivered (2006: 10%)
* Largest client Network Rail at 3.6% of revenue (2006: 2.9%)
The business mix within the Group has continued to evolve in the period with
management services increasing to 34% of gross revenue (2006: 32%) as a
consequence of the acquisition of Tweeds, Nolan Ryan and Trench Farrow during
calendar year 2006. This is higher margin business of more strategic value to
clients which will enable WYG to engage much more fully and much more closely
with clients in the future. As a consequence the Group's operating profit
margin on net revenue has also increased to 11.1% (2006: 10.3%). The scope for
future growth in these higher value, higher margin areas of business is
significant. Further improvements in margin are anticipated as a consequence of
the continuing evolution of the business mix and the influence of the more
recent acquisitions of Adams Kara Taylor and Savell Bird and Axon on engineering
and environmental margins in a full year.
The change in the business mix within WYG is also reflected in a change in
sector penetration with the private sector providing the higher proportion of GB
and Ireland net revenue in the period for the first time in four years at 55%
(2006: 48%). This trend is expected to continue through the current year as
private sector confidence continues to strengthen. Private sector gross revenue
in GB and Ireland has grown by 61% in the period to #98.0m (2006: #60.8m). This
compares to an increase of 21% in public sector net revenues reflecting the
continuing commitment to investment in health and education with more growth now
being experienced in the education field than in previous years.
The underlying organic growth in revenue has increased in the period to 14%
(2006: 10%). This continues the WYG growth model of blending consistent double
digit organic growth with earnings enhancing acquisitions which act as catalysts
for change and contribute to future organic growth through cross-selling,
knowledge transfer and skills development. This strong underlying organic
growth is reflected in all three geographic areas of operation, with GB at 14%,
Ireland at 19% and International at 9%.
The largest proportion of WYG's revenue continues to be generated in GB where
all three key skill groups of Engineering, Management Services and The
Environment contributed to gross revenue increasing by 35% to #145.5m (2006:
#107.9m). This represents 66% of total Group revenues. Trading conditions in GB
remain very favourable, driven by Central Government's continued commitment to
investment in health and education, a more stable and confident rail industry,
local government outsourcing and urban regeneration, an increase in legislation
in the energy and environmental markets, a more confident private sector and, of
course, the 2012 Olympic Games from which WYG is already deriving benefit. The
outlook for 2008 is therefore very encouraging.
WYG Ireland is now one of the largest multi-skilled consultancies operating
across Ireland having grown revenue in the year by 54% to #34.8m (2005: #22.6m).
This represents 16% of total Group revenue. Trading conditions in Ireland
continue to be buoyant across all three WYG skill groups driven by strong GDP
growth in the Republic of Ireland ("ROI"), major infrastructure commitments in
the ROI National Plan, an increasing interest in PPP as an investment model, EU
environmental legislation particularly in the context of water quality, a very
active private sector on both sides of the border and further investment
associated with tourism and urban regeneration in both Dublin and Belfast.
WYG International, the management consultancy arm of WYG which provides high
level socio-economic regeneration services to the aid funded development market,
has had another successful year with revenue up 9% to #40.3m (2006: 37.0m) and
operating margin on net revenue up at 15% (2006: 14%). WYG International now
represents 18% of total Group revenue. The process of diversifying WYG
International to include the high level project management and delivery of more
technically focused infrastructure and environmental projects gathered further
pace in 2007 with major infrastructure projects being secured in Georgia, Syria
and Poland. The future prospects for this new area of opportunity are therefore
extremely positive.
BOARD OF DIRECTORS
On 1 July 2007 Lawrie Haynes succeeded John Purvis as Chief Executive of WYG in
advance of John's retirement in October 2007. John Purvis has made a tremendous
contribution to WYG over the past ten years and especially as Chief Executive
over the last four years. During this period we have achieved substantial growth
and made a series of substantive acquisitions. I thank him for his dedication
and commitment to WYG and wish him a long and happy retirement.
I am pleased to welcome Lawrie Haynes to the Group at this exciting time in its
growth and development. His previous experience at the highest level in the
energy, transportation, environmental and international sectors will be of
particular benefit to the Group as it focuses on those markets in the delivery
of its Corporate Development Plan. Lawrie has settled well into his new position
and is committed to continue the strategy of organic and acquisitive growth that
has served WYG so successfully in the past.
On 1 January 2007 Robert Barr joined the Board as an additional non-executive
director. Robert, who is currently Chief Executive of Heywood Williams Group
Plc, brings a wealth of operational and international experience to the Group.
EMPLOYEES
WYG now employs over 3,000 staff worldwide and is very much a people business
where success depends on the professionalism, drive and commitment of the
workforce. I would, therefore, like to thank all members of staff for their
valued contribution to the many achievements and successes of the past year. In
particular, their enthusiastic participation in delivering WYG's corporate
social responsibility commitments is both recognised and appreciated.
Participation in community engagement projects, charitable fundraising events
and local education programmes not only benefits the communities in which we
work and live but also encourages teamwork and mutual respect amongst staff
whilst raising the profile of the company as a responsible and caring potential
local employer for talented people in those communities.
OUTLOOK
The outlook for WYG is positive and exciting. Having achieved a step change in
the size, profile, skills base and geographic reach of the Company over the last
three years a very positive momentum has been established from which further
significant progress can, and will, be made in the years ahead under the
guidance of a new but experienced CEO committed to the continuation of
profitable growth at WYG.
WYG therefore enters the new financial year with renewed vigour, confidence and
optimism. Trading conditions continue to be very favourable in all key markets
and geographic locations. The order book is at record levels and prospects are
strengthening as private sector confidence and commitment continues to build.
In GB and Ireland WYG's skills diversity enables it to engage quickly and
constructively in all key areas of increased demand whilst in the international
arena the delivery of technical services alongside socio-economic advisory
services is gathering pace. The recent significant acquisition activity, and
continuing focus on strong underlying organic growth, provides a firm foundation
for further progress in the year ahead. In addition the acquisition pipeline
going forward remains strong.
In the longer term WYG's exciting and ambitious Corporate Development Plan
provides a practical framework for the realisation of the Group's vision to be
leaders in the built, natural and social environment. It focuses particularly
on the four key areas of activity considered to be of primary importance to the
future development of WYG: energy and the environment, transportation and
infrastructure, international diversification and the further development of
higher value management services. The Group therefore remains confident that it
has the vision, financial capability, business model and skills mix to enable it
to fulfill its ambitions and deliver success for all stakeholders.
BUSINESS REVIEW
INTRODUCTION
In the year to June 2007 the Group has made excellent progress on its journey of
growth and development. Unprecedented volumes of new business have been
secured, order book is at record levels, five important acquisitions have been
successfully completed with two more added in the post year-end period, double
digit organic growth has been delivered for the tenth successive year and an
already strong operating margin on net turnover has been improved further.
WYG's expansion over recent years has been as a consequence of careful strategic
planning and effective risk management. As a consequence the Group has
successfully achieved its initial objectives including the introduction of new
skills, penetrating new markets, opening up new territories, raising margins,
controlling working capital, generating incremental profit growth and
diversifying the business away from a disproportionate dependence on capital
investment. This has provided the secure platform from which the Group can
realise its vision to become a leader in the built, natural and social
environment, both at home and internationally. In that respect the WYG
Corporate Development Plan is exciting, ambitious and ground breaking. It
builds on success, it releases potential and it offers all stakeholders the
opportunity to participate in, and share, the benefits from an exciting period
of growth and opportunity.
CORPORATE OBJECTIVES AND STRATEGY
WYG's principal objective over the coming years is to accelerate its pace of
growth through the realisation of its corporate development plan and, as a
consequence, be recognised as a leader in the built, natural and social
environment both at home and abroad. Achieving that objective will deliver
incremental shareholder value and will reposition the Group in relation to its
perceived peers in all of its key markets.
The methodology for achieving this objective will comprise a stepping up of the
established strategy which has successfully enabled the Group to grow revenue by
more than 2.5 times over the last three years, combined with further strategic
and value accretive acquisitions designed to either provide entry to new
markets, broaden the complementary skills range or take more market share within
a consolidating sector. This strategy, which directly impacts the Group's
acquisition, business development and recruitment policies, is also the
cornerstone of its stability and resilience within a constantly evolving market
environment.
TRADING PERFORMANCE SUMMARY
The year to June 2007 was a period of excellent revenue and profit growth for
WYG. Gross revenue grew by 32% of which 14% was organic after excluding
contributions from the acquisitions completed in 2006 and 2007. Private sector
revenue in the UK and Ireland grew by 61% in the year, compared to 21% in the
public sector, and now comprises 55% of WYG's total income from that market.
This balance of private sector and public sector business continues to enable
WYG to take full advantage of periodic changes in investment patterns across
both sectors.
Profit before interest, tax and the amortisation of intangibles increased by a
substantial 43% to #19.6m (2006: #13.7m) assisted by a further improvement in
margins at both gross and net level. Operating profit before the amortisation
of intangibles, expressed as a percentage of gross revenue, increased to 8.9%
from 8.2% in 2006. Similarly operating profit before the amortisation of
intangibles expressed as a percentage of net revenue increased to 11.1% (2006:
10.3%). WYG therefore continues to be successful in driving margins up whilst
also generating significant revenue growth as a consequence of the change in
business mix and the continuing focus on efficiency and higher margin activities
at the more strategic end of client relationships. As a consequence WYG margins
continue to be at the higher end of the industry peer group.
TRADING PERFORMANCE BY SKILL GROUP
WYG provides an integrated multi-skilled service to clients in the UK and
Ireland around the three key skill groups of engineering, management services
and the environment. The balance of those skills within the Group continues to
evolve in line with the increasing emphasis on higher value, higher margin
strategic services and full life cycle asset management support. In the year to
June 2007 management services, as expected, increased its share of gross revenue
to 34% of the Group total (2006: 32%). Engineering reduced its share of gross
revenue to 43% (2006: 45%) whilst the environment was unchanged at 23%. All of
this should be set against total Group revenues increasing by 32% in the period
and therefore all skill groups experienced significant increases in gross
revenue in the year in quantum terms.
Engineering Up 26% to #95m.................................43% of gross revenue
Management Services Up 42% to #76m...................34% of gross revenue
The Environment Up 29% to #50m...........................23% of gross revenue
Across all three skill groups it is apparent that in GB and Ireland private
sector business is continuing to grow at a much faster pace than public sector
work to the extent that private sector revenue outstripped public sector revenue
at WYG for the first time since 2002 at 55% of the total (2006: 48%). This
reflects both a change in investment patterns across the UK and Irish economies
and the business mix brought to the Group by the 2006 and 2007 acquisitions. In
particular, private sector development work covering the commercial, leisure and
residential markets increased in the year by an unprecedented 77% to #46.4m
(2006: #26.2m) and now represents 26% (2006: 21%) of total Group revenue in the
UK and Ireland. This sits alongside transportation and infrastructure at 22%
(2006: 23%) and health and education at 14% (2006: 17%).
The strength and resilience of WYG continues to be founded in the Group's
diverse and balanced sector penetration which enables it to ride the sequential
peaks of both public sector and private sector investment by being equally
responsive to both opportunity and threat in any one sector. Having a business
ethos built on flexibility in terms of resource allocation, management structure
and business focus, and matching this with a real commitment to demonstrable
excellence and sustained client care in all sectors of business activity,
enables WYG to minimise the impact of any fall off in investment in one sector
whilst taking early advantage of any increase in investment in another. This
philosophy provides WYG with real resilience and stability, and positions the
Group well to deliver consistent and sustainable growth.
Private sector revenue in the UK and Ireland increased in the year by an average
of 61% to #98.0m (2006: #60.8m). This represents 55% of total domestic revenue
and was dispersed as follows across all of the key private sector markets:
* Power and Utilities Up 10% to #9.6m
* Industry Up 41% to #18.5m
* Development Up 77% to #46.4m
* Retail Up 45% to #11.9m
* Financial Services Up 58% to #4.6m
Public sector revenue in the UK and Ireland increased in the year by an average
of 21% to #80.2m (2006: #66.5m). This represents 45% of total domestic revenue
and was dispersed as follows across all of the key public sector markets:
* Transportation and Infrastructure Up 31% to #38.7m
* Health and Education Up 21% to #26.2m
* Law and Order Up 1% at #8.6m
* Defence No change at #6.7m
Engineering
WYG offers clients with a full range of complementary engineering skills which
are fully coordinated to ensure a seamless and integrated service. Those skills
include civil, structural, mechanical, electrical, geotechnical, rail, highway,
transportation, water and wastewater, marine, energy and building services
engineering specialisms.
Trading conditions for engineering services, both in the UK and Ireland, remain
favourable with strong sustainable growth being experienced at the present time
in highways, rail infrastructure, education, private sector development work and
industry generally. In addition there are increasing opportunities to deploy
WYG's engineering skills in the international arena as the diversification of
WYG International gathers pace.
In the year to June 2007 total engineering revenues grew by 26% to #94.5m (2006:
#75.3m) of which 13% was achieved organically, excluding the contributions from
the 2006 and 2007 acquisitions. The operating margin on net revenue was
maintained at 7% (2006: 7%).
Of particular importance to WYG's engineering capability, capacity and future
potential in the year was the arrival of Adams Kara Taylor (AKT) to the WYG
stable in November 2006. AKT is a progressive design led consultancy which, over
recent years, has been recognised as one of the most successful cutting edge
practices in its field, collaborating with leading architects, developers and
contractors both in the UK and internationally. With over 100 staff, and an
annual turnover of approximately #8m, AKT will significantly strengthen WYG's
engineering capability in London, from where they will also play a leading role
in influencing the future development of the overall company. AKT was formed in
1996 and since then has grown consistently on the back of a reputation for
innovation, creativity and delivery and, as a consequence, has won numerous
awards. Recent projects include the Duke of York's Square development in
Chelsea, High Cross Quarter in Leicester, the Phaeno Centre in Germany and the
Asticus Building in London. In addition, since joining WYG, AKT has secured a
#300m mixed use development as part of the Lower Don Valley master plan in South
Yorkshire working in close collaboration with WYG's regional offices.
In the major highways market WYG has consolidated its position as a principal
provider of engineering services during the course of the year working both
directly for the Highways Agency and for construction contractors on 'early
contractor involvement' (ECI) schemes. Highways Agency projects included the A46
/A607 Hobby Horse Roundabout Improvement scheme to the north west of Leicester
where WYG provided project management, detailed design and construction
supervision services. The scheme has been in operation since late 2006 and has
been an unqualified success. A dedicated slip road for the A46 northbound acts
as a free flow link which, together with additional lane provision and effective
signalisation, enables the junction to operate effectively during all normal
traffic conditions.
Activity in the rail sector was buoyant in the year with total revenue up 28% to
#14.0m (2006: #10.9m) all of which was achieved organically. The business mix
included major station enhancement and inspection works, track bed
investigations, tunnel design, safety management, geotechnical investigations
and site management services. Projects for Network Rail, WYG's largest client at
3.6% of gross revenue, included the new Thames Valley Signalling Centre at
Didcot, Oxfordshire, the development of generic step free access solutions for
stations throughout the UK, the design of a new #20m station at East Midlands
Parkway to serve the Midlands Main Line and asset condition surveys on over 600
properties nationwide including Waterloo and Victoria stations in London.
In the private sector property development market WYG's engineering teams across
the country have benefited in the year from increased confidence and investment
from clients, particularly in the area of urban regeneration. One of the most
notable projects of this type is the St. Stephens Ferensway Development in the
centre of Hull for ING Real Estate UK Ltd. This #200m retail-led mixed use
development includes extensive civil engineering enabling works and a
comprehensive transport interchange. Construction work is now proceeding on
site and the project is scheduled for completion in late 2007.
WYG's building services engineers are at the forefront of sustainable design
utilising cutting edge techniques to minimise the environmental impact of
development including the use of low energy heating and cooling systems,
rainwater harvesting, renewable energy sources, ground source heat pumps, waste
to energy solutions and carbon footprinting. Projects on which these techniques
have been used during the year include a #37m Veterinary School for the
University of Edinburgh, the #24m Newcastle City Library project and the #21m
redevelopment of Middleton School for Milton Keynes Council. A BREEAM excellent
rating has been targeted on each of these exemplar projects.
Of particular note in the healthcare sector was the financial close achieved in
June 2006 on the #553m Birmingham Acute and Adult Psychiatric Hospitals PFI
project. This project is one of the largest PFI healthcare projects outside
London and will provide over 1,300 beds across three hospitals. WYG is providing
a wide range of engineering, environmental and planning supervisory services to
Balfour Beatty on this landmark project. Similar services are also being
provided to that client on the #200m Pontefract and Pinderfields Hospital PFI
project which also achieved financial close in February 2007.
WYG's engineering teams have benefited in the year from an overall 31% increase
in revenue generated by education projects in the year to a total of #16.7m
(2006: #12.7m). This includes a number of 'Building Schools for the Future'
projects for construction contractors as well as direct appointments by
Southampton University, Burnley College, Liverpool Community College,
Bournemouth University, Queens University Belfast, Imperial College London and
others.
In the increasingly important energy market WYG has been successful in securing
a key nuclear decommissioning framework contract for British Nuclear Group
Sellafield Ltd (BNG) in West Cumbria. As part of a five company consortium, WYG
will provide civil, structural, environmental, mechanical and electrical
engineering consultancy services, and project management skills, to the BNG
decommissioning and clean up teams. The contract will cover a wide range of
decommissioning projects on the Sellafield, Drigg and Calder Hall nuclear sites,
ranging from decontamination, deplanting, demolition, waste management, remote
handling radiological work and new build construction work. It is estimated that
the total contract value could be in excess of #100m over a potential four year
duration duration.
Management Services
Management services, comprising project management, property management, cost
management, health and safety management and social-economic advisory services
accounted for 34% of total WYG revenue in the year to June 2007, up 42% to
#76.0m (2006 #53.4m). The operating margin on net revenue was also stronger at
16% (2006: 15%) and, therefore, as this skill group continues to increase as a
proportion of total revenue in line with the WYG corporate development plan then
the overall Group operating margin should also strengthen further. In the year
to June 2007 the Group benefited from a full years contribution from both Tweeds
and Nolan Ryan, which had both been acquired during the course of the previous
financial year, and a part year contribution from Trench Farrow acquired in
October 2006. Discounting these acquisitions the underlying organic rate of
growth was also stronger at 10% (2006: 6%).
Typical private sector development projects currently being undertaken by Tweeds
include cost management services of the #175m redevelopment of Wolverhampton
Town Centre for Neptune Developments, which includes a major transport
interchange as well as commercial, retail and residential building units, and
Employers Representative services on the #500m Greenwich Wharf scheme for London
& Regional Properties. This development will link the Dome to Greenwich town
centre in south east London and will act as a catalyst for the #4 billion
regeneration of the Greenwich peninsular. Tweeds has also recently been
appointed as employer's representative and quantity surveyor on the #120m
redevelopment of the former Marks and Spencers London HQ building in Baker
Street for London and Regional Properties. Public sector projects include a
#14.5m multi-functional courts complex in Salisbury for Her Majesty's Courts
Service and new office accommodation for the Welsh Assembly.
WYG's management services' offering was significantly strengthened during the
course of the year by the acquisition of Trench Farrow, a niche project
management consultancy business based in London and Swindon focusing
particularly on the corporate fit out and urban regeneration market. Typical
projects include the project management and cost management of the #173m
'Wichelstowe' urban extension to Swindon, providing up to 4,500 new homes and
all support amenities, the #90m reconstruction and refurbishment of the City of
London's Guildhall offices and the project management of a #40m office
development to house Deloitte at Land Securities' New Street Square development
in London.
WYG Management Services now comprises a balanced portfolio of private sector and
public sector projects across both the UK and Ireland. In the public sector WYG
has recently been appointed by the Home Office as Client's Representative for
the construction of a #100m new prison at HMP Littlehey where 480 new places
will be created to help overcome the current shortage of prison accommodation.
In addition an appointment has been secured from Defence Estates to project
manage the #60m redevelopment of the military establishment at Woolwich aimed at
facilitating the future non-military use of the site. Both of these projects
reinforce WYG's long established position as a primary provider of project
management services to the criminal justice and defence sectors.
The acquisition of Nolan Ryan in June 2006 significantly enhanced WYG's
management services business in Ireland by adding offices in Waterford and
Kilkenny and strengthening the existing skills offering in Dublin, Limerick and
Cork. The economy in Ireland remains buoyant and opportunities for further
growth are significant. In the period WYG Ireland Management Services provided
quantity surveying services on a number of prestigious projects including the
Euro18m Carlow Theatre and Art Gallery project, the Euro30m Wexford Opera House and
the Euro150m Adamstown Strategic Development Zone Infrastructure project where
services also included project management.
The Environment
WYG provides a full range of environmental services to clients including noise,
air and water quality, environmental management systems, ecology, environmental
impact assessments, waste management, landscape and urban design, pollution
control, geotechnical investigations, asbestos surveys and contaminated land
remediation services. These, together with comprehensive town planning services,
represent WYG's professional contribution to the protection and sustainability
of our environment. This has been the fastest growing WYG skill group over
recent years with revenues up a further 29% in the year to June 2007 at #50.1m
(2006: #38.8m) of which over 20% was achieved organically for the second
successive year. The environment now represents 23% of overall Group revenue
and attracts an operating margin on net revenue of 14% (2006: 14%).
The environmental market has grown rapidly over recent years and is forecast to
grow even further as the focus on climate change, the carbon agenda, waste
management and energy utilisation increases. Key drivers for growth will
continue to be the volume and complexity of regulations and legislation, backed
up by more vigorous enforcement, together with an increasing general awareness
of the potential impact on future generations.
WYG's environmental skills have been utilised by a wide range of clients in the
period including the London Development Agency, the Environment Agency, English
Partnerships, National Grid Property Holdings, Kielder Partnership and WRG, the
waste management and energy recovery group. Of particular interest was the
successful use, for the first time in the UK, of thermal desorption as an
effective and economic remediation technique for treating gas works waste on a
National Grid site in Dundee. This technique, which has been previously been
used successfully in the USA and elsewhere in Europe, involves the removal of
contaminants through the heating of the soils to extremely high temperatures in
specially designed equipment and the subsequent re-use on site of the residual
treated material. WYG Environmental has also been appointed during the year to
prepare a masterplan for the #25m Keilder Water & Forest Park in the
Northumberland National Park designed to both regenerate and conserve the
Keilder area.
In Ireland WYG's environmental team enjoyed another successful year being
engaged on a wide range of projects from the regeneration of the Maze prison
site in Northern Ireland to habitat mapping for bio-diversity in Dun Laoghaire,
County Dublin and the promotion of combined heat and power solutions nationwide
on behalf of Sustainable Energy Ireland.
WYG has also grown rapidly over the last five years to become one of the largest
town planning consultancies in the UK with offices in Edinburgh, Belfast, Leeds,
Manchester, Leicester, Bristol, Cardiff, London and Southampton. Town planning
is very much a front end advocacy skill and, as such, it attracts higher
margins. It also generates significant opportunities for other WYG skill groups
active in support of planning applications, appeals and enquiries including, in
particular, transportation and the environmental sciences. During the year WYG
Planning was further strengthened by the acquisition of Turner Holden, a town
planning and urban design consultancy, based in Wellington, Somerset with
specialist experience and expertise in the house building sector.
Major clients of WYG Planning include Sainsbury's, Linden Homes, Barratt,
Ericsson and Persimmon. Major projects on which WYG Planning is currently
engaged include Bicester Town Centre redevelopment, the Gloucester Quays
Redevelopment for Peel Holdings, 'The Zone' residential development at Temple
Quay Bristol for Barratt, the Wellington Avenue town centre regeneration scheme
in Aldershot for Linden Homes, the 'Mirror Pool' in Bradford City Centre and a
four year framework contract for English Partnerships to provide development
planning services on a national basis through to 2010.
Of major importance to the future growth and development of WYG's environmental
skill group was the post-period acquisition of Savell, Bird and Axon (SBA) in
August 2007. SBA is one of the UK's leading specialist transport consultancies
with offices in London, Manchester and Cardiff. It provides high level
strategic advisory services to a blue chip client base spanning across the
private and public sector development industry, tackling vitally important
issues such as transport policy, travel plan initiatives, public transport,
traffic impact assessments, land use policy and masterplanning. This acquisition
enables WYG to offer clients a fully comprehensive and integrated environmental
planning service by combining town planning and transport planning with all of
the requisite environmental sciences necessary to take projects from inception
through to planning approval.
TRADING PERFORMANCE BY GEOGRAPHY
Great Britain
The largest proportion of WYG's revenue continues to be generated in England,
Scotland and Wales ("GB") where all key skills groups contributed to gross
revenues up 35% to #145.5m (2006: #107.9m). This represents 66% of total Group
revenues (2006: 64%). Trading conditions remain favourable across all three WYG
skills groups in GB with the private sector growing strongly and the rail sector
recovering well from a very difficult year in 2005. Operating margin on net
revenue has been maintained at 9% whilst underlying organic growth in GB has
improved significantly to 14% from 8% in the previous year fuelled, in
particular, by the growing strength of the private sector.
Key drivers for growth in this market in the coming year include Central
Government's continued commitment to investment in health and education
programmes, a more confident rail industry, local government outsourcing and
urban regeneration, an increase in legislation in the energy and broader
environmental fields, a much more confident private sector and the 2012 Olympics
from which WYG is already deriving benefit. The outlook for 2008 is therefore
very encouraging.
Ireland
WYG Ireland is now one of the largest and most profitable multi-skilled
consultancies operating across Ireland, having grown revenue in the year by an
impressive 54% to #34.8m (2006: #22.6m) and having improved the operating margin
on net revenue to 16% (2006: 14%). The contribution from Ireland has grown in
the year augmented by the acquisition of Nolan Ryan just before the previous
year end on 29 June 2006. The year to June 2007 has also benefited from a full
12 months contribution from J.C. Warnock Associates, a Derry based engineering
consultancy which was acquired in February 2006 and from the more recent
acquisition of Athlone based engineer Malachi Cullen in January 2007.
Notwithstanding these acquisitions, organic growth was also very strong in the
year to June 2007 at 19% per annum (2006: 21%). Ireland therefore now
contributes 16% of total WYG revenue (2006: 14%) and the buoyant market
conditions prevailing both in Northern Ireland and in the Republic of Ireland
will ensure that this share of WYG activity will at least be maintained in the
coming year and may indeed increase.
WYG now operates from eight locations across Ireland in Belfast, Londonderry,
Dublin, Limerick, Cork, Waterford, Athlone and Kilkenny and employs more than
500 staff. 39% of WYG Ireland's business is generated in Northern Ireland and
61% in the Republic of Ireland.
Key drivers for growth in this market in the coming year include GDP growth in
the Republic of Ireland (ROI) significantly ahead of that in the UK, major
infrastructure commitments in the ROI National plan, an increasing interest in
public/private partnerships (PPP) as an investment model in the ROI, EU
legislation, particularly in the context of water quality and environmental
protection, a very active private sector on both sides of the border and further
investment associated with tourism and urban regeneration in both Dublin and
Belfast.
International
In the year to June 2007 WYG International grew revenue by 9% to #40.3m (2006:
#37.0m) and increased operating margin on net revenues to 15% (2006: 14%). This
represents 18% of total Group revenues (2006: 22%), down as a consequence of the
considerable acquisition activity in GB and Ireland.
Trading conditions for WYG International's core social and economic regeneration
consultancy services remain very favourable with strong prospects for future
growth in all key regional centres. In Poland the transition from accession
funding to locally managed structural funding has been seamless with a number of
projects now secured under the new arrangements. In Romania, Bulgaria and Turkey
the pipeline of future work has strengthened significantly over the last year
and recent successes give confidence that real momentum is now beginning to
build up after a relatively subdued 2006. The acquisition of Deleeuw
International in April 2007 will act as a further catalyst to this process in
Turkey. In Africa the opportunities are considerable and the two major projects
already secured in South Africa where WYG International is project managing the
EU's investment in macro poverty alleviation in KwaZulu Natal and Eastern Cape
Province, provide an effective and credible bridgehead for further penetration
into that significant new market for WYG. In Russia and the rest of the former
Soviet Union, WYG International has already begun to diversify from
internationally funded public sector work to the private sector which is now
growing rapidly across the region. Projects in the mining, utilities and retail
markets now dominate the WYG portfolio as donor funding begins to slow down with
increased strength in the Russian economy.
Typical socio-economic projects, funded by the EU and undertaken by WYG
International in the year include the following:-
* Helping people with disabilities into employment in Poland.
* Support to the implementation of the Romanian national strategy for improving
Roma conditions.
* Support to the European partnership and standards process in Kosovo.
* Support for human rights and the judiciary in Nepal.
The process of diversifying WYG International to include the high level project
management and delivery of more technically focused infrastructure and
environmental projects gathered further pace in 2007 and now generates over 7%
of WYG International's total revenue. From a zero base in June 2004 the team is
now actively engaged on a number of technical projects covering functional areas
such as transport planning, solid waste management, water and wastewater,
building conservation, building structures and utility pipelines.
Typical technical projects undertaken by WYG International in the year include
the following:-
* Damascus rural water and sanitation project
* Project management of the Samtskhe to Javakheti roads project in Georgia
* Improvements to the Central Water Supply Plant in Warsaw, Poland.
ORDER BOOK
WYG's net order book has increased in the year by 23% to a total of #380m (2006:
#310m) comprising #166m from framework contracts and #214m from individual
projects. This is equivalent to a gross order book of approximately #472m at
2007 gross to net ratios. Net orders of #182m already secured for 2008 are
equivalent to 103% of the 2007 net revenue total. This compares to an
equivalent figure of 94% at the beginning of the 2007 financial year and
signifies a further relative strengthening of the order book.
SUMMARY
This year marks the tenth anniversary of WYG following the merger of White Young
Consulting Group Ltd with Ernest Green Holdings plc in May 1997. Since that
time, Group revenue has grown almost tenfold at an average compound rate of
growth of 26% per annum, including a contribution of 32% revenue growth in the
year to June 2007. Over that ten year period, the Group has progressively
diversified into more strategic, higher value, higher margin areas of business
resulting in all key matrices showing significant gains from the position at
June 1997.
2007 1997 Increase
Gross revenue #220.6m #22.7m 9.7x
Operating profit #19.6m #0.9m 21.8x
Operating margin on net revenue 11.1% 4.0% 2.8x
Adjusted earnings per share 24.5p 4.7p 5.2x
Market capitalisation #235.2m #12.7m 18.5x
The year to 30 June 2007 has contributed strongly to this success with revenue,
profit, earnings per share, margins and order book all at record levels. As a
consequence, a firm and enduring platform has been established for further
significant progress in the year ahead.
WYG therefore enters the new financial year with continued confidence and
optimism. Trading conditions in all key markets are very favourable and the
order book is at record levels with prospects strengthening as private sector
confidence continues to build. The recent significant acquisition activity and
a continuing focus on strong underlying organic development will drive further
growth in the year ahead and the acquisition pipeline remains strong.
WYG is grateful for the support and commitment of all stakeholders and looks
forward with confidence to delivering further success in the year ahead.
Consolidated income statement
For the year ended 30 June 2007
Before Before
amortisation Amortisation of amortisation Amortisation
of acquired acquired of acquired of acquired
intangibles intangibles Total intangibles intangibles Total
2007 2007 2007 2006 2006 2006
Note #'000 #'000 #'000 #'000 #'000 #'000
Continuing operations
Revenue 2 220,641 - 220,641 167,487 - 167,487
Operating expenses (201,081) (2,648) (203,729) (153,817) (588) (154,405)
Operating profit 2 19,560 (2,648) 16,912 13,670 (588) 13,082
Finance costs (3,548) - (3,548) (2,020) - (2,020)
Profit before tax 16,012 (2,648) 13,364 11,650 (588) 11,062
Tax 3 (4,453) 973 (3,480) (3,224) - (3,224)
Profit attributable to 11,559 (1,675) 9,884 8,426 (588) 7,838
equity shareholders
Earnings per share
Basic 4 24.5p (3.5p) 21.0p 20.0p (1.4p) 18.6p
Diluted 4 23.4p (3.4p) 20.0p 19.1p (1.3p) 17.8p
Dividend per share
Interim - proposed & 2.9p - 2.9p 2.6p - 2.6p
paid
Final - proposed 5.4p - 5.4p 4.6p - 4.6p
8.3p - 8.3p 7.2p - 7.2p
Paid 7.5p - 7.5p 6.7p - 6.7p
Consolidated balance sheet
As at 30 June 2007
2007 2006
#'000 #'000
Non-current assets
Goodwill 81,122 60,132
Other intangible assets 10,506 7,910
Property, plant and equipment 10,841 9,480
Deferred tax assets 2,761 2,302
Derivative financial instruments 305 -
105,535 79,824
Current assets
Work in progress 38,896 30,966
Trade and other receivables 66,548 52,554
Tax recoverable 709 599
Cash and cash equivalents 8,619 9,322
114,772 93,441
Current liabilities
Trade and other payables (68,100) (53,107)
Current tax liabilities (3,298) (2,230)
Financial liabilities (2,381) (6,092)
(73,779) (61,429)
Net current assets 40,993 32,012
Non-current liabilities
Financial liabilities (50,810) (32,068)
Retirement benefit obligation (3,966) (4,251)
Deferred tax liabilities (2,823) (164)
(57,599) (36,483)
Net assets 88,929 75,353
Shareholders' equity
Share capital 2,408 2,304
Share premium account 58,124 51,332
Hedging and translation reserve (687) (432)
Retained earnings 29,084 22,149
Total shareholders' equity 88,929 75,353
Consolidated cash flow statement
For the year ended 30 June 2007
Note 2007 2006
#'000 #'000
Operating activities 5
Cash generated from operations 11,351 9,375
Interest paid (2,607) (1,324)
Tax paid (4,362) (3,575)
Net cash generated from operating activities 4,382 4,476
Investing activities
Proceeds on disposal of property, plant and equipment 242 250
Purchases of property, plant and equipment (2,390) (1,243)
Purchases of businesses (13,909) (16,759)
Purchases of intangible assets (computer software) (976) (1,072)
Cash balances/(overdraft)acquired with businesses 3,061 (699)
Net cash used in investing activities (13,972) (19,523)
Financing activities
Net proceeds on issue of ordinary share capital 833 7,334
Equity dividends paid (3,503) (2,816)
Repayments of borrowings (29,413) (6,084)
Drawdown of loan facilities 48,102 22,500
Repayments of obligations under finance leases (3,002) (2,950)
Purchase of own shares for Employee Benefit Trust (868) -
Net cash generated from financing activities 12,149 17,984
Net increase in cash and cash equivalents 2,559 2,937
Cash and cash equivalents at beginning of year 6,045 3,108
Cash and cash equivalents at end of year 8,604 6,045
Consolidated statement of recognised income and expense
For the year ended 30 June 2007
2007 2006
#'000 #'000
Profit attributable to equity shareholders 9,884 7,838
Net exchange adjustments offset in reserves net of tax (560) 8
Actuarial (losses)/gains on defined benefit pension schemes (84) 768
Gains on cash flow hedges 305 -
Tax on items taken directly to equity 133 29
Total recognised income and expense for the year 9,678 8,643
Consolidated statement of changes in shareholders' equity
For the year ended 30 June 2007
2007 2006
#'000 #'000
Profit attributable to equity shareholders 9,884 7,838
Net exchange adjustments offset in reserves net of tax (560) 8
Actuarial (losses)/gains on defined benefit pension schemes (84) 768
Gain on cashflow hedges 305 -
Share-based payments 505 722
New share capital issued, net of expenses 6,896 18,032
Tax on items taken directly to equity 133 29
Equity dividends paid (3,503) (2,816)
Net addition to shareholders' equity 13,576 24,581
Equity attributable to equity shareholders of the Company at beginning of 75,353 50,772
year
Equity attributable to equity shareholders of the Company at end of year 88,929 75,353
1. Financial information
The financial information in this preliminary announcement does not constitute
statutory accounts within the meaning of s240 of the Companies Act 1985.
Statutory accounts for the year ended 30 June 2007 will be dispatched to
shareholders by 24 October 2007 for approval at the Annual General Meeting to be
held on 5 December 2007. The statutory accounts contain an unqualified audit
report and will be delivered to the Registrar of Companies in accordance with
s242 of the Companies Act 1985.
2. Segmental analysis
Primary reporting format - business segments
For management purposes, the Group is currently organised into three operating
units - Engineering, Management Services and The Environment. These operating
units are the basis on which the Group reports its primary segmental
information.
Segmental information about these businesses is presented below.
Engineering Management The Group
Services Environment
2007 2007 2007 2007
#'000 #'000 #'000 #'000
Revenue
External sales 100,368 76,667 51,524 228,559
Inter-segment sales (5,830) (659) (1,429) (7,918)
Total revenue 94,538 76,008 50,095 220,641
Result
Operating profit before amortisation of 5,792 8,316 5,452 19,560
acquired intangibles
Amortisation of acquired intangibles (633) (1,853) (162) (2,648)
Operating profit 5,159 6,463 5,290 16,912
Finance costs (3,548)
Profit before tax 13,364
Tax (3,480)
Profit for the year 9,884
2. Segmental analysis (continued)
Engineering Management The Group
Services Environment
2006 2006 2006 2006
#'000 #'000 #'000 #'000
Revenue
External sales 80,092 53,937 40,106 174,135
Inter-segment sales (4,805) (535) (1,308) (6,648)
Total revenue 75,287 53,402 38,798 167,487
Result
Operating profit before amortisation of 4,612 4,711 4,347 13,670
acquired intangibles
Amortisation of acquired intangibles (187) (252) (149) (588)
Operating profit 4,425 4,459 4,198 13,082
Finance costs (2,020)
Profit before tax 11,062
Tax (3,224)
Profit for the year 7,838
3. Tax
2007 2006
#'000 #'000
Current tax:
UK corporation tax on profits for the year at 30% (2006: 30%) 3,812 2,498
Adjustments in respect of previous years - 56
Overseas tax on profits for the year 868 676
4,680 3,230
Deferred tax:
Movement in deferred tax (1,200) (6)
3,480 3,224
Tax on items charged to equity:
Deferred tax credit related to share - based payments 108 259
Deferred tax credit/(charge) related to the actuarial gains and losses on 25 (230)
retirement benefit schemes
133 29
4. Earnings per share
The calculation of the basic and diluted earnings per share is based on the
following data:
2007 2006
#'000 #'000
Earnings for the purposes of basic and diluted earnings per share being profit for 9,884 7,838
the year
Amortisation of acquired intangible assets net of taxation 1,675 588
Earnings for the purposes of basic and diluted adjusted earnings per share 11,559 8,426
Number Number
Number of shares
Weighted average number of shares for basic earnings per share 47,104,215 42,173,184
Effect of dilutive potential ordinary shares:
Share options 199,754 456,456
Shares to be issued in respect of acquisitions 2,003,896 1,374,844
Weighted average number of shares for diluted earnings per share 49,307,865 44,004,484
Earnings per share
Basic 21.0p 18.6p
Diluted 20.0p 17.8p
Adjusted earnings per share
Basic 24.5p 20.0p
Diluted 23.4p 19.1p
5. Cash generated from operations
2007 2006
#'000 #'000
Profit from operations 16,912 13,082
Adjustments for:
Depreciation of property, plant and equipment 3,773 3,392
Amortisation of intangible assets 3,458 1,177
Loss on disposal of property, plant and equipment 48 136
Share options charge 1,573 890
Operating cash flows before movements in working capital 25,764 18,677
(Increase)/decrease in inventories (7,459) 237
Increase in receivables (10,946) (7,632)
Increase/(decrease) in payables 3,992 (1,907)
Cash generated from operations 11,351 9,375
Interest paid (2,607) (1,324)
Tax paid (4,362) (3,575)
Net cash generated from operating activities 4,382 4,476
6. Analysis of changes in net financial liabilities
At 1 July Cash Other non- At 30 June
2006 flows Acquisitions cash items 2007
#'000 #'000 #'000 #'000 #'000
Cash and cash equivalents 9,322 (3,828) 3,125 - 8,619
Bank overdrafts (3,277) 3,326 (64) - (15)
Bank loans due after one year (29,413) (18,689) - 201 (47,901)
Loan notes due within one year (245) - - (78) (323)
Finance leases and hire purchase contracts (5,225) 3,002 (333) (2,396) (4,952)
(28,838) (16,189) 2,728 (2,273) (44,572)
This information is provided by RNS
The company news service from the London Stock Exchange
END
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