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TIDMMSLH
RNS Number : 0715N
Marshalls PLC
26 August 2011
Interim results for the half year ended 30 June 2011
Marshalls plc, the specialist Landscape Products Group, announces its half year trading performance
Performing in line with market expectations
Financial Highlights
Half year ended Half year ended
30 June 2011 30 June 2010 *
Continuing operations:
Revenue GBP177.2m GBP162.6m
EBITDA GBP22.9m GBP18.6m
Operating profit GBP13.7m GBP9.4m
Profit before tax GBP12.2m GBP8.1m
Basic EPS 5.47p 3.29p
Interim dividend per share 1.75p 1.75p
Net debt GBP70.4m GBP66.7m
Total operations:
Basic EPS 2.96p 3.07p
* The comparatives have been restated in respect of discontinued operations.
Highlights:
-- Revenue from continuing operations up 9%
-- Operating profit from continuing operations up 26% excluding the net gain on asset and property disposals of GBP2m
-- Operating margin improved to 6.6% (2010: 5.7%) excluding the net gain on asset and property disposals
-- Basic EPS from continuing operations up 66%
-- Sale of surplus property realised cash proceeds of GBP5m
-- Net debt stable at GBP70m (2010: GBP67m)
Commenting on these results, Graham Holden, Chief Executive, said:
"First half trading was encouraging. Marshalls benefited from a stronger first quarter following the poor weather conditions in 2010 and continued to show positive progress in the second quarter. Targeted marketing and product innovation in the Public Sector and Commercial end market has delivered positive results. In the Domestic end market the Group's installer initiatives have increased sales and there has been positive progress in overseas markets.
Looking forward, there is continuing strength in Commercial to offset the anticipated weakness in Public Sector demand. The Domestic outlook is softening although installer order books have remained consistent at around 7 weeks. Overall, market volume is expected to be slightly lower in the second half of the year against strong comparatives.
Despite the challenging macroeconomic background, the solid foundations of the business, the Group's strong market position, its sales and marketing initiatives and growing overseas sales mean that Marshalls is well positioned to deliver sales outperformance."
Enquiries:
Graham Holden Chief Executive Marshalls plc 01484 438900
Ian Burrell Finance Director
Brunswick Group
Jon Coles LLP 0207 404 5959
Kate Miller
Group Results
Continuing revenue for the half year ended 30 June 2011 increased by 9 per cent to GBP177.2 million (2010: GBP162.6 million). Sales to the Public Sector and Commercial end market, which represent 60 per cent of Group sales, were up 10 per cent and sales to the Domestic end market, on a continuing basis, were up 8 per cent compared with the prior year period.
Reported operating profit from continuing operations was GBP13.7 million (2010: GBP9.4 million) including a net gain of GBP2 million on asset and property disposals. Operating profit, excluding the net gain on asset and property disposals, was up 26 per cent at GBP11.7 million (2010: GBP9.3 million). EBITDA from continuing operations was GBP22.9 million (2010: GBP18.6 million).
Net financial expenses were GBP1.4 million (2010: GBP1.3 million) and interest was strongly covered 9.5 times (2010: 7.4 times) by earnings on a continuing basis. The effective tax rate was 12.4 per cent (2010: 20.7 per cent) and benefited from the reduction in the rate of corporation tax and the utilisation of brought forward capital losses being applied against the capital gain on the disposal of the surplus property.
Basic EPS, for the continuing operations, was up 66 per cent at 5.47 pence (2010: 3.29 pence) per share. The interim dividend will be 1.75 pence (2010: 1.75 pence) per share.
Operating Performance
The underlying market during the first half was flat which is consistent with the most recent Construction Products Association ("CPA") full year forecast for 2011. Marshalls' sales growth during this period results from the positive actions taken to drive revenues through sales initiatives delivering increased volume.
In the Public Sector and Commercial end market the Group has continued to develop innovative products and services to meet customer requirements. In particular it has been targeting growth areas such as rail, education, home and retail using our precision marketing. The experienced technical and sales teams provide a full range of integrated products and sustainable solutions to customers, architects and contractors, and the specialist integrated product directories have proved extremely successful. The Group has continued to deliver more products to the Olympic sites, which have now reached the main landscaping phase. Order intake for the Olympics now exceeds GBP8 million and is on target to achieve the upper end of management's expectations.
In the Domestic end market the Group has continued its initiatives to drive more sales through quality installers and remains committed to developing the installer base and the Marshalls Register through increased training, marketing materials and sales support. This initiative has enabled the number of Register member teams to grow by 17 per cent since the beginning of 2010. Installer order books were 7.0 weeks as at June 2011, similar to the 7.1 weeks at April 2011 and June 2009, although lower than the equivalent point in June 2010 of 9.1 weeks.
First half sales also benefited from the better working conditions compared with the weather disruption experienced in 2010. In addition, the Group has increased its selling prices to recover cost inflation and the additional fuel costs experienced during the first half.
Operationally, production levels in the first half continued to trend upwards in support of the first half sales volumes, logistics benefited from optimisation initiatives and customer service remained at a high level. Reported operating profit margin on continuing operations increased to 7.7 per cent (6.6 per cent excluding the net gain on asset and property disposals) from 5.7 per cent in the prior year period.
The Group announced in June 2011 the proposed closure of its non-core garage and greenhouse manufacturing operations. Agreement was subsequently reached to sell, separately, the Compton garage brand and the Alton and Robinson greenhouse brands. The Group's sales of garages and greenhouses were GBP5.9 million in the half year ended 30 June 2011 (2010: GBP7.3 million), while in the year ended 31 December 2010 sales were GBP14.3 million with an operating loss of GBP1.2 million. The operations have been treated as discontinued in these half-yearly results. The post tax loss from discontinued operations in the half year ended 30 June 2011 is GBP4.9 million after writing off intangible assets, providing for closure costs and net of the sale of brands. It is estimated that ultimately these transactions will generate positive net cash of approximately GBP2 million.
Marshalls was the first business in its Sector to become a member of the Ethical Trading Initiative. The Company has also become the UK's first heavy side materials manufacturer to be accepted into the prestigious UN Global Compact. It is based on ten core social and ethical principles and is the world's largest and most visible leadership platform for corporate responsibility and sustainability increasingly supported by governments around the world as the "International Standard" for corporate social responsibility. Marshalls has been consistently rated in the top 10 per cent of companies in the Group's first three years of membership.
Looking forward to the second half the Group continues to develop organic sales initiatives. In Commercial, Marshalls has expanded its capacity to process stone walling in the Cotswolds and stone paving in South Wales. In addition, more resources have been devoted to expanding sales in overseas markets and particularly in specialist paving, street furniture, water management and ethically sourced natural stone products. Marshalls has acquired assets in Belgium via a newly-formed Belgian subsidiary to enable the manufacture of landscape products locally and to provide a physical stock location in mainland Europe from which to supply the wider Group specialist product portfolio. Investment in these assets is expected to be around GBP6 million including the required working capital. The Group is also well advanced in establishing a subsidiary in China to improve the scale and efficiency of product sourcing and the working relationship with the Group's business partner in India has also been strengthened for the same reason. These initiatives are designed to provide a wider product range and to provide greater scale of capability in all the Group's end markets.
Balance Sheet and Cash Flow
Net assets at 30 June 2011 were GBP199.0 million (June 2010: GBP186.0 million). At 30 June 2011 net debt was stable at GBP70.4 million (June 2010: GBP66.7 million) resulting in gearing of 35.4 per cent (June 2010: 35.9 per cent).
The Group continues to focus on working capital and capital expenditure management. Cash management continues to be a high priority area and the Group remains committed to realising value from the sale of surplus properties. A surplus site located on the South Coast of England was sold in June 2011 for cash proceeds of GBP5 million. The net gain on asset and property transactions was GBP2 million. The site closure programme has now released GBP18 million of gross cash compared with the cash cost of GBP14 million, with GBP9 million being released from inventory and a further GBP9 million from the disposal of surplus properties.
The Group has recently renewed its short term working capital facilities with RBS and has replaced maturing facility lines with new committed facilities totalling GBP50 million with LloydsTSB Bank plc and Barclays Bank PLC, the latter as an additional banking partner. The introduction of a fourth banking relationship is designed to create additional financial flexibility and mitigate potential risk within the banking sector. The Group continues its policy of having significant committed facilities in place with a good spread of medium term maturities.
The balance sheet includes the defined benefit pension obligation of GBP3.6 million at 30 June 2011 (December 2010: GBP4.1 million; June 2010: GBP27.0 million). This balance is calculated on the basis of the present value of the Scheme's obligations of GBP214.4 million (December 2010: GBP212.4 million) less the fair value of the Scheme assets of GBP210.8 million (December 2010: GBP208.3 million). These figures have been determined by the Scheme Actuary using assumptions that are considered to be prudent and in line with market levels at the balance sheet date. The assumptions that have changed in the last six months are a movement in the AA corporate bond rate from 5.5 per cent to 5.6 per cent, in line with market movements, and an increase in the expected rate of CPI inflation from 2.7 per cent to 2.8 per cent.
Dividend
The Board has declared an unchanged interim dividend of 1.75 pence (June 2010: 1.75 pence) per share. This dividend will be paid on 2 December 2011 to shareholders on the register at the close of business on 28 October 2011. The ex-dividend date will be 26 October 2011.
Outlook
First half trading was encouraging. Marshalls benefited from a stronger first quarter following the poor weather conditions in 2010 and continued to show positive progress in the second quarter. Targeted marketing and product innovation in the Public Sector and Commercial end market has delivered positive results. In the Domestic end market the Group's installer initiatives have increased sales and there has been positive progress in overseas markets.
Looking forward, there is continuing strength in Commercial to offset the anticipated weakness in Public Sector demand. The Domestic outlook is softening although installer order books have remained consistent at around 7 weeks. Overall, market volume is expected to be slightly lower in the second half of the year against strong comparatives.
Despite the challenging macroeconomic background, the solid foundations of the business, the Group's strong market position, its sales and marketing initiatives and growing overseas sales mean that Marshalls is well positioned to deliver sales outperformance.
Graham Holden
Chief Executive
Condensed Consolidated Half-yearly Income Statement
for the half year ended 30 June 2011
Half year ended Half year ended Year ended
June 2011 June 2010* December 2010*
Notes GBP'000 GBP'000 GBP'000
Revenue 2 177,174 162,558 308,843
Net operating costs 3 (163,510) (153,167) (295,862)
Operating profit 2 13,664 9,391 12,981
Financial expenses 4 (7,443) (7,297) (14,479)
Financial income 4 6,000 6,026 11,921
Profit before tax 2 12,221 8,120 10,423
Income tax expense 5 (1,511) (1,679) (2,202)
Profit for the financial
period before post tax loss
of discontinued operations 10,710 6,441 8,221
Post tax loss of
discontinued
operations 6 (4,912) (434) (871)
Profit for the
financial period 5,798 6,007 7,350
Profit for the period
attributable to:
Equity shareholders of the
parent 5,776 6,007 7,350
Non-controlling
interests 22 - -
5,798 6,007 7,350
Earnings per share
(total operations):
Basic 7 2.96p 3.07p 3.76p
Diluted 7 2.90p 3.01p 3.69p
Earnings per share
(continuing
operations):
Basic 7 5.47p 3.29p 4.21p
Diluted 7 5.36p 3.23p 4.13p
Dividend:
Pence per share 8 3.50p 3.50p 5.25p
Dividends declared 8 6,863 6,863 10,294
* The comparatives have been restated in respect of discontinued operations (Note 6).
Condensed Consolidated Half-yearly Statement of Comprehensive Income
for the half year ended 30 June 2011
Half year Half year Year ended
ended ended December
June 2011 June 2010* 2010*
GBP'000 GBP'000 GBP'000
Profit for the period 5,798 6,007 7,350
Other comprehensive income
Effective portion of changes in fair
value of cash flow hedges (366) (194) (505)
Fair value of cash flow hedges
transferred to the Income Statement 212 31 262
Deferred tax arising 40 46 66
Defined benefit plan actuarial
(losses)/gains (3,029) 8,091 27,640
Deferred tax arising 787 (2,265) (7,463)
Impact of the change in rate of
deferred taxation (68) - (123)
Foreign currency translation
differences - foreign operations 179 - -
Foreign currency translation
differences - non-controlling
interests 116 - -
Other comprehensive (expense)/ income
for period, net of income tax (2,129) 5,709 19,877
Total comprehensive income for the
period 3,669 11,716 27,227
Attributable to:
Equity shareholders of the parent 3,531 11,716 27,227
Non-controlling interests 138 - -
3,669 11,716 27,227
* The comparatives have been restated in respect of discontinued operations (Note 6).
Condensed Consolidated Half-yearly Balance Sheet
as at 30 June 2011
June December
2011 2010 2010
Notes GBP'000 GBP'000 GBP'000
Assets
Non-current assets
Property, plant and equipment 193,722 195,313 190,627
Intangible assets 42,046 42,149 42,945
Investments in associates 2,149 2,180 2,163
Deferred taxation assets 943 7,638 1,171
238,860 247,280 236,906
Current assets
Inventories 83,776 82,348 81,626
Trade and other receivables 63,962 54,896 27,925
Cash and cash equivalents 26,275 19,168 4,059
174,013 156,412 113,610
Total assets 412,873 403,692 350,516
Liabilities
Current liabilities
Trade and other payables 85,736 74,902 48,552
Corporation tax 6,618 5,110 5,164
Interest bearing loans and
borrowings 46,663 20,017 40,900
139,017 100,029 94,616
Non-current liabilities
Interest bearing loans and
borrowings 50,000 65,900 30,000
Employee benefits 9 3,628 26,975 4,092
Deferred taxation liabilities 21,234 24,753 23,568
74,862 117,628 57,660
Total liabilities 213,879 217,657 152,276
Net assets 198,994 186,035 198,240
Equity
Capital and reserves attributable to equity
shareholders of the parent
Share capital 49,845 49,845 49,845
Share premium account 22,695 22,695 22,695
Own shares (9,514) (9,514) (9,514)
Capital redemption reserve 75,394 75,394 75,394
Consolidation reserve (213,067) (213,067) (213,067)
Hedging reserve (293) (119) (179)
Retained earnings 270,212 260,801 273,066
Equity attributable to equity
shareholders of the parent 195,272 186,035 198,240
Non-controlling interests 3,722 - -
Total equity 198,994 186,035 198,240
Condensed Consolidated Half-yearly Cash Flow Statement
Year
Half year ended ended
for the half year ended 30 June 2011 June December
2011 2010 2010
GBP'000 GBP'000 GBP'000
Cash flows from operating activities
Profit for the financial period 5,798 6,007 7,350
Income tax expense on continuing
operations 1,511 1,679 2,202
Income tax credit on discontinued
operations (756) (169) (339)
Loss on disposal and closure of
discontinued operations 4,949 - -
Profit before tax on total operations 11,502 7,517 9,213
Adjustments for:
Depreciation 8,751 8,876 17,771
Amortisation 679 500 1,554
Share of results of associates 14 33 63
Gain on sale of property, plant and
equipment (2,140) (295) (746)
Equity settled share based expenses 362 125 250
Financial income and expenses (net) 1,443 1,271 2,558
Operating cash flow before changes in
working capital and pension scheme
contributions 20,611 18,027 30,663
(Increase)/decrease in trade and other
receivables (36,376) (23,629) 3,342
(Increase)/decrease in inventories (1,846) (161) 561
Increase/(decrease) in trade and other
payables 20,602 15,455 (3,436)
Works closure costs paid - (878) (1,447)
Pension scheme contributions (3,300) (3,300) (6,600)
Cash (absorbed by)/generated from the
operations (309) 5,514 23,083
Financial expenses paid (1,656) (920) (2,177)
Income tax (paid)/received (650) 211 (129)
Net cash flow from operating activities (2,615) 4,805 20,777
Cash flows from investing activities
Proceeds from sale of property, plant
and equipment 5,263 3,215 3,936
Financial income received 20 59 4
Disposal of discontinued operation 550 - -
Acquisition of subsidiaries and
investment in associates (1,104) - (108)
Acquisition of property, plant and
equipment (5,017) (4,539) (9,018)
Acquisition of intangible assets (644) (1,091) (2,940)
Net cash flow from investing activities (932) (2,356) (8,126)
Cash flows from financing activities
Payments to acquire own shares - (42) (42)
Net decrease in other debt and finance
leases 152 (22) (39)
Increase/(decrease) in borrowings 25,611 7,500 (7,500)
Equity dividends paid - - (10,294)
Net cash flow from financing activities 25,763 7,436 (17,875)
Net increase/(decrease) in cash and
cash equivalents 22,216 9,885 (5,224)
Cash and cash equivalents at beginning
of the period 4,059 9,283 9,283
Cash and cash equivalents at end of the
period 26,275 19,168 4,059
Condensed Consolidated Half-yearly Statement of Changes in Equity
for the half year ended 30 June 2011
Non-cont-rolling Total
Attributable to equity holders of the Company interests equity
Share Capital
Share premium Own redemption Consolid-ation Hedging Retained
capital account shares reserve reserve reserve earnings Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Current half-
year
At 1 January
2011 49,845 22,695 (9,514) 75,394 (213,067) (179) 273,066 198,240 - 198,240
Total
comprehensive
income for the
period
Profit for the
financial
period
attributable
to equity
shareholders
of the
parent - - - - - - 5,776 5,776 22 5,798
Other
comprehensive
income
Foreign
currency
translation
differences - - - - - - 179 179 116 295
Effective
portion of
changes in
fair value of
cash flow
hedges - - - - - (366) - (366) - (366)
Net change in
fair value of
cash flow
hedges
transferred
to the Income
Statement - - - - - 212 - 212 - 212
Deferred tax
arising - - - - - 40 - 40 - 40
Defined
benefit plan
actuarial
gains - - - - - - (3,029) (3,029) - (3,029)
Deferred tax
arising - - - - - - 787 787 - 787
Impact of the
change in
rate of
deferred
taxation - - - - - - (68) (68) - (68)
Total other
comprehensive
income - - - - - (114) (2,131) (245) 116 (2,129)
Total
comprehensive
income for
the period - - - - - (114) 3,645 3,531 138 3,669
Transactions
with owners,
recorded
directly in
equity
Contributions
by and
distributions
to owners
Share based
expenses - - - - - - 362 362 - 362
Dividend to
equity
shareholders - - - - - - (6,861) (6,861) - (6,861)
Total
contributions
by and
distributions
to owners - - - - - - (6,499) (6,499) - (6,499)
Changes in
ownership
interests in
subsidiaries
Acquisition
of non-
controlling
interests - - - - - - - - 3,584 3,584
Total
transactions
with owners
of the
company - - - - - (114) (2,854) (2,968) 3,722 754
At 30 June
2011 49,845 22,695 (9,514) 75,394 (213,067) (293) 270,212 195,272 3,722 198,994
Share Capital
Share premium Own redemption Consolid-ation Hedging Retained
capital account shares reserve reserve reserve earnings Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Prior half-
year
At 1 January
2010 49,845 22,695 (9,472) 75,394 (213,067) (2) 255,706 181,099
Total
comprehensive
income for the
period
Profit for the
financial
period
attributable
to equity
shareholders
of the
parent - - - - - - 6,007 6,007
Other
comprehensive
income
Effective
portion of
changes in
fair value of
cash flow
hedges - - - - - (194) - (194)
Net change in
fair value of
cash flow
hedges
transferred
to the Income
Statement - - - - - 31 - 31
Deferred tax
arising - - - - - 46 - 46
Defined
benefit plan
actuarial
gains - - - - - - 8,091 8,091
Deferred tax
arising - - - - - - (2,265) (2,265)
Total other
comprehensive
income - - - - - (117) 5,826 5,709
Total
comprehensive
income for
the period - - - - - (117) 11,833 11,716
Transactions
with owners,
recorded
directly in
equity
Contributions
by and
distributions
to owners
Share based
expenses - - - - - - 125 125
Dividends to
equity
shareholders - - - - - - (6,863) (6,863)
Purchase of
own shares - - (42) - - - - (42)
Total
contributions
by and
distributions
to owners - - - - - - (6,738) (6,780)
At 30 June
2010 49,845 22,695 (9,514) 75,394 (213,067) (119) 260,801 186,035
Share Capital
Share premium Own redemption Consolid-ation Hedging Retained
capital account shares reserve reserve reserve earnings Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Prior year
At 1 January
2010 49,845 22,695 (9,472) 75,394 (213,067) (2) 255,706 181,099
Total
comprehensive
income for the
period
Profit for the
financial
period
attributable
to equity
shareholders
of the
parent - - - - - - 7,350 7,350
Other
comprehensive
income
Effective
portion of
changes in
fair value of
cash flow
hedges - - - - - (505) - (505)
Net change in
fair value of
cash flow
hedges
transferred
to the Income
Statement - - - - - 262 - 262
Deferred tax
arising - - - - - 66 - 66
Defined
benefit plan
actuarial
gains - - - - - - 27,640 27,640
Deferred tax
arising - - - - - - (7,463) (7,463)
Impact of the
change in
rate of
deferred
taxation - - - - - - (123) (123)
Total other
comprehensive
income - - - - - (177) 20,054 19,877
Total
comprehensive
income for
the period - - - - - (177) 27,404 27,227
Transactions
with owners,
recorded
directly in
equity
Contributions
by and
distributions
to owners
Share based
expenses - - - - - - 250 250
Dividends to
equity
shareholders - - - - - - (10,294) (10,294)
Purchase of
own shares - - (42) - - - - (42)
Total
contributions
by and
distributions
to owners - - (42) - - - (10,044) (10,086)
At 30 June
2010 49,845 22,695 (9,514) 75,394 (213,067) (179) 273,066 198,240
Notes to the Condensed Consolidated Half-yearly Financial Statements
1. Basis of preparation
Marshalls plc (the "Company") is a company domiciled in the United Kingdom. The Condensed Consolidated Half-yearly Financial Statements of the Company for the half year ended 30 June 2011 comprise the Company and its subsidiaries (together referred to as the "Group").
The Condensed Consolidated Half-yearly Financial Statements have been prepared in accordance with the Disclosure and Transparency Rules of the UK Financial Services Authority and the requirements of IAS 34 "Interim Financial Reporting" as adopted by the European Union ("EU").
The Condensed Consolidated Half-yearly Financial Statements do not constitute financial statements and do not include all the information and disclosures required for full annual financial statements. The Condensed Consolidated Half-yearly Financial Statements were approved by the Board on 26 August 2011.
The annual financial statements of the Group are prepared in accordance with International Financial Reporting Standards ("IFRSs") as adopted by the EU. As required by the Disclosure and Transparency Rules of the Financial Services Authority, the Condensed Consolidated Half-yearly Financial Statements have been prepared applying the accounting policies and presentation that were applied in the preparation of the Company's Published Consolidated Financial Statements for the year ended 31 December 2010.
The comparative figures for the financial year ended 31 December 2010 are not the Group's statutory accounts for that financial year. Those accounts have been reported on by the Group's auditors and delivered to the Registrar of Companies. The report of the auditors was (i) unqualified; (ii) did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report, and (iii) did not contain a statement under section 498 (2) or (3) of the Companies Act 2006.
The Condensed Consolidated Half-yearly Financial Statements are prepared on the historical cost basis except that the following assets and liabilities are stated at their fair value: derivative financial instruments and liabilities for cash-settled share-based payments.
The accounting policies have been applied consistently throughout the Group for the purposes of these Condensed Consolidated Half-yearly Financial Statements and are also set out on the Company's website (www.marshalls.co.uk). The Condensed Consolidated Half-yearly Financial Statements are presented in sterling, rounded to the nearest thousand.
The preparation of financial statements in conformity with adopted IFRSs requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. In preparing these Condensed Consolidated Half-yearly Financial Statements, the significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the Consolidated Financial Statements of the Group for the year ended 31 December 2010.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Details of the Group's funding position are set out in Note 12 and are subject to normal covenant arrangements. The Group's on-demand overdraft facility is reviewed on an annual basis and the current arrangements were renewed and signed in August 2011. The Group's performance is dependent on economic and market conditions, the outlook for which is uncertain and difficult to predict. The Group has taken decisive action to align its operational capacity with expected market conditions. Markets appear to be easing and stabilising and, based on current expectations, the Group's cash forecasts continue to meet half-year and year end bank covenants and there is adequate headroom which is not dependent on facility renewals. The Directors believe that the Group is well placed to manage its business risks successfully despite the current uncertain economic outlook. Accordingly, they continue to adopt the going concern basis in preparing the Condensed Consolidated Half-yearly Financial Statements.
2. Segmental analysis
Revenue Operating Profit
Year Year
Half year ended Half year ended
ended June December ended June December
2011 2010* 2010* 2011 2010* 2010*
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Continuing
operations 177,174 162,558 308,843 13,664 9,391 12,981
Financial income and
expenses (net) (1,443) (1,271) (2,558)
Profit before tax 12,221 8,120 10,423
Geographical destination of revenue:
Half year Year ended
ended June December
2011 2010* 2010*
GBP'000 GBP'000 GBP'000
United Kingdom 171,253 160,642 306,042
Rest of the World 5,921 1,916 2,801
177,174 162,558 308,843
* The comparatives have been restated in respect of discontinued operations (Note 6).
The Group's revenue is subject to seasonal fluctuations resulting from demand from customers. In particular, demand is higher in the summer months. The Group manages the seasonal impact through the use of a seasonal working capital facility to build up inventories to meet demand and at the half year end this typically leads to higher inventory and trade receivable levels.
3. Net operating costs
Half year ended Half year ended Year ended
June June December
2011 2010* 2010*
GBP'000 GBP'000 GBP'000
Raw materials and
consumables 61,833 54,313 108,021
Changes in inventories
of finished
goods and work in progress (1,894) 1,085 830
Personnel costs 44,253 39,900 80,854
Depreciation - owned 8,597 8,733 17,422
- leased 41 18 101
Amortisation of intangible
assets 628 439 1,433
Own work capitalised (862) (1,024) (2,194)
Other operating costs 54,181 50,586 91,500
Negative goodwill (Note
10) (1,772) - -
Acquisition costs 482 - -
Overseas "start-up" costs 745 - -
Share of results of
associates 14 33 63
Operating costs 166,246 154,083 298,030
Other operating income (771) (780) (1,747)
Net gain on asset and
property
disposals (1,965) (136) (421)
Net operating costs 163,510 153,167 295,862
* The comparatives have been restated in respect of discontinued operations (Note 6).
As set out in Note 10, on 4 March 2011 the Group obtained control of a newly formed company in Belgium engaged in the manufacture and supply of landscape products. The Group acquired 66.7 per cent of the ordinary share capital and voting interests in Marshalls NV and the new business was established following the acquisition of certain business assets and the injection of new working capital. The Group incurred acquisition-related costs of GBP482,000 relating to external legal fees and due diligence costs. The legal fees and due diligence costs have been included in net operating costs.
The initial acquisition of these assets, principally land, buildings, plant and machinery, has given rise to negative goodwill. The first months of trading have necessitated the commissioning of the plant and the manufacture and sourcing of the Company's operational inventory and working capital. A new management team has been established and investment has been made in systems and procedures in this "start-up" phase. To assist the user of these Condensed Consolidated Half-yearly Financial Statements these "start up" costs have been separately disclosed.
4. Financial expenses and income
Half year ended Half year ended Year ended
June June December
2011 2010* 2010*
GBP'000 GBP'000 GBP'000
(a) Financial expenses
Interest expense on bank
loans,
overdrafts and loan notes 1,651 916 2,180
Interest on obligations
under the defined
benefit Pension Scheme 5,787 6,377 12,293
Finance lease interest
expense 5 4 6
7,443 7,297 14,479
(b) Financial income
Expected return on Scheme
assets under
the defined benefit Pension
Scheme 5,980 5,967 11,917
Interest receivable and
similar income 20 59 4
6,000 6,026 11,921
* The comparatives have been restated in respect of discontinued operations (Note 6).
5. Income tax expense
Half year ended Half year ended Year ended
June June December
2011 2010* 2010*
GBP'000 GBP'000 GBP'000
Current tax expense
Current year 2,765 1,684 2,228
Adjustments for prior years - (506) (506)
2,765 1,178 1,722
Deferred tax expense
Origination and reversal
of temporary
differences:
Current year (829) 501 1,047
Adjustments for prior years (425) - (567)
Income tax expense in the
Consolidated Income
Statement (excluding tax
on
discontinued operations) 1,511 1,679 2,202
Tax on discontinued
operations (excluding loss
on sale) (194) (169) (339)
Income tax credit on
disposal and closure of
discontinued operations (562) - -
Total tax expense 755 1,510 1,863
Half year ended Half year ended Year ended
June 2011 June 2010* December 2010*
% GBP'000 % GBP'000 % GBP'000
Reconciliation of
effective tax rate
Profit before tax:
Continuing
operations 100 12,221 100.0 8,120 100.0 10,423
Tax using domestic
corporation tax
rate 27.0 3,300 28.0 2,274 28.0 2,918
Disallowed
amortisation of
intangible assets 0.5 55 0.6 46 4.1 435
Net
income/expenditure
not taxable (5.2) (639) (1.7) (135) 7.2 747
Adjustments for
prior years (3.5) (425) (6.2) (506) (10.3) (1,073)
Impact of the
change in the rate
of corporation tax
on deferred
taxation (6.4) (780) - - (7.9) (825)
12.4 1,511 20.7 1,679 21.1 2,202
* The comparatives have been restated in respect of discontinued operations (Note 6).
6. Discontinued operations
On 14 June 2011 the Group announced the proposed closure of its non-core garage and greenhouse manufacturing operations. Later in June 2011, agreement was reached to sell, separately, the Compton garage brand and the Alton and Robinson greenhouse brands, and the Compton manufacturing site has been closed. The operation has been treated as discontinued.
The results of the discontinued operations which have been included in the Condensed Consolidated Half-yearly Income Statement were as follows:
Half year ended Half year ended Year ended
June 2011 June 2010 December 2010
GBP'000 GBP'000 GBP'000
Revenue 5,856 7,253 14,261
Net operating costs (6,575) (7,856) (15,471)
Loss before tax (719) (603) (1,210)
Income tax credit 194 169 339
Loss after tax (525) (434) (871)
Loss on disposal and
closure of discontinued
operations (4,949) - -
Income tax credit on
disposal and closure of
discontinued operations 562 - -
Net loss attributable to
discontinued
operations (4,912) (434) (871)
Basic loss per share
(pence) (2.51)p (0.22)p (0.45)p
Diluted earnings per
share (pence) (2.46)p (0.22)p (0.44)p
Effect of disposal and closure on the financial position of the Group
GBP'000
Property, plant and equipment 266
Intangible assets 1,359
Assets disposed of 1,625
Consideration received, satisfied
in cash 550
Consideration receivable 450
Professional fees accrued (93)
Net consideration received 907
Loss on disposal 718
Closure costs 4,231
Loss on disposal and closure
of
discontinued operations (4,949)
During the half year ended June 2011 Compton contributed an outflow of GBP808,000 to the Group's net operating cash flows (half year ended June 2010: GBP1,486,000; December 2010: GBP895,000), received GBP550,000 in respect of investing activities (half year ended June 2010: paid GBP27,000; year ended December 2010: paid GBP39,000) and paid GBPnil in respect of financing activities (half year ended June 2010: GBPnil; year ended December 2010: GBPnil).
A pre tax loss of GBP718,000 arose on the disposal of the Compton garage and the Alton and Robinson greenhouse brands, being the proceeds of disposal less the carrying amount of the relevant net assets. In addition the estimated net cost of the closure of the Compton site is GBP4,231,000. The total net loss on disposal and closure of discontinued operations is GBP4,949,000.
Basic loss per share from discontinued operations of 2.51 pence (30 June 2010: 0.22 pence; 31 December 2010: 0.45 pence) per share is calculated by dividing the loss attributable to ordinary shareholders from discontinued operations of GBP4,912,000 (30 June 2010: GBP434,000; 31 December 2010: 871,000) by the weighted average number of shares in issue during the period of 195,381,014 (30 June 2010: 195,503,776; 31 December 2010: 195,462,449).
The ordinary shares are considered to be anti-dilutive to the loss per share from the discontinued operations calculation.
7. Earnings per share
Basic earnings per share of 2.96 pence (30 June 2010: 3.07 pence; 31 December 2010: 3.76 pence) per share is calculated by dividing the profit attributable to ordinary shareholders from total operations, and after deducting non-controlling interests, of GBP5,776,000 (30 June 2010: GBP6,007,000; 31 December 2010: 7,350,000) by the weighted average number of shares in issue during the period of 195,381,014 (30 June 2010: 195,503,776; 31 December 2010: 195,462,449).
Basic earnings per share from continuing operations of 5.47 pence (30 June 2010: 3.29 pence; 31 December 2010: 4.21 pence) per share is calculated by dividing the profit from continuing operations and after deducting non-controlling interests of GBP10,688,000 (30 June 2010: GBP6,441,000; 31 December 2010: GBP8,221,000) by the weighted average number of shares in issue during the year of 195,381,014 (30 June 2010: 195,503,776; 31 December 2010: 195,462,449).
Attributable profit
Half year Year ended
ended June December
2011 2010 2010
GBP'000 GBP'000 GBP'000
Profit from continuing operations 10,710 6,441 8,221
Loss from discontinued operations (4,912) (434) (871)
Profit attributable to ordinary
shareholders 5,798 6,007 7,350
Profit attributable to non-controlling
interests (22) - -
5,776 6,007 7,350
Weighted average number of ordinary shares
Half year Year ended
ended June December
2011 2010 2010
Number Number Number
Number of issued ordinary shares
(at beginning of the period) 199,378,755 199,378,755 199,378,755
Effect of shares transferred into
employee benefit trust (1,572,741) (1,449,979) (1,491,306)
Effect of treasury shares acquired (2,425,000) (2,425,000) (2,425,000)
Weighted average number of ordinary
shares at end of the period 195,381,014 195,503,776 195,462,449
Diluted earnings per share of 2.90 pence (30 June 2010: 3.01 pence; 31 December 2010: 3.69 pence) per share is calculated by dividing the profit attributable to ordinary shares and potentially dilutive ordinary shares from total operations and after deducting non-controlling interests of GBP5,776,000 (30 June 2010: GBP6,007,000; 31 December 2010: GBP7,350,000) by the weighted average number of shares in issue during the period of 195,381,014 (30 June 2010: 195,503,776; 31 December 2010: 195,462,449) plus potentially dilutive shares of 3,997,741 (30 June 2010: 3,874,979; 31 December 2010: 3,916,306) which totals 199,378,755 (30 June 2010: 199,378,755; 31 December 2010: 199,378,755).
Diluted earnings per share from continuing operations of 5.36 pence (30 June 2010: 3.23 pence; 31 December 2010: 4.13 pence) per share is calculated by dividing the profit attributable to ordinary shares and potentially dilutive ordinary shares from continuing operations and after deducting non-controlling interests of GBP10,688,000 (30 June 2010: GBP6,441,000; 31 December 2010: GBP8,221,000) by the weighted average number of shares in issue during the period of 195,381,014 (30 June 2010: 195,503,776; 31 December 2010: 195,462,449) plus potentially dilutive shares of 3,997,741 (30 June 2010: 3,874,979; 31 December 2010: 3,916,306) which totals 199,378,755 (30 June 2010: 199,378,755; 31 December 2010: 199,378,755).
Weighted average number of ordinary shares (diluted)
Half year Year ended
ended June December
2011 2010 2010
GBP'000 GBP'00 GBP'000
Weighted average number of
ordinary shares 195,381,014 195,503,776 195,462,449
Effect of shares transferred into
employee benefit trust 1,572,741 1,449,979 1,491,306
Effect of treasury shares acquired 2,425,000 2,425,000 2,425,000
Weighted average number of
ordinary shares (diluted) 199,378,755 199,378,755 199,378,755
8. Dividends
After the balance sheet date, the following dividends were proposed by the Directors. The dividends have not been provided and there were no income tax consequences.
Pence per qualifying Half year Year ended
share ended June December
2011 2010 2010
GBP'000 GBP'000 GBP'000
2011 interim 1.75 3,431 - -
2010 final 3.50 - - 6,863
2010 interim 1.75 - 3,431 3,431
3,431 3,431 10,294
The following dividends were approved by the shareholders in the period.
Pence per qualifying Half year Year ended
share ended June December
2011 2010 2010
GBP'000 GBP'000 GBP'000
2010 final 3.50 6,863 - -
2010 interim 1.75 - - 3,431
2009 final 3.50 - 6,863 6,863
6,863 6,863 10,294
The 2010 final dividend of 3.50 pence per qualifying ordinary share, total value GBP6,863,000 was paid on 8 July 2011 to shareholders registered at the close of business on 10 June 2011.
9. Employee benefits
The Group operates the Marshalls plc Pension Scheme (the "Scheme") which has both a defined benefit and a defined contribution section. The assets of the Scheme are held in separately managed funds which are independent of the Group's finances. The defined benefit section of the Scheme is closed to new members and future service accrual. Pension contributions, for both the employer and the employee, are made into the defined contribution section of the Scheme.
June December
2011 2010 2010
GBP'000 GBP'000 GBP'000
Present value of funded obligations (214,466) (220,204) (212,394)
Fair value of Scheme assets 210,838 193,229 208,302
Net liability in the Scheme for defined benefit
obligations (see below) (3,628) (26,975) (4,092)
Experience adjustments on Scheme liabilities (200) 4,104 14,332
Experience adjustments on Scheme assets (2,829) 3,987 13,658
Movements in the net liability for defined benefit obligations recognised in the balance sheet
Half year Year ended
ended June December
2011 2010 2010
GBP'000 GBP'000 GBP'000
Net liability for
defined benefit
obligations at
beginning of the
period (4,092) (37,956) (37,956)
Contributions received 3,300 3,300 6,600
Profit/(loss) recognised
in the Consolidated
Income Statement 193 (410) (376)
Actuarial (losses)/gains
recognised in the
Consolidated Statement
of Comprehensive
Income (3,029) 8,091 27,640
Net liability in the
Scheme for the defined
benefit obligations at
period end (3,628) (26,975) (4,092)
The actuarial loss of GBP3,029,000 in the half year ended 30 June 2011 is due to the net effect of the movement in the fair value of the Scheme assets, the increase in the AA corporate bond rate from 5.5 per cent to 5.6 per cent and the increase in the inflation assumption.
Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):
June December
2011 2010 2010
Discount rate (AA corporate bond rate) 5.6% 5.5% 5.5%
Inflation (RPI) 3.5% 3.3% 3.4%
Inflation (CPI) 2.8% n/a 2.7%
Future pension increases 2.8% 3.3% 2.7%
Expected return on Scheme assets 5.8% 6.5% 5.8%
Future expected lifetime of pensioner
at age 65 (years):
Male: 20.7 20.5 20.6
Female: 23.8 23.5 23.8
10. Acquisition of subsidiary and non-controlling interests
On 4 March 2011 the Group obtained control of a newly formed company located and registered in Belgium called Marshalls NV. The Group acquired 66.7 per cent of the ordinary share capital and voting interests of Marshalls NV and the remaining 33.3 per cent non-controlling interest is owned by an unrelated party. Marshalls NV manufactures and supplies landscape, driveway and garden products from a range of materials, but principally concrete and natural stone.
In the period to 30 June 2011 Marshalls NV contributed revenue of GBP4,291,000 and operating profit of GBP65,000 to the Group's results.
The following summarises the major classes of consideration transferred and the recognised amounts of assets acquired and liabilities assumed at the acquisition date:
Consideration transferred
GBP'000
Cash 3,250
Deferred consideration 2,143
5,393
Identified assets acquired and liabilities assumed, recorded at fair
value on a provisional basis
GBP'000
Property, plant and equipment 7,899
Inventories 1,104
Cash and cash equivalents 2,146
Trade and other debtors 742
Trade and other payables (1,142)
Total net identifiable assets 10,749
Net cash outflow on acquisition of subsidiaries
GBP'000
Consideration paid in cash 3,250
less: cash and cash equivalents acquired (2,146)
Net cash outflow 1,104
Negative goodwill has been recognised as a result of the acquisition as follows:
GBP'000
Total consideration transferred 5,393
Non-controlling interests, based on their
proportionate interest in the
recognised amounts of the assets and liabilities
of the acquiree 3,584
Fair value of identifiable
assets (10,749)
Negative goodwill (Note 3) (1,772)
The transaction meets the definition of a bargain purchase and, in accordance with IFRS3, the recognised gain has been reported in the Consolidated Half-yearly Income Statement as negative goodwill. The situation has arisen due to the majority of the assets being acquired through a Belgium Court process as a consequence of the major part of the former trading business falling into severe financial difficulties.
11. Analysis of net debt
1 January 30 June
2011 Cash flow 2011
GBP'000 GBP'000 GBP'000
Cash at bank and in hand 4,059 22,216 26,275
Debt due within one year (40,900) (5,763) (46,663)
Debt due after one year (30,000) (20,000) (50,000)
(66,841) (3,547) (70,388)
Reconciliation of Net Cash Flow to Movement in Net Debt
Half year ended Year ended
June December
2011 2010 2010
GBP'000 GBP'000 GBP'000
Net increase/(decrease) in cash and cash
equivalents 22,216 9,885 (5,224)
Cash (inflow)/outflow from
increase/(decrease) in debt and lease
financing (25,763) (7,478) 7,539
Movement in net debt in the period (3,547) 2,407 2,315
Net debt at beginning of the period (66,841) (69,156) (69,156)
Net debt at the end of the period (70,388) (66,749) (66,841)
12. Borrowing facilities
The total borrowing facilities at 30 June 2011 amounted to GBP188.4 million (30 June 2010: GBP188.4 million; 31 December 2010: GBP168.4 million) of which GBP91.7 million (30 June 2010: GBP102.5 million; 31 December 2010: GBP97.5 million) remained unutilised.
These figures include an additional seasonal bank working capital facility of GBP20.0 million available between 1 February and 31 August each year.
The undrawn facilities available at 30 June 2011 in respect of which all conditions precedent had been met were as follows:
June December
2011 2010 2010
GBP'000 GBP'000 GBP'000
Committed
- Expiring in one year or less 1,737 - 7,500
- Expiring in more than two years but not
more than five years 45,000 57,500 65,000
Uncommitted
- Expiring in one year or less 45,000 45,000 25,000
91,737 102,500 97,500
The maturity profile of borrowing facilities is structured to provide balanced, committed and phased medium term debt and following the renewal of certain bank facilities in August 2011, is set out as follows:
Cumulative
Facility Facility
GBP'000 GBP'000
Committed facilities:
Q3: 2016 25,000 25,000
Q3: 2015 25,000 50,000
Q3: 2014 20,000 70,000
Q1: 2013 50,000 120,000
Q4: 2012 25,000 145,000
On demand facilities:
Available all year 25,000 170,000
Seasonal (February to August inclusive) 20,000 190,000
13. Principal risks and uncertainties
The principal risks and uncertainties which could impact the Group for the remainder of the current financial year are those detailed on pages 21 to 24 of the 2010 Annual Report. These cover the Strategic, Financial and Operational Risks and have not changed during the period.
Strategic risks include those relating to general economic conditions, Government policy, the actions of customers, suppliers and competitors and also weather conditions. The Group also continues to be subject to various financial risks in relation to access to funding and to the Pension Scheme, principally the volatility of the discount (AA corporate bond) rate, any downturn in the performance of equities and increases in the longevity of members. The other main financial risks arising from the Group's financial instruments are liquidity risk, interest rate risk, credit risk and foreign currency risk. Operational risks include those relating to business integration, employees and key relationships. The Group continues to monitor all these risks and pursue policies that take account of, and mitigate, the risks where possible.
Responsibility Statement
The Directors who held office at the date of approval of these Financial Statements confirm that to the best of their knowledge:
-- the Condensed Consolidated Half-yearly Financial Statements have been prepared in accordance with IAS 34 "Interim Financial Reporting" as adopted by the European Union; and
-- the Half-yearly management report includes a fair review of the information required by:
(a) DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of important events that have occurred during the half year ended 30 June 2011 and their impact on the Condensed Consolidated Half-yearly Financial Statements and a description of the principal risks and uncertainties for the remaining second half of the year; and
(b) DTR 4.2.8R of the Disclosure and Transparency Rules, being related party transactions that have taken place in the half year ended 30 June 2011 and that have materially affected the financial position or performance of the entity during that period and any changes in the related party transactions described in the last Annual Report that could do so.
The Board
The Directors serving during the half year ended 30 June 2011 were as follows:
Andrew Allner Chairman
Graham Holden Chief Executive
Ian Burrell Finance Director
David Sarti Chief Operating Officer
Alan Coppin Non-Executive Director
Mark Edwards Non-Executive Director
Tim Pile Non-Executive Director
The responsibilities of the Directors during their period of service were as set out on pages 25 and 26 of the 2010 Annual Report.
By order of the Board
Cathy Baxandall
Company Secretary
26 August 2011
Cautionary Statement
This Half-yearly Report contains certain forward looking statements with respect to the financial condition, results, operations and business of Marshalls plc. These statements and forecasts involve risk and uncertainty because they relate to events and depend upon circumstances that will occur in the future. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by these forward looking statements and forecasts. Nothing in this Half-yearly Report should be construed as a profit forecast.
Directors' Liability
Neither the Company nor the Directors accept any liability to any person in relation to this Half-yearly Report except to the extent that such liability could arise under English law. Accordingly, any liability to a person who has demonstrated reliance on any untrue or misleading statement or omission shall be determined in accordance with section 90A of the Financial Services and Markets Act 2000.
Independent Review Report to Marshalls plc
Introduction
We have been engaged by the Company to review the condensed set of Financial Statements in the Half-yearly Financial Report for the six months ended 30 June 2011 which comprises the Condensed Consolidated Half-yearly Income Statement, the Condensed Consolidated Half-yearly Statement of Comprehensive Income, the Condensed Consolidated Half-yearly Balance Sheet, the Condensed Consolidated Half-yearly Cash Flow Statement, the Condensed Consolidated Half-yearly Statement of Changes in Equity and the related explanatory notes. We have read the other information contained in the Half-yearly Financial Report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of Financial Statements.
This report is made solely to the Company in accordance with the terms of our engagement to assist the Company in meeting the requirements of the Disclosure and Transparency Rules ("the DTR") of the UK's Financial Services Authority ("the UK FSA"). Our review has been undertaken so that we might state to the Company those matters we are required to state to it in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company for our review work, for this report, or for the conclusions we have reached.
Directors' responsibilities
The Half-yearly Financial Report is the responsibility of, and has been approved by, the Directors. The Directors are responsible for preparing the Half-yearly Financial Report in accordance with the DTR of the UK FSA.
As disclosed in Note 1, the annual Financial Statements of the Group are prepared in accordance with IFRSs as adopted by the EU. The condensed set of Financial Statements included in this Half-yearly Financial Report has been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the EU.
Our responsibility
Our responsibility is to express to the Company a conclusion on the condensed set of Financial Statements in the Half-yearly Financial Report based on our review.
Scope of review
We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity issued by the Auditing Practices Board for use in the UK. A review of Half-yearly Financial Information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the condensed set of Financial Statements in the Half-yearly Financial Report for the six months ended 30 June 2011 is not prepared, in all material respects, in accordance with IAS 34 as adopted by the EU and the DTR of the UK FSA.
Chris Hearld
for and on behalf of KPMG Audit Plc Chartered Accountants 1 The Embankment
Neville Street Leeds LS1 4DW 26 August 2011
This information is provided by RNS
The company news service from the London Stock Exchange
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