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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Business Direct | LSE:BDG | London | Ordinary Share | GB00B02KK416 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.365 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
RNS Number:4234T Business Direct Group Plc 30 April 2008 BUSINESS DIRECT GROUP PLC - PRELIMINARY ANNOUNCEMENT In RNS Number: 3457T issued yesterday, the share capital was stated in the Group Balance Sheet to be #2,201,000 at 31 January 2008 and #1,783,000 at 31 January 2007. The correct figures are #4,137,000 and #3,719,000, respectively. The full text of the revised announcement follows: Business Direct (BDG:AIM), the leading specialist provider of logistics solutions to the field-based personnel market, announces its unaudited results for the year to 31 January 2008. The year was particularly challenging, as the new management teams highlighted areas for improvement and took actions with a view to returning the Group to profitability. Key points - financial *Year-on-year revenue increased by 5% *Revenue totalled #15.40m (2007*: #15.95m), of which the In Night Division #7.24m (2007*: #7.52m) and the Specialist Division #8.16m (2007*: #8.43m) *Gross profit was #4.89m (2007*: #5.45m), with a gross margin of 31.7% (2007*: 34.2%) *Adjusted LBITDA (excluding exceptional items and software amortisation) was #2.79m (2007*: #1.08m) *The pre-tax loss was #3.59m (2007*: #1.81m) on an adjusted basis, with a pre-tax loss of #4.27m (2007*: #2.23m) reported * 13 months to 31 January 2007 Key points - operational * 99% of both ParcelXchange deliveries and Specialist deliveries meet service level agreements * ParcelXchange occupancy increased to 61% from 51% * PUDO (manned pick up drop off) service launched * ParcelXchange B2C trials commenced * Modular ParcelXchange launched * European In Bound service launched, leading to significant In Boot revenue increase * Business Direct can now offer a total In Night solution, giving pre-8a.m. delivery of UK and European freight to the field personnel market * Specialist signs 5 year extension to Computacenter contract * Closure of operational branch at Watford ensures significant savings in the current and subsequent years * ParcelXchange Worldwide Division launched in February 2007, winning its first major contract in December 2007 with DHL Same Day Ireland Russell Hodgson, Chairman, stated "Following the very extensive changes effected over the last year, I believe that the Group can expect to achieve the success it deserves. There are opportunities for profitable growth in all areas of our business and I am convinced that we now have the right people, systems and processes in place to see that growth materialises." Paul Carvell, Chief Executive, added "The year under review was a difficult one, which saw a lot of change with a new management team and significant re-engineering of the services we offer. New service offerings, such as PUDO, B2C, ParcelXchange Worldwide and national Same-day network, build on our existing core strengths. The current year has started satisfactorily and I believe we are now in a position where profitability and positive cash generation are in sight." Enquiries: Business Direct Group plc 01788-821 200 Paul Carvell (CEO) Martin Wright (CFO) Arden Partners (NOMAD and Broker) 0121-423 8900 Steve Douglas Bankside Consultants Limited Charles Ponsonby 020-7367 8851 Chairman's Statement INTRODUCTION The year to 31 January 2008 was one of significant change, and this is reflected in the Group's financial results. CHANGES Board The management team was strengthened by the appointment during the year of Richard Martin, Managing Director of the In Night Division, Martyn Wilson, Managing Director of the Specialist Division, and Martin Wright, Finance Director. Richard Hunt, a prominent logistics and transport industry figure, joined the Board as a Non-Executive Director. Infrastructure There were major changes to the business infrastructure during the year, not least the formation of a new division, ParcelXchange Worldwide, which capitalises on the unique features of ParcelXchange across the globe. Other specific changes are listed below: In Night: European In bound flight from Germany introduced, allowing later cut-off times for customers. PUDO (Pick up drop off) services offered to customers, utilising Wolseley Group's infrastructure of over 300 locations. Strategic partnerships formed with Metapack and, subsequent to the year end, Parcelforce Worldwide, part of the Royal Mail. New sales team started. Telesales/telemarketing introduced. Specialist: Closure of Watford site, planned during the year and commenced shortly afterwards, which is anticipated to generate significant cost savings in the current financial year. National Sameday network established. New operating system introduced, enabling better cost control and offering parcel scanning to our customers. PAYE employed drivers migrated to self employed subcontractors to improve efficiency. New, fit for purpose, vehicle fleet introduced. ParcelXchange Worldwide: Launch of new modular ParcelXchanges, now being trialled in Europe. Supply chain streamlined with introduction of a new manufacturing process. Central: Completion of the relocation of the finance function from Teddington to Rugby. FINANCIAL REVIEW The year under review is the 12 months to 31 January 2008 whilst the comparative period is the 13 months to 31 January 2007, following a change of year end announced in January 2007. Revenue for the year totalled #15.40m (2007: #15.95m) and gross profit was #4.89m (2007: #5.45m), a gross margin of 31.7% (2007: 34.2%). The operating loss was #3.29m (2007: #1.52m). After an exceptional charge of #0.68m (2007: #0.42m) in connection with the closure of the Watford site, the loss before interest and tax totalled #3.97m (2007: #1.94m). With an interest charge of #0.29m (2007: #0.29m), the loss before and after tax amounted to #4.27m (2007: #2.23m). The basic loss per share was 2.2p (2007: 6.2p). Adding back the exceptional charge of #0.68m (2007: #0.42m), the adjusted loss before tax was #3.59m (2007: #1.81m), and the adjusted loss per share was 1.9p (2007: 5.1p). The adjusted LBITDA amounted to #2.79m (2007: #1.08m). At the year end, net debt totalled #3.9m (2007: #2.0m) and net assets were #0.1m (2007: #3.1m). During the year, the Group undertook a further fundraising which resulted in a net injection of #1.1m from new and existing shareholders. Following the year end, in February 2008, to provide sufficient working capital to sustain future growth, the Group entered into an agreement with a specialist finance house, Total Asset Finance, whereby the future revenues of the Jungheinrich European Inbound contract were factored for an immediate cash injection of #2.2m. In addition, the Group agreed amendments to its banking facilities with The Bank of Scotland. No final dividend is proposed (2007: nil). BUSINESS REVIEW In Night Division Occupancy levels of ParcelXchange reached new highs, 61% at the year-end compared to 51% last year, a remarkable achievement given no new exchanges were added during the year. There were also significant wins for our In Boot/Direct Vendor Trunking service, allowing us to recover lost ground from previous years and ensuring Business Direct remains the No 1 company in the UK for In Night deliveries. We have also reconfigured our route structure to provide a faster, more efficient service to our In Night customers. Specialist Division This was a challenging year, as the new management team was forced to make difficult decisions in order to realise the potential of the Specialist Division. The closure of our Watford location led inevitably to some redundancies but, going forward, this decision ensures that significant annual cost savings can be achieved. The introduction of a new operational I.T. platform allows us to lead the field in offering scanning facilities to our customers, and gives greater visibility of profitability. A new, fit-for-purpose, vehicle fleet means we can give confidence to customers of our ability to deliver a professional, reliable and cost effective service. Parcel XchangeWorldwide Division The concept of ParcelXchange Worldwide is that the Group leases, via a third party leasing company, its ParcelXchange technology to other In Night providers and national Post Offices. It is hard to believe that this division was formed just over a year ago, in February 2007, and we have been pleasantly surprised at the high level of interest from across the globe. In December, we won our first contract, to supply 30 ParcelXchanges to DHL in Ireland, and the product is now being trialled by Post Offices and other In Night providers across Europe and Asia. BOARD CHANGES The appointment of Martyn Wilson and Martin Wright and the resignation of Derek O'Neill and David Whitaker, all in March 2007, were recorded in the Annual Report and Financial Statements 2006/07. In September 2007, we welcomed to the Board Richard Martin and Richard Hunt C.B.E. Richard Martin joined Business Direct in April 2007 as Managing Director of the In Night Division and was elected to the Board in September 2007. Immediately prior to this, Richard was at Parcelnet, the UK's largest national courier home delivery specialist, from October 2003 as General Manager; at Exel Logistics, from April 2002 to October 2003 as Commercial Manager; and at Christian Salvesen, from May 1994 to April 2002, latterly as Network Transport Director. Richard Hunt was at The Go-Ahead Group from April 2002 to October 2005 as Chief Executive of its Aviation Division and Aviance Limited; at NFC, then the largest UK transport and logistics business, from April 1995 to December 1999 as Executive Director Operations - UK and Ireland and Chief Executive - Exel Logistics Europe; and at Brown & Tawse from March 1993 to April 1995 as Logistics Director, on the main Board of this fully listed company. Richard was a non-executive Advisor / Director of the Department of Transport's Highways Agency Advisory Board from 2000 until 2005; is International President of the Chartered Institute of Logistics and Transport, having been its UK Chairman from 1998 to 2001 and UK President from 2001 to 2004; and was appointed CBE in 2004 for services to logistics and transport. Also in September, Dr. Stephen Dakin resigned from the Board as a non-executive director. I would like to take this opportunity to thank Stephen for his contribution since helping bring the Company to the AIM market in 2004. EMPLOYEES The success of this business is reliant on the capabilities of its staff and I would like to express my thanks to the Group's employees for all the enthusiasm and commitment they have shown during a challenging year of much change. As noted last year, the Group has introduced an employee sharesave scheme which gives employees the option of investing part of their earnings in a deposit account which can then, after three or five years, be converted into ordinary shares of the Company. PROSPECTS Following the very extensive changes effected over the last year, I believe that the Group can expect to achieve the success it deserves. There are opportunities for profitable growth in all areas of our business and I am convinced that we now have the right people, systems and processes in place to see that growth will materialise. Russell Hodgson 29 April 2008 Chairman Chief executive's review INTRODUCTION The financial year to 31 January 2008 was particularly challenging, as the new management teams highlighted areas for improvement and took actions that are expected to bring the Group to profit. In addition, we raised further tranches of finance, first through a share issue, which netted #1.1m in June 2007, and secondly through factoring future revenues with a specialist finance house, which brought in an additional #2.2m in February 2008. BUSINESS REVIEW Business Direct is a specialist provider of logistics solutions for the computer, electrical and field services engineer market. Since the start of the year, the Group has been organised into three divisions: In Night, Specialist, and ParcelXchange Worldwide. In Night The In Night Division comprises ParcelXchange, direct engineer delivery ("In-Boot") and direct vendor trunking/delivery to forward stock locations ("FSLs"), providing logistics solutions for the final mile delivery. It has a blue chip client base and partnerships with global supply chain companies, such as DHL/Exel and TNT. A European inbound freight solution and a national PUDO network (manned Pick Up Drop Off points) were launched during the year, enabling us to offer a total In-Night solution, giving pre-8am delivery of UK and European freight to the field personnel market. In the year to 31 January 2008, the In Night Division revenue totalled #7.24m (13 months to 2007: #7.52m), with ParcelXchange revenue totalling #4.88m (13 months to 2007: #4.48m). ParcelXchange Business Direct owns a national network of award winning ParcelXchanges, providing a secure deposit and reverse logistics environment, using sophisticated technology with end-to-end track-and-trace. The ParcelXchanges are typically used to service the field engineer market, delivering parts into a secure locker in a convenient location. Customers can rent ParcelXchange lockers for a pre-agreed period ("Fixed") or pay as used ("Dynamic"). ParcelXchange represents the UK's largest network of intelligent drop boxes and the lockers are installed nationwide, normally at petrol stations and supermarkets, with an average drive time of just 15 minutes from an engineer's home. The number of ParcelXchanges stands at approximately 300, which means there are over 4,000 individual lockers available. Even though the number of ParcelXchanges did not increase during the year, occupancy levels rose from 51% to 61% at the year end. We continue to explore new avenues to earn revenue and one focus this year has been on setting up a national PUDO network in partnership with Wolseley Group plc. Effectively, this is a manned ParcelXchange utilising Wolseley's network of over 300 trade counters. By using exactly the same software as a ParcelXchange, customers have complete visibility of their transaction, from collection through to pick up by their engineer. This solution allows us to increase our nationwide coverage and support those areas of highly utilised ParcelXchanges. Another focus area is Business to Consumer (B2C), and we have built a strategic alliance with Metapack, a fulfilment strategist specialising in delivery management solutions to major retailers. We are currently trialling the B2C concept with an on-line retailer, which is going well. There is a significant opportunity here. In-Boot Delivery & Direct Vendor Trunking In-Boot is a service that supplies direct into field engineers' vehicles during the night and collects returned parts, enabling the engineer to reduce overall mileage and increase productivity. Direct Vendor Trunking is an exclusively managed national delivery system which enables dedicated delivery and collection to major vendors and repair agents on a daily basis. We have been particularly successful in winning new business in this area, with two major contracts, Jungheinrich and Siemens Medical, helping us recover lost revenues from earlier years. We continue to concentrate on this area which, with our European Inbound flight capability, offers unrivalled flexibility to customers by allowing later cut-off times for critical engineering parts required for next day delivery. Specialist The principal services offered by the Specialist Division are Two-Man Delivery, Same-Day Urgent Delivery, National Next-Day Parcel Delivery, Technical/Swap-Out, and Partsbank. During the year, we signed a 5 year extension to the contract with Computacenter. Following a detailed review, we decided to close our Watford depot, which historically had been the main focus of our Specialist operations. This decision means that, in the current and subsequent years, we will save significant amounts of overhead without any deterioration in service levels or capability. In the year, Specialist revenue totalled #8.16m (13 months to 2007: #8.43m). Two-Man Delivery Two-Man delivery comprises pre-agreed time-specific delivery of large/high value equipment, such as computer rack systems, using skilled Two-Man teams and specialist vehicles. Two Man is a very specialised service for which customers seeking a reliable, efficient service are prepared to pay a premium. Our activity in this market is growing as we establish a reputation for high service levels and excellent customer care. We see this area as a growing market capable of making good returns and one which provides a platform for B2C deliveries such as LCD/Plasma deliveries to consumers' houses and commercial premises. During the year, we made a fundamental change to our business model, changing employed drivers to sub-contractor status, permitting greater efficiency whilst reducing our cost base. We also replaced our vehicle fleet so that we could provide customers with "fit for purpose" branded vehicles. Same-day Urgent/Next-day Delivery Same-day urgent and next-day delivery is a service which has historically traded principally in the northern Home Counties out of our Watford depot. During the year we set up a nationwide network with new locations in Milton Keynes, Rugby, Manchester and Stafford, and have established post-year end locations in Cardiff, Plymouth, Bristol, Glasgow and Leeds. Although the financial results for Same-day delivery reflect a highly competitive, price-driven market, this is a growth area where good margins are achievable and one which, with a national network, we are becoming an increasingly important participant. Our Next day delivery service declined year on year as we retreated from this market, which is not considered a core area of our business. Technical/Swap-out Technical/Swap-out comprises the delivery of substantial volumes of electronic equipment to businesses, their on-desk set-up and the removal of old product in accordance with European legislation. The business also carries out line 1/line 2 call out on nationwide maintenance agreements. This is a difficult market which can be price sensitive but one in which we continue to be seen as a quality player, which has helped grow the business significantly. Partsbank Partsbank is the management of outsourced warehousing, comprising pick and pack and stock management. Following the closure of the Watford facility, we have retained a significant majority of the existing Partsbank customers, who have agreed, because of the high service levels achieved, to relocate their inventory to other depots. ParcelXchange Worldwide Since February 2007, Tim Houstoun has been focusing on the development of a global ParcelXchange leasing business which, through collaboration with an asset finance company, will have no adverse effect on the Group's cash flow. During the year, there was significant interest in this concept, not only from other In Night companies but also from National Post Offices. This interest culminated in our first contract win in December, when DHL signed for 30 ParcelXchanges for use in Ireland. In addition, we have commenced trials with one major European Post Office and also have two boxes on trial in South East Asia. Because of our success after a relatively short period of development, during the year we formed a relationship with a specialist manufacturer which has enabled us to produce, in volume, our new modular ParcelXchange. The amount of interest in the concept of ParcelXchange Worldwide gives us confidence that we have the ability to win several major contracts in the current year. RISK Whilst remaining confident in our abilities to achieve the proposed strategy, we are aware that the business faces risk from increasing interest rates, rising oil prices and competitor activity. However, the risk in relation to the latter is lessened by the unique nature of the ParcelXchange product, and in particular the sophistication of the software, posing a significant barrier to those wishing to enter this arena. CURRENT TRADING AND PROSPECTS The year under review was a difficult one, which saw a lot of change with a new management team and significant re-engineering of the services we offer. New service offerings, such as PUDO, B2C, ParcelXchange Worldwide and a national Same-day network, build on our existing core strengths. The current year has started satisfactorily. Accordingly, I believe we are now in a position where profitability and positive cash generation are in sight. SUMMARY We continue to adopt the "people, service, profit" culture. Consequently, with the new management team in place, we are now focused on providing exceptional service to our customers across the Group, with all business units now operating in the 98% plus category (and both ParcelXchange and Specialist deliveries at 99%). We believe this will lead to additional business from our existing customers, who will in turn act as advocates for new customers. Although slower than I would have liked, I am pleased with progress so far, as we continue to win new business from our competitors and develop into highly profitable new areas. Paul Carvell 29 April 2008 Chief Executive GROUP INCOME STATEMENT for the year ended 31 January 2008 Notes Year Period ended ended 31 Jan 31 Jan 2008 2007 #000 #000 Revenue 15,401 15,945 Cost of sales (10,514) (10,500) --------------- --------------- Gross profit 4,887 5,445 Administrative expenses (8,079) (6,946)) Share-based payment charge (123) (68) Other income 23 54 --------------- --------------- Operating loss (3,292) (1,515) Exceptional items 1 (681) (422) --------------- --------------- (3,973) (1,937) Interest receivable 5 12 Interest payable and similar charges (300) (305) --------------- --------------- Loss on ordinary activities before taxation (4,268) (2,230) Taxation - - --------------- --------------- Loss for the financial year (4,268) (2,230) =============== =============== Basic and fully diluted loss per share 2 (2.2)p (6.2)p The operating loss for the year arises from the Group's continuing operations. GROUP BALANCE SHEET at 31 January 2008 Notes 31 Jan 31 Jan 2008 2007 #000 #000 Assets Non-current assets Property, plant and equipment 2,157 2,255 Goodwill 2,093 2,093 Other intangible assets 470 282 Deferred tax asset 502 502 Investment in associated company 22 - --------------- --------------- 5,244 5,132 --------------- --------------- Current assets Trade and other receivables 2,998 2,929 Cash and cash equivalents 213 714 --------------- --------------- 3,211 3,643 --------------- --------------- Total assets 8,455 8,775 Liabilities Current liabilities Financial liabilities - borrowings 2,784 950 Trade and other payables 3,695 2,861 Provisions 553 - --------------- --------------- 7,032 3,811 --------------- --------------- Non-current liabilities Financial liabilities - borrowings 1,291 1,791 Other payables 70 100 --------------- --------------- 1,361 1,891 --------------- --------------- Total liabilities 8,393 5,702 Shareholders' equity Share capital 4,137 3,719 Share premium 7,609 6,893 Merger reserve (968) (968) Other reserves 210 87 Retained earnings (10,926) (6,658) --------------- --------------- Total shareholders' equity 3 62 3,073 --------------- --------------- Total shareholders' equity and liabilities 8,455 8,775 --------------- --------------- GROUP CASH FLOW STATEMENT for the year ended 31 January 2008 Notes Period Period ended ended 31 Jan 31 Jan 2008 2007 #000 #000 Cash flows from operating activities Cash utilised by operations 4 (1,989) (919) Interest received 1 12 Interest paid (296) (305) --------------- --------------- Net cash outflow from operating activities (2,284) (1,212) Cash flows from investing activities Payment of contingent consideration (36) (168) Purchase of property, plant and equipment (481) (625) Purchase of intangible assets (182) (155) Investment in associated company (22) - --------------- --------------- Net cash flow from investing activities (721) (948) Cash flows from financing activities Proceeds from issue of ordinary share capital 1,134 2,910 Proceeds from borrowings 1,370 370 Repayment of borrowings - (700) --------------- --------------- Net cash used in financing activities 2,504 2,580 --------------- --------------- Net (decrease)/increase in cash and cash equivalents (501) 420 Cash and cash equivalents at start of the period 714 294 --------------- --------------- Cash and cash equivalents at end of the period 213 714 --------------- --------------- NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 January 2008 1 Exceptional costs Exceptional items of #681,000 (13 months ended 31 January 2007: #422,000) have been separately disclosed within these financial statements as they are considered to be non-recurring and significant in nature. The exceptional item includes redundancy costs, empty property costs and external costs relating to the closure of the Watford facility. The prior year exceptional costs related to a strategic review and the move of the finance function from Teddington to Rugby 2 Loss per ordinary share The loss per ordinary share is based on the losses for the period of #4,266,000 (13 months ended 31 January 2007: #2,230,000) and the weighted average number of shares in issue during the period of 192,748,856 (13 months ended 31 January 2007: 35,775,917). The loss for the period and the weighted average number of ordinary shares for calculating the diluted loss per share for the year ended 31 January 2008 are identical to those used for the basic loss per share. This is because the outstanding share options and warrants would have the effect of reducing the loss per ordinary share and would therefore not be dilutive under the terms of International Accounting Standard No. 33 (IAS33). . 3 Movement in group total shareholders' equity for the year to 31 January 2008 Year ended 31 January 2008 #000 Loss for the period (4,268) Share option reserve 123 New equity shares issued 418 Premium on new equity shares issued 716 -------- Net reduction in total shareholders' equity (3,011) Opening total shareholders' equity 3,073 -------- Closing equity shareholders' funds 62 ======== 4 Reconciliation of operating loss to net cash utilised by operations Year 13 months ended ended 31 January 31 January 2008 2007 #000 #000 Operating loss (4,268) (2,230) Depreciation of property, plant and equipment 461 405 Amortisation of intangible assets 44 29 Amortisation of government grants (15) (16) Increase in receivables (69) (453) Increase in payables 1,440 992 Interest received (5) (12) Finance costs 300 305 Share-based compensation 123 61 --------- -------- Cash utilised by operations (1,989) (919) ========= ======== 5 Analysis of movement in net debt 1 February Cash flow Non-cash 31 January 2008 2007 movements #000 #000 #000 #000 Cash and cash equivalents 714 (501) - 213 Bank loan (1,600) (300) - (1,900) Invoice discounting (950) (1,034) - (1,984) Director's loan (93) - - (93) Other loan (98) - - (98) --------- --------- --------- --------- (2,027) (1,835) - (3,862) ========= ========= ========= ========= 6 Significant accounting policies The Group's previous financial statements have been prepared under UK Generally Accepted Accounting Practice (UK GAAP). For the financial year ended 31 January 2008, the Group is required to prepare its annual consolidated financial statements in accordance with IFRS as adopted by the European Union (EU) and implemented in the UK. An explanation of how the transition from UK GAAP to IFRS has affected the Group's results and income statement for the period ended 31 January 2008, and the equity and balance sheets as at 1 January 2006 and 31 January 2007 was set out in the release of the Group's interim results for the six months ended 31 July 2007. IFRS 7 Financial Instruments; Disclosures became effective for accounting periods commencing on or after 1 January 2007. The Group has adopted IFRS 7 accordingly. The accounting policy amendment affects diclosures only and has no material impact on the current or preceding periods' financial position and performance, At the date of the authorisation of the financial information, the following standards and interpretations, which have not been applied in the financial information, were in issue but not yet effective; IFRS 8 Operating segments IAS 1 Amendment to IAS 1 - Presentation of Financial Statements IFRIC 10 Interim financial reporting and impairment IFRIC 11 Group and treasury share transactions IFRIC 12 Service concession arrangements IFRIC 13 Customer loyalty programmes IFRIC 14 The limit on a Defined Benefit Asset, minimum funding requirement and their interaction IAS 23 Amendment to IAS 23 Borrowing Cost IAS 27 Amendment - Consolidated and Separate Financial Statements IFRS 3 Amendment - Business Combinations IFRS 2 Amendment - Share-based Payment The Directors anticpate that the adoption of these Standards and Interpretations in future periods will have no material impact on the financial information when the relevant Standards and Interpertations come into effect. 7 Financial Information The financial information set out in this Preliminary Announcement, which is based on the Company's draft accounts, does not constitute the Company's statutory accounts for the year ended 31 January 2008. The financial information for the period ended 31 January 2007 is derived from the statutory accounts for that year, as adjusted for the effects of IFRS, and these accounts have been delivered to the Registrar of Companies. While the financial information included in this Preliminary Announcement has been prepared in accordance with the recognition and measurement criteria of IFRS, as adopted by the EU, this announcement does not in itself contain sufficient information to comply with IFRSs. 8 Annual Report The statutory accounts for the year ended 31 January 2008, will be delivered to the Registrar of Companies following the Company's Annual General Meeting. The Auditors reported on the accounts for the period ended 31 January 2007; their report was unqualified and did not contain a statement under s237(2) or (3) of the Companies Act 1985. A copy of the Annual Report and Financial Statements will be sent to all shareholders shortly and will be available from the Company at Xchange House, 1 Great Central Way, Butlers Leap, Rugby, Warwickshire, CV21 3XH. 9 Annual General Meeting The Company's Annual General Meeting will be held at the office of Bankside Consultants, 1 Frederick's Place, London EC2R 8AE, on 26 June 2008 at 10am. The Notice of Meeting will be set out in the Annual Report and Financial Statements. This information is provided by RNS The company news service from the London Stock Exchange END FR SDMSUSSASELL
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