Share Name Share Symbol Market Type Share ISIN Share Description
Direct Line LSE:DLG London Ordinary Share GB00BY9D0Y18 ORD 10 10/11P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +3.60p +1.01% 360.50p 360.20p 360.30p 360.40p 357.00p 357.70p 2,793,625 16:35:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Nonlife Insurance 3,337.4 353.0 20.4 17.7 5,407.50

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21/6/201709:17Direct Line......388
09/11/201612:51*** Direct Line ***218
04/9/201408:56Why to BUY and HOLD Direct Line (DLG)-
10/3/200919:20Delling Group Discussion1,149
16/12/200820:35delling -An earthenware pot, brimming with smelly excrement.5

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Direct Line Daily Update: Direct Line is listed in the Nonlife Insurance sector of the London Stock Exchange with ticker DLG. The last closing price for Direct Line was 356.90p.
Direct Line has a 4 week average price of 340p and a 12 week average price of 337.70p.
The 1 year high share price is 400.70p while the 1 year low share price is currently 326.60p.
There are currently 1,500,000,000 shares in issue and the average daily traded volume is 5,768,692 shares. The market capitalisation of Direct Line is £5,407,500,000.
speedsgh: Direct Line faces headwinds, says Barclays - HTTP:// UK motor insurers have been the best performing insurance stocks in the past year but Direct Line (DLG) had its time in the sun, says Barclays. Analyst Alan Devlin retained his ‘equal weight’ but reduced his share price target from 366p to 357p. The shares fell 8.8p to close 2.48% lower at 346.5p. Devlin said Hastings and Admiral had ‘led the pack, increasing 26% and 19% respectively’ over the past year and pricing continues to increase 10% year-on-year. ‘Indeed, we are now lapping price increases on top of price increases and full year results should benefit from both a strong top-line and price increases of the last four quarters earnings through the P&L. Claims inflation itself is picking up, which could fuel further pricing momentum into 2017,’ he said. However, the positive momentum won’t be felt in all insurance stocks. ‘We believe Direct Line is fairly valued, faces headwinds from the loss of the Nationwide and Sainsbury’s contracts, and faces more pressure in home insurance versus peers,’ he said.
eaaxs06: The press release talks of 'all of the net proceeds will be returned to shareholders' shauney2, so could be nearer the sale figure of £430m, than the actually gain of £160m? Either way, its more good news and should help the share price move further forward. In all my years of share trading, I've never had a share that pay's so much (and so many) dividends.
eaaxs06: It certainly hasn't taken long to recover from yesterdays' profit taking. I'm guessing a few fund managers are thinking ahead, so hopefully the share price will be healthy next week as well.
barry276: CATALYSTS 4 DLG SHARE PRICE IN 2014. speculation should underpin the share price,until RBS sells remaining 28.5% stake. 2.possible ftse 100 review in march, currently ranked #93. 3.Results feb 26.will be interesting 2 see how international markets are doing.Final dividend should be around 9 pence. ca
eaaxs06: It's that overhang of shares, which have to be sold, that has depressed the market in the past, Barry, so what makes it so different this time, now the share price has risen to higher levels? This 'guarantee' of A Share Tip of the Year smacks of pie in the sky, and merely wishful thinking on your part
eaaxs06: Not sure if its been moved later, or earlier, mctmct, but I doubt it's changed much, as last years' results were announced the same week, on 28th Feb 2013. I'm a little surprised the share's been hit so hard today, with the recent news about selling their life insurance arm (plus going xd, for the special divi, on Wednesday) which I thought would have helped the share price?
0micron: I'm interested to know as well. Can't seem to attribute it to anything apart from tailwind from positive general market sentiment. Was getting a bit discouraged lately by the lack of movement in the share price.
indiestu: With a bit of luck we'll have a little direction after today's RNS. We've been dithering around for a while now and fully deserve the share price to get back up to at least the 230 mark. Question is what'll be the catalyst for the rise?
0micron: I'm surprised there's almost no reaction to the news on the share price.
the bull: 25th June 2007 Contact: Monisha Varadan 0207 562 3370 Delling Group - Buy at 7p – Target 35p Key Data EPIC DLG Share Price 7p Spread 6.75p - 7.25p Total no of shares 166 million Market Cap £11.62 million 12 Month Range 7.125p - 12.75p Market AIM Website Sector Media Contact: Aksel Bratvedt 020 7484 5663 Delling has today announced its results for calendar 2006 which, as already flagged, are disappointing. However, a number of one-off issues have now been addressed and trading so far during the current year shows clearly that this is a company which is now growing both its sales and profits rapidly. This is not discounted in a share price which reflects past disappointments rather than future potential. Delling's marketing support services business is based in Sweden and Norway. Delling is not a public relations agency and nor is it an advertising business in any sense. Delling works with the advertising industry and pr agencies in order to 'make the tools for the job'. Delling supplies these various types of client with material in the form of a finished product that helps them deliver a 'message' to their own client. Delling provides marketing support that transforms these ideas into reality. Whereas 2006 had been expected to herald a financial breakthrough, there have been unexpected and quite significant extraordinary costs with regard to acquisition problems and re-organisation which has delayed the breakthrough until the current year. Results for calendar 2006 out today show revenues up by 97% at £10.5 million but operating losses up from £2.865 million in 2005 to £5.7 million. However of those 2006 losses, £1.9 million can be viewed as exceptionals. Moreover the company reported profitability on EBIT level 1st quarter this year and we expect that improving trend to continue. A strategy of growth via acquisition is now working alongside cross selling between the various operating units within the group. The Delling management continues to take out costs and believes that, having reached what it deems to be a critical mass, its potential for cross selling is greatly enhanced The company believes that within the Scandinavian region, its role remains as a primary consolidator. It claims that there is a universe of around 200 possible target companies all of which are within financial reach and are all in various phases of development and gestation. We expect that the group should be able to announce significant progress in terms of profitability during the current year and an acceleration of the bottom line improvement in 2008. At 7p Delling is capitalised at £11.6million. It trades on a calendar 2007 multiple of 10.6 falling to just 2.9 times 2008 forecast earnings. The price to sales ratio is just 0.53 for 2007 falling to 0.33 for 2008. The business is now operating profitably and there are no balance sheet constraints on growth. Delling's growth plans have been put back by a year, and this delay has been bought at the cost of a disappointed stock market. But the market has over-reacted. As the company starts to deliver we expect the shares to be re-rated. We believe that if Delling achieves its forecasts for this year and next then it would merit a mid-teens rating and that implies a target price of 35p. Our stance remains buy. Year to 31st December Sales (£ million) Pre-tax profits (£ million) Earnings Per Share (p) Price earnings Ratio 2005A 5.32 (2.86) - - 2006 10.46 (5.80) - - 2007E 22.00 1.00 0.66 10.6 2008E 35.00 4.10 2.38 2.94 Background The Delling Group is a specialist in market support services and working with client marketing departments and public relations. Delling was floated on AIM in October 2004 and the group's main markets are in Scandinavia, Eastern Europe and England. The group has offices in Stockholm, Gothenburg, Norrtälje, Linköping, Gävle, Oslo, Stavanger and London. At present the group has around 130 employees, and major investors include a Norwegian individual holding over 24% as well as the two Norwegian founders with 14.59% between them, resulting in this triumvirate holding a bid blocking 38.59%. At present Delling works from eight sites including London- although this last site has an office-only function at present, aimed at the London financial community and market, although there are on-going plans to acquire a business in the UK within the next year. The Delling Group delivers optimal solutions for marketing support services though the use of print media, motion media, mobile media, web media and the organisation of exhibitions and other events. Through this varied marketing offering, Delling seeks to reduce the lead time on any given sales campaign. Delling offers a cost-effective product by efficiently integrating production to different media and through this process, gaining extra efficiency. Because Delling has the capability to produce in meaningful volume it also enjoys significant economies of scale. In using print media, Delling is responsible to the client for design, prepress, control, production and distribution. For motion media the group is responsible to the client for design, production, quality control, distribution, operation and installation. Mobile media involves the group with overall responsibilities which include operation, installation, distribution, and production. Web media involves responsibilities for production and platform, installation, operation, and distribution. Finally Delling's expo/events division sees it responsible for design, production, installation, and storage. The company has spent £13 million of debt and equity on acquisitions since its AIM debut in October 2004. At the time of the AIM listing, Delling completed the £830,000 acquisition of Depicta Fame, a profitable market leader in expo material production boasting clients including Statoil, Norsk Hydro and McDonalds. Depicta Fame is well known for printing images and materials for billboard, banner and poster advertising and the price paid was less than six times historic pre-tax profits. In the spring of 2005 Delling bought two privately owned Norwegian businesses, Unikum Professional Imaging and Andre Worldwide Visual Communications. The combined pre-tax profit on acquisition was approximately £100,000 for which Delling paid £100,000. Unikum is a specialist in re-touch and scanning photographic work which is used in quality poster production. Andre Worldwide Visual Communications specialises in the creation of exhibition stands. In June 2005 Delling expanded its operational base again with the acquisition of Full Bredde AS, a Norwegian based subcontractor for delivering printed marketing material. Delling paid £300,000 - approximately three times pre-tax profits. The Full Bredde acquisition allowed Delling to move further into production services and logistics, and should help satisfy demand for a one-stop-shop supplier in the marketing support industry. Since January 2006 Delling has made another 4 significant acquisitions. In January 2006 n3prenor was acquired for £1.6 million. This acquisition strengthens the company's position in document production and Delling paid four times historic pre-tax profits for a company whose sales have been consistent over the last five years with substantial margins of at least 20%. The exhibition area operation expanded in August 2006 with the acquisition of Eckerud for £1.5 million – 5.6 times historic pre -tax profits. In October 2006, the group acquired the Scandinavian Exhibition Group [SEG] - the third largest exhibition company in Sweden for £1.18 million. The company- generally known as Sandberg Expo – when combined with Eckerud gave Delling a dominant market position in Scandinavia in this niche. Delling paid 5 times expected pre-tax profits for SEG. In December 2006, the group bought Domain of Graphics AB – a privately owned prepress company for £560,000 – three times pre-tax profits. Acquisitions do not come without risk and on 27th April 2007 Delling was forced to warn that 2006 results would be worse than the market had expected. Because of problems at the combined exhibitions group Eckerud Scandinavian Group. We believe that these problems have now been overcome and that the division is now profitable. Delling has as a result of this problem tightened its acquisition procedures and strengthened its central office functions which, we believe, reduced the transactional risk involved in continuing to pursue acquisition driven growth. Strategy Delling recognises that the greatest growth potential lies in the new media areas: web and screen based products and the increasing use of 3G communication, using SMS and MMS. However, the company will continue to follow a twin pronged approach of producing content through the mixed media of screen and paper. The Delling offering aims to save resources for the client in terms of money, and people and also save time as well by using similar production processes and the same origination process for content for both media. Screen and motion media is being increasingly used in the exhibition arena with the technical enhancement that the content can be controlled from Scandinavia even when live 'content' is being displayed in a remote location such as the US. This facility allows the company to tackle almost any market that requires exposure via screen media/ photographic/ or web based media. The net margins on new media work can be more than 40% Delling's growth strategy is founded on a combination of organic growth boosted by 'bolt on' acquisitions. The raison d'etre for seeking an AIM listing is that Delling can offer vendors a mixture of cash and equity, often with deferred considerations, which motivates them to continue growing their businesses as part of the wider Delling Group both via cross selling and by seeking new contract wins. With 200 small potential target businesses within Scandinavia which, as Delling has already shown, can be bought on low multiples, there is a very real scope for further acquisition driven growth. Perhaps the greatest impediment to this strategy is that the current low rating of Delling's shares makes such transactions potentially dilutive. As Delling delivers on its growth strategy, we expect the shares to be re-rated and this to cease to be an issue. The large number of acquisitions made by Delling should not obscure the fact that it is also driving tangible organic growth. The results for calendar 2006 and trading so far in 2007 shows that an underlying level, organic sales growth is being delivered.. The company expects the overall Scandinavian market to grow by 3% per annum over the medium term and its increasingly dominant presence should allow it to increase its market share. Delling will also grow by achieving further growth through increased commercial activity carried out in countries, such as the UK, where it already has a modest presence as a result of providing services to Scandinavian companies operating abroad. With the company's fixed costs now covered by the operating profits made by its current businesses, any increase in sales and operating profits has a geared impact at the bottom line. Moreover the company is working on enhancing gross margins by moving some of its operations to lower cost territories, notably Poland. We expect the full impact on margins of this relocation to become evident in the 2007 numbers. Operations Delling currently services 350 customers. The majority of those customers operate in Scandinavia although the company is hopeful that it can secure increasing amounts of work for those companies operations in non domestic markets, notably the UK, Germany and Poland. IT solutions covering the whole media spectrum form the basis of the full Delling offering. All modern media types are used, so that a high definition product can be produced and thus providing an entire modern media armoury from which the advertising/ pr consultancy can choose what medium best suits their client. The use of IT helps to reduce time lags between jobs, improve product quality, uses time efficiently on the job, and achieves economies of scale. Delling works with a client's marketing department in the fields of print media, motion media, mobile media, web media, and expo/ events with IT solutions supporting the entire process. Delling delivers optimal quality, and helps the client to make an efficient use of marketing department resources. Delling achieves these benefits through the integration of production to different media, thereby making efficiency gains. As customers can make use of Delling's purchase volume 'clout', Delling clients obtain economies of scale through this process. Delling is well versed in logistics and which allows it to conduct extensive multi-site distribution. When work is contracted out to low cost producers in Poland this does not effect delivery times. All sub contract work from Poland is shipped by lorry overnight, arriving in Sweden the next day to be broken down into packages to be sent by the Swedish Post Office for onward delivery to Delling clients, or to be delivered to smaller clients by Delling itself. Although Delling's customer base covers a wide spread of industries and sector it is targeting certain sectors as the most attractive targets The retail area especially is where Delling's expertise will be of greatest use and the ability to quickly spread a 'message' through the medium of computer and screen gives the group a head start over any competition. Any application of Delling's technological know-how is especially useful in a commercial sense in situations where there is a need to transmit marketing messages quickly, and where price changes require new 'copy' almost instantaneously, and which therefore means increased work for Delling. The McDonald's contract in Norway is evidence that Delling has the capacity to deal with high visibility and high volume exacting work, as this contract especially calls upon almost all of the company's skill-set:- printing millions of menus in one year as it does as well as handling large scale printing for restaurant awnings as well. The same can be said of Delling's very successful Microsoft trade fair exhibit which was designed and built entirely by Delling and which impressed both the client and the market place: a double win for the company. Recently in the retail area, Delling has signed up two significant contracts: one with Vi Shops and the other with the Expert Group (a Scandinavian equivalent of Dixons). The contract for Vi Shops covers 90 shops in all and although recent, when it is fully operational, it should generate net margins of around10% for Delling. The same sort of margin is expected by Delling from the new Expert contract and while annual turnover from Vi Shops could be as high as £1.2 million, turnover from the Expert Group could be £3.6 million per annum. At the moment printed poster work is the main 'bread and butter' business on these two contracts and which are bi-annual agreements but, increasingly, digital technology will be utilised on these contracts. 3G mobile will be increasingly used and the market is expected to break through to profitable usage within the next three years. In conjunction with web based communications which can be set up to alter or change an advertising campaign at the flick of a switch, Delling plans to use the best of the most modern forms of communication, hand in hand with the more traditional expo events that it also specialises in, to offer the client base as 'fresh' a product as possible. To some extent the more traditional expo events provide a shop window for the Delling Group to 'close' contracts, for more modern media streams such as DVD, computer, and 3G and will be used to facilitate further growth in these new areas. Essentially it is the arrival of digital information technology that has acted as a catalyst for Delling, propelling the company into the vanguard of this market -and in particular in Scandinavia- making it the market leader in state of the art quality print and photographic images. All company products now appear under the Delling brand name, whereas until 2005 the product impact was diluted by the use of differing company owned names. Management The management team own around 15% of the equity in Delling and hence their interests are closely aligned with those of shareholders. The board comprises: Aksel Bratvedt - Executive chairman aged 50, worked in the Scandinavian Department of Hambros Bank before becoming a founding partner at investment bank Elcon Partners and Elcon Securities. He then acted as strategy consultant at Nordic Management, the French consulting company Siar-Bossard, Ericsson Radio Systems, and Telecoms Consultancy. From 1994 to 1996 he was adviser to the CEO of the Swedish state-owned bank Retriva. Bratvedt is the co-founder of Delling and is in charge of corporate strategy, acquisitions and financing. Geir Lolleng - Chief Operating Officer, aged 53 He gained a Law degree at Oslo University and was for three years a partner at Oslo law firm Steenstrup Stordrange. He was for 10 years Chairman of Technical Software Consultants AS, for four years Chairman of Saga Plakatreklame AS, and is a director of Muva Greetings SA, LRC Norge AS and Nutricia AS. Lolleng co-founded Delling. Douglas James Robinson MA ACA CTA - Finance Director, aged 30. Robinson is a Cambridge economics graduate and Chartered Accountant as well as being a Chartered Tax Adviser. He has previously been a corporate finance manager with accounting and consulting firm CLB, London, specialising in transaction support for both floatations and acquisitions. David Krucik -Non-Executive Director, aged 40, is European Head of Private Equity and a director of the Consumer practice at OC&C Strategic Consultants Ltd in London. He has an MPhil. from Oxford University, and has extensive experience in working with technology and consumer companies internationally, including in Scandinavia. He was formerly head of web-angels mobile ventures in Sweden and a vice-president of CSC's strategic consulting business Kalchas. Robert Gardiner Lowe - Non-Executive Director, aged 62, brings 33 years of varied business experience, with 20 years directly involved in the IT industry. In the early 1990s, Lowe was Deputy CEO of Superscape plc and was involved in the successful flotation of the company's shares on the London Stock Exchange. He opened the US office of Superscape in Palo Alto, California, and served as President of the North American operation. Prior to Superscape, Robert was International Vice-President at Micro Focus. Lowe has considerable experience in the US, where he lived for over 12 years. He is Non-Executive Chairman of AIM-listed Corpora. Mikael von Schedvin - Non-Executive Director, aged 45, is a Partner in the Swedish law firm MAQS, and a board member of a number of Swedish companies. He has particular experience of doing business throughout the Nordic area and in Eastern Europe. Recent Results Results for the year to 31st December 2006 were announced on 25th June 2007. Following the trading statement issued on April 27th there were few surprises, Turnover for the period increased from £5.3 million to £10.46 million – acquisitions generated £3.41 million of the sales increase. Gross profits increased from £2.876 million to ££4.425 million but as a result of a sharp increase in overheads, the group operating loss almost doubled from £2.865 million to £5.203 million. Around £1.9 million of that loss can be attributed to exceptional costs largely relating to Eckerud Scandinavia, the businesses bought in the Autumn of 2006. Net debt at the period end was £2.658 million. Although the company raised £6.3 million during the year this was needed both to refinance historic borrowings and to fund four acquisitions and the operating loss. The company is close to the limit of its banking facilities but since it is now trading profitably it believes that these facilities can be extended. Shareholders funds increased during the year from £108,000 to £810,000. Risks to the Model Delling has, at a bottom line level, not delivered what was promised at the time of the flotation and the April profits alert will have created further uncertainties in the minds of investors. There are inherent risks in acquisition led growth. However we believe that a strengthened central overhead will reduce these risks going forward. Moreover the Delling directorate was able to renegotiate the original terms and earn-out consideration on the Eckerud transaction (the cause of the problems in 2006) so minimising the damage. Moreover, in the first quarter of 2007 Eckerud Scandinavian Group generated pre tax profits of £140,000 suggesting that Delling has, when needed, been able to undertake swift remedial action. The acquisition of Eckerud uncovered systemic shortfalls within the Scandinavian region, with reference to financial controls especially. The fact that this has now been rectified so that there is now only one financial reporting system, rather than four, within the group should be welcomed. However, as we have already noted, a model which is based on part paper funded transactions can be derailed if – as is the case today for Delling – if the acquiring company's paper is lowly rated. We have assumed that Delling will be able to deliver rapid earnings growth and increasing profitability from the first half of 2007 onwards and that this will drive a re-rating of its shares which will allow it to make further acquisitions. However the company has stated with today's results that it will not issue shares for acquisitions at current levels – this is welcome. There must be a concern that a general economic slowdown will reduce corporate marketing spend, so slowing sales growth and putting a squeeze on margins. The Scandinavian economies are expected to grow by 3% in 2007 and 3% in 2008 and Delling's economies of scale and consequent competitive pricing means that it should be able to increase its share of the market and given the global trend to outsourcing we expect the growth in Delling's target markets to exceed GDP growth. However, any slowdown in the rate of economic growth may have an impact on discretionary corporate marketing expenditure and thus on our forecasts for sales growth. While East European costs and wages remain low, Delling should remain in a very advantageous position, sourcing from the East by overnight lorry as it does. This should serve to boost operating margins. However, over time this advantage will be eroded as Eastern European living standards and wages gradually rise. Delling is already sourcing some product from China on an occasional basis, and we expect it to increase its low cost Oriental sourcing. Shareholders There are currently 166,016,147 shares in issue. Those holding more than 3% of the issued share capital are: Bjart Dysthe 24.47% RAB Capital 12.71% Geir Lolleng 10.78% Tine Pension Fund 7.98% Aksel Bratvedt 3.81% Forecasts, Valuation & Conclusion Following the £6.3 million raised in July and August of 2006, notwithstanding the cost of acquisitions and operating losses incurred in the second half of last year, Delling has low borrowings of £2.7m. It has unutilised bank facilities of £50,000. With the company now operating profitably it should be able to repay its borrowings or to make additional acquisitions and we are led to believe that bank finance is available to support such a strategy. The company is thus well funded to accelerate its growth, both organic and via acquisition. Delling has now established critical mass within its market place by making some key acquisitions although the expected change in the product-mix has been slower to come through than had been expected. Tight control of costs and greater use of subcontracting to Poland and China should steadily improve gross margins over the next 18 months. And with fixed costs now covered by operating profits, any increase in sales will have a dramatic impact at the bottom line. There are therefore good reasons to assume that Delling has passed its operating nadir: We forecast that in calendar 2007 sales will increase from £11 million to £22 million (with acquisitions delivering £8 million of that growth) and that this will result in a pre-tax profit of £1 million and earnings per share of 0.66p being recorded. In 2008 sales should grow to £35 million - of the forecast £13 million growth only £8 million comes from acquisitions. It is in 2008 when operational gearing kicks in and pre-tax profits should therefore increase to £4.1 million which equates to earnings per share of 2.38p. In other words 24% of the increase sales forecast for 2008 falls through to the pre-tax line. If the company can achieve a mere 10% sales growth thereafter – i.e. makes no acquisitions – that should indicate the potential for profits growth. At 7p Delling is capitalised at £11.6 million. It trades on a calendar 2007 multiple of 10.6 falling to just 2.9 times 2008 forecast earnings. The price to sales ratio is just 0.53 for 2007 falling to 0.33 for 2008. The business is profitable at present and there are no balance sheet constraints on growth. The share price discounts historic underperformance at a trading level but allows nothing for the clear recovery potential. We believe that if Delling achieves its forecasts for this year and next then it would merit a mid-teens rating and that implies a target price of 35p. Our stance remains buy. Detailed Financials Group profit and loss for the year to December 31st 2004 (£ million) 2005 (£million) 2006 (£ million) Group turnover 2.173 5.315 10.462 Cost of sales (0.795) (2.439) (6.037) Gross Profit 1.378 2.876 4.425 Administrative expenses (4.051) (5.741) (9.628) Operating Loss (2.673) (2.865) (5.203) Interest receivable 0.002 0.002 0.004 Interest payable (0.159) (0.131) (0.472) Loss on ordinary activities before taxation (2.830) (2.994) (5.671) Tax on loss on ordinary activities 33 - (0.129) Loss on ordinary activities after taxation (2.797) (2.994) (5.8) Dividends - - Loss for the financial year (2.797) (2.994) (5.8) Loss per share (6.74p) (4.43p) (5.22p) Group balance sheet at December 31st Called up share capital not yet paid 2004 - 2005 1.148 2006 Fixed assets Intangible assets 2.920 3.068 7.321 Tangible assets 0.674 0.612 0.599 3.594 3.680 7.920 Current assets stocks 0.042 0.07 0.055 debtors 0.698 1.748 3.382 Cash at bank 0.284 0.304 0.29 1.024 2.122 3.727 Creditors: amounts falling due within one year (3.535) (5.741) (11.36) Net current liabilities (2.511) (3.619) (7.633) Total assets less current liabilities 1.083 1.209 1.435 Creditors: amounts falling due after more than one year (0.426) (1.101) (0.625) Net Assets 0.657 0.108 0.81 Group cash flow statement for the year to December 31st 2004 2005 2006 Net cash out-flow from operating activities (0.587) (2.237) (3.236) Interest paid (0.159) (0.13) (0.271) Interest element of finance leases - (0.001) (0.001) Interest received 0.002 0.002 0.004 Net cash out-flow from returns on investments and servicing of finance (0.157) (0.129) (0.268) taxation 33 - Capital expenditure and financial investment Payments to acquire intangible fixed assets (0.807) (0.117) (2.143) Payments to acquire tangible fixed assets (0.148) (0.233) (0.311) Net cash outflow for capital expenditure and financial investment (0.955) (0.350) (2.454) Acquisition Cash /[overdrafts] acquired with subsidiaries (0.960) 0.058 (0.706) Cash outflow before financing (2.626) (2.658) (6.664) Financing Issue of equity share capital 2.847 1.104 4.67 Capital element of finance leases - (0.002) (0.006) Increase in long term loans - 0.683 0.595 Net cash inflow from financing 2.847 1.785 5.259 Decrease/increase in cash 0.221 (0.873) (1.405) This Research Note Cannot be Regarded as Impartial as GE&CR has been commissioned to produce it by Delling Group. The information in this document has been obtained from sources believed to be reliable, but cannot be guaranteed. Growth Equities & Company Research is owned by Ltd which is commissioned by companies to produce research material under the Growth Equities & Company label. However the estimates and content of the reports are, in all cases, those of Ltd not of the companies concerned. Limited is regulated by the Financial Services Authority .This research report is for general guidance only and Ltd cannot assume legal liability for any errors or omissions it might contain. The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not necessarily a guide to future performance. The difference between the buy price and the sell price for smaller company shares can be significant. Before investing, readers should seek professional advice from a Financial Services Authority authorised Stockbroker or Financial Adviser. limited can be contacted at 5-11, Worship Street EC2A 2BH - email -
Direct Line share price data is direct from the London Stock Exchange
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