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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Tellings Gldn | LSE:TGM | London | Ordinary Share | GB0033384180 | ORD 7P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 42.50 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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Tellings Golden Miller Group Plc
Interim Report for the Six Months Ended 30 June 2007
CHAIRMAN'S STATEMENT
Tellings Golden Miller Group Plc. (the Group) is a bus and coach operator
providing scheduled and private hire services to a broad customer base.
Operations are throughout the UK from bases in North West London, Heathrow
Airport, East Anglia, Surrey, Hampshire and Tyne and Wear. We also provide
engineering support to ground service equipment at London's Heathrow Airport as
well as to our own London based fleet though OFJ Ground Services Limited.
HIGHLIGHTS
* Profit before tax £0.5m (2006: Loss £0.1m)
* Turnover £15.7m (2006: £16.0m).
* Both Gross Profit and Operating Profit margins improved to 15.7% (2006:
12.7%) and 4.8% (2006: 2.2%) on the continuing businesses
* Earnings per share improved to 1.40 pence per share (2006: Loss 0.44 pence
per share)
* Good progress with reorganisation
* New acquisitions reflect Group strategy of synergistic diversification and
emphasis on contract work
PRINCIPAL BUSINESSES
The principal businesses of the Group are:
* Tellings Golden Miller Coaches which operates luxury coaches from our
Heathrow base. It is also responsible for "Wiltax" which provides bus and
coach operations in the Surrey area and operates Linkline's private hire
fleet of coaches.
* National Express Coach operations where the Group acts as a contractor to
National Express out of our Portsmouth, Cambridge and Newcastle depots;
* Burtons in East Anglia which operates scheduled and non-scheduled bus and
coach services throughout the region. This company also operates bus
services in the region under the name of Network Colchester.
* Classic Coaches, a national coach and bus operator based in Newcastle;
* Linkline, based in North West London which provides bus services to the BBC
and others.
* OFJ Grounds Services, an airport ground services maintenance operation
which also provides engineering support for the Group's London based
vehicle fleet.
Overview
I am pleased to report the interim results of the Group for the six months
ended 30 June 2007. These results and the prior year figures are the first to
be prepared under International Financial Reporting Standards (IFRS).
Reconciliations of UK GAAP to IFRS are included as note 4 to this Interim
Report.
As reported in our Annual Report and Accounts 2006, we continue to make
progress in restructuring the Group and are pleased to report that, as a result
of our efforts, Burtons in particular is now a strong contributor to the
profits of the Group, instead of a cause of losses as in recent years.
We have also redefined our strategy to focus more on developing our regular
contract work while managing the decline in coach private hire work. We are
also diversifying our business into related areas where our expertise can be
beneficially applied. In pursuit of this strategy, we acquired, in February
2007, a 75% interest in OFJ Ground Services Limited and, in June, from Wiltax
Buses Limited, the majority of their bus and coach business.
During the period under review we continued to improve operating efficiency.
The disposal of our Airlinks business at the end of 2006 caused turnover to
fall by £1.6m but increased profitability by £0.1m. We have reduced our fleet
of coaches, disposing of older non LEZ (low emission zone) compliant vehicles,
and buses where necessary to closely match our level of business. Despite this
reduction in our fleet we have not only maintained turnover at last year's
levels but also improved gross profit margins and our overall trading results
generally.
Results
A comparison of the six months to 30 June 2007 with the same period last year
shows that, excluding the Aircrews business, our turnover from continuing
businesses has been improved to £14.7m compared to £14.3m for the first half of
2006. This achievement is more credible considering the fact that the first
half of 2006 included £1.1m of turnover from the Newcastle Dial a Ride service
which we lost following a re-tendering exercise in July 2006. This contract
contributed £0.1m of profit in 2006.
Our gross profit margin on continuing businesses has improved to 15.7% (2006:
12.7%) which compares to our result for the whole of 2006 of 13.9%. These
results have been achieved during significant internal change, a competitive
market and rising operational costs.
The Group benefited from lower insurance premiums during the period reflecting
its better than expected claims history of previous years. Excluding this
benefit, the improvement in the gross profit margin on continuing businesses
was 13.7% (2006: 11.4%).
Administration costs on continuing businesses are 10.9% of turnover compared to
10.6% for the first half of 2006 and 10.5% for the whole of 2006. This was
principally due to the professional costs incurred in the acquisitions referred
to above, redundancy payments and the adverse impact of the fuel hedge which
terminated in April 2007.
The retained profit for the period was £0.3m compared to a loss of £0.1m for
the same period last year and a loss of £0.1m for the whole year 2006. This
represents a profit of 1.40 pence per share compared to a loss of 0.44 pence
per share for the same period last year and a loss of 0.28 pence per share for
the whole of 2006.
The balance sheet remains strong with net assets, after minority interests of £
10.2m (2006: £9.9m) or 44.5 pence per share (2006: 43.0 pence per share). The
business has been a net cash generator from Operations which, together with
additional financing, has been invested in capital expenditure and
restructuring costs. Net debt at 30 June 2007 was £12.2m compared to £13.4 at
30 June 2006. The Group has unused credit lines exceeding £5.0m which are
considered adequate for foreseeable trading needs.
Operational Review
Overview
The coach market remains competitive not only from within its own market but
also from external competitors such as low cost airlines, on line booking and
the changing travel habits of our customers. Tendering in the bus market is
also competitive with some new entrants acquiring market share at rates which
we believe are at or below cost. We have continued to manage our business to
meet such challenges and have pursued our strategy of disposing of unprofitable
business, pushing for increased rates and improving utilisation of our fleet by
tailoring it to match demand.
In addition to the benefits of the restructuring exercise I referred to
previously, 2007 sees the benefit of six month's trading from the new National
Express contract won by Classic in December 2006, the addition of Wiltax bus
and coach operations, and the new engineering facility OFJ Ground Services
Limited, both contributing for part of the period.
Coach and Bus Operations
Our coach operations achieved turnover of £6.9m (2006: £7.6m excluding
Airlinks) and reported an operating loss of £0.06m (2006: profit £0.13m
excluding Airlinks). The shortfall was principally due to difficulties with our
Classic operation, as discussed below.
Our bus operations reported a turnover of £4.3m (2006: £4.3m) and an operating
profit of £0.6m (2006: £0.1m).
Our London based coach operations which included Tellings Golden Miller
Coaches, Linkline Coaches and the new Wiltax bus and coach operations have
continued to perform adequately and held budget despite its loss of a major
travel agency which we have served for many years. The loss of this business
was due to the agency requiring a significant reduction in rates to a level we
considered unprofitable. The revenue and profit contribution from Linkline
coaches has improved now that it is run as a separate business within this
section as opposed to being part of Linkline's bus operations. The Wiltax
division which was acquired effective from 4 June 2007 is expected to develop
our business as a specialist contract school and rail replacement operator in
the South West part of London and Surrey, a position it had established under
previous ownership.
Our Network Colchester bus operations continue to work well with lost mileage
kept at a very low level and we are being rewarded by higher patronage and
better revenues. Significant improvements in the engineering facilities at both
Colchester and Burtons Haverhill depots have been important contributors to
this result.
Last year, Burtons, Haverhill reported a significant loss. For 2007, we
significantly reduced our coach fleet from over 20 vehicles to a base level of
7 augmented by 2 loan vehicles during the summer period. As a result, a vehicle
utilisation factor of over 95% was achieved, several less profitable contracts
were terminated and prices driven upwards. We were also able to reduce the
administration resources needed at this company by consolidating all
operations, bus coach and National Express, into one depot at Haverhill. The
impact on profitability for this company has been most gratifying and it is now
contributing significantly to the profits of the Group.
Linkline, our contract bus operation in West London has continued to perform
well having, in 2006, successfully renewed the BBC contract which it has
operated for over 10 years and won several new corporate service contracts. The
Thames Valley University contract which we have operated for several years, was
put out to tender in July 2007. Unfortunately, we were unsuccessful in
retaining this tender as we considered that the winning price for this three
year contract was at or below cost and at a level significantly below that at
which were prepared to operate. The turnover from this contract was £0.1m per
annum with a profit margin of 10% and its loss will be effective from September
2007. The vehicles rendered surplus as a result, being relatively new, will be
redeployed replacing older vehicles within the Group.
Despite the pleasing results from Classic's National Express operations,
Classic's results have been disappointing. On a positive note, the Company won
further extensions to its contract to provide school holiday transportation but
the effect of new drivers' hours legislation introduced earlier this year has
necessitated the double crewing or repositioning of drivers to the extent that
an additional £0.1m costs in drivers' wages and overnight accommodation costs
were incurred during the period. The company has also been forced to outsource
more of its business to meet demand leading to an additional cost of £0.2m in
this area. The impact of this legislation has been felt more heavily by Classic
than elsewhere in the Group due to the long haul nature of its European work
from its base in Newcastle. The experience gained so far this year has
highlighted several areas where we can use our Group's strength to modify
operating practices to minimise the impact of this legislation. One example of
this is to use our Group's geographical spread to source vehicles local to the
customer and to the Continent of Europe thus avoiding wasteful mileage and
drivers' hours in vehicle positioning. We will also be taking a hard look at
other operational issues and costs to identify areas where efficiencies and
better asset utilisation can be achieved as well as discussing improvements in
communications with our larger customers to help us operate their contracts
more efficiently and effectively.
National Express
Our National Express business, which at £3.3m (2006: £2.3m) accounts for 20% of
our total revenue, continues to perform satisfactorily and during the period we
benefited from the improved rates negotiated in 2006 to return a profit of £
0.2m, a margin to revenue of 5% (2006: breakeven). This period saw the first
six months' operation of the Newcastle to London and Cambridge services awarded
to Classic in December 2006 and I am pleased to say this contract is operating
profitably. Our Portsmouth operations to London, Bradford and Paignton are
performing satisfactorily although half of our fleet at this depot is almost
seven years old and the high mileage these vehicles have covered, some over one
million miles, is causing maintenance costs to rise to an unacceptable level.
These vehicles are due to be replaced at the end of this year and a capital
cost of £1.5m for this purpose has been included in our budget for next year.
Our Burtons operated National Express services between Cambridge, East Anglia
and London are performing satisfactorily.
Engineering
Finally, I am pleased to report that we have completed our initial
restructuring of OFJ Ground Services to include the Tellings London engineering
base and the combined facility was fully operational from 1 June 2007. It is
too early for this division to report a profitable contribution to the Group's
overall results but we are confident that, once everything is settled down,
this business can become a consistent and meaningful contributor to the Group's
profits. In a full year, this business is expected to trade profitably with a
turnover in excess of £3.0m.
ENVIRONMENTAL
We are mindful that coach and bus travel is one of the most environmentally
friendly modes of transport but we continue our endeavours to be a good
corporate citizen by operating a modern coach fleet which is fuel efficient and
environmentally sympathetic. For example, 85% of our London coach fleet is
already compliant with London's LEZ requirements to be introduced in June 2008.
The new vehicles purchased earlier this year continue this policy and our
capital expenditure plans for 2008 allow for replacement of the remaining non
complaint London vehicles early next year. Our fleet is not only being upgraded
in London but also in the regions. Bus vehicles that are non-compliant will be
"particulate trapped" to make them compliant or otherwise replaced, as
necessary.
Either way, the Group is in a strong position to meet these challenges without
significant capital expenditure.
As well as meeting these emission targets we are also monitoring the merits of
using bio or similar fuel mixtures but so far we have found that this type of
fuel needs further development before it can be used in sufficient quantities
to make its use cost effective without impairing the manufacturers' warrantees
on our vehicles.
Dividend
No interim dividend is proposed.
Continuing operations
We are continuing with implementing our restructuring programme and will focus
on the key aspects of improving margins and asset utilisation. Loss making
operations or those returning inadequate returns with little prospect of
improvement, will be critically reviewed as to their future within the Group.
We shall pursue our strategy of selective acquisitions where a clearly
definable benefit to the Group can be identified. In addition to this, the
growth of business organically will be a constant objective and in this regard
we will seek to identify profitable new developments in the passenger transport
market and seek to develop niche market opportunities where commercially
viable.
PRospects
Much has been achieved but more remains to be done. We have a good core
business and a strong, recognisable brand with emphasis on quality. I believe
that this will provide us with opportunities for growth both by acquisition and
expansion of current operations.
As the transport market undergoes change, our excellent reputation will put us
in a competitive position to take advantage of the many new opportunities
developing, several of which we are currently actively pursuing. We also have
the team in place to ensure that we can succeed.
Stephen Telling
Chairman
31 August 2007
Tellings Golden Miller Group Plc
Interim Report for the Six Months Ended 30 June 2007
CONSOLIDATED INCOME STATEMENT
NOTES Six Months Six Months Year Ended
to 30 June to 30 June
2007 2006 31 December
(Unaudited) (Unaudited) 2006
(Audited)
£000's £000's
£000's
as restated
as restated
GROUP TURNOVER 14,680 14,346 27,687
Continuing operations 1,029 - -
Acquisitions - 1,690 3,452
Discontinued operations ______ _______ _______
15,709 16,036 31,139
Cost of sales 3 (13,153) (14,178) (27,459)
_______ _______ _______
GROSS PROFIT 2,556 1,858 3,680
Administrative expenses 3 (1,799) (1,627) (3,234)
_______ _______ _______
GROUP OPERATING PROFIT 704 322 937
Continuing operations 53 - -
Acquisitions - (91) (491)
Discontinued operations
_______ _______ _______
GROUP OPERATING PROFIT 757 231 446
Interest Receivable 27 25 45
Interest Payable (327) (340) (730)
_______ _______ _______
PROFIT (LOSS) BEFORE TAXATION 457 (84) (239)
Corporation Tax (125) (19) 175
_______ _______ _______
PROFIT (LOSS) FOR THE PERIOD 332 (103) (64)
ATTRIBUTABLE TO EQUITY
SHAREHOLDERS
Minority interests (12) - -
_______ _______ _______
RETAINED PROFIT (LOSS) 4 320 (103) (64)
FOR THE PERIOD
_______ _______ _______
Basic and Diluted Earnings per 1.40 (0.44) (0.28)
share (pence)
There are no recognised gains and losses other than those passing through the
income statement shown above.
Tellings Golden Miller Group Plc
Interim Report for the Six Months Ended 30 June 2007
CONSOLIDATED BALANCE SHEET
Notes 30 June 2007 30 June 2006 31 December
(Unaudited) (Unaudited) 2006
£000's £000's (Audited)
as restated £000's
as restated
NON CURRENT ASSETS
Goodwill and intangible 4 992 826 772
assets
Property, plant and 20,233 21,341 19,625
equipment
______ ______ ______
21,225 22,167 20,397
______ ______ ______
CURRENT ASSETS
Inventory 325 322 355
Non current assets held - - 494
pending sale
Trade and other receivables 5,754 5,990 6,279
Cash at bank and in hand 263 615 188
_____ _____ _____
6,342 6,927 7,316
_____ _____ _____
TOTAL ASSETS 27,567 29,094 27,713
______ ______ ______
CURRENT LIABILITIES 1,781 2,253 3,435
Bank loans and overdraft 3,362 3,912 3,330
Obligations under finance 2,777 2,434 1,269
leases
58 420 163
Trade payable
824 756 866
Current tax liabilities
Other payables and accruals
_____ _____ _____
8,802 9,775 9,063
_____ _____ _____
NON CURRENT LIABILITIES 250 310 279
Bank loans 7,020 7,515 7,080
Obligations under finance
leases
_____ _____ _____
7,270 7,825 7,359
_____ _____ _____
PROVISIONS 1,240 1,320 1,116
Deferred tax 82 301 262
Other
_____ _____ _____
1,322 1,621 1,378
_____ _____ _____
NET ASSETS 10,173 9,873 9,913
______ _____ _____
SHAREHOLDERS' EQUITY
Called up share capital 1,763 1,763 1,763
Share premium account 2,864 2,864 2,864
Profit and loss account 5,606 5,246 5,286
Minority interest (60) - -
_____ _____ _____
EQUITY SHAREHOLDERS' FUNDS 4 10,173 9,873 9,913
______ _____ _____
Equity interests 10,076 9,716 9,756
Equity interests in (60) - -
subsidiaries
Non-equity interest 157 157 157
______ _____ _____
10,173 9,873 9,913
______ _____ _____
Tellings Golden Miller Group Plc
Interim Report for the Six Months Ended 30 June 2007
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 JUNE 2007
Six Months Six Months Year Ended 31
to 30 June to 30 June December 2006
2007 2006 (Audited)
(Unaudited) (Unaudited)
£000's
£000's £000's
as restated as restated
Notes
CASH FLOWS FROM OPERATING
ACTIVITIES
Operating profit 1 757 231 446
Depreciation and amortisation 911 956 1,943
Loss (Profit) on disposal of 60 (108) 165
non-current assets
30 42 9
Decrease (increase) in
inventories
Decrease (increase) in 525 (464) 929
receivables
1,371 862 (490)
Increase (decrease) in payables
(56) - (38)
Increase (decrease) in
provisions
_______ _______ _______
CASH GENERATED FROM OPERATIONS 3,598 1,519 2,964
UK CORPORATION TAX PAID (11) - -
_______ _______ _______
NET CASH GENERATED BY OPERATING 3,587 1,519 2,964
ACTIVITIES
_______ _______ _______
CASH FLOWS FROM INVESTING
ACTIVITIED
Interest received 27 25 45
Interest paid (327) (340) (729)
Purchase of non-current assets (202) (151) (239)
Receipts from sales of non 419 967 1,320
current assets
_______ _______ _______
NET CASH USED BY INVESTING (83) 501 397
ACTIVITIES
_______ _______ _______
CASH INFLOW (OUTFLOW) BEFORE 3,504 2,020 3,361
FINANCING
Cash applied in servicing (1,776) (2,015) (4,875)
finance debt
_______ _______ _______
NET INCREASE / (DECREASE) IN 1,728 5 (1,514)
CASH FOR THE PERIOD
_______ _______ _______
Tellings Golden Miller Group Plc
Interim Report for the Six Months Ended 30 June 2007
1. BASIS OF PREPARATION
The financial information for the six months ended 30 June 2007 has not been
audited, nor has the comparative financial information for the six months ended
30 June 2006. However, the auditors have reviewed the interim financial
information. Their report appears at the end of this document. The comparative
financial information for the year ended 31 December 2006 does not reflect all
of the information contained in the company's annual accounts. These annual
accounts received an unqualified audit report and have been filed with the
Registrar of Companies.
The Interim Report was approved by the Board of Directors on 31 August 2007.
The Group has adopted International Financial Reporting Standards (IFRS) with
effect from 1 January 2007 and will apply IFRS to its consolidated financial
statements for the year to 31 December 2007.
The adoption of IFRS has determined that the basis of preparation and
accounting policies followed in this interim report differ from those set out
in the Annual Report and Accounts for the year ended 31 December 2006. A
summary of the effect of these changes is given in note 4. Apart from this,
there have been no changes in accounting policies since those used in the
annual accounts for the year ended 31 December 2006.
2. EARNINGS PER SHARE
Earnings per ordinary share have been calculated in accordance with FRS 22
"Earnings per Share", by calculating Group profit on ordinary activities after
tax divided by the weighted average number of ordinary shares in issue during
the period based on the following:
Six Months to Six Months to Year Ended 31
30 June 2007 30 June 2006 December 2006
Basic weighted average share capital 22,937,499 22,937,499 22,937,499
(number of ordinary shares)
(Unaudited) (Unaudited) (Audited)
£000's £000's £000's
Profit (loss) after taxation and 320 (103) (64)
minority interests (for basic EPS
calculation)
Basic and Diluted Earnings per share 1.40 (0.44) (0.28)
(pence)
Tellings Golden Miller Group Plc
Interim Report for the Six Months Ended 30 June 2007
3 COST OF SALES AND ADMINISTRATIVE EXPENSES
Six Months to Six Months to 30 Year Ended 31
30 June 2007 June 2006 December 2006
(Unaudited) (Unaudited) (Unaudited)
£000s £000s £000s
Cost of Sales 12,369 12,517 23,839
Continuing operations 784 - -
Acquisitions - 1,661 3,620
Discontinued operations
27,459
13,153 14,178
Administrative expenses 1,601 1,506 2,911
Continuing operations 198 - -
Acquisitions - 121 323
Discontinued operations 1,799 1,627 3,234
4 EFFECT OF ADOPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS
The International Financial Reporting Standards require Goodwill to be retained
unamortized in the Group's accounts but to be revalued as necessary following a
fair value review performed annually. The directors have determined that the
fair value of Goodwill as at the Balance Sheet date is not materially different
from the value stated in the Group's consolidated balance sheet at 31 December
2005. Accordingly, the amortisation of Goodwill as charged in the Group's
accounts for 2006 and prepared under UK GAAP has been written back and the
profit and loss accounts for the periods six months to 30 June 2006 and the
year to 31 December 2006 as well as the balance sheets as at those dates have
been restated.
The effect of these changes is as follows:
Balance Sheet
At 30 June At 30 June At December
2007 2006 2006
(Unaudited) (Unaudited) (Unaudited)
£000s £000s £000s
Shareholders' funds as previously 10,173 9,858
stated 9,860
Goodwill previously amortised - 15 53
written back
Shareholders' funds as restated 10,173 9,873 9,913
Tellings Golden Miller Group Plc
Interim Report for the Six Months Ended 30 June 2007
4 EFFECT OF ADOPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS / Cont*
Profit and Loss Account
Six Months to 30 Six Months to 30 Year Ended 31
June 2007 June 2006 December 2006
(Unaudited) (Unaudited) (Unaudited)
£000s £000s £000s
Profit (loss) for 320 (118) (117)
period as previously
stated
Goodwill previously - 15 53
amortised
Profit for period as 320 (103) (64)
restated
There has been no effect on the cash flow statement.
5. POST BALANCE SHEET EVENTS
There are no material post balance sheet date events.
6. ADDITIONAL INFORMATION
The Interim Reports do not constitute Statutory Financial Statements within the
meaning of s.240 of the Companies Act 1985. The Financial Information for the
year ended 31 December 2006 has been extracted from the Statutory Accounts for
the year then ended which have been filed with the Registrar of Companies. The
Audit Report on these accounts was unqualified.
7. INTERIM REPORT
Copies of the Interim Report are available for collection at the offices of the
Company, during normal office hours.
The Company's website is www.tellingsgoldenmiller.co.uk and a copy of this
Interim Statement is available on this website.
Enquiries
Stephen Telling (Chairman and Chief Executive Officer) - 020 8757 4700
Basil Taylor FCA (Group Finance Director) - 020 8757 4700
City Financial Associates Limited - Tony Rawlinson - 020 7492 4777
Independent review report to Tellings Golden Miller Group Plc
for the Six Months Ended 30 June 2007
INTRODUCTION
We have been instructed by the company to review the financial information set
out for the 6 months ended 30 June 2007 which comprises the Income Statement,
the Balance Sheet as at 30 June 2007, the Cash Flow Statement, Comparative
figures and Associated Notes. We have read the other information contained in
the interim report and considered whether it contains any apparent
misstatements or material inconsistencies with the financial information.
This report is made solely to the Company in accordance with guidance contained
in APB Bulletin 1999/4 `Review of Interim Financial Information'. Our review
work has been undertaken so that we might state to the Company those matters we
are required to state to them in a review 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 conclusion we have formed.
Directors' responsibilities
The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by the directors. The directors
are responsible for preparing the interim report and ensuring that the
accounting policies and presentation applied to the interim figures should be
consistent with those applied in preparing the preceding annual accounts except
where any changes, and the reasons for them, are disclosed.
Review work performed
We conducted our review in accordance with guidance contained in Bulletin 1999/
4 issued by the Auditing Practices Board for use in the United Kingdom. A
review consists principally of making enquiries of group management and
applying analytical procedures to the financial information and underlying
financial data and based thereon, assessing whether the accounting policies and
presentation have been consistently applied unless otherwise disclosed. A
review excludes audit procedures such as tests of controls and verification of
assets, liabilities and transactions. It is substantially less in scope than an
audit performed in accordance with International Standards on Auditing (United
Kingdom and Ireland) and therefore provides a lower level of assurance than an
audit. Accordingly we do not express an audit opinion on the financial
information.
Review conclusion
On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the 6 months ended
30 June 2007.
Shipleys LLP
Chartered Accountants
10 Orange Street
Haymarket
London
WC2H 7DQ
Date: 03 September 2007
END
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