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GAL SPDR SSgA Global Allocation ETF

45.8339
0.00 (0.00%)
Pre Market
Last Updated: 09:00:02
Delayed by 15 minutes
Name Symbol Market Type
SPDR SSgA Global Allocation ETF AMEX:GAL AMEX Exchange Traded Fund
  Price Change % Change Price High Price Low Price Open Price Traded Last Trade
  0.00 0.00% 45.8339 0 09:00:02

Q1 Results - Part 2

11/02/2003 12:00pm

UK Regulatory


RNS Number:3268H
Galen Holdings PLC
11 February 2003

GALEN HOLDINGS GROUP PLC - Q1 RESULTS - PART 2

Unaudited results for the period ended 31 December 2002
Consolidated profit and loss account - UK GAAP


                                                                           Unaudited                   Audited
                                                                             Quarter                      Year
                                                                              ended                       ended
                                                                         31 December               30 September

                                                                         2002           2001               2002
                                                                        $'000          $'000              $'000

                                                                        _____          _____              _____
Turnover
Pharmaceutical products                                                68,643         54,890            235,221
Pharmaceutical services - discontinued operations                           -         22,529             61,325

                                                                        _____          _____              _____
Total turnover                                                         68,643         77,419            296,546
Cost of sales                                                          15,328         26,192             89,983

                                                                        _____          _____              _____
Gross profit                                                           53,315         51,227            206,563

                                                                        _____          _____              _____
Net operating expenses

Selling, general and administrative expenses                           22,937         23,464             81,433
Research and development                                                5,437          4,419             20,565
Goodwill amortisation                                                   5,763          5,844             23,255
Intangibles amortisation                                                4,752          3,993             17,197

                                                                        _____          _____              _____
Total net operating expenses                                           38,889         37,720            142,450

                                                                        _____          _____              _____
Operating profit
Before amortisation of goodwill and intangibles:
Pharmaceutical products                                                24,941         18,322             94,690
Pharmaceutical services - discontinued operations                           -          5,022              9,875

                                                                        _____          _____              _____
Total before goodwill and intangibles amortisation                     24,941         23,344            104,565
Goodwill amortisation                                                 (5,763)        (5,844)           (23,255)
Intangibles amortisation                                              (4,752)        (3,993)           (17,197)

                                                                        _____          _____              _____
Total operating profit
Pharmaceutical products                                                14,426          9,054             55,584
Pharmaceutical services - discontinued operations                           -          4,453              8,529

                                                                        _____          _____              _____
                                                                       14,426         13,507             64,113

                                                                        _____          _____              _____
Gain on sale of discontinued operations                                     -         10,852            104,984

                                                                        _____          _____              _____
Investment income                                                       2,484          2,513             10,894

                                                                        _____          _____              _____
Profit on ordinary activities before interest                          16,910         26,872            179,991
Interest payable and similar charges                                    1,660          8,224             30,592

                                                                        _____          _____              _____
Profit on ordinary activities before taxation                          15,250         18,648            149,399
Tax on profit on ordinary activities                                    2,479          4,686             13,461

                                                                        _____          _____              _____
Profit on ordinary activities after taxation                           12,771         13,962            135,938
Minority interests                                                          -             46                 46

                                                                        _____          _____              _____
Profit for the financial period                                        12,771         13,916            135,892
Dividends                                                                   -              -              8,353

                                                                        _____          _____              _____
Retained profit for the financial period                               12,771         13,916            127,539

                                                                        _____          _____              _____
Earnings per share (cents)                                                7.0            7.6               73.4

Diluted earnings per share (cents)                                        6.9            7.6               72.9
Adjusted earnings per share (cents)                                      12.7            9.4               47.8
Adjusted diluted earnings per share (cents)                              12.7            9.4               47.5

                                                                        _____          _____              _____



Unaudited results for the period ended 31 December 2002
Consolidated balance sheet - UK GAAP

                                                                              Unaudited                 Audited
                                                                             31 December            30 September
                                                                         2002           2001               2002
                                                                        $'000          $'000              $'000
                                                                        _____          _____              _____
Fixed assets
Intangible assets                                                     730,018        734,730            756,672
Tangible assets                                                        63,019        107,826             60,840
                                                                        _____          _____              _____
                                                                      793,037        842,556            817,512
                                                                        _____          _____              _____
Current assets
Stocks                                                                 26,165         26,486             26,902
Debtors                                                                37,715         57,107             37,260
Cash at bank and in hand                                              331,251        348,221            313,012
                                                                        _____          _____              _____
                                                                      395,131        431,814            377,174
Creditors: amounts falling due within one year                         72,098        101,526             75,866

                                                                        _____          _____              _____
Net current assets                                                    323,033        330,288            301,308
                                                                        _____          _____              _____
Total assets less current liabilities                               1,116,070      1,172,844          1,118,820
Creditors: amounts falling due after more than one year                50,650        265,796             50,953
Provisions for liabilities and charges                                  3,921          8,688              3,410
Deferred income                                                         6,072          6,470              6,189

                                                                        _____          _____              _____
Net assets                                                          1,055,427        891,890          1,058,268

                                                                        _____          _____              _____

Capital and reserves
Called up share capital                                                29,981         27,458             29,578
Share premium account                                                 382,762        349,747            382,749
Capital redemption reserve                                                323              -                323
Merger reserve                                                        457,800        421,203            457,800
Profit and loss account                                               184,561         93,482            187,818
                                                                        _____          _____              _____
Equity shareholders' funds                                          1,055,427        891,890          1,058,268
                                                                        _____          _____              _____




Unaudited results for the period ended 31 December 2002
Consolidated cash flow statement - UK GAAP

                                                                         Unaudited                      Audited
                                                                       Quarter ended                 Year ended
                                                                        31 December                30 September
                                                                         2002           2001               2002
                                                                        $'000          $'000              $'000

                                                                       _____          _____              _____
Net cash inflow from operating activities                              22,697         19,564             93,451

                                                                       _____          _____              _____
Returns on investments and servicing of finance
Interest paid                                                           (113)        (8,400)           (35,174)
Interest received                                                       1,710          2,690             10,815
                                                                        _____          _____              _____
                                                                        1,597        (5,710)           (24,359)
                                                                        _____          _____              _____
Taxation
Corporation tax paid                                                  (2,166)        (1,254)            (6,634)
                                                                        _____          _____              _____
Capital expenditure
Purchase of tangible fixed assets                                     (2,518)        (7,068)           (17,086)
Purchase of intangible fixed assets                                         -        (2,327)           (43,694)
Government grant received                                                   -              -              2,161
                                                                        _____          _____              _____
                                                                      (2,518)        (9,395)           (58,619)
                                                                       _____          _____              _____

Acquisitions and disposals
Sale of businesses (net of costs)                                       (324)         35,581            230,789
Acquisition costs and deferred consideration payments                       -              -            (9,118)

                                                                        _____          _____              _____
                                                                        (324)         35,581            221,671

                                                                        _____          _____              _____
Equity dividends paid                                                       -              -            (7,449)

                                                                        _____          _____              _____
Net cash flow before management of liquid resources and                19,286         38,786            218,061
financing
                                                                        _____          _____              _____
Management of liquid resources

(Increase)/decrease in short term deposits                           (18,000)         13,697             27,523

                                                                        _____          _____              _____
Financing
Issue of ordinary share capital (net of expenses)                       (769)        (2,203)                247
Purchase of own shares                                                      -              -           (11,813)
Loan notes repaid                                                           -       (19,901)          (112,623)
Loans repaid (net)                                                      (138)              -          (132,126)
Principal repayment under hire purchase agreements                      (139)          (142)              (549)
                                                                        _____          _____              _____
                                                                      (1,046)       (22,246)          (256,864)
                                                                        _____          _____              _____
Increase /(decrease) in cash in the period                                240         30,237           (11,280)
                                                                        _____          _____              _____




Unaudited results for the period ended 31 December 2002


Notes to results



1          Basis of preparation



The financial information for the quarter ended 31 December 2002 and 2001, which
is unaudited and does not constitute statutory accounts, has been prepared using
accounting policies consistent with those set out in the group's 30 September
2002 statutory accounts.



The abridged financial information for the year ended 30 September 2002 has been
extracted from the group's statutory accounts for that year, which have been
filed with the Registrar of Companies.  The report of the auditors on those
accounts was unqualified.



As stated in the 2002 preliminary results, the predominant focus for Galen's
pharmaceutical activities is now the US where market opportunities exceed those
in Europe and other territories.  The US accounts for more than 70% of Galen's
total revenues.  The Group has decided to adopt the US Dollar as its functional
currency and has reported this first quarter's financial results in US dollars
for the first time.  Attached are the sterling equivalents of the dollar
financial statements. .





2        Earnings per share



Earnings per ordinary share is based on profit for the financial period and on
the weighted average number of ordinary shares in issue during the period,
excluding those held in the employee share trust.  Diluted earnings per share is
calculated using an adjusted number of shares reflecting the number of dilutive
shares under option.  Adjusted earnings per share figures reflecting the results
from continuing operations before the impact of exceptional items and goodwill
and intangibles amortisation have been calculated to provide shareholders with a
clearer understanding of the underlying trading performance of the group (see
below).



The weighted average numbers of shares used in the calculation of earnings per
share are as follows:


                                                                      Quarter ended                 Year ended
                                                                       31 December                30 September
                                                                        2002           2001               2002
                                                                      Number         Number             Number
                                                                       _____          _____              _____

Weighted average number of shares:
Basic                                                              183,188,688    184,549,646        185,244,963
Diluted                                                            183,930,198    186,208,162        186,330,634

                                                                       _____          _____              _____


                                                                      Quarter ended                 Year ended
                                                                       31 December                30 September
Adjusted earnings per share (cents)                                     2002           2001               2002
                                                                       _____          _____              _____
Earnings per ordinary share                                              7.0            7.6               73.4
Adjustments (net of tax):
Gain on sale of businesses                                                 -          (4.7)             (54.5)
Goodwill and intangibles amortisation                                    5.7            5.2               21.8
Exceptional costs of notes redemption                                      -            1.3                7.1
                                                                       _____          _____              _____
Adjusted earnings per share - basic                                     12.7            9.4               47.8
                                                                       _____          _____              _____



Summary of differences between UK and US Generally Accepted Accounting
Principles ("GAAP")



(1)       Profit for the financial year and shareholders' funds



The group financial statements are prepared in accordance with UK GAAP which
differs in certain significant respects from US GAAP.  The effect of the US GAAP
adjustments to profit for the financial period and equity shareholders' funds
are set out in the tables below:


                                                                                       3 months to
                                                                                       31 December
                                                                                         2002              2001
                                                                                        $'000             $'000
                                                                                        Unaudited

                                                                                        _________
(a)  Reconciliation of profit for the financial year to US GAAP
    Profit for the financial period under UK GAAP                                       12,771           13,916

                                                                                         _____            _____
    US GAAP adjustments:
    Amortisation of goodwill                                                             5,763            5,844
    Amortisation of intangibles                                                          (545)            (448)
    Depreciation of interest capitalised                                                  (13)             (13)
    Deferred taxation                                                                  (3,440)          (2,757)
    Compensation expense                                                                  (82)             (81)
    Deferred tax effect of US GAAP adjustments                                             394              195

                                                                                         _____            _____
    US GAAP adjustments total                                                            2,077            2,740

                                                                                         _____            _____
Profit for the financial period under US GAAP                                           14,848           16,656

                                                                                         _____            _____




                                                                                        As at             As at
                                                                                  31 December      30 September
                                                                                         2002              2002
                                                                                        $'000             $'000
                                                                                     Unaudited

                                                                                         ________
(b)  Effect on equity shareholders' funds of differences between UK GAAP
and US GAAP
    Equity shareholders' funds under UK GAAP                                        1,055,427         1,058,268

                                                                                        _____             _____
    US GAAP adjustments:
    Acquisition accounting                                                          (129,829)         (135,047)
    Amortisation of goodwill relating to contingent consideration                       1,665             1,665
    Capitalisation of interest                                                          2,541             2,554
    Deferred taxation                                                                (27,246)          (24,200)
    Employee benefit trust                                                           (11,083)          (11,153)
    Share premium account                                                              11,083            11,153
    Dividends                                                                           5,767             5,767

                                                                                        _____             _____
    US GAAP adjustments total                                                       (147,102)         (149,261)
                                                                                        _____             _____
Equity shareholders' funds under US GAAP                                              908,325           909,007
                                                                                        _____             _____



Unaudited consolidated balance sheets - US GAAP
(In thousands of US dollars)


                                                                                                       Audited
                                                                                       As at             As at
                                                                                 December 31      September 30
                                                                                        2002              2002
                                                                                       $'000             $'000
                                                                                       _____             _____
Assets
Current assets:
  Cash and cash equivalents                                                          331,251           313,012
  Accounts receivable, net                                                            28,072            32,869
  Inventories                                                                         26,165            26,902
  Deferred tax asset                                                                   7,590             7,718
  Prepaid expense and other assets                                                     9,650             4,397
                                                                                       _____             _____
                                                                                     402,728           384,898
                                                                                       _____             _____
Property, plant and equipment, net                                                    65,560            63,394
Intangible assets, net                                                               602,553           623,939
                                                                                       _____             _____
Total assets                                                                       1,070,841         1,072,231
                                                                                       _____             _____
Liabilities
Current liabilities:
  Accounts payable                                                                    13,313            14,007
  Accrued and other liabilities                                                       41,032            44,053
  Current instalments of long-term debt                                                  627               616
  Current instalments of obligation under capital leases                                 399               392
  Income taxes                                                                        10,982            11,052

                                                                                       _____             _____
Total current liabilities                                                             66,353            70,120

                                                                                       _____             _____
Other liabilities:
  Long-term debt, excluding current instalments                                       50,561            50,729
  Long-term obligations under capital leases, excluding current                           89               224
instalments
  Deferred income taxes                                                               39,441            35,962
  Other non-current liabilities                                                        6,072             6,189

                                                                                       _____             _____
Total liabilities                                                                    162,516           163,224

                                                                                       _____             _____
Shareholders' equity
Ordinary shares, par value (pounds sterling) 0.10 per share; 250,000,000              29,981            29,981
(September 30, 2002;250,000,000) shares authorised, 187,818,782 shares
issued and outstanding at December 31, 2002 and 187,805,263 issued and
outstanding at September 30, 2002
Additional paid in capital                                                           677,512           677,417
Retained earnings                                                                    206,654           191,806
Treasury stock                                                                      (23,893)          (23,893)
Accumulated other comprehensive income                                                18,071            33,696
                                                                                       _____             _____
Total shareholders' equity                                                           908,325           909,007
                                                                                       _____             _____
Total liabilities and shareholders' equity                                         1,070,841         1,072,231
                                                                                       _____             _____





Unaudited consolidated statement of operations  - US GAAP
(In thousands of US dollars, except per share data)


                                                                                     Quarter ended
                                                                                      December 31
                                                                                        2002              2001
                                                                                       $'000             $'000
                                                                                      _____             _____
Revenues
Product revenue                                                                       68,643            54,890

                                                                                       _____             _____
Operating expenses
  Cost of sales (excluding depreciation shown separately below)                       14,274            13,038
  Selling, general and administrative                                                 22,630            18,122
  Research and development                                                             5,437             4,262
  Depreciation                                                                         1,455             1,248
  Amortisation                                                                         5,297             4,441

                                                                                       _____             _____
Total operating expenses                                                              49,093            41,111

                                                                                       _____             _____
Operating income                                                                      19,550            13,779

                                                                                       _____             _____
Other income (expense)
  Interest income                                                                      2,484             2,487
  Interest expense                                                                   (1,660)           (7,937)

                                                                                       _____             _____
Total other income (expense)                                                             824           (5,450)

                                                                                       _____             _____
Income before taxes                                                                   20,374             8,329

                                                                                       _____             _____
Provision for income taxes                                                             5,526             3,802

                                                                                       _____             _____
Income from continuing operations                                                     14,848             4,368
Discontinued operations:
Earnings from discontinued operations (net of tax charge of $1,283)                        -             3,598
Gain on disposal of discontinued operations (net of tax charge of $2,163)                  -             8,690

                                                                                       _____             _____
Net income                                                                            14,848            16,656

                                                                                       _____             _____
Basic and diluted net income per ordinary share:
- continuing operations                                                                 0.08              0.02
- earnings and gain on disposal of discontinued operations                                 -              0.07

                                                                                       _____             _____
Basic and diluted net income per ordinary share                                         0.08              0.09

                                                                                       _____             _____
Basic and diluted net income per ADS equivalent:
- continuing operations                                                                 0.32              0.09
- earnings and gain on disposal of discontinued operations                                 -              0.27

                                                                                       _____             _____
Basic and diluted net income per ADS equivalent                                         0.32              0.36

                                                                                       _____             _____
Weighted average ordinary shares outstanding
Basic                                                                            183,188,688       184,549,646
                                                                                       _____             _____
Diluted                                                                          183,930,198       186,208,162
                                                                                       _____             _____
Weighted average ADS equivalents outstanding
Basic                                                                             45,797,172        46,137,412
                                                                                       _____             _____
Diluted                                                                           45,982,550        46,552,040
                                                                                       _____             _____



Unaudited consolidated statements of cash flows - US GAAP
(In thousands of US dollars)


                                                                                     Quarter ended
                                                                                      December 31
                                                                                      2002                2001
                                                                                     $'000               $'000
                                                                                     _____               _____
Cash flows from operating activities
Net income                                                                          14,848              16,656
Adjustment to reconcile net income to net cash provided by operating
activities:
Depreciation                                                                         1,455               2,102
Amortisation of intangibles                                                          5,297               4,440
Profit on sale of business                                                               -            (10,853)
Amortisation of government grants                                                    (226)               (549)
Minority interest                                                                        -                  47
Changes in assets and liabilities:
Increase in accounts receivable, prepaid expense and other assets                    (334)             (6,266)
Decrease/(increase) in inventories                                                     737             (2,236)
(Decrease)/increase in accounts payable, accrued liabilities and other             (2,561)               3,216
liabilities
Income taxes                                                                         3,537               5,656
Foreign exchange (loss)/gain                                                         (626)               1,410

                                                                                     _____               _____
Net cash provided by operating activities                                           22,127              13,623

                                                                                     _____               _____

Cash flows from investing activities
Purchase of tangible fixed assets                                                  (2,518)             (7,068)
Purchase of intangible fixed assets                                                      -             (2,327)
Proceeds from sale of businesses (net of costs)                                      (324)              35,758

                                                                                     _____               _____
Net cash (used in)/provided by investing activities                                (2,842)              26,363

                                                                                     _____               _____
Cash flows from financing activities
Long  term debt (repaid)/obtained                                                    (138)               7,355
Loan notes repaid                                                                        -            (20,000)
Payments under capital leases                                                        (139)               (141)
Proceeds from share capital issue (net of expenses)                                  (769)             (1,251)

                                                                                     _____               _____
Net cash used in inancing activities                                               (1,046)            (14,037)

                                                                                     _____               _____

Net increase in cash and cash equivalents                                           18,239              25,949
Cash and cash equivalents, beginning of period                                     313,012             326,076
Foreign exchange adjustment on cash and cash equivalents                                 -             (3,805)

                                                                                     _____               _____
Cash and cash equivalents, end of period                                           331,251             348,220

                                                                                     _____               _____



Unaudited results for the period ended 31 December 2002
Consolidated profit and loss account - UK GAAP


                                                                         Unaudited                     Audited
                                                                        Quarter ended               Year ended
                                                                          31 December             30 September
                                                                     2002              2001               2002
                                                                    #'000             #'000              #'000
                                                                    _____             _____              _____
Turnover
Pharmaceutical products                                            43,590            38,076            160,028
Pharmaceutical services - discontinued operations                       -            15,620             41,534

                                                                    _____             _____              _____
Total turnover                                                     43,590            53,696            201,562
Cost of sales                                                       9,734            18,166             61,250

                                                                    _____             _____              _____
Gross profit                                                       33,856            35,530            140,312

                                                                    _____             _____              _____
Net operating expenses

Selling, general & administrative expenses                         14,565            16,274             55,809
Research and development                                            3,454             3,065             13,914
Goodwill amortisation                                               3,659             4,054             15,774
Intangible amortisation                                             3,018             2,769             11,631

                                                                    _____             _____              _____
Total net operating expenses                                       24,696            26,162             97,128

                                                                    _____             _____              _____
Operating profit
Before amortisation of goodwill and intangibles:
Pharmaceutical products                                            15,837            12,708             63,708
Pharmaceutical services - discontinued operations                       -             3,483              6,881

                                                                    _____             _____              _____
Total before goodwill and intangibles amortisation                 15,837            16,191             70,589
Goodwill amortisation                                               3,659             4,054             15,774
Intangible amortisation                                             3,018             2,769             11,631

                                                                    _____             _____              _____
Total operating profit
Pharmaceutical products                                             9,160             6,280             37,439
Pharmaceutical services - discontinued operations                       -             3,088              5,745

                                                                    _____             _____              _____
                                                                    9,160             9,368             43,184

                                                                    _____             _____              _____
Gain on sale of discontinued operations                                 -             7,527             71,388

                                                                    _____             _____              _____
Investment income                                                   1,578             1,743              7,327

                                                                    _____             _____              _____
Profit on ordinary activities before interest                      10,738            18,638            121,899
Interest payable and similar charges                                1,054             5,703             20,808

                                                                    _____             _____              _____
Profit on ordinary activities before taxation                       9,684            12,935            101,091
Tax on profit on ordinary activities                                1,574             3,250              9,049

                                                                    _____             _____              _____
Profit on ordinary activities after taxation                        8,110             9,685             92,042
Minority interests                                                      -                32                 32

                                                                    _____             _____              _____
Profit for the financial period                                     8,110             9,653             92,010
Dividends                                                               -                 -              5,518

                                                                    _____             _____              _____
Retained profit for the financial period                            8,110             9,653             86,492

                                                                    _____             _____              _____
Earnings per share                                                   4.4p              5.2p              49.7p

Diluted earnings per share                                           4.4p              5.2p              49.4p
Adjusted earnings per share                                          8.1p              6.6p              32.2p
Adjusted diluted earnings per share                                  8.1p              6.6p              32.0p

                                                                    _____             _____              _____



Unaudited results for the period ended 31 December 2002
Consolidated balance sheet - UK GAAP

                                                                         Unaudited                     Audited
                                                                         31 December              30 September
                                                                     2002             2001                2002
                                                                    #'000            #'000               #'000

                                                                   _____            _____               _____
Fixed assets
Intangible assets                                                 455,521          507,060             480,457
Tangible assets                                                    39,323           74,414              38,631

                                                                    _____            _____               _____
                                                                  494,844          581,474             519,088

                                                                    _____            _____               _____
Current assets
Stocks                                                             16,326           18,279              17,082
Debtors                                                            23,534           39,411              23,658
Cash at bank and in hand                                          204,200          240,318             198,751

                                                                    _____            _____               _____
                                                                  244,060          298,008             239,491
Creditors: amounts falling due within one year                     42,492           70,066              48,172

                                                                    _____            _____               _____
Net current assets                                                201,568          227,942             191,319

                                                                    _____            _____               _____
Total assets less current liabilities                             696,412          809,416             710,407
Creditors: amounts falling due after more than  one year           31,605          183,434              32,353
Provisions for liabilities and charges                              2,447            5,996               2,165
Deferred income                                                     3,789            4,465               3,930

                                                                    _____            _____               _____
Net assets                                                        658,571          615,521             671,959

                                                                    _____            _____               _____

Capital and reserves
Called up share capital                                            18,781           18,950              18,781
Share premium account                                             243,039          241,371             243,031
Capital redemption reserve                                            205                -                 205
Merger reserve                                                    290,685          290,685             290,685
Profit and loss account                                           105,861           64,515             119,257

                                                                    _____            _____               _____
Equity shareholders' funds                                        658,571          615,521             671,959

                                                                    _____            _____               _____





Unaudited results for the period ended 31 December 2002

Consolidated cash flow statement - UK GAAP


                                                                          Unaudited                   Audited
                                                                      Quarter ended                 Year ended
                                                                        31 December               30 September
                                                                     2002             2001                2002
                                                                    #'000            #'000               #'000
                                                                    _____            _____               _____
Net cash inflow from operating activities                          14,413           13,569              63,292

                                                                    _____            _____               _____
Returns on investments and servicing of finance
Interest paid                                                        (72)          (5,826)            (23,823)
Interest received                                                   1,086            1,866               7,325

                                                                    _____            _____               _____
                                                                    1,014          (3,960)            (16,498)

                                                                    _____            _____               _____
Taxation
Corporation tax paid                                              (1,375)            (870)             (4,493)

                                                                    _____            _____               _____
Capital expenditure
Purchase of tangible fixed assets                                 (1,599)          (4,902)            (11,572)
Purchase of intangible fixed assets                                     -          (1,614)            (29,593)
Government grant received                                               -                -               1,464

                                                                    _____            _____              ______
                                                                  (1,599)          (6,516)            (39,701)

                                                                    _____            _____              ______
Acquisitions and disposals
Sale of businesses (net of costs)                                   (206)           24,678             156,308
Acquisition costs and deferred consideration payments                   -                -             (6,175)

                                                                    _____            _____               _____
                                                                    (206)           24,678             150,133

                                                                    _____            _____               _____
Equity dividends paid                                                   -                -             (5,045)

                                                                    _____            _____               _____
Net cash flow before management of liquid resources and            12,247           26,901             147,688
financing
                                                                    _____            _____               _____ 
Management of liquid resources

(Increase)/decrease in short term deposits                       (11,431)            9,500              18,641
                                                                    _____            _____               _____
Financing
Issue of ordinary share capital (net of expenses)                   (488)          (1,528)                 167
Purchase of own shares                                                  -                -             (8,001)
Loan notes repaid                                                       -         (13,803)            (76,277)
Loans repaid (net)                                                   (88)                -            (89,486)
Principal repayment under hire purchase agreements                   (88)             (98)               (372)
                                                                    _____            _____               _____
                                                                    (664)         (15,429)           (173,969)

                                                                    _____            _____               _____
Increase/(decrease) in cash in the period                             152           20,972             (7,640)
                                                                    _____            _____               _____




                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

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