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RNS Number:2654P
Tibbett & Britten Group PLC
02 September 2003
2 September 2003
TIBBETT & BRITTEN GROUP PLC
INTERIM RESULTS FOR THE SIX MONTHS TO 28TH JUNE 2003
Tibbett & Britten Group plc is a leading UK based international contract
logistics and supply chain management Company. Over 90% of the business is
based on long-term contractual relationships with major blue chip consumer
product manufacturers and retailers.
HIGHLIGHTS
* International leadership in consumer logistics re-enforced.
* Good flow of important new contract wins, including Boots, Homebase,
Kimberly-Clark and Procter & Gamble.
* Turnover up 7% to #791.2 million (2002: #736.7 million).
* Operating profit (before goodwill amortisation) down to #9.8 million
(2002: #11.4 million) after absorbing non-recurring costs.
* Americas - customer base continues to widen; UK - good progress
sustained; Mainland Europe - growth despite general economic slowdown;
International - accelerating growth in China.
* Strong free cash flow.
* Interim dividend up 4% to 8.2p (2002: 7.9p).
* Proposed acquisition of reverse logistics business - Vfw.
* Momentum building for traditionally stronger second half.
Commenting on the outlook, Chairman, John Harvey, CBE, said: "The first
half-year has seen a gratifying level of both new contracts and renewals,
together with a good pipeline of start-ups and developments into 2004.
Consequently, the full year's results will again be weighted towards the second
half, reflecting this and the inherent seasonality of our business.
We expect the North American business to benefit from organic growth in the
Canadian retail sector and with US manufacturers. In Europe, we anticipate a
continuing UK revival with a widespread level of start-ups across the region.
The international operations should benefit from sustained growth in China and
the elimination of dual running costs in our South African business."
Enquiries:
John Harvey CBE, Chairman Telephone: 020 7796 4133
(on 2 September 2003)
020 8327 2000 (thereafter)
Mike Arrowsmith, Chief Executive
Mark Whiteling, Finance Director
Andrew Hayes/Jessica Rouleau/James Hill, Hudson Sandler
Telephone: 020 7796 4133
An analyst meeting will take place today at 11.00am at the offices of Hudson
Sandler, 29 Cloth Fair, London EC1A 7NN. Please contact Rebecca Ghent on 020
7796 4133 to confirm attendance.
CHAIRMAN'S STATEMENT
Introduction
During the first half year we have continued to grow by maintaining our
strategic concentration on two home markets (Europe and North America) and key
emerging markets (China and Latin America), focusing on our core market sectors
of grocery, mass consumer merchandise and clothing and broadening our customer
base. This strategy has proved to be resilient and affirmed our pre-eminence in
consumer contract logistics.
There has been a steady flow of contract renewals, extensions and contract wins
and, in particular, good progress has been sustained in the UK. In North
America, the customer base has developed particularly in the branded consumer
packaged goods sector and last year's Mexican acquisition has been fully
integrated. Despite the economic difficulties in the Eurozone, there has been
growth across our Mainland European markets. Our international operations are
developing well, not withstanding the recent turbulence in the Middle East and
the SARS crisis and new joint ventures have been formed in Turkey and in the
United Arab Emirates. Our residual shareholding in AutoLogic was sold on 25 July
2003.
Financial Results
Turnover from continuing operations increased by 7% to #791.2m (2002: #736.7m).
Operating profit increased from #4.0m to #8.1m. Adjusted operating profit
(operating profit before goodwill amortisation) declined by 14% to #9.8m (2002:
#11.4m) as the first half-year results were impacted by several previously
announced non-recurring events. Profit before tax, AutoLogic investment
write-down, goodwill amortisation and FRS17 pension finance fell by 20% to #6.6m
(2002: #8.2m). However, profit before tax improved to #2.9m (2002: a loss of
#0.5m) primarily reflecting the lower goodwill amortisation. Reported earnings
per share improved to 2.3p compared to a loss per share of 7.5p in 2002.
Following the disposal of our residual shareholding in AutoLogic, the Group
recognised a loss of #1.1m compared to the book value at the end of December
2002. The Group has continued to deliver strong operating cash flow reflecting
our emphasis on effective working capital management and our asset light
business model. Free cash flow after the payment of interest and taxation was
#8.9m. Net debt was lower at #65.4m on 28 June 2003 (#67.2m at 31 December 2002)
and gearing was 63% (31 December 2002: 64%) adjusted for the FRS 17 net pension
liability. In the second half year the cash flow will benefit from the #16.0m
cash released from the M&S contract and the #7.9m proceeds from the sale of
AutoLogic shares. These proceeds will be used to pay down debts and to fund the
acquisition of a reverse logistics business - Vfw.
Dividend
The Board has declared an interim dividend of 8.2p per ordinary share (2002:
7.9p). This will be paid on 7 November 2003 to all shareholders on the register
at 10 October 2003.
Proposed Acquisition
We have signed a conditional offer to acquire at least 83% of a reverse
logistics business (Vfw) in Germany. This business, which operates in the
returnable packaging arena, specialising in the retail pharmacy sector, provides
a good platform to develop our wider reverse logistics capabilities for
retailers.
Outlook
The first half-year has seen a gratifying level of both new contracts and
renewals, together with a good pipeline of start-ups and developments into 2004.
Consequently, the full year's results will again be weighted towards the
second half, reflecting this and the inherent seasonality of our business.
We expect the North American business to benefit from organic growth in the
Canadian retail sector and with US manufacturers. In Europe, we anticipate a
continuing UK revival with a widespread level of start-ups across the region.
The Mainland European business performance has been stabilised, the full benefit
of which will not be seen until next year. The international operations should
benefit from the sustained growth in China and the elimination of dual running
costs in our South African business.
A projected 10% market growth is underpinned by macro-economic changes inherent
in an enlarged European market, the new World Trade Agreement and the
consequential migration of production and global sourcing at a time of retail
concentration and trans-national development. In response, many of the branded
consumer manufacturers are reacting by restructuring and re-positioning their
supply chains. We are well positioned to capitalise on these opportunities,
given the Group's proven capability to translate experience and deliver change
in both outsourcing and innovative development.
CHIEF EXECUTIVE'S TRADING OVERVIEW
Introduction
For the first half we are pleased to report turnover growth of 9% at constant
exchange rates (7% at actual exchange rates) to #791.2m (2002: #736.7m) with the
UK and Mainland Europe in particular showing good gains. Adjusted operating
profit at #9.8m (2002: #11.4m) reflects a decline of 16% against last year at
constant exchange rates (14% down at actual exchange rates). This is mainly due
to the previously announced write off of the unamortised costs associated with
the Safeway Inc contract being taken in house and the full provision for the
outstanding receivable with a former US customer now in Chapter 11 proceedings.
These one-off costs have been offset by the termination fee received from Marks
and Spencer following the discontinuation of the UK clothing and general
merchandise warehousing contract announced in March.
Following the expected revival in the UK outsourcing market, we have won a
number of significant new contracts that have sustained our UK growth. In
Mainland Europe there is also an active market despite depressed economies but
increased pricing pressures have inevitably lowered operating margins. In North
America the trend to outsource supply chain activities continues, although a
number of projects were deferred, in the early part of the year. In Latin
America the integration of the Dimalsa acquisition is virtually complete. In
China our joint venture with Hutchison Whampoa continues to show strong growth
and is positively contributing to profits.
Europe
On a constant exchange rate basis, first half turnover in Europe of #438.2m
(2002: #401.4m) was up 6% (9% at actual exchange rates) compared to last year.
This progress reflected the benefit of a number of significant start-ups across
the region during the past 12 months as major companies continue to outsource
their logistics. During the first six months there have been several new
contract successes, particularly in the UK. Good progress is being made on the
integration of our European operations under the leadership of Saad Hammad who
joined the Group in February as Managing Director - Europe. During the period
significant advances have also been made in extending our transport management
capabilities across the region and translating our textile supply chain
management skills into Mainland Europe.
In the UK and Ireland turnover in the first half increased by 3.0% to #305.2 m
(2002: #295.8m ). Adjusted operating profit increased to #9.5m (2002: #3.2m)
having realised the benefits achieved from the July 2002 closure of the
under-performing multi-user fashion network, the M&S compensation payment and
lower overhead.
As expected, the UK is benefiting from the revival in outsourcing activity in
the first half. New contracts have commenced with The Big Food Group, Aldo, LVMH
and Fila, and a number of existing contracts have also been renewed or extended,
including Danone and Gillette. We completed the start-up of the new Sainsbury
fulfilment centre at Hams Hall and in August transferred this site back to
Sainsbury to enable better co-ordination with its twin facility at Waltham
Point. Sainsbury have subsequently awarded us their national clothing
warehousing and distribution activities. A number of new start-ups commencing
in the second half will more than offset the previously announced discontinued
Marks and Spencer business. These include the national transport contracts for
Boots and Homebase, which are significant both in scale and strategic
positioning, and the national warehousing management and distribution contract
for Tesco boxed clothing products which started in August.
In Mainland Europe, despite a difficult macro economic environment, we continue
to achieve robust top line growth across our markets. Turnover increased by 15%
at constant exchange rates (26% at actual exchange rates) to #133.0m (2002:
#105.6m) with double-digit growth in most markets. Adjusted operating profit of
#1.3m was below the #2.4m achieved in the same period last year due mainly to
the difficult trading environment in France exacerbated by a number of specific
French operational issues. These have now been addressed, the management team
strengthened and the business restructured to reduce the operational cost base.
In Spain, solid revenue growth was driven by new contracts with Carrefour, for
direct to home e-fulfilment and fresh produce and a contract for refrigerated
distribution with Ahold. In Germany, the new Bingen warehouse for Wal-Mart was
successfully commissioned in March.
In Central and Eastern Europe, growth continues to come from customers in both
the retail and consumer product manufacturing sectors. Hungary, again,
delivered a strong performance assisted by the dedicated Auchan facility that
commenced operations in September last year. In the Czech Republic we continue
to make progress, helped by a new contract win with Tesco for chilled
distribution. The Polish market remains challenging due to the difficult
economic conditions and our lack of critical mass in the country. The Austrian
business continues to develop, having won a recent contract with a major snack
food manufacturer to manage all their logistics requirements including
warehousing, domestic and international transport and pre-retail services.
We continue to actively develop our clothing and textiles business across
Mainland Europe with a number of new contracts, including Cortefiel in Spain,
Rodier and Hugo Boss in France and Levi-Strauss in Belgium. Although the
mainland markets remain difficult we continue to see a steady level of
outsourcing activity, particularly amongst the multinational branded consumer
product manufacturers. Most customers are looking for logistics service
providers with proven international supply chain management expertise and a pan
European presence and these markets continue to offer us promising growth
opportunities.
In August, we announced a 50:50 joint venture with Yurtici Logistics, a wholly
owned subsidiary of Arikanli Holdings - a leading Turkish transport and
distribution group based in Istanbul. The joint venture will provide us with a
strong base for exports out of Turkey, particularly clothing into Europe. In
the medium term it will also offer the opportunity to develop a domestic
presence in a significant market with a population of over 70 million.
The Americas
In the Americas good progress was sustained and, on a constant exchange rate
basis, turnover in the first half increased by #27.8m (10%) benefiting from the
JCPenney, Procter & Gamble and ConAgra start ups in late 2002 and the Dimalsa
business in Mexico acquired in March last year.
In North America the level of interest in outsourcing in the consumer goods
sector, by both retailers and manufacturers, remains high. We won additional
business during the first half with Kimberly-Clark, Procter & Gamble, Smuckers
and Payless Shoes. Additionally, in August, we were awarded a contract to design
and operate a major distribution centre for a leading Canadian supermarket
chain. Later this year our dedicated national network servicing Wal-Mart Canada
will be supporting the introduction of the Sam's Club warehouse store format
into Canada.
In Mexico, Dimalsa (now integrated under the Tibbett & Britten name) has started
up three new operations for Procter & Gamble and a new contract with Rubbermaid.
We have closed several smaller warehouses as part of our consolidation move
into the Mexico City Macrocenter. This modern, purpose built complex of over a
million sq. ft when fully constructed, enables us to reduce costs through a
shared infrastructure and to facilitate transportation savings through the
co-location of our consumer product manufacturing customers. We expect to
complete the rationalisation programme in the second half of this year and, in
conjunction with the implementation of our North American systems and transport
management capabilities, we anticipate further cost reductions and a
significantly enhanced service.
In Argentina, the local economy, although showing signs of improvement, remains
challenging. Building on the progress seen in the second half of last year,
profitability has increased, supported by a number of new contracts including,
Unilever, Kraft, Procter & Gamble and Baesa (Pepsi) and the tight management of
costs.
Overall, underlying operating profit was up by 6% (at constant exchange rates)
to #5.5m. However, for exceptional reasons the Americas reported an adjusted
operating loss for the first half of the year of #1.1m (2002: profit #5.6m)
reflecting our decision to provide in full for the #3.1m in outstanding
receivables from a former customer that has filed for Chapter 11 and to write
off #3.5m unamortised contract costs for Safeway Inc., following its decision in
June to exercise a one time option to take the Tracy, California operation
in-house. This option was granted as part of the 2002 arbitration settlement and
is unique in our business. Operating profit was also impacted by a weaker US
dollar which reduced earnings by #0.4m compared to the first half of last year.
International
Our International operations outside Europe and the Americas continued to grow
notwithstanding events in the Middle East and the recent SARS virus in Asia.
Turnover of #46.9m (2002: #35.3m) was up 33% although adjusted operating profit
at #0.1m (2002: #0.2m) was down marginally against last year as a result of
upgrading the network facilities in South Africa and the short term necessity
for dual running costs.
In China the joint venture with Hutchison Whampoa is doing very well serving
both multinational and Chinese retailers and consumer product manufacturers. New
business during the year includes the management of an additional warehouse for
P&G in Shanghai; national warehousing and distribution for Stanley Tools and a
second distribution centre for Wu Mei, servicing over two hundred convenience
stores in Tianjin.
Activities in Hong Kong were hit hard during the recent SARS crisis but are now
recovering. In Thailand our joint venture with David's of Asia increased its
contribution with the opening of a new national distribution centre in Bangkok
for 'Big C', a joint venture with the French retailer Casino.
In South Africa our transport management operations are developing well both
within and beyond our established customer base. In the first half year turnover
was up by 16% but the business carried the penalty of double operating costs
whilst the new Johannesburg distribution centre at Boksburg was commissioned and
the outdated Alrode operation was closed.
In Saudi Arabia and the Gulf the joint ventures are developing well and a small
operating profit was maintained despite the dislocation associated with the
events in Iraq.
PROFIT RECONCILIATION
2003 2002
#m #m
Adjusted operating profit 9.8 11.4
Interest (excluding FRS17 - pension finance) (3.2) (3.2)
Profit before goodwill amortisation, amounts written off investments and FRS 17-
pension finance 6.6 8.2
Goodwill amortisation (1.7) (7.4)
Amounts written off investments (1.1) (1.7)
FRS 17 - pension finance (0.9) 0.4
Profit/(loss) on ordinary activities before tax 2.9 (0.5)
The above figures for the first six months of the year include the Group's share
of joint ventures and associates results. Adjusted operating profit is stated
before goodwill amortisation.
Consolidated profit and loss account
Unaudited Audited
Six months ended Year ended
Note 28 June 03 29 June 02 31 Dec 02
(restated)
#m #m #m
Turnover
Continuing operations 791.2 736.7 1,516.9
Less: share of joint ventures turnover (21.6) (23.5) (44.1)
Group turnover 769.6 713.2 1,472.8
Operating profit
Before goodwill amortisation 9.8 11.4 35.3
Goodwill amortisation 4 (1.7) (7.4) (9.0)
8.1 4.0 26.3
Total operating profit
Group 6.8 2.4 22.3
Share of joint ventures and associates 1.3 1.6 4.0
8.1 4.0 26.3
Amounts written off investments 5 (1.1) (1.7) (7.1)
Net finance cost
Group (3.1) (3.0) (6.3)
Share of joint ventures (0.1) (0.2) (0.4)
FRS 17 - finance (expense)/income (0.9) 0.4 0.8
(4.1) (2.8) (5.9)
Profit/(loss) on ordinary activities before 2.9 (0.5) 13.3
taxation 6 1.8 3.1 10.7
Taxation
Profit/(loss) for the financial year 1.1 (3.6) 2.6
Dividends 7 3.8 3.8 12.3
Transferred from reserves (2.7) (7.4) (9.7)
Earnings per share
Basic and diluted 8 2.3p (7.5)p 5.4p
Adjusted ( * ) 8 9.3p 10.8p 37.4p
( * ) Adjusted profit after tax is reported before goodwill amortisation,
amounts written off investments, FRS17 - finance income/(expense) and related
tax, where applicable.
Consolidated balance sheet
Unaudited Audited
Six months ended Year ended
28 June 03 29 June 02 31 Dec 02
(restated)
#m #m #m
Fixed assets
Intangible assets - goodwill 46.0 51.4 46.8
Tangible assets 179.5 179.3 174.2
Investments 10.8 10.4 11.0
236.3 241.1 232.0
Current Assets
Stocks 2.6 4.3 4.4
Debtors 246.9 204.8 211.6
Investments 7.9 14.4 9.0
Cash 55.1 50.9 44.8
312.5 274.4 269.8
Creditors
Amounts falling due within one year 334.3 299.4 303.3
Net current liabilities (21.8) (25.0) (33.5)
Total assets less current liabilities 214.5 216.1 198.5
Creditors
Amounts falling due after more than one year 106.4 96.7 88.9
Provisions for liabilities and charges 4.2 6.5 4.0
Net assets excluding pension liability 103.9 112.9 105.6
Pension liability (70.6) (33.5) (72.1)
Net assets including pension liability 33.3 79.4 33.5
Capital and reserves
Called up share capital 2.4 2.4 2.4
Share premium account 7.0 6.9 7.0
Revaluation reserves 13.4 13.4 13.4
Other reserves 6.9 6.9 6.9
Profit and loss account 3.6 49.8 3.8
Shareholders' funds - equity 33.3 79.4 33.5
Consolidated statement of total recognised gains and losses
Unaudited Audited
Six months ended Year ended
28 June 03 29 June 02 31 Dec 02
(restated)
#m #m #m
Profit/(loss) for the period 1.1 (3.6) 2.6
Exchange variances 2.5 (5.4) (10.5)
Actuarial loss relating to the pension scheme - - (55.2)
UK deferred tax attributable to actuarial loss - - 16.6
Total recognised gains/(losses) relating to the 3.6 (9.0) (46.5)
period
Reconciliation of movements in group shareholders funds
Unaudited Audited
Six months ended Year ended
28 June 03 29 June 02 31 Dec 02
(restated)
#m #m #m
At 1 January 33.5 90.7 90.7
Profit/(loss) for the period 1.1 (3.6) 2.6
Exchange gain/(loss) 2.5 (5.4) (10.5)
Dividends (3.8) (3.8) (12.3)
New share capital subscribed - 1.5 1.6
Actuarial gains and losses - - (55.2)
Deferred tax - - 16.6
At end of period 33.3 79.4 33.5
Consolidated cash flow statement
Unaudited Audited
Six months ended Year ended
28 June 03 29 June 02 31 Dec 02
(restated)
#m #m #m
Net cash inflow from operating activities 29.7 47.3 74.6
Dividends from joint ventures 0.1 0.4 2.7
Returns on investment and servicing of finance (3.4) (3.1) (7.1)
Taxation (3.7) (3.9) (6.3)
Capital expenditure and financial investment (12.4) (10.3) (14.6)
Acquisitions - (45.1) (42.3)
Equity dividends paid (8.5) (8.0) (12.0)
Cash inflow/(outflow) before use of liquid resources and 1.8 (22.7) (5.0)
financing - - 0.3
Management of liquid resources
Financing - issue of shares - 1.6 1.6
- increase in debt and lease financing 17.3 30.5 3.7
Increase in cash 19.1 9.4 0.6
Reconciliation of net cash flow to movement in debt
Unaudited Audited
Six months ended Year ended
28 June 03 29 June 02 31 Dec 02
(restated)
#m #m #m
Increase in cash in the period 19.1 9.4 0.6
Cash outflow from movement in liquid resources - - (0.3)
Cash outflow from movement in debt and lease financing (17.3) (30.5) (3.7)
Change in net debt resulting from cash flows 1.8 (21.1) (3.4)
New finance leases (1.4) (1.9) (5.2)
Loans and finance leases acquired with subsidiary - (3.0) (2.7)
Translation difference 1.4 (2.0) (1.8)
Movement in net debt in the period 1.8 (28.0) (13.1)
Net debt at beginning of period (67.2) (54.1) (54.1)
Net debt at end of period (65.4) (82.1) (67.2)
Reconciliation of operating profit to operating cash flow
Unaudited Audited
Six months ended Year ended
28 June 03 29 June 02 31 Dec 02
(restated)
#m #m #m
Group operating profit 6.8 2.4 22.3
Exceptional goodwill write down - 6.0 6.0
Depreciation and amortisation 16.4 15.4 32.2
(Profit)/loss on sale of fixed assets 0.2 0.4 (2.8)
Decrease in working capital 9.2 22.9 16.4
Adjustment for pension funding (2.9) 0.2 0.5
Net cash inflow from operating activities 29.7 47.3 74.6
Notes to the accounts
1. Basis of Preparation
The interim statement is unaudited and does not constitute statutory
financial statements for the purposes of section 240 of the Companies Act
1985. There have been no changes to the accounting policies of the Group
as set out in the 2002 Annual Report.
2. Prior year comparatives
The figures for the year ended 31 December 2002, have been extracted from
the accounts, which have been filed with the Registrar of Companies. The
auditors' report on those accounts was unqualified and did not contain any
statement under section 237(2) or (3) of the Companies Act 1985.
In the full year results for 2002 the group adopted the provisions of FRS
17 (Accounting for Retirement Benefits). The comparative figures to 29
June 2002 have been restated to reflect this accounting policy change.
3. Geographic Segmental information
Americas UK and Mainland Rest of Total
Ireland Europe the World
2003 Continuing operations #m #m #m #m #m
Turnover - Group 306.1 292.0 133.0 38.5 769.6
- share of joint ventures and associates - 13.2 - 8.4 21.6
Operating profit before goodwill amortisation (1.1) 9.5 1.3 0.1 9.8
Goodwill amortisation (0.9) (0.1) (0.6) (0.1) (1.7)
Operating (loss)/profit (2.0) 9.4 0.7 - 8.1
Share of joint ventures and associates operating
profit - (0.8) - (0.5) (1.3)
Group operating (loss)/profit (2.0) 8.6 0.7 (0.5) 6.8
Operating assets 28.8 57.6 80.7 2.6 169.7
2002 Continuing operations
Turnover - Group 300.0 275.4 105.6 32.2 713.2
- share of joint ventures and associates - 20.4 - 3.1 23.5
Operating profit before goodwill amortisation 5.6 3.2 2.4 0.2 11.4
Goodwill amortisation (6.8) (0.1) (0.5) - (7.4)
Operating (loss)/profit (1.2) 3.1 1.9 0.2 4.0
Share of joint ventures and associates operating - (1.6) - - (1.6)
profit
Group operating (loss)/profit (1.2) 1.5 1.9 0.2 2.4
Operating assets 33.7 74.7 75.5 7.7 191.6
Finance and other net non-operating liabilities, together totalling #136.4
million (2002: #112.2 million) are excluded from operating assets.
4. Goodwill amortisation
Included within goodwill amortisation in 2002 is an impairment charge of
#6.0m against goodwill in Argentina.
5. Amounts written off investments
Amount written off investments reflect changes in value of the Group's
holding in AutoLogic Holdings plc. Carrying value at 28 June 2003
represents the amount realised when the holding was sold on 25 July 2003.
6. Taxation
Taxation charges (including deferred taxation) for the six months ended 28
June 2003 are estimated at 32% (2002: 36%) of profit before goodwill
amortisation.
7. Dividends and Earnings per share
The directors have declared an interim dividend of 8.2 pence per ordinary
share (2002: 7.9 pence).
8. Calculations of Earnings/(loss) per share
Unaudited
Six months ended Year ended
28 June 03 29 June 02 31 Dec 02
(restated)
#m #m #m
Profit/(loss) on ordinary activities after tax 1.1 (3.6) 2.6
Goodwill amortisation 1.7 7.4 9.0
Amounts written off investments 1.1 1.7 7.1
FRS 17 - finance (expense)/income 0.9 (0.4) (0.8)
Related tax (0.3) 0.1 0.2
Adjusted profit after tax 4.5 5.2 18.1
Weighted average of ordinary shares in issue 48,457,431 48,312,026 48,342,850
Earnings per share
Basic and diluted 2.3p (7.5)p 5.4p
Adjusted 9.3p 10.8p 37.4p
9. Pensions
An actuarial valuation has not been carried out on the major UK defined
benefit scheme assets and liabilities as at 28 June 2003. Accordingly no
actuarial gain or loss is shown in the statement of total recognised gains
and losses for the period. The pension liability on the balance sheet is
the amount calculated as at 31 December 2002 adjusted for contributions,
charges and finance expense in the period. The figures for the gains and
losses for the whole year, and the funding position at the end of the year
will be presented in the annual report to 31 December 2003.
Copies of this announcement will be sent to shareholders on 12 September
2003 and further copies are available from the Secretary, Tibbett & Britten
Group plc, Centennial Park, Elstree, Herts, WD6 3TL. Telephone 020 8327 2000.
Independent review report to Tibbett & Britten Group plc
Introduction
We have been instructed by the company to review the financial information for
the six months ended 28 June 2003 as set out on pages 9 to 14 which comprises
the profit and loss account, the balance sheet, the cash flow statement and the
related 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.
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 in accordance with the Listing
Rules of the Financial Services Authority which require 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 United Kingdom Auditing Standards 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 six months
ended 28 June 2003.
PricewaterhouseCoopers LLP
10 Bricket Road
St Albans
Herts 2 September 2003
AL1 3JX
This information is provided by RNS
The company news service from the London Stock Exchange
END
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