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| Name | Symbol | Market | Type |
|---|---|---|---|
| Lyxor Esg Euro High Yield Dr Ucits Etf A | BIT:HYC | Italy | Exchange Traded Fund |
| Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.022 | 0.21% | 10.546 | 10.52 | 10.562 | 10.542 | 10.524 | 10.542 | 2,682 | 17:00:00 |
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RNS Number:0614M
Hyder Consulting PLC
09 June 2003
Hyder Consulting PLC (HYC.L)
Preliminary results for the year ended 31 March 2003
(Hyder Consulting is an international engineering design,
advisory and specialist management consultancy)
Key points
*Operating profit ahead of market expectation
*Turnover #50.5m (includes only five months' trading of Hyder Consulting)
*Profit before tax #2.2m (includes only five months' trading of Hyder
Consulting)
*Sales order book #158m
*Significant long-term contract wins
*Business restructuring in Asia completed
Non-statutory results of the combined business for the year as it would have
been presented if the acquisition of Hyder Consulting Holdings Limited had taken
place on 1 April 2000 are set out in the table at the back to facilitate
comparison with previous years.
Chairman, Sir Alan Thomas said: "These are our first results as Hyder Consulting
and the steady progress that has been made is an excellent pointer to what I
believe is a bright future for us. We are a sizeable force in our industry, and
with our talented people and strong sales order backlog, we look forward with
confidence to the year ahead."
Hyder Consulting's Chief Executive, Tim Wade commented: "Our business turnaround
strategy is progressing well. We have successfully implemented management and
cost efficiencies and targeted sales and marketing across the Group. I am
delighted to confirm that the foundations are now in place to continue the
momentum that will drive solid margin improvement and profit growth going
forward."
Press Contacts
Tim Wade, Chief Executive, Hyder Consulting PLC
Tel: +44 (0)20 7904 9011
Simon Hamilton-Eddy, Financial and Commercial Director, Hyder Consulting PLC
Tel: +44 (0)20 7904 9011
Sir Alan Thomas, Chairman, Hyder Consulting PLC
Tel: +44 (0)20 7904 9011
Shane Dolan, Biddicks
Tel: +44 (0)20 7448 1000
CHAIRMAN'S STATEMENT
Hyder Consulting PLC (the "Group") was re-listed on the London Stock Exchange
following the acquisition of Hyder Consulting Holdings Limited and its
subsidiaries, ("HCHL") by Firth Holdings PLC ("Firth"), a quoted shell on 22
October 2002. The transaction fulfilled the aims of both parties. Firth had
sought to acquire a substantial engineering consulting business with growth
potential. After our approach, the shareholders of HCHL believed that listed
status would enable management to better implement the business turnaround
already in progress and to exploit the opportunities ahead.
Your Board is now pleased to report on the Group's results for the year ended 31
March 2003, which includes five months trading for HCHL (from 22 October 2002).
Results
The Group's results for the year are ahead of the Board's expectations. Our
reported turnover for the year, including five months trading of HCHL, was
#50.5m and operating profit before goodwill amortisation and exceptionals #1.5m.
The turnover and operating profit before goodwill amortisation and exceptionals
for the Group would have been #115.2m (2002: #119.7m) and #1.1m (2002: #0.5m) if
HCHL had been owned and consolidated for the full year. The underlying full year
results reflect the seasonal weighting to the second half of the year.
Management has been successful in its three main objectives: to maintain a
strong order book; to improve margins generally; and to contain and, in due
course, eliminate losses in the Asia Pacific region. As a consequence of the
structured sales and marketing programme, the Group has a healthy sales order
book of #158m including long term framework contracts. Good progress has been
made in improving margins, including working through low margin legacy
contracts; and in Hong Kong costs have been cut and new management appointed.
Overhead costs have been tightly controlled with the result that margins have
been improved despite professional indemnity insurance costs more than doubling
in the period due to the well publicised insurance market difficulties.
No dividend is proposed in respect of the year to 31 March 2003, but it is the
Board's objective to pay a dividend in respect of the year to 31 March 2004. To
achieve this the Group intends to restructure its share capital and reserves, as
soon as is practicable, to eliminate the profit and loss reserve deficit and
allow dividends to be paid as earnings are generated.
At 31 March 2003, net assets were #14.7m (64.05p per share) and net debt was
#3.2m.
Strategy
Our current principal objectives are to increase our margins in our existing
market sectors and territories, and to maximise fee income from our existing
infrastructure. In the short to medium term this means filling our existing
capacity with additional, high added-value work.
The key to margin improvement is the application of best practice across all
operations and functions of the business and across all its territories. In
addition, we are placing a greater than ever emphasis on developing close and
long term relationships with our clients and on providing them with a broader
range of high value-added services.
We intend to continue our programme of strategic "infill" acquisitions to help
us achieve critical mass in certain offices and to strengthen our service
offering where we already have a strong market presence.
Pensions
The Group operates both defined benefit and defined contribution schemes. The
defined benefit scheme was closed to new members on 31 March 2001. The latest
formal actuarial valuation of the defined benefit scheme was as at 1 April 2002
when, on an ongoing basis using market related assumptions, there was a deficit
of #3.6m (#2.5m net of deferred tax). As a consequence, and in accordance with
the actuarial advice received, the Group increased its contribution rate by
0.5%. Members were offered the choice of increasing their contributions from 1
August 2002 or earning lower benefits. The group accounts for pensions under
Statement of Standard Accounting Practice 24 - 'Accounting for Pension Costs'
(SSAP24). The adjustment made to fair value at the date of acquisition of HCHL
includes an estimated actuarial deficit at that date of #5.1m (#3.6m net of
deferred tax).
The pension deficit at 31 March 2003, when measured in accordance with Financial
Reporting Standard 17 - 'Retirement Benefits' (FRS17) rules, increased to a
gross #31.8m (2002: #8.4m gross deficit) reflecting further significant falls in
the equity market and lower bond yields. The Board considers that this position
reflects the inherent volatility of FRS17 valuations. Notwithstanding this, the
Board is keeping the matter under close review.
Directors
With the acquisition of Hyder Consulting, I am very pleased to welcome Tim Wade,
Chief Executive and Simon Hamilton-Eddy, Financial and Commercial Director to
the Board. Mr Wade was Managing Director of HCHL from 1998 until the
acquisition, having previously run its Asia Pacific operation. Mr Hamilton-Eddy
joined HCHL's predecessor company in 1992, becoming its Financial Director in
1993. Jack Hobbs resigned as a Director in September 2002 and I would like to
thank him for his valuable contribution.
Outlook
Trading in the current year has started well in most of our areas of operation,
although noting that the first half of the year is traditionally not as strong
as the second half. In particular, the UK, which accounts for approximately 50%
of our business, is trading strongly. The Middle East market also remains robust
despite recent disruptions in that area caused by the events in Iraq. I am
pleased to report that we are beginning to see some improved trading in
Australia and the outlook there is now encouraging. Market conditions in Germany
continue to be difficult but our performance remains resilient and we are well
placed to benefit from any upturn which may develop. Similarly, in Hong Kong the
market is very testing but with the appointment of new management and cost
cutting we are hopeful that this year will see an improvement.
Overall, public investment in infrastructure in all our main markets has
vindicated our present concentration on public sector work and the scope that we
still have to improve our profit margins provides us with considerable potential
for shareholder value growth.
I would like to thank all members of staff for their efforts and achievements in
our first reporting period as Hyder Consulting PLC. We look forward with
confidence to another year of strong advance in the Group's turnaround
programme.
Sir Alan Thomas
Chairman
9 June 2003
CHIEF EXECUTIVE'S REVIEW
Our turnaround plan is progressing well with the foundations for sustainable
profit growth being put in place through the application of our best practice
programme and by concentrating our efforts on key markets and key clients.
Our business is built on a long established reputation in our key geographic
markets where we have a strong local presence. Management is therefore
structured on a geographic basis in order to be close to our clients and
consequently, this is how we report our results. However, we are also market led
and therefore focus on market sectors through a matrix structure.
UK / Europe
The UK business performed well in the period, benefiting from the completion of
a number of low margin projects. Market demand generally has been good and the
benefit of the Highways Agency framework contracts for both the South East and
South West have started to show through. The change in procurement method
introduced by the Highways Agency temporarily slowed down the award of new work,
but this is now starting to be released with projects such as our recent win,
the A595 Parton-Lilleyhall. In the water market the absence of large-scale
projects has been offset by regular work from a wider range of UK water
companies, including Thames Water, South West Water, Welsh Water, Yorkshire
Water and Scottish Water.
Our concentration on health and education has produced a good flow of work in
the property sector for clients such as the University of Exeter and the
University of Aston. The housing market has also been steady.
In the broader transportation market, our planning and systems businesses have
progressed excellently. As well as a high volume of work from Transport for
London and other local authorities, we have designed and project managed the new
Emergency Roads Telecommunications System.
In defence, we have started to benefit from the two Principal Support Provider
contracts won earlier in the year and continue to provide consulting advice on
Project Aquatrine, relating to the privatisation of the Ministry of Defence's
water and wastewater assets.
Delays in investment in the rail and telecommunications sectors affected our
performance in those markets but there are already signs of a reverse in this
situation.
Our German business has had a satisfactory trading period despite a very weak
market. It also benefited from bad debt recoveries and property sales. Looking
forward, the recent award of the company's largest ever project for the new
central station in Berlin will provide a useful contribution to workload for a
number of years.
Middle East
The region has again performed exceptionally well. The Abu Dhabi business
secured a number of new projects, including further work from the Sewerage
Projects Committee, with whom we are proud to have worked for almost 30 years.
The property sector in Dubai is very strong with several significant projects
won, such as Souk Al Nakheel, the Dubai Marina development, the Dubai Gate, and
more in the pipeline.
The Qatar business has yet to meet expectations with the release of work being
slower than anticipated and bidding highly competitive. As the 2006 Asian Games
approach we expect more work to be released, which should result in better
margins being available.
Our small team in Bahrain secured a prestigious transport study and we will
continue to bid selectively on projects that offer good margins. The lack of
foreseeable opportunities in Kuwait led us to close our office there.
Asia Pacific
China and Australia present good opportunities for us in the short and longer
term. Our business in Australia continues to grow and is expected to move
towards profitability in the near term as it achieves critical mass. Major
projects won in the period, that will help us achieve that objective, include
the Paramatta Rail Link and the Cross City Tunnel in Sydney.
Elsewhere in the region the market continues to be difficult. Whilst we maintain
a tactical presence in South East Asia the level of work carried out continues
to decline and is unlikely to increase in the short-term. Accordingly, we closed
our Bangkok office with effect from 31 March 2003, transferring some of the
technical and support capability to Malaysia.
Our main challenge in the region is Hong Kong. The market for consultants has
changed significantly in recent years and we have a new management team in place
that is energetically getting to grips with today's economic realities. The cost
base has been significantly reduced and a new market focus adopted. The strategy
is to shape the business in recognition of the realistic and sustainable
workload available in the market, whilst continuing to leverage a 40 year
presence. Positives are our growing pre-eminence in the pre-cast construction
and independent environmental checking markets and the recent award of the Lai
Chi Kok wastewater transfer scheme.
As part of an increased focus on the mainland Chinese market we are targeting
inward investment clients and environmental business.
Staff
The quality of our staff is key to our success. Our collective knowledge and
skill is what we sell and we are therefore fully committed to the recruitment,
retention and development of the highest possible calibre of consultants. We are
also committed to adopting a team approach in harnessing our capabilities to
meet the needs of our clients as well as our commercial goals.
We have taken tangible steps to make further improvements in these areas over
the last year including an overhaul of our appraisal and development processes
and the restructuring of our 'high potential programme' for those employees
likely to have a significant impact on the business in years to come.
At all levels of the Group, I firmly believe that we have an outstanding
professional team and I would like to publicly thank them and acknowledge their
contribution in what has been another year of change and good progress for Hyder
Consulting.
Tim Wade
Chief Executive
9 June 2003
Hyder Consulting PLC
Consolidated Profit and Loss Account
For the year ended 31 March 2003
--------------------- ---------
31 March 31 March
Note 2003 2002
--------------------- ---------
#'000 #'000 #'000
Turnover including share 50,525 158
of joint venture:
Less; Share of joint (64) -
venture
--------------------- ---------
50,461 158
Turnover
Continuing operation - 158
Acquisitions (five months 1(a & 50,461 -
trading) b)
--------------------- ---------
50,461 158
Amortisation of positive (11) -
goodwill
Amortisation of negative 332 -
goodwill
Other operating costs (49,007) (678)
Exceptional item 2 307 366
-------- ---------
Net operating costs (48,379) (312)
Group operating profit
Continuing operations (96) (154)
Acquisitions (five months 2,178 -
trading)
--------------------- ---------
Group operating profit 2,082 (154)
Share of joint venture 1 -
-------- ---------
Operating profit 2,083 (154)
including share of joint -------- ---------
venture
Interest receivable 485 249
Interest payable (377) (1)
-------- ---------
Profit on ordinary 1(c) 2,191 94
activities before
taxation
Taxation 5 (514) -
-------- ---------
Profit on ordinary 1,677 94
activities after
taxation
Minority interests (95) -
-------- ---------
Retained profit for the 1,582 94
year ======== =========
Earnings per share (undiluted) 3 10.78p 1.15p
======== =========
Earnings per share (diluted) 3 10.76p 1.15p
======== =========
Earnings per share before
exceptionals and goodwill
(undiluted) 3 6.50p 1.15p
======== =========
Earnings per share before
exceptionals and goodwill
(diluted) 3 6.49p 1.15p
======== =========
Reconciliation of Movements in Group Shareholders' Funds
For the year ended 31 March 2003
2003 2002
#'000 #'000
-------- -------
Issue of ordinary share capital for the acquisition 1,458 -
of HCHL
Premium on ordinary shares issued for the acquisition 4,308 -
of HCHL
Proceeds of ordinary shares issued for cash 138 -
Shares to be issued from the acquisition of HCHL 17 -
Total recognised gain for the year 1,790 94
-------- -------
Net increase in shareholders' funds 7,711 94
Shareholders' funds at 1 April 5,797 5,703
-------- -------
Shareholders' funds at 31 March 13,508 5,797
======== =======
Hyder Consulting PLC
Balance sheets as at 31 March 2003
Note Group Company
2003 2002 2003 2002
#'000 #'000 #'000 #'000
------- ------- ------- --------
Fixed assets
Intangible
assets
Goodwill 181 - - -
Negative (980) - - -
goodwill
Tangible assets 9,063 - - -
Fixed asset 220 - 13,090 115
investments
Investment in
joint ventures
Share of gross (421) - - -
liabilities
Transfer to 421 - - -
provisions ------- ------- ------- --------
8,484 - 13,090 115
------- ------- ------- --------
Current assets
Debtors 53,103 359 182 462
Cash at bank and 13,825 5,625 5,317 5,568
in hand ------- ------- ------- --------
66,928 5,984 5,499 6,030
Current
liabilities
Creditors :
amounts falling
due within one
year (46,536) (187) (6,807) (312)
------- ------- ------- --------
Net current assets 20,392 5,797 (1,308) 5,718
/ (liabilities) ------- ------- ------- --------
Total assets less 28,876 5,797 11,782 5,833
current ------- ------- ------- --------
liabilities
Creditors :
amounts falling
due after more
than one year (3,779) - - -
Provisions for (10,391) - - -
liabilities and ------- ------- ------- --------
charges
Net assets 1(d) 14,706 5,797 11,782 5,833
======= ======= ======= ========
Capital and
reserves
Called up share 9,628 8,147 9,628 8,147
capital
Share premium 7,694 3,269 7,694 3,269
Shares to be 17 - 17 -
issued
Capital redemption 80 80 80 80
reserve
Profit and loss (3,911) (5,699) (5,637) (5,663)
account ------- ------- ------- --------
Shareholders'
funds (including
non-equity
interests) 13,508 5,797 11,782 5,833
Equity minority 1,095 - - -
interests
Non-equity 103 - - -
minority
interests
------- ------- ------- --------
Total 14,706 5,797 11,782 5,833
shareholders'
funds
======= ======= ======= ========
Equity interest 14,603 5,797 11,782 5,833
Non-equity 103 - - -
interest ------- ------- ------- --------
14,706 5,797 11,782 5,833
======= ======= ======= ========
Hyder Consulting PLC
Consolidated Cash Flow Statement
For the year ended 31 March 2003
2003 2002
Note #'000 #'000
Net cash inflow / (outflow) from operating 4(a) 7,512 (604)
activities
Returns on investment and servicing of 108 248
finance
Taxation paid (510) -
Capital expenditure and financial (34) -
investment
Acquisitions and disposals 1,402 -
------- -------
Cash inflow / (outflow) before financing 8,478 (356)
Financing (639) -
------- -------
Increase / (decrease) in cash during the 7,839 (356)
period ======= =======
Reconciliation of net cash flow to movement
in net funds
Net cash at start of period 4(b) 5,625 5,981
Increase / (decrease) in cash in the
period 7,839 (356)
Cash outflow from increase in debt 4(b) 777 -
Other non cash movements
Loan notes issued 4(b) (6,000) -
Deferred consideration 4(b) (142) -
Finance leases 4(b) (446) -
7,653 5,625
Loan and finance leases acquired with 4(b) (10,630) -
acquisition
Exchange difference 4(b) (206) -
------- -------
Net (debt) / cash at end of period 4(b) (3,183) 5,625
======= =======
Hyder Consulting PLC
Notes to the Financial Statements for the year ended 31 March 2003
1. Segmental analysis by geographical area
a. Turnover by origin
----------------- --------
2003 2002
#'000 #'000
----------------- -------
Continuing operations
UK and Continental Europe - 158
Acquisitions
UK and Continental Europe 32,734 -
Middle East 7,126 -
Asia Pacific 10,665 -
Share of joint venture (64) -
----------------- -------
Total Turnover 50,461 158
======= =======
b. Turnover by destination
----------------- -------
2003 2002
#'000 #'000
----------------- -------
Continuing operations
UK and Continental Europe - 158
Acquisitions
UK and Continental Europe 28,142 -
Middle East 6,895 -
Asia Pacific 15,488 -
Share of joint venture (64) -
----------------- -------
Total Turnover 50,461 158
======= =======
(Acquisition turnover is the five months trading of Hyder Consulting
Holdings Ltd).
(c) Profit on ordinary activities before taxation
----------------- -------
2003 2002
Note #'000 #'000
----------------- -------
Continuing operations
UK and Continental Europe (403) (154)
Acquisitions
UK and Continental Europe 2,638 -
Middle East 387 -
Asia Pacific (721) -
Share of joint venture 1 -
----------------- -------
2,305 -
Pre-operating profit
exceptionals (continuing
operations) 2 307 -
Amortisation of positive (11) -
goodwill
Amortisation of negative 332 -
goodwill
Corporate overheads (447) -
Net interest receivable 108 248
------ -------
Profit on ordinary activities 2,191 94
before taxation ====== =======
1. Segmental analysis (cont.)
(d) Net assets
2003 2002
#'000 #'000
-------- -------
UK and Continental Europe 17,356 5,797
Middle East 382 -
Asia Pacific (3,032) -
-------- -------
Total net assets 14,706 5,797
======== =======
2. Exceptional item
Continuing Acquisitions Total Total
Operations (Continuing
Operations)
2003 2003 2002
#'000 #'000 #'000 #'000
-------- -------- ------ --------
Net amounts
recovered from
liquidation of a
former subsidiary -
Spartan Redheugh
Limited 307 - 307 366
-------- -------- ------ --------
3. Earnings per ordinary share
Before
Exceptional exceptional
items and items and
goodwill goodwill Total
Total amortisation amortisation (restated)
2003 2003 2003 2002
#'000 #'000 #'000 #'000
-------- ---------- --------- --------
Profit after tax 1,582 628 954 94
and minority
interests
Basic diluted and
adjusted earnings
attributable to
shareholders' 1,582 628 954 94
Basic earnings per 10.78p 4.28p 6.50p 1.15p
share
Diluted earnings 10.76p 4.27p 6.49p 1.15p
per share
2003 2002
Number Number
(restated)
------------ -----------
Weighted average number of ordinary shares 14,680,714 8,146,966
Dilutive shares to be issued 26,202 -
============ ===========
Diluted weighted average number of ordinary
shares 14,706,916 8,146,966
============ ===========
Basic earnings per share is calculated by dividing the earnings
attributable to ordinary shareholders' by the weighted average number of
shares during the year. In order to show earnings per share on a
consistent basis the 2002 comparatives have been restated following the
capital reorganisation that took place on 22 October 2002.
Diluted earnings per share is calculated by adjusting earnings
attributable to ordinary shareholders' and the weighted average number
of ordinary shares in issue on the assumption of conversion of all
dilutive share options in issue.
Supplementary basic and diluted EPS have been calculated to exclude the
effect of goodwill amortisation in respect of subsidiaries acquired in
the year. The adjusted numbers have been provided in order that the
effects of goodwill amortisation on reported earnings can be fully
appreciated.
4. Analysis of cash flows for headings netted in the cash flow statement
(a) Net cash inflow / (outflow) from operating activities
-------- --------
2003 2002
#'000 #'000
-------- --------
Operating profit / (loss) 2,083 (154)
Net amortisation of intangible fixed assets (321) -
Depreciation of tangible fixed assets 691 21
Profit on sale of tangible fixed assets (64) -
Decrease in amounts recoverable on contracts 1,798 -
Decrease in external debtors 3,015 219
Increase / (decrease) in external creditors 1,588 (690)
Decrease in provisions (1,278) -
-------- --------
Net cash inflow / (outflow) from operating activities 7,512 (604)
======== ========
4. Analysis of cash flows for headings netted in the cash flow statement
(cont.)
(b) Reconciliation of movement in net funds
At 1 Cashflow Acquisition Non cash Exchange At 31
April movement movement March
2002 2003
#'000 #'000 #'000 #'000 #'000 #'000
Cash at bank 5,625 8,100 - - 100 13,825
Overdraft - (261) - - - (261)
------- -------- -------- -------- -------- -------
5,625 7,839 - - 100 13,564
Loan Notes - - - (6,000) - (6,000)
Debt due within
1 year - (24) (5,086) - (6) (5,116)
Debt due after
1 year - 579 (3,081) - (270) (2,772)
Finance leases
due within 1
year - 222 (528) (314) (2) (622)
Finance leases
due after 1
year - - (287) (132) (2) (421)
Deferred
Consideration - - (1,648) (142) (26) (1,816)
------- -------- -------- -------- -------- -------
- 777 (10,630) (6,588) (306) (16,747)
------- -------- -------- -------- -------- -------
5,625 8,616 (10,630) (6,588) (206) (3,183)
======= ======== ======== ======== ======== =======
5. Taxation
The tax charge for the year of #514,000 (2002: # nil) represents an
effective rate of 23.5% (2002: 0%). The tax charge is lower than the basic
rate as profits in the Middle East and negative goodwill are not taxable.
6. Financial Information
The financial information set out in this preliminary announcement has
been prepared on the basis of the accounting policies set out in the
audited annual statements for the year ended 31 March 2003 approved by
the Board on 9 June 2003.
The financial information does not constitute statutory accounts within
the meaning of section 240 of the Companies Act 1985. Statutory accounts
for the year ended 31 March 2003 will be dispatched to shareholders'
during June 2003 for approval at the Annual General Meeting to be held
on 28 July 2003.
The full financial statements contain an unqualified audit report and
will be delivered to the Registrar of Companies in accordance with
section 242 of the Companies Act 1985.
Non Statutory Information Summary of Three Year Trading Results (Unaudited)
The following tables contain the profit and loss account of Hyder Consulting
Group as would have been presented if the acquisition of HCHL had taken
place on 1 April 2000. This information is illustrative only and does not
form part of the financial statements
Year to Year to Year to
31 March 31 March 31 March
03 02 01
#'000 #'000 #'000
Turnover - HCHL
UK and Europe 71,552 69,719 59,040
Middle East 16,443 16,489 15,571
Asia Pacific 27,212 33,383 37,698
Turnover - Firth
UK and Europe - 158 103
Middle East - - -
Asia Pacific - - -
---------- ---------- ----------
Total turnover 115,207 119,749 112,412
========== ========== ==========
Operating profit - HCHL
UK and Europe 3,849 2,680 152
Middle East 996 1,020 939
Asia Pacific (1,912) (1,629) (1,443)
Operating loss - Firth
UK and Europe (403) (154) (970)
Middle East - - -
Asia Pacific - - -
---------- ---------- ----------
Operating profit / (loss) 2,530 1,917 (1,322)
Corporate overhead - HCHL (1,386) (1,374) (2,210)
---------- ---------- ----------
Operating profit / (loss) before
goodwill
amortisation and exceptionals 1,144 543 (3,532)
Net goodwill amortisation 321 2,339 12,716
Exceptional items 307 41 (3,957)
---------- ---------- ----------
Operating profit after goodwill
amortisation and exceptionals 1,772 2,923 5,227
---------- ---------- ----------
Net interest (payable) / (288) (309) 449
receivable
---------- ---------- ----------
Profit before taxation 1,484 2,614 5,676
Taxation (514) 173 214
---------- ---------- ----------
Profit after taxation 970 2,787 5,890
Minority interests (104) (25) 47
---------- ---------- ----------
Profit attributable to 866 2,762 5,937
shareholders ========== ========== ==========
EPS
-----
No. of shares - basic (m) 23.0 23.0 23.0
No. of shares - diluted (m) 23.0 23.0 23.0
EPS - basic 3.77p 12.03p 25.86p
EPS - diluted 3.76p 12.00p 25.79p
EPS - Excluding exceptionals and
goodwill
EPS - basic 1.04p 1.66p (12.29p)
EPS - diluted 1.03p 1.66p (12.26p)
This information is provided by RNS
The company news service from the London Stock Exchange
END
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