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RNS Number:5149O
Management Consulting Group PLC
11 August 2003
Financial results for the six months ended 30 June 2003
Management Consulting Group PLC ("MCG" or "the Group"), the international
management consultancy group, today announces its results for the six months
ended 30 June 2003.
Key points
*Turnover of #43.3 million (30 June 2002: #55.7 million) slightly ahead of
the indications given in July
*Operating loss before goodwill amortisation of #1.0 million (30 June
2002: profit of #5.2 million)
*Loss before tax of #2.8 million (30 June 2002: profit of #4.1 million)
*Net cash of #9.6 million (31 December 2002: #21.9 million)
*Loss per share before goodwill amortisation of 0.8 pence (30 June 2002:
profit of 3.6 pence)
*Parson Consulting turnaround progressing on course
*Order book currently 40% higher than at start of 2003 and strong business
prospect stream
*Board expects stronger trading performance in second half of 2003 in
light of growth in order book and client demand
Rolf Stomberg, Chairman:
"The results reflect the low order book that we had at the beginning of the year
together with a slow-down in client decision-making in the second quarter of
2003. We expect that the second half will be stronger than the first half and
will establish a solid base for 2004."
Kevin Parry, Chief Executive:
"We are now seeing a greater volume of prospects in Proudfoot Consulting than at
any time in the last year. New senior management is now in place at Parson
Consulting and the turnaround is progressing satisfactorily and in line with our
plans."
For further information please contact:
Management Consulting Group PLC
Kevin Parry Chief Executive 020 7832 3700
Stephen Purse Finance Director 020 7832 3700
The Maitland Consultancy
Suzanne Bartch 020 7379 5151 (mobile) 07769 710335
Michelle Jeffery 020 7379 5151 (mobile) 07989 977837
Notes to Editors
Management Consulting Group PLC comprises two consulting businesses, Proudfoot
Consulting and Parson Consulting.
Proudfoot Consulting is a specialist consultancy which implements sustainable
operational improvements in sales, costs and overheads, and major capital
expenditure typically at no net annualised cost to its clients.
Parson Consulting is a financial management consultancy that improves the
accuracy, speed and efficiency of finance and support functions free of auditing
conflicts of interest.
Management Consulting Group PLC
interim announcement
six months ended 30 June 2003
Chairman's statement
The results for the six months ended 30 June 2003 reflect the difficult market
conditions for consulting during the last nine months coupled with losses
incurred at Parson Consulting as the turnaround of that business continues.
The results for the year are summarised as follows:
unaudited unaudited audited
six six year
months ended months ended ended
30 June 2003 30 June 2002 31 Dec 2002
----------- ----------- ----------
#'000 #'000 #'000
----------- ----------- ----------
Revenue
Proudfoot 33,770 53,275 93,229
Parson 9,528 2,380 14,067
----------- ----------- ----------
43,298 55,655 107,296
----------- ----------- ----------
Operating (loss) / profit
Proudfoot 2,260 5,351 10,311
Parson (3,234) (199) (2,701)
----------- ----------- ----------
(974) 5,152 7,610
----------- ----------- ----------
Group results
Overall turnover for the six months ended 30 June 2003 was #43.3 million (six
months ended 30 June 2002: #55.7 million; six months ended 31 December 2002:
#51.6 million). This was slightly ahead of the indications given in July.
Turnover has been impacted by the level of the order book at the start of the
period and by a slow-down in client decision-making in response to economic and
political uncertainties during the period. 61% of the Group's turnover was
attributable to North America; the adverse impact on revenue of the weak US
dollar relative to Sterling is estimated at #3 million compared with the first
half of last year.
The Group's gross margin was 49% (2002: 51%) which reflects tight control of the
cost of delivery and the currently lower margins being made in Parson
Consulting.
Selling expenses represented 33% of turnover for the six months. The decisions
were taken not to make short term cuts in this important resource in Proudfoot
and to invest in additional sales resource in Parson Consulting to expedite its
turnaround.
Administration expenses, excluding goodwill, were #7.5 million, a reduction of
#0.7 million compared to the 2002 second half run-rate.
Our remuneration schemes for directors and employees, including the management
incentive plan, are structured so that the rewards are linked to both the
short-term and long-term performance of the business. Accordingly, the half year
results have benefited from a lower overall charge for performance-related
remuneration schemes.
The operating loss before goodwill amortisation was #1.0 million (2002: profit
#5.2 million). After goodwill amortisation the operating loss was #3.0 million
(2002: profit of #4.1 million). The results reflect the continuing losses in
Parson Consulting and a decrease in the profitability of Proudfoot Consulting
due to the decline in its turnover. EBITDA was a loss of #0.3 million (2002:
profit of #5.6 million).
There is negligible net interest income due to low interest rates and the charge
attributable to the discount on the long-term liabilities associated with the
closed defined benefit pension scheme.
The tax charge is #0.7 million (2002: #0.4 million) representing mainly tax
payable in countries where we do not have brought forward losses.
Proudfoot Consulting
At #33.8 million, turnover for the six months was 37% down on the corresponding
period of 2002 (30 June 2002: #53.3 million) and 15% down on the preceding half
year (six months ended 31 December 2002: #39.9 million). The decrease in
turnover compared with the first half of 2002 occurred in both North America and
Europe but was offset, in part, by better trading in Asia Pacific and Africa.
As previously indicated, turnover in the first half of 2003 was impacted by the
order book at the start of the period being significantly lower than at the same
point in the previous year, and by the economic and political uncertainties that
existed for much of the first half of the year.
The year started promisingly with the work won in the first quarter exceeding
the work delivered by some 63%. However, in the second quarter (and coinciding
with the war in Iraq) the speed at which work was won slowed dramatically. This
slowdown resulted in the work won for the half year as a whole being only some
27% greater than the turnover delivered.
The order book at 30 June 2003 was 40% ahead of the year end position. This
growth was lower than our earlier expectations, but was achieved despite
cautious decision-making by clients in light of the continuing economic and
political uncertainties.
Proudfoot Consulting's engagements extend over a period of typically six to nine
months. Consequently, the revenue of an individual quarter is more dependent on
the order book at the commencement of that quarter than on work won during the
quarter. Most of the work won during a quarter results in revenue in subsequent
quarters. Accordingly, the impact of the slower order in-take during the second
quarter on the turnover for the first half year was not significant. However,
the impact on turnover for the second half is significant and led us, in July,
to downgrade our full year outlook.
In response to the lower turnover, the delivery cost base was tightly managed
and, in particular, the consulting staff numbers were adjusted to maintain
utilisation levels and maintain profitability. The Proudfoot Consulting business
made an operating profit before goodwill amortisation of #2.3 million (2002:
#5.4 million).
Parson Consulting
The Parson Consulting business was purchased at the end of May 2002 and the
corresponding period therefore only includes one month's turnover. The turnover
for the six months ended 30 June 2003 was #9.5 million (one month ended 30 June
2002: #2.4 million; six months ended 31 December 2002: #11.7 million).
The Parson Consulting business made satisfactory progress in the six months
ended 30 June 2003. Turnover, which had remained steady since the autumn of last
year, started to climb week by week in the last couple of months of the half
year. During the six months we have strengthened the management and sales teams,
and installed sales processes and methodologies using the consulting skills of
Proudfoot Consulting. The focus on Sarbanes-Oxley has resulted in a good
expansion of our client base.
Good progress is being made at increasing both the volume and price of services
provided. We believe that there is scope for further improvement in future
periods.
The operating loss before goodwill amortisation for the six months ended 30 June
2003 was #3.2 million (one month ended 30 June 2002: #0.2 million). Importantly,
the monthly loss has now decreased from #0.8 million per month at the beginning
of 2003 to #0.4 million in June 2003.
Earnings per share
The fully diluted loss per share was 1.9 pence compared with earnings of 2.4
pence per share in the corresponding period. Headline loss per share before
goodwill amortisation was 0.8 pence (2002: earnings of 3.6 pence).
Dividend
As indicated previously, it is our policy to pay only one dividend a year, after
the declaration of the annual results. Accordingly, no interim dividend is being
declared.
Balance sheet
The group's cash balance declined from #21.9 million at 31 December 2002 to #9.6
million at 30 June 2003 due principally to the deferred consideration associated
with previous acquisitions and working capital movements.
The deficit related to the closed defined benefit pension and medical plans has
increased to #18.5 million from #17.3 million at 31 December 2002. This reflects
more conservative actuarial assumptions and the weakness in world stock markets.
Employees and directors
The board recognises the continued commitment to the Group of its employees and
their contribution to the underlying progress made by both businesses against
the backdrop of a difficult consulting market place. In particular, the
directors wish to place on the record their appreciation of each individual's
efforts that resulted in Management Consulting Group being independently
assessed as the major consultancy with the fastest organic growth rate in the
world for 2002.
Following the retirements from the board after the Annual General Meeting in
April, the board is delighted to announce the appointment of Baroness Cohen of
Pimlico as a non-executive director of the Company with effect from today. Janet
Cohen is the chairman of BPP Holdings plc, a non-executive director of the
London Stock Exchange PLC, a senior adviser to a number of organisations and
active in Anglo-German business. She was originally a solicitor, then had a
career as a civil servant in the Department of Trade and Industry, and
subsequently as a corporate financier and adviser in the Charterhouse Group. She
sits as a Labour peer in the House of Lords. Baroness Cohen will be a member of
the Audit Committee, the Nominations Committee and the Remuneration Committee.
Outlook
Our current order book is 40% higher than it was at the start of the year. On
the basis of this improved order book and current strong enquiry levels, and as
stated in our July trading update, the Board believes that the turnover for the
second half of 2003 is likely to exceed that achieved in the first half of the
year. The Board expects this performance despite the fact that the second half
of the year is traditionally weaker than the first due to seasonal trading
patterns.
Whilst we are currently seeing a greater inflow of client business, and whilst
economic uncertainty has eased somewhat since the Spring, the economic climate
is still far from stable. Business confidence remains fragile and the continuing
economic and political risk in some markets makes it difficult to predict the
outlook for the year as a whole with certainty.
However, provided that client decsion-making cycles do not lengthen further at
Proudfoot, and provided that the turnaround at Parson Consulting continues to
progress as it has done in recent months, the Board is confident that the
performance of the Group will improve in the second half.
R W H Stomberg
Non-executive Chairman
11 August 2003
Management Consulting Group PLC
group profit and loss account
six months ended 30 June 2003 unaudited unaudited audited
six six year
months ended months ended ended
30 June 2003 30 June 2002 31 Dec 2002
----------- ----------- ----------
note #'000 #'000 #'000
---- ----------- ----------- ----------
Turnover 2 43,298 55,655 107,296
Cost of sales (22,256) (27,450) (53,710)
----------- ----------- ----------
Gross profit 21,042 28,205 53,586
Selling costs (14,473) (14,551) (29,189)
Administrative
expenses
Excluding goodwill (7,543) (8,502) (16,787)
amortisation
Goodwill (2,021) (1,100) (3,107)
amortisation
----------- ----------- ----------
Total administrative (9,564) (9,602) (19,894)
expenses
----------- ----------- ----------
Operating (loss) /
profit:
Before goodwill (974) 5,152 7,610
amortisation
After goodwill (2,995) 4,052 4,503
amortisation
----------- ----------- ----------
Total operating (loss) 2 (2,995) 4,052 4,503
/ profit and (loss) /
profit on ordinary
activities before
finance income
Finance income (net) 176 40 395
----------- ----------- ----------
(Loss) / profit on 2 (2,819) 4,092 4,898
ordinary activities
before taxation
Tax on (loss) / profit 3 (706) (438) (636)
on ordinary
activities
----------- ----------- ----------
(Loss) / profit on (3,525) 3,654 4,262
ordinary activities
after taxation
Equity dividends - - (930)
proposed
----------- ----------- ----------
Retained (loss) / (3,525) 3,654 3,332
profit for the
financial period
----------- ----------- ----------
Earnings / (loss) per 5
share - pence
Basic (1.93) 2.75 2.71
Diluted (1.93) 2.44 2.43
Headline (0.82) 3.58 4.68
----------- ----------- ----------
group statement of total recognised gains and losses
six months ended 30 June 2003 unaudited unaudited audited
six six year
months ended months ended ended
30 June 2003 30 June 2002 31 Dec 2002
----------- ----------- ----------
note #'000 #'000 #'000
---- ----------- ----------- ----------
(Loss) / profit for (3,525) 3,654 4,262
the period
Actuarial loss 14 (1,824) (4,230) (7,605)
relating to retirement
benefit schemes
Currency translation
differences on foreign
currency net
investments 944 1,751 (453)
----------- ----------- ----------
Total recognised gains (4,405) 1,175 (3,796)
and losses recognised
since the last Annual
Report ----------- ----------- ----------
group balance sheet
as at 30 June 2003 unaudited unaudited audited
30 30 31 Dec
30 June 2003 30 June 2002 31 Dec 2002
----------- ----------- ----------
Note #'000 #'000 #'000
---- ----------- ----------- ----------
Fixed assets
Intangible assets 6 73,434 74,188 73,600
Tangible assets 1,886 3,089 2,471
Investments 970 970 970
----------- ----------- ----------
76,290 78,247 77,041
----------- ----------- ----------
Current assets
Debtors 7 9,762 11,832 8,256
Cash at bank and in hand 9,553 26,667 21,928
and deposits
----------- ----------- ----------
19,315 38,499 30,184
Creditors: amounts falling 8 (22,781) (31,200) (25,265)
due within one year
----------- ----------- ----------
Net current (liabilities) / (3,466) 7,299 4,919
assets
----------- ----------- ----------
Total assets less current 72,824 85,546 81,960
liabilities
Creditors: amounts falling 9 (3,929) (5,444) (4,971)
due after more than one
year
Provisions for liabilities (2,678) (3,120) (2,704)
and charges
----------- ----------- ----------
Net assets excluding 66,217 76,982 74,285
retirement benefits
liability
Retirement benefits 14 (18,491) (14,685) (17,290)
liability
----------- ----------- ----------
Net assets including 47,726 62,297 56,995
retirement benefits
liability
Capital and reserves
Called up share capital 47,198 46,383 46,530
Share premium account 38,009 39,598 37,978
Shares to be issued 3,282 8,988 9,427
Other reserves 1,103 279 (423)
Profit and loss account (41,866) (32,951) (36,517)
----------- ----------- ----------
Shareholders' funds - 10 47,726 62,297 56,995
equity
----------- ----------- ----------
Management Consulting Group PLC
group cash flow statement
six months ended 30 June 2003 unaudited unaudited audited
six six year
months ended months ended ended
30 June 2003 30 June 2002 31 Dec 2002
----------- ----------- ----------
Notes #'000 #'000 #'000
----- ----------- ----------- ----------
Net cash (outflow) / 11 (5,935) 8,636 4,884
inflow from operating
activities
Returns on investment
and servicing of
finance
Interest received 153 202 958
Interest paid - - (86)
----------- ----------- ----------
Net cash inflow from 153 202 872
returns on
investments and
servicing of
finance
Taxation (544) (2,227) (2,093)
Capital expenditure
and financial
investment
Purchase of tangible (50) (139) (1,116)
fixed assets
----------- ----------- ----------
Net cash outflow from (50) (139) (1,116)
capital expenditure
and financial
investment
Acquisitions and
disposals
Payments to acquire (4,984) (37,991) (37,633)
subsidiary
undertakings
Debt acquired with - (141) (691)
subsidiary
undertakings
----------- ----------- ----------
Net cash outflow from (4,984) (38,132) (38,324)
acquisitions and
disposals
Equity dividends (911) - -
paid
----------- ----------- ----------
Cash outflow before (12,271) (31,660) (35,777)
use of liquid
resources and
financing
Management of liquid
resources
Cash withdrawn from - 271 2,475
liquid resources
----------- ----------- ----------
Net cash inflow from - 271 2,475
management of liquid
resources
Financing
Net proceeds from - 38,847 39,022
issue of ordinary
shares
----------- ----------- ----------
Net cash inflow from - 38,847 39,022
financing
----------- ----------- ----------
(Decrease) / increase 12, (12,271) 7,458 5,720
in cash in the 13
period ----------- ----------- ----------
1.Basis of presentation
The interim financial statements have been prepared in accordance with the
accounting policies set out in the annual report for the year ended 31 December
2002.
2.Segmental information
(a) Turnover
There is no material difference between turnover by geographical destination and
turnover by geographical origin. The analysis of turnover by geographical
destination is as follows:
unaudited unaudited audited
six six year
months ended months ended ended
30 June 2003 30 June 2002 31 Dec 2002
----------- ----------- ----------
#'000 #'000 #'000
----------- ----------- ----------
North America 26,512 31,542 66,186
Europe 12,467 21,250 34,634
Africa 2,128 1,678 2,188
Asia Pacific 2,191 1,185 4,288
----------- ----------- ----------
43,298 55,655 107,296
----------- ----------- ----------
(b) Profit / (loss) before taxation
The analysis of the profit / (loss) by geographical region is as follows:
unaudited unaudited audited
six six year
months ended months ended ended
30 June 2003 30 June 2002 31 Dec 2002
----------- ---------- ----------
#'000 #'000 #'000
----------- ---------- ----------
North America (525) 4,448 8,645
Europe (2,544) (83) (3,479)
Africa (21) (34) (947)
Asia Pacific 95 (279) 284
----------- ---------- ----------
Total operating (loss) / (2,995) 4,052 4,503
profit
Finance income 176 40 395
----------- ---------- ----------
Group (loss) / profit before (2,819) 4,092 4,898
taxation
----------- ---------- ----------
3.Taxation
The Group is tax paying in certain jurisdictions, and several jurisdictions
apply minimum levels of taxation. The tax charge for the six months ended 30
June 2003 reflects such taxes. In other jurisdictions there are unrelieved
losses.
4.Earnings before interest, tax, depreciation and amortisation
unaudited unaudited audited
six six year
months ended months ended ended
30 June 2003 30 June 2002 31 Dec 2002
----------- ---------- ----------
#'000 #'000 #'000
----------- ---------- ----------
Operating (loss) / profit (2,995) 4,052 4,503
Depreciation 635 453 1,639
Amortisation of goodwill 2,021 1,100 3,107
----------- ---------- ----------
EBITDA (339) 5,605 9,249
----------- ---------- ----------
5.Earnings per share
The basic earnings per share is calculated by dividing the earnings attributable
to ordinary shareholders by the weighted average number of Ordinary Shares in
issue during the period after deducting 3.9 million shares held by the Group in
an employee share trust.
For diluted earnings per share, the weighted average number of Ordinary Shares
in issue is adjusted to assume conversion of all potentially dilutive Ordinary
Shares. The Group's only dilutive instruments are share options granted to
employees where the exercise price is less than the average market price during
the year, shares potentially to be issued to Executive Directors under a long
term incentive plan and shares to be issued as deferred consideration. Dilution
is not recognised where continuing operations are loss making.
The average share price for the six months ended 30 June 2003 was 44.4 pence (30
June 2002: 69.7 pence and 31 December 2002: 67.8 pence).
Headline earnings per share has been calculated in accordance with the
definition in the Institute of Investment Management Research ('IIMR') Statement
of Practice No. 1, 'The Definition of IIMR Headline Earnings'.
Reconciliations of the earnings and weighted average number of shares used in
the calculations are set out below:
weighted
six months ended 30 June average
2003 (unaudited) number earnings per
earnings of shares share amount
-------- --------- ------------
#'000 (million) (pence)
-------- --------- ------------
Basic EPS
Loss attributable to (3,525) 182.5 (1.93)
shareholders
Effect of dilutive
securities
Options - - -
Long term incentive plan - - -
Deferred consideration - - -
shares
-------- --------- ------------
Fully diluted EPS (3,525) 182.5 (1.93)
-------- --------- ------------
-------- --------- ------------
Basic EPS (3,525) 182.5 (1.93)
Goodwill amortisation 2,021 - 1.11
-------- --------- ------------
Headline EPS (1,504) 182.5 (0.82)
-------- --------- ------------
weighted
six months ended 30 June average
2002 (unaudited) number earnings per
earnings of shares share amount
-------- --------- ------------
#'000 (million) (pence)
-------- --------- ------------
Basic EPS
Profit attributable to 3,654 132.9 2.75
shareholders
Effect of dilutive
securities
Options - 3.6 (0.07)
Long term incentive plan - 10.5 (0.19)
Deferred consideration - 3.0 (0.05)
shares
-------- --------- ------------
Fully diluted EPS 3,654 150.0 2.44
-------- --------- ------------
-------- --------- ------------
Basic EPS 3,654 132.9 2.75
Goodwill amortisation 1,100 - 0.83
-------- --------- ------------
Headline EPS 4,754 132.9 3.58
-------- --------- ------------
year ended 31 December weighted
2002 (audited) average number earnings per
earnings of shares share amount
-------- --------- ------------
#'000 (million) (pence)
-------- --------- ------------
Basic EPS
Profit attributable to 4,262 157.3 2.71
shareholders
Effect of dilutive
securities
Options - 3.6 (0.06)
Long term incentive - 8.5 (0.13)
plan
Deferred consideration - 6.1 (0.09)
shares
-------- --------- ------------
Fully diluted EPS 4,262 175.5 2.43
-------- --------- ------------
-------- --------- ------------
Basic EPS 4,262 157.3 2.71
Goodwill amortisation 3,107 - 1.97
-------- --------- ------------
Headline EPS 7,369 157.3 4.68
-------- --------- ------------
6.Intangible assets
Intangible assets consist of goodwill arising on acquisitions which is being
amortised over a period of 20 years. The total amortisation charge for the
period was #2.0 million (30 June 2002: #1.1 million) of which #0.9 million (30
June 2002: #0.2 million) relates to North America and #1.1 million (30 June
2002: #0.9 million) relates to Europe.
7.Debtors
unaudited unaudited audited
30 June 30 June 31 Dec
2003 2002 2002
-------- --------- ---------
#'000 #'000 #'000
-------- --------- ---------
Trade debtors 5,710 8,231 4,774
Other debtors 827 933 890
Taxation recoverable 1,693 919 1,422
Prepayments and accrued income 1,532 1,749 1,170
-------- --------- ---------
9,762 11,832 8,256
-------- --------- ---------
8.Creditors: amounts falling due within one year
unaudited unaudited audited
30 June 30 June 31 Dec
2003 2002 2002
-------- --------- ---------
#'000 #'000 #'000
-------- --------- ---------
Bank loans and overdrafts - 711 -
Trade creditors 1,670 2,689 2,072
Other creditors 1,062 1,829 1,066
Corporation tax 4,023 2,369 3,393
Other taxes and social security 1,235 969 1,342
Deferred income 1,543 3,365 1,579
Accruals 13,248 19,268 14,883
Proposed dividend - - 930
-------- --------- ---------
22,781 31,200 25,265
-------- --------- ---------
9.Creditors: amounts falling due after more than one year
unaudited unaudited audited
30 June 30 June 31 Dec
2003 2002 2002
-------- --------- ---------
#'000 #'000 #'000
-------- --------- ---------
Other creditors - 2,780 953
Corporation tax 2,535 2,664 2,359
Accruals 1,394 - 1,659
-------- --------- ---------
3,929 5,444 4,971
-------- --------- ---------
10.Reconciliation of movements in equity shareholders' funds
unaudited unaudited audited
six six year
months ended months ended ended
30 June 2003 30 June 2002 31 Dec 2002
----------- ----------- ----------
#'000 #'000 #'000
----------- ----------- ----------
(Loss) / profit for the (3,525) 3,654 4,262
period
Other recognised gains and (880) (2,479) (8,058)
losses during the period
New share capital issued 1,281 41,320 41,480
Equity dividends proposed - - (930)
(Decrease) / increase in (6,145) (250) 189
reserve for shares to be
issued
----------- ----------- ----------
Net (decrease) / increase in (9,269) 42,245 36,943
shareholders' funds:
Opening shareholders' funds: 56,995 20,052 20,052
----------- ----------- ----------
Closing shareholders' funds 47,726 62,297 56,995
----------- ----------- ----------
11.Reconciliation of operating profit / (loss) to net cash flow from operating
activities
unaudited unaudited audited
six six year
months ended months ended ended
30 June 2003 30 June 2002 31 Dec 2002
----------- ----------- ----------
#'000 #'000 #'000
----------- ----------- ----------
Operating (loss) / profit (2,995) 4,052 4,503
Depreciation 635 453 1,639
Amortisation 2,021 1,100 3,107
Management long term incentive (1,504) 726 -
plan (credit) / charge
Retirement benefit (515) (1,095) (1,210)
contributions in excess of
service costs
(Increase) / decrease in (1,735) 3,306 6,695
debtors
(Decrease) / increase in (1,727) 30 (9,402)
creditors
(Decrease) / increase in (115) 64 (448)
provisions
----------- ----------- ----------
Net cash (outflow) / inflow (5,935) 8,636 4,884
from operating activities
----------- ----------- ----------
12. Analysis of net funds
net funds
at 1 exchange net funds at
Jan 2003 cash flow movement 30 June 2003
-------- --------- --------- ------------
#'000 #'000 #'000 #'000
-------- --------- --------- ------------
Cash at bank 21,928 (12,271) (104) 9,553
-------- --------- --------- ------------
13.Reconciliation of net cash flow to movement in net funds
unaudited unaudited audited
six six year
months ended months ended ended
30 June 2003 30 June 2002 31 Dec 2002
----------- ----------- ----------
#'000 #'000 #'000
----------- ----------- ----------
(Decrease) / increase in (12,271) 8,175 5,720
cash
Increase in bank overdraft - (717) -
Cash inflow from management of - (271) (2,475)
liquid resources
----------- ----------- ----------
Change in net funds arising (12,271) 7,187 3,245
from cash flows
Exchange movement (104) (158) (244)
----------- ----------- ----------
Movement in net funds in the (12,375) 7,029 3,001
period
Net funds at beginning of 21,928 18,927 18,927
period
----------- ----------- ----------
Net funds at end of period 9,553 25,956 21,928
----------- ----------- ----------
14.Retirement benefits
The retirement benefits liability relates to the US defined benefit pension
scheme and to the US post-retirement medical benefits plan.
Entitlement to additional benefits under the US defined benefits pension scheme
ceased on 31 December 2001.
The US post-retirement medical benefits plan relates to certain former employees
who retired prior to 30 September 1995 and to a small number of current and
former employees who were employed at that date. Accordingly, further benefit
accruals under this plan are insignificant.
The retirement benefits liability at 30 June 2003 has been estimated by the
actuaries on the basis described in the last annual report except that the
expected rate of return on assets has been reduced by 1% to 8% and the discount
rate applied to the liabilities has been reduced by 0.75% to 6%.
unaudited unaudited audited
six six year
months ended months ended ended
30 June 2003 30 June 2002 31 Dec 2002
----------- ----------- ----------
#'000 #'000 #'000
----------- ----------- ----------
Retirement benefits liability (17,290) (12,212) (12,212)
at start of period
Pension contributions 428 1,032 1,087
Payment of medical benefits 88 118 176
Service costs (1) (55) (53)
Net finance expense (422) (175) (336)
Actuarial loss (1,824) (4,230) (7,605)
Foreign exchange 530 837 1,653
translation
----------- ----------- ----------
Retirement benefits liability (18,491) (14,685) (17,290)
at end of period
----------- ----------- ----------
15.Statutory accounts
The above financial information does not constitute statutory accounts as
defined in Section 240 of the Companies Act 1985. The statutory accounts for the
financial year ended 31 December 2002, upon which the auditors issued an
unqualified opinion pursuant to Section 235 of the Companies Act 1985 and which
do not contain a statement under sub-section (2) or Section 237 of that Act,
have been delivered to the Registrar of Companies.
16.Interim report
A copy of the Group's interim report will be sent to shareholders on 22 August
2003 and copies will be available at the Company's registered office at 21 New
Fetter Lane, London EC4A 1AW.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR ILFFATLITIIV
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