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Share Name | Share Symbol | Market | Type |
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Ferrovial SE | EU:FER | Euronext | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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-1.36 | -3.54% | 37.10 | 37.04 | 37.14 | 37.82 | 37.10 | 37.68 | 3,362 | 14:03:10 |
RNS Number:2542K Ferraris Group PLC 23 April 2003 23 April 2003 Ferraris Group plc Interim Results - 6 months to 28 February 2003 Ferraris Group plc ("Ferraris"), the medical diagnostics and life sciences group with operations in the UK, Europe and North America, announces Interim results for the six months ended 28 February 2003. Products and services are supplied to a wide range of healthcare providers and the world's leading pharmaceutical and diagnostic companies. Financial Highlights (before discontinued and exceptional items) * Continued Growth * Turnover growth of 6% to #30.1m (5% contributed by Acquisitions; 1% Organic) * Operating profit (pre-goodwill) up 11% to #2.72m (2002: #2.45m) * Operating margin up 9.0% for H1 03 (H1 02: 8.6%) * Pre-tax profits (pre-goodwill) up 16% to #2.27m (2002: #1.96m) * EPS growth of 14.5% on continuing activities (pre-goodwill) * Dividend 2.2p (2002: 2.2p), covered 1.9 times * Interest cover 3.9 times Other Highlights * R&D expenditure written off as incurred - all figures stated on this basis * Acquisitions of Del Mar and PiKo in January 2003 * New product launches; strength of new contracts in clinical trails * Member of Stock Exchange techMARK and techMARK Mediscience groups in March 2003 Operational * Medical Diagnostic Division (58% of sales) - margin increased * Established as Europe's premier provider of cardio-respiratory devices and services * Acquisition of Del Mar secures premier global position for cardiac ambulatory monitoring products * Rapid expansion in clinical trial services, rebranded as "Quantum Research" * Asthma management business stable - launch of PiKo, world's smallest electronic peak flow meter * European liaison of pulmonary and cardiology product groups * Infant pulmonary laboratory sales on target * Life Science Division (42% of sales) - margin maintained * Challenging period across division - like-for-like sales reduced by 2.5% * Focus on cost control to remain lowest cost producers of top quality products * New product opportunities for medical diagnostics Regarding Prospects, Ian Dighe, Chairman, said: "The current level of orders is however encouraging in most businesses within the group. Provided this is maintained, the Board can be optimistic about a satisfactory outcome for the current financial year." For further information: Ferraris Group plc Binns & Co PR Ltd Steven Mills, Chief Executive Tel: 0121 782 6000 Peter Binns Mob: 07831 677 067 Paul McManus www.ferraris.co.uk Tel: 020 7786 9600 CHAIRMAN'S REVIEW I am pleased to report interim figures to 28 February 2003 showing increased sales and operating profit before goodwill and exceptionals on continuing operations (our best indicator of underlying earnings), compared to the same period last year. On this basis, earnings per share at 6.3p rose 15% above 5.5p reported for 2002. The Medtech sector continues to change and is driven by needs to serve an ageing population cost effectively and by the accelerating trend towards globalisation. The requirement to expand market share, lower costs of distribution, achieve critical mass, offer a fully integrated product portfolio and introduce latest technology drives consolidation in the sector. We have responded to consolidation amongst US end-user customers, in particular, by the acquisition of the business of Del Mar Medical Systems ("Del Mar") and by the purchase of the business and intellectual property rights to PiKo. Details of this corporate activity are given below. There is also an increasing trend towards outsourcing drug evaluation clinical trial programmes by the major pharma groups to which our diagnostic products and services are tailored. Work on integrating the Del Mar business with our existing cardiology brand of Reynolds Medical is proceeding smoothly and should be completed by the year end. The combined business offers a coordinated global approach to customers for an increased range of products. On a similar note the combination of our clinical trials operations in the UK following the acquisition of Hertford Medical in August 2002 is virtually complete. We have adopted the brand name 'Quantum Research' on a worldwide basis for our expanded range of clinical trials services. Acceptance of membership to join the London Stock Exchange TechMARK and TechMARK Mediscience groups in March 2003 further underscores our commitment to the medical diagnostics sector. Following extensive discussions with shareholders, advisors and bankers, the Board has decided to expense our significant Research and Development costs as incurred. We have made this change of policy to demonstrate additional clarity in our results and to be consistent with current accounting trends. We shall continue to track expenditure, as any material variation in spending would give additional volatility to earnings. A favourable consequence of this approach is a reduction in future tax payments in the USA amounting to $0.75 million. Prior year results have been restated allowing a proper comparison with previous periods. RESULTS AND DIVIDEND Sales on continuing operations increased by 6% to #30.1 million (2002: #28.5 million). A first contribution of #1 million came from the acquisition of Del Mar and a further #0.5 million from Hertford Medical International Limited, acquired in August 2002, giving a like for like increase of 1%. Adverse changes in #/$ exchange rates depressed sales by #0.75 million. Total sales increased in Medical Diagnostics by 12%, whilst market conditions led to a decrease of 2.5% in Life Sciences. Operating margin for the Medical Diagnostic division rose to 10.6% from 10.0% whilst that for the Life Sciences division remained static at around 6.8%. Operating profit (before goodwill and exceptionals), our best indicator of underlying earnings, at #2.7 million was 11% ahead of the #2.4 million for 2002. Exceptional costs of #847,000 (2002 : #243,000) have been incurred in connection with long term contractual arrangements for key customers in our Life Sciences Division. Certain costs are necessarily taken up front with this investment expected to yield commercial benefit over several years as stipulated in individual contracts. In accordance with best accounting practice and consistent with the Board's revised approach to Research and Development expenditure, these items have been expensed as incurred. It is not anticipated that there will be any further costs of this nature in the second half of this year. In 2002, exceptional costs related primarily to reorganisation of the asthma management products group. The higher charge for goodwill amortisation of #968,000 (2002: #867,000), reflects the acquisitions of Hertford Medical International Limited, Del Mar and PiKo. Profit before taxation is #453,000 (2002: #736,000), after an almost similar interest charge. Earnings per share before exceptional charges and goodwill amortisation were 6.3p (2002: 5.5p). After these charges earnings per share were 0.9p (2002: 1.4p). There have been significant changes in cash flow in the period as the acquisitions noted above were largely financed from increased debt facilities and there was the usual half-year trend of increased working capital. Stock levels were contained despite higher sales volumes, debtors increased only marginally above the uplifted sales but there were sizeable changes in creditors. These changes reflect both the earlier payment to suppliers in exchange for substantially better pricing and payment of reorganisation costs provided for last year. Gearing increased to 68% of shareholder funds. Interest cover before exceptional items is 3.9 times. An interim dividend of 2.2p net (2002: 2.2p) per Ordinary Share is declared and will be payable on 28 July 2003 to holders on the register on 4 July 2003. Adding back goodwill amortisation to retained earnings this dividend is covered 1.9 times. CORPORATE ACTIVITY On 6 January 2003, we announced the purchase of the business of Del Mar, a major US supplier of ambulatory cardiac monitoring systems, based near Los Angeles. Consideration on closing was $10 million (#6.25 million) of which $2.75 million (#1.72 million) was satisfied by the issue of New Ordinary Shares to the Vendors and the remaining $7.25 million (#4.53 million) paid in cash. A further contingent payment (payable in cash) of up to $1.5 million (#0.94 million) may be payable if net sales targets are achieved during the 24 months subsequent to closing. $1m (#0.6 million) is payable over a four year period to certain vendors in exchange for a non-compete agreement. We announced the launch of 'PiKo', the world's smallest electronic peak flow meter on 28 January 2003, following the purchase of the business, intellectual property, certain marketing rights and assets relating to 'PiKo' and a range of other digital spirometers from PiKo Healthcare Products Inc. Initial cash consideration was $1.9 million (#1.19 million). At the same time, a supply agreement for manufacture of initial production in Hong Kong and China was signed. Additional payments of up to $2.4 million (#1.5 million) are payable upon achievement of various milestones relating to sales over a period of 24 months from completion. Any such payments will be satisfied as to 56 percent in cash and 44 percent in New Ordinary Shares. Further New Ordinary Shares to a value of $0.5 million will be issued 24 months after completion in respect of a non-compete agreement, lasting for a period of three years from completion. OPERATIONS REPORT Medical Diagnostics Sales in the cardiology group have held up well despite difficult conditions prevailing in both Germany and the UK. As expected, it is now apparent that previously reported increased Government spending on the NHS has primarily been allocated to staff costs and that a relatively small proportion of around 10% was available for medical equipment. Diagnostic and Treatment Centres for heart disease and cancer screening equipment should however be particular beneficiaries. Our cardiology product group has good prospects of further sales during the remainder of 2003 and into 2004. Sales in the US have shown an encouraging uplift from 2002 and will of course be additionally increased following the acquisition of Del Mar. Work on integrating the two US businesses by the executive management team is already in hand. There are good indications of aggressive targets being achieved, worldwide distribution has been enhanced (particularly in the Pacific Rim and South America) and product ranges streamlined. The European cardiology businesses are working closer with their sister pulmonary diagnostic companies and a combination of sales and service resource is operating to good effect on a lower cost base. Further close working relationships are planned in these units, which have performed to target in the six months. In the US sales of the Infant Pulmonary Laboratory are on schedule, primarily accounting for an 18% increase in sales in this product grouping. Sales of the high end stress equipment have been slow as capital budgets were severely reduced by many of the buying groups prior to the well telegraphed war in Iraq We have established Denver as our US base for our asthma management and allergy management devices group. To date sales both there and in Europe have been relatively flat but stable. With the recent launch of PiKo, opportunities should present themselves for increased income. The revolutionary PiKo product has already won an award in the US Medical Design Excellence Awards for the Best over the counter and Self Care Product. It offers an accurate device with good digital transmission capabilities at a price within the reimbursement level of most Western healthcare markets. We have rebranded our clinical trial services activities under the global name of 'Quantum Research', combining the businesses of PDS and Hertford Medical in both the US and UK. Eliminating the exceptionally sizeable sale of pulmonary equipment last year underlying sales rose by 40%. We were however pleased to obtain a follow on order worth almost #1 million for pulmonary equipment and associated clinical trial services from the same pharmaceutical customer. This is scheduled for delivery by the end of this fiscal year. Performance by the respiratory team has been significantly above budget from both existing and new pharmaceutical clients. At times staff resources have been stretched with a resultant increase in overtime costs. Internal training of cardiology technicians in respiratory reviews has also been required. Having started slowly the cardiology activity is now accelerating and has a number of tenders outstanding for sizeable contracts. Combining the UK businesses is underway and will be concluded by April 2003 in a single site at Welwyn Garden City. Development work on digital communication has been extensive and the KoKo Link software should further enhance the services from this product group. Life Sciences Already well publicised operating difficulties at a prime customer supplying safety critical components for MRI scanners have provided management with a number of challenges including efficient batch manufacturing and maintaining margins. Combined with new product development by customers being slower than expected there has been a below budget profit reported by this unit. Various initiatives are in hand working with OEM customers to secure 'Preferred Supplier' status on a medium term contract sharing cost savings and examining new production techniques. Third party delays have also resulted in a significant reduction in profit earned from the contract for Cern. Suppliers to the semi-conductor sector have been adversely hit throughout the period under review as capital projects were frequently either postponed or curtailed. Although the operating performance of our business outperformed the sector by taking market share, its profitability was down against budget, as the upturn predicted by sector specialists did not emerge. Labour costs were taken out and sub contracting was kept to a minimum but the result reported was disappointing. Sales trends are volatile but a further review of costs is underway and should result in additional savings in the absence of any sign of improved sales. Early indications of the impending war in Iraq caused a number of grants in the US to be withheld pending clarification of available budgets for governmental institutions and related laboratories. These delays significantly reduced the last three months' performance in the US for our cryogenics products. European sales performed reasonably and the overall performance was on budget. As new products come on stream increased visibility of future profits should be evident. PROSPECTS It is a difficult time to comment upon prospects with a background of uncertainty about business confidence post the war in Iraq, a potential epidemic in the Far East delaying production volumes for PiKo, and a poor economic climate in most of our markets. The current level of orders is however encouraging in most businesses within the group. Provided this is maintained, the Board can be optimistic about a satisfactory outcome for the current financial year. I R Dighe Chairman 23rd April 2003 Consolidated Profit and Loss Account (unaudited) Half Year to Half Year to Year to 28 February 2003 28 February 31 August 2003 2002 2002 (as restated) (as restated) #'000 #'000 #'000 Turnover Continuing operations 29,087 28,472 58,016 Acquisitions 994 - - ------- ------- ------- 30,081 28,472 58,016 Discontinued Operations - 2,733 4,250 ------- ------- ------- 30,081 31,205 62,266 ------------------------------------------------------------------------------ Operating Profit Operating profit before amortisation of goodwill, discontinued operations and exceptionals 2,715 2,446 4,786 Exceptional (847) (243) (1,830) Amortisation of goodwill (968) (867) (1,734) ------------------------------------------------------------------------------ Operating profit Continuing operations 826 1,336 1,222 Acquisitions 74 - - ------- ------- ------- 900 1,336 1,222 Discontinued operations - (113) (452) ------- ------- ------- Total operating profit 900 1,223 770 Loss on disposal of discontinued operations - - (810) ------- ------- ------- Profit/(loss) on ordinary activities before interest 900 1,223 (40) Interest (net) (447) (487) (440) ------- ------- ------- Profit/(loss) on ordinary 453 736 (480) activities before taxation Taxation (182) (336) (482) ------- ------- ------- Profit/(loss) after taxation 271 400 (962) Minority Interests - equity interests (3) (6) (7) ------- ------- ------- Profit/(loss) for the financial period 268 394 (969) Dividend (661) (625) (1,600) ------- ------- ------- Retained loss for the period (393) (231) (2,569) ------- ------- ------- Basic earnings per share - before goodwill amortisation, discontinued and exceptional 6.3p 5.5p 11.8p Basic earnings per share - before goodwill amortisation 4.3p 4.5p 2.7p Basic earnings per share - after goodwill amortisation 0.9p 1.4p (3.4p) Dividend per share 2.2p 2.2p 5.6p The restatement of 2002 relates only to the change in accounting policy to expense Research and Development expenditure as incurred. Consolidated Balance Sheet (unaudited) 28 February 28 February 31 August 2003 2002 2002 (as restated) (as restated) #'000 #'000 #'000 Fixed assets Intangible assets 43,334 32,358 33,451 Tangible assets 10,581 11,843 10,304 Investments 1,081 1,049 964 ------- ------- ------- 54,996 45,250 44,719 ------- ------- ------- Current assets Stocks 10,675 11,976 9,800 Debtors 16,017 15,924 13,333 Cash at bank and in hand 415 836 904 ------- ------- ------- 27,107 28,736 24,037 Current Liabilities Creditors - amounts falling due within one year Short term borrowings (9,026) (8,630) (7,418) Other creditors (13,927) (15,294) (14,820) ------- ------- ------- Net current assets 4,154 4,812 1,799 ------- ------- ------- Total assets less current liabilities 59,150 50,062 46,518 Creditors: amounts falling due after more than one year Borrowings (16,787) (11,044) (9,228) Other creditors (202) (165) (187) ------- ------- ------- (16,989) (11,209) (9,415) Provisions for liabilities and charges (4,744) (1,026) (1,551) ------- ------- ------- 37,417 37,827 35,552 ------- ------- ------- Capital and reserves Called up share capital 7,604 7,175 7,237 Contingent equity share capital 645 401 201 Share premium account 20,670 19,031 19,297 Merger reserve 12,252 12,252 12,252 Profit and loss account (3,773) (1,046) (3,450) ------- ------- ------- Shareholders' funds - equity interests 37,398 37,813 35,537 Minority interests - equity interests 19 14 15 ------- ------- ------- 37,417 37,827 35,552 ------- ------- ------- The restatement of 2002 relates only to the change in accounting policy to expense Research and Development expenditure as incurred. Consolidated Cash Flow Statement (unaudited) Half Year to Half Year to Year to 28 February 28 February 31 August 2003 2002 2002 #'000 (as restated) (as restated) #'000 #'000 Cash (outflow)/inflow from operating activities (722) 61 3,084 Returns on investments and servicing of finance Interest received 10 27 472 Interest paid (465) (299) (923) ------- ------- ------- Net cash outflow from returns on investments and servicing of finance (455) (272) (451) Taxation UK corporation tax & overseas tax paid (655) (325) (856) ------- ------- ------- Tax paid (655) (325) (856) ------- ------- ------- Net cash outflow before investing activities (1,832) (536) 1,777 Capital expenditure and financial investment Purchase of tangible fixed assets (1,023) (475) (1,122) Receipts from sales of tangible fixed assets 53 53 122 Purchase of fixed asset investments (117) (139) (138) ------- ------- ------- Net cash outflow from capital expenditure and financial investment (1,087) (561) (1,138) Acquisitions Acquisition of subsidiary undertakings (5,837) - (983) Net cash acquired with new subsidiaries 200 - 163 Cash received on disposal of subsidiary undertakings - - 2,638 Net cash disposed of with subsidiary undertakings - - (22) ------- ------- ------- Net cash (outflow)/inflow arising from acquisitions and disposals (5,637) - 1,796 Equity dividends paid (975) (857) (1,482) ------- ------- ------- Net cash (outflow)/inflow before use of liquid resources and financing (9,531) (1,954) 953 Financing Issue of ordinary share 15 370 148 capital net of expenses Other loans 8,761 1,394 (797) Loan repayments (927) (1,036) - Loan note repayments (1,764) - - Hire purchase and finance lease payments (468) (520) (1,017) ------- ------- ------- Net cash inflow/(outflow) from financing 5,617 208 (1,666) ------- ------- ------- Decrease in cash in period (3,914) (1,746) (713) ------- ------- ------- Consolidated Statement of Total Recognised Gains and Losses (unaudited) Half Year to Half Year to Year to 28 February 28 February 31 August 2003 2002 2002 (as restated) (as restated) #'000 #'000 #'000 Profit/(loss) for the financial period 268 394 (969) Currency translation gains/(losses) 70 53 (378) ------- ------- ------- Total recognised gains/(losses) relating to the period 338 447 (1,347) Prior period adjustment - Deferred tax (FRS19) - (494) (494) Prior period adjustment - Change in R&D policy (4,995) - - ------- ------- ------- Total recognised gains and losses since last annual report (4,657) (47) (1,841) Reconciliation of movements in shareholders' funds Half Year to Half Year to Year to 28 February 28 February 31 August 2003 2002 2002 (as restated) (as restated) #'000 #'000 #'000 Profit/(loss) for the financial period 268 394 (969) Dividends (661) (625) (1,600) ------- ------- ------- (393) (231) (2,569) Goodwill on acquisition written back - - 365 Other recognised gains and losses relating to the period 70 53 (378) Net proceeds of share issue 1,740 370 1,463 Contingent equity share capital 444 - (965) ------- ------- ------- Net addition/(reduction) to shareholders' funds 1,861 192 (2,084) Opening shareholders' funds 35,537 37,621 37,621 ------- ------- ------- Closing shareholders' funds 37,398 37,813 35,537 ------- ------- ------- The opening shareholders' funds at 1 September 2001 as previously reported amounted to #41,801,000 before the prior year adjustment of #4,180,000. NOTES TO THE INTERIM RESULTS 1. This interim report was approved by the Board on 23 April 2003. It has been prepared using accounting policies that are consistent with those adopted in the statutory accounts for the year ended 31 August 2002 as amended for the change in accounting policy to expense Research and Development expenditure as incurred. The decision to change the accounting policy followed extensive discussions with shareholders, advisers and bankers. We believe it will bring additional clarity to our results and is consistent with current accounting trends. As a result of this change in accounting policy, the comparatives have been restated to ensure comparability of corresponding figures. This results in a decrease in operating profit of #1,220,000 for the year to 31 August 2002 and a decrease of #293,000 for the half year to 28 February 2002. The net assets have been reduced by #4,995,000 as at 31 August 2002 and by #4,507,000 as at 28 February 2002. The figures for the year to 31 August 2002 were derived from the statutory accounts for that year. The statutory accounts for the year ended 31 August 2002 have been delivered to the Registrar of companies and received an audit report which was unqualified and did not contain statements under S237(2) or (3) of the Companies Act 1985. 2. The taxation charge is based upon the expected rate for the year ending 31 August 2003. 3. Segmental Analysis By class of Turnover Operating Profit business Half Year Year to Half Year Year to to 28 February 31 August to 28 February 31 August 2003 2002 2002 2003 2002 2002 (as (as restated) restated) #'000 #'000 #'000 #'000 #'000 #'000 -------- -------- -------- -------- -------- -------- Continuing Operations Medical Diagnostics 17,540 15,613 32,291 1,862 1,560 2,929 Life Sciences 12,541 12,859 25,725 853 886 1,857 -------- -------- -------- -------- -------- -------- 30,081 28,472 58,016 2,715 2,446 4,786 -------- -------- -------- -------- -------- -------- Discontinued Operations Engineering - 2,733 4,250 - (113) (452) -------- -------- -------- -------- -------- -------- 30,081 31,205 62,266 2,715 2,333 4,334 Exceptional items - - - (847) (243) (1,830) Goodwill - - - (968) (867) (1,734) -------- -------- -------- -------- -------- -------- 30,081 31,205 62,266 900 1,223 770 -------- -------- -------- -------- -------- -------- 4. Basic earnings per share has been calculated on the weighted average number of ordinary shares in issue during the relevant period. For diluted earnings per share, where earnings are positive the weighted average number of ordinary shares in issue is adjusted to assume conversion of all dilutive potential ordinary shares, being share option schemes, where the exercise price is less than the average market price of the company's ordinary shares during the period. The number of shares is also adjusted for the potential dilution of deferred consideration. Half year to Year to 28 February 31 August 2003 2002 2002 Number Number Number Weighted average number of shares - basic 28,994,339 28,064,488 28,295,605 Share option adjustment 73,950 287,878 226,041 -------------------------------------------- Weighted average number of shares - diluted 29,068,289 28,352,366 28,521,646 -------------------------------------------- (as restated) (as restated) #'000 #'000 #'000 Earnings attributable to ordinary shareholders before goodwill, discontinued and exceptionals 1,829 1,544 3,334 Earnings attributable to ordinary shareholders before goodwill 1,236 1,261 765 Earnings attributable to ordinary shareholders after goodwill 268 394 (969) Earnings per share - basic * before goodwill, discontinued and exceptionals 6.3p 5.5p 11.8p * before goodwill 4.3p 4.5p 2.7p * after goodwill 0.9p 1.4p (3.4p) Earnings per share - diluted * before goodwill, discontinued and exceptionals 6.3p 5.4p 11.7p * before goodwill 4.3p 4.4p 2.7p * after goodwill 0.9p 1.4p (3.4p) 5. Reconciliation of operating profit to net cash flow from operating activities Half year to Year to 28 February 31 August 2003 2002 2002 (as restated) (as restated) #'000 #'000 #'000 Operating profit 900 1,223 770 Depreciation charges 874 968 1,594 Amortisation of goodwill and intangibles 968 867 1,735 Loss/(profit) on sale of fixed assets 30 (5) 13 Increase in stocks (319) (1,619) (990) Increase in debtors (1,274) (2,120) (22) (Decrease)/increase in creditors and provisions (1,901) 747 (16) ------- ------- ------- Net cash (outflow)/inflow from operating activities (722) 61 3,084 ------- ------- ------- 6. Analysis of net debt At 1 September Cash Flow Other At 28 2002 Movements February 2003 #'000 #'000 #'000 #'000 Cash in hand and at bank 904 (489) - 415 Bank overdrafts (2,905) (3,425) - (6,330) ------- ------- ------- ------- Cash (2,001) (3,914) - (5,915) Hire Purchase and Finance leases due within one year (887) 47 - (840) Loans due within one year (1,862) - 6 (1,856) Loan notes due within one year (1,764) 1,764 - - Hire purchase and finance leases due after one year (1,172) 421 (178) (929) Loans due after one year (8,056) (7,834) 32 (15,858) ------- ------- ------- ------- (15,742) (9,516) (140) (25,398) ------- ------- ------- ------- 7. Included in the share premium account is a premium that arose on the acquisition of Del Mar Medical Systems. 8. Further copies of the Interim Report are available from the Company's registered office. INDEPENDENT REVIEW REPORT TO FERRARIS GROUP PLC Introduction We have been instructed by the company to review the financial information for the six months ended 28 February 2003 which comprises the consolidated profit and loss account, balance sheet, summarised cash flow statement, statement of total recognised gains and losses, and related notes 1 to 8, together with the reconciliation of movements in shareholders' funds. We have read the other information contained in the interim report and considered whether it contains any apparent misstatements or material inconsistencies with the financial information. This report is made solely to the company in accordance with Bulletin 1999/4 issued by the Auditing Practices Board. Our work has been undertaken so that we might state to the company those matters we are required to state to them in an independent review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company, for our review work, for this report, or for the conclusions we have formed. Directors' responsibilities The interim report, including the financial information contained therein, is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the interim report in accordance with the Listing Rules of the Financial Services Authority which require that the accounting polices and presentation applied to the interim figures are 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 the 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 28th February 2003. Deloitte & Touche Chartered Accountants Birmingham 23rd April 2003 This information is provided by RNS The company news service from the London Stock Exchange END IR SELFUESDSEEL
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