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RNS Number:5658R
Surfcontrol PLC
03 November 2003
SURFCONTROL ANNOUNCES RECORD RESULTS FOR THE FIRST QUARTER
ENDING SEPTEMBER 30 2003
Annual revenue growth of 25% drives more than five fold increase in earnings
London, England (November 3, 2003) - SurfControl plc (London:SRF), the world's
Number One Web and E-mail filtering company, today reported its results for the
first quarter ending September 30, 2003.
HIGHLIGHTS:
- Invoicing and revenue, both $19.7m in Q1, increase 25% compared to Q1 last
year
- Profit after tax up more than five times compared to Q1 last year at $2.5m
- Record levels of operating cash flow at $8.5m in Q1 and cash reserves
increase to $71.5m
- Continued growth in new customers with over 1,400 signed in Q1. New customers
include the Sydney Opera House Trust, ICI, Norwich Union, Department of Trade
& Industry, Chevron, the US Defense Logistics Agency and CompuCom.
- Acceleration of channel activity boosts indirect invoicing to 58%
- Extended Technology innovation with 'Follow-Me Filtering' and new product
delivery
- New relationships with RIM and Earthlink announced
Q1 FY 2004 Q1 Q1 %
30/09/03 30/09/02 change
$m $m
Revenue 19.7 15.7 25%
Gross margin 99% 99%
EBITDA 3.7 1.8 106%
PBT 3.4 0.9 277%
Basic EPS (per share in US cents) 8.25 1.44 473%
S&M spend as % of overall rev. 49% 56%
Indirect invoicing % 58% 46%
Non Americas revenue % 31% 27%
Deferred revenue balance 54.5 34.5 58%
Operating cash flow 8.5 4.0
Cash balance 71.5 39.9
Invoicing 19.7 15.8 25%
Commenting on the results, Steve Purdham, CEO said, "As highlighted in our
trading update on October 7, 2003, the Company has delivered a solid performance
in line with expectations in a traditionally quiet first quarter. With this in
mind, year on year increases of 25% in both invoicing and revenue together with
significant earnings growth are particularly impressive and show the Company's
business strength. Demand for our range of content filtering solutions remains
robust and the pricing environment stable in spite of continued pressure on IT
spending globally. Whilst it is still early in our current fiscal year, based
on the Company's performance to date, we remain confident and expect a
successful outcome for the year."
For further information:
SurfControl UK +44 (0) 1260 296 200
SurfControl US +1 831 440 2621
Steve Purdham, Chief Executive Officer steve.purdham@surfcontrol.com
Simon Wilson, Chief Financial Officer simon.wilson@surfcontrol.com
Tom Moriarty, SVP Corporate Communications tom.moriarty@surfcontrol.com
Communications
ICIS
+44 (0)207 628 1114
Caroline Evans-Jones carolineejones@icisnet.com
FIRST QUARTER FINANCIAL HIGHLIGHTS:
Revenues for the quarter increased 25% to $19.7m compared to $15.7m for the
first quarter last year, reflecting continued strong customer demand for
filtering solutions. License revenue represented 21% of total revenue (Q1 FY 03:
27%), reflecting a growing customer base and hence proportion of renewal
revenues. Geographically, Americas represented 69% of overall revenues in the
quarter (Q1 FY 03: 72%), and corporate revenues represented 85% of overall
revenues in the quarter (Q1 FY03: 83%) reflecting higher growth rates outside of
the Americas as well as in corporate sales compared to Education sales. OEM
revenue increased significantly to $1.3m (Q1 FY 03: $0.7m), reflecting the flow
through of OEM deferred revenue more so than recent new OEM business. The OEM
order book of contractual commitments decreased to $1.5m (Q1 FY 03: $3.3m), and
it is expected that OEM revenue will decline in the second quarter and not
increase once again until significant new OEM customers are signed. OEM revenue
is not core to the business or its growth. However, the OEM channel continues
to be an important source of market feedback providing an early understanding of
new technologies and product markets. This understanding of potential windows
to the future has assisted our R&D activities and led to new or enhanced core
product introductions over the years such as Artificial Intelligence and Project
Nomad. The Company remains committed to its long term OEM strategy for this
reason.
EBITDA for the quarter increased 106% to $3.7m (Q1 FY 03: $1.8m). The
significant increase in this measure of profit is a direct consequence of the
continued achievement of cost efficiencies, as revenues continue to grow at a
higher rate than sales and marketing and general administrative costs.
Profit after tax for the quarter increased 525% to $2.5m (Q1 FY 03: $0.4m). In
addition to a significant increase in operating profitability, earnings have
further increased due to higher levels of interest income in the quarter at
$0.4m (Q1 FY 03: $0.2m) as a result of higher cash balances, the absence of any
amortization of goodwill in the quarter (Q1 FY 03: $0.7m), and an
internationally competitive effective tax rate for the quarter of 25% (Q1 FY 03:
31%). Basic earnings per share were 8.25 cents in the quarter (Q1 FY 03: 1.44
cents).
Overall Group invoicing in the quarter was $19.7m representing a 25% annual
increase over the same period last year (Q1 FY 03 $15.8m - which also
represented a 25% annual increase over Q1 FY 02). In the first quarter the
average contract length was 1.3 years compared to 1.2 years in the first quarter
last year. Sales of bundled filtering products were 19% of invoicing in the
quarter compared to 11% in the first quarter last year, reflecting the growth in
demand for a broad filtering solution covering web, e-mail, and instant
messaging. The average Americas Corporate invoice value declined slightly to
$5,800 in the quarter (Q1 FY 03: $5,900), while the average US Education invoice
value increased to $4,200 (Q1 FY 03: $3,300). Sales to new customers represented
40% of invoicing, new sales to existing customers 11%, renewals 45%, and OEM/
home sales 4%. In Q1 FY 03, the proportion of invoicing generated by renewals
was 34%.
The Company's growing customer base is naturally increasing the proportion of
renewal sales. This together with increased sales from the channel has produced
a slightly lower average corporate invoice value in Q1. However, overall
invoicing levels continue to grow strongly, as does the number of new customers.
The Company added 1,415 new customers in the quarter, a 4% increase over the
number added in the same period last year (Q1 FY 03: 1,365). The indirect
channel contribution in the quarter increased to 58% of total invoicing (Q1 FY
03: 46%) reflecting the continued success of channel partner programs. Customer
renewal rates vary across sales channels, customer segments, product life
cycles, and geographic regions. During the quarter renewal rates across these
various sectors and geographies, calculated on a customer count basis, ranged
from 69 - 86%. Full-time Equivalent (FTE) headcount increased to 439 from 435
in the sequential quarter (Q1 FY 03: 402).
Deferred revenue increased by 58% to $54.5m (Q1 FY 03: $34.5m) and sequentially
by $0.3m (Q4 FY 03: $54.2m). This significant year on year increase in deferred
revenue reflects an outstanding invoicing performance in FY 03 and continues to
provide both short and long term forward revenue visibility with $37.3m, or 69%
of total deferred revenue, due to fall into revenue within the next 12 months.
Operating cash flow continued to be very significant, reaching a record of $8.5m
(Q1 FY 03: $4.0m). This reflected both improved profit levels as well as record
low levels of Days Sales Outstanding (DSO), based on invoicing, which fell below
the target range of 45 - 50 days. Total cash balances as at September 30, 2003
rose to a record $71.5m.
CORPORATE HIGHLIGHTS:
Expanding and growing market
The market for a total content filtering solution continues to expand. Spam
continues to be a key driver for e-mail filtering which in turn is fueling the
growth of the content security market. In addition to this there is an
increasing awareness of the wider need for content filtering to address Instant
Messaging and P2P usage and the wireless Internet. This is adding further
breadth to the market and therefore presenting SurfControl a greater market
opportunity.
Products and R&D
During the quarter, SurfControl has continued to advance the capabilities of
content filtering technologies. The e-mail filtering software was enhanced with
the launch of SurfControl E-mail Filter 4.7 that offers enterprises new
anti-spam technology that more accurately identifies spam and new tools to
manage e-mail communications. In line with the Company's goal of providing a
software that runs on all the major operating platforms, the Company launched
SurfControl Web Filter 4.5 for enterprise users of Micosoft's Windows, Proxy and
Internet Security and Acceleration (ISA) Servers and also unveiled its strategy
for SurfControl E-mail Filter to support Linux-based computing platforms.
Addressing the increased usage of the wireless Internet, the Company announced
its entry into the rapidly growing enterprise mobile computing market on two
fronts-providing advanced e-mail content filtering for the highly popular
BlackBerry wireless solution, as well as a launching a broad strategy to provide
'Follow Me Filtering' products to meet growing corporate demand for secure
mobile computing.
Customers
SurfControl continued to add customers across the corporate spectrum with a
total of 1,415 new customers signed this quarter. Highlights for the quarter in
terms of new customer additions were Sydney Opera House Trust, New South Wales
Rural Fire Service, ICI, Norwich Union, Department of Trade & Industry (DTI),
Group 4, Corus Steel, Chevron, the US Defense Logistics Agency and CompuCom.
Continued progress with the channel
Showing the success of the channel strategy, the proportion of invoicing through
the indirect channel increased to 58% compared with 46% this time last year.
The Company is therefore well on its way to achieving a major corporate goal for
this year of generating over 60% of new business through the channel.
SurfControl continues to pursue its long-term OEM strategy providing proprietary
filtering technology to companies that in turn can offer filtering products and
services to its customers. In August, we announced the latest OEM agreement
with Earthlink, a leading Internet Service Provider in the US.
Board changes
As highlighted in previous announcements, Rob Barrow and Simon Acland have now
stepped down from the Board of SurfControl following the appointment of Jane
Tozer and Rene Schuster as new Non-Executive Directors of SurfControl effective
from 1st November 2003. In addition, Greg Lock was appointed as Non-Executive
Chairman, having been a Non-Executive Director.
Outlook
As highlighted in our trading update on October 7, 2003, the Company has
delivered a solid performance in line with expectations in a traditionally quiet
first quarter. With this in mind, year on year increases of 25% in both
invoicing and revenue together with significant earnings growth are particularly
impressive and show the Company's business strength. Demand for our range of
content filtering solutions remains robust and the pricing environment stable in
spite of continued pressure on IT spending globally. Whilst it is still early
in our current fiscal year, based on the Company's performance to date, we
remain confident and expect a successful outcome for the year.
About SurfControl
SurfControl plc, the world's number one Web and e-mail filtering company,
delivers on its promise to help companies 'Stop Unwanted Content' in the
workplace by continuous innovation, invention and expansion of its filtering
products to address new content risks as they emerge. The company is the leader
in the Content Security market, which analysts expect to reach nearly $2 billion
by 2007.
SurfControl is the only company in the security market offering a total content
security solution that combines Web, E-mail (including Anti-Spam and Anti-Virus)
and Instant Message Filters with the industry's largest, most accurate and
relevant content database and adaptive reasoning tools to automate content
recognition.
SurfControl's world-class partners include Sun Microsystems, Check Point, Cisco,
IBM, Research In Motion and Nokia. The company has more than 20,000 customers
worldwide, including many of the world's largest corporations, and employs
nearly 450 people in nine separate locations across the United States, Europe,
and Asia/Pacific.
Caution concerning forward-looking statements
Any statements contained in this announcement that are not historical facts are
forward-looking statements. Although the Company believes that its plans,
intentions and expectations reflected in such forward-looking statements are
reasonable, a number of important factors could cause SurfControl's actual
future results to differ materially from those expressed in any such
forward-looking statements. The forward-looking statements herein speak only as
of today. SurfControl expressly disclaims any obligation or undertaking to
update or revise such information.
Any references to pro-forma financial measures must be read in conjunction with
the accompanying reconciliation to the nearest UK GAAP measure which can be
found on our web site at http://www.surfcontrol.com/company/investors/
financial_information
SurfControl plc
Un-audited Group profit and loss account
for the three months ended 30 September
2003
Year
ended
Notes 30 30 30
September September June
2003 2002 2003
$'000 $'000 $'000
Turnover 2 19,664 15,672 73,232
Cost of sales
Cost of sales (294) (124) (723)
--------- --------- --------
Gross profit 19,370 15,548 72,509
Selling and distribution costs (9,714) (8,844) (39,740)
--------- --------- --------
Research and development (2,149) (1,721) (7,530)
General and administrative costs (3,831) (3,336) (14,580)
Amortisation of goodwill and depreciation (411) (1,078) (2,779)
Movement in share option provision 8 (314) 71 (487)
--------- --------- --------
Total administrative expenses (6,705) (6,064) (25,376)
--------- --------- --------
Operating profit 2,951 640 7,393
Proceeds from disposal of business 66 109 381
Net interest receivable 354 194 1,105
--------- --------- --------
Profit on ordinary activities before 3,371 943 8,879
taxation
Tax on profit on ordinary activities 4 (837) (506) (2,516)
--------- --------- --------
Profit on ordinary activities after 2,534 437 6,363
taxation --------- --------- --------
Basic earnings per ordinary share (cents) 3 8.25 1.44 20.90
Diluted earnings per ordinary share 3 7.96 1.43 20.80
(cents)
Reconciliation of UK GAAP to Pro-forma
Profit after taxation:
Profit on ordinary activities after 2,534 437 6,363
taxation
Movement in share option provision 314 (71) 487
Amortisation of goodwill - 690 1,152
--------- --------- --------
Pro-forma Profit on ordinary activities 2,848 1,056 8,002
after taxation
Reconciliation of Pro-forma Profit after
taxation to EBITDA
(Earnings before net interest, taxation,
depreciation, amortisation
of goodwill, share option provision and after proceeds
from disposal of business):
Pro-forma Profit on ordinary activities 2,848 1,056 8,002
after taxation
Tax on profit on ordinary activities 837 506 2,516
Depreciation 411 388 1,627
Net interest receivable (354) (194) (1,105)
---------- --------- --------
EBITDA 3,742 1,756 11,040
Un-audited Group statement of total
recognised gains and losses for the three
months ended 30 September 2003 Year
ended
30 30 30
September September June
2003 2002 2003
$'000 $'000 $'000
Profit on ordinary activities after 2,534 437 6,363
taxation
Un-realised exchange difference on 391 269 1,095
translation ---------- --------- --------
Total recognised gains relating to the 2,925 706 7,458
financial period ---------- --------- --------
Un-audited Group balance sheet
at 30 September 2003
Audited
Notes 30 30 30
September September June
2003 2002 2003
$'000 $'000 $'000
Fixed assets
Intangible assets - 462 -
Tangible assets 3,404 2,807 3,268
---------- --------- --------
3,404 3,269 3,268
Investments 30 8 29
---------- --------- --------
3,434 3,277 3,297
Current assets
Debtors 5 18,112 12,087 24,138
Cash at bank and in hand 71,482 39,905 61,707
---------- --------- --------
89,594 51,992 85,845
---------- --------- --------
Creditors: amounts falling due within 6 (50,029) (36,894) (52,241)
one year ---------- --------- --------
Net current assets 39,565 15,098 33,604
---------- --------- --------
Total assets less current 42,999 18,375 36,901
liabilities ---------- --------- --------
Creditors: amount falling due after 7 (17,228) (6,727) (16,742)
more than one year
Provisions for liabilities and 8 (743) (2) (540)
charges ---------- --------- --------
25,028 11,646 19,619
---------- --------- --------
Capital and reserves
Equity share capital 4,996 4,906 4,946
---------- --------- --------
Called up share capital 9 4,996 4,906 4,946
---------- --------- --------
Share premium account 9 2,513 63,772 79
Merger reserve 9 - 130,407 -
Capital redemption reserve 9 882 882 882
Profit and loss account 9 16,637 (188,321) 13,712
---------- --------- --------
Equity shareholders' funds 25,028 11,646 19,619
---------- --------- --------
Un-audited Group statement of cash
flows for the three months
ended 30 September 2003
Audited
year
ended
Notes 30 30 30
September September June
2003 2002 2003
$'000 $'000 $'000
Cash inflow from operating 10 8,537 3,973 24,093
activities
Returns on investments and servicing 11 336 181 741
of finance
Taxation (1,892) - (1,048)
Capital expenditure and financial
investment
Purchase of tangible fixed assets (236) (193) (1,633)
Purchase of investments - - (19)
Sale of tangible fixed assets 7 17 28
--------- --------- --------
Net cash outflow from capital expenditure and (229) (176) (1,624)
financial investment --------- --------- --------
Acquisitions and disposals
Proceeds from disposal of business 66 109 381
--------- --------- --------
Net cash inflow from acquisitions and 66 - 381
disposals
--------- --------- --------
Net cash inflow before management of 6,818 4,087 22,543
liquid resources and financing
Management of liquid resources 12 (11,306) (8,214) (15,620)
Financing
Proceeds from share issue 9 2,484 50 1,271
Repayment of capital element of
finance
lease and hire purchase contracts 12 (10) (11) (45)
--------- --------- --------
Net cash inflow from financing 2,474 39 1,226
--------- --------- --------
--------- --------- --------
(Decrease)/ increase in cash in the 12 (2,014) (4,088) 8,149
period --------- --------- --------
Reconciliation of net cash flow to
movement in net funds
for three months ended 30 September
2003 Audited
year
ended
30 30 30
September September June
2003 2002 2003
$'000 $'000 $'000
(Decrease)/ increase in cash in the (2,014) (4,088) 8,149
period
Cash outflow from decrease in debt 12 10 11 45
and lease financing
Net transfers to liquid resources 12 11,306 8,214 15,620
--------- --------- --------
Change in net funds resulting from 12 9,302 4,137 23,814
cash flows
Difference on translation 12 483 322 2,477
--------- --------- --------
Movement in net funds in the period 9,785 4,459 26,291
Net funds at the beginning of the 12 61,634 35,343 35,343
period --------- --------- --------
Net funds at the end of the period 12 71,419 39,802 61,634
--------- --------- --------
Notes to the un-audited financial statements
for the three months ended 30 September 2003
1. Basis of preparation
The financial statements have been prepared on the basis of accounting policies
set out in the Group's financial statements for the year ended 30 June 2003.
The financial information contained in this statement does not constitute
statutory accounts within the meaning of section 240 of the Companies Act 1985.
The results for the three months ended 30 September 2003 and 30 September 2002
are un-audited. The results for the year ended 30 June 2003 are audited except
where otherwise shown.
2. Turnover analysis
Turnover by product group
During the periods under review the Group had several products which
constituted a single product group, related to Internet content filtering for
web, e-mail, instant messaging and peer-to-peer.
Turnover by destination 3 months 3 months Year
ended ended ended
30 September 30 September 30 June 2003
2003 2002
$'000 $'000 $'000
United Kingdom 3,338 2,455 11,792
Mainland Europe 1,487 744 4,493
Americas 13,648 11,481 52,381
Rest of the World 1,191 992 4,566
----------- ----------- ----------
19,664 15,672 73,232
----------- ----------- ----------
Turnover by market segment 3 months 3 months Year
ended ended ended
30 September 30 September 30 June
2003 2002 2003
(un-audited)
$'000 $'000 $'000
Corporate 16,792 13,021 61,658
Education 2,681 2,456 10,832
Home 191 195 742
----------- ----------- ----------
19,664 15,672 73,232
----------- ----------- ----------
3. Earnings per share
Basic and fully diluted earnings per ordinary share are calculated as
follows:
30 September 30 September 30 June 2003
2003 2002
$'000 $'000 $'000
Profit on ordinary
activities after
taxation
(for basic and diluted 2,534 437 6,363
earnings per share) ----------- --------- --------
Basic weighted average
ordinary
shares in issue 30,715,620 30,351,325 30,426,265
Dilutive effect of 1,123,545 117,817 192,885
share options
Diluted weighted
average ordinary ----------- --------- --------
shares in issue 31,839,165 30,469,142 30,619,150
----------- --------- --------
Basic earnings per 8.25 1.44 20.91
ordinary share (cents) ----------- --------- --------
Diluted earnings per 7.96 1.43 20.78
ordinary share (cents)
In addition to the London Stock Exchange listing, at the period end the
Company's shares were traded on Nasdaq Europe in the form of American
Depositary Shares ("ADS"). One ADS equated to three ordinary shares.
The basic and diluted earnings per ADS are as follows:
30 30 30
September September June
2003 2002 2003
Basic earnings per ADS (cents) 24.75 4.32 62.74
---------- ---------- -------
Diluted earnings per ADS (cents) 23.88 4.30 62.34
4. Taxation on ordinary activities
30 30 30
September September June
2003 2002 2003
$'000 $'000 $'000
US Federal and state tax (433) (28) (1,927)
Non US Corporation tex (846) (608) (3,729)
---------- ---------- -------
Total current tax charge (1,279) (636) (5,656)
Over/(under) provisions 5 - (136)
in respect of previous years
Deferred tax 437 130 3,276
---------- ---------- -------
Total tax charge (837) (506) (2,516)
---------- ---------- -------
5. Debtors 30 3 30
September September June
2003 2002 2003
$'000 $'000 $'000
Trade debtors 10,541 9,113 17,647
Other debtors 74 152 64
Deferred tax assets 4,629 948 4,184
Prepayments and accrued income 2,868 1,874 2,243
--------------- ------------ --------
18,112 12,087 24,138
--------------- ------------ --------
6. Creditors: amounts falling due 30 30 30
within one year September September June
2003 2002 2003
$'000 $'000 $'000
Trade creditors 2,461 2,675 1,966
Corporation tax 4,117 647 4,709
Taxes and social security costs 1,329 1,055 1,527
Accruals 4,774 4,682 6,456
Deferred income 37,319 27,792 37,542
Obligations under finance leases and 29 43 41
hire purchase contracts --------------- ------------ --------
50,029 36,894 52,241
--------------- ------------ --------
7. Creditors: amounts falling due after 30 30 30
more than one year September September June
2003 2002 2002
$'000 $'000 $'000
Deferred income 17,194 6,667 16,710
Obligations under finance leases and 34 60 32
hire purchase contracts --------------- ------------ --------
17,228 6,727 16,742
--------------- ------------ --------
8. Provisions for liabilities and charges
30 September
2003
$'000
Provision for option charges as at 1 July 2003 540
Charged in the period 314
Paid in the period (121)
Exchange difference arising in the period 10
----------
Provision for option charges at 30 September 2003 743
----------
Provision for option charges at 30 September 2002 2
Provision for option charges at 30 June 2003 540
The tax option charge for UK Employer's National Insurance and non UK employment
tax relates to amounts payable on the potential profit arising from the future
exercise of un-approved options granted to directors and employees (for UK
personnel on options granted after 6 April 1999). The provision is
charged to the profit and loss account on a straight-line basis over the
relevant vesting period of the outstanding options, and is based upon the
Company's closing share price on techMARK as at 30 September 2003 of
#7.725 ($12.83). The above charge may vary as it is dependent upon prevailing
tax law, future share price movements and the number of options in issue.
9. Share capital and reserves
Capital Share Profit
Share redemption premium Merger and loss
capital reserve account reserve account Total
$'000 $'000 $'000 $'000 $'000
As at 1 July 2003 4,946 882 79 - 13,712 19,619
Proceeds from exercise of 50 - 2,434 - - 2,484
options in the period
Retained profit for the period - - - - 2,534 2,534
Un-realised exchange - - - - 391 391
difference on re-translation
------ -------- ------- ------ ------- ------
As at 30 September 2003 4,996 882 2,513 - 16,637 25,028
------ -------- ------- ------ ------- ------
As at 30 September 2002 4,906 882 63,772 130,407 (188,321) 11,646
As at 30 June 2003 4,946 882 79 - 13,712 19,619
10. Reconciliation of operating cash flows
30 30 30
September September June
2003 2002 2003
$'000 $'000 $'000
Operating profit 2,951 640 7,393
Depreciation 411 388 1,627
Amortisation of purchased goodwill - 690 1,152
(Profit)/loss on sale of tangible fixed assets (3) 4 109
Decrease in stocks - 18 18
Decrease/(increase) in debtors 6,610 2,301 (5,430)
(Decrease)/increase in creditors (1,625) 3 18,780
Increase/(decrease) in provisions for 193 (71) 444
liabilities and charges ---------- ----------- ----------
Net cash inflow from operating activities 8,537 3,973 24,093
---------- ----------- ----------
11. Returns on investments and servicing of finance
30 30 30
September September June
2003 2002 2003
$'000 $'000 $'000
Finance lease and hire purchase interest paid (4) (4) (10)
Bank interest paid (1) (3) (2)
Other interest paid (7) - (29)
Bank interest received 348 188 782
---------- ----------- ----------
336 181 741
---------- ----------- ----------
12. Analysis of net funds
At At At
At Cash Foreign 30 30 30
1 July flow exchange September September June
2003 differences 2003 2002 2003
$'000 $'000 $'000 $'000 $'000 $'000
Overnight cash 34,262 (2,014) 242 32,490 20,715 34,262
balances and
cash in hand
Term deposits 27,445 11,306 241 38,992 19,190 27,445
------- ------ ------- --------- --------- --------
Cash at bank 61,707 9,292 483 71,482 39,905 61,707
and in hand
Finance leases (73) 10 - (63) (103) (73)
------- ------ ------- --------- --------- --------
Total 61,634 9,302 483 71,419 39,802 61,634
------- ------ ------- --------- --------- --------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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