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Share Name | Share Symbol | Market | Type |
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Albis Leasing | TG:ALG | Tradegate | 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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0.04 | 1.79% | 2.28 | 2.32 | 2.52 | 2.30 | 2.28 | 2.28 | 6,181 | 16:36:08 |
RNS Number:2553P Autologic Holdings PLC 02 September 2003 Embargoed until 0700 2 September 2003 AutoLogic Holdings plc ("AutoLogic" or the "Group") Interim Results for the Six Months ended 30 June 2003 Chairman's Statement Highlights Interim Interim % 2003 2002 Change Turnover #358.6m #349.9m 2.5% Business Performance* Operating profit #18.3m #21.8m (16.1)% Profit before tax #12.9m #15.8m (18.4)% Earnings per share 19.69p 24.98p (21.2)% Statutory Basis Operating profit #14.0m #18.0m (22.2)% Profit before tax #8.6m #12.0m (28.3)% Basic earnings per share 7.07p 16.04p (55.9)% Interim dividend per share 3.60p 3.60p -% * Before goodwill amortisation and exceptional items * Strong Performance in UK and Spain * Results adversely affected by particularly weak French and Benelux markets * Resilient performance by CAT * Dividend maintained John Merry, Chairman, commented: "Trading in the second half to date has continued to be weak following the marked downturn experienced in April and May. We do not expect any significant upturn in the market during the second half of the year and are therefore continuing our aggressive focus on reducing fixed costs, improving operational flexibility and increasing productivity across the Group. However, we remain confident that these actions will enable our businesses to benefit from any upturn in market conditions." For further information please contact: John Merry Chairman 020 7420 0555 Philip Nuttall Group Finance Director 020 7420 0555 Bell Pottinger Financial: Press/Analysts: Jonathan Brill 020 7861 3865 or Robin Tozer 020 7861 3891 Investors: Neville Harris 020 7861 3894 Overview Trading in the first half of the year was difficult. While market conditions in the vehicle logistics sector across Europe in the first quarter of the year were weak, in line with our expectations, they significantly deteriorated during April and May. Some of the largest markets for the Group experienced very weak volumes, in particular, France and Belgium, where new car registrations were down 7.7% and 10.2% respectively compared with the same period last year. The situation in France was compounded by a series of national strikes. Furthermore, in contrast with previous years, some of the Group's major customers suffered larger falls in volumes than the market average which resulted in a year on year reduction in our key markets of 10.7% for the first half as a whole. Additionally, market volumes in the UK were particularly volatile with a year-on-year fall of 2.6% in the period to the end of May, a fall of 4.1% in May followed by an increase of 15.8% in June. Reorganisation of the French and Benelux businesses has been accelerated since the third quarter of 2002 in order to bring them closer to the operational efficiency of the Group's benchmark operations in Walon UK and Spain which, with their more flexible cost-base, have proved more resilient. Results Turnover increased by 2.5% to #358.6m (2002: #349.9m) taking into account the positive impact of foreign exchange movements. Excluding the effect of foreign exchange movements, turnover fell by 4.0%. Group turnover (excluding its share of joint ventures) increased by 0.5% to #191.9m (2002: #190.9m). Within this, at constant exchange rates, UK turnover fell by 2.4% whilst turnover in Continental European fell by 9.7%. Total operating profit in the period (before amortisation of goodwill) reduced to #18.3m (2002: #21.8m) taking into account the positive impact of foreign exchange movements. Group operating profit (excluding its share of joint ventures) fell by 41.8% to #7.1m (2002: #12.2m). Goodwill amortisation for the period was #4.3m (2002: #3.8m). The net interest charge decreased to #5.4m (2002: #6.0m) reflecting the reduced debt in both the Group and its joint ventures, debt in the latter being non-recourse. Profit before tax (before amortisation of goodwill) for the six months ended 30 June 2003 was #12.9m, a reduction of 18.4% compared with the previous year (2002: #15.8m). Earnings per share (before amortisation of goodwill and exceptional items) reduced 21.2% to 19.69p (2002: 24.98p). On a statutory basis, profit before tax for the six months ended 30 June 2003 was #8.6m (2002: #12.0m), a decrease of 28.3% over the previous year. Dividend An interim dividend of 3.60p per share is being maintained (2002: 3.60p) and will be paid on 10 October 2003 to shareholders on the register at 12 September 2003. Operational Review Technical Services Turnover from Technical Services fell by 3.5% to #49.0m (2002: #50.8m). Excluding the impact of favourable foreign exchange movements, the fall was 8.0%. In the UK, performance has been strong in a difficult market and contract wins or renewals during the first six months included Mitsubishi, Suzuki and Ssangyong. Technical Services in our Continental European businesses, which are less developed than in the UK, tend to be more affected by the level of new car registrations than in the UK; as a result, our businesses in France and Benelux experienced declines in this area over the previous year. Our Spanish businesses managed to maintain comparable levels to last year, despite facing similar constraints. Distribution Services Distribution Services turnover fell by 1.3% to #122.9m (2002: #124.5m). Excluding the impact of favourable foreign exchange movements, the fall was 4.9%. In the UK, where Group volumes were down 3.0%, our businesses had to contend with significant volume volatility during the period. Although volumes rose sharply in June and remained ahead of last year during the first weeks of the second half, the overall downward trend experienced in the first half is expected to continue and be compounded by further volume volatility in the second half of the year. Group volumes were down 19.0% and 25.1% in France and Benelux respectively against the same period in the previous year and revenues fell by 19.1%, excluding the effect of foreign exchange movements. Our customers in these markets suffered even greater declines in volumes than the market averages. Consequently, this had a significant impact on the results of these businesses, which was mitigated by the restructuring which was already underway. The market decline was much greater than had been forecast and further restructuring of these businesses is being aggressively pursued to achieve a more variable cost base that can cope better with such a volatile market. In Spain and Portugal Group volumes fell by 0.6% and 10.9% over the same period last year. The relatively small fall in volumes experienced by our Spanish business combined with its highly flexible cost base to enable it to maintain good margins. The Company continued to win new and renew existing business. Existing contracts with BMW, Fiat, Nissan and Opel were extended and new contracts with Hyundai, Kia and Rover have been gained. GAL/CAT Our share of revenue in the CAT joint venture (Compagnie d'Affretement et de Transport SA) for the period was #162.6m (2002: #156.5m) and our share of CAT's earnings before interest, tax and goodwill amortisation was #10.7m (2002: #9.3m). CAT's revenue, excluding the effect of favourable foreign exchange movements, was 6.1% down on last year, reflecting the decline in Renault new car sales in Continental Europe. The fall in Renault new car sales was most pronounced in France where the year on year reduction was 10.4%. Despite these volume reductions, CAT maintained its operating profit margins due to its continued cost reduction program. Cash generation in the business was strong which enabled the company to reduce net debt to Euro165.0m. We continue to work closely with CAT and our joint venture partners TNT and Wallenius Wilhelmsen to identify and implement opportunities for improved cooperation and synergies, including the development of joint sites and coordination of new product opportunities. Development Strategy Despite the current trading conditions, the development strategy of the Group remains sound. In particular, in July the Group successfully launched a joint venture focussed on Risk Management services which will provide value added risk management services to Group companies, customers and third parties. We are also making good progress with a number of development projects including projects designed to capitalise on the various market opportunities arising from the implementation of new European Union legislation. These projects are progressing well and are all at varying stages of implementation. French Property Restructuring and Asset Sales As announced in our Pre-Close Period Trading Statement, following a strategic review in 2002, the Group has agreed to sell a number of operational sites in France that will be leased back on normal commercial leases. The net cash receipt on the sale will be approximately #27.0m and the proceeds will be used to further reduce debt. These arrangements produce neither a gain nor a loss on sale. To date the sale and leaseback of two sites has been completed generating a tax charge of #1.2m which is included in exceptional items. The continuing restructuring of the Group's operational sites may result in additional disposals later in the year. Board and Management As announced at the Annual General Meeting in May, the Group made several major changes to its Board and a number of significant management appointments during the period. Reg Heath, who has been Chairman of the Group since 1996, retired at the AGM in May 2003. At the same time, I was appointed Chairman, Gilles Guinchard, previously Group Managing Director, was appointed Chief Executive Officer and Chris French was appointed as Senior Independent Non-Executive Director. In addition, the Group has continued to strengthen its senior management team with the creation of two new positions of Group Sales Director and Regional Director, Benelux. Outlook Trading in the first weeks of the second half has continued to be weak. It is difficult to predict the timing of any significant upturn and we are not expecting any during the remainder of the second half of the year. The Group continues to undertake a number of steps to address the poor market conditions in order to mitigate the impact on the Group. The steps that have been taken involve material and complex reorganisations of some of our subsidiaries, particularly in France and the Benelux. Although these restructurings are progressing, these businesses are not yet in line with the best operating practices in the Group. The actions the Group is undertaking should position it to benefit from any upturn in the performance of its major customers and market conditions generally. However, continuation of these difficult conditions will have a significant negative impact on the performance of the Group in the second half. John Merry Chairman 2 September 2003 Consolidated Profit and Loss Account for the six months ended 30 June 2003 Before goodwill & Goodwill & 6 month to 12 months exceptional exceptional 6 months to 30 Jun To 31 Dec items items 30 Jun 2003 2002 2002 Note Unaudited Unaudited Unaudited Unaudited Audited #'m #'m #'m #'m #'m -------- ------- ------- ------- ------- Turnover (including share of joint ventures) 2 358.6 - 358.6 349.9 669.5 Less: share of joint ventures' turnover 2 (166.7) - (166.7) (159.0) (305.8) -------- ------- ------- ------- ------- Group turnover 2 191.9 - 191.9 190.9 363.7 -------- ------- ------- ------- ------- Group operating profit 3 7.1 (1.4) 5.7 11.0 17.1 Share of profit from interests in joint ventures and associates 11.2 (2.9) 8.3 7.0 12.3 -------- ------- ------- ------- ------- Total operating profit - Group and share of joint ventures and associates 18.3 (4.3) 14.0 18.0 29.4 Net interest payable and similar charges (5.4) - (5.4) (6.0) (11.4) -------- ------- ------- ------- ------- Profit on ordinary activities before taxation 2 12.9 (4.3) 8.6 12.0 18.0 Tax on profit on ordinary activities 4 (4.3) (1.2) (5.5) (5.0) (7.6) -------- ------- ------- ------- ------- Profit on ordinary activities after taxation 8.6 (5.5) 3.1 7.0 10.4 Equity minority interests - - - - 0.3 -------- ------- ------- ------- ------- Profit for the financial period 8.6 (5.5) 3.1 7.0 10.7 Dividends 5 (1.6) - (1.6) (1.6) (4.8) -------- ------- ------- ------- ------- Retained profit for the financial period 7.0 (5.5) 1.5 5.4 5.9 ======== ======= ======= ======= ======= Earnings per share Basic earnings per share 6 19.69p 12.62p 7.07p 16.04p 24.46p -------- ------- ------- ------- ------- Diluted earnings per share 6 19.55p 12.53p 7.02p 15.90p 24.29p -------- ------- ------- ------- ------- Dividend per share 5 3.60p 3.60p 11.10p ------- ------- ------- All amounts shown above relate to continuing operations. In the comparative figures for the 6 months to June 2002 , a re-analysis of #4.0m has been made reducing turnover and increasing other operating income to achieve consistency of presentation. 6 months to 6 months to 12 months to 30 Jun 2003 30 Jun 2002 31 Dec 2002 Unaudited Unaudited Audited #'m #'m #'m -------- -------- -------- Included within Group operating profit - Goodwill amortisation 1.4 1.2 2.7 - Exceptional items - - 3.3 Included within share of profit from interests in joint ventures and associates - Goodwill amortisation 2.9 2.6 5.3 Included within tax on profit on ordinary activities - Exceptional items (note 4) 1.2 - - -------- -------- -------- Consolidated Statement of Total Recognised Gains and Losses for the six months ended 30 June 2003 6 months to 6 months to 12 months to 30 Jun 2003 30 Jun 2002 31 Dec 2002 Unaudited Unaudited Audited #'m #'m #'m ------- -------- ------- Profit for the financial period 3.1 7.0 10.7 Translation differences on foreign currency investments: Group 6.6 2.8 3.3 Share of joint ventures and associates 4.4 2.8 2.1 ------- -------- ------- Total gains and losses recognised in the period 14.1 12.6 16.1 ======= ======== ======= Reconciliation of Movement in Equity Shareholders' Funds for the six months ended 30 June 2003 Share Total equity Share premium Merger Capital Profit and shareholders' capital account reserve reserve loss account funds #'m #'m #'m #'m #'m #'m -------- -------- ------- ------- ------- ------- At 1 January 2003 2.2 66.8 20.7 0.3 30.1 120.1 Share issues - 0.1 - - - 0.1 Profit for the financial period - - - - 3.1 3.1 Dividends - - - - (1.6) (1.6) Exchange difference - - - - 11.0 11.0 -------- -------- ------- ------- ------- ------- At 30 June 2003 2.2 66.9 20.7 0.3 42.6 132.7 ======== ======== ======= ======= ======= ======= Consolidated Balance Sheet at 30 June 2003 30 Jun 2003 30 Jun 2002 31 Dec 2002 Unaudited Unaudited Audited #'m #'m #'m ------- -------- -------- Fixed assets Intangible assets 48.6 49.5 47.5 Tangible assets 62.9 72.4 68.8 Interests in joint ventures and associates: Share of gross assets (excluding goodwill) 125.9 126.5 110.6 Goodwill 109.8 103.2 103.8 -------- ------- ------- 235.7 229.7 214.4 Share of gross liabilities (173.0) (173.1) (157.8) --------------- ---------------- ----------------- 62.7 56.6 56.6 Other investments 6.5 6.5 6.5 ------- -------- -------- Total investments 69.2 63.1 63.1 ------- -------- -------- 180.7 185.0 179.4 Current assets Stocks 1.8 2.0 1.6 Debtors 115.3 109.2 101.9 Cash at bank and in hand 11.8 4.9 10.8 ------- -------- -------- 128.9 116.1 114.3 Creditors: amounts falling due within one year (103.8) (100.4) (100.7) Net current assets 25.1 15.7 13.6 ------- -------- -------- Total assets less current liabilities 205.8 200.7 193.0 ------- -------- -------- Creditors: amounts falling due after more than one year (65.0) (75.6) (64.8) Provisions for liabilities and charges (7.8) (4.5) (7.8) ------- -------- -------- Net assets 133.0 120.6 120.4 ------- -------- -------- Capital and reserves Called up share capital 2.2 2.2 2.2 Share premium account 66.9 66.2 66.8 Merger reserve 20.7 20.7 20.7 Capital reserve 0.3 0.3 0.3 Profit and loss account 42.6 30.2 30.1 ------- -------- -------- Equity shareholders' funds 132.7 119.6 120.1 Equity minority interests 0.3 1.0 0.3 ------- -------- -------- 133.0 120.6 120.4 ------- -------- -------- Consolidated Cash Flow Statement for the six months ended 30 June 2003 6 months to 6 months to 12 months to 30 Jun 2003 30 Jun 2002 31 Dec 2002 Unaudited Unaudited Audited #'m #'m #'m -------- -------- -------- Net cash (outflow)/inflow from continuing operating activities (2.0) 10.2 32.8 Dividends received from joint ventures - - 0.1 Returns on investments and servicing of finance Net interest paid (1.5) (2.9) (4.9) Taxation 0.5 (2.8) (5.9) Capital expenditure Sale of tangible fixed assets 7.8 0.2 2.1 Purchase of tangible fixed assets (2.8) (1.6) (5.4) Acquisitions and disposals - - (0.4) Equity dividends paid (3.2) (3.0) (4.6) ------- -------- -------- Cash (outflow)/inflow before financing (1.2) 0.1 13.8 Financing Issue of share capital 0.1 - 0.2 Repayment of loans (0.1) (0.2) (8.0) Repayment of principal under finance leases (0.1) (0.2) (0.4) ------- -------- -------- Net cash outflow from financing (0.1) (0.4) (8.2) ------- -------- -------- (Decrease)/increase in cash in the period (1.3) (0.3) 5.6 ======= ======== ======== Reconciliation of Net Cash Flow to Movement in Net Debt 6 months to 6 months to 12 months to 30 Jun 2003 30 Jun 2002 31 Dec 2002 Unaudited Unaudited Audited #'m #'m #'m ------- -------- -------- (Decrease)/increase in cash in the period (1.3) (0.3) 5.6 Cash outflow from reduction in debt 0.1 0.2 8.0 Cash outflow from repayment of finance leases 0.1 0.2 0.4 ------- -------- -------- Change in net debt resulting from cash flows (1.1) 0.1 14.0 Other non-cash items Exchange difference 0.7 - (0.1) New finance leases (0.2) - - Amortisation of debt issue costs (0.2) (0.2) (0.2) ------- -------- -------- Movement in net debt in the period (0.8) (0.1) 13.7 Opening net debt (64.5) (78.2) (78.2) ------- -------- -------- Closing net debt (65.3) (78.3) (64.5) ======= ======== ======== Reconciliation of Operating Profit to Net Cash Flow from Operating Activities 6 months to 6 months to 12 months to 30 Jun 2003 30 Jun 2002 31 Dec 2002 Unaudited Unaudited Audited #'m #'m #'m ------- -------- -------- Operating profit 5.7 11.0 17.1 Depreciation 4.0 3.9 8.8 Amortisation of goodwill 1.4 1.2 2.7 Loss on disposal of fixed assets - 0.2 0.2 (Increase)/decrease in stocks (0.2) 0.1 0.6 (Increase)/decrease in debtors (6.9) (5.9) 6.8 Increase in loan to joint venture (1.0) - Decrease in creditors and provisions for liabilities and charges (5.0) (0.3) (3.4) ------- -------- -------- Net cash (outflow)/inflow from continuing operating activities (2.0) 10.2 32.8 ======= ======== ======== Notes to the Interim Statement for the six months ended 30 June 2003 1. Basis of preparation The interim statement is unaudited and does not constitute full accounts within the meaning of the Companies Act 1985. It has been prepared on a basis consistent with the 2002 statutory accounts. Full statutory accounts for the year ended 31 December 2002 have been delivered to the Registrar of Companies and contain an unqualified report from the auditors. A copy of this interim statement is being sent to all shareholders. Further copies may be obtained from the Company Secretary, AutoLogic Holdings plc, Orion House, 5 Upper St Martin's Lane, London WC2H 9EA. The accounting policies are as stated on pages 28 and 29 of the Annual Report for the year ended 31 December 2002. 2. Segmental reporting Analysis by geographical area: 6 months to 6 months to 12 months to 30 Jun 2003 30 Jun 2002 31 Dec 2002 Unaudited Unaudited Audited #'m #'m #'m ------- ------- ------- Turnover Group United Kingdom 119.9 108.6 231.9 Continental Europe 72.0 82.3 131.8 ------- ------- ------- 191.9 190.9 363.7 Joint ventures and associates United Kingdom 15.5 15.8 31.4 Continental Europe 147.1 137.5 259.3 Rest of the World 4.1 5.7 15.1 ------- ------- ------- 166.7 159.0 305.8 ------- ------- ------- Total (including share of joint ventures and associates) 358.6 349.9 669.5 ------- ------- ------- Profit before taxation Group United Kingdom 4.5 4.0 9.8 Continental Europe (1.2) 4.2 2.0 ------- ------- ------- 3.3 8.2 11.8 Joint ventures and associates United Kingdom 1.9 0.6 2.8 Continental Europe 3.4 3.1 3.3 Rest of the World - 0.1 0.1 ------- ------- ------- 5.3 3.8 6.2 ------- ------- ------- Total (including share of joint ventures and associates) 8.6 12.0 18.0 ------- ------- ------- Turnover by destination is not materially different to the analysis of turnover by origin presented above. 2. Segmental reporting (continued) Analysis by class of business: 6 months to 6 months to 12 months to 30 Jun 2003 30 Jun 2003 31 Dec 2002 Unaudited Unaudited Audited #'m #'m #'m ------- ------- ------- Turnover Distribution services 122.9 124.5 215.5 Technical services 49.0 50.8 116.1 Parts distribution 17.4 14.2 30.9 Other 2.6 1.4 1.2 ------- ------- ------- 191.9 190.9 363.7 Joint ventures and associates 166.7 159.0 305.8 ------- ------- ------- Total (including share of joint ventures and associates) 358.6 349.9 669.5 ------- ------- ------- 3. Cost of sales and administrative expenses 6 months to 6 months to 12 months to 30 Jun 2003 30 Jun 2002 31 Dec 2002 Unaudited Unaudited Audited #'m #'m #'m ------- ------- ------- Turnover 191.9 190.9 363.7 Cost of sales (165.5) (165.4) (307.1) ------- ------- ------- Gross profit 26.4 25.5 56.6 Administrative expenses (19.5) (17.7) (44.6) Exceptional items - - (3.3) Goodwill amortisation (1.4) (1.2) (2.7) Other operating income 0.2 4.4 11.1 ------- ------- ------- Net operating expenses (20.7) (14.5) (39.5) ------- ------- ------- Operating profit 5.7 11.0 17.1 ------- ------- ------- 4. Taxation The tax charge gives an effective tax rate of 63.9% for the period ended 30 June 2003. This compares with 41.6% for the six months ended 30 June 2002 and 42.2% for the year ended 31 December 2002. The increase in the effective rate is mainly due to the tax charge arising on the French property sale, which did not generate a trading profit, but resulted in a capital gain. Excluding this and the effect of goodwill amortisation, the effective tax rate for the period is 33.3% (2002: 31.6%). 5. Interim dividend The proposed interim dividend of 3.6 pence per ordinary share (2002: 3.6 pence) will be paid on 10 October 2003 to shareholders on the register on 12 September 2003. 6. Earnings per share Reconciliations of the earnings and weighted average number of shares used in the calculations are set out below: 6 months to 12 months to 6 months to 30 Jun 2003 30 Jun 2002 31 Dec 2002 Unaudited Unaudited Audited Per share Per share Per share Earnings Shares amount amount amount #'m m Pence Pence Pence ------ ------ ------ -------- -------- Basic earnings per share Earnings attributable to ordinary shareholders 3.1 43.6 7.07 16.04 24.46 Effect of dilutive shares - options - 0.3 (0.05) (0.14) (0.17) ------ ------ ------ -------- -------- Diluted earnings per share 3.1 43.9 7.02 15.90 24.29 ------ ------ ------ -------- -------- Supplementary earnings per share before goodwill amortisation and exceptional items Basic earnings per share 3.1 43.6 7.07 16.04 24.46 ------ ------ ------ -------- -------- Effect of goodwill amortisation and exceptional items 5.5 - 12.62 8.94 24.11 ------ ------ ------ -------- -------- Earnings per share before goodwill amortisation and exceptional items 8.6 43.6 19.69 24.98 48.57 ------ ------ ------ -------- -------- Diluted earnings per share 3.1 43.9 7.02 15.90 24.29 Effect of goodwill amortisation and exceptional items 5.5 - 12.53 8.87 23.95 ------ ------ ------ -------- -------- Diluted earnings per share before goodwill amortisation and exceptional items 8.6 43.9 19.55 24.77 48.24 ------ ------ ------ -------- -------- Basic and diluted earnings per share are also shown on the face of the Profit and Loss Account calculated by reference to earnings before the #5.5m (June 2002: #3.8m, December 2002: #10.5m) charge for goodwill and exceptional items, and the related tax, since the Directors consider that this gives a useful indication of underlying performance. Earnings per share were calculated on 43.5m shares being in issue at June 2002 (December 2002: 43.5m). Diluted earnings per share were calculated on 43.7m shares being in issue at June 2002 (December 2002: 43.8m). Independent review report to AutoLogic Holdings plc Introduction We have been instructed by the group to review the financial information which comprises the Consolidated Profit and Loss Account, Consolidated Statement of Total Recognised Gains and Losses, Consolidated Balance Sheet, Consolidated Cash Flow Statement and the related notes. We have read the other information contained in the interim report and considered whether it contains any apparent misstatements or material inconsistencies with the financial information. Directors' responsibilities The interim report, including the financial information contained therein, is the responsibility of, and has been approved by the directors. The directors are responsible for preparing the interim report in accordance with the Listing Rules of the Financial Services Authority which require that the accounting policies and presentation applied to the interim figures should be consistent with those applied in preparing the preceding annual accounts except where any changes, and the reasons for them, are disclosed. Review work performed We conducted our review in accordance with guidance contained in Bulletin 1999/4 issued by the Auditing Practices Board for use in the United Kingdom. A review consists principally of making enquiries of group management and applying analytical procedures to the financial information and underlying financial data and, based thereon, assessing whether the accounting policies and presentation have been consistently applied unless otherwise disclosed. A review excludes audit procedures such as tests of controls and verification of assets, liabilities and transactions. It is substantially less in scope than an audit performed in accordance with United Kingdom Auditing Standards and therefore provides a lower level of assurance than an audit. Accordingly we do not express an audit opinion on the financial information. This report, including the conclusion, has been prepared for and only for the company for the purpose of the Listing Rules of the Financial Services Authority and for no other purpose. We do not, in producing this report, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing. 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 30 June 2003. PricewaterhouseCoopers LLP Chartered Accountants Bristol 2 September 2003 The company intends to make a copy of this document available on its corporate website (www.autologic.co.uk). In respect of any copy which appears on the website the following should be noted: a. The maintenance and integrity of the AutoLogic Holdings plc website is the responsibility of the directors; the work carried out by the auditors does not involve consideration of these matters and, accordingly, the auditors accept no responsibility for any changes that may have occurred to the interim report since it was initially presented on the website. b. Legislation in the United Kingdom governing the preparation and dissemination of financial information may differ from legislation in other jurisdictions. This information is provided by RNS The company news service from the London Stock Exchange END IR SSDFMFSDSEDU
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