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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Alpha Airports | LSE:AAP | London | Ordinary Share | GB0000281328 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 109.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
RNS Number:6696B Alpha Airports Group PLC 26 September 2002 ALPHA Airports Group Plc Results for the Six Months ended 31 July 2002 Unaudited 26 September 2002 Highlights * EBITDA of #16.1m (2001: #16.7m) only 3.6% below last year's strong first half performance, reflecting tight focus on costs and productivity in a difficult aviation market post September 11th. * Group profit before tax increased 25.9% to #10.7m (2001: #8.5m), benefiting from an exceptional profit of #1.9m on the disposal of a non-core investment. * Earnings per share of 3.57p per share, up 32% on last half year's 2.70p per share. * Interim dividend held at 1.0p per share. * Net debt of #2.1m, at our seasonal working capital peak represents a movement of only #0.8m since 31 January 2002. In the last 12 months we have reduced net debt by #15.7m despite major acquisition expenditure. Commenting on the results today, Graham Frost, Chairman, stated: "Our challenge this period was to follow our good first half results of one year ago in a difficult market. Our clear focus on cost control and cash generation has produced a solid first half performance in the post September 11th environment. We continue to invest in the business and anticipate a second half result in line with expectations." Enquiries: ALPHA Airports Group Plc Kevin Abbott, Chief Executive Tel: 020 7554 1400 (26 September 2002) Heather McRae, Finance Director Tel: 020 8580 3200 (thereafter) Gavin Anderson & Company Laura Hickman Tel: 020 7554 1400 Amelia Hine www.alpha-group.com Overview Underlying first half EBITDA at #16.1m (2001: #16.7m) was only 3.6% below last year's strong first half result, despite weaker scheduled and charter airline passenger numbers in all markets. Group profit before tax increased 25.9% to #10.7m (2001: #8.5m), benefiting from the #1.9m exceptional profit on the disposal of our 25% investment in an associated company, Inflight Sales Group (Asia) Limited, and the transfer of a related airline contract to the purchaser. Our Inflight Retail business is now focused on the UK and Europe. With a clear focus on costs and cash generation since September 11th, it is pleasing to record that over the past year we have generated a reduction in net debt of some #15.7m, giving a half year net debt figure of only #2.1m. An increase in earnings per share of 32.2% to 3.57 pence per share (2001: 2.70 pence) reflects the exceptional profit of #1.9m. On an adjusted basis, earnings per share decreased 17.8% to 3.52 pence per share reflecting the lower EBITDA. The Board has decided to hold the interim dividend at 1.0 pence per share (2001 interim: 1.00 pence). This dividend will be payable on 1 November to shareholders on the register as at 4 October 2002. Flight Services Market conditions in our sector in the period to 31 July 2002 remained challenging. Accordingly, in line with our expectations, total sales for the sector (from continuing operations) declined 8.2% to #124.1m. UK scheduled and charter meal volumes declined 13.2% on a like-for-like basis. In addition, with the loss of some British Airways flights from Gatwick, overall UK meal volumes declined 14.2%. With our airline customers continuing to seek savings in meal spends, overall sales revenue in UK Flight Catering declined 16.2% to #78.4m (2001: #93.6m). However, the continued application of our Innovate process improvement model, enabled us to achieve a further 1% improvement in productivity against a difficult market background. Inflight Retail, providing onboard retail services (including food and beverage trolley service sales) for low-cost and charter airline customers, continued to grow with sales up 9.6% to #28.6m (2001: #26.1m), and now represents over 27% of our UK Flight Services activity. At the international level, the results benefited from a strong contribution from our recent Jordan flight kitchen acquisition, which more than offset a reduced contribution from Australia, caused by last year's demise of Ansett. Additionally we have acquired and refurbished the 7 closed kitchens previously serving Ansett. Combined with our existing 7 domestic kitchens, we now have a 14 kitchen network able to serve domestic and international airlines in and from Australia. Our first customer, Regional Express, commenced services from Sydney, Adelaide and Melbourne in August. We are seeking domestic and international customers to further utilise our excellent kitchen network and capacity. Retail Services Sales in our Retail Services division (from continuing operations) increased by 11.6% to #87.5m, benefiting from our network at UK regional airports and their focus on the fast growing low-cost airline sector. The UK Duty and Tax Free business enjoyed a 6% growth in passenger numbers and generated sales up over 10%. With supply chain simplification, divisional overhead savings and the addition of new shops in Manchester's Terminal 2 and Terminal 3, UK profits increased to #1.2m from a breakeven position in 2001. International Retail's results benefited from last year's sale of our loss-making joint venture in Barbados. In Sri Lanka, sales fell only 2% despite a 24% reduction in tourist arrivals, benefiting from a major expansion and upgrading of our arrivals shops. Business Development To drive future sales and profit growth, we are currently expensing #1m of costs on an annualised basis through our investment in 2 key UK Flight Services development projects. Firstly, the development of our Inflight Service Management concept in the UK to manage the total inflight service requirements of our network airline customers. We are delighted that British Airways CitiExpress, the UK and European short-haul subsidiary of British Airways operating outside London, will be our launch customer and we are investing in the necessary people and technology infrastructure to fulfil this initiative. Secondly, the development of our internet pre-order meal project for UK departing travellers booking their airline tickets on the internet, with an anticipated trial launch date in early 2003. Costs this year include people, market research and website development expenditure. People We have had a number of changes in non-executive directors since our preliminary results earlier this year. We are delighted to welcome all of them. Graham Frost joined the Board on 3rd April and was appointed Chairman following the AGM in May. His experience is primarily from the retail sector including Grattan plc, Argos plc and First Quench Retailing Ltd. Terry Stannard joined us in April 2002 bringing with him wide experience from the food manufacturing sector with Unigate, United Biscuits and Hillsdown Holdings. In early September Lesley James joined the Board. Previously she was Director of Human Resources at Tesco plc. Our Board now comprises 5 non-executive directors, (of which 4 are independent) and 3 executive directors. Outlook We trade in a currently uncertain aviation market and providing there are no adverse events, we anticipate an ongoing recovery in airline passenger activity and, with our own continued focus on customer service, cost control and innovation, we are confident of a solid second-half performance and a full year result in line with expectations. Group Profit and Loss Account Unaudited Six months ended Year ended 31 July 31 July 31 Jan 2002 2001 2002 Notes #m #m #m _______________________________________________________________________________________________________________________ Turnover - Continuing 211.6 213.6 419.4 - Discontinued - 7.5 11.4 _______________________________________________________________________________________________________________________ Turnover 2 211.6 221.1 430.8 Cost of sales (138.8) (150.4) (283.3) _______________________________________________________________________________________________________________________ Gross profit 72.8 70.7 147.5 Administration expenses (63.1) (61.5) ** (151.4)* _______________________________________________________________________________________________________________________ EBITDA 16.1 16.7 ** 22.8 * Depreciation on tangible assets (5.0) (5.6) (11.9)* Amortisation of goodwill (1.4) (1.9) (14.8)* _______ ______ ________ Operating profit/(loss) 9.7 9.2 (3.9) _______ ______ ________ _______________________________________________________________________________________________________________________ Operating profit/(loss) - Continuing 9.5 9.4 ** (4.2)* - Discontinued 0.2 (0.2) 0.3 _______ ______ ________ Operating profit/(loss) 9.7 9.2 (3.9) _______ ______ ________ Share of operating profit/(loss) of associates (including goodwill amortisation of #0.1m ((Six months ended July 2001:#0.3m) (Year ended Jan 2002:#2.3m)) - (0.2) (2.4)* Profit on disposal of discontinued operations 4 1.9 - 0.7 * _______________________________________________________________________________________________________________________ Profit/(loss) on ordinary activities before interest 2 11.6 9.0 (5.6) Interest receivable 0.2 0.2 0.2 Interest payable (1.1) (0.7) (1.5) _______________________________________________________________________________________________________________________ Profit/(loss) on ordinary activities before taxation 2 10.7 8.5 (6.9)* Taxation on profit/(loss) on ordinary activities (3.8) (3.9) (6.2) _______________________________________________________________________________________________________________________ Profit/(loss) on ordinary activities after taxation 6.9 4.6 (13.1) Minority interests (equity) (0.8) - (0.8) _______________________________________________________________________________________________________________________ Profit/(loss) for the financial period 6.1 4.6 (13.9) Equity dividends 3 (1.7) (1.7) (6.1) _______________________________________________________________________________________________________________________ Retained profit/(loss) for the financial period 4.4 2.9 (20.0) _______________________________________________________________________________________________________________________ Earnings/(loss) per share 5 3.57p 2.70p (8.15p) Diluted earnings/(loss) per share 5 3.54p 2.68p (8.15p) IIMR headline earnings per share 5 3.52p 3.99p 2.28p Adjusted earnings per share 5 3.52p 4.28p 7.26p Statement of total recognised gains and losses _______________________________________________________________________________________________________________________ Profit/(loss) for the financial period 6.1 4.6 (13.9) Currency translation differences on foreign currency net assets and certain loans (0.5) (0.6) (0.9) _______________________________________________________________________________________________________________________ Total gains and losses recognised since last Annual Report 5.6 4.0 (14.8) _______________________________________________________________________________________________________________________ There are no differences between the reported results for the current and prior periods and the results for those periods on an historical cost basis. * The results for the year ended 31 January 2002 include exceptional items as explained in Note 4. ** The results for the half year ended 31 July 2001 includes an exceptional item as explained in Note 4. Group Balance Sheet Unaudited 31 July 31 July 31 Jan 2002 2001 2002 Notes #m #m #m _______________________________________________________________________________________________________________________ Fixed assets Intangible assets 13.8 18.8 14.7 Tangible assets 55.6 60.9 56.9 Investments 8 3.8 5.1 3.1 _______________________________________________________________________________________________________________________ 73.2 84.8 74.7 _______________________________________________________________________________________________________________________ Current assets Stocks 22.8 28.1 18.9 Debtors 35.1 36.8 24.1 Cash at bank and in hand 15.0 7.0 21.8 _______________________________________________________________________________________________________________________ 72.9 71.9 64.8 _______________________________________________________________________________________________________________________ Creditors: amounts falling due within one year Bank and other borrowings (17.1) (24.5) (23.1) Other creditors (70.5) (59.5) (60.0) _______________________________________________________________________________________________________________________ (87.6) (84.0) (83.1) _______________________________________________________________________________________________________________________ Net current liabilities (14.7) (12.1) (18.3) _______________________________________________________________________________________________________________________ Total assets less current liabilities 58.5 72.7 56.4 _______________________________________________________________________________________________________________________ Creditors: amounts falling due after more than one year Other creditors - (0.2) - Provisions for liabilities and charges (9.4) (6.6) (12.2) _______________________________________________________________________________________________________________________ Total net assets 49.1 65.9 44.2 _______________________________________________________________________________________________________________________ Capital and reserves Called up share capital 17.1 17.1 17.1 Share premium account 42.5 42.2 42.2 Capital redemption reserve 0.4 0.4 0.4 Profit and loss account (11.8) 6.2 (16.4) _______________________________________________________________________________________________________________________ Shareholders' funds 6 48.2 65.9 43.3 Minority interests (equity) 0.9 - 0.9 _______________________________________________________________________________________________________________________ Total equity 49.1 65.9 44.2 _______________________________________________________________________________________________________________________ Group Cash Flow Statement Unaudited Six months Six months Year ended ended ended 31 July 2002 31 July 2001 31 Jan 2002 Notes #m #m #m _______________________________________________________________________________________________________________________ Net cash inflow from operating activities 7(1) 11.4 6.5 40.8 Net cash outflow from returns on investments and servicing of finance (1.6) (0.5) (1.8) Taxation paid (3.1) (3.0) (8.2) Net capital expenditure and financial investment (4.4) (6.4) (9.2) Purchases of businesses - (5.9) (14.4) Disposal of businesses 4 1.5 (0.7) 1.2 Equity dividends paid (4.4) (4.1) (5.8) _______________________________________________________________________________________________________________________ Net cash (outflow)/inflow before financing (0.6) (14.1) 2.6 _______________________________________________________________________________________________________________________ Financing Issue of shares 0.3 - - Unsecured loan less than 1 year (6.0) 17.0 17.1 Capital element of finance lease payments - (0.2) (0.5) _______________________________________________________________________________________________________________________ Net cash (outflow)/inflow from financing (5.7) 16.8 16.6 _______________________________________________________________________________________________________________________ _______________________________________________________________________________________________________________________ (Decrease)/increase in cash 7(2) (6.3) 2.7 19.2 _______________________________________________________________________________________________________________________ Notes to the Financial Information 1. Basis of accounting The consolidated interim financial statements have been prepared under the historical cost convention and in accordance with applicable accounting and financial reporting standards. The accounting policies are the same as those set out in the financial statements of the Group for the year ended 31 January 2002. The interim financial statements are unaudited but have been reviewed by the auditors, PricewaterhouseCoopers. The comparative figures for the year ended 31 January 2002 have been extracted from the Group's financial statements which have been delivered to the Registrar of Companies. The auditors' report on those statements was unqualified and did not include a statement under Section 237(2) or (3) of the Companies Act 1985. 2. Segmental analysis Six months Six months Year ended ended ended 31 July 2002 31 July 2001 31 Jan 2002 _______________________________________________________________________________________________________________________ #m #m #m (a) Turnover Business sector analysis Flight Services - continuing operations 124.1 135.2 261.7 - discontinued operations - 4.8 7.8 _______________________________________________________________________________________________________________________ 124.1 140.0 269.5 Retail Services - continuing operations 87.5 78.4 157.7 - discontinued operations - 2.7 3.6 _______________________________________________________________________________________________________________________ 87.5 81.1 161.3 _______________________________________________________________________________________________________________________ Total turnover 211.6 221.1 430.8 _______________________________________________________________________________________________________________________ Geographical analysis United Kingdom 181.2 183.8 357.2 Rest of the world - continuing operations 30.4 29.8 62.2 - discontinued operations - 7.5 11.4 _______________________________________________________________________________________________________________________ 30.4 37.3 73.6 _______________________________________________________________________________________________________________________ _______________________________________________________________________________________________________________________ Total turnover 211.6 221.1 430.8 _______________________________________________________________________________________________________________________ Six months Six months Year ended ended ended 31 July 2002 31 July 2001 31 Jan 2002 #m #m #m _______________________________________________________________________________________________________________________ (b) Profit before taxation Business sector analysis Flight Services - continuing operations* 7.8 9.7 17.8 - discontinued operations* 0.2 0.4 0.8 - goodwill amortisation (0.5) (1.0) (2.3) - share of operating loss of associates (including goodwill amortisation) - (0.2) (0.7) - exceptional items - associates goodwill impairment charge - - (1.7) - exceptional items (continuing operations) - - (13.1) - profit on disposal of discontinued operations 1.9 - - _______________________________________________________________________________________________________________________ 9.4 8.9 0.8 _______________________________________________________________________________________________________________________ Retail Services - continuing operations* 3.1 2.3 4.3 - discontinued operations* - (0.6) (0.5) - goodwill amortisation (0.9) (0.9) (1.9) - exceptional items (continuing operations) - (0.7) (9.0) - loss on disposal of discontinued operations - - (0.2) _______________________________________________________________________________________________________________________ 2.2 0.1 (7.3) _______________________________________________________________________________________________________________________ 11.6 9.0 (6.5) Corporate exceptional item - discontinued operation - - 0.9 _______________________________________________________________________________________________________________________ 11.6 9.0 (5.6) Net interest (0.9) (0.5) (1.3) _______________________________________________________________________________________________________________________ Profit/(loss) on ordinary activities before taxation 10.7 8.5 (6.9) _______________________________________________________________________________________________________________________ Geographical analysis United Kingdom - continuing operations* 6.6 8.7 14.9 - goodwill amortisation - (0.6) (1.3) - exceptional items (continuing operations) - (0.7) (15.2) _______________________________________________________________________________________________________________________ 6.6 7.4 (1.6) _______________________________________________________________________________________________________________________ Rest of the World - continuing operations* 4.3 3.3 7.2 - discontinued operations* 0.2 (0.2) 0.3 - goodwill amortisation (1.4) (1.3) (2.9) - share of operating loss of associates (including goodwill amortisation) - (0.2) (0.7) - exceptional items - associates goodwill impairment charge - - (1.7) - exceptional items (continuing operations) - - (6.9) - profit/(loss) on disposal of discontinued operations 1.9 - (0.2) _______________________________________________________________________________________________________________________ 5.0 1.6 (4.9) _______________________________________________________________________________________________________________________ 11.6 9.0 (6.5) Corporate exceptional item - discontinued operation - - 0.9 _______________________________________________________________________________________________________________________ 11.6 9.0 (5.6) Net interest (0.9) (0.5) (1.3) _______________________________________________________________________________________________________________________ Profit/(loss) on ordinary activities before taxation 10.7 8.5 (6.9) _______________________________________________________________________________________________________________________ * Before goodwill amortisation and exceptional items. 3. Dividends An interim dividend of 1.0 pence (2001: 1.0 pence) per ordinary share will be paid on 1 November 2002 to shareholders on the register at the close of business on 4 October 2002. 4. Exceptional items The profit on disposal of discontinued operations for the half year ended 31 July 2002 of #1.9m consists of a profit of #1.1m arising on the disposal of the Group's associate investment in Inflight Sales Group (Asia) Limited for a cash consideration of #0.7m, which had been fully written down during 2001/02 and deferred consideration of #0.8m which was received in July 2002 relating to the disposal of the Group's In-Flight Retail Canada operation in November 2001 which was not recognised in 2001/02. The results for the year ended 31 January 2002 included the following exceptional items: A charge of #22.1m against operating profit which comprised restructuring costs in the UK (#3.0m), provisions made for onerous contracts in Orlando (#4.9m) and the UK (#2.4m), fixed asset write down in the UK (#0.8m) and Australia (#0.4m) and goodwill impairment charges in respect of the Group's Gatwick operation (#9.1m) and the Banksia Pacific Pty Ltd acquisition in Australia (#1.5m). A charge of #1.7m included in the share of operating loss of associates where goodwill impairment charges were made in relation to the Group's associate investments in Virgin Express Catering Services N.V. (formerly Virgin Express Tax Free Shops S.A/N.V.) (#0.4m) and Inflight Sales Group (Asia) Limited (#1.3m). Finally an exceptional net profit on disposal of discontinued operations of #0.7m arose on disposal of AG Retail Inc (Barbados) for a nominal consideration which generated a loss on disposal of #0.2m, offset by the release of provision of #0.9m no longer required as the majority of the related liabilities were settled in the year. This provision related to environmental exposures and was set up in 1999, following the disposal of the Group's US ground handling operation. The results for the half year ended 31 July 2001 included an exceptional charge of #0.7m for restructuring costs in the UK. This amount was charged against operating profits when the interim accounts were prepared for the half year ended 31 July 2001 but was subsequently reclassified as exceptional administration expenses when preparing the accounts for the full year ended 31 January 2002. 5. Earnings per share Profit/(loss) for the period Earnings per share _______________________________ _____________________________ 31 July 31 July 31 Jan 31 July 31 July 31 Jan 2002 2001 2002 2002 2001 2002 #m #m #m Pence Pence Pence ________________________________________________________________________________________________________________________ Profit/(loss) for the financial period and earnings/(loss) per share 6.1 4.6 (13.9) 3.57 2.70 (8.15) Adjustment for profit on disposal of discontinued operations (1.9) - (0.7) (1.11) - (0.41) Adjustment for impairment in fixed assets - - 1.2 - - 0.70 Adjustment for loss on disposal of fixed assets - - 0.2 - - 0.12 Adjustment for goodwill amortisation and 1.5 2.2 17.1 0.88 1.29 10.02 impairment Taxation relating to these items 0.3 - - 0.18 - - ________________________________________________________________________________________________________________________ Adjusted profit and IIMR headline earnings per 6.0 6.8 3.9 3.52 3.99 2.28 share Adjustment for exceptional items - 0.7 10.3 - 0.41 6.04 Adjustment for loss on disposal of fixed assets - - (0.2) - - (0.12) Taxation relating to these items - (0.2) (1.6) - (0.12) (0.94) ________________________________________________________________________________________________________________________ Adjusted profit and adjusted earnings per share 6.0 7.3 12.4 3.52 4.28 7.26 ________________________________________________________________________________________________________________________ The weighted average number of shares in issue during the six months ended 31 July 2002 were 170,869,042 (31 July 2001: 170,576,555 and 31 January 2002: 170,581,815). Earnings per share are calculated by dividing the profit for the financial period by the weighted average number of shares in issue during the period. An additional measure of earnings per share has been recommended by the Institute of Investment Management and Research (IIMR). The IIMR headline earnings require the adjustment of earnings to eliminate certain items, adjusted for any tax effect. Finally, the IIMR headline earnings per share is adjusted to arrive at an adjusted earnings per share by eliminating the effect of exceptional items and the loss on sale of fixed assets, adjusted for any tax effect. Diluted earnings per share of 3.54p (2001: 2.68p) has been calculated by reference to the profit for the financial period of #6.1m (2001: #4.6m) and the weighted average number of shares in issue during the period of 170,869,042 (2001: 170,576,555), as adjusted for potentially dilutive ordinary shares of 1,275,019 (2001: 1,144,699). Adjusted earnings per share for the half year ended 31 July 2001 has been restated from 3.99p to 4.28p to include an adjustment for restructuring costs in the UK of #0.7m (as described in Note 4) and the related tax of #0.2m. 6. Reconciliation of movements in shareholders' funds Six months Six months Year ended ended ended 31 July 31 July 31 Jan 2002 2001 2002 #m #m #m ____________________________________________________________________________________________________________________ Profit/(loss) for the financial period 6.1 4.6 (13.9) Dividends (1.7) (1.7) (6.1) ____________________________________________________________________________________________________________________ Retained profit/(loss) for the financial period 4.4 2.9 (20.0) Currency translation differences on foreign currency net assets and certain loans (0.4) (0.6) (0.9) Goodwill charged to the profit and loss account previously written off directly to reserves 0.6 0.6 1.2 Issue of shares 0.3 - - ____________________________________________________________________________________________________________________ Net increase/(decrease) in shareholders' funds 4.9 2.9 (19.7) Opening shareholders' funds 43.3 63.0 63.0 ____________________________________________________________________________________________________________________ Closing shareholders' funds 48.2 65.9 43.3 ____________________________________________________________________________________________________________________ 7. Notes to the cash flow statement 7.1 Reconciliation of operating profit to net cash inflow from operating activities Six months Six months Year ended ended ended 31 July 31 July 31 Jan 2002 2001 2002 #m #m #m ____________________________________________________________________________________________________________________ Operating profit/(loss) 9.7 9.2 (3.9) Loss on sale of fixed assets - - 0.2 Depreciation 5.0 5.6 11.9 Goodwill amortisation 1.4 1.9 14.8 (Increase)/decrease in stocks (4.2) (3.4) 3.1 (Increase)/decrease in debtors (10.8) (8.8) 4.4 Increase in creditors 10.3 2.0 10.3 ____________________________________________________________________________________________________________________ Net cash inflow from operating activities 11.4 6.5 40.8 ____________________________________________________________________________________________________________________ 7.2 Reconciliation of net debt Six months Six months Year ended ended ended 31 July 31 July 31 Jan 2002 2001 2002 #m #m #m ____________________________________________________________________________________________________________________ (Decrease)/increase in cash (6.3) 2.7 19.2 Decrease/(increase) in debt financing 6.0 (16.8) (16.6) ____________________________________________________________________________________________________________________ Change in net debt from cash flows (0.3) (14.1) 2.6 Translation differences (0.5) (0.3) (0.5) ____________________________________________________________________________________________________________________ Movements in net debt in period (0.8) (14.4) 2.1 Opening net debt (1.3) (3.4) (3.4) ____________________________________________________________________________________________________________________ Closing net debt (2.1) (17.8) (1.3) ____________________________________________________________________________________________________________________ 8. Investments At 31 July 2002, investments of #3.8m comprise: 31 July 31 Jan 2002 2002 #m #m ____________________________________________________________________________________________________________________ Investments in associated undertakings 3.3 3.1 Interest in own shares 0.5 - ____________________________________________________________________________________________________________________ 3.8 3.1 ____________________________________________________________________________________________________________________ 8.1 Associated undertakings Investments in associated undertakings at 31 July 2002 represent the Group's share of net assets of Virgin Express Catering Services N.V. and Airchef 2000 Srl. 8.2 Interest in own shares At the Annual General Meeting on 30 May 2002, a Long-Term Incentive Plan for the Chief Executive was approved. During July 2002 715,000 shares were purchased by a trust company in the open market using funds provided by the Group at a total cost of #494,000. 9. Approval of Financial Statements The interim financial information was approved by a committee of the Board of Directors on 26 September 2002. This information is provided by RNS The company news service from the London Stock Exchange END IR BELLLLKBBBBE
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