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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Ambrian | LSE:AMBR | London | Ordinary Share | GB0003763140 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.50 | 1.25 | 1.75 | 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 : 6018D Ambrian Capital PLC 17 September 2008 AMBRIAN CAPITAL PLC Interim Results for the Six Months Ended 30 June 2008 Ambrian Capital plc, the natural resources investment bank, today announced its interim results for the six months ended 30 June 2008. Highlights Six months ended Six months ended 30 June 2008 30 June 2007 Year ended 31 Dec 2007 £m £m £m Investment Banking Income 5.39 5.35 10.63 Investment Portfolio Income (1.65) 9.52 5.20 Total Income 3.74 14.87 15.83 (Loss)/Profit Before Tax (2.79) 10.02 5.79 (Loss)/Earnings per Share: (1.94) 6.60 4.32 Basic (pence) Dividend per Share (pence) 0.75 0.75 1.75 Shareholders' Equity 42.10 51.91 45.04 Shareholders' Equity per Share 42.1 47.8 45.1 (pence) * Investment Banking delivered solid results given the challenging market conditions with revenues maintained and a pre-tax profit margin of 12.2% * Retained by 50 corporate clients, an increase from 35 at 31 December 2007. The average market capitalisation of listed corporate clients was £81 million at 30 June 2008 * Entered the physical metals business with the recruitment of an experienced team based in London and Shanghai and with agents in Calcutta, New York and Santiago * Continued strategy of realising the Investment Portfolio and re-investing the cash proceeds in operating businesses * Investment Portfolio suffered loss in market value, particularly holdings in Golden Prospect Precious Metals Limited and Jubilee Platinum plc * Shareholders' equity per share decreased 6.7% to 42.1p since 31 December 2007 * Balance sheet remains strong, with net usable cash of £17.6 million at 30 June 2008 * Interim dividend maintained at 0.75p per ordinary share Commenting on the results, Tom Gaffney, Chief Executive of Ambrian Capital plc, said: "Despite the challenging market conditions during the first half of 2008, the Investment Banking business delivered solid results due to our focus on the natural resources sector and continued high volatility in commodity prices which benefited our LME futures broker-dealer operations. We took the opportunity to significantly increase our retained corporate client base by the acquisition of Nabarro Wells, which we have rapidly integrated and has already led to a number of new mandates. We also expanded our commodities activities with the recruitment of a highly experienced team of physical metals dealers. This business complements our existing LME futures business. Weak conditions in the equity markets negatively impacted the market value of our Investment Portfolio which under IFRS is reflected in our income statement. We continued our strategy of reducing the size of the Investment Portfolio and re-investing in our operating businesses. During the first half of 2008 we realised approximately £5.8 million of cash from sales of the Investment Portfolio and since 30 June we have realised an additional £4.25 million of cash. The outlook for the balance of 2008 is uncertain; however, we remain well positioned to continue our growth with our focused business model and strong balance sheet." Tom Gaffney Mark Connelly Charlotte Kirkham Chief Executive Collins M: Communications Officer Stewart Ambrian Capital Europe Ltd plc Tel: +44 (0)20 7153 1531 Tel: +44 (0)20 7634 4700 Tel: +44 (0)20 7523 8350 Notes to Editors: 1. Ambrian Capital is an AIM listed independent investment banking group. Ambrian Capital provides corporate finance, stockbroking, commodity broking and investment management services to institutional and corporate clients active in the natural resources and alternative energy sectors. Ambrian Capital is also a principal investor in the natural resources sector. 2. Ambrian Partners Limited, Ambrian Commodities Limited and Ambrian Asset Management are all authorised and regulated by the Financial Services Authority. Ambrian Partners Limited is a member of the London Stock Exchange and Ambrian Commodities Limited is an Associate Broker member of the London Metal Exchange. Further information on Ambrian Capital is available on the Company's website: www.ambrian.com CHIEF EXECUTIVE'S STATEMENT Despite the challenging market conditions during the first half of 2008, the Investment Banking business delivered solid results due to our focus on the natural resources sector and continued high volatility in commodity prices which benefited our LME futures broker-dealer operations. Weak conditions in the equity markets negatively impacted the market value of our Investment Portfolio which under IFRS is reflected in our income statement. We continued our strategy of reducing the size of our Investment Portfolio and re-investing in our operating business. During the first half of 2008 we realised approximately £5.8 million in cash from sales of the Investment Portfolio and since 30 June we have realised an additional £4.25 million of cash. Given the strength and liquidity of the balance sheet, the Board has decided to maintain the interim dividend at 0.75p per share. Financial Review Total income for the first half of 2008 was £3.74 million (2007: £14.87 million). Investment Banking income for the first half of 2007 was £5.39 million (2007: £5.35 million). The Investment Portfolio incurred a loss of £1.65 million compared with a profit of £9.52 million for the first half of 2007. Administrative expenses were £6.53 million (2007: £4.82 million) of which £5.05 million (2007 : £3.83 million) were represented by fixed costs. Administrative expenses included one-off costs associated with the acquisition of Nabarro Wells & Co Limited, start-up costs associated with the physical metals business and costs associated with the move to our new offices. Rigorous control of fixed costs is a central feature of the Group and staff remuneration is geared towards performance. Total headcount as at 30 June 2008 stood at 75, up 27 during the first half of 2008. The loss before tax for the first half of 2008 was £2.79 million (2007: profit before tax £10.02 million). Investment Banking profit before tax for the first half of 2008 was £0.66 million (2007: £1.66 million). This represented a 12.2% pre-tax profit margin (2007 : 31.0%). The loss before tax from the Investment Portfolio was £3.45 million compared with a pre-tax profit of £8.36 million for the first half of 2007. All central costs are allocated to the Investment Portfolio. The net loss after tax for the first half of 2008 was £1.94 million (2007: net profit after tax £7.00 million). Basic loss per share was 1.94p (2007: basic earnings per share 6.60p). Balance Sheet The consolidated balance sheet remains strong, with a substantial excess over total regulatory capital requirements. Shareholders' equity was £42.1 million at 30 June 2008 (31 December 2007: £45.0 million), or 42.1p per share (31 December 2007: 45.1p per share). The Group's cash resources, net of amounts due to clients, totalled £17.6 million at 30 June 2008 compared with £22.2 million at 31 December 2007. The cash utilised in operating activities during the period was £10.4 million largely due to an increase in the working capital of Ambrian Partners Limited, the payment of 2007 annual bonuses, the acquisition of Nabarro Wells, the entry into the physical metals business and the payment of the final 2007 dividend. Our Investment Portfolio was valued at £13.7 million at 30 June 2008 compared with £20.5 million at 31 December 2007. The reduction in the size of the Investment Portfolio is due to a combination of the sale during the first half of 2008 of investments with an aggregate value of approximately £5.8 million and reductions in the market value of our investments in line with the well-publicised negative market conditions generally. Total assets were £110.4 million at 30 June 2008 compared with £58.9 million at 31 December 2007. The increase is largely attributable to an increase in Trade and Other Receivables to £59.5 million (31 December 2007 : £6.0 million). Approximately half of the increase is related to the new physical metals business which purchases metal on behalf of clients typically on a hedged and matched basis. The metals purchases are funded under trade finance arrangements with a syndicate of major international banks and these are included in Trade and Other Payables. In addition, Trade and Other Receivables increased during the period as a result of increased activity in agency broking and market making. These are largely offset by market counterparties which are shown in Trade and Other Payables which totalled £54.7 million at 30 June 2008. Dividend The Board has declared a maintained interim dividend of 0.75p per share (2007: 0.75p). The dividend will be payable on 24 October 2008 to all shareholders on the register as at 3 October 2008. Investment Banking During the first half of 2008 we took two important steps to strengthen and broaden our Investment Banking business, specifically, the acquisition of Nabarro Wells in April and entering into the physical metals business in June. Nabarro Wells has been rapidly integrated into Ambrian Partners. Nabarro Wells brought a high quality retained client base to which it provides nominated adviser services. Clients include First Calgary Petroleum Limited, Platinum Australia Limited and Ithaca Energy Inc. Our objective is to build on the nominated adviser relationships and offer to our new clients an expanded range of services. We have had a number of early successes, for example, we have additionally been appointed as corporate broker to Altona Resources plc, Indago Petroleum Limited, Renewable Energy Holdings plc and Toledo Mining Corporation plc. During the first half of 2008 we also significantly expanded our commodities business with the recruitment of an experienced international physical metals team. The eight-strong team comprises salesmen, traders and logistics managers based in London and Shanghai. In addition, there are agents based in Calcutta, New York and Santiago. Ambrian Partners Limited Ambrian Partners Limited, our corporate finance and stockbroking subsidiary, had 50 core retained corporate clients at 30 June 2008 compared with 35 at 31 December 2007. In addition to the new clients brought by Nabarro Wells, significant new client wins include our appointment as nominated adviser and joint-broker to Avocet Mining plc and to Weatherly International plc. In a more challenging equity market environment, our retained corporate client base provides a stream of recurring revenues and positions Ambrian Partners at the centre of providing advisory and capital raising services to our clients. Our capital raising business has not been immune to the slow-down in new issue activity on AIM, nevertheless, the strength of our natural resources franchise is demonstrated by the transactions we completed in the difficult market conditions prevailing in the first half of 2008, which included : * £14.4 million equity capital raising for Kalahari Minerals plc * £10.3 million equity capital raising for Dwyka Resources Limited * £7.6 million equity capital raising for Pangea Diamondfields plc * £4.2 million equity capital raising for Block Shield Corporation plc Ambrian Partners has established a particularly strong presence in the AIM natural resources sector. According to the "Hemscott July 2008 Advisers Ranking Guide", Ambrian Partners was ranked first in terms of both (i) retained nominated adviser clients and (ii) number of stockbroking clients in the Basic Materials Sector (which includes the metals and mining sector) on AIM. Ambrian Partners was also ranked fourth in terms of number of nominated adviser clients in the Oil & Gas sector on AIM. Given the prominence of natural resources companies on AIM, Ambrian Partners also ranked second in terms of number of clients and fifth by client market capitalisation within the FTSE AIM 100 Index that comprises the largest companies on AIM. Commodities Ambrian Commodities Limited benefited from increased customer activity in the first half of 2008 resulting from high volatility in metals prices, for example, the 3-month forward copper price ranged between $6,680/tonne to $8,880/tonne during the period. Trading volumes on the LME were significantly higher in the first half of 2008 compared with the first half of 2007, for example, the volume of nickel traded was up 31.6%, lead was up 31.0%, and grade A copper was up 16.4%. Ambrian Commodities' international client base of industrial users of metals made active use of the LME to hedge either their raw material costs or output prices. Ambrian Commodities' LME traders also profited from the increased order flow provided by the expanded sales team. The entry into the physicals metals business represents a major step forward and is expected to make a positive contribution in the second half of 2008. We have recruited a first-class team with extensive experience of the metals markets. Ambrian Metals Limited, our newly formed and wholly-owned Swiss registered subsidiary, globally sources non-ferrous metals, with a particular focus on copper, from producers for distribution to an international client base. Ambrian Metals provides its clients with a consistently high quality product, logistics services and price management. Ambrian Metals manages all facets of marketing and distribution including financing from producers to consumers and has put in place committed trade finance facilities with a syndicate of major international banks including BNP Paribas, ING and Standard Chartered Bank. Investment Portfolio The Investment Portfolio incurred a loss of £1.65 million in the first half of 2008 as a result of the deterioration in stock market conditions . The most significant losses were attributable to losses in our investments in Golden Prospect Precious Metals Limited ("GPPM") (loss of £1.4 million), Jubilee Platinum plc (loss of £0.4 million) and Minerva Resources plc (loss of £0.2 million). These were in part offset by profits in certain of our other investments. The total value of the Investment Portfolio at 30 June 2008 was £13.73 million compared with £20.52 million at 31 December 2007. The reduction in the size of the Investment Portfolio is due to a combination of £5.8 million of realisations and a reduction in market values. Our principal realisations during the first half of 2008 included the sale of our holdings in Nido Petroleum Limited (£3.4 million), Jubilee Platinum plc (£1.0 million), Kairiki Energy Limited (£0.9 million) and European Gas Limited (£0.4 million). On 28 July 2008, Ambrian Capital sold its 49.96% stake in GPPM for total cash proceeds of approximately £4.24 million. Ambrian Capital retained 2.9 million warrants in GPPM in order to be able to participate in any recovery in the performance of GPPM. Effective 15 September 2008 Ambrian Asset Management Limited novated the investment management agreement with GPPM to a new investment manager. The composition of our Investment Portfolio at 30 June 2008 was as follows : Market Value £m GPPM shares & warrants (sold 28 July 2008) 4.3 Anglesey Mining plc 2.2 Minerva Resources plc 1.8 Samson Oil & Gas NL 1.5 Jubilee Platinum plc 1.0 Commodity Watch plc 0.5 GPPM warrants (retained) 0.4 Uranium One Inc 0.2 North Australian Diamond Mines Limited 0.2 Other 0.7 Total Quoted Investments 12.8 Unlisted Investments at Book Value 0.9 Total Investment Portfolio 13.7 Our remaining investments will continue to be realised as fair value is achieved and liquidity opportunities arise. Outlook Given the current market turmoil the outlook for the remainder of 2008 remains unclear. Our Investment Banking revenues are dependent upon activity levels in the equity and commodity markets. Despite the major steps we have taken to reduce the size of the Investment Portfolio, market movements in its value will continue to affect reported short-term Group profitability. Despite short term volatility the demand for natural resources will remain. We are confident that over the long-term we will be able to build value based on our focus on the natural resources sector, our exposure to both equities and commodities and our strong and liquid balance sheet. Tom Gaffney Chief Executive 17 September 2008 Unaudited condensed consolidated interim income statement 6 months to 30 June 6 months to 30 June Year to 31 December 2007 2008 2007 £ £ £ Total income Investment banking 5,388,169 5,352,784 10,635,226 Investment portfolio (1,647,473) 9,514,801 5,199,494 ________ ________ _________ 3,740,696 14,867,585 15,834,720 Administrative expenditure (6,528,491) (4,819,484) (10,014,900) Finance costs - (28,652) (32,628) ________ ________ ________ (Loss) / profit before tax (2,787,795) 10,019,449 5,787,192 Taxation 844,766 (3,011,130) (1,273,636) _________ ________ ________ (Loss)/profit for the period (1,943,029) 7,008,319 4,513,556 from continuing activities _________ _______ ________ (Loss)/profit for the period (1,943,029) 7,008,319 4,513,556 ======= ===== ===== Attributable to: Equity holders of the parent (1,943,029) 7,008,319 4,513,556 ====== ===== ===== Earnings per share: Pence Pence Pence Basic earnings per share: (1.94) 6.60 4.32 ==== === === Diluted earnings per share (1.94) 6.25 4.18 ==== === === Unaudited condensed consolidated interim balance sheet 30 June 30 June 31 December 2007 2008 2007 £ £ £ ASSETS Non-current assets Property, plant and equipment 466,538 173,054 126,852 Intangible assets 2,536,828 1,836,828 1,836,828 ________ ________ ________ 3,003,366 2,009,882 1,963,680 ________ ________ ________ Current assets Financial assets 19,044,311 32,810,513 23,888,023 Trade and other receivables 59,526,155 3,976,535 5,989,445 Cash at bank and in hand 28,815,027 26,796,044 27,080,761 ________ ________ ________ 107,385,493 63,583,092 56,958,229 Non-current assets classified as - 1,557,500 - held for sale ________ ________ ________ 107,385,493 65,140,592 56,958,229 ________ ________ ________ Total assets 110,388,859 67,150,474 58,921,909 ======= ====== ====== LIABILITIES Current liabilities Trade and other payables (54,719,289) (2,034,403) (5,433,599) Amounts due to clients (11,253,764) (6,883,254) (4,877,995) Current tax payable (1,605,001) (1,573,639) (1,482,563) ________ ________ ________ (67,578,054) (10,491,296) (11,794,157) ________ ________ ________ Non-current liabilities Deferred tax liabilities (715,657) (4,752,717) (2,090,110) ________ ________ ________ Total non-current liabilities (715,657) (4,752,717) (2,090,110) ________ ________ ________ Total liabilities (68,293,711) (15,244,013) (13,884,267) ________ ________ ________ Net assets 42,095,148 51,906,461 45,037,642 ======= ====== ====== 30 June 30 June 31 December 2007 2008 2007 £ £ £ EQUITY Equity Called up share capital 11,136,121 10,856,121 11,136,121 Share premium account 11,105,383 10,949,383 11,105,383 Merger reserve 1,245,256 1,245,256 1,245,256 Treasury shares (163,217) (163,217) (163,217) Retained earnings 24,015,082 30,242,673 26,957,576 Employee benefit trust (5,879,819) (1,813,557) (5,879,819) Reserve for share-based payments 636,342 589,802 636,342 ________ ________ ________ Total equity attributable to the 42,095,148 51,906,461 45,037,642 holders of the parent ======= ======= ====== Unaudited condensed consolidated interim statement of changes in equity Share premium Share account Reserve capital for share- Profit based and payments Employee loss reserves benefit account Merger trust Treasury Minority Total reserve shares interest equity Total £ £ £ £ £ £ £ £ £ £ Balance at 31 December 10,806,121 10,849,383 1,245,256 543,262 (1,813,557) (163,217) 24,278,739 45,745,987 3,483,677 49,229,664 2006 Total recognised income and expense for the period Profit for the period - - - - - - 7,008,319 7,008,319 - 7,008,319 - - Changes in equity for first half of 2007 Share option charge - 46,540 - - - 46,540 - 46,540 Elimination of minority - - - - - - - - (3,483,677) (3,483,677) interest Dividends - - - - - - (1,044,385) (1,044,385) - (1,044,385) Issue of share capital 50,000 100,000 - - - - - 150,000 - 150,000 Balance at 30 June 2007 10,856,121 10,949,383 1,245,256 589,802 (1,813,557) (163,217) 30,242,673 51,906,461 - 51,906,461 Share Share premium Reserve capital account for share- based Employee Profit and payment benefit loss Merger s trust Treasury account Minority reserve shares interest reserve Total Total equity s £ £ £ £ £ £ £ £ £ £ Balance at 31 December 2006 10,806,121 10,849,383 1,245,256 543,262 (1,813,557) (163,217) 24,278,739 45,745,987 3,483,677 49,229,664 Total recognised income - - and expense for the period Profit for the period - - - - 4,513,556 4,513,556 - 4,513,556 Changes in equity for 2007 Minority interest arising on - - acquisition - - - - - - (3,483,677) (3,483,677) Purchase of shares - - - - (4,066,262) - - (4,066,262) - (4,066,262) Share option charge - - - 93,080 - - - 93,080 - 93,080 Dividends - - - - - - (1,834,719) (1,834,719) - (1,834,719) Issue of share capital 330,000 256,000 - - - - - 586,000 - 586,000 Balance at 31 December 2007 11,136,121 11,105,383 1,245,256 636,342 (5,879,819) (163,217) 26,957,576 45,037,642 - 45,037,642 Share capital Share premium account Reserve for share-based payments reserves Employee benefit Merger reserve trust Treasury shares Profit and loss account Total equity £ £ £ £ £ £ £ £ Balance at 31 December 2007 11,136,121 11,105,383 1,245,256 636,342 (5,879,819) (163,217) 26,957,576 45,037,642 Changes in equity for 2008 Share option charge - - - - - - - - Loss for the period - - - - - - (1,943,029) (1,943,029) Total recognised income 11,136,121 11,105,383 and expense for the period 1,245,256 636,342 (5,879,819) (163,217) 25,014,547 43,094,613 Dividends - - - - - - (999,465) (999,465) Balance at 30 June 2008 11,136,121 11,105,383 1,245,256 636,342 (5,879,819) (163,217) 24,015,082 42,095,148 Unaudited condensed consolidated interim cash flow statement 6 months 6 months Year to 30 June to 30 June to 31 December 2008 2007 2007 £ £ £ Cash flows from operating activities (Loss)/profit after taxation (1,943,029) 7,008,319 4,513,556 Adjustments for: - - - Depreciation 65,442 43,132 104,954 Foreign exchange (gain) (25,011) (331,825) (357,915) Taxation expense recognised in income (844,766) 3,011,130 1,273,636 statement (Increase) in trade and other (53,536,710) (119,904) (2,132,815) receivables Decrease in financial assets designated at fair 4,843,712 1,928,778 4,009,590 value Realised gains on financial assets designated at (9,209,084) fair value Net proceeds on disposals of financial assets 17,608,262 designated at fair value Increase/(Decrease) in trade 49,285,690 (2,164,391) 1,234,805 payables Increase/(Decrease) in amounts 6,375,769 (6,488,357) (8,493,618) owed to clients Employee benefit trust - - (4,066,262) Share-based payment reserve - 46,540 93,080 ________ ________ ________ Cash generated from operations 4,221,097 2,933,422 4,578,189 Taxation (407,249) (2,483,010) (3,499,196) ________ ________ ________ Net cash from operating 3,813,848 450,412 1,078,993 activities ________ ________ ________ Cash flows from investing activities Purchase of property, plant and (405,128) (16,420) (32,040) equipment Acquisition of subsidiary (700,000) (3,483,677) (3,483,677) ________ ________ ________ Net cash used in investing (1,105,128) (3,500,097) (3,515,717) activities ________ ________ ________ Cash flows from financing activities Proceeds from issue of share - 150,000 586,000 capital Dividends paid (999,465) (1,044,385) (1,834,719) ________ ________ ________ Net cash used in financing (999,465) (894,385) (1,248,719) activities ________ ________ ________ Net increase in cash and cash 1,709,255 (3,944,070) (3,685,443) equivalents Cash and cash equivalents at the beginning of 27,080,761 30,408,289 30,408,289 period Foreign exchange gains / 25,011 331,825 357,915 (losses) ________ ________ ________ Cash and cash equivalents at end 28,815,027 26,796,044 27,080,761 of period ======= ====== ====== Notes to the unaudited condensed consolidated interim financial statements 1. Basis of preparation The interim financial statements have been prepared in accordance with the accounting policies previously adopted for the year ended 31 December 2007 are based on the recognition and measurement principles of IFRS in issue as adopted by the European Union (EU) and are effective at 31 December 2007. The interim financial statements are for the six months ended 30 June 2008. They do not include all of the information required for full annual financial statements, and should be read in conjunction with the consolidated financial statements of the Group for the year ended 31 December 2007. The interim financial statements have been prepared under the historical cost convention, except for revaluation of certain financial assets. The accounting policies have been applied consistently throughout the Group for the purposes of preparation of the interim financial statements. The financial information set out in these interim financial statements does not constitute statutory accounts as defined in Section 240 of the Companies Act 1985. The Group's statutory financial statements for the year ended 31 December 2007, prepared under IFRS, have been filed with the Registrar of Companies. The auditor's report on those financial statements was unqualified and did not contain a statement under Section 237(2) of the Companies Act 1985. These interim financial statements have neither been audited nor reviewed by the Group's external auditors. The interim financial statements were approved by the Directors on 16 September 2008 and copies are available to the public free of charge from the company at Old Change House, 128 Queen Victoria Street, London EC4V 4BJ during normal office hours, Saturdays, Sundays and Bank Holidays excepted, for 14 days from today. 2. Income The group's income is derived from investment banking and the performance of the Group's investment portfolio. 6 months to 30 June 2008 - unaudited Investment banking Investment portfolio Total Operating income 5,388,169 (1,647,473) 3,740,696 ==================== ========================= ========================= ===== 6 months to 30 June 2007 - unaudited Investment banking Investment portfolio Total Operating income 5,352,784 9,514,801 14,867,585 ==================== ========================= ========================= ===== Year to 31 December 2007 - audited Investment banking Investment portfolio Total Operating income 10,635,226 5,199,494 15,834,720 ==================== ========================= ========================= ===== Operating income includes investment and other income. The investment portfolio includes realised and unrealised gains on financial assets. 3. Share Issue Shares issued and authorised for the period to 30 June 2008 may be summarised as follows: 6 months to 30 June 2008 - unaudited Number £ At 1 January 2008 111,361,208 11,136,121 Issue of shares - - At 30 June 2008 111,361,208 11,136,121 ========================= ========================= 6 months to 30 June 2007- unaudited Number £ At 1 January 2007 108,061,208 10,806,121 Issue of shares 500,000 50,000 At 30 June 2007 108,561,208 10,856,121 ========================= ========================= Year to 31 December 2007 - audited Number £ At 1 January 2007 108,061,208 10,806,121 Issue of shares 3,300,000 330,000 At 31 December 2007 111,361,208 11,136,121 ========================= ========================= 4. Earnings per Share The calculation of the basic earnings per share is based on the earnings attributable to ordinary shareholders divided by the weighted average number of shares in issue during the year, excluding shares held in the Employee Benefit Trust and Treasury shares. The calculation of diluted earnings per share is based on the basic earnings per share, adjusted to allow for the issue of shares on the assumed conversion of all dilutive options. Reconciliations of the earnings and weighted average number of shares used in the calculations are set out below. Continuing operations 6 months to 30 June 2008 - unaudited Earnings Weighted average number of shares Per share amount Pence £ Basic earnings per share (1,943,029) 99,944,165 (1.94) ====== ====== === Diluted earnings per share (1,943,029) 99,944,165 (1.94) ====== ======= === 6 months to 30 June 2007 - unaudited Earnings Weighted average number of shares Per share amount Pence £ Basic earnings per share 7,008,319 106,150,905 6.60 Dilutive effect of share 6,024,242 options ________ ________ ____ Diluted earnings per share 7,008,319 112,175,147 6.25 ====== ======= === Year to 31 December 2007 - audited Earnings Weighted average number of shares Per share amount Pence £ Basic earnings per share 4,513,556 104,406,818 4.32 Dilutive effect of share 3,612,831 options ________ ________ ____ Diluted earnings per share 4,513,556 108,019,649 4.18 ====== ======= === This information is provided by RNS The company news service from the London Stock Exchange END IR ILFEAAFIRLIT
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