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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Birse Grp. | LSE:BIE | London | Ordinary Share | GB0001005684 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 14.40 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:7471V Birse Group PLC 16 December 2005 Date: Embargoed until 7.00am 16 December 2005 Contact: Peter Watson, Chairman Telephone: 01302 768078 Martin Budden, Group Managing Director Gerry Roche, Group Finance Director Birse Group plc Sally Lewis Telephone: 0207 269 7224 Financial Dynamics BIRSE GROUP plc - INTERIM ANNOUNCEMENT SIX MONTHS ENDED 31/10/05 Highlights:- * Citibank Litigation settled in the period thereby removing the risk and uncertainty associated with that process. * The sale of the business and certain assets of The Cabin Company was completed on 9 May 2005 realising net proceeds of #5.3million and a profit on disposal of #1.2million. * Net cash inflows from operations #2.8million (2004: an outflow of #16.8million). * Net debt down from #14.4million at 30 April 2005 to #8.4million. * Prospects for advances in the second half are encouraging with major contract starts and other productivity increases underway in our ongoing operations. * Interim dividend maintained at 0.375p per share. "Improving market conditions in all areas of our ongoing operations, our ability to increase market share in those markets based upon a customer focused approach and the prospect of eliminating losses from the curtailed Birse Build business by the end of the next financial year all combine to add further stimulus and substance to the Group's underlying forward momentum." M Budden P G Watson REPORT OF THE DIRECTORS On the results for the six months ended 31 October 2005 Summary of Results A summary of the results for the period analysed between ongoing operations and curtailed businesses is set out in the table below:- Ongoing Curtailed operations businesses Total #'000 #'000 #'000 Engineering: Civil Engineering 2,531 - 2,531 Process Engineering (95) - (95) Construction: Building 200 (7,327) (7,127) Plant Hire 140 1,250 1,390 Commercial Property - 54 54 Group Centre (431) - (431) 2,345 (6,023) (3,678) Exceptional Operating Item: Construction: Building - (5,753) (5,753) Operating Result 2,345 (11,776) (9,431) Interest Receivable 70 Finance Costs (562) Reported result for the period before taxation (9,923) Notes: 1. Curtailed businesses comprise in the case of Building those divisions that are in the process of being closed down as part of the restructuring of Birse Build Limited, in the case of Plant Hire, The Cabin Company Limited whose business together with certain assets was sold on 9 May 2005 and in the case of Commercial Property, Birse Properties Limited whose only remaining income streams relate to contingent consideration arising in respect of contracted sales in prior years. 2. The exceptional operating item comprises the settlement of the Citibank Litigation (#3.2million) and the legal and associated costs incurred in the period (#2.5million). The contract giving rise to this litigation was awarded to one of the divisions of Birse Build Limited that is now in the process of being closed down. The summary of results set out above highlights the significant effect on the Group's financial performance consequent upon the restructuring of Birse Build and the Citibank Litigation. Operating losses relating to the curtailed businesses in the period amount to #11.8million compared with #5.1million for the corresponding period last year. The size of these losses mask the underlying profitability of our ongoing operations. Although operating profits in those businesses fell from #5.9million in the six months ended 31 October 2004 to #2.3million, this was largely due to cyclical factors suppressing demand in those markets exposed to regulatory control and similar influences. With workloads in those areas already on the increase prospects for the second half remain ahead of the corresponding period in 2004/2005. Combining the results of the curtailed businesses and ongoing operations gives rise to a consolidated operating loss of #9.4million (2004/2005: operating profit of #851,000). The deterioration from last year is mainly accounted for by the settlement of the Citibank Litigation and associated costs (#4.5million) and increased losses, including under-recoveries of contractual amounts, associated with the restructuring of Birse Build (#2.5million) in the curtailed businesses. In the ongoing operations profits from the Engineering businesses fell by #3.1million. This included an abnormally high volume of Rail work undertaken in the first half of 2004/2005 that cannot be expected to recur and suppressed demand in the Water sector arising from the cyclical impact of regulatory price reviews. Net debt at 31 October 2005 fell to #8.4million from #14.4million at 30 April 2005 as the Group benefited from the inflow of funds arising from the sale of the business and certain assets of The Cabin Company. Ongoing Operations Six months ended 31 October Year ended 2005 2004 30 April 2005 Turnover Operating Turnover Operating Turnover Operating profit profit profit #'000 #'000 #'000 #'000 #'000 #'000 Engineering: Civil Engineering 125,092 2,531 126,331 5,616 231,555 8,485 Process Engineering 11,483 (95) 20,497 5 40,265 1,165 Construction: Building 11,459 200 17,040 200 28,456 500 Plant Hire 1,788 140 2,204 559 3,743 470 Group Centre - (431) - (497) - (1,041) 149,822 2,345 166,072 5,883 304,019 9,579 In the year ended 30 April 2005 activity and profits were first half biased largely as a result of the downturn of workload in the second half in the Rail sector (due to framework contract renewals), and the Water sector (due to the cyclical effects of regulatory price reviews) and changing customer procurement practices in other infrastructure sectors. With the assessment of potential framework contractors by Network Rail (Birse Rail was awarded two frameworks) and the Water regulatory reviews now complete activity levels in those two sectors are on the increase. Likewise in respect of other areas of the infrastructure market, major contracts awarded on an early contractor involvement basis are now emerging from the design and planning phases and entering the production phase. Consequently, activity levels and profits in the current year are expected to be second half biased. Engineering: Civil Engineering The Group's civil engineering activities are undertaken by Birse Civils Limited, Birse Metro Limited (a dedicated London Underground business) and Birse Rail Limited. We have previously reported that the vast majority of activity undertaken by Birse Civils relates either to framework or early contractor involvement type contracts. Both forms of working arrangements engage the contractor at the initiation or concept stage of the project. In 2004/2005 Birse Civils' resources were engaged on the early phases of these type of projects mainly the design and planning elements. That upfront investment is now coming to fruition as those projects collectively moved onto the production phase, gradually building up in the first half with optimum levels of production expected to result in the second half and thereafter. Levels of production anticipated by Birse Civils indicate that it's previously reported record order book levels will be reflected in record turnover levels. This is at a time when the general infrastructure market has been in decline for the last three years, clear evidence that Birse Civils' value added customer focused approach is leading to increased market share. With demand in the infrastructure market expected to increase over the next few years, Birse Civils is well placed to continue this growth. At 31 October 2005 Birse Civils' order book stood at #265million compared with #233million at 31 October 2004. Birse Metro operates exclusively in the London Underground environment working for Tubelines and Metronet ("the Infracos") and London Underground. In 2004/ 2005 demand and market opportunities in this sector were at an all time low. It was only in the last three months of that financial year that Birse Metro traded at a breakeven level as order intakes and production increased, albeit modestly. That improving trend has continued into the current year. Although the period between an enquiry for work and work commencing remains abnormally long compared to other sectors of the market, the timetable for the delivery of station and facility upgrades is immovable. Prospects for further opportunities were enhanced when Birse Metro was one of three companies selected by London Underground to undertake work outside the programme of work for which the Infracos will be responsible. Given the specialised nature of this market place and the latent demand Birse Metro is in a good position to progress forward from what at present is a relatively low level trading base. Following the award by Network Rail of two five year framework contracts in February 2005 Birse Rail's focus in the first half has been upon embedding the processes, procedures and organisational infrastructures needed to deliver the programme of works determined by the customer under those arrangements. Implementation has gone according to plan with Birse Rail in a solid position to deliver the higher level production outputs that Network Rail have targeted for the second half. It still remains Network Rail's stated intention to introduce more competition for work let outside its framework contracts and to undertake a greater percentage of its overall work outside those arrangements. In anticipation of these intentions Birse Rail had previously implemented certain structural and management changes so that it has the appropriate capabilities to meet these changing procurement practices. This is a good example of Birse Rail's focus on its customer requirements and its determination and flexibility to act accordingly. It is this alertness to the changing needs of its customer which puts the business in a good position to maintain and improve upon its strong position in the market place. Engineering: Process Engineering As described in the Group's 2004/2005 Annual Report, Birse Process suffered subdued demand from its key water customers in the second half of that year as a result of the cyclical impact of the regulatory price reviews to which the UK Water Industry is subjected. That situation for the same reason persisted in the period now under review with no work on new contracts awarded in that sector being undertaken. On a brighter note however, in the first half Birse Process secured a major odour control related project with Thames Water in respect of which work is now underway. The confirmation of that order has meant that the three largest odour control related contracts available in the market place in recent years have all been awarded to us confirming our status as the leading solutions provider in this area. With demand in this sector forecast to increase over the remainder of this regulatory cycle and into the next one Birse Process is well placed to secure the more complex and hence rewarding projects and increase its scale of operations. The Energy market and in particular electrical power upgrades is the other major sector in which Birse Process operates. It is near to completing a major project to upgrade power supply capacity in relation to the Channel Tunnel Rail Link. With the UK's electricity distribution network in a more outdated condition than its water counterpart and with the higher technical capabilities demanded of suppliers in this area this is a sector within which Birse Process is aiming to increase its market share. Construction: Building The Group's ongoing build operations function completely independently of those curtailed build divisions that are in the process of closedown. The business is a distinct and autonomous unit with all the management and other functions that would normally be associated with a stand alone business dedicated exclusively to it and under its own control. The business continues to be based in the North and focus on the Local Authority and wider education sector. In the period under review aggregate operating profits have remained in line with the previous year albeit on lower levels of turnover. This reflects the benefits of our decision to specialise and indicates that the improved management and operating practices introduced into this business are materialising in higher margins. Improving margins further will be the focus and objective of this business in the immediate future. Plant Hire The Group's ongoing plant hire operations consist of BPH Equipment Limited. BPH hires heavy duty crawler cranes and piling equipment mainly into the civil engineering market. As reported above in relation to Birse Civils infrastructure markets have been in decline for the last three years. Since BPH often hires as top up to customers' existing fleets of equipment any fall in customer activities can have a disproportionate adverse impact on demand for BPH's products. The factors described have combined to produce the weakest markets that BPH has been faced with in recent times. Even in such extreme conditions however BPH has traded profitably to the credit of its management. With the decline in the civils infrastructure markets projected to reverse, BPH is in a position to secure a step change in its utilisation levels and return to the average levels of return on capital of over twenty five per cent experienced in the recent past. Curtailed Businesses Six months ended 31 October Year ended 2005 2004 30 April 2005 Turnover Operating Turnover Operating Turnover Operating (loss)/profit (loss)/profit (loss)/profit #'000 #'000 #'000 #'000 #'000 #'000 Construction: Building* 4,213 (13,080) 22,127 (6,077) 32,590 (10,449) Plant Hire - 1,250 2,614 608 5,161 947 Commercial Property 200 54 750 437 926 381 4,413 (11,776) 25,491 (5,032) 38,677 (9,121) * Includes exceptional operating item of #5,753,000 in the six months ended 31 October 2005, #1,271,000 in the six months ended 31 October 2004 and #2,928,000 in the year ended 30 April 2005. Construction - Building As announced on 26 October 2005, a settlement to the Citibank Litigation has been reached. Under the terms of the related settlement agreement Birse Construction Limited agreed to pay to Citibank an amount of #1.22million together with Citibank's costs as assessed, currently estimated to be in the region of #2million in full and final settlement. The aggregate amount due to Citibank is payable in fourteen quarterly installments starting on 1 February 2006 and will bear interest at LIBOR plus 1.5 per cent. The settlement agreement also gives Birse Group plc the option to satisfy up to #720,000 of this liability by way of issue or issues of ordinary shares to Citibank by reference to the market price of such shares on the dates such options are exercised. The conclusion of the Citibank Litigation has not only removed the significant risk and uncertainty associated with that process but equally importantly it will allow the Board to focus more attention on developing the positive aspects of the Group. With regard to those divisions of Birse Build that are in the process of close down site construction work is substantially complete with the emphasis now on commercial closure. In that regard we continue to make progress towards our target of eliminating material losses by the end of the Group's 2007 financial year and are actively looking at options to accelerate that process. There is now only one contract that is the subject of litigation or equivalent proceedings (2004/2005: two). That contract relates to the Build closedown Divisions. Included in debtors is an aggregate value of #5million attributable to that contract (2004/2005: #7.1million). As described in Note 9 in respect of that contract recoverability of value remains uncertain. Plant Hire The sale of the business and certain assets of The Cabin Company Limited was completed on 9 May 2005. Of the #1.25million operating profit reported #1.2million relates to the profit arising from that disposal with the balance relating to the trading activities of that business upto completion. Commercial Property Turnover and profit in the period reflects the crystallisation of contingent consideration, less related costs arising in respect of contracted sales in prior years. It is unlikely that any consideration of any material value will accrue in the future. Dividend An interim dividend of 0.375p per ordinary share (2004: 0.375p) will be paid on 5 May 2006 to shareholders on the register on 7 April 2006. Outlook In the Group's 2004/2005 Annual Report we referred to the Group's underlying forward momentum. Since that time a settlement of the Citibank Litigation has been reached and the reorganisation of Birse Build has been further progressed. Although the Group remains exposed to uncertainties in respect of that reorganisation it has taken important steps in maintaining management control in that regard. These actions combined with improving market conditions in all areas of our ongoing operations, our ability to increase market share in those markets based upon a customer focused approach, and the prospect of eliminating losses from the curtailed Birse Build business by the end of the next financial year all contribute to add further stimulus and substance to the Group's underlying forward momentum. Consolidated Income Statement For the six months ended 31 October 2005 6 Months 6 Months Year Ended Ended Ended 31.10.05 31.10.04 30.04.05 (restated) (restated) Note #'000 #'000 #'000 Revenue 2 154,125 190,070 340,523 Operating costs before exceptional operating item (157,803) (187,948) (337,137) Exceptional Citibank litigation costs 3 (5,753) (1,271) (2,928) Total operating costs (163,556) (189,219) (340,065) Operating (loss)/profit 2 (9,431) 851 458 Interest receivable 70 70 140 Finance costs (562) (254) (728) (Loss)/profit before taxation (9,923) 667 (130) Taxation 4 75 (108) 150 (Loss)/profit for the period 6 (9,848) 559 20 Basic (loss)/earnings per share 7 (5.1)p 0.3p 0.0p Consolidated Balance Sheet For the six months ended 31 October 2005 As at As at As at 31.10.05 31.10.04 30.04.05 (restated) (restated) Note #'000 #'000 #'000 Assets Non-current assets Property, plant and equipment 11,004 15,695 14,644 Deferred tax assets 2,425 2,092 2,350 13,429 17,787 16,994 Current assets Trade and other receivables 9 121,569 124,966 111,916 Cash and cash equivalents 10,918 9,334 10,420 Pension scheme prepayment 2,350 2,850 2,600 134,837 137,150 124,936 Total assets 148,266 154,937 141,930 Equity Share capital 19,239 19,239 19,239 Share premium account 93 93 93 Special reserve 308 308 308 Revaluation reserve 607 607 607 Profit and loss account (19,668) (7,357) (7,896) 579 12,890 12,351 Liabilities Non current liabilities Trade and other payables 13,564 6,222 5,544 Bank loans and borrowings 273 1,026 624 Finance leases 109 120 123 13,946 7,368 6,291 Current liabilities Trade and other payables 109,282 118,922 95,139 Bank loans and borrowings 18,894 10,508 23,946 Finance leases 80 27 143 Current tax liabilities 4,283 4,020 4,060 Dividends 1,202 1,202 - 133,741 134,679 123,288 Total liabilities 147,687 142,047 129,579 Total equity and liabilities 148,266 154,937 141,930 Consolidated Cash Flow Statement For the six months ended 31 October 2005 6 Months 6 Months Year Ended Ended Ended 31.10.05 31.10.04 30.04.05 (restated) (restated) #'000 #'000 #'000 Cash flow from operations 3,410 (16,481) (27,843) Interest paid (562) (244) (573) Tax paid 0 (40) (165) Net cash flow from operations 2,848 (16,765) (28,581) Cash flows from investing activities Interest received 70 70 140 Purchases of property, plant and equipment (1,993) (603) (1,700) Proceeds from sale of property, plant and equipment 475 31 2,535 Proceeds from sale of business 5,300 - - Net cash from investing activities 3,852 (502) 975 Cash flows from financing activities Repayment of borrowings (1,098) (29) (590) Finance lease principal payments (77) (201) (144) Dividends paid to group shareholders (722) (721) (1,924) Net cash used in financing activities (1,897) (951) (2,658) Increase/(decrease) in net cash and cash equivalents 4,803 (18,218) (30,264) Net cash and cash equivalents at beginning of period (12,473) 17,791 17,791 Net cash and cash equivalents at end of period (7,670) (427) (12,473) 6 Months 6 Months Year Ended Ended Ended 31.10.05 31.10.04 30.04.05 (restated) (restated) #'000 #'000 #'000 Cash flows from operating activities Net (loss)/profit after taxation (9,848) 559 20 Adjustments for Tax (75) 108 (150) Pensions charge 250 250 500 Depreciation 932 1,183 2,486 (Profit)/loss on disposal of property, plant and equipment (1,074) (21) 47 Net interest 492 184 588 Operating cash flow before working capital changes (9,323) 2,263 3,491 Changes in working capital (Increase)/decrease in trade and other receivables (9,653) 11,084 23,027 Increase/(decrease) in trade and other payables 22,386 (29,828) (54,361) Cash flow from operations 3,410 (16,481) (27,843) NOTES TO THE INTERIM ACCOUNTS 1. Preparation of Interim Accounts For the year ended 30 April 2006 the Company will be required to prepare consolidated financial statements under International Accounting Standards ("IAS ") as adopted by the European Commission. These will be those IAS, International Financial Reporting Standards ("IFRS") and related Interpretations ("SIC-IFRIC interpretations"), subsequent amendments to those standards and related interpretations, future standards and related interpretations issued or adopted by the International Accounting Standards Board (IASB) that have been endorsed by the European Commission. This process is ongoing and the Commission has yet to endorse certain standards issued by the IASB. The preliminary IFRS comparatives for the year ended 30 April 2005 and the six months ended 31 October 2004 has been prepared by management using its best knowledge of the expected standards and interpretations of the International Accounting Standards Board, facts and circumstances, and accounting policies that will be applied when the company prepares its first complete set of IFRS accounts as at 30 April 2006. Therefore, until such time, the possibility cannot be excluded that the accompanying preliminary opening balance sheet may require adjustment before constituting the final opening balance sheet. Moreover, under IFRS, only a complete set of financial statements comprising a balance sheet, income statement, statement of changes in equity, cash flow statement, together with comparative financial information and explanatory notes, can provide a fair presentation of the company's financial position, results of operations and cash flow. The financial information has been prepared in accordance with IFRS. Comparative information for the six months ended 31 October 2004 and the year ended 30 April 2005 has been restated on an IFRS basis. The Group have taken the decision not to adopt IAS34 "Interim Financial Reporting" in the preparation of the interim statements for the period ended 31 October 2005. Full details of new IFRS policies applied and reconciliation of comparative figures between UK GAAP and IFRS are available on the Group's website (www.birse.co.uk). The Group's auditors, Deloitte & Touche LLP, have carried out a review of the interim accounts, which were approved by the Board of Directors on 16 December 2005, and their report is reproduced on page 17. The financial information presented is unaudited and does not amount to full statutory accounts within the meaning of the Companies Act 1985. Full accounts for the year ended 30 April 2005 upon which Deloitte & Touche LLP gave an unqualified report, have been delivered to the Registrar of Companies and a statement under section 237(2) of the Companies Act 1985 was not included. 2. Segment Information 6 Months 6 Months Year Ended Ended Ended 31.10.05 31.10.04 30.04.05 #'000 #'000 #'000 Revenue Engineering: Civil Engineering 125,092 126,331 231,555 Process Engineering 11,483 20,497 40,265 Construction: Building 15,672 39,167 61,046 Plant Hire 1,788 4,818 8,904 Commercial Property 200 750 926 Group Centre - - - Intra-group (110) (1,493) (2,173) 154,125 190,070 340,523 Results Engineering: Civil Engineering 2,531 5,616 8,485 Process Engineering (95) 5 1,165 Construction: Building (7,127) (4,606) (7,021) Plant Hire 1,390 1,167 1,417 Commercial Property 54 437 381 Group Centre (431) (497) (1,041) Operating (loss)/profit before exceptional operating item (3,678) 2,122 3,386 Exceptional Citibank litigation cost: Building (5,753) (1,271) (2,928) Operating (loss)/profit (9,431) 851 458 3. Exceptional Operating Item 6 Months 6 Months Year Ended Ended Ended 31.10.05 31.10.04 30.04.05 #'000 #'000 #'000 Costs and settlement of Citibank Litigation (5,753) (1,271) (2,928) The costs incurred in the period represent the settlement of the Citibank Litigation (#1.2million) together with an estimate of Citibank's costs of #2million and the legal and associated costs incurred during the period (#2.5million). The costs in respect of the comparative periods represent the legal and associated costs incurred in those periods. 4. Taxation The tax credit/(charge) for the period has been calculated by reference to the projected rate for the full year. 5. Dividends on Equity Shares An interim dividend of 0.375p per ordinary share (2004: 0.375p) will be paid on 5 May 2006 to shareholders on the register on 7April 2006. 6. Reconciliation of movements in equity 6 Months 6 Months Year Ended Ended Ended 31.10.05 31.10.04 30.04.05 #'000 #'000 #'000 Equity at start of period 11,629 14,255 14,255 Total recognised income and expense (9,848) 559 20 Dividends to shareholders (1,202) (1,924) (1,924) Equity at end of period 579 12,890 12,351 7. (Loss)/earnings per share #'000 #'000 #'000 (Loss)/earnings per share is calculated as follows:- (Loss)/profit for the period (9,848) 559 20 Millions Millions Millions Weighted average of ordinary shares in issue 192.4 192.4 192.4 (Loss)/earnings per share (5.1)p 0.3p 0.0p 8. Analysis of net debt 6 Months 6 Months Year Ended Ended Ended 31.10.05 31.10.04 30.04.05 #'000 #'000 #'000 Cash at bank 10,918 9,334 10,420 Bank overdraft (18,588) (9,296) (22,893) Current debt (306) (1,212) (1,053) Non current debt (273) (1,026) (624) Finance leases (189) (147) (266) (8,438) (2,347) (14,416) 9. Trade and other receivables Included in trade and other receivables is a debtor of #5million (31 October 2004 and 30 April 2005: #7.1million) attributable to contractual amounts relating to one (31 October 2004 and 30 April 2005: two) contract which is the subject of arbitration or equivalent proceedings. In consequence of the losses suffered on contracts subject to litigation in previous years the Directors have reconsidered the recoverability of this contract. Whilst the Directors believe that they are justified in concluding that this amount will be realised, the Directors acknowledge that there remains uncertainty. However, it is not possible to quantify the effects. Independent review report to Birse Group plc Introduction We have been instructed by the company to review the financial information for the six months ended 31 October 2005 which comprises the consolidated income statement, the consolidated balance sheet, the consolidated cash flow statement and related notes 1 to 9. We have read the other information contained in the interim report and considered whether it contains any apparent misstatements or material inconsistencies with the financial information. This report is made solely to the company in accordance with Bulletin 1999/4 issued by the Auditing Practices Board. Our work has been undertaken so that we might state to the company those matters we are required to state to them in an independent review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company, for our review work, for this report, or for the conclusions we have formed. Directors' responsibilities The interim report, including the financial information contained therein, is the responsibility of, and has been approved by the Directors. The Directors are responsible for preparing the interim report in accordance with the Listing Rules of the Financial Services Authority which require that the accounting 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. International financial reporting standards As disclosed in note 1, the next annual financial statements of the Group will be prepared in accordance with International Financial Reporting Standards as adopted for use in the EU. Accordingly, the interim report has been prepared in accordance with the recognition and measurement criteria of IFRS and the disclosure requirements of the Listing Rules. 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. Uncertainty relating to contracts In arriving at our review conclusion we have considered the accuracy of disclosure made in Note 9 to the financial information concerning uncertainty relating to trade and other receivables. In view of the significance of this uncertainty, we consider it should be brought to your attention. Our review conclusion is not qualified in this respect. 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 31 October 2005. Deloitte & Touche LLP Chartered Accountants and Registered Auditors Leeds 16 December 2005 This interim report will be posted to shareholders and copies will be made available to the public from: The Secretary, Birse Group plc, Humber Road, Barton on Humber, North Lincolnshire, DN18 5BW. This information is provided by RNS The company news service from the London Stock Exchange END IR TABATMMTBBBA
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