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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Global Market | LSE:GMC | London | Ordinary Share | KYG3927E1145 | ORD USD0.0002 (DI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 50.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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Gaming Corporation PLC
Gaming Corporation Plc
Preliminary announcement of unaudited results for the 12 months ended 30
September 2005
Gaming Corporation Plc (LSE: GMC.LN), the leading gaming portal operator and
owner of both Gambling.com and Casino.co.uk, announces a maiden profit with
further strong growth expected.
Financial Highlights - 12 months ended 30 September 2005
-- Turnover increased 46% to £19 million for the 12 months ended 30 September
2005 (2004: £13 million)
-- Gross profit increased over 200% to £2.7 million (2004: 0.9 million)
-- Maiden profit before tax and exceptional items of £0.7 million (2004: Loss
of £0.3 million)
-- Second half profit before tax and exceptional items of £0.8 million (First
half loss: £0.05 million)
-- Earnings per share of 0.2p (2004: loss of 0.6p)
-- Consolidated net assets of £14.8 Million (2004: £2.4 million)
-- Cash balances at the period end of over £2.8 Million (2004: £1 million)
Other Highlights
-- Successful acquisition of Gambling.com the Number 1 gaming search engine for
£10.5 million
-- Raised £9.5 million net of expenses in an institutional placing in March
2005
-- Launch of interactive cash gaming service with Orange UK
-- Appointment of William Grimes, a senior executive at London Clubs
International for over 20 years
-- Casino.co.uk consistently ranked in the top 5 most visited gaming sites in
the weekly Hitwise rankings for UK gambling sites during 2005
-- Acquisition of Got2bet.com, a leading international gaming portal
-- Launch of www.findpoker.com website, a poker portal
-- Launch of Skillgaming.co.uk, a skill gaming site
Commenting on the results, Justin Drummond, Chief Executive of Gaming
Corporation plc, said:
"It has been an excellent year in which the Group has been transformed into a
profitable operator in the fast growing interactive gaming sector. During the 12
months ended 30 September 2005, through a combination of organic growth and key
acquisitions, the size and scope of our business has increased materially. We
have achieved a maiden profit whilst launching a number of innovative gaming
products and a new division aimed at the rapidly expanding mobile gaming market.
The launch of the mobile gaming service with Orange UK was a milestone in the
development of this division and we are in ongoing negotiations with a number of
UK and European mobile networks with a view to replicating the success that we
have had with Orange UK.
The acquisition of Gambling.com in the second half of the year has proven to be
a great success, and has continued to perform markedly above our expectations.
Gaming Corporation continues to dominate the on-line gaming portal market and
has benefited from both our advertisers' requirement to attract new customers
and unprecedented market growth. Whilst there has been recent comment regarding
the increasing cost of customer acquisition in the online gaming industry, these
growing subscriber acquisition and marketing costs have been beneficial to
Gaming Corporation as operators are now prepared to pay substantially more to
acquire customers from our gaming portal network.
With the increased scale in our portal and advertising network and the launch of
our new mobile gaming division, the business is now very well positioned to
generate significant profitable growth in the coming financial year and
consequently we continue to look forward to the future with confidence."
For additional information:
Justin Drummond, Gaming Corporation plc, Tel: 020 7618 9000
E-mail: justindrummond@gamingcorp.net
Damion Greef, Gaming Corporation plc, Tel: 07736 381 030
E-mail: damiongreef@gamingcorp.net
David Bick, Holborn PR, Tel: 020 7929 5599
E-mail: trevorphillips@holbornpr.co.uk
Gaming Corporation plc
Preliminary announcement of unaudited results for the year ended 30 September
2005
Chairman's Statement
I am pleased to report significant progress for Gaming Corporation during 2005,
in a year where we delivered significant growth, record sales and a maiden Group
profit.
The Group's market leading gaming portals Gambling.com and Casino.co.uk have
benefited from our advertisers paying more to acquire new customers for internet
gaming sites.
The online gaming market will continue to grow rapidly due to the implementation
of the new regulations as well as the emergence of new gaming products. The
convenience of being able to access gaming sites online and via new channels,
including mobile phones, is greatly broadening the appeal to customers.
Internet gaming is now an established and profitable global industry and the
proposed UK Gambling Bill will legalise the operation of Internet gaming sites
in the UK and transform the UK into the World's largest regulated internet
gaming market.
Gaming Corp has a lower regulatory risk compared to many of our competitors as
we do not target US customers with our own casino operation and our gaming
portal business falls outside the contentious US regulatory framework as it is
essentially a media and advertising business.
The Group is well positioned to take advantage of these new opportunities and to
generate further profitable growth in the coming financial year and consequently
we continue to view the future with confidence."
Jason Drummond
Chairman
Financial Review
The results for the year ended 30 September 2005 show consolidated turnover has
increased by 46% to £19.0 million (2004: £13 million), gross profit has
increased by over 200% to £2.7million (2004: £0.9million) giving rise to an
adjusted profit before tax* of £0.7 million (2004: loss £0.3million). The second
half performance showed sustained growth as gross profit grew by 105% (46%
before acquisitions). At the end of the period, consolidated net assets were
£14.8million (2004: £2.4million) and the net cash balance was £2.8million (2004:
£1.0million).
* Adjusted profit or loss before taxation represents the profit before taxation
before goodwill amortisation and exceptional one-off acquisition costs
Advertising and Portals
Financial summary
2005 2004 %
£000s £000s change
Turnover 3,173 1,132 261%
Gross profit 2,235 618 180%
Gross margin 70.4% 54.6%
Interactive Gaming
Financial summary
2005 2004 %
£000s £000s change
Turnover 15,790 11,813 34%
Gross profit 452 250 81%
Gross margin 2.9% 2.1%
Chief Executive's Review
Gaming Corporation has made excellent progress during 2005 through a combination
of organic growth, new products and strategic acquisitions. The business is now
on track to deliver further growth and substantial returns to our shareholders
in the coming financial year. This achievement is due to the hard work and
dedication of our highly capable team.
Gaming Corporation has completed the integration of Gambling.com and the
business is continuing to exceed management's expectations during the first
months of ownership.
Gambling.com is a global leader in casino, poker, and sports betting search
since 1997. Income is generated through pay per click advertising where clients
bid to reach higher rankings in the search results, a model used by other search
companies such as Google and Overture.
Gambling.com is the number 1 listing on google.com for "Gambling" search and has
over 500 other internet and affiliate sites linking to Gambling.com globally.
Gambling.com has extensive expertise in direct mailing and has built a double
opt-in database of over 200,000 members.
Gambling.com's proprietary technology includes an International and UK specific
pay per click bid management search engine. This allows advertisers to create
and self manage their search listing campaigns from online deposits through to
bid management and real time reporting. Like all the major pay per click search
engines, Gambling.com uses complex algorithms and strict editorial to maximize
efficiency for advertisers and end users alike.
This technology also enables Gambling.com to distribute their gaming related
listings to other targeted gaming web sites thus increasing their exposure and
revenue earning potential and we see this as a key driver of growth in the
forthcoming financial year.
Casino.co.uk has continued to grow rapidly during the year and has consolidated
its position as the UK's leading online gaming portal. The site generated over
2.5 million monthly visitors in September 2005 and these visitors' viewed 23.5
million pages of content (September 2004: 1 million visitors and 15 million page
views).
The growing list of customers at Casino.co.uk includes leading gaming companies
such as William Hill, Virgin Games and the Ritz Casino. The business operates on
a cost-per-click revenue model whereby Gaming Corporation earns a fee each time
a banner is clicked upon by a user. Revenues have grown strongly during the
period and this trend is set to continue during 2006.
Eyeconomy, a new media advertising company, was acquired in May 2004, with the
objective of driving more customers to Gaming Corporation's online gaming
assets. Eyeconomy Limited has continued to perform strongly since the
acquisition and has assisted the Group in significantly growing the portal
network and existing gaming operations through targeted advertising campaigns
and strategic advice.
The mobile gaming business launched with Orange UK continues to out-perform
having signed over 4,000 registered customers during the initial soft launch
phase. As Orange UK intensifies their marketing effort we would anticipate
further rapid growth in our mobile gaming operation. The Company is also in
ongoing negotiations with other UK based and European network operators with a
view to replicating the success we have experienced with Orange in the UK.
The multiplayer internet and mobile poker software which has been developed with
Ongame is in the final stages of development and will be launched imminently.
The poker site will offer Casino.co.uk customer's access to over 5.5 Million
registered poker players across Ongame's poker network. The software will allow
our customers to play online and via their mobile phone. It is anticipated that
we can introduce this new product to our existing and future mobile network
partners.
The Company's internet gaming site portfolio has expanded through the addition
of interactive poker and instant win games during the year.
In addition, the Company is now benefiting from a significant reduction in its
operating costs following a move to a new software supplier for its online and
mobile casino games. This reduction in marginal costs will continue to improve
as the casino operation continues to gain scale.
Current trading and prospects
During the first weeks of the current financial year, trading across the Group
has remained strong.
The Board is particularly pleased with the performance of its gaming portal
business, as advertising rates have continued to rise. The mobile gaming
division though still at an early stage is already showing encouraging signs and
with the benefit of increased marketing by Orange UK and with the addition of
further contracts with other mobile networks, the outlook for this business
remains positive.
Board changes
William Grimes was appointed as a Non-executive Director during the year.
William Grimes was formerly a senior executive of London Clubs International plc
("London Clubs"), having joined in 1978. London Clubs is a publicly quoted
company on the London Stock Exchange.
William has over 35 years experience in the gaming industry. Between 1994 and
2002 William was a Director of London Clubs and Head of International
Development for London Clubs (Overseas) Limited. He was responsible for
identifying gaming opportunities outside the UK, establishing joint-venture
partnerships in over 20 countries and applying successfully for gaming licenses
in the UK and abroad. He was a Director of London Clubs' Mayfair casino (The
Casanova) and he managed the opening of several casinos both in the UK and
abroad.
Charles Black and David Rogers stepped down from the Board during the year and
the Directors would like to thank them for their significant contribution to the
Group.
Justin Drummond
Chief Executive
Group profit and loss account
For the year ended 30 September 2005
Notes 2005 2004
£000s £000s
unaudited audited
Turnover 2 18,963 12,945
Cost of sales (16,276) (12,077)
Gross profit 2,687 868
Selling and distribution costs (785) (358)
Administrative expenses:
Exceptional one-off acquisition costs (238) (215)
Other administration expenses (1,311) (794)
Goodwill amortisation - (462)
(1,549) (1,471)
Group operating profit/(loss) 353 (961)
Interest receivable and similar income 112 19
Interest payable and similar charges 3 (20) (4)
Profit/(loss) on ordinary activities before
taxation 445 (946)
Taxation 4 31 (78)
Profit/(loss) on ordinary activities for the
period 476 (868)
Minority interest - -
Profit/(loss) for the period attributable
to members of the parent company 13 476 (868)
Earnings per share - basic 5 0.20p (0.58)p
Earnings per share - diluted 5 0.19P (0.58)p
Earnings per share - adjusted 5 0.29p (0.15)p
There were no other recognised gains and losses for the period.
Group balance sheet
As at 30 September 2005
Notes 2005 2004
£000s £000s
unaudited audited
Fixed assets
Intangible assets 6 11,557 1,131
Tangible assets 7 253 168
11,810 1,299
Current assets
Debtors 8 1,001 653
Cash at bank and
in hand 2,809 1,020
3,810 1,673
Creditors: amounts falling due within
one year 9 (825) (602)
Net current assets 2,985 1,071
Net assets 14,795 2,370
Capital and reserves
Called up share capital 11 4,604 3,702
Share premium account 12 12,749 1,702
Other reserve 12 1,422 1,422
Profit and loss account 12 (3,978) (4,454)
Shareholders' funds 14,797 2,373
Minority interests (2) (2)
13 14,795 2,370
Net asset value per ordinary share 5 5.39p 1.28p
Group statement of cash flows
For the year ended 30 September 2005
Notes 2005 2004
£000s £000s
unaud1ted audited
Net cash outflow from operating activities 14(a) 381 (616)
Returns on investments and servicing
of finance
Interest received 112 19
Interest paid (20) (4)
92 15
Taxation
Corporation tax received - 57
Capital expenditure
Payments to acquire tangible fixed assets (152) (54)
Payments to acquire intangible fixed assets (2,640)
(2,792) (54)
Acquisitions and disposals
Acquisition of subsidiary undertakings (5,752) (19)
Net cash balance acquired with subsidiary
undertaking 442 174
(5,310) 155
Net cash outflow before management of liquid
resources and financing (7,629) (443)
Management of liquid resources
Bank deposits - (750)
Financing
Issue of ordinary share capital 9,472 1,166
9,472 1,166
Increase/(decrease) in cash 14(b) 1,843 (27)
Group statement of cash flows
For the year ended 30 September 2005
Reconciliation of net cash flow to movement in net funds
2005 2004
£000s £000s
unaudited audited
Increase/(decrease) in cash 1,843 (27)
Cash outflow from increase in liquid
resources - 750
Change in net funds resulting from cash flows 1,843 723
Movement in net funds 1,843 723
Net funds at 1 October 966 243
Net funds at 30 September 2,809 966
Notes to the accounts
As at 30 September 2005
1. Accounting policies
Fundamental accounting concept - going concern
The accounts have been prepared on the assumption that the group is a going
concern. The accounts of the group for the year ended 30 September 2005 show a
profit for the period of £476,000. At the date of these financial statements,
the Group's ability to continue as a going concern reflects the net funds
available to the Group at the year-end and the forecasts for the Group for the
current financial period. On this basis, in the opinion of the Directors, the
accounts have been properly prepared on the assumption that the group is a going
concern.
Basis of preparation
The financial information has been prepared under the historical cost convention
and in accordance with applicable United Kingdom accounting standards.
Basis of consolidation
The group accounts consolidate the results of Gaming Corporation plc and its
subsidiary undertakings from their respective dates of acquisition.
Goodwill
The directors have reviewed the useful economic life of goodwill at 30 September
2005 for durability in accordance with the provisions of Financial Reporting
Standard ('FRS') 10 and, as a consequence, no longer intend to provide for the
systematic amortisation of the cost of goodwill. An impairment review has been
carried out in accordance with FRS 10 which shows that the capitalised value of
the cash flows derived from future income streams is greater than the carrying
value shown in the Group's consolidated balance sheet at 30 September 2005.
Impairment reviews will, in future, be carried out at the end of each reporting
period. The non-amortisation of goodwill for the year ended 30 September 2005
has had the effect of increasing the Group's operating profit for the period by
approximately £1,111,000
Depreciation
Depreciation is provided on the following tangible fixed assets at rates
calculated to write off the cost or valuation, less estimated residual value
based on prices prevailing at the date of acquisition or revaluation, of each
asset evenly over its expected useful life as follows:
Fixtures and fittings 25% reducing balance
Office equipment 25% reducing balance
Computer equipment 33.3% per annum
Web-sites 33.3% per annum
Software licence 20% per annum
The carrying values of tangible fixed assets are reviewed for impairment in
periods if events or changes in circumstances indicate the carrying value may
not be recoverable.
Intangible fixed assets
Amortisation is provided on the following intangible fixed assets at rates
calculated to write off the cost or valuation, less estimated residual value
based on prices prevailing at the date of acquisition or revaluation, of each
asset evenly over its expected useful life as follows:
Trademarks 10% per annum
The carrying values of intangible fixed assets are reviewed for impairment in
periods if events or changes in circumstances indicate the carrying value may
not be recoverable.
Fixed asset investments
Fixed asset investments are carried at cost.
The carrying values of fixed asset investments are reviewed for impairment in
periods if events or changes in circumstances indicate the carrying value may
not be recoverable.
Deferred taxation
Deferred tax is provided in full in respect of taxation deferred by timing
differences between the treatment of certain items for taxation and accounting
purposes. Deferred tax assets are only recognised when they are regarded as
recoverable. The group has not adopted a policy of discounting deferred tax
assets and liabilities.
Foreign currencies
Transactions in foreign currencies are recorded at the rate ruling at the date
of the transaction or at the contracted rate if the transaction is covered by a
forward exchange contract. Monetary assets and liabilities denominated in
foreign currencies are retranslated at the rate of exchange ruling at the
balance sheet date.
Leasing
Rentals payable under operating leases are charged in the profit and loss
account on a straight-line basis over the lease term.
Cost of share option schemes
In accordance with UITF Abstract 17,"Employee Share Schemes", the company
recognises a charge to the profit and loss account for the amount by which the
fair market value of any share options or benefits likely to be issued exceeds
their respective exercise price on the date of the grant. These costs are
recognised on a straight-line basis over the period to which they relate. In
accordance with UITF Abstract 25,"National Insurance Contributions on Share
Option Gains", the company provides for national insurance contributions on
options granted or benefits likely to be issued on or after 6 April 1999 under
its Unapproved Share Option Schemes. Provision is made over the vesting period
of the options or benefits likely to be issued at the prevailing rate of
employer's national insurance, on the difference between the period end share
value and the grant price, being the Directors' best estimate of the ultimate
liability at each period end.
Capital instruments
Shares are included in shareholders' funds. Other instruments are classified as
liabilities if they contain an obligation to transfer economic benefit and if
not they are included in shareholders' funds.
2. Turnover and segmental analysis
Turnover represents the amounts derived from the provision of goods and services
which fall within the group's ordinary continuing and discontinued activities,
stated net of value added tax. The turnover, profit before tax and net assets of
the group are attributable to two business segments, advertising and portals and
gaming. The Group operates within the United Kingdom, where its income is
derived, save for its on-line casinos, where the activity is undertaken in
Curacao and for gambling.com, where the activity is undertaken in Jersey.
Turnover Turnover Gross profit Gross profit
2005 2004 2005 2004
£000s £000s £000s £000s
unaudited audited unaudited audited
Portals and advertising 3,173 1,132 2,235 618
Gaming 15,790 11,813 452 250
18,963 12,945 2,687 868
3. Interest payable and similar charges
2005 2004
£000s £000s
unaudited audited
Bank loans and overdrafts 20 4
4. Taxation
2005 2004
£000s £000s
unaudited audited
Corporation tax (4) 1
Deferred tax (credit)/charge (27) (79)
Current tax charge (31) (78)
5. Profit and net asset value per ordinary share
2005 2004
unaudited audited
The calculation of profit/(loss) per ordinary share is based
on the effective weighted average number of shares in issue
during the period 234,383,000 150,029,000
The adjusted profit/(loss) per share is based on the
profit/(loss) after tax and before goodwill amortisation:
Profit/(loss) after tax and minority interests as reported £476,000 £(868,000)
One-off acquisition costs (less tax at 19%) £192,000 £174,000
Goodwill - £462,000
Profit/(loss) before goodwill amortisation and one-off
acquisition costs £668,000 £(232,000)
The diluted profit per share takes account of the 17,900,000 warrants in issue,
which, at 30 September 2005, had an exercise price lower than the then
prevailing share price of the Company. The calculation of net asset value per
ordinary share is based on a net asset value of £14,795,000 (2004: £2.370,000)
and 275,027,000 (2004: 184,802,000) ordinary shares in issue at 30 September
2005. 6. Intangible fixed assets
Group Goodwill Domain Trademarks Total
names
£000s £000s £000s £000s
Cost:
At 1 October 2004 4,217 - 2 4,219
Acquisition of Newbold Enterprises Limited 7,786 2,411 - 10,197
Acquisition of other businesses - 229 - 229
At 30 September 2005 12,003 2,640 2 14,645
Amortisation:
At 1 October 2004 3,086 - 2 3,088
Provided during the period - - - -
At 30 September 2005 3,086 - 2 3,088
Net book value:
At 30 September 2005 8,917 2,640 - 11,557
At 30 September 2004 1,131 - - 1,131
The group's accounting treatment of goodwill is set out in note 1. Further
details of the acquisition of Newbold Enterprises Limited are set out in note
16.
7. Tangible fixed assets
Group Leasehold Furniture Office Computer Web-sites Total
property and equipment equipment &
£000s fittings £000s £000s software £000s
£000s £000s
Cost:
At 1 October 2004 - 46 61 73 205 385
Additions 3 13 30 9 97 152
At 30 September 2005 3 59 91 82 302 537
Depreciation:
At 1 October 2004
Provided during the - 22 26 57 112 217
period - 8 14 11 34 67
At 30 September 2005 - 30 40 68 146 284
Net book value:
At 30 September 2005 3 29 51 14 156 253
At 30 September 2004 - 24 35 16 93 168
8. Debtors
2005 2004
£000s £000s
unaudited audited
Trade debtors 517 320
Other debtors 107 33
Prepayments and accrued income 150 100
Deferred tax (see note 10) 227 200
1,001 653
9. Creditors: amounts falling due within one year
2005 2004
£000s £000s
unaudited audited
Bank loans and overdrafts - 55
Trade creditors 468 281
Taxes and social security costs 111 156
Other creditors - 18
Accrued expenses 246 92
825 602
10. Deferred tax
2005 2004
£000s £000s
unaudited audited
At 1 October 2004 (200) (121
Tax (credit)/charge for the year (27) (79)
At 30 September 2005 (227) (200)
Deferred taxation provided in the financial statements is as
follows:
Tax losses carried forward (227) (200)
11. Share capital
2005 2005 2004 2004
No. £000s No. £000s
unaudited audited
Authorised:
Ordinary shares of 1p each 814,566,400 8,146 214,566,400 2,146
Deferred shares of 4p each 46,358,400 1,854 46,358,400 1,854
10,000 4,000
Allotted, called-up and fully paid:
Ordinary shares of 1p each 275,027,298 2,750 184,802,054 1,848
Deferred shares of 4p each 46,358,400 1,854 46,358,400 1,854
4,604 3,702
(i) On 28 February 2005 the Company issued 1,000,000 new ordinary shares at 2p
following exercise of warrants.
(ii) On 3 March 2005 the Company issued 71,500,000 new ordinary shares at 14p.
(iii) On 7 March 2005 the Company issued 150,000 new ordinary shares at 2p
following exercise of warrants.
(iv) On 29 April 2005 the Company issued 17,375,244 new ordinary shares at
14.25p in respect of the acquisition of Newbold Enterprises Limited.
(v) On 9 September 2005 the company issued 200,000 new ordinary shares at 2.75p
following exercise of warrants.
(vi) As at 30 September 2005, the Company has a total of 24,990,000 warrants in
issue. Of these, 16,700,000 are exercisable at an exercise price of 2p per
share, 800,000 are exercisable at 2.75p per share, 6,290,000 are exercisable at
14p per share and 1,000,000 are exercisable at 14.25p per share.
12. Reserves
Group Share Other Profit and
premium Reserve loss
account account
£000s £000s £000s
At 1 October 2004 1,702 1,422 (4,454)
Retained profit for the period - - 476
Arising on issue of new shares 11,047 - -
At 30 September 2005 12,749 1,422 (3,978)
13. Reconciliation of movements in shareholders' funds
Group £000s
At 1 October 2004 2,370
Total recognised gains and losses 476
New shares issued 11,949
Minority interest -
At 30 September 2005 14,795
14. Notes to the statement of cash flows
(a) Reconciliation of operating loss to net cash outflow from operating
activities
2005 2004
£000s £000s
unaudited audited
Operating profit/(loss) 353 (961)
Depreciation 67 67
Amortisation of intangible fixed assets - 1
Amortisation of goodwill - 462
Increase in debtors (317) (219)
Increase in creditors 278 34
381 (616)
(b) Analysis of changes in net funds
1 October Cash flow 30
2004 September
2005
£000s £000s £000s
Cash at bank and in hand 270 2,539 2,809
Bank overdrafts (54) 54 -
Net cash 216 2,593 2,809
Liquid resources
Bank deposits 750 (750) -
966 1,843 2,809
15. Acquisitions The following sets out the assets acquired and goodwill arising
in respect of the acquisition of Newbold Enterprises Limited by the Company
during the year:
Total
£000s
Intangible asset - gambling.com 2,411
Cash at bank and in hand 442
Net assets 2,853
Consideration 10,639
Goodwill 7,786
Shares issued 2,476
Costs of acquisition 8,163
10,639
The directors, after assessing the fair value of the separable net assets,
consider net book values of assets acquired to be fair value.
16. Report and accounts
The financial information set out above does not constitute the Company's
statutory accounts for the years ended 30 September 2005 or 2004. The auditors
have reported on the 2004 accounts; their report was unqualified and did not
contain a statement under section 237(2) or (3) of the Companies Act 1985. The
statutory accounts for 2005 will be finalised on the basis of the financial
information presented by the directors in this preliminary announcement and will
be delivered to the Registrar of Companies following the Company's Annual
General Meeting. Further copies may be obtained from the Company, Ground Floor,
77 Queen Victoria Street, London EC4V 4AY.
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