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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Goldshield Grp | LSE:GSD | London | Ordinary Share | GB0002893823 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 486.25 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:5104E Goldshield Group PLC 01 December 2002 FOR IMMEDIATE RELEASE: 07.00, Monday 2 December 2002 GOLDSHIELD GROUP PLC Interim Results for the six months ended 30 September 2002 Goldshield Group plc ("Goldshield"), the profitable, marketing-led, emerging British pharmaceutical company, has pleasure in reporting its interim results for the six months ended 30 September 2002. HIGHLIGHTS * Growth continues despite unusual and adverse trading conditions o Turnover up by 9% to #54.5m (30 Sept. 2001: #50.0m) o Headline earnings before amortisation, exceptional costs relating to SFO and tax, increased by 5% to #11.9m (30 Sep. 2001: #11.3m) * Diluted earnings per share pre amortisation and exceptional costs up 6% * to 22.2p (30 Sept. 2001: 20.9p) * UK sales up 7% and non-US overseas sales up 46% * US sales up by 32% compared to six months to 31 March 2002 to USD$21.8m * Efficiencies increasing from Central Group Management Services Unit - * now up and running in India * A range of supply chain problems impacted profit by around #1.0m * Interim dividend 1.45 pence per share (30 Sept. 2001: 1.45 pence per share) * No further update from SFO investigation Commenting on the results, Ajit Patel, Executive Chairman of Goldshield Group, said: "The first half of this year has been eventful, yet we continue to make good progress and despite experiencing unforeseen difficulties in the first six months, the Group has achieved growth in turnover and earnings before amortisation, exceptionals and tax. "Current trading continues on a similar trend as during the first half. Various difficulties faced during this period are gradually being overcome and your Board remains confident and upbeat about the Group's underlying performance in sales and profits. "Operational efficiencies being achieved through the back office operation in India, our creation of opportunities for aggressive growth in US healthcare products, the launch of the UK television home shopping channel and the Antigen injectables business in Europe will keep us on track to deliver good mid to long term earnings per share growth." For further information, please contact: Goldshield Group plc Ajit Patel, Executive Chairman Tel on Monday 02.12.02: +44 (0) 20 7466 5000 Rakesh Patel, Finance Director Thereafter: +44 (0) 20 8649 8500 Buchanan Communications Tel: +44 (0) 20 7466 5000 Louise Bolton Chairman's Statement Overview The first half of this year has been eventful. We have suffered severe difficulties relating to the supply of the Antigen range of injectable products, raw material shortages, supply problems relating to recent acquisition of Diamox and, of course, management distractions caused by the SFO investigation. We estimate a loss in profit of at least #1.0 million resulting from these various factors in the first half of this year. Despite such unforeseen difficulties we have continued to make good progress in many areas. Group turnover has increased by 9% to #54.5 million (30 Sept. 2001: #50.0 million) and underlying earnings before amortisation, exceptional costs and tax have increased by 5.3% to #11.9 million (30 Sept. 2001: #11.3 million). Headline earnings per share before amortisation and SFO related exceptional costs were 22.2 pence (30 Sept. 2001: 20.9 pence). A dividend of 1.45 pence (30 Sept. 2001: 1.45 pence) is due to be paid on 20 January 2003 to those shareholders on the Register on 13 December 2002. Sales in the United Kingdom have grown by 7.0% to #31.9 million (30 Sept. 2001: #28.6 million). This increase is mainly due to organic growth from within our pharmaceutical businesses, enhanced by various acquisitions made last year. However, following our successful acquisition of the Antigen range of injectable products in December last year, the Group has faced supply difficulties that have not only impacted sales but also profits. We have spent the last few months supporting the Miza Group, by paying higher cost of goods, in order to continue with supply until new manufacturers can be established. This, plus increased interest costs as a result of our prudent build up of inventory to safeguard future supply, has further impacted profits. On the UK healthcare side, our mail order business has suffered a decline in sales of 13% compared to the second half of the last financial year. This is in large part due to consistent and unfounded negative media coverage regarding use of vitamins as well as increased competition within the UK. It is our belief that the recently announced launch of the 24-hour Goldshield Vitality home shopping channel early in 2003 will put the UK healthcare business back on track. An EU ban, on the use of Glucosamine raw material sourced from China, has also impacted on our sales and profits. The Glucosamine products combined, make up Goldshield's largest product category; consequently first half margins have been impacted. However, supplies are being restored and raw material costs have normalised and we expect this profit impact to stop adversely affecting us as of this month. The Post Office has imposed a near doubling of the postal rates and this will obviously impact profits in our mail order business. Looking ahead, we expect to gradually pass these increased costs to consumers to put our margins back on track In the combined Rest of World and Mainland Europe businesses, an increase of sales by 46.0% to #7.8 million (30 Sept. 2001: #5.4 million) was achieved. Most of these sales were of pharmaceutical products, although sales of our healthcare products in France, sold via mail order, are particularly encouraging and we expect good growth in this market in the coming months. Sales in North America have increased to US $21.8 million compared to sales of US $16.5 million in the last 6 months of year ended March 2002. This is an increase of 32%. Several new initiatives are contributing towards the sales increase. I am particularly encouraged by our progress against weak consumer confidence in the North American market though, as being suffered by all retailers in all sectors, and am in no doubt about this market making a significant impact on our Group sales over the next two to three years. The year so far has proved challenging, not forgetting the reported Serious Fraud Office ("SFO") investigation which has had a significant impact on management time. To date we have had no further contact from the SFO and realistically we do not expect any further updates until the second quarter of next year. Whilst these results are not in line with our expectations, I remain confident for the future. Our underlying performance remains strong and I expect the sales and profit growth to regain momentum over the coming months. Operating Review General Due to the growth being experienced by the Group we have spent the last 12 months developing a world-wide central Management Services Unit. This includes call centres and order processing activities, warehouse and distribution, finance and accounting, purchasing, Information Technology (IT), Management Information Systems (MIS), human resources, regulatory and compliance, and facilities management. The first half of this year has been concentrated on consolidating these regionally and a back office structure has been established in Mumbai, India where we will consolidate a major part of the above activities in order to reduce operating costs. As our world-wide direct to consumer business grows, we will also need to increase the call centre capacity worldwide and cater for several languages. We anticipate the number of call centre operators to increase to as many as 1,000 people over the next 5 years. Two years ago, when the Group moved some of its call centre management to India, we outsourced it to Global Telesystems a leading telecommunications player in India. As our worldwide need is increasing, in March 2003, we will initiate our own centre in India, which will house an additional 200 people. This is in addition to a 200 seat sales centre, which we established at Portland, USA earlier this year. The Group accounting and finance management team started to move to India in September this year. Together with the central MIS team being established, the Indian back office will provide complete financial management and reporting for all marketing units worldwide. We anticipate this transition will be completed by the end of the second quarter of 2003. Healthcare Products Within the North American Direct / Agent sales business there has been consolidation of certain aspects of the three business units (Golden Pride, Changes International and Achievers Unlimited). Management and infrastructure changes have been put into place to allow for a more cohesive unit which, although early days, appears to be working well. Consumer confidence in the US continues to have an effect on overall sales. The US economic forecast for the next six months is positive, with a recovery, if slow, projected. Large network of loyal independent distributors, along with continued new product and programme releases, will continue to broaden our exposure and further increase our revenue stream. The business is currently working with other Goldshield business units on various programmes to generate business to new markets. Tapping into leads generated by numerous forms of marketing by Goldshield creates market potential for special offerings by the Division. The release of new products across all business units will continue, the first being the introduction of the Gold Benefits Health Plan and Essential 3, a product designed for mothers. Additional new core products being considered include nutritional bars currently being marketed by PR Nutrition. The US Mail Order business saw significant improvements to response rates, revenues and profitability during the first six months of Fiscal Year 2003. This is encouraging given the events of 9-11 and the Anthrax scare, which depressed response rates and revenues during the second half of Fiscal 2002. The US Mail Order Group, which comprises of Advanced Nutritional Products, Goldshield Healthcare Direct and PR Nutrition, mailed approximately two million direct response pieces during the first six months ended September 2002 and achieved encouraging results. In addition, various tests were carried out for future potential marketing campaigns with reasonable success using television, radio and print media. In the first six months of this year Goldshield Healthcare Direct was able to introduce a 96 page catalogue which includes over 250 product choices, many of which were added to create an expanded US product line. This catalogue is inserted in all Goldshield product orders as well as in orders for new direct response radio and TV Infomercial buyers. During the first six months of Fiscal Year 2003 we also expanded the "Auto-Ship Program" where customers sign up to receive regular shipments of a product or products. This programme provides a steady stream of revenue and profits for the Goldshield Direct operating unit. In the UK, over the last six months, our focus has been on the development of new product introductions and the establishment of new channels of distribution, whilst maximising return from existing mailing channels. New channels of distribution have been developed with a more direct focus of resources being applied to web trading, e-marketing and tele-marketing activities. Inclusion of web addresses and exclusive incentive offers into "Off The Page" advertising has seen an increase in the number of customers recruited to the database and a growth in monthly web sales of 43% during the period between 31st March 2002 and 31st October 2002. An e-mail communications strategy has been implemented across all UK businesses, with a product proposition being mailed to the e-mail database on a bi-weekly basis. This has proved successful to date, with higher than industry forecast click through and order rates. In September, Goldshield Healthcare introduced a major new marketing initiative to develop loyalty amongst existing customers and incentivise recruitment - The Goldshield Buyers Club. This initiative will reduce database attrition by giving members, for a joining fee, up to 20% off the normal mailing price - as well as being eligible for further incentives. We are also pleased to announce that we will launch the Goldshield Vitality Home Shopping channel broadcast via digital satellite early next year. This will provide further opportunity to increase our market share within this product category. Pharmaceutical Products The Retail and Hospital sales within Western Europe has demonstrated growth in certain key areas and has further consolidated recent acquisitions, which provide growth opportunities for the future. For the time being, we remain focused on the Western European market and Rest of World for pharmaceutical products. As Management gains more depth and experience in North America we will look to introduce some of these products to that market as well. Our generics business has grown at a lower rate, due to significant pricing pressures from competitors in some areas of the market. Whilst the overall sales have not grown much in value, the volumes have increased considerably. Further new product introductions into our Generic range within coming months will further consolidate our growth and I remain confident about growing our turnover in this Division. Despite the ongoing problems with the supply of products associated with Miza Group, we have achieved some significant penetration into the UK NHS Contract Hospital business with the recent award of three new tenders in Yorkshire, North London and Eastern Counties. These will provide us with further sales opportunities in coming months. Future opportunities to gain further awards within the NHS will further consolidate this growth. With the Branded Primary Care sector, we have seen the recent launch of two new products, Trintek, a nitroglycerine patch for the treatment of angina and Komil, a branded generic for the treatment of hypertension. There has been a small decline in the International sales, mainly attributable to import restrictions due to regulatory transfers in Israel and Romania; a deteriorating market situation in Pakistan and supply/tender issues in South Africa. These restrictions however are offset partially by new Antigen business and an increase in sales of Goldshield brands. The first half of the year has seen a lot of activity in re-establishing Antigen Overseas business and distributor network from zero base in many cases. The Antigen business has given us new partners and business in Turkey, the West Indies and Malaysia, which we are building on with Goldshield brands both existing and products pending UK registration. Despite the recent issues with regard to Miza, the Antigen acquisition remains a good one and key to our strategy of expanding our product base in the International Division. Product Development Four new products have been launched during the 6 months to 30 Sept. 2002 and a further 15 are scheduled to be approved by March 2003. Further to the annual report for year end March 2002, of the new product development projects discussed and since initiated within the injectable and oncology markets, one marketing authorisation application (MAA) has been approved, three MAAs are under assessment by the UK Medicines Control Agency and a further three injectables MAA are to be submitted before March 2003 - we remain confident of their approvals during the next few months. Goldshield has had its first Mutual Recognition Procedure (MRP) assessment approval of a marketing authorisation in two European countries, simultaneously using the UK as the Reference Member State (RMS). Eight further MRP assessments by the UK are expected to be filed before the end of this financial year with a view to new registrations being approved across several other European countries in the first quarter of the next financial year. Product licence information has been generated across another 15 products, which are under technical assessment with a view to making marketing authorisation product licence applications in 2003, initially in the UK. Current Trading and Future Prospects Current trading continues on a similar trend as during the first half. Various difficulties faced during this period are gradually being overcome and your Board remains confident and upbeat about the Group's underlying performance in sales and profits. Operating margins will continue to be under pressure for most of the second half on a similar scale to that suffered in the first half. These will be largely due to Antigen stock build up, increased postal rates which affect mail orders and one off setting up costs relating to the Goldshield Vitality television shopping channel, the Indian call centre and back office. Having said that, operational efficiencies being achieved through the back office operation in India, our creation of opportunities for aggressive growth in US healthcare products, the launch of the UK television home shopping channel and the Antigen injectables business in Europe will keep us on track to deliver strong mid to long term earnings per share growth. Ajit Patel Executive Chairman 2 December 2002 Note: Pre-amortisation figures, discussed above, are calculated as follows. 2003 2002 2002 Year to March 1st half 1st half Total # million # million # million Turnover 54.5 50.0 100.4 Operating profit before amortisation and SFO costs 12.3 11.4 24.2 Net Interest (0.4) (0.1) (0.4) Pre tax profit 11.9 11.3 23.8 Taxation (3.6) (3.5) (7.1) Profit after tax 8.3 7.8 16.7 EPS diluted (pence) 22.2 20.9 44.6 Number of shares (million) 37.4 37.5 37.5 Summarised Consolidated Profit and Loss Account for the six months ended 30 September 2002 Six months Six months Year ended ended ended 30 September 30 September 31 March Notes 2002 2001 2002 (unaudited) (unaudited) (audited) #'000 #'000 #'000 Turnover 1 54,458 50,002 100,433 Operating profit 1 7,521 7,445 16,228 The operating profit is stated after charging the following items:- Research and development expenditure 499 445 900 Amortisation of intangible assets 4,599 3,906 8,006 Serious Fraud Office investigation - professional costs 195 - - Net Interest (378) (101) (372) Profit on ordinary activities before taxation 7,143 7,344 15,856 Tax on profit on ordinary activities 2 (2,574) (2,619) (5,357) Profit on ordinary activities after taxation 4,569 4,725 10,499 Minority interest 33 (37) (9) Profit for the financial period 4,602 4,688 10,490 Equity dividends 3 (535) (533) (1,613) Profit Retained for the period 4,067 4,155 8,877 Earnings per share Basic (pence) 4 12.5 12.9 28.6 Diluted (pence) 4 12.3 12.5 28.1 Dividend per share (pence) 3 1.45 1.45 4.35 Consolidated Balance Sheet as at 30 September 2002 As at As at As at 30 September 30 September 31 March Notes 2002 2001 2002 (unaudited) (unaudited) (audited) #'000 #'000 #'000 Fixed assets Goodwill 5 30,390 27,088 33,051 Other intangible assets 5 36,672 30,914 38,589 Intangible assets 5 67,062 58,002 71,640 Tangible assets 1,669 1,929 1,327 68,731 59,931 72,967 Current assets Stocks 17,335 9,796 12,281 Debtors: due after more then one year - deferred tax 823 - 783 Debtors: due within one year 13,836 10,443 14,007 Cash at bank and in hand 3,644 2,742 9,320 35,638 22,981 36,391 Creditors: amounts falling due within one year (31,056) (25,649) (35,610) Net current assets/(liabilities) 4,582 (2,668) 781 Total assets less current liabilities 73,313 57,263 73,748 Creditors: amounts falling due after more than one year (14,701) (8,091) (19,237) Provisions for liabilities and charges (3,298) (2,582) (3,187) 55,314 46,590 51,324 Capital and reserves Share capital 1,845 1,837 1,842 Share premium account 21,101 20,931 21,049 Profit and loss account 32,251 23,644 28,283 Shareholders' funds 55,197 46,412 51,174 Minority interest 117 178 150 Total capital employed 55,314 46,590 51,324 Consolidated Cash Flow Statement for the six months ended 30 September 2002 Six months ended Six months ended Year ended 30 September 30 September 31 March Notes 2002 2001 2002 (unaudited) (unaudited) (audited) #'000 #'000 #'000 Net cash inflow from operating activities 6 3,438 7,786 18,093 Returns on investments and servicing of finance Interest received 54 101 164 Interest paid (432) (202) (536) Net cash outflow from returns on investments and servicing of financing (378) (101) (372) Taxation Corporation tax paid (net) (1,189) (1,665) (5,942) Capital expenditure and financial investment Purchase of intangible fixed assets (610) (6,355) (9,513) Purchase of tangible fixed assets (647) (102) (26) Proceeds on disposal of intangible fixed assets - - 229 Proceeds on disposal of tangible fixed assets - - 804 Net cash outflow from capital expenditure and financial investment (1,257) (6,457) (8,506) Acquisitions and disposals Purchase of businesses (3,327) (5,630) (11,437) Equity dividends paid (1,070) (851) (1,394) Net cash outflow before financing (3,783) (6,918) (9,558) Financing New bank loan - 3,450 13,737 Bank loan payments (1,948) (596) (1,788) Issue of shares 55 99 222 (Decrease)Increase in cash 8 (5,676) (3,965) 2,613 Statement of Total Recognised Gains and Losses and Reconciliation of Movements in Shareholders' Funds for the six months ended 30 September 2002 Statement of Total Recognised Gains and Losses Six months ended Six months ended Year ended 30 September 30 September 31 March Notes 2002 2001 2002 (unaudited) (unaudited) (audited) #'000 #'000 #'000 Profit for the financial period 4,602 4,688 10,490 Currency differences on foreign currency net investments 7 (99) (254) (337) Total recognised gains and losses for the period and total gains and losses recognised since last financial statements 4,503 4,434 10,153 Reconciliation of movements in equity shareholders' funds Six months ended Six months ended Year ended 30 September 30 September 31 March Notes 2002 2001 2002 (unaudited) (unaudited) (audited) #'000 #'000 #'000 Profit for the financial period 4,602 4,688 10,490 Equity dividends (535) (533) (1,613) Issue of shares 55 99 222 Currency difference on foreign currency net investments 7 (99) (254) (337) Net increase in shareholders' funds 4,023 4,000 8,762 Shareholders' funds at 1 April 2002 51,174 42,412 42,412 Shareholders' funds at 30 September 2002 55,197 46,412 51,174 Notes to the Interim Financial Statements 1. Segmental reporting Turnover, profit on ordinary activities before taxation are attributable to the principal activity of the Group. Six months ended Six months ended Year ended 30 September 30 September 31 March 2002 2001 2002 (unaudited) (unaudited) (audited) #'000 #'000 #'000 Turnover by destination: United Kingdom 32,087 29,821 58,710 Western Europe excluding the United Kingdom 5,455 2,772 9,766 North America 14,531 14,812 26,288 Rest of the World 2,385 2,597 5,669 54,458 50,002 100,433 Turnover by origin: United Kingdom 34,463 35,190 70,859 North America 14,531 14,812 26,288 Ireland 5,464 - 3,286 54,458 50,002 100,433 Operating profit/(loss): United Kingdom 6,937 7,955 16,735 North America (750) (510) (602) Ireland 1,334 - 95 7,521 7,445 16,228 2. Tax on profit on ordinary activities The tax charge for the six months has been calculated at an effective rate of 36%. 3. Equity dividends The Directors have declared an interim dividend of 1.45 pence per share (2001/02 interim dividend: 1.45 pence, 2001/02 final dividend: 2.90 pence). The dividend will be paid on 20 January 2003 to those shareholders on the Register on 13 December 2002. 4. Earnings per share Basic earnings per share Diluted Earnings per share Earnings attributable Dilutive effect to ordinary of securities - Adjusted shareholders share options earnings 6 months to 30 September 2002 Earnings (#000) 4,602 4,602 Weighted average number of shares ('000) 36,873 577 37,450 Per Share amount (pence) 12.5 12.3 6 months to 30 September 2001 Earnings (#000) 4,688 4,688 Weighted average number of shares ('000) 36,471 1,004 37,475 Per Share amount (pence) 12.9 12.5 12 months to 31 March 2002 Earnings (#000) 10,490 10,490 Weighted average number of shares ('000) 36,621 761 37,382 Per Share amount (pence) 28.6 28.1 5. Intangible fixed assets Brand names know-how Goodwill Total licenses and trade marks #'000 #'000 #'000 Cost At 1 April 2002 49,324 42,370 91,694 Additions 544 684 1,228 Disposals - - - Differences on exchange (6) (1,465) (1,471) At 30 September 2002 49,862 41,589 91,451 Amortisation At 1 April 2002 10,735 9,319 20,054 Provided for the period 2,455 2,144 4,599 Disposals - - - Differences on exchange - (264) (264) At 30 September 2002 13,190 11,199 24,389 Net book amount At 30 September 2002 36,672 30,390 67,062 Net book amount At 31 March 2002 38,589 33,051 71,640 6. Net cash inflow from operating activities Six months ended Six months ended Year ended 30 September 30 September 31 March 2002 2001 2002 (unaudited) (unaudited) (audited) #'000 #'000 #'000 Operating profit 7,521 7,445 16,228 Depreciation 305 394 455 Amortisation 4,599 3,906 8,006 Currency differences on foreign currency net investments - 99 - (Profit)/loss on disposal of fixed assets - Intangible - - 107 - Tangible - - (199) (Increase) in stocks (5,265) (491) (2,238) (Increase) in debtors (445) (3,234) (4,143) (Decrease) in creditors (3,277) (333) (123) Net cash inflow from operating activities 3,438 7,786 18,093 7. Currency differences on foreign currency net investments The #99,000 currency difference on foreign currency net investments relates to the unrealised loss made on translating the assets and liabilities of the US and Irish subsidiaries at the period-end date (Sep 2001: #254,000 loss). 8. Reconciliation of net cash flow to movement in net debt Six months ended Six months ended Year ended 30 September 30 September 31 March 2002 2001 2002 (unaudited) (unaudited) (audited) #'000 #'000 #'000 (Decrease)/increase in cash for the period (5,676) (3,965) 2,613 Increase/(decrease) in financing 1,948 (2,854) (11,949) Changes in net funds arising from cashflows (3,728) (6,819) (9,336) Net (debt)/funds at 31 March 2002 (5,964) 3,372 3,372 Net debt at 30 September 2002 (9,692) (3,447) (5,964) 9. Contingent liabilities As set out in the 2002 group accounts, on 28 November 2001, the Group acquired the sales, marketing and distribution rights for the Antigen Brand from Antigen Holdings Limited. The companies and assets were acquired at an estimated cost of #9.4m. The estimated consideration was to be settled in two parts, firstly by a payment of #5.2m and secondly by an obligation to discharge the obligations of the subsidiaries up to an estimated #4.2m under the wider scheme of arrangement covering all Antigen companies (including those not acquired by the group). The total known creditors covered by the wider scheme of arrangement were estimated at #18.8m. On 29 October 2002 Miza Ireland Limited and each of its Irish subsidiaries, which were parties to the wider scheme of arrangement, were placed in examinership. It is not possible to determine the impact, if any of this post balance sheet event on Goldshield's liabilities under the scheme of arrangement and no adjustments have been made in this respect in the interim statement. 10. Preparation of interim statements The interim financial statements have been prepared in accordance with applicable United Kingdom accounting standards and under the historical cost convention. The principal accounting policies of the Group are set out in the Group's 2002 annual report and financial statements. The policies have remained unchanged from the previous annual report. The interim statements are unaudited but have been reviewed by the auditors and their report is set out on page 16. The comparative figures for the financial year ended 31 March 2002 are based on the Company's statutory accounts for that year and have been reported on by the Company's auditors and delivered to the Registrar of Companies. The report of the auditors was unqualified and did not contain a statement under section 237(2) or (3) of the Companies Act 1985. The interim statements do not constitute statutory accounts within the meaning of section 240 of the Companies Act 1985. 11. Approval of interim statement The interim statement was approved by the Board of Directors on 29 November 2002. Copies of this statement will be available to members of the public, free of charge, from the Company at NLA Tower, 12-16 Addiscombe Road, Croydon, Surrey, CR0 0XT. Independent review report to Goldshield Group plc Introduction We have been instructed by the company to review the financial information for the six months ended 30 September 2002 which comprise the Summarised Consolidated Profit and Loss Account, Consolidated Balance Sheet, Consolidated Cash Flow Statement, Statement of Total Recognised Gains and Losses, Reconciliation in Movements in Shareholders Funds and the related notes 1 to 11. We have read the other information contained in the interim report and considered whether it contains any apparent misstatements or material inconsistencies with the financial information. Directors' responsibilities The interim report including the financial information contained therein is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the interim report in accordance with the Listing Rules of the Financial Services Authority which require that the accounting policies and presentation applied to the interim figures should be consistent with those applied in preparing the preceding annual accounts except where any changes, and the reasons for them, are disclosed. Review work performed We conducted our review in accordance with guidance contained in Bulletin 1999/4 issued by the Auditing Practices Board for use in the United Kingdom. A review consists primarily 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. The maintenance and integrity of the Goldshield website is the responsibility of the directors: the work carried out by the auditors does not involve consideration of these matters and, accordingly, the auditors accept no responsibility for any changes that may have occurred to the financial statements since they were initially presented on the website. Legislation in the United Kingdom governing the preparation and dissemination of the financial statement may differ from legislation in other jurisdictions. Review conclusion On the basis of our review we are not aware of any material modifications that should be made to the financial information as presented for the six months ended 30 September 2002. GRANT THORNTON CHARTERED ACCOUNTANTS LONDON 29 November 2002 This information is provided by RNS The company news service from the London Stock Exchange END IR FSUFUFSESEDE
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