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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:7251S Goldshield Group PLC 02 December 2003 For immediate release 07.00, Tuesday 2 December 2003 GOLDSHIELD GROUP plc Interim Results for the six months ended 30 September 2003 Goldshield Group plc (LSE: GSD), the marketing-led pharmaceutical company, has pleasure in reporting its interim results for the six months ended 30 September 2003. HIGHLIGHTS * Development continues despite challenging conditions o Group sales of #42.7 million (30 Sept 2002: # 54.5 million) o Profit before interest, tax, amortisation and exceptional costs of #5.8 million (30 Sept 2002: #12.3 million) o Headline earnings per share 11.0p (Sept 2002: 22.2p) o Basic loss per share (5.4p) (30 Sept 2002: eps 12.5p) * Net cash inflow of #10.2 million (30 Sept 2002: #3.4million) * Restructuring on track - six fully accountable business units formed * Enhanced operating efficiencies through shift to India * Interim dividend 1.00p per share (30 Sept 2002: 1.45p per share) * Peter Brown appointed Non-Executive Chairman in August 2003 * No further update on SFO investigation Commenting on the results, Peter Brown, Chairman of Goldshield Group, said: "I am pleased with the progress that Goldshield has made in addressing its legacy problems and re-focusing its business. Whilst this has been a challenging period, I am confident that the company will resume its growth course during 2004." For further information, please contact: Goldshield Group plc Ajit Patel, Chief Executive Today: +44 (0) 20 7466 5000 Rakesh Patel, Finance Director Thereafter: +44 (0) 20 8649 8500 Buchanan Communications +44 (0) 20 7466 5000 Tim Anderson, Mark Court, Mary-Jane Johnson CHAIRMAN'S STATEMENT I have great pleasure in presenting my first results statement since my appointment as Chairman of Goldshield earlier this year. The Chief Executive's review explains how your company has performed during the first half of the year and outlines our plans for the future, which give us great encouragement that the Company is moving towards renewed growth. Goldshield is actively addressing its legacy problems from 2001 and re-focusing its business with new manufacturers, agents and clients. The Company has taken action ahead of other groups to lower its cost base by moving a high percentage of its office management and other operations to India, further ensuring the control of overheads. The long-running inquiry by the Serious Fraud Office, which is yet to result in any charges being placed, has had a serious impact on profits. The Company has reacted appropriately by focusing on cash flow and safeguarding the integrity of its balance sheet. As the independent Chairman I am responsible for ensuring that corporate governance and shareholder value receive the attention they deserve, while at the same time preserving the entrepreneurial spirit that has taken Goldshield from its modest beginnings to its current position as a significant force in the UK pharmaceutical industry and an increasingly significant player overseas. To this end, the Board has implemented a corporate governance review. The review is scheduled for completion by the end of the current financial year. I am determined that the Company resumes its growth course during 2004. In the meantime, the Board has declared a dividend of 1.00p a share, payable to shareholders on the register on 12 December 2003. Peter M Brown Chairman Goldshield Group plc 2 December 2003 CEO'S OPERATING REVIEW I am pleased to report that the sales for the Group for the first half of the current year were #42.7 million (30 Sept 2002: #54.5m) and earnings before interest, tax, and amortisation (EBITA) were #5.8 million before exceptional costs (30 Sept 2002: #12.3m). Whilst this has been a challenging period for the Group, I am pleased with the developments that we have made. We have made a tremendous amount of progress in freeing up cash and improving our operational efficiencies right across the business. Despite having to deal with litigation from various acquisitions, the Group has continued to trade satisfactorily in this constraining time. During this period we have also continued to transfer various management functions to India, building an enhanced management skill-base and better operational efficiencies for the future. The main focus for us remains that of substantially reducing our bank borrowing and paying off the deferred acquisition costs as soon as possible. We expect that by December 2004 we should have met most of our liabilities, save for any unforeseen costs. During the first six months of this year we have produced net cash of #10.2 million from operating activities, which is in line with our internal expectations. The cash generation has resulted from current trading, stock reductions and debt recovery. The last six months has seen further development of our profit centred approach to management services. Almost every support function has been made into a profit centre with full accountability. This change will help generate further operational efficiencies on the back of the business unit performance expected next year. We have achieved improved operating efficiencies in the areas of call centre, distribution, finance, product fulfilment and we expect further efficiencies from our facilities management in the coming months. Goldshield's six individual business units include: Hospital - Europe, Retail Generics - Europe, Retail Brands - Europe, Country Distributors - Rest of the World, Direct to Consumer - Europe and Direct to Consumer - USA. Hospital - Europe Sales in this, one of our newest business units, were #5.7 million for the first half of the year. This compares with a figure of #5.0 million for the half year to September 2002, a growth of 16%. The establishment of this business is now underway despite the difficulties faced with the post Antigen acquisition from Miza and continuing supply issues in the half year under review. Most of the supply issues have now been resolved. The majority of the growth is a result of recent successful awards of NHS contracts, including the company's first contract for an in-house developed oncology product. Sales in Ireland still continue to be affected following the closure of the Miza manufacturing facility. However, measures are in place to resolve this and we remain committed to maintaining our position as a major supplier to the Irish market. Retail Generics - Europe The sales in this business unit were #4.0 million for the first half of the year, compared with #3.9 million over the same period last year. Despite competition, this business has maintained its sales, albeit that profitability has suffered as a result of overstocks from last year, which have been liquidated over the course of the year. Looking forward, I expect that this business will flourish once the new management has time to make an impact. Stock positions have started to improve and this, together with new product introductions, will contribute to the bottom line in the coming months. Retail Brands - Europe Within this unit sales at the end of September 2003 were #14.5 million (2002: #16.2 million). This shortfall is due to stocking issues and regulatory problems in certain European markets. In spite of this we have seen 54.7% growth in the half year in the UK own label business and a 13% growth in Goldshield brands in Ireland. Some of the newly introduced products have performed particularly well in terms of sales and we expect these to make a contribution towards the shortfall in the remainder of the current financial year. This will be further helped by the now improving stock positions, which are expected to improve sales in the last quarter of the current year. Country Distributors - Rest of the World The restructuring of this business unit is on target. The main part of the restructuring has been the reallocation of certain central European territories into either Retail Brands Europe or Hospital Europe businesses. Despite the recruitment of a new management team we do not feel that this business unit has yet reached its full potential. Sales have increased by 8% to #1.7 million compared with the first half of the previous year (2002: #1.6 million). Having recruited the new team, we expect that this business will receive more attention and provide the focus necessary to optimise the growth potential in this niche area of our business in the future. Direct to Consumer - Europe This business unit continues to provide disappointing results for the Group. The first half produced sales of #9.3 million compared with #12.2 million during the same period last year. Despite this we have started to see a small but encouraging turnaround in the business. This is largely due to a new customer base through the home shopping channel and better, more cost-effective methods of generating repeat business from our existing customers. We are undertaking an extensive management restructuring programme, which includes better and more skilled second tier management and which should be in place in the last quarter of this financial year. Focussing on Flexeze, our flagship brand in this unit, I expect that the sales will start to improve considerably in the next few months. Looking at our Vitality Channel on Sky Digital, sales have increased considerably. That said, we have taken a tough decision to come off-air on a 24-hour basis from 1 January 2004. Instead we will use that resource more effectively in other broadcast media to increase customer recruitment, which in turn should help to grow our business next year. Going forward, the main focus remains that of customer acquisition and improved repeat orders. Direct to Consumer - USA We have faced a considerable number of challenges from the day we first entered the US market in 2000 and this first half has been no exception. We have streamlined our operation efficiently by closing the US call centre in June. In addition we have made a number of managerial changes to reflect a down-sized business. Another factor affecting the business in the US was our decision to terminate a specific range of diet products where liability insurance was proving impossible. That said the most important of our strategies was to take our US operation to a break even or positive level on EBITDA which has now been achieved since August 2003. Similarly with our European business we have started to strengthen our management with a view to rebuilding our business from the first quarter next year. We don't expect a major upsurge in business but we are still focused and committed to the market, which we hope will provide the best opportunities and excitement for the future. Sales in the first half were $11.3 million compared $21.8 million for the same period last year and despite the rationalisation I expect we should start seeing profitable growth in the next financial year. Summary and Current Trading Our main focus still remains to substantially reduce our bank borrowing and deferred acquisition costs by around December next year. In light of the on going litigation with the Department of Health, where we still remain confident that the outcome will be in our favour, we must make allowances for on-going costs. Trading in the current half continues at approximately the same level to that in the first half with a slight improvement at the sales level. Based on efficiencies achieved in the first half we are expecting a slightly improved second half. But, as already stated, our focus still remains that of consolidation of cash generation, improving efficiencies and strengthening our personnel all of which we require to take this business forward. Ajit Patel Chief Executive Officer Goldshield Group plc 2 December 2003 Note: Earnings before interest, tax and amortisation (EBITA) figures, discussed above, are calculated as follows:- Six months Six months Year ended ended ended Year to March 30 September 30 September 31 March 2003 2002 2003 (unaudited) (unaudited) (audited) #000 #000 #000 Turnover 42,663 54,458 104,920 Operating profit 461 7,521 4,272 Amortisation and impairment 4,451 4,599 9,828 EBITA 4,912 12,120 14,100 Exceptional Legal and Professional costs 924 195 951 Earnings before interest, tax, amortisation and 5,836 12,315 15,051 exceptional costs SUMMARISED CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2003 Six months Six months Year ended ended ended 30 September 30 September 31 March Notes 2003 2002 2003 (unaudited) (unaudited) (audited) #'000 #'000 #'000 Turnover 1 42,663 54,458 104,920 Operating profit 1 461 7,521 4,272 The operating profit is stated after charging the following items:- Research and development expenditure 664 499 969 Amortisation and impairment of intangibles 4,451 4,599 9,828 Exceptional legal and professional costs 924 195 951 Net Interest (365) (378) (744) Profit on ordinary activities before taxation 96 7,143 3,528 Tax on profit on ordinary activities 2 (2,099) (2,574) (5,004) (Loss)/Profit on ordinary activities after (2,003) 4,569 (1,476) taxation Minority interest 20 33 24 (Loss)/Profit for the financial period (1,983) 4,602 (1,452) Equity dividends 3 (369) (535) (1,069) (Loss)/Profit retained for the period (2,352) 4,067 (2,521) Earnings per share Basic (pence) 4 (5.4) 12.5 (3.9) Diluted (pence) 4 - 12.3 - Dividend per share (pence) 3 1.00 1.45 2.90 CONSOLIDATED BALANCE SHEET AS AT 30 SEPTEMBER 2003 As at As at As at 30 September 30 September 31 March Notes 2003 2002 2003 (unaudited) (unaudited) (audited) #'000 #'000 #'000 Fixed assets Goodwill 5 20,972 30,390 24,647 Other intangible assets 5 31,193 36,672 34,128 Intangible assets 5 52,165 67,062 58,775 Tangible assets 1,402 1,669 1,847 53,567 68,731 60,622 Current assets Stocks 11,109 17,335 15,444 Debtors: due after more than one year 6 2,648 823 240 Debtors: due within one year 14,694 13,836 16,648 Cash at bank and in hand 4,496 3,644 2,433 32,947 35,638 34,765 Creditors: amounts falling due within one year (33,928) (31,056) (36,770) Net current assets/(liabilities) (981) 4,582 (2,005) Total assets less current liabilities 52,586 73,313 58,617 Creditors: amounts falling due after more than one (4,402) (14,701) (7,500) year Provisions for liabilities and charges (4,122) (3,298) (3,426) 44,062 55,314 47,691 Capital and reserves Share capital 1,846 1,845 1,846 Share premium account 21,075 21,101 21,075 Profit and loss account 21,035 32,251 24,644 Shareholders' funds 43,956 55,197 47,565 Minority interest 106 117 126 Total capital employed 44,062 55,314 47,691 CONSOLIDATED CASH FLOW STATEMENT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2003 Six months Six months Year ended ended ended 30 September 30 September 31 March Notes 2003 2002 2003 (unaudited) (unaudited) (audited) #'000 #'000 #'000 Net cash inflow from operating activities 7 10,186 3,438 11,232 Returns on investments and servicing of finance Interest received 4 54 81 Interest paid (132) (432) (825) Net cash outflow from returns on investments and (128) (378) (744) servicing of financing Taxation Corporation tax paid (net) (1,602) (1,189) (4,582) Capital expenditure and financial investment Purchase of intangible fixed assets - (610) (2,626) Purchase of tangible fixed assets (611) (647) (1,177) Proceeds on disposal of tangible fixed assets - - 106 Net cash outflow from capital expenditure and (611) (1,257) (3,697) financial investment Acquisitions and disposals Purchase of businesses (2,504) (3,327) (5,917) Equity dividends paid - (1,070) (1,605) Net cash inflow/(outflow) before financing 5,341 (3,783) (5,313) Financing New bank loan - - 1,234 Bank loan payments (3,278) (1,948) (2,838) Issue of shares - 55 30 Increase/(Decrease) in cash 9 2,063 (5,676) (6,887) STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES AND RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2003 STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES Six months Six months Year ended ended ended 30 September 30 September 31 March Notes 2003 2002 2003 (unaudited) (unaudited) (audited) #'000 #'000 #'000 (Loss)/Profit for the financial period (1,983) 4,602 (1,452) Currency differences on foreign currency net 8 (1,257) (99) (1,118) investments Total recognised gains and losses for the period (3,240) 4,503 (2,570) and total gains and losses recognised since last financial statements RECONCILIATION OF MOVEMENTS IN EQUITY SHAREHOLDERS' FUNDS Six months Six months Year ended ended ended 30 September 30 September 31 March Notes 2003 2002 2003 (unaudited) (unaudited) (audited) #'000 #'000 #'000 (Loss)/Profit for the financial period after (1,983) 4,602 (1,452) taxation Equity dividends (369) (535) (1,069) Issue of shares - 55 30 Currency difference on foreign currency net 8 (1,257) (99) (1,118) investments Net (decrease) / increase in shareholders' funds (3,609) 4,023 (3,609) Shareholders' funds at 1 April 2003 47,565 51,174 51,174 Shareholders' funds at 30 September 2003 43,956 55,197 47,565 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 Six months Year ended ended ended 30 September 30 September 31 March 2003 2002 2003 (unaudited) (unaudited) (audited) #'000 #'000 #'000 Turnover by destination: United Kingdom 27,135 32,087 61,440 Western Europe excluding the United Kingdom 4,892 5,455 11,108 North America 7,382 14,531 26,845 Rest of the World 3,254 2,385 5,527 42,663 54,458 104,920 Turnover by origin: United Kingdom 29,807 34,463 65,802 North America 7,382 14,531 26,844 Ireland 5,474 5,464 12,274 42,663 54,458 104,920 Operating profit/(loss): United Kingdom 2,015 6,937 7513 North America (1,440) (750) (6,123) Ireland (114) 1,334 2,882 461 7,521 4,272 2. Tax on profit on ordinary activities Six months Six months Year ended ended ended 30 September 30 September 31 March 2003 2002 2003 (unaudited) (unaudited) (audited) #'000 #'000 #'000 Tax on ordinary activities 2,099 2,574 5,004 The tax assessed for the period is higher than the standard rate of corporation tax in the United Kingdom of 30%. The differences are explained below Profit on ordinary activities 96 7,143 3,528 Profit on ordinary activities multiplied by the standard rate 29 2,143 1,058 of corporation tax in the United Kingdom of 30% Effect of: Expenses not deductible for tax purposes 1,087 431 1,175 Impairment provision not qualifying for tax relief - - 1,459 Tax losses not available for utilisation and carried forward 983 - 1,705 Adjustments to tax charge in respect of prior periods - - (393) Tax on ordinary activities 2,099 2,574 5,004 3. Equity dividends The Directors have declared an interim dividend of 1.00 pence per share (2002/03 interim dividend: 1.45 pence, 2002/03 final dividend: 2.90 pence). The dividend will be paid on 19 January 2004 to those shareholders on the register on 12 December 2003. 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 2003 Earnings (#000) (1,983) (1,983) Weighted average number of shares ('000) 36,922 19 36,922 Per Share amount (pence) (5.4) - 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 12 months to 31 March 2003 Earnings (#000) (1,452) (1,452) Weighted average number of shares ('000) 36,879 36,879 Per Share amount (pence) (3.9) - 5. Intangible fixed assets Brand names Goodwill Total know-how licences and trade marks #'000 #'000 #'000 Cost At 1 April 2003 50,299 43,059 93,358 Additions 35 61 96 Disposals (578) (2,430) (3,008) Differences on exchange (38) (674) (712) At 30 September 2003 49,718 40,016 89,734 Amortisation At 1 April 2003 16,171 18,412 34,583 Provided for the period 2,465 1,986 4,451 Disposals (80) (1,163) (1,243) Differences on exchange (32) (190) (222) At 30 September 2003 18,524 19,045 37,569 Net book amount At 30 September 2003 31,193 20,972 52,165 Net book amount At 31 March 2003 34,128 24,647 58,775 6. Debtors: due after more than one year On 30 June 2003, Goldshield disposed of Healthcare products containing Ephedra in the United States of America to Nutracide S.A. The expected consideration of #2,408,000 has been reflected in debtors due after more than one year. The company is seeking advice as to whether it was required to obtain formal clearance from its Bankers for the disposal, who were made aware of it on or before 23 June 2003. The Board expects that, there will be no revision to the terms of the facilities or other adverse consequences. 7. Net cash inflow from operating activities Six months Six months Year ended ended ended 30 September 30 September 31 March 2003 2002 2003 (unaudited) (unaudited) (audited) #'000 #'000 #'000 Operating profit 461 7,521 4,272 Depreciation 265 305 477 Amortisation 4,451 4,599 9,828 Impairment losses - - 4,864 (Profit)/loss on disposal of fixed assets - Tangible - - 40 Decrease in stocks 4,335 (5,265) (3,214) (Increase) in debtors (454) (445) (2,794) Increase in creditors 1,128 (3,277) (2,241) Net cash inflow from operating activities 10,186 3,438 11,232 8. Currency differences on foreign currency net investments The #1,257,000 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 (September 2002: #99,000 loss). 9. Reconciliation of net cash flow to movement in net debt Six months Six months Year ended ended ended 30 September 30 September 31 March 2003 2002 2003 (unaudited) (unaudited) (audited) #'000 #'000 #'000 (Decrease)/increase in cash for the period 2,063 (5,676) (6,887) Cash outflow from debt financing 3,278 1,948 1,604 Changes in net funds arising from cashflows 5,341 (3,728) (5,283) Net (debt)/funds at 31 March 2003 (11,247) (5,964) (5,964) Net debt at 30 September 2003 (5,906) (9,692) (11,247) 10. Contingent liabilities Indemnities and guarantees At 30 September 2003, the Company had undertaken to provide support to certain subsidiary undertakings. There is a contingent liability in respect of bank borrowings of all companies within the Group which are secured by an inter company cross guarantee. The aggregate Group liability at 30 September 2003 amounted to #10,402,000 (30 September 2002: #13,337,000). The Group has given indemnities in respect of advance payments, deferred purchase consideration and import duty guarantees issued on its behalf in the normal course of business. The indemnities given at 30 September 2003 were #318,000 (30 September 2002: #399,000). Irish Operations 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 #9.4 million. The estimated consideration was to be settled in two parts, firstly by the payment of #5.2 million and secondly by an obligation to discharge 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 are estimated at #5.4 million as at 30 September 2003 (30 September 2002: #18.8 million). On 11 December 2002, Miza Ireland Limited and each of its Irish subsidiaries, parties to the wider scheme of arrangement were placed into examinership. The Directors have obtained legal opinion that the Group's exposure to the debts covered by the scheme of arrangement is restricted to the debts borne by the companies it acquired. Accordingly, no adjustments have been made for outstanding creditors of Miza Ireland Limited and its subsidiaries under the scheme of arrangement in these financial statements. Prior to the acquisition by the Group, Antigen International Limited, Antigen Overseas Limited and Anpharm Limited were part of a cross guarantee banking arrangement covering Antigen Holdings Limited and Castleholding Investment Company Limited and their subsidiaries. The claims relating to the cross guarantee have been settled. Serious Fraud Office (SFO) Investigation On 10 April 2002 the Group's premises and those of the Chief Executive were visited by the SFO and certain documentation taken away. A press statement issued by the SFO stated that its operations formed part of an investigation into suspected conspiracy to defraud the National Health Service (NHS) concerning the prices charged for penicillin based antibiotics and Warfarin, between 1 January 1996 and 31 December 2000. The Directors do not believe the Group has acted in an unlawful or improper manner, nor has it at any time conspired to defraud the NHS and no provision has been made accordingly. Until any formal charges are made against the Group, its maximum potential exposure under relevant legislation for the alleged offences cannot be quantified. Department of Health (DoH) claim On 20 December 2002, the DoH issued a legal claim against the Group and three other companies (Norton Healthcare Limited, Norton Pharmaceuticals Limited and Regent - GM Laboratories Limited) amounting to #28.6 million for alleged anti-competitive practices involving the fixing of selling prices and controlling the market and production of Warfarin between January 1997 and September 2000. The Directors believe the Group is free from wrong-doing in respect of these allegations and no provision has been made for amounts potentially due under this claim. A defence of the claim has been filed. Legal and professional costs on both these actions are expensed as incurred. There were no other material contingent liabilities at 30 September 2003 or 30 September 2002. Subsequent to the year end, the Directors decided to close the call centre in Portland and discontinue its telemarketing business. The goodwill associated with this business is therefore impaired and has been fully provided against. 11. Preparation of interim statements The interim financial statements have been prepared in accordance with applicable accounting standards and under the historical cost convention. The principal accounting policies of the Group are set out in the Group's 2003 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. The comparative figures for the financial year ended 31 March 2003 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. 12. Approval of interim statement The interim statement was approved by the Board of Directors on 2 December 2003. 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 2003 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 12. 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 soley to the company, in accordance with guidance contained in the APB Bulletin 1999/4 'Review of Interim Financial Information'. Our review work has been undertaken so that we might state to the company those matters we are required to state to it in a 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 the conclusion 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. 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. 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 2003. GRANT THORNTON CHARTERED ACCOUNTANTS LONDON 2 December 2003 Note: 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 statements may differ from legislation in other jurisdictions. This information is provided by RNS The company news service from the London Stock Exchange END IR FSDEDFSDSEIE
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