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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Opd Group | LSE:OPD | London | Ordinary Share | GB0007053944 | 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% | 38.25 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
Hot Features
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TIDMOPD
RNS Number : 9340X
OPD Group PLC
25 August 2009
HALF YEAR REPORT AND RESULTS FOR
THE SIX MONTHS ENDED 30 JUNE 2009
25 August 2009
OPD Group plc, the recruitment services Group, publishes its half year report
for the six months to 30 June, 2009.
* Net Fee Income decreased by 28% to GBP34.0 million
* Operating profit before non-recurring items decreased by 87% to GBP0.8 million
(operating loss after non-recurring items GBP1.2 million)
* Earnings per share before non-recurring items decreased from 16.8p to 0.9p
(after non-recurring items loss per share 6.3p)
* Fund raising through rights issue or sale of assets remains under consideration
Francesca Robinson, Chief Executive Officer of OPD Group plc, said:
"Trading conditions remain challenging with no signs of immediate improvement
and the cost base of the Group has and will continue to be managed to reflect
the reduced levels of income."
For further information contact
+----------------------------------------------+-------------------------------+
| Francesca Robinson | |
+----------------------------------------------+-------------------------------+
| Chief Executive Officer | |
+----------------------------------------------+-------------------------------+
| Ian Moss, Finance Director | |
+----------------------------------------------+-------------------------------+
| OPD Group plc | Tel: 020 7970 9700 |
+----------------------------------------------+-------------------------------+
| | |
+----------------------------------------------+-------------------------------+
| | |
+----------------------------------------------+-------------------------------+
OPD Group plc Half Year Report 2009
Half Year Management Report
Net Fee Income (NFI) for the first six months of 2009 decreased by 28% to
GBP34.0 million compared to GBP47.4 million for the six months ended June 2008.
Operating profit before non-recurring items has decreased by 87% to GBP0.8
million from GBP6.3 million and earnings per share before non-recurring items by
95% to 0.9p from 16.8p in 2008. The operating loss after non-recurring items was
GBP1.2 million and the loss per share 6.3p.
Non-recurring costs comprise trading losses and closure costs of GBP1.0 million
arising from PSD's office in Singapore which was closed in May 2009 and other
redundancy costs of GBP0.5 million. In addition costs amounting to GBP0.3
million and an accelerated option charge of GBP0.2 million arising from the
offer for the Group received from Offerco Limited in June 2009 have also been
treated as non recurring costs.
All of the Group's businesses have seen a decline in net fee income from the
comparative period in 2008. The largest fall has been in PSD's business where
net fee income has fallen by 43% from GBP16.4 million to GBP9.4 million. Odgers
business has declined less significantly with net fee income decreasing by 18%
from GBP27.1 million to GBP22.2 million.
The NFI for each of our businesses is set out in the table below:
+----------------------+---------------+-----------+------------+-----------+
| | Six months to 30 June | Six months to 30 June |
| | 2009 | 2008 |
| | GBP'm | GBP'm |
+----------------------+---------------------------+------------------------+
| Odgers | | 22.2 | | 27.1 |
+----------------------+---------------+-----------+------------+-----------+
| PSD (including | | 9.4 | | 16.4 |
| Portfolio) | | | | |
+----------------------+---------------+-----------+------------+-----------+
| Hoggett Bowers | | 2.4 | | 3.9 |
+----------------------+---------------+-----------+------------+-----------+
| Total | | 34.0 | | 47.4 |
+----------------------+---------------+-----------+------------+-----------+
Costs have been reduced during the period largely through a reduction in
headcount. The number of employees has fallen by 110 to 640 since the beginning
of the year.
The Group's cash balances have reduced from GBP10.0 million at the end of 2008
to GBP8.0 million at 30 June 2009. The final payment of consideration for Odgers
of GBP4.5 million is due to be paid in December 2009 and other than this
obligation the Group has no borrowings. The majority of the Group's GBP5.5
million overdraft facility is due for renewal in October 2009.
Trading conditions remain challenging with no signs of immediate improvement and
the cost base of the Group has and will continue to be managed to reflect the
reduced levels of income. The Board is not proposing an interim dividend (2008 -
3 pence) and unless trading improves significantly during the remainder of the
year will not pay a final dividend in respect of 2009.
In May 2009, the Group received an offer of 57p per share for the Group from
Offerco Limited, a company controlled by Mr P.Hearn, the Chairman of the Group.
This offer was declared closed on 24 July 2009 with Offerco either owning or
receiving acceptances for 62.9 per cent of the Group's share capital. In a
trading update published on 13 July 2009 the Board commented that it was
considering either raising additional funds through a rights issue or through
the disposal of part of the equity in its operating subsidiaries to their
management. Both strategies remain under consideration by the Board.
The principal risks facing the Group remain unchanged from those set out on page
16 in the annual report of the Group's results for 2008. These are, the
dependence on key personnel, competition and the strength of the markets in
which the Group operates.
OPD Group plc
Statement of comprehensive income for the six months ended 30 June 2009
(unaudited)
+-----------------------------------+-------+------------+-------------+---------------+
| | | | | |
+-----------------------------------+-------+------------+-------------+---------------+
| | Notes | Six Months | Six Months | Year |
| | | Ended | Ended | Ended |
| | | 30 June | 30 June | 31 December |
| | | 2009 | 2008 | 2008 |
| | | GBP'000 | GBP'000 | GBP'000 |
+-----------------------------------+-------+------------+-------------+---------------+
| Continuing operations: | | | | |
+-----------------------------------+-------+------------+-------------+---------------+
| Gross fee income | | 57,698 | 74,855 | 145,807 |
+-----------------------------------+-------+------------+-------------+---------------+
| Direct costs | | (23,662) | (27,497) | (54,897) |
+-----------------------------------+-------+------------+-------------+---------------+
| Net fee income | | 34,036 | 47,358 | 90,910 |
+-----------------------------------+-------+------------+-------------+---------------+
| Other income | 5 | - | 315 | 315 |
+-----------------------------------+-------+------------+-------------+---------------+
| Administrative expenses | | (35,263) | (41,692) | (81,664) |
+-----------------------------------+-------+------------+-------------+---------------+
| Impairment of goodwill | | - | - | (7,573) |
+-----------------------------------+-------+------------+-------------+---------------+
| | | | | |
+-----------------------------------+-------+------------+-------------+---------------+
| Operating (loss)/profit | | (1,227) | 5,981 | 1,988 |
+-----------------------------------+-------+------------+-------------+---------------+
| Analysed as: | | | | |
+-----------------------------------+-------+------------+-------------+---------------+
| Operating profit before | | 792 | 6,312 | 10,168 |
| exceptional items and losses from | | | | |
| closed businesses | | | | |
+-----------------------------------+-------+------------+-------------+---------------+
| Costs and charges arising from: | | | | |
+-----------------------------------+-------+------------+-------------+---------------+
| - unsuccessful bid for Imprint | 5 | - | (645) | (645) |
| plc | | | | |
+-----------------------------------+-------+------------+-------------+---------------+
| - bid from Offerco | 5 | (533) | - | - |
+-----------------------------------+-------+------------+-------------+---------------+
| - redundancy | 5 | (471) | - | - |
+-----------------------------------+-------+------------+-------------+---------------+
| Losses from closed businesses: | | | | |
+-----------------------------------+-------+------------+-------------+---------------+
| - trading losses | 5 | (340) | (1) | (277) |
+-----------------------------------+-------+------------+-------------+---------------+
| - closure costs | 5 | (675) | - | - |
+-----------------------------------+-------+------------+-------------+---------------+
| Profit on sale of shares in | 5 | - | 315 | 315 |
| Imprint plc | | | | |
+-----------------------------------+-------+------------+-------------+---------------+
| Impairment of goodwill | | - | - | (7,573) |
+-----------------------------------+-------+------------+-------------+---------------+
| Operating (loss)/profit | | (1,227) | 5,981 | 1,988 |
+-----------------------------------+-------+------------+-------------+---------------+
| Finance costs | 6 | (66) | (412) | (903) |
+-----------------------------------+-------+------------+-------------+---------------+
| Finance income | 6 | 25 | 144 | 331 |
+-----------------------------------+-------+------------+-------------+---------------+
| | | | | |
+-----------------------------------+-------+------------+-------------+---------------+
| (Loss)/profit before income tax | | (1,268) | 5,713 | 1,416 |
+-----------------------------------+-------+------------+-------------+---------------+
| Income tax expenses | 7 | (373) | (1,935) | (3,753) |
+-----------------------------------+-------+------------+-------------+---------------+
| | | | | |
+-----------------------------------+-------+------------+-------------+---------------+
| (Loss)/profit for the period | | (1,641) | 3,778 | (2,337) |
+-----------------------------------+-------+------------+-------------+---------------+
| Other comprehensive income: | | | | |
+-----------------------------------+-------+------------+-------------+---------------+
| Currency translation differences | | 69 | 10 | 57 |
+-----------------------------------+-------+------------+-------------+---------------+
| Total comprehensive (loss)/profit | | (1,572) | 3,788 | (2,280) |
| for the period | | | | |
+-----------------------------------+-------+------------+-------------+---------------+
| (Loss)/profit attributable to | | (1,641) | 3,778 | (2,337) |
| equity shareholders of the | | | | |
| Company | | | | |
+-----------------------------------+-------+------------+-------------+---------------+
| Total comprehensive (loss)/profit | | (1,572) | 3,788 | (2,280) |
| attributable to equity | | | | |
| shareholders of the company | | | | |
+-----------------------------------+-------+------------+-------------+---------------+
| | | | | |
+-----------------------------------+-------+------------+-------------+---------------+
| (Loss)/earnings per share: | 8 | | | |
+-----------------------------------+-------+------------+-------------+---------------+
| - basic | | (6.3)p | 14.4p | (8.9)p |
+-----------------------------------+-------+------------+-------------+---------------+
| - diluted | | - | 13.9p | - |
+-----------------------------------+-------+------------+-------------+---------------+
The notes on pages 7 to 14 form an integral part of this condensed consolidated
interim financial information.
OPD Group plc
Consolidated statement of changes in equity for the six months ended 30 June
2009 (unaudited)
+--------------------------+------+---------+----------+------------+---------+-------------+----------+---------+
| | Note | Share | Share | Capital | Own | Foreign | Retained | Total |
| | | capital | premium | redemption | shares | currency | earnings | equity |
| | | GBP000 | GBP000 | reserve | GBP000 | translation | GBP000 | GBP000 |
| | | | | GBP000 | | GBP000 | | |
+--------------------------+------+---------+----------+------------+---------+-------------+----------+---------+
| | | | | | | | | |
| Balance as at 1 January | | | | | | | | |
| 2008 | | 1,328 | 18,409 | 50 | (680) | 11 | 28,311 | 47,429 |
+--------------------------+------+---------+----------+------------+---------+-------------+----------+---------+
| Currency translation | | | | | | | | |
| differences | | - | - | - | - | 10 | - | 10 |
+--------------------------+------+---------+----------+------------+---------+-------------+----------+---------+
| Profit for the half-year | | - | - | - | - | - | 3,778 | 3,778 |
+--------------------------+------+---------+----------+------------+---------+-------------+----------+---------+
| | | | | | | | | |
| Comprehensive profit for | | | | | | | | |
| the period | | - | - | - | - | 10 | 3,778 | 3,788 |
+--------------------------+------+---------+----------+------------+---------+-------------+----------+---------+
| Credit for share based | | | | | | | | |
| incentive scheme | | - | - | - | - | - | 247 | 247 |
+--------------------------+------+---------+----------+------------+---------+-------------+----------+---------+
| Exercise of share | | - | - | - | 17 | - | (17) | - |
| options | | | | | | | | |
+--------------------------+------+---------+----------+------------+---------+-------------+----------+---------+
| Own shares acquired | | - | - | - | (120) | - | - | (120) |
+--------------------------+------+---------+----------+------------+---------+-------------+----------+---------+
| Equity dividends | 9 | - | - | - | - | - | (1,584) | (1,584) |
+--------------------------+------+---------+----------+------------+---------+-------------+----------+---------+
| | | | | | | | | |
| Balance at 30 June 2008 | | 1,328 | 18,409 | 50 | (783) | 21 | 30,735 | 49,760 |
+--------------------------+------+---------+----------+------------+---------+-------------+----------+---------+
| Currency translation | | | | | | | | |
| differences | | - | - | - | - | 47 | - | 47 |
+--------------------------+------+---------+----------+------------+---------+-------------+----------+---------+
| (Loss) for the half-year | | - | - | - | - | - | (6,115) | (6,115) |
+--------------------------+------+---------+----------+------------+---------+-------------+----------+---------+
| | | | | | | | | |
| Comprehensive | | | | | | | | |
| (loss)/profit for the | | - | - | - | - | 47 | (6,115) | (6,068) |
| period | | | | | | | | |
+--------------------------+------+---------+----------+------------+---------+-------------+----------+---------+
| Exercise of share | | - | - | - | 13 | - | (13) | - |
| options | | | | | | | | |
+--------------------------+------+---------+----------+------------+---------+-------------+----------+---------+
| Credit for share based | | | | | | | | |
| incentive scheme | | - | - | - | - | - | 124 | 124 |
+--------------------------+------+---------+----------+------------+---------+-------------+----------+---------+
| IFRS 2 Deferred tax | | | | | | | | |
| charge to equity | | - | - | - | - | - | (255) | (255) |
+--------------------------+------+---------+----------+------------+---------+-------------+----------+---------+
| Equity dividends | 9 | - | - | - | - | - | (791) | (791) |
+--------------------------+------+---------+----------+------------+---------+-------------+----------+---------+
| | | | | | | | | |
| Balance at 31 December | | | | | | | | |
| 2008 | | 1,328 | 18,409 | 50 | (770) | 68 | 23,685 | 42,770 |
+--------------------------+------+---------+----------+------------+---------+-------------+----------+---------+
| Currency translation | | | | | | | | |
| differences | | - | - | - | - | 69 | - | 69 |
+--------------------------+------+---------+----------+------------+---------+-------------+----------+---------+
| (Loss) for the half-year | | - | - | - | - | - | (1,641) | (1,641) |
+--------------------------+------+---------+----------+------------+---------+-------------+----------+---------+
| | | | | | | | | |
| Comprehensive | | | | | | | | |
| (loss)/profit for the | | - | - | - | - | 69 | (1,641) | (1,572) |
| period | | | | | | | | |
+--------------------------+------+---------+----------+------------+---------+-------------+----------+---------+
| Credit for share based | | | | | | | | |
| incentive scheme | | - | - | - | - | - | 370 | 370 |
+--------------------------+------+---------+----------+------------+---------+-------------+----------+---------+
| Exercise of share | | 6 | 66 | - | - | - | (72) | 0 |
| options | | | | | | | | |
+--------------------------+------+---------+----------+------------+---------+-------------+----------+---------+
| Own shares sold | | - | - | - | 770 | - | (596) | 174 |
+--------------------------+------+---------+----------+------------+---------+-------------+----------+---------+
| IFRS2 Deferred tax | | | | | | | | |
| charge to equity | | - | - | - | - | - | (117) | (117) |
+--------------------------+------+---------+----------+------------+---------+-------------+----------+---------+
| | | | | | | | | |
| Balance at 30 June 2009 | | 1,334 | 18,475 | 50 | - | 137 | 21,629 | 41,625 |
+--------------------------+------+---------+----------+------------+---------+-------------+----------+---------+
The notes on pages 7 to 14 form an integral part of this condensed consolidated
interim financial information.
OPD Group plc
Consolidated balance sheet at 30 June 2009 (unaudited)
+----------------------------------+-------+----------+--------------+-----------+
| | | | | |
+----------------------------------+-------+----------+--------------+-----------+
| | Notes | 30 June | 31 December | 30 June |
| | | 2009 | 2008 | 2008 |
| | | GBP'000 | GBP'000 | GBP'000 |
+----------------------------------+-------+----------+--------------+-----------+
| Assets | | | | |
| Non-current assets | | | | |
+----------------------------------+-------+----------+--------------+-----------+
| Property, plant and equipment | 10 | 2,528 | 3,199 | 3,435 |
+----------------------------------+-------+----------+--------------+-----------+
| Intangible assets | 10 | 30,765 | 30,765 | 38,615 |
+----------------------------------+-------+----------+--------------+-----------+
| Deferred income tax assets | | 367 | 406 | 844 |
+----------------------------------+-------+----------+--------------+-----------+
| Total non-current assets | | 33,660 | 34,370 | 42,894 |
+----------------------------------+-------+----------+--------------+-----------+
| Current assets | | | | |
+----------------------------------+-------+----------+--------------+-----------+
| Trade and other receivables | | 22,855 | 28,537 | 36,361 |
+----------------------------------+-------+----------+--------------+-----------+
| Cash and cash equivalents | 11 | 8,094 | 10,823 | 5,470 |
+----------------------------------+-------+----------+--------------+-----------+
| Total current assets | | 30,949 | 39,360 | 41,831 |
+----------------------------------+-------+----------+--------------+-----------+
| Total assets | | 64,609 | 73,730 | 84,725 |
+----------------------------------+-------+----------+--------------+-----------+
| Liabilities | | | | |
| Non-current liabilities | | | | |
+----------------------------------+-------+----------+--------------+-----------+
| Provisions for liabilities and | | 610 | 504 | - |
| charges | | | | |
+----------------------------------+-------+----------+--------------+-----------+
| Total non-current liabilities | | 610 | 504 | - |
+----------------------------------+-------+----------+--------------+-----------+
| Current liabilities | | | | |
+----------------------------------+-------+----------+--------------+-----------+
| Current income tax liabilities | | 915 | 2,685 | 2,410 |
+----------------------------------+-------+----------+--------------+-----------+
| Borrowings | 11,12 | 4,581 | 850 | 6,692 |
+----------------------------------+-------+----------+--------------+-----------+
| Trade and other payables | | 16,878 | 21,486 | 20,372 |
+----------------------------------+-------+----------+--------------+-----------+
| Contingent consideration for | | - | 5,435 | 5,491 |
| acquisition | | | | |
+----------------------------------+-------+----------+--------------+-----------+
| Total current liabilities | | 22,374 | 30,456 | 34,965 |
+----------------------------------+-------+----------+--------------+-----------+
| Total liabilities | | 22,984 | 30,960 | 34,965 |
+----------------------------------+-------+----------+--------------+-----------+
| Equity | | | | |
+----------------------------------+-------+----------+--------------+-----------+
| Capital and reserves | | | | |
| attributable to equity holders | | | | |
| of the Company | | | | |
+----------------------------------+-------+----------+--------------+-----------+
| Share capital | 13 | 1,334 | 1,328 | 1,328 |
+----------------------------------+-------+----------+--------------+-----------+
| Share premium account | 13 | 18,475 | 18,409 | 18,409 |
+----------------------------------+-------+----------+--------------+-----------+
| Capital redemption reserve | 13 | 50 | 50 | 50 |
+----------------------------------+-------+----------+--------------+-----------+
| Own shares | 13 | - | (770) | (783) |
+----------------------------------+-------+----------+--------------+-----------+
| Foreign currency translation | | 137 | 68 | 21 |
+----------------------------------+-------+----------+--------------+-----------+
| Retained earnings | | 21,629 | 23,685 | 30,735 |
+----------------------------------+-------+----------+--------------+-----------+
| Total equity | | 41,625 | 42,770 | 49,760 |
+----------------------------------+-------+----------+--------------+-----------+
| Total equity and liabilities | | 64,609 | 73,730 | 84,725 |
+----------------------------------+-------+----------+--------------+-----------+
The notes on pages 7 to 14 form an integral part of this condensed consolidated
interim financial information.
OPD Group plc
Consolidated cash flow statement for the six months ended 30 June 2009
(unaudited)
+--------------------------------------------+-------+---------+---------+----------+
| | | | | |
+--------------------------------------------+-------+---------+---------+----------+
| | Notes | Six | Six | Year |
| | | Months | Months | Ended 31 |
| | | Ended | Ended | December |
| | | 30 June | 30 June | 2008 |
| | | | | GBP'000 |
| | | 2009 | 2008 | |
| | | GBP'000 | GBP'000 | |
+--------------------------------------------+-------+---------+---------+----------+
| Cash flows from operating activities | | | | |
+--------------------------------------------+-------+---------+---------+----------+
| Cash generated from operations | 14 | 1,298 | 897 | 15,096 |
+--------------------------------------------+-------+---------+---------+----------+
| Income tax paid | | (2,221) | (2,922) | (4,504) |
+--------------------------------------------+-------+---------+---------+----------+
| Interest paid | | (4) | (112) | (303) |
+--------------------------------------------+-------+---------+---------+----------+
| Net cash (absorbed by)/generated from | | (927) | (2,137) | 10,289 |
| operations | | | | |
+--------------------------------------------+-------+---------+---------+----------+
| Cash flows from investing activities: | | | | |
+--------------------------------------------+-------+---------+---------+----------+
| Acquisition of subsidiary | | (912) | (2,542) | (9,234) |
+--------------------------------------------+-------+---------+---------+----------+
| Purchases of property, plant and equipment | 10 | (97) | (494) | (889) |
+--------------------------------------------+-------+---------+---------+----------+
| Purchase of intangible assets | 10 | (89) | (84) | (236) |
+--------------------------------------------+-------+---------+---------+----------+
| Proceeds on disposal of property, plant | | 23 | 6 | 6 |
| and equipment | | | | |
+--------------------------------------------+-------+---------+---------+----------+
| Costs arising from unsuccessful bid for | | - | (1,674) | (1,674) |
| Imprint plc | | | | |
+--------------------------------------------+-------+---------+---------+----------+
| Sale of available-for-sale financial | | - | 2,300 | 2,300 |
| assets | | | | |
+--------------------------------------------+-------+---------+---------+----------+
| Interest received | | 21 | 144 | 331 |
+--------------------------------------------+-------+---------+---------+----------+
| Cash flows from investing activities- net | | (1,054) | (2,344) | (9,396) |
+--------------------------------------------+-------+---------+---------+----------+
| Cash flows from financing activities | | | | |
+--------------------------------------------+-------+---------+---------+----------+
| Dividends paid | 9 | - | (1,584) | (2,375) |
+--------------------------------------------+-------+---------+---------+----------+
| Purchase of own shares | | - | (120) | (120) |
+--------------------------------------------+-------+---------+---------+----------+
| Cash flows from financing activities- net | | - | (1,704) | (2,495) |
+--------------------------------------------+-------+---------+---------+----------+
| | | | | |
+--------------------------------------------+-------+---------+---------+----------+
| Net decrease in cash equivalents at end of | | (1,981) | (6,185) | (1,602) |
| period | | | | |
+--------------------------------------------+-------+---------+---------+----------+
| Cash and cash equivalent and bank | | 9,973 | 11,645 | 11,645 |
| overdraft at start of period | | | | |
+--------------------------------------------+-------+---------+---------+----------+
| Effects of exchange rate changes | | 102 | 10 | (70) |
+--------------------------------------------+-------+---------+---------+----------+
| | | 8,094 | 5,470 | 9,973 |
+--------------------------------------------+-------+---------+---------+----------+
| Bank balances and cash | | 8,094 | 5,470 | 10,823 |
+--------------------------------------------+-------+---------+---------+----------+
| Bank overdrafts | | - | - | (850) |
+--------------------------------------------+-------+---------+---------+----------+
| Cash and cash equivalents at end of | 11 | 8,094 | 5,470 | 9,973 |
| period | | | | |
+--------------------------------------------+-------+---------+---------+----------+
The notes on pages 7 to 14 form an integral part of this consolidated interim
financial information.
OPD Group plc
Notes to the consolidated condensed financial statements for the six months
ended 30 June 2009 (unaudited)
1. General information
The Group is a public limited company incorporated and domiciled in the UK. The
address of its registered office is 28 Essex Street, London, WC2R 3AT.
The Group is listed on the London Stock Exchange.
This condensed consolidated interim financial information was approved for issue
on 25 August 2009.
These condensed consolidated interim financial statements do not comprise
statutory accounts within the meaning of Section 434 of the Companies Act 2006.
Statutory accounts for the year ended 31 December 2008 were approved by the
Board of directors on 29 April 2009 and delivered to the Registrar of Companies.
The report of the auditors on those accounts was unqualified, did not contain an
emphasis of matter paragraph and did not contain any statement under Section 237
of the Companies Act 1985.
The condensed consolidated interim financial information has been reviewed, not
audited.
2. Basis of preparation
This condensed consolidated interim financial information for the 6 months ended
30 June 2009 has been prepared in accordance with the Disclosure and
Transparency Rules of the Financial Services Authority and with IAS 34, 'Interim
financial reporting' as adopted by the European Union. The condensed
consolidated interim financial information should be read in conjunction with
the annual financial statements for the year ended 31 December 2008, which have
been prepared in accordance with IFRSs (as adopted by the European Union), IFRIC
interpretations and the Companies Act 1985 applicable to Companies reporting
under IFRS.
3. Accounting policies
Except as described below, the accounting policies applied are consistent with
those of the annual financial statements for the year ended 31 December 2008, as
described in those annual financial statements.
Taxes on income in the interim periods are accrued using the tax rate that would
be applicable to expected total annual earnings.
The following new standards and amendments to standards are mandatory for the
first time for the financial year beginning 1 January 2009.
IAS 1 (revised), 'Presentation of financial statements'. The revised standard
prohibits the presentation of items of income and expenses (that is 'non-owner
changes in equity') in the statement of changes in equity, requiring 'non-owner
changes in equity' to be presented separately from owner changes in equity. All
'non-owner changes in equity' are required to be shown in a performance
statement.
Entities can choose whether to present one performance statement (the statement
of comprehensive income) or two statements (the income statement and statement
of comprehensive income).
OPD Group plc
Notes to the consolidated condensed financial statements (continued) for the six
months ended 30 June 2009 (unaudited)
The Group has elected to present one statement: the statement of comprehensive
income. The interim financial statements have been prepared under the revised
disclosure requirements.
IFRS 8, 'Operating segments'. IFRS 8 replaces IAS 14, 'Segment reporting'. It
requires a 'management approach' under which segment information is presented on
the same basis as that used for internal reporting purposes. This has resulted
in two reportable segments, Odgers and PSD Group. PSD Group comprises PSD,
Portfolio and Hoggett Bowers.
Operating segments are reported in a manner consistent with the internal
reporting provided to the chief operating decision-maker. The chief operating
decision-maker has been identified as the Board.
Goodwill is allocated by management to groups of cash-generating units on a
segment level. The change in reportable segments has not resulted in any
additional goodwill impairment. There has been no impact on the measurement of
the company's assets and liabilities.
The following new standards, amendments to standards and interpretations are
mandatory for the first time for the financial year beginning 1 January 2009,
but are not currently relevant for the Group.
IFRIC 13, 'Customer loyalty programmes'.
IFRIC 14, IAS 19 - 'The limit on a defined benefit asset, minimum funding
requirements and their
interaction'. This is not relevant to the Group as the
Group has no defined benefit pension schemes.
IFRIC 15, 'Agreements for the construction of real estate'.
IFRIC 16, 'Hedges of a net investment in a foreign operation'.
IAS 39 (amendment), 'Financial instruments: Recognition and measurement'.
The following new standards, amendments to standards and interpretations have
been issued, but are not effective for the financial year beginning 1 January
2009 and have not been early adopted:
IFRS 3 (revised), 'Business combinations' and consequential amendments to IAS
27, 'Consolidated and separate financial statements', IAS 28, 'Investments in
associates' and IAS 31, 'Interests in joint ventures', effective prospectively
to business combinations for which the acquisition date is on or after the
beginning of the first annual reporting period beginning on or after 1 July
2009. Management is assessing the impact of the new requirements regarding
acquisition accounting, consolidation and associates on the Group. The Group
does not have any joint ventures.
The revised standard continues to apply the acquisition method to business
combinations, with some significant changes. For example, all payments to
purchase a business are to be recorded at fair value at the acquisition date,
with contingent payments classified as debt subsequently re-measured through the
statement of comprehensive income. There is a choice on an
acquisition-by-acquisition basis to measure the minority interest in the
acquiree either at fair value or at the minority interest's proportionate share
of the acquiree's net assets. All acquisition-related costs should be expensed.
The Group will apply IFRS 3 (revised) to all business combinations from 1
January 2010, subject to endorsement by the EU.
IFRIC 17, 'Distributions of non-cash assets to owners', effective for annual
periods beginning on or after 1 July 2009. This is not currently applicable to
the Group, as it has not made any non-cash distributions.
IFRIC 18, 'Transfers of assets from customers', effective for transfers of
assets received on or after 1 July 2009. This is not relevant to the Group, as
it has not received any assets from customers.
OPD Group plc
Notes to the consolidated condensed financial statements (continued) for the six
months ended 30 June 2009 (unaudited)
+-----------------------------------------------------------------------------------+
| 4. Segment analysis |
| The chief operating decision-maker has been identified as the Board. This Board |
| reviews the Group's internal reporting in order to assess performance and |
| allocate resources. The Board considers there are two operating segments, Odgers |
| and PSD Group. PSD Group comprises PSD, Portfolio and Hoggett Bowers. The Board |
| assesses the performance of the operating segments based on net fee income and |
| pre tax earnings. |
+-----------------------------------------------------------------------------------+
+---------------------------+----------+-----------+------------+
| | Odgers | PSD Group | Total |
| | GBP'000 | GBP'000 | Group |
| | | | GBP'000 |
+---------------------------+----------+-----------+------------+
| Six months ended 30 June | | | |
| 2009 | | | |
+---------------------------+----------+-----------+------------+
| Revenue (from external | 32,450 | 25,248 | 57,698 |
| clients) | | | |
+---------------------------+----------+-----------+------------+
| Net fee income | 22,168 | 11,868 | 34,036 |
+---------------------------+----------+-----------+------------+
| (Loss)/profit before tax | 847 | (1,380) | (533) |
+---------------------------+----------+-----------+------------+
| Six months ended 30 June | | | |
| 2008 | | | |
+---------------------------+----------+-----------+------------+
| Revenue (from external | 37,917 | 36,938 | 74,855 |
| clients) | | | |
+---------------------------+----------+-----------+------------+
| Net fee income | 27,027 | 20,331 | 47,358 |
+---------------------------+----------+-----------+------------+
| (Loss)/profit before tax | 3,776 | 2,484 | 6,260 |
+---------------------------+----------+-----------+------------+
| Year ended 31 December | | | |
| 2008 | | | |
+---------------------------+----------+-----------+------------+
| Revenue (from external | 76,135 | 69,672 | 145,807 |
| clients) | | | |
+---------------------------+----------+-----------+------------+
| Net fee income | 54,288 | 36,622 | 90,910 |
+---------------------------+----------+-----------+------------+
| (Loss)/profit before tax | 6,962 | 2,799 | 9,761 |
+---------------------------+----------+-----------+------------+
| Total assets | | | |
+---------------------------+----------+-----------+------------+
| 30 June 2009 | 34,725 | 6,900 | 41,625 |
+---------------------------+----------+-----------+------------+
| 31 December 2008 | 40,663 | 2,107 | 42,770 |
+---------------------------+----------+-----------+------------+
| 30 June 2008 | 46,228 | 3,532 | 49,760 |
+---------------------------+----------+-----------+------------+
A reconciliation of the results by segment to total (loss)/profit before income
tax is provided as follows:
+------------------------------------+---------------+--------------+-------------+
| | 6 months | 6 months | Year ended |
| | ended 30 June | ended 30 | 31 December |
| | 2009 | June | |
| | GBP'000 | 2008 | 2008 |
| | | GBP'000 | GBP'000 |
+------------------------------------+---------------+--------------+-------------+
| (Loss)/profit before tax for | (533) | 6,260 | 9,761 |
| reportable segments | | | |
+------------------------------------+---------------+--------------+-------------+
| Central costs | (202) | (217) | (442) |
+------------------------------------+---------------+--------------+-------------+
| Costs associated with the bid for | - | (645) | (645) |
| Imprint plc | | | |
+------------------------------------+---------------+--------------+-------------+
| Profit on sale of Imprint plc | - | 315 | 315 |
| shares | | | |
+------------------------------------+---------------+--------------+-------------+
| Impairment of goodwill | - | - | (7,573) |
+------------------------------------+---------------+--------------+-------------+
| Costs associated with the bid from | (533) | - | - |
| Offerco Ltd | | | |
+------------------------------------+---------------+--------------+-------------+
| (Loss)/profit before income tax | (1,268) | 5,713 | 1,416 |
+------------------------------------+---------------+--------------+-------------+
OPD Group plc
Notes to the consolidated condensed financial statements (continued) for the six
months ended 30 June 2009 (unaudited)
+-----------------------------------------------------------------------------------+
| 5. Non-recurring items |
| During the period shareholders received an offer to purchase their shares in OPD |
| Group from Offerco Limited, a company controlled by Mr P Hearn, the Chairman of |
| the Group. The costs incurred by the Group in connection with this bid and costs |
| arising from redundancies have been treated as exceptional items. |
| In May PSD's business in Singapore was closed. Up to the date of closure it had |
| generated gross fee income of GBP186,000 and incurred costs of GBP526,000. As a |
| consequence of the closure additional costs, including the write down of |
| unrecoverable assets, of GBP675,000 were incurred bringing the total loss for the |
| period to GBP1,015,000. |
+-----------------------------------------------------------------------------------+
+----------------------------------+------------------+----------------+----------------+
| | Six months ended | Six months | Year ended |
| | | ended | 31 December |
| | 30 June 2009 | 30 June 2008 | 2008 |
| | GBP'000 | GBP'000 | GBP'000 |
+----------------------------------+------------------+----------------+----------------+
| Cost arising from unsuccessful | - | 645 | 645 |
| bid for Imprint plc | | | |
+----------------------------------+------------------+----------------+----------------+
| Profit on sale of shares in | - | (315) | (315) |
| Imprint plc | | | |
+----------------------------------+------------------+----------------+----------------+
| Bid from Offerco | 533 | - | - |
+----------------------------------+------------------+----------------+----------------+
| Redundancy costs | 471 | - | - |
+----------------------------------+------------------+----------------+----------------+
| Impairment of goodwill | - | - | 7,573 |
| Losses from closed businesses: | | | |
+----------------------------------+------------------+----------------+----------------+
| - trading losses | 340 | 1 | 277 |
+----------------------------------+------------------+----------------+----------------+
| - closure costs | 675 | - | - |
+----------------------------------+------------------+----------------+----------------+
| Net loss | 2,019 | 331 | 8,180 |
+----------------------------------+------------------+----------------+----------------+
+----------------------------------------------------------------------------+
| 6. Finance Cost |
+----------------------------------------------------------------------------+
+---------------+---------------+--------------+----------------+
| | Six months | Six months | Year ended |
| | ended | ended | 31 December |
| | 30 June 2009 | 30 June 2008 | 2008 |
| | GBP'000 | GBP'000 | GBP'000 |
+---------------+---------------+--------------+----------------+
| Interest | | | |
| expense: | | | |
+---------------+---------------+--------------+----------------+
| Interest | (6) | (38) | (75) |
| payable | | | |
| on bank | | | |
| borrowings | | | |
+---------------+---------------+--------------+----------------+
| Interest | (2) | (74) | (228) |
| payable | | | |
| on loan | | | |
| notes | | | |
+---------------+---------------+--------------+----------------+
| Unwind | (58) | (300) | (600) |
| of | | | |
| discount | | | |
| in | | | |
| contingent | | | |
| consideration | | | |
+---------------+---------------+--------------+----------------+
| Interest | (66) | (412) | (903) |
| and | | | |
| similar | | | |
| charges | | | |
| payable | | | |
+---------------+---------------+--------------+----------------+
| Interest | 25 | 144 | 331 |
| income | | | |
+---------------+---------------+--------------+----------------+
| Finance | (41) | (268) | (572) |
| costs-net | | | |
+---------------+---------------+--------------+----------------+
+----------------------------------------------------------------------------+
| 7. Income taxes |
| Income tax expense is recognised based on management's best estimate of |
| the weighted average annual income tax rate expected for the full |
| financial year. The estimated average annual tax rate used for 2009 is 33% |
| (the estimated tax rate for the first half of 2008 was 34%). |
+----------------------------------------------------------------------------+
OPD Group plc
Notes to the consolidated condensed financial statements (continued) for the six
months ended 30 June 2009 (unaudited)
+------------------------------------------------------------------------------+
| 8. Earnings Per Share |
| The calculation of basic and diluted earnings per share are based on the |
| following amounts: |
+------------------------------------------------------------------------------+
+-----------------------------------+--------------+------------+----------------+
| | Six months | Six months | Year |
| | ended | ended | ended |
| | 30 June 2009 | 30 June | 31 December |
| | | 2008 | 2008 |
+-----------------------------------+--------------+------------+----------------+
| Profit for the period before | 246 | 4,424 | 6,158 |
| non-recurring items (GBP'000) | | | |
+-----------------------------------+--------------+------------+----------------+
| | | | |
+-----------------------------------+--------------+------------+----------------+
| Non-recurring items (GBP'000) | (1,887) | (646) | (8,495) |
+-----------------------------------+--------------+------------+----------------+
| (Loss)/profit for the period | (1,641) | 3,778 | (2,337) |
| (GBP'000) | | | |
+-----------------------------------+--------------+------------+----------------+
| Number of shares | | | |
+-----------------------------------+--------------+------------+----------------+
| Weighted average number of shares | 26,250 | 26,288 | 26,270 |
| ('000) | | | |
+-----------------------------------+--------------+------------+----------------+
| Dilution effect of share option | 670 | 888 | 736 |
| schemes ('000) | | | |
+-----------------------------------+--------------+------------+----------------+
| Diluted weighted average number | 26,920 | 27,176 | 27,006 |
| of shares ('000) | | | |
+-----------------------------------+--------------+------------+----------------+
| (Loss)/earnings per share | | | |
| (pence): | | | |
+-----------------------------------+--------------+------------+----------------+
| - basic | (6.3) | 14.4 | (8.9) |
+-----------------------------------+--------------+------------+----------------+
| - diluted | - | 13.9 | - |
+-----------------------------------+--------------+------------+----------------+
| | | | |
+-----------------------------------+--------------+------------+----------------+
| Earnings per share before | | | |
| non-recurring items (pence): | | | |
+-----------------------------------+--------------+------------+----------------+
| - basic | 0.9 | 16.8 | 23.4 |
+-----------------------------------+--------------+------------+----------------+
| - diluted | 0.9 | 16.3 | 22.8 |
+-----------------------------------+--------------+------------+----------------+
+----------------------------------------+---------------+---------------+------------+
| 9. Dividends | Six months | Six months | Year ended |
| | ended | ended | 31 |
| | 30 June 2009 | 30 June 2008 | December |
| | GBP'000 | GBP'000 | 2008 |
| | | | GBP'000 |
+----------------------------------------+---------------+---------------+------------+
| | | | |
+----------------------------------------+---------------+---------------+------------+
| Final dividend for 2007 of 6p per | - | 1,584 | 1,584 |
| share | | | |
+----------------------------------------+---------------+---------------+------------+
| Interim dividend for 2008 of 3p per | - | - | 791 |
| share | | | |
+----------------------------------------+---------------+---------------+------------+
| | | | |
+----------------------------------------+---------------+---------------+------------+
| | - | 1,584 | 2,375 |
+----------------------------------------+---------------+---------------+------------+
| Proposed interim dividend of Nil pence | - | 791 | - |
| per share (2008 - 3p) | | | |
+----------------------------------------+---------------+---------------+------------+
No final dividend was paid in respect of the year ended 31 December 2008 (2007:
GBP1,584,000) and no interim dividend is payable in respect of the half year
ending 30 June 2009 (2008: GBP791,000).
OPD Group plc
Notes to the consolidated condensed financial statements (continued) for the six
months ended 30 June 2009 (unaudited)
+--------------------------------------------------------------------------+
| 10. Capital expenditure |
+--------------------------------------------------------------------------+
+-----------------------------------------------+----------+------------+---------+
| | Tangible | Intangible | Total |
| | GBP'000 | GBP'000 | GBP'000 |
| | | | |
+-----------------------------------------------+----------+------------+---------+
| Six months ended 30 June 2008 | | | |
+-----------------------------------------------+----------+------------+---------+
| Opening net book amount 1 January 2008 | 3,780 | 38,612 | 42,392 |
+-----------------------------------------------+----------+------------+---------+
| Additions | 494 | 84 | 578 |
+-----------------------------------------------+----------+------------+---------+
| Disposals | (4) | - | (4) |
+-----------------------------------------------+----------+------------+---------+
| Depreciation, amortisation, impairment and | (835) | (81) | (916) |
| other movements | | | |
+-----------------------------------------------+----------+------------+---------+
| Closing net book amount 30 June 2008 | 3,435 | 38,615 | 42,050 |
+-----------------------------------------------+----------+------------+---------+
| Six months ended 30 June 2009 | | | |
+-----------------------------------------------+----------+------------+---------+
| Opening net book amount 1 January 2009 | 3,199 | 30,765 | 33,964 |
+-----------------------------------------------+----------+------------+---------+
| Additions | 97 | 89 | 186 |
+-----------------------------------------------+----------+------------+---------+
| Disposals | (120) | - | (120) |
+-----------------------------------------------+----------+------------+---------+
| Depreciation, amortisation, impairment and | (648) | (89) | (737) |
| other movements | | | |
+-----------------------------------------------+----------+------------+---------+
| Closing net book amount 30 June 2009 | 2,528 | 30,765 | 33,293 |
+-----------------------------------------------+----------+------------+---------+
+-------------------+------------+---------+-------------+-------------+----------+
| 11. Analysis of | At 1 | Cash | Non cash | Foreign | At 30 |
| net funds | January | flow | movements | exchange | June |
| | 2009 | GBP'000 | GBP'000 | movements | 2009 |
| | GBP'000 | | | GBP'000 | GBP'000 |
+-------------------+------------+---------+-------------+-------------+----------+
| Net cash: | | | | | |
+-------------------+------------+---------+-------------+-------------+----------+
| Cash and cash | 10,823 | (2,831) | - | 102 | 8,094 |
| equivalents | | | | | |
+-------------------+------------+---------+-------------+-------------+----------+
| Debt: | | | | | |
+-------------------+------------+---------+-------------+-------------+----------+
| Bank borrowings | (850) | 850 | - | - | - |
+-------------------+------------+---------+-------------+-------------+----------+
| Loan notes | - | - | (4,581) | - | (4,581) |
+-------------------+------------+---------+-------------+-------------+----------+
| Net funds | 9,973 | (1,981) | (4,581) | 102 | 3,513 |
+-------------------+------------+---------+-------------+-------------+----------+
Included within cash and cash equivalents is GBP3.1 million held as security for
loan notes outstanding at 30 June 2009.
OPD Group plc
Notes to the consolidated condensed financial statements (continued) for the six
months ended 30 June 2009 (unaudited)
+-----------------------------------------------------------------------------+
| 12. Borrowing and loans |
+-----------------------------------------------------------------------------+
+-------------------------------------+------------+-------------+---------------+
| | 30 June | 30 June | 31 December |
| | 2009 | 2008 | 2008 |
| | GBP'000 | GBP'000 | GBP'000 |
+-------------------------------------+------------+-------------+---------------+
| Current borrowings | 4,581 | 6,692 | 850 |
+-------------------------------------+------------+-------------+---------------+
| Movements in borrowings is analysed | | | |
| as follows : | | | |
+-------------------------------------+------------+-------------+---------------+
| Six months ended 30 June 2008 | | | |
+-------------------------------------+------------+-------------+---------------+
| Opening amount as at 1 January 2008 | | 1,764 | |
+-------------------------------------+------------+-------------+---------------+
| Loan notes issued | | 6,692 | |
+-------------------------------------+------------+-------------+---------------+
| Repayment of loan notes | | (1,764) | |
+-------------------------------------+------------+-------------+---------------+
| Closing amount as at 30 June 2008 | | 6,692 | |
+-------------------------------------+------------+-------------+---------------+
| Six months ended 30 June 2008 | | (6,692) | |
| Repayment of loan notes | | | |
+-------------------------------------+------------+-------------+---------------+
| Bank overdraft | | 850 | |
+-------------------------------------+------------+-------------+---------------+
| Closing amount as at 31 December | | 850 | |
| 2008 | | | |
+-------------------------------------+------------+-------------+---------------+
| Six months ended 30 June 2009 | | | |
+-------------------------------------+------------+-------------+---------------+
| Loan notes issued | | 4,581 | |
+-------------------------------------+------------+-------------+---------------+
| Repayment of borrowings | | (850) | |
+-------------------------------------+------------+-------------+---------------+
| Closing amount as at 30 June 2009 | | 4,581 | |
+-------------------------------------+------------+-------------+---------------+
+---------------------------------------------------------------------------+
| 13. Share capital |
+---------------------------------------------------------------------------+
+--------------------+-------------+----------+---------+------------+----------+---------+
| | Number | Ordinary | Share | Capital | Own | Total |
| | of | shares | premium | redemption | shares | GBP'000 |
| | shares | GBP'000 | GBP'000 | reserve | GBP'000 | |
| | (thousands) | | | GBP'000 | | |
+--------------------+-------------+----------+---------+------------+----------+---------+
| Opening balance 1 | 26,560 | 1,328 | 18,409 | 50 | (680) | 19,107 |
| January 2008 | | | | | | |
+--------------------+-------------+----------+---------+------------+----------+---------+
| Shares transferred | - | - | - | - | 17 | 17 |
| by employee share | | | | | | |
| option trust | | | | | | |
+--------------------+-------------+----------+---------+------------+----------+---------+
| Shares acquired by | - | - | - | - | (120) | (120) |
| employee share | | | | | | |
| option trust | | | | | | |
+--------------------+-------------+----------+---------+------------+----------+---------+
| At 30 June 2008 | 26,560 | 1,328 | 18,409 | 50 | (783) | 19,004 |
+--------------------+-------------+----------+---------+------------+----------+---------+
| Opening balance 1 | 26,560 | 1,328 | 18,409 | 50 | (770) | 19,017 |
| January 2009 | | | | | | |
+--------------------+-------------+----------+---------+------------+----------+---------+
| Shares issued | 127 | 6 | 66 | - | - | 72 |
+--------------------+-------------+----------+---------+------------+----------+---------+
| Shares sold by | - | - | - | - | 770 | 770 |
| employee share | | | | | | |
| option trust | | | | | | |
+--------------------+-------------+----------+---------+------------+----------+---------+
| At 30 June 2009 | 26,687 | 1,334 | 18,475 | 50 | - | 19,859 |
+--------------------+-------------+----------+---------+------------+----------+---------+
+----------------------------------------------------------------------------+
| The Group's employee share option trustees sold their entire holdings for |
| 57p per share in June 2009. |
| Options exercised during the period resulted in 127,000 shares being |
| issued to employees. The weighted average price at the time of exercise |
| was 57p (30 June 2008: GBP1.69). |
+----------------------------------------------------------------------------+
OPD Group plc
Notes to the consolidated condensed financial statements (continued) for the six
months ended 30 June 2009 (unaudited)
+----------------------------------------+--------------+------------+---------------+
| 14. Reconciliation of (loss)/profit | Six months | Six months | Year ended |
| before tax to net cash inflow from | ended | ended | 31 December |
| operating activities | 30 June 2009 | 30 June | 2008 |
| | GBP'000 | 2008 | GBP'000 |
| | | GBP'000 | |
+----------------------------------------+--------------+------------+---------------+
| | | | |
+----------------------------------------+--------------+------------+---------------+
| (Loss)/profit before tax | (1,268) | 5,713 | 1,416 |
+----------------------------------------+--------------+------------+---------------+
| Adjustments for: | | | |
+----------------------------------------+--------------+------------+---------------+
| Depreciation | 648 | 835 | 1,597 |
+----------------------------------------+--------------+------------+---------------+
| Amortisation | 89 | 81 | 154 |
+----------------------------------------+--------------+------------+---------------+
| Change in provision | 106 | - | 119 |
+----------------------------------------+--------------+------------+---------------+
| Impairment of investment | - | - | 7,573 |
+----------------------------------------+--------------+------------+---------------+
| Loss/(profit) on disposal of plant | 64 | (2) | (6) |
| and equipment | | | |
+----------------------------------------+--------------+------------+---------------+
| (Profit) on disposal of shares in | - | (315) | (315) |
| Imprint | | | |
+----------------------------------------+--------------+------------+---------------+
| Share option charge | 370 | 247 | 371 |
+----------------------------------------+--------------+------------+---------------+
| Net finance costs | 41 | 268 | 572 |
+----------------------------------------+--------------+------------+---------------+
| Changes in working capital: | | | |
+----------------------------------------+--------------+------------+---------------+
| Decrease in trade and other | 5,856 | 293 | 8,117 |
| receivables | | | |
+----------------------------------------+--------------+------------+---------------+
| (Decrease) in trade and other | (4,608) | (6,223) | (4,502) |
| payables | | | |
+----------------------------------------+--------------+------------+---------------+
| Cash generated by operations | 1,298 | 897 | 15,096 |
+----------------------------------------+--------------+------------+---------------+
OPD Group plc
Statement of directors' responsibilities
The directors' confirm that this condensed set of interim statements has been
prepared in accordance with IAS 34 as adopted by the European Union, and that
the interim management report herein includes a fair review of the information
required by DTR 4.2.7 and DTR 4.2.8; namely:
* an indication of important events that have occurred during the first six months
and their impact on the condensed set of interim financial statements, and a
description of the principal risks and uncertainties for the remaining six
months of the financial year; and
* material related-party transactions in the first six months and any material
changes in the related party transactions described in the last annual report.
The directors are also responsible for the maintenance and integrity of the
Company website. Legislation in the United Kingdom governing the preparation and
dissemination of financial statements may differ from legislation in other
jurisdictions.
The directors of OPD Group plc are listed in the OPD Group Annual Report for 31
December 2008. A list of current directors is maintained on the OPD Group
website: www.opdgroup.com.
By order of the Board
P. Hearn
25 August 2009
Chairman
I. Moss
25 August 2009
Finance Director
OPD Group plc
Auditors' review report
Independent review report to OPD Group plc
Introduction
We have been engaged by the Company to review the condensed set of interim
financial statements in the half-yearly financial report for the six months
ended 30 June 2009, which comprises the statement of comprehensive income,
balance sheet, statement of changes in equity, cash flow statement and related
notes. We have read the other information contained in the half-yearly financial
report and considered whether it contains any apparent misstatements or material
inconsistencies with the information in the condensed set of financial
statements.
Directors' responsibilities
The half-yearly financial report is the responsibility of, and has been approved
by, the directors. The directors are responsible for preparing the half-yearly
financial report in accordance with the Disclosure and Transparency Rules of the
United Kingdom's Financial Services Authority.
As disclosed in note 2, the annual financial statements of the Group are
prepared in accordance with IFRS's as adopted by the European Union. The
condensed set of financial statements included in this interim financial report
has been prepared in accordance with International Accounting Standard 34,
"Interim Financial Reporting", as adopted by the European Union.
Our responsibility
Our responsibility is to express to the Company a conclusion on the condensed
set of interim financial statements in the interim financial report based on our
review. This report, including the conclusion, has been prepared for and only
for the Company for the purpose of the Disclosure and Transparency Rules of the
Financial Services Authority and for no other purpose. We do not, in producing
this report, accept or assume responsibility for any other purpose or to any
other person to whom this report is shown or into whose hands it may come save
where expressly agreed by our prior consent in writing.
Scope of review
We conducted our review in accordance with International Standard on Review
Engagements (UK and Ireland) 2410, 'Review of Interim Financial Information
Performed by the Independent Auditor of the Entity' issued by the Auditing
Practices Board for use in the United Kingdom. A review of interim financial
information consists of making enquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other review
procedures. A review is substantially less in scope than an audit conducted in
accordance with International Standards on Auditing (UK and Ireland) and
consequently does not enable us to obtain assurance that we would become aware
of all significant matters that might be identified in an audit. Accordingly, we
do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe
that the condensed set of interim financial statements in the interim financial
report for the six months ended 30 June 2009 is not prepared, in all material
respects, in accordance with International Accounting Standard 34 as adopted by
the European Union and the Disclosure and Transparency Rules of the United
Kingdom's Financial Services Authority.
PricewaterhouseCoopers LLP
Chartered Accountants
1 Embankment
Place
London
25 August 2009
This information is provided by RNS
The company news service from the London Stock Exchange
END
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