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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Swp Grp. | LSE:SWP | London | Ordinary Share | GB00B010NX28 | ORD 0.5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 8.75 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
TIDMSWP
RNS Number : 2688D
SWP Group PLC
27 March 2014
SWP Group plc (the "Group")
Half Yearly Results
for the six months ended 31 December 2013
Financial Highlights
n Group sales increased by 11.7% to GBP9.920M (2012: GBP8.880M).
n Operating profits before exceptional costs and amortisation of intangible assets rose by 60.4% to GBP863K (2012: GBP538K).
n Pre-tax profits increased to GBP0.624M (2012: GBP0.129M).
n Earnings per share advanced fivefold to 0.25p per share (2012: 0.05p).
n Group bank debt reduced by 42% to GBP1.692M (2012: GBP2.915M).
Operational Highlights
n International expansion continued to develop with projects in Norway, Finland and Brazil.
n New production process line successfully trialled for Ulva.
n Increased quality orders received at Crescent.
n Nuclear business at Plasflow to return to expected levels in second half of the year.
n Strengthening of management teams throughout the Group.
Alan Walker, Executive Chairman, commented:
"The performance of the Group has improved significantly during the six month period under review. Market conditions are more conducive to the rate of organic expansion we aspire to both in our home markets and internationally. Foundations have been laid so that we can fulfil the many opportunities which lie before us as our brands continue to attract global appeal"
Chairman's Statement
Corporate Review
I am pleased to be able to reaffirm the positive news delivered to shareholders at our most recent Annual General Meeting that the Group has emerged from the prolonged economic recession in good shape with improved order books and an appetite for expansion internationally. The Group's focus is primarily in two specific niche business areas comprising Ulva which is a leading supplier of specialist materials designed to reduce Corrosion Under Insulation ("CUI") to the oil, gas and petrochemical majors on a global basis and Fullflow which is a leading European brand with global aspirations in the provision of syphonic rainwater management systems to a diverse customer base ranging from distribution warehouses, retail, schools, railway stations, sports stadia, airport terminals, hospitals, car manufacturing and waste plants.
There was a significant upturn in orders from the commencement of the new financial year starting on 1st July 2013 as market sentiment improved and confidence once again returned in the expectation of renewed economic growth. Ulva has enjoyed a particularly strong period of trading in line with management expectations following the delivery of delayed orders deferred from the final quarter of the previous financial year. Crescent, whilst remaining loss making, as a specialist manufacturer of spiral, helical and straight metal staircases has built a strong and qualitative order book which when fully executed will we anticipate restore this specialist producer to profit by the end of the current financial year.
Financial Results
The upturn in confidence levels and the economic recovery became apparent during the six months to 31(st) December 2013. The absence of the distractions in the near impossible Spanish market allowed Fullflow to focus on penetrating new markets primarily in Norway, Finland and Brazil. The construction sector is often one of the last to recover after economic recession but following such a pronounced lack of infrastructure projects market activity has rebounded faster than could have been envisaged. Progress across our various businesses has contributed to much improved operating profits:-
Unaudited Unaudited six months six months ended ended 31.12.13 31.12.12 GBP'000 GBP'000 Revenue 9,920 8,880 Operating profit before exceptional costs and amortisation of intangible assets 863 538 Profit/(loss) before tax 624 129 Taxation (122) (25) Profit/(loss) after tax 502 104 Earnings per share 0.25p 0.05p
Revenue in the period advanced to GBP9.92M (2012: GBP8.88M) with operating profits before exceptional costs and amortisation of intangible assets rising to GBP863K (2012: GBP538K) or by some 60.4%. More importantly profits before taxation rose to GBP624K (2012: GBP129K) with earnings per share advancing almost fivefold to 0.25p per share (2012: 0.05p).
Group Bank Debt
As shareholders will recall it has been the Board's objective to eliminate bank debt through the generation of profits and cash. Bank debt continues its inexorable decline and had fallen by 31(st) December 2013 to GBP1.692M (2012: GBP2.915M) or by 42%. It has also fallen by 27.5% when compared to the last financial year end at 30(th) June 2013 and is destined to fall yet further during the second half of the year to 30(th) June 2014.
It is pleasing to report that the Group's term loan (in euros) of EUR5.51M which was taken out in April 2009 will be finally repaid on 20(th) April 2014 when it becomes fully amortised. The retirement of bank debt throughout the entire period of the recession has been a prime target and we will continue with this strategy until such debt is fully and finally eliminated.
The Consolidated Statement of Financial Position is strong and reflects the continued well being of the Group as a whole.
Operational Highlights
Polymer Membrane Division
Ulva
This business has been a genuine success story for our Group since its acquisition at the end of November 2007 and has been a principal driver in terms of the generation of both profits and cash. Ulvashield has now been assisting the oil and gas majors to combat the onset of severe pipe corrosion for more than 20 years. Independent studies demonstrate that even after 15 to 20 years in the harshest of climatic conditions Ulvashield continues to offer full protection without material degradation. The merits of Ulvashield as a soft jacketing membrane of choice are demonstrable with the benefits of positive field experiences assisting in the specification of Ulvashield in major projects around the world, both offshore and onshore.
Revenues in the period were in line with our expectations and somewhat ahead of the corresponding period in 2012 as a consequence of benefitting from projects carried over from the 4th quarter of FY2013 resulting from delays on new construction projects.
The new production process line referred to in our 2013 Annual Report has been trialled successfully at the supplier's premises, producing quality saleable product. The line has been approved for installation and commissioning at Telford which is now advancing towards completion. We expect to be producing Ulvashield by the middle of April 2014 on this new facility which we consider to be the opening of a new chapter in the development of this highly specialised and successful business. Significant new capacity will become available. Ulva has appointed a regional sales manager for Asia following an extended candidate search. This region is particularly active in the construction of new FPSO's (floating platforms facilities) and local presence in this region is essential to the development of a coherent sales strategy.
A considerable amount of work and R&D expense has been channelled into extending the range of complementary products on offer from Ulva as a leading technical brand. Ulva GRP's development has progressed to final certification testing in readiness for a system launch in 2014. This range of products will operate alongside the twenty plus year "Ulvashield" veteran on a complementary basis.
Technical innovation will remain very much in the forefront of Ulva's strategic focus as will the commitment to our provision of site services all of which is designed to deliver to the end customer a protection system of choice in line with expectations.
Fullflow
As shareholders recognise the recession has had an adverse impact on the construction sector for a number of years and has led to retrenchment as well as austerity due to the lack of infrastructure projects. It is therefore pleasing to be able to report that market sentiment has improved considerably during the six months to 31(st) December 2013. The severe floods that occurred during January and February 2014 have brought into sharp focus the many advantages of syphonic rainwater management systems which are designed to evacuate rainwater from large areas of roof having due regard to the intensity of rainfall rather than placing reliance on traditional dispersion by means of gravity. Fullflow has particular expertise in the design, manufacture and installation of such systems across a wide diversity of structures.
Fullflow Group in the United Kingdom has seen its order book improve during the period with the average order size increasing in value. Markets remain very price competitive with main contractors taking on work at highly competitive rates. There are encouraging signs that infrastructure projects are once again on drawing boards and that confidence in the sector is being restored, albeit gradually. The arrival of a new Sales Director at Fullflow after a prolonged candidate search is a welcome addition to Fullflow's senior management team and is bringing focus and discipline into important geographic areas of the business in the UK. Further key appointments at senior level are anticipated in the near future as we strive to strengthen management. Fullflow has always been a technical leader. Product innovation has led to the trialing of new products which are designed to increase productivity and effectiveness of installation on site. On the successful outcome of the trials it is expected that these products will be introduced both within the UK and Fullflow's expanding
operations abroad.
Fullflow Systemé in France is enjoying a strong period of growth in market conditions which are not viewed as conducive to expansion. The management team in France split its business several years ago into a new installation business and a repair and maintenance business in order to achieve sharper focus on customer alliances and framework agreements. This is proving to be a successful strategy with the average order sizes increasing considerably as the projects on which Systemé is engaged are amongst the largest undertaken by the Group. Our French team has finally delivered the rainwater management system to the ultimate satisfaction of Renault in Morocco. Later in 2014 Systemé will supply a rainwater management system to the new Stade de Lyon in line with our proven expertise with sports stadia. Margins in the business remain under pressure but enhanced volume is helping Systemé to achieve positive financial results at the interim stage. Notwithstanding the fragile economy which exists in France this experienced team is making good progress and is actively promoting syphonic technology as the system of choice in France to a diverse range of customers and end users.
Fullflow International is a rapidly expanding business operating in a number of countries where the Fullflow brand appears to have been accepted as the leading technology in the provision of syphonic roof drainage systems. During the past year International has delivered projects to the Coop in Norway and Google in Finland and expanded its operations into Brazil with orders awarded on the largest infrastructure project in South America, namely the JV between Fiat and Chrysler car plant in Goiana and the International Airport of Viracopos Campinas outside Sao Paulo. The market appears to be highly receptive to the Fullflow brand and there are many projects which our International team expect to turn into meaningful orders over time. This new division has considerable potential for profitable growth and is expected to record highly commendable results by the financial year end to 30(th) June 2014 and beyond.
Plasflow based at Rotherham has experienced a difficult period in the half year ended 31(st) December 2013. As the main source of fabrications for and on behalf of the entire Fullflow business in the UK, France and internationally the increased level of activity at Fullflow has caused some degree of indigestion at Plasflow. Fortunately these issues have been resolved through pragmatic reorganization and moving to a split shift production rota designed to increase production capacity. As ever, Plasflow is well placed to benefit from the repair and maintenance outages which are scheduled at most of the UK nuclear plants under the ownership and control of EDF in France. During the period there was no meaningful nuclear business available to Plasflow but orders have since been received in December 2013 and February 2014 which when transacted in the 4(th) quarter of the current financial year will help to improve Plasflow's overall performance for the full financial year to 30(th) June 2014. Profits are forecast to be at a similar level to those recorded in 2013.
Crescent of Cambridge recovered its composure under the direct control of one of our senior directors and a newly appointed general manager. New process controls were introduced in a cohesive effort to create better team work at a time when the flow of orders has been improving fast. Bottlenecks in the design department have been largely eliminated. The order book at this time contains some very prestigious helical staircases which reflect Crescent's considerable expertise in being able to manufacture complex stairs in line with its reputation as a bespoke manufacturer renowned for an ability to deliver a quality product. Whilst not yet profitable considerable progress has been made in restoring Crescent to its profitable past when it delivered both profit and cash over an unbroken period of 13 years. The improved economic climate has assisted in the recovery process which has also benefitted from increased selling activity in and around London where the award of large orders is helping to drive sales forward. Further computer based design automation is being commissioned and Crescent has a number of plans which are designed to improve not only the profitability of the business but also its operating efficiency. Results for the current financial year are expected to improve which reflects positive progress over the previous 12 month period.
Research & Development
Each of our businesses is at the leading edge of technical development in its own particular field. The Group has embarked upon a programme of product innovation and development designed to provide greater competitive advantage to everything in which we are engaged. The Research & Development budget is increasing and has the benefit of taxation concessions given by the Government for profitable groups to invest in thereby giving stimulus to the future of UK manufacturing industry. There are a number of product innovations which will come to market at both Fullflow and Ulva in 2014 whilst the continuous programme of computer aided design at Crescent is likely to improve operating efficiency next year.
Staff
It has been most rewarding to see the manner in which staff have conducted themselves post recession now that confidence has returned and hard work has been rewarded with a flow of new orders. All of our Group companies are well positioned to exploit the many and varied opportunities which are on offer both in the UK and further afield in international markets.
Our employees are very dedicated and in many instances are required to travel long distances over weekends and at times that are not conducive to family life. To each and every one of our members of staff my Board of Directors wishes to express grateful thanks for the sacrifices and efforts that are made on a regular basis and to their contribution to the wellbeing of our Group.
Current Trading and Prospects
Trading in the second half of the year is likely to be similar to the first half's positive performance. Fullflow is expected to perform particularly well in France and internationally whilst hopes remain high for improved results at Plasflow. Ulva continues to supply to its range of international projects and strives to obtain transparency over those projects which do not benefit from defined timescales and are outside Ulva's direct control. Ulva's financial performance remains strong in line with projects successfully executed.
The next few months will be important for Crescent as its delivery of a number of important projects will contribute to a year of successful recovery by 30(th) June 2014.
As a Group we continue to invest in R&D and the innovation which surrounds product development. We are also attempting to add to our management teams skilled managers who will be able to fit into our management style and help us to meet the many challenges that we face not only in the UK but also internationally.
Your Board is happy to embrace current market conditions which offer considerable scope for growth and opportunities to build from the platform that has been created for a profitable debt free future.
J A F Walker
Chairman
27th March 2014
Unaudited Consolidated Statement of Comprehensive Income
Six months Six months Year ended ended ended 31.12.13 31.12.12 30.06.13 Unaudited Unaudited Audited GBP'000 GBP'000 GBP'000 Revenue 9,920 8,880 14,317 Cost of sales (6,078) (4,848) (7,430) ----------- ----------- ---------- Gross profit 3,842 4,032 6,887 Operating expenses (2,979) (3,494) (6,126) ----------- ----------- ---------- 863 538 761 Profit attributable to associate 15 - 38 Exceptional operating expenses (53) (202) (821) Amortisation of intangible assets acquired through business combinations net of deferred tax (83) (82) (165) Share based payment (40) (21) (80) ----------- ----------- ---------- Operating profit/(loss) 702 233 (267) Financial costs (78) (104) (187) ----------- ----------- ---------- Profit/(loss) on ordinary activities before taxation 624 129 (454) Income tax (charge)/credit (122) (25) 98 ----------- ----------- ---------- Profit/(loss) for the period for continuing operations 502 - (356) Profit/(loss) for the period from discontinued operations - - (543) ----------- ----------- ---------- Profit/(loss) for the period 502 104 (899) ----------- ----------- ---------- Total comprehensive income Net gain on revaluation of land and buildings - - 42 Deferred tax on revaluation of land and buildings - - (61) ----------- ----------- ---------- Other comprehensive income for the period - - (19) ----------- ----------- ---------- Profit/(loss) for the period and total comprehensive income attributable to equity holders of the company 502 104 (918) ----------- ----------- ---------- Earnings per share from continuing and discontinued operations attributable to the equity holders of the company during the yearBasic earnings per share (pence) From continuing operations 0.25p 0.05p (0.17)p From discontinued operations - - (0.27)p ----------- ----------- ---------- 0.25p 0.05p (0.44)p ----------- ----------- ---------- Diluted earnings per share (pence) From continuing operations 0.25p 0.05p (0.17)p From discontinued operations - - (0.27)p ----------- ----------- ---------- 0.25p 0.05p (0.44)p ----------- ----------- ----------
Unaudited Consolidated Statement of Changes in Equity
Called Capital Re-valuation Retained Total up share reserve reserve earnings capital GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 At 1 January 2012 1,016 98 229 12,941 14,284 Result for the period - - - 689 689 Dividend - - - (151) (151) Share based payment - 23 - - 23 At 30 June 2012 1,016 121 229 13,479 14,845 Result for the period - - - 104 104 Share based payment - 21 - - 21 Purchase of treasury shares - - - (26) (26) ---------- --------- ------------- ---------- -------- At 31 December 2012 1,016 142 229 13,557 14,944 Result for the period - - - (1,003) (1,003) Revaluation - - (19) - (19) Dividend - - - (151) (151) Share based payment - 59 - - 59 Purchase of treasury shares - - - (9) (9) ---------- --------- ------------- ---------- -------- At 30 June 2013 1,016 201 210 12,394 13,821 Result for the period - - - 502 502 Share based payment - 40 - - 40 At 31 December 2013 1,016 241 210 12,896 14,363 ---------- --------- ------------- ---------- --------
Unaudited Consolidated Statement of Financial Position
As at As at As at 31.12.13 31.12.12 30.06.13 GBP'000 GBP'000 GBP'000 Non-current assets Intangible assets 7,965 8,190 8,083 Property, plant and equipment 5,216 5,474 5,159 Trade and other receivables 297 488 301 Deferred tax assets 402 472 422 Investment 103 50 88 ---------- ---------- ---------- 13,983 14,674 14,053 ---------- ---------- ---------- Current assets Inventories 2,570 3,151 3,239 Trade and other receivables 6,117 5,494 4,823 ---------- 8,687 8,645 8,062 ---------- ---------- ---------- Total assets 22,670 23,319 22,115 ---------- ---------- ---------- Current liabilities Trade and other payables (4,484) (3,099) (3,794) Current tax liabilities (135) (250) (127) Obligations under finance leases (9) - (13) Bank loans and overdrafts (1,411) (2,094) (2,030) ---------- ---------- ---------- (6,039) (5,443) (5,964) ---------- ---------- ---------- Non-current liabilities Bank loans (281) (821) (304) Deferred tax liabilities (1,983) (2,111) (2,018) Obligations under finance leases (4) - (8) ---------- ---------- ---------- (2,268) (2,932) (2,330) ---------- ---------- ---------- Total liabilities (8,307) (8,375) (8,294) ---------- ---------- ---------- NET ASSETS 14,363 14,944 13,821 ========== ========== ========== Capital and reserve Called up share capital 1,016 1,016 1,016 Capital reserve 241 142 201 Revaluation reserve 210 229 210 Retained earnings 12,896 13,557 12,394 ---------- ---------- ---------- TOTAL EQUITY 14,363 14,944 13,821 ========== ========== ==========
Unaudited Consolidated Statement of Cash Flows
Six months Six months Year ended ended ended 31.12.13 31.12.12 30.06.13 Unaudited Unaudited Audited GBP'000 GBP'000 GBP'000 Profit/(loss) after tax 502 104 (899) Adjustments for: Net finance costs 78 104 191 Corporation tax (credit)/charge 122 25 (61) Depreciation of property, plant and equipment 71 128 313 Revaluation of properties - - 383 Amortisation of intangible assets 118 120 236 (Profit)/loss on disposal of plant and equipment - 3 (1) ----------- ----------- ---------- Operating cash flows before movement in working capital 891 484 162 Decrease/(increase) in inventories 669 (168) (256) (Increase)/decrease in receivables (1,290) 2,967 3,825 Increase/(decrease) in payables 682 (2,677) (1,960) Interest paid (80) (102) (197) Corporation tax paid (94) (111) (185) ----------- ----------- ---------- Net cash inflow from operating activities 778 393 1,389 ----------- ----------- ---------- Cash flow from investing activities Purchase of property, plant and equipment (128) (80) (352) Purchase of intangible assets - - (9) Proceeds from disposals of property, plant and equipment - - 5 ----------- ----------- ---------- Net cash outflow from investing activities (128) (80) (356) ----------- ----------- ---------- Cash flow from financing activities Dividend paid - - (151) Bank loans repaid (519) (409) (925) Purchase of treasury shares - (26) (35) Finance lease repayments, net (8) (22) (1) ----------- ----------- ---------- Net cash outflow from financing activities (527) (457) (1,112) ----------- ----------- ---------- Net increase/(decrease) in cash and bank overdrafts 123 (144) (79) Cash, cash equivalents and bank overdrafts at beginning of period (993) (914) (914) ----------- ----------- ---------- Cash, cash equivalents and bank overdrafts at end of period (870) (1,058) (993) =========== =========== ==========
Notes to the Interim Report
1. Basis of Preparation
The Interim Financial Statements have been prepared using accounting policies consistent with International Financial Reporting Standards as adopted in the European Union and in accordance with International Accounting Standards (IAS) 34 Interim Financial Reporting.
The financial information for the six month periods ended 31 December 2013 and 31 December 2012 have not been audited by the Group's auditors and does not constitute accounts within the meaning of s240 of the Companies Act 2006. The financial information for the year ended 30 June 2013 is an abridged version of the Group's accounts which received an unqualified auditors' report and did not contain a statement under s237(2) or (3) of the Companies Act 2006 and have been filed with the Registrar of Companies.
The same accounting policies, presentation and methods of computation are followed in these interim financial statements as were applied in the preparation of the Group's financial statements for the year ended 30 June 2013 and which are expected to apply as at 30 June 2014.
2. Taxation
Interim period income tax is accrued based on the estimated average annual effective income tax rate.
3. Segmental Reporting Rainwater Metal Polymer Corporate Total management staircases membrane six months six six months six months six months ended months ended ended ended 31 Dec ended 31 Dec 31 Dec 31 Dec 2013 31 Dec 2013 2013 2013 2013 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Revenue External revenues 5,220 723 3,977 - 9,920 Intergroup sales 1,533 - - - 1,533 ------------ ------------ ------------ ------------ -------- Total revenues 6,753 723 3,977 - 11,453 Cost of sales (5,304) (436) (1,871) - (7,611) ------------ ------------ ------------ ------------ -------- Gross profit 1,449 287 2,106 - 3,842 Operating expenses (1,353) (373) (837) (416) (2,979) ------------ ------------ ------------ ------------ -------- 96 (86) 1,269 (416) 863 Profit attributable to associate - - - 15 15 Exceptional operating expenses (39) - - (14) (53) Amortisation of intangible assets acquired through business combinations net of deferred tax - - - (83) (83) Share based payment - - - (40) (40) Intergroup royalty (charge)/income - - (789) 789 - Intergroup management fees - - (114) 114 - Intergroup rent (charges)/income - - (36) 36 - Operating profit/(loss) 57 (86) 330 401 702 Financial costs (1) - - (77) (78) Intergroup financial charges (12) - - 12 - ------------ ------------ ------------ ------------ -------- Profit/(loss) on ordinary activities before taxation 44 (86) 330 336 624 Income tax charge (9) 18 (65) (66) (122) ------------ ------------ ------------ ------------ -------- Profit/(loss) for the period attributable to equity holders of the company 35 (68) 265 270 502 ============ ============ ============ ============ ======== Rainwater Metal Polymer Corporate Total management staircases membrane six months six six months six months six months ended months ended ended ended 31 Dec ended 31 Dec 31 Dec 31 Dec 2012 31 Dec 2012 2012 2012 2012 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Revenue External revenues 4,505 727 3,648 - 8,880 Intergroup sales 322 - 1,066 - 1,388 ------------ ------------ ------------ ------------ -------- Total revenues 4,827 727 4,714 - 10,268 Cost of sales (2,873) (541) (2,822) - (6,236) ------------ ------------ ------------ ------------ -------- Gross profit 1,954 186 1,892 - 4,032 Operating expenses (1,942) (313) (841) (398) (3,494) ------------ ------------ ------------ ------------ -------- 12 (127) 1,051 (398) 538 Exceptional operating expenses (202) - - - (202) Amortisation of intangible assets acquired through business combinations net of deferred tax - - - (82) (82) Share based payment - - (21) (21) Intergroup royalty (charge)/income - - (528) 528 - Intergroup management fees - - (114) 114 - Intergroup rent (charges)/income - - (36) 36 - Operating (loss)/profit (190) (127) 373 177 233 Financial costs (9) - - (95) (104) Intergroup financial charges (14) - (31) 45 - ------------ ------------ ------------ ------------ -------- (Loss)/profit on ordinary activities before taxation (213) (127) 342 127 129 Income tax charge - - (15) (10) (25) ------------ ------------ ------------ ------------ -------- (Loss)/profit for the period attributable to equity holders of the company (213) (127) 327 117 104 ============ ============ ============ ============ ======== 4. Income Tax Expense
Recognised in the income statement
Six months Six months Year ended ended ended 31.13.13 31.13.12 30.06.13 Unaudited Unaudited Unaudited GBP'000 GBP'000 GBP'000 Current tax expense Current year - UK corporation tax 77 25 (73) Current year - overseas tax 25 - 12 Deferred tax movement 20 - (37) Total tax expense in income statement 122 25 (98) ----------- ----------- ----------- 5. Earnings Per Share
Earnings per share is calculated on the basis of 203,275,006 shares (2012: 196,480,006) which is the weighted average of the number of shares in issue during the period.
The diluted earnings per share is calculated on the basis of 204,930,006 shares (2012: 200,980,006) which is the weighted average of the number of shares in issue during the period.
6. Copies of Half Yearly Report
Copies of the half yearly report are available to shareholders electronically via the Group's website or are available on request from the Group head office at Bedford House, 1 Regal Lane, Soham, Ely, Cambridgeshire, CB7 5BA or at http://www.swpgroupplc.com.
For further information or enquiries:
J.A.F Walker D.J. Pett Chairman Finance Director SWP Group plc SWP Group plc Tel office: 01353 723270 Tel office: 01353 Mobile: 07800 951251 723270 Mobile: 07940 523135 Ranald McGregor-Smith Richard Kauffer/Daniel Corporate Finance Advisors Harris Whitman Howard Nominated Advisor Tel office: 020 7812 3525 & Broker Peel Hunt LLP Tel office: 020 7418 8900
This information is provided by RNS
The company news service from the London Stock Exchange
END
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