![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Team Internet Group Plc | LSE:TIG | London | Ordinary Share | GB00BCCW4X83 | ORD 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
1.40 | 0.76% | 185.20 | 184.40 | 185.60 | 186.60 | 183.20 | 186.60 | 95,595 | 16:29:51 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Business Consulting Svcs,nec | 836.9M | 24.3M | 0.0894 | 20.72 | 499.46M |
RNS Number:8421H Innovation Group PLC 24 February 2003 24 February 2003 THE INNOVATION GROUP PLC QUARTERLY REPORT FOR THE THREE MONTHS ENDED 31 DECEMBER 2002 AND TRADING UPDATE The Innovation Group plc ("TiG" or "the Group"), the provider of innovative insurance solutions to the global financial services industry, today announces its unaudited results for the three months to 31 December 2002. Highlights: Quarterly report > Ongoing revenue for three months to 31 December 2002 of #15.8m (quarter 4 2002: #14.9m) > EBITDA for three months to 31 December 2002 of #1.2m (quarter 4 2002: adjusted loss of #2.8m) > Adjusted PBT for three months ended 31 December 2002 of #0.3m (quarter 4 2002: loss of #4.5m) > FRS 3 loss before tax for the three months to 31 December 2002 of #3.8m after amortisation of #4.1m (quarter 4 2002: loss of #15.8m) > Adjusted EPS for three months to 31 December 2002 of 0.1p (quarter 4 2002: loss of 2.9p) > Cash satisfactory with #5.7m of funds excluding guaranteed loan notes as at 31 December 2002 > Prior restructuring of cost base delivers savings ahead of expectations with the annualised cash cost base reduced from #68m to #62m Trading update > Increased volume in the fixed cost element of our BPO division provides real evidence of continued improvements in trading > Significant value of BPO operations highlighted by sale of French BPO operation to Groupama > Underwritten Rights Issue to raise approximately #9.2m (net of expenses). Proceeds to be used to strengthen Company's balance sheet and thus assist in the negotiation of new business currently under discussion Enquiries: The Innovation Group plc 01489 898300 Paul Smolinski, Group Finance Director KBC Peel Hunt 020 7418 8900 Simon Hayes / Jonathan Marren Weber Shandwick Square Mile 020 7067 0700 Sara Musgrave / Katie Hunt Chairman's Statement In common with other technology businesses the Group found the second half of its last financial year extremely demanding. The trading environment in the insurance industry resulted in many insurers taking a cautious view on technology infrastructure and systems investments, which in turn meant that new business licence sales and the timing of licence deployments relating to existing customer projects were proving difficult. Despite a difficult IT market environment the Group has made a positive start to the current financial year with quarter one seeing the Group return to profitability before goodwill amortisation. This significant milestone has been achieved by focusing on revenue growth from continuing operations and decisive management action to continue to optimise costs in line with the Group's revenue expectations. Financial and Operating Review Revenue from continuing operations for the three months ended 31 December 2002 was #15.8m (quarter 4 2002: #14.9m) and EBITDA for the three months ended 31 December 2002 was #1.2m (quarter 4 2002: adjusted loss of #2.8m). Profit before tax and goodwill amortisation was #0.3m (quarter 4 2002: loss of #4.5m); FRS3 loss before tax was #3.8m after amortisation of #4.1m (quarter 4 2002: loss of #15.8m). Adjusted EPS was 0.09p (quarter 4 2002: loss of 2.93p). Cash is satisfactory with #5.7m of funds excluding guaranteed loan notes as at 31 December 2002. Overall, quarter one showed a positive trading improvement over the previous quarter from continuing operations with the fixed cost base being reduced significantly. In note 2 to the results, we have introduced segmental analysis of our business providing additional information on the profitability of our Business Process Outsourcing (supply chain/e-procurement) ("BPO") and Technology Solutions businesses. Revenue from our BPO business was #5.7m and Technology Solutions #10.1m, comprising #0.7m initial licence fee, #3.0m implementation and #6.4m recurring revenue. The start of our current financial year has been an encouraging time for our BPO operations. A significant new client win in our German operation is already having a major effect on its run-rate revenues. In the UK, client developments have resulted in our projected run- rates increasing by 25 per cent. by the conclusion of quarter one. The effect of these increases should start to manifest itself in the results for quarter two. These revenue gains within the UK and German BPO operations are being achieved without any increase in the current cost base. In line with our strategy for the long-term sustainability of operations, the basis for forward planning is that management will ensure that there is no reliance on cash from any non-contractually committed licence sales to generate positive cash from operations. Prior restructuring and cost base optimisation has delivered benefits beyond our previous guidance with the Group's annualised cash cost base reducing from #68m to #62m. Management is still implementing further optimisation of the ongoing fixed cash cost base with a target of #60m driven primarily by rationalisation of facilities and other non people based costs. Trading Update On 29 January 2003, following an approach from Groupama, the Group announced that it had entered into an agreement to sell its BPO business in France to the insurer Groupama for a total consideration of 4 million Euros. In addition Groupama has paid 0.7 million Euros for the licence to continue to use the TiG claims technology within the operation. The Board assessed Groupama's approach from a perspective of creating shareholder value and this was the key driver for accepting this unsolicited but attractive offer at a multiple of more than 80 times the historic earnings of the French BPO business or 25 times the net asset value. The Board believes that these terms highlight the significant value of our BPO operations. The French operation represented less than 1% of total revenue and less than 5% of our total BPO revenues of approximately #20 million during 2002. The Board has received a number of other approaches regarding various assets of the business but believes that it is in the best interests of our shareholders and other stakeholders for the Group to remain as a single operating entity. Therefore, regardless of the cash available to the business at this time, the Directors are of the view that it is appropriate to raise additional funds via a rights issue to strengthen the Company's balance sheet. Rights Issue On 14 February 2003 the Group announced a proposed 1 for 1 Rights Issue to raise approximately #9.2m (net of expenses). This will provide further confidence to clients and potential clients in the Group's ability to fulfil contracts and thus assist in the negotiation of new business currently under discussion. By way of an example of this, the Company also announced that it had entered into an agreement with Zurich Insurance Company, which has paid a licence fee of approximately #1.8 million into an escrow account that will be released to the Company upon the passing of the resolutions in respect of the Rights Issue. All of the Directors have irrevocably undertaken to take up their rights which represent 20.8 per cent. of the issue. In addition, certain of the Directors have agreed to sub-underwrite a proportion of the Rights Issue. The Rights Issue has been fully underwritten by KBC Peel Hunt. Board Changes Following the announcement of the Rights Issue, Hassan Sadiq was appointed as Chief Executive of the Company. Hassan Sadiq has been the Chief Operating Officer of the Company since December 2001. In addition Robert Terry, founder and previously Chief Executive of the Company, has been appointed as Non-Executive Vice Chairman and Chairman Elect. The Company has, however, secured the ongoing services of Robert Terry on the terms of a management consultancy agreement on a two- year rolling basis. John Birkmire, Gordon Crawford and Clive Vlotman resigned from the Board on 3 February 2003. It is the Board's intention to appoint additional fully independent non-executive directors to the Board in due course. Outlook The Directors consider that the Group has now taken the necessary steps to put the business on a sound financial footing for the future whilst ensuring that the Group is still recognised as an independent thought leader in applying technology to the business issues facing insurance companies across the globe. The Group continues to provide modern, innovative IT solutions to insurance companies, always focusing on systems which give cost and efficiency gains in ongoing business operations and real measured return on investment for customers. Our technology is fully proven in production and is used by 25,000 people in 11 countries across the world. Over 30 million client records are held and more than 20 million policies with all their associated claims transactions are administered daily by our solutions. In summary, the Board continues to believe, despite previous difficulties, that the Group remains a leading solutions provider to the insurance industry with clear opportunities for growth in both its BPO and Technology Solutions businesses once the market returns to more positive trading conditions. Geoff Squire, OBE Chairman 24 February 2003 The Innovation Group Plc FINANCIAL HIGHLIGHTS for the three months ended 31 December 2002 3 months ended Year to Note 31 December 30 September 2002 2001 2002 #'000 #'000 #'000 Turnover 15,763 27,509 100,071 Adjusted profit before tax 1 300 4,101 10,028 Loss before tax (3,838) (8,029) (391,114) Adjusted earnings per share (pence) 0.09 1.26 2.87 Basic loss per share (pence) (1.99) (4.90) (202.75) Dividend per share (pence) - - 0.6 Note: 1.Adjusted profit before tax for the three months ended 31 December 2002 is FRS 3 loss before tax of #3,838,000 (three months ended 31 December 2001: loss of #8,029,000; year ended 30 September 2002: loss of #391,114,000) after excluding exceptional costs of #nil (three months ended 31 December 2001: #4,539,000; year ended 30 September 2002: #374,498,000) and the amortisation charge of #4,138,000 (three months ended 31 December 2001: #7,591,000; year ended 30 September 2002: #26,644,000). References to adjusted profit reflect the Directors' view that this is an important measure for their own, and shareholders' assessment of the Group's underlying performance. The Innovation Group Plc UNAUDITED PROFIT AND LOSS ACCOUNT For the 3 months ended 31 December 2002 Unaudited Unaudited Audited 3 months to 3 months to Year to 31 December 31 December 30 September 2002 2001 2002 Note #'000 #'000 #'000 TURNOVER 2 15,763 27,509 100,071 Cost of sales (3,181) (4,160) (14,687) ---------------------------------------------------- Gross profit 12,582 23,349 85,384 Administrative expenses - exceptional items 3 - (4,539) (374,498) - other (16,352) (27,209) (102,411) ---------------------------------------------------- (16,352) (31,748) (476,909) ---------------------------------------------------- OPERATING LOSS (3,770) (8,399) (391,525) Net interest (68) 370 411 ---------------------------------------------------- LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION (3,838) (8,029) (391,114) ---------------------------------------------------- Adjusted profit before tax 300 4,101 10,028 Amortisation (4,138) (7,591) (26,644) Exceptional items - (4,539) (374,498) ---------------------------------------------------- Loss before tax (3,838) (8,029) (391,114) ==================================================== Tax on loss on ordinary activities 4 (78) (1,173) - ---------------------------------------------------- LOSS ON ORDINARY ACTIVITIES AFTER TAXATION (3,916) (9,202) (391,114) Equity minority interests (44) (9) (85) ---------------------------------------------------- LOSS FOR THE PERIOD (3,960) (9,211) (391,199) Dividends paid - - (1,255) ---------------------------------------------------- RETAINED LOSS FOR THE PERIOD (3,960) (9,211) (392,454) ==================================================== Adjusted earnings per ordinary share (pence) 5 0.09 1.26 2.87 Basic loss per ordinary share (pence) 5 (1.99) (4.90) (202.75) Diluted loss per ordinary share (pence) 5 (1.99) (4.90) (202.75) The Innovation Group Plc UNAUDITED BALANCE SHEET As at 31 December 2002 Unaudited Unaudited Audited 31 December 31 December 30 September 2002 2001 2002 Note #'000 #'000 #'000 FIXED ASSETS Intangible assets 50,096 410,743 53,987 Tangible assets 22,194 28,135 22,441 Investments 5,992 9,003 5,034 ---------------------------------------------------- 78,282 447,881 81,462 CURRENT ASSETS Stocks 151 202 131 Debtors 6 13,244 36,110 15,492 Investments 6,160 46,185 11,060 Cash at bank and in hand 4,825 14,587 9,149 ---------------------------------------------------- 24,380 97,084 35,832 CREDITORS: amounts falling due within one year (23,020) (73,644) (30,576) ---------------------------------------------------- NET CURRENT ASSETS 1,360 23,440 5,256 ---------------------------------------------------- TOTAL ASSETS LESS CURRENT LIABILITIES 79,642 471,321 86,718 CREDITORS: amounts falling due after more than one year Convertible loan notes (2,040) - (2,040) Other creditors (12,599) (10,929) (13,021) PROVISIONS FOR LIABILITIES AND CHARGES (3,257) (1,552) (3,673) DEFERRED INCOME 7 (9,915) (23,109) (10,379) EQUITY MINORITY INTERESTS (247) - (206) ---------------------------------------------------- NET ASSETS 51,584 435,731 57,399 ==================================================== CAPITAL AND RESERVES Called up share capital 3,974 3,728 3,952 Shares to be issued 2,302 25,564 14,000 Share premium account 468,649 439,917 458,973 Profit and loss account (423,341) (33,478) (419,526) ---------------------------------------------------- EQUITY SHAREHOLDERS' FUNDS 51,584 435,731 57,399 ==================================================== The interim results were approved by the Board of Directors on 24 February 2003. The Innovation Group Plc STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES For the 3 months ended 31 December 2002 Unaudited Unaudited Audited 3 months to 3 months to Year to 31 December 31 December 30 September 2002 2001 2002 #'000 #'000 #'000 Loss for the financial period (3,960) (9,211) (391,199) Currency translation differences 145 225 (2,580) ---------------------------------------------------- Total recognised gains and losses relating to the period (3,815) (8,986) (393,779) ==================================================== RECONCILIATION OF MOVEMENT IN SHAREHOLDERS' FUNDS Unaudited Unaudited Audited 3 months to 3 months to Year to 31 December 31 December 30 September 2002 2001 2002 #'000 #'000 #'000 Loss for the financial period (3,960) (9,211) (391,199) Dividends - - (1,255) ---------------------------------------------------- (3,960) (9,211) (392,454) Currency translation differences 145 225 (2,580) Issue of shares 9,698 25,101 44,381 Shares to be issued (11,698) 13,564 2,000 ---------------------------------------------------- Net (reduction)/additions to shareholders' funds (5,815) 29,679 (348,653) Opening shareholders' funds 57,399 406,052 406,052 ---------------------------------------------------- Closing shareholders' funds 51,584 435,731 57,399 ==================================================== The Innovation Group Plc UNAUDITED CASH FLOW STATEMENT For the 3 months ended 31 December 2002 Unaudited Unaudited Audited 3 months to 3 months to Year to 31 December 31 December 30 September 2002 2001 2002 #'000 #'000 #'000 Net cash outflow from operating activities (4,235) (2,230) (8,086) Returns on investments and servicing of finance (36) 608 697 Taxation 75 (1,551) (2,014) Capital expenditure (556) (880) (7,328) Acquisitions (958) (10,927) (14,958) Equity dividends paid - - (5,625) ---------------------------------------------------- Cash outflow before management of liquid resources and financing (5,710) (14,980) (37,314) Management of liquid resources 4,900 16,835 51,960 Financing (3,514) (1,487) (19,811) ---------------------------------------------------- (Decrease)/increase in cash less bank overdraft (4,324) 368 (5,165) ==================================================== RECONCILIATION OF OPERATING LOSS TO NET CASH OUTFLOW FROM OPERATING ACTIVITIES Operating loss before exceptional items (3,770) (3,490) (17,027) Depreciation and amortisation charges 5,006 8,824 32,121 Profit on disposal of fixed assets - - (131) (Increase)/decrease in stocks (20) (49) 55 Decrease in debtors 2,044 256 15,935 (Decrease) in creditors (6,050) (2,081) (23,138) ---------------------------------------------------- (2,790) 3,460 7,815 Cash outflow arising from exceptional items (1,445) (4,039) (13,140) Acquisition related outflows * - (1,651) (2,761) ---------------------------------------------------- Net cash outflow from operating activities (4,235) (2,230) (8,086) ==================================================== *Acquisition related outflows during the three months ended 31 December 2001 and year ended 30 September 2002 relate to payments made by the Company in respect of liabilities which crystallised as a consequence of the acquisitions of MTW and Huon and creditor payments associated with the pre-acquisition activities of the Cosy Group. RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS (Decrease)/increase in cash in the period (4,324) 368 (5,165) Cash outflow from decrease in debt and lease financing 3,514 1,487 19,811 Cash inflow from decrease in liquid resources (4,900) (16,835) (51,960) ---------------------------------------------------- Change in net funds resulting from cash flows (5,710) (14,980) (37,314) Loans, loan notes and finance leases acquired with subsidiaries - (1,546) (1,508) Foreign exchange - (354) (484) ---------------------------------------------------- Movement in net funds in the period (5,710) (16,880) (39,306) Net (debt)/funds at start of period (1,255) 38,051 38,051 ---------------------------------------------------- Net (debt)/funds at end of period (6,965) 21,171 (1,255) ==================================================== The Innovation Group Plc NOTES TO THE UNAUDITED RESULTS For the 3 months ended 31 December 2002 1. BASIS OF PREPARATION The interim financial information of The Innovation Group Plc is for the three month period to 31 December 2002, and has been prepared in accordance with the accounting policies set out in, and is consistent with, the audited financial statements for the year ended 30 September 2002. The results for the year ended 30 September 2002 have been extracted from the audited financial statements for that year. The audited financial statements are yet to be filed with the Registrar of Companies and the auditors' report on those accounts was unqualified. The unaudited profit and loss account for the three month period to, and the unaudited balance sheet as at 31 December 2002, do not amount to full accounts within the meaning of section 240 of the Companies Act 1985 and have not been delivered to the Registrar of Companies. 2. ANALYSIS OF TURNOVER, OPERATING LOSS AND NET ASSETS Turnover can be analysed into the following categories: Unaudited Unaudited Audited 3 months to 3 months to Year to 31 December 31 December 30 September 2002 2001 2002 #'000 #'000 #'000 Initial licence fees 709 6,269 17,520 Implementation 2,992 8,070 29,408 Recurring 12,062 13,170 53,143 ---------------------------------------------------- Turnover 15,763 27,509 100,071 ==================================================== Following the restructuring of the group at the end of 2002, the Directors now consider that the Group has two principal activities. These are technology solutions and business process outsourcing. The results for the quarter ended 31 December 2002 can be analysed as follows. In practice it is not feasible to provide comparative data with sufficient accuracy and so, as permitted by SSAP 25 no comparative information is provided. Unaudited 3 months to 31 December 2002 Technology Solutions BPO Total #'000 #'000 #'000 Turnover 10,104 5,659 15,763 --------------------------------------------- EBITDA before R&D and central costs 2,893 650 3,543 Amortisation and depreciation (2,674) (2,272) (4,946) ---------------------------------------------- 219 (1,622) (1,403) =============================== R&D (1,562) Central costs (805) -------------- Operating loss (3,770) ============== * Research and development costs include approximately #60,000 of depreciation. BPO activities include certain territories and activities where operations are still in initial development or are operating in markets where they are yet to achieve critical mass. The result above consequently includes turnover of #180,000 and an adjusted operating loss of approximately #173,000 in relation to these businesses. Excluding these, BPO operations are achieving an adjusted operating margin of 15%. The geographical analysis by location is as set out below: Turnover Operating loss Unaudited Unaudited Audited Unaudited Unaudited Audited 3 months to 3 months to Year to 3 months to 3 months to Year to 31 December 31 December 30 Sept 31 December 31 December 30 Sept 2002 2001 2002 2002 2001 2002 #'000 #'000 #'000 #'000 #'000 #'000 Europe, Middle East and Africa 8,719 16,230 59,227 2,122 2,781 (262,381) Americas 6,135 10,065 35,143 601 3,506 (66,340) Asia Pacific 909 1,214 5,701 12 1,697 (1,412) Central and R&D - - - (2,367) (4,253) (10,250) Exceptional charge - - - - (4,539) (24,498) Amortisation - - - (4,138) (7,591) (26,644) -------------------------------------------------------------------------------- 15,763 27,509 100,071 (3,770) (8,399) (391,525) ================================================================================ Due to the geographical spread of certain acquisitions and the centralisation of certain functions, it is not possible to allocate the related central costs over the geographical areas for the above periods. Net assets Unaudited Unaudited Audited 31 December 31 December 30 September 2002 2001 2002 #'000 #'000 #'000 Europe, Middle East and Africa 26,268 (10,736) 18,156 Americas (20,168) (1,889) (21,191) Asia Pacific (7,975) (6,466) (7,792) Central 53,459 454,822 68,226 ----------------------------------------------------- 51,584 435,731 57,399 ===================================================== Central net assets include goodwill, other investments and net funds. 3.EXCEPTIONAL ADMINISTRATIVE EXPENSES Unaudited Unaudited Audited 3 months to 3 months to Year to 31 December 31 December 30 September 2002 2001 2002 #'000 #'000 #'000 Fixed asset impairment - - 4,616 Goodwill impairment - - 350,000 Office closure costs - 500 3,050 Termination payments - 744 5,804 Redundancy period costs - 3,295 9,255 Contractual settlements - - 1,773 ----------------------------------------------------- - 4,539 374,498 ===================================================== 4.TAXATION The effective tax rate for the group based on projected results for the year ended 30 September 2003 before amortisation is 26%. The tax charge for the period is based upon the estimated effective tax rate on FRS3 reported profits for the year of 26% after excluding the impact of goodwill amortisation which is not allowable for tax (December 2001: 34%; September 2002: nil). 5.EARNINGS PER SHARE Unaudited Unaudited Audited 3 months to 3 months to Year to 31 December 31 December 30 September 2002 2001 2002 #'000 #'000 #'000 pence pence pence Diluted loss per share (1.99) (4.90) (202.75) Adjustments for share options and shares to be issued - - - ---------------------------------------------------- Basic loss per share (1.99) (4.90) (202.75) Adjustments for exceptional items and amortisation 2.08 6.16 205.62 ----------------------------------------------------- Adjusted earnings per share 0.09 1.26 2.87 ===================================================== Earnings per share is calculated as follows: Basic earnings per share Average number of shares 198,904,011 188,087,967 192,946,800 Loss for the financial period (#'s) (3,960,000) (9,211,000) (391,199,000) ======================================================= Diluted earnings per share Average number of shares 198,904,011 188,087,967 192,946,800 Loss for the financial period (#'s) (3,960,000) (9,211,000) (391,199,000) ======================================================= Adjusted earnings per share Average number of shares 198,904,011 188,087,967 192,946,800 Loss for the financial period (#'s) (3,960,000) (9,211,000) (391,199,000) Add amortisation (#'s) 4,138,000 7,591,000 26,644,000 Add exceptional items (#'s) - 4,539,000 374,498,000 Less tax credit arising on exceptional items (#'s) - (547,000) (4,400,000) ----------------------------------------------------- Adjusted earnings (#'s) 178,000 2,372,000 5,543,000 ===================================================== FRS 14 requires presentation of diluted EPS when a company could be called upon to issue shares that would decrease net profit or increase net loss per share. For a loss making company with outstanding share options, net loss per share would only be increased by the exercise of out-of-the-money options. Since it seems inappropriate to assume that option holders would act irrationally, no adjustment has been made to diluted EPS for out- of-the-money share options. 6.WORKING CAPITAL Debtors as at 31 December 2002 comprise trade debtors of #10.0m (30 September 2002: #11.8m), accrued income of #0.4m (30 September 2002: #0.3m), prepayments, deposits and other debtors of #2.8m (30 September 2002: #3.4m). 7.DEFERRED INCOME The Company's Act format of accounts allows for the inclusion of deferred income as a separate balance sheet category. In view of the significance of this balance to the Group, the Directors believe that showing this balance separately provides a fairer presentation. Comparatives have been adjusted as appropriate. 8.ADDITIONAL COPIES OF THIS STATEMENT Copies of this statement are available from The Innovation Group plc, Yarmouth House, 1300 Parkway, Solent Business Park, Whiteley PO15 7AE. INDEPENDENT REVIEW REPORT TO THE INNOVATION GROUP PLC Introduction We have been instructed by the company to review the financial information for the three months ended 31 December 2002 which comprises the profit and loss account, the balance sheet, the cash flow statement and related notes 1 to 8. We have read the other information contained in the interim report and considered whether it contains any apparent misstatements or material inconsistencies with the financial information. This report is made solely to the company in accordance with Bulletin 1999/4 issued by the Auditing Practices Board. Our work has been undertaken so that we might state to the company those matters we are required to state to them in an independent review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company, for our review work, for this report, or for the conclusions we have formed. Directors' responsibilities The interim report, including the financial information contained therein, is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the interim report in accordance with the Listing Rules of the Financial Services Authority which require that the accounting polices and presentation applied to the interim figures are consistent with those applied in preparing the preceding annual accounts except where any changes, and the reasons for them, are disclosed. Review work performed We conducted our review in accordance with the guidance contained in Bulletin 1999/4 issued by the Auditing Practices Board for use in the United Kingdom. A review consists principally of making enquiries of group management and applying analytical procedures to the financial information and underlying financial data and, based thereon, assessing whether the accounting policies and presentation have been consistently applied unless otherwise disclosed. A review excludes audit procedures such as tests of controls and verification of assets, liabilities and transactions. It is substantially less in scope than an audit performed in accordance with United Kingdom auditing standards and therefore provides a lower level of assurance than an audit. Accordingly, we do not express an audit opinion on the financial information. Review conclusion On the basis of our review we are not aware of any material modifications that should be made to the financial information as presented for the three months ended 31 December 2002. Deloitte and Touche Chartered Accountants London 24 February 2003 This information is provided by RNS The company news service from the London Stock Exchange END QRFEAFAFALEDEAE
1 Year Team Internet Chart |
1 Month Team Internet Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions