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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:6060K Innovation Group PLC 01 May 2003 1 May 2003 THE INNOVATION GROUP PLC INTERIM REPORT FOR THE SIX MONTHS ENDED 31 MARCH 2003 The Innovation Group plc ("TiG" or "the Group"), the provider of innovative insurance solutions to the global financial services industry, today announces its unaudited interim results for the six months to 31 March 2003. Highlights for the six months ended 31 March 2003: * BPO revenue of #11.5m (ongoing H1 2002: #9.6m) * Technology solutions revenue of #19.7m (ongoing H1 2002: #45.0m) * Total revenue of #31.2m (ongoing H1 2002: #54.6m) * EBITDA of #3.1m (H1 2002: #18.2m) * Disposal of French BPO operation to Groupama for 4 million euros highlights the significant value of BPO operations * FRS 3 loss before tax of #5.2m inclusive of a goodwill amortisation charge of #8.2m and profit on disposal of #1.6m (H1 2002: loss of #3.5m) * Positive quarter on quarter trading improvement. Adjusted profit before tax Q2 2003 #1.1m vs. Q1 2003 of #0.3m * Adjusted EPS of 0.43p (H1 2002: 5.21p); basic EPS loss of 2.4p (H1 2002: loss of 3.33p) * Successful completion of rights issue which raised approximately #9m (net of expenses) * Cash is strong at #13.2m (after deducting guaranteed loan notes) as at 31 March 2003 Enquiries: The Innovation Group plc 01489 898300 Hassan Sadiq, Chief Executive Officer 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 Our focus on core profitable revenue lines coupled with our actions to continue reducing costs in line with revenue expectations has ensured that the positive start to the financial year reported at the end of the first quarter has continued as we complete another profitable quarter before goodwill amortisation. The state of the general economic environment and volatility of global financial markets continue to mean that many insurers remain cautious in their view on technology infrastructure and systems investments. Whilst this remains a difficult market for technology solutions and new licence sales, it is also one in which we have been able to drive growth and identify new opportunities for our BPO operations. Financial and Operating Review Revenue from continuing operations for the six months to 31 March 2003 was #31.2m (ongoing, as explained further in note 2, H1 2002: #54.6m); Business Process Outsourcing ("BPO") revenue for six months to 31 March 2003 was #11.5m (ongoing H1 2002: #9.6m); Technology Solutions revenue for six months to 31 March 2003 was #19.7m (ongoing H1 2002: #45.0m). EBITDA for the same period was #3.1m (H1 2002: #18.2m). FRS 3 loss before tax was #5.2m inclusive of a goodwill amortisation charge of #8.2m and profit on French BPO disposal of #1.6m (H1 2002: loss of #3.5m); profit before tax, goodwill amortisation, and gains on disposal was #1.4m (H1 2002: #16m) based on #0.3m for the first quarter and growing to #1.1m for the second quarter; adjusted EPS was 0.43p (H1 2002: 5.21p), basic EPS loss of 2.4p (H1 2002: loss of 3.33p). Cash is strong at #13.2m (after deducting guaranteed loan notes) as at 31 March 2003. BPO revenue for the quarter ended 31 March 2003 was #5.8m (Q1 2003: #5.7m), (excluding our former French operation the increase was #5.2m to #5.7m). Revenue from Technology Solutions for the quarter ended 31 March 2003 was #9.6m (Q1 2003: #10.1m), comprising #3.4m initial licence fee and implementation and #6.2m recurring revenue. Technology Solutions Division Following his appointment as CEO in February, Hassan Sadiq has consolidated the company's operations into two global divisions, Technology Solutions and BPO. Ed Ossie moves from Chief Operating Officer of North American operations to Chief Operating Officer, Technology Division and remains a main board director. The Technology Solutions Division currently represents 60% of the total Group revenue. The key to new licence and implementation revenues will be driven by success in the North American market and this will be helped significantly by the strength of the Group's partnership with IBM. BPO Division BPO revenues and profitability have continued to increase and we have been successful in contracting with major new blue-chip clients. BPO operations in the mature markets across the globe have achieved an operating margin of 17% for Q2 2003, an increase from the 15% achieved in Q1 2003. To reflect the global expansion of the product offering beyond the automotive sector and into the household sector, our BPO operations are now branded as TiG eQuals - the trading name of our South African operation. Furthermore, Eric Wadsworth, previously head of South African operations, has been promoted to Chief Operating Officer, BPO. Our South African entity has been the consistent innovator and business leader within these operations, and Eric's charter is to leverage this success around the world. As previously reported in the early part of the quarter, the Group sold its BPO business in France to Groupama for a total consideration of 4 million euros. 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 French operation represented less than 1% of total revenue and less than 5% of our total BPO revenues of approximately #20m during 2002. This transaction highlights the significant value of our BPO operations. Rights Issue In March 2003, the Group concluded a rights issue which raised approximately #9m net of expenses. As previously anticipated the rights issue has already given us the opportunity to extend several of our current customer relationships. Board Changes As previously reported, Hassan Sadiq has been appointed as Chief Executive of the Company and Robert Terry, founder and previously Chief Executive of the Company, has been appointed Non-Executive Vice Chairman and Chairman Elect. Following the departures of John Birkmire, Gordon Crawford and Clive Vlotman, we are continuing to make good progress with the appointment of additional fully independent non-executive directors to the Board. Share Issue On 1 April 2003 the company issued #1m of new shares as the first installment of the InterX Technology deferred consideration. This share issue followed consultation with representatives of our major stakeholders, and has contributed to maintaining a strong cash balance post the rights issue. The shares were issued at a price of 6 pence per share representing a 20% premium to the price of our rights issue. Outlook The Directors have taken the necessary steps to put the business on a sound financial footing for the future whilst ensuring that the Group is still recognized as an independent thought leader in applying technology to the business issues facing insurance companies around the globe. Looking ahead to the second half we expect the licences and maintenance renewals from existing Technology Solutions customers to occur primarily in the fourth quarter. We will continue to balance our ongoing cost base with our revenue whilst maintaining the benefits of our strengthened balance sheet. This position provides clear opportunities for the Technology Solutions division once the market returns to more positive trading conditions. Finally, I would like to commend our staff and advisors for their continued hard work and commitment, as well as thanking our shareholders whose support and commitment have been invaluable to us over the last six months. Geoff Squire, OBE Chairman 1 May 2003 FINANCIAL HIGHLIGHTS For the six months ended 31 March 2003 Note 6 months ended 31 March Year to 30 September 2003 2002 2002 #'000 #'000 #'000 Turnover 31,172 62,426 100,071 Adjusted profit before tax 1 1,400 16,008 10,028 Loss before tax (5,216) (3,474) (391,114) Adjusted earnings per share (pence) 0.43 5.21 2.46 Basic loss per share (pence) (2.40) (3.33) (173.78) Dividend per share (pence) - 0.6 0.6 Note: 1. Adjusted profit before tax for the six months ended 31 March 2003 is FRS 3 loss before tax of #5,216,000 (six months ended 31 March 2002: loss of #3,474,000; year ended 30 September 2002: loss of #391,114,000) after excluding profit on disposal of operations of #1,612,000 (six months ended 31 March 2002 and year ended 30 September 2002: #nil), exceptional costs of #nil (six months ended 31 March 2002: #4,539,000; year ended 30 September 2002: #374,498,000) and the amortisation charge of #8,228,000 (six months ended 31 March 2002: #14,943,000; 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 six months ended 31 March 2003 Unaudited Unaudited Audited 6 months 6 months Year to to to 31 March 31 March 30 September 2003 2002 2002 Note #'000 #'000 #'000 TURNOVER 2 31,172 62,426 100,071 Cost of sales (5,644) (7,671) (14,687) ----------------------------------------- Gross profit 25,528 54,755 85,384 Administrative expenses - exceptional items 3 - (4,539) (374,498) - other (32,182) (54,040) (102,411) ----------------------------------------- (32,182) (58,579) (476,909) ----------------------------------------- OPERATING LOSS (6,654) (3,824) (391,525) Profit on disposal of operations 4 1,612 - - Net interest (174) 350 411 ----------------------------------------- LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION (5,216) (3,474) (391,114) Adjusted profit before tax 1,400 16,008 10,028 Amortisation (8,228) (14,943) (26,644) Exceptional items - (4,539) (374,498) Profit on disposal of operations 1,612 - - ----------------------------------------- Loss before tax (5,216) (3,474) (391,114) ========================================= Tax on loss on ordinary activities 5 (378) (3,899) - ----------------------------------------- LOSS ON ORDINARY ACTIVITIES AFTER TAXATION (5,594) (7,373) (391,114) Equity minority interests (8) - (85) ----------------------------------------- LOSS FOR THE PERIOD (5,602) (7,373) (391,199) Dividends paid - (1,150) (1,255) ----------------------------------------- RETAINED LOSS FOR THE PERIOD (5,602) (8,523) (392,454) ========================================= Adjusted earnings per ordinary share (pence) 6 0.43 5.21 2.46 Basic loss per ordinary share (pence) 6 (2.40) (3.33) (173.78) Diluted loss per ordinary share (pence) 6 (2.40) (3.33) (173.78) All amounts relate to continuing operations. The Innovation Group plc UNAUDITED BALANCE SHEET As at 31 March 2003 Unaudited Unaudited Audited 31 March 31 March 30 September 2003 2002 2002 Note #'000 #'000 #'000 FIXED ASSETS Intangible assets 46,055 410,588 53,987 Tangible assets 20,998 29,918 22,441 Investments 5,992 4,905 5,034 ------------------------------------------- 73,045 445,411 81,462 CURRENT ASSETS Stocks 150 158 131 Debtors 7 14,620 39,508 15,492 Investments 5,650 37,116 11,060 Cash at bank and in hand 12,778 18,252 9,149 ------------------------------------------- 33,198 95,034 35,832 CREDITORS: amounts falling due within one year (21,478) (62,077) (30,576) ------------------------------------------- NET CURRENT ASSETS 11,720 32,957 5,256 ------------------------------------------- TOTAL ASSETS LESS CURRENT 84,765 478,368 86,718 LIABILITIES CREDITORS: amounts falling due after more than one year Convertible loan notes (2,030) - (2,040) Other creditors (12,310) (11,984) (13,021) ------------------------------------------- (14,340) (11,984) (15,061) PROVISIONS FOR LIABILITIES AND CHARGES (2,316) (818) (3,673) DEFERRED INCOME 8 (8,734) (24,423) (10,379) EQUITY MINORITY INTERESTS (183) - (206) ------------------------------------------- NET ASSETS 59,192 441,143 57,399 =========================================== CAPITAL AND RESERVES Called up share capital 7,947 3,845 3,952 Shares to be issued 2,302 14,448 14,000 Share premium account 473,697 454,915 458,973 Profit and loss account (424,754) (32,065) (419,526) ------------------------------------------- EQUITY SHAREHOLDERS' FUNDS 59,192 441,143 57,399 =========================================== The interim results were approved by the Board of Directors on 1 May 2003. The Innovation Group Plc STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES As at 31 March 2003 Unaudited Unaudited Audited 6 months 6 months Year to to to 31 March 31 March 30 September 2003 2002 2002 #'000 #'000 #'000 Loss for the financial period (5,602) (7,373) (391,199) Currency translation differences 374 950 (2,580) ------------------------------------------- Total recognised gains and losses relating to the period (5,228) (6,423) (393,779) =========================================== RECONCILIATION OF MOVEMENT IN SHAREHOLDERS' FUNDS Unaudited Unaudited Audited 6 months 6 months Year to to to 31 March 31 March 30 September 2003 2002 2002 #'000 #'000 #'000 Loss for the financial period (5,602) (7,373) (391,199) Dividends - (1,150) (1,255) ------------------------------------------- (5,602) (8,523) (392,454) Currency translation differences 374 950 (2,580) Issue of shares 18,719 40,216 44,381 Shares to be issued (11,698) 2,448 2,000 ------------------------------------------- Net additions/(reduction) to shareholders' funds 1,793 35,091 (348,653) Opening shareholders' funds 57,399 406,052 406,052 ------------------------------------------- Closing shareholders' funds 59,192 441,143 57,399 =========================================== The Innovation Group plc UNAUDITED CASH FLOW STATEMENT For the six months ended 31 March 2003 Unaudited Unaudited Audited 6 months 6 months Year to to to 31 March 31 March 30 September 2003 2002 2002 #'000 #'000 #'000 RECONCILIATION OF OPERATING LOSS TO NET CASH OUTFLOW FROM OPERATING ACTIVITIES Operating (loss)/profit before exceptional items (6,654) 715 (17,027) Depreciation and amortisation charges 9,790 17,498 32,121 Profit on disposal of fixed assets - - (131) (Increase)/decrease in stocks (19) (5) 55 Decrease/(increase) in debtors 678 (2,850) 15,935 (Decrease) in creditors (8,081) (6,865) (23,138) ---------------------------------------- (4,286) 8,493 7,815 Cash outflow arising from exceptional items (2,581) (4,039) (13,140) Acquisition related outflows * - (1,651) (2,761) ---------------------------------------- Net cash (outflow)/inflow from operating activities (6,867) 2,803 (8,086) ======================================== Net cash (outflow)/inflow from operating activities (6,867) 2,803 (8,086) Returns on investments and servicing of finance (14) 489 697 Taxation 58 (2,451) (2,014) Capital expenditure (900) (3,567) (7,328) Acquisitions and disposals 1,001 (12,838) (14,958) Equity dividends paid - (4,370) (5,625) ---------------------------------------- Cash outflow before management of liquid resources and financing (6,722) (19,934) (37,314) Management of liquid resources 5,410 25,904 51,960 Financing 4,941 (1,937) (19,811) ---------------------------------------- Increase/(decrease) in cash less bank overdraft 3,629 4,033 (5,165) ======================================== *Acquisition related outflows during the six months ended 31 March 2002 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 Increase/(decrease) in cash in the period 3,629 4,033 (5,165) Cash outflow from decrease in debt and lease financing 4,267 1,937 19,811 Cash inflow from decrease in liquid resources (5,410) (25,904) (51,960) -------------------------------------- Change in net funds resulting from cash flows 2,486 (19,934) (37,314) Loans, loan notes and finance leases acquired with subsidiaries - (1,754) (1,508) Foreign exchange 10 (465) (484) -------------------------------------- Movement in net funds in the period 2,496 (22,153) (39,306) Net (debt)/funds at start of period (1,255) 38,051 38,051 -------------------------------------- Net funds/(debt) at end of period 1,241 15,898 (1,255) ====================================== The Innovation Group Plc NOTES TO THE UNAUDITED RESULTS For the six months ended 31 March 2003 1. BASIS OF PREPARATION The interim financial information of The Innovation Group Plc is for the six month period to 31 March 2003, 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 have been filed with the Registrar of Companies and the auditors' report on those accounts was unqualified. The unaudited profit and loss account for the six month period to, and the unaudited balance sheet as at 31 March 2003, 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 6 months 6 months Year to to to 31 March 31 March 30 September 2003 2002 2002 #'000 #'000 #'000 Initial licence fees 2,162 16,759 17,520 Implementation 4,926 18,293 29,408 Recurring 24,084 27,374 53,143 ---------------------------------- 31,172 62,426 100,071 ================================== 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 six months ended 31 March 2003 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. In order to assist the reader when comparing results of the divisions, the comparatives provided in the Chairman's statement have been given with reference to ongoing revenues which exclude the revenues transferred to partners as described in the financial statements for the year ended 30 September 2002. Unaudited 6 months to 31 March 2003 Technology Solutions BPO Total #'000 #'000 #'000 Turnover 19,712 11,460 31,172 -------------------------------------- EBITDA before R&D and 6,307 1,348 7,655 central costs Amortisation and depreciation (5,397) (4,273) (9,670)* -------------------------------------- 910 (2,925) (2,015) ======== ======== R&D (3,256)* Central costs (1,383) Profit on disposal - BPO 1,612 --------------- Loss before interest and tax (5,042) =============== * Research and development costs include approximately #120,000 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 #558,000 and an adjusted operating loss of approximately #386,000 in relation to these businesses. Excluding these and businesses disposed of in the period, BPO operations are achieving an adjusted operating margin of 16% for the six months ended 31 March 2003 and 17% for the three months ended 31 March 2003. The geographical analysis by location is as set out below: Turnover Loss before interest and tax Unaudited Unaudited Audited Unaudited Unaudited Audited 6 months to 6 months to Year to 6 months to 6 months to Year to 31 March 31 March 30 Sept 31 March 31 March 30 Sept 2003 2002 2002 2003 2002 2002 #'000 #'000 #'000 #'000 #'000 #'000 Europe,Middle East and Africa 19,738 41,665 59,227 4,368 15,467 (262,381) Americas 9,607 18,311 35,143 1,507 4,456 (66,340) Asia Pacific 1,827 2,450 5,701 338 1,938 (1,412) Central and R&D - - - (4,639) (6,203) (10,250) Exceptional charge - - - - (4,539) (24,498) Profit on disposal - - - 1,612 Amortisation - - - (8,228) (14,943) (26,644) ------------------------------------------------------------------------------- 31,172 62,426 100,071 (5,042) (3,824) (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 March 31 March 30 September 2003 2002 2002 #'000 #'000 #'000 Europe, Middle East and Africa 32,122 3,582 18,156 Americas (21,421) (2,136) (21,191) Asia Pacific (8,443) (4,716) (7,792) Central 56,934 444,413 68,226 -------------------------------------------------- 59,192 441,143 57,399 ================================================== Central net assets include goodwill, other investments and net funds. 3. EXCEPTIONAL ADMINISTRATIVE EXPENSES Unaudited Unaudited Audited 6 months 6 months Year to to to 31 March 31 March 30 September 2003 2002 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. PROFIT ON DISPOSAL OF BUSINESS #'000 Net assets disposed of: Tangible fixed assets 647 Debtors 194 Cash at bank and in hand 88 Creditors (334) -------------- 595 Profit on disposal 1,612 -------------- 2,207 ============== Satisfied by: Cash 2,207 ============== The disposal of the Group's French BPO business was completed on 29 January 2003. The profit on disposal, which was determined including attributable goodwill of #nil was #1,612,000. 5. TAXATION The effective tax rate for the group based on projected results before amortisation and after profit on disposal for the year ended 30 September 2003 is 20% (March 2002: 34%; September 2002: nil). The charge for the period is based on the pre amortisation and profit on disposal effective tax rate of 27%. 6. EARNINGS PER SHARE Unaudited Unaudited Audited 6 months to 6 months to Year to 31 March 31 March 30 September 2003 2002 2002 pence pence pence Diluted loss per share (2.40) (3.33) (173.78) Adjustments for share options and shares to be issued - - - ----------------------------------------------- Basic loss per share (2.40) (3.33) (173.78) Adjustments for exceptional items, profit on disposal and amortisation 2.83 8.54 176.24 ----------------------------------------------- Adjusted earnings per share 0.43 5.21 2.46 =============================================== Earnings per share is calculated as follows: Basic earnings per share Average number of shares 233,165,078 221,729,052 225,104,606 Loss for the financial period (#'s) (5,602,000) (7,373,000) (391,199,000) =============================================== Diluted earnings per share Average number of shares 233,165,078 221,729,052 225,104,606 Loss for the financial period (#'s) (5,602,000) (7,373,000) (391,199,000) =============================================== Adjusted earnings per share Average number of shares 233,165,078 221,729,052 225,104,606 Loss for the financial period (#'s) (5,602,000) (7,373,000) (391,199,000) Add amortisation (#'s) 8,228,000 14,943,000 26,644,000 (Less)/add exceptional items (#'s) (1,612,000) 4,539,000 374,498,000 Less tax credit arising on exceptional items (#'s) - (547,000) (4,400,000) ----------------------------------------------- Adjusted earnings (#'s) 1,014,000 11,562,000 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. 7. WORKING CAPITAL Debtors as at 31 March 2003 comprise trade debtors of #10.3m (30 September 2002: #11.8m), accrued income of #1.0m (30 September 2002: #0.3m), prepayments, deposits and other debtors of #3.3m (30 September 2002: #3.4m). On 1 April 2003 the company issued #1m shares representing the first installment of the InterX Technology deferred consideration. This was recorded as a current liability as at 31 March 2003. 8. DEFERRED INCOME The Company's Act format of accounts allows for the inclusion of accruals and deferred income as a separate balance sheet category. In view of the significance of deferred income to the Group, the Directors believe that showing deferred income as opposed to accruals and deferred income separately provides a fairer presentation. Comparatives have been adjusted as appropriate. 9. 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 six months ended 31 March 2003, which comprises the profit and loss account, the balance sheet, the cash flow statement and related notes 1 to 9 together with the reconciliation of operating loss to net cash outflow from operating activities and the reconciliation of net cash flow to movement in net funds. 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 six months ended 31 March 2003. Deloitte and Touche Chartered Accountants London 1 May 2003 This information is provided by RNS The company news service from the London Stock Exchange END IR FBLLXXZBXBBB
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