RNS Number:8800U
Carter & Carter Group PLC
16 April 2007
For Immediate Release 16 April 2007
Carter & Carter Group plc
INTERIM RESULTS
Carter & Carter Group plc, a major provider of learning solutions and outsourced
support services to corporate organisations and SMEs, is pleased to announce
interim results for the half-year ended 31 January 2007.
Highlights
Half-year ended Half-year ended 31 Growth
31 January 2007 January 2006
%
Revenue (#'m) 62.2 37.9 64
Underlying operating profit (#'m)* 8.2 6.2 33
Operating profit (#'m) 6.3 4.4 42
Underlying profit before tax (#'m)* 5.7 4.7 20
Profit before tax (#'m) 3.8 3.0 25
Basic earnings per share (p) 6.3 5.6 13
*Before amortisation and exceptional operating costs
Key achievements
* Clear market leadership in government funded vocational learning
* Acquisition of Quantica Training, NTP and IMS
* 14,400 apprentices in learning and over 2,000 people into jobs in the
first six months
* Exceptionally strong tendering pipeline
* Interim dividend increased by 25% to 2.5p per share
Phil Carter, Group Chief Executive, commented:
"The Group has delivered another good set of results and we are well placed for
a strong second half performance. The acquisitions we have made are progressing
well and we are experiencing unprecedented levels of bidding and tendering
activity which will drive strong organic growth going forward. I remain very
excited by the prospects for the Group as we continue with our strategy to build
the leading private education business in the UK"
For further information please contact:
Phillip Carter, Chief Executive
Carter & Carter Group plc Tel: 020 7466 5000 (today only)
Mark Edwards/Suzanne Brocks
Buchanan Communications Tel: 020 7466 5000
Chairman's & Chief Executive's Statement
Carter & Carter has made excellent progress during the half-year to 31 January
2007, and we are pleased to report another strong set of interim results.
Our strategy is to provide a comprehensive range of vocational services from
entry level through to higher education which optimise the use of public
funding, in order to provide a complete training solution for employers across a
number of sectors. With business spending over #20 billion on training per annum
and the Government providing a further #10 billion of funding our market
opportunity is substantial. Our recent approach to BPP Holdings PLC is a
demonstration of our ambition to build the leading private education business in
the UK in line with our strategy. Although we decided not to take our initial
approach any further we will continue to pursue opportunities which will broaden
our product and sector coverage.
There continue to be exciting developments in our markets which we believe will
underpin strong organic growth for the Group going forward. In the last six
months there have been a number of important public policy developments which
are directly relevant to our marketplace.
We have seen the publication of the Leitch Review of Skills, the Freud Review
into the welfare to work sector, and most recently the Government's green paper
'Raising Expectations' which proposes that young people remain either at school
or participate in work based training until age 18.
These key policy initiatives are likely to provide further stimulus to our
markets in the following ways:
* Provide an increasing emphasis on vocational routes for 14 to 16 year
olds;
* Potentially lead to a doubling of the number of young people in
apprenticeships to 500,000;
* Continue the focus on Train To Gain as the procurement route for future
tendering and 'commissioning';
* Provide a greater role for the private sector in delivering programmes
aimed at getting large numbers of people off incapacity benefit and back
into work;
* Continued development of workforce skills through the expansion of Train
To Gain, firstly at level 2 (which is equivalent to five good GCSEs) and
then at level 3 (equivalent to A levels) with the potential for further
expansion to Level 4 and 5 (degree level); and
* Closer alignment of the skills and employment agendas with a focus on '
Skills for Jobs'
The recent Budget was supportive of the overall objectives of Leitch and Freud
and provides further affirmation of an increased role for the private sector.
At the same time, we are witnessing unprecedented tendering and business
development activity. The increased funding for Train To Gain, the Pathways to
Work tenders, regional Work Based Learning commissioning combined with a variety
of other opportunities will result in our market opportunity increasing by up to
#1.5 billion by 2010.
In addition college and schools partnerships present very substantial
opportunities for the Group. Colleges of Further Education receive around #5
billion of public funding Although it is taking longer than expected to
finalise our first college partnership, we are talking to a far larger number of
colleges than anticipated by this stage and are pleased with this progress We
expect to conclude our first partnership arrangements shortly which should start
to generate revenues in the new financial year, as expected. We anticipate such
partnerships generating a substantial revenue stream for the Group over the
coming years.
From 2011, schools will have an obligation to offer vocational routes for
children at Key Stage 4. As a result we are seeking to develop school
partnerships across the country under which we will build and operate multi
skilled vocational academies offering learning programmes for the increasing
numbers of 14 to 16 year olds opting for vocational study. We expect this to
develop into a market of approximately #800 million per annum.
The challenge for us is to make the most of these large and potentially
transforming opportunities. We have been pleased with the integration of the
acquired businesses and believe the operational structures are in place to
enable us to continue to grow at pace.
Results overview
For the half-year ended 31 January 2007, revenue has increased by 64% to #62.2m
(2006: #37.9m). Revenue contributed by the businesses we have acquired since the
end of our last half-year reporting period (Fern, ReMIT, Quantica, NTP and IMS)
was #25.6 million. Excluding the impact of the cessation of our learndirect
activities which ended on 31 July 2006, underlying organic revenue growth was
10% in the period. Organic growth of the business is seasonally weighted towards
the second half of our financial year.
Operating profit, before amortisation of separately identifiable intangible
assets ('intangibles') and restructuring and exceptional costs ('exceptionals'),
increased by 33% to #8.2m (2006: #6.2m). Operating profit increased by 42% to
#6.3m (2006: #4.4m).
Profit before tax, amortisation of intangibles and exceptionals, increased by
20% to #5.7m (2006: #4.7m). Profit before tax increased by 25% to #3.8m (2006:
#3.0m).
Basic earnings per share increased by 13% to 6.3p (2006: 5.6p).
Acquisitions
On 9 December 2006, the Group made three further vocational learning
acquisitions for aggregate consideration of #23.4m. These transactions are
aligned to a core component of our strategy which is to acquire businesses which
strengthen our regional presence, add sector expertise or add depth to our
product portfolio.
The acquired businesses have added 3,500 apprentices to the Group, increased our
share of the Government's flagship Train To Gain initiative and have added
strategically important funding management capability to our product offering.
Quantica Training is a leading work based learning provider in London and the
North West with a focus on apprenticeship delivery and Train To Gain.
NTP Limited, based in Sheffield, delivers work based learning primarily in the
retail travel sector and is a leading provider of funding and data management to
the LSC, Welsh Assembly Government and Scottish Enterprise.
IMS (UK) Limited provides training solutions across the country, primarily in
the food manufacturing sector.
Due to the proximity of the acquisition of Quantica, NTP and IMS to 31 January
2007, the assessment of fair values and resulting goodwill relating to these
acquisitions remain provisional.
During the first half of the financial year we incurred exceptional costs of
#0.9m associated with the integration of ReMIT Limited which was acquired in May
2006.
Integration of Quantica, NTP and IMS is well underway. During the second half of
the financial year we anticipate that there will be further exceptional charges
of approximately #1.0m relating to the integration of these acquisitions.
During the period we also invested #1.6m to take a 20% equity stake in
Vivemotion Limited. Vivemotion holds rights to use the Olympic Rings logo in
Europe in connection with health and wellbeing training and development
initiatives. We are working with the company in developing the product which we
anticipate will make an important addition to broader vocational learning
programmes in the light of the increasing social awareness of the issues
surrounding obesity, health and wellbeing.
Operating review
Vocational Learning
Our Vocational Learning business has made good progress during the first half of
the financial year. Revenues have increased by 100% to #47.0m (2006: #23.5m).
Operating profit before intangible amortisation and exceptional costs increased
by 48% to #6.4m (2006: #4.3m). Operating profit increased by 56% to #4.8m (2006:
#3.0m). Our first half operating margin was lower at 13.6% (2006: 18.3%)
reflecting the impact of the integration of ReMIT and the start of Train To
Gain, together with the increased level of investment in our central
infrastructure. We anticipate a considerably stronger margin during the second
half.
We successfully completed the integration of ReMIT during the first half of the
financial year. Our average number of apprentices in learning increased by 93%
during the half-year ended 31 January 2007 to 11,267 (2006: 5,849). At 31
January 2007 we had 14,839 apprentices on programmes (2006: 5,646).
We continue to place significant focus on increasing our apprenticeship
achievement rates, which is a key measure of the quality of our delivery and a
key assessment criteria which the LSC will use during the forthcoming work based
learning tendering process. During the first half of the financial year 806
apprentices successfully completed their qualification framework (2006: 412).
During the period we secured a contract to deliver a new apprenticeship
programme for Pendragon PLC, the UK's largest motor dealership group. The
Pendragon programme will initially have 450 apprentices and we see significant
potential for this to grow. The contract also covers the provision of adult
training to Pendragon's dealership staff.
We have made a successful start to our construction training activities in the
North West. Further development work is being undertaken at our Liverpool centre
in order to increase capacity. We anticipate that over the next 18 months we
will be the largest construction training provider in the UK. On the back of our
successful construction launch in the North West we have been awarded an
additional motor vehicle apprenticeship contract worth around #1.5m per annum.
We continue to develop our 14-16 vocational delivery. The first dedicated 14-16
vocational training centre in the UK has opened at Top Valley School in
Nottingham, with two more centres due to open during the second half of the
financial year. We have around 900 learners on 14-16 programmes making us the
largest provider in this area.
Although Train To Gain got off to a relatively slow start, we are pleased with
how our delivery is now progressing. We are the largest provider of Train To
Gain, with contracts across eight of the nine LSC regions and we participate in
a consortium in the remaining region. During the first half of the financial
year we enrolled 5,500 learners on to NVQ programmes of which 3,165 were under
the Train To Gain initiative. The Quantica and IMS acquisitions have also added
additional Train To Gain contract volumes.
Our employability programmes have performed exceptionally well during the first
half of the financial year enabling 2,094 people to enter work during the
period. Our main Job Centre Plus contracts in the East Midlands and in South
Humber have been extended until March 2008. During the period our contract with
the Offender Learning and Skills Service got underway. Under this contract,
which is worth #5.6m over three years, we will deliver Initial Advice and
Guidance to offenders in all 13 prisons in the West Midlands. We are also
benefiting from the additional funding that has been allocated to our New Deal
for Disabled People contract.
Outsource Services
In Outsource Services, revenues increased by 6% to #15.3m (2006: #14.4m).
Operating profit before amortisation was unchanged at #1.8m compared to last
year. Operating profit increased by 10% to #1.5m (2006: #1.4m). Average fee
earning headcount at 441, was also unchanged from last year.
A core part of our strategy is to deliver outsourced training solutions to
corporate clients across a range of sectors, along the lines of the VW National
Learning Services Academy contract which we won last year. Outsource Services is
at the forefront of delivering this both within the automotive sector and
increasingly to a broader range of sectors. Our ability to bring a wide range of
public funding to support and enhance our clients' training and development
programmes gives us a very exciting offering in this area. This strategy is
already showing some early success in that we have secured contracts to
establish training academies for Speedy Hire PLC and Goodyear.
Outsource Services has also won the contract to deliver Ford Motor Company's
European warranty audit programme which will initially have 25 staff working
across Europe. We see this win as particularly important because it is the first
time that Outsource Services has secured a significant contract with Ford and
offers good growth potential within this account.
Cash flow and financing
For the half-year ended 31 January 2007 the Group had an operating cash outflow
of #1.4m (2006: operating cash inflow of #2.6m). There were a number of items
which adversely impacted the reported operating cash flow in the period. Cash
spend on restructuring was #2.5m. There was also an increase in working capital
related to the ReMIT operations as a result of the LSC payment change (which
affected the rest of the Group last year) combined with cash out flows arising
from a significant backlog in trade payables that had built up in the acquired
business, which together accounted for approximately #4m. Underlying operating
cash flow conversion, measured as a percentage of EBITDA (before exceptional
items) was 55%. Substantially stronger operating cash flow is expected during
the second half.
At 31 January 2007 the Group's net debt was #85.9m (2006: #45.4m) having
increased from #59.5m at 31 July 2006. The increase since the year end primarily
reflects the debt used to fund the acquisitions made in December.
Quality
We continue to place a major focus on the quality of our service delivery and
have put substantial investment into quality assurance and continuous
improvement processes. This has included the development of the 'Carter & Carter
Way' which draws on all existing best practice processes within the Group as
well as carrying out a comprehensive schedule of mock inspections.
Our commitment to quality is demonstrated by our decision to form a new
committee of the Board, the Quality Standards Committee, chaired by our senior
independent non-executive director, Sir Howard Newby.
People and infrastructure
Our staff numbers grew by 30% in the period to 2,200 primarily as a result of
the recent acquisitions.
As part of our cultural development strategy we held a conference in November
for all staff based around 'one company, one vision'. The conference provided an
overview of the development and strategy of the Group, its mission, vision and
values, to ensure that all staff understood the scale and scope of the
operation, our stakeholders and learners.
We would like to take this opportunity to thank all our staff for the
contribution they have made during the period.
We have continued to strengthen the senior management team. In December, Nigel
Kirkham was appointed to the new position of Group Chief Operating Officer.
Nigel joined from Xansa where he was the Commercial Sector Director and brings
considerable experience of providing outsourcing services for major corporate
clients.
We have also invested heavily in our regional business development and sales
teams which we believe gives us excellent capability to capitalise on the
opportunities in the market place.
Board changes
In November, we announced the appointment of Sir Howard Newby and Sarah Anderson
as non-executive directors of the company. Sir Howard and Sarah bring with them
many years of experience in the education and welfare to work sectors. Sir
Howard is our senior independent non-executive director and chairs the Quality
Standards Committee, and Sarah now chairs the Remuneration Committee.
At the same time Adrian Smith stepped down as a non-executive director after 6
years service with Carter & Carter. We would like to thank Adrian for the
valuable contribution he has made during a key phase in the development of the
Group.
Dividend
The Board continues to adopt a progressive dividend policy which takes account
of the investment demands of the significant market opportunities available to
the Group whilst maintaining a prudent level of dividend cover. An interim
dividend of 2.5p per ordinary share (2006: 2.0p) has been declared by the Board
which represents an increase of 25% over last year. The dividend will be payable
on 18 June 2007 to shareholders on the register of members at the close of
business on 18 May 2007.
Outlook
The Board is confident that the Group will trade in line with its expectations
through the remainder of the financial year and looking forward, believes that
the Group is ideally positioned to deliver continued strong growth and
shareholder returns.
Rodney Westhead Phillip J Carter
Chairman Chief Executive
16 April 2007
Group Income Statement
for the half-year ended 31 January 2007
Trading before Restructuring Half-year to Trading before Restructuring Half-year to
restructuring and 31 Jan 2007 restructuring and 31 Jan 2006
and exceptional and exceptional exceptional
exceptional items (note 2) items items (note 2)
items
Note #'000 #'000 #'000 #'000 #'000 #'000
Revenue 1 62,240 - 62,240 37,867 - 37,867
Employee related (34,045) (511) (34,556) (19,003) (356) (19,359)
expenses
Infrastructure and (18,560) (396) (18,956) (12,171) (702) (12,873)
other expenses
Share-based payments (342) (297) (639) (53) - (53)
Depreciation of (1,126) - (1,126) (487) - (487)
property, plant and
equipment
Operating profit 1 8,167 (1,204) 6,963 6,153 (1,058) 5,095
before amortisation
Amortisation of (700) - (700) (673) - (673)
intangibles
Operating profit 1 7,467 (1,204) 6,263 5,480 (1,058) 4,422
Interest receivable 402 - 402 159 - 159
Interest payable and (2,894) - (2,894) (1,576) - (1,576)
similar charges
Profit before 4,975 (1,204) 3,771 4,063 (1,058) 3,005
taxation
Taxation 3 (1,549) 362 (1,187) (1,264) 317 (947)
Profit for the year 3,426 (842) 2,584 2,799 (741) 2,058
attributable to
equity shareholders
Earnings per share
Basic 4 6.3p 5.6p
Diluted 4 6.2p 5.6p
Dividends per share
Interim 2.5 p 2.0p
Group statement of changes in equity
for the half-year ended 31 January 2007
Half-year to Half-year to Year ended
31 Jan 2007 31 Jan 2006 31 July 2006
#'000 #'000 #'000
Retained profit for the year 2,584 2,058 5,853
Net exchange adjustments (110) (22) (179)
Total recognised income for the year 2,474 2,036 5,674
Dividends (1,948) (1,156) (1,962)
Share-based payments 453 45 434
Tax credit on share-based payments 311 6 70
Shares issued in period 3,079 13,368 35,650
Shares to be issued - - 2,500
Expenses of share issue - (251) (937)
Transactions with equity holders 1,895 12,012 35,755
Total movement in equity 4,369 14,048 41,429
Opening shareholders' funds 58,412 16,983 16,983
Closing shareholders' funds 62,781 31,031 58,412
Group balance sheet
at 31 January 2007
31 Jan 2007 31 Jan 2006 31 July 2006
Note #'000 #'000 #'000
Non-current assets
Investments 1,579 - -
Goodwill 132,064 59,918 105,642
Intangible assets 3,183 3,242 3,534
Property, plant and equipment 17,333 12,829 16,062
Deferred tax asset 2,198 20 1,751
156,357 76,009 126,989
Current assets
Trade and other receivables 38,621 22,390 27,992
Cash and cash equivalents 3,300 452 1,661
41,921 22,842 29,653
Current liabilities
Financial liabilities 1,825 8,358 7,256
Trade and other payables 38,036 15,510 29,359
Current tax liabilities 1,901 2,236 1,289
41,762 26,104 37,904
Non-current liabilities
Financial liabilities 87,424 37,425 53,917
Deferred tax liabilities 1,362 1,781 946
Provisions 1,386 2,206 2,055
Other non-current liabilities 3,563 304 3,408
93,735 41,716 60,326
Shareholders' equity
Ordinary shares 1,655 1,486 1,642
Share premium 56,059 29,055 52,992
Capital redemption reserve 4,425 4,425 4,425
Retained earnings 5 642 (3,935) (647)
62,781 31,031 58,412
Group statement of cash flows
for the half-year ended 31 January 2007
Half-year to Half-year to Year ended
31 Jan 2007 31 Jan 2006 31 July 2006
Note #'000 #'000 #'000
Cash flows from operating activities
Cash generated from operations 6 (1,408) 2,648 7,815
Interest received 402 159 346
Interest paid (2,559) (1,676) (3,598)
Tax paid (298) (504) (3,059)
Net cash flow from operating activities (3,863) 627 1,504
Cash flows from investing activities
Proceeds of sale of property, plant and equipment 1,434 1,794 3,585
Purchases of property, plant and equipment (2,573) (4,142) (7,916)
Acquisitions (19,055) (21,678) (55,953)
Net cash used in investing activities (20,194) (24,026) (60,284)
Cash flows from financing activities
Issue of ordinary share capital - 8,478 31,387
Expenses in connection with share issue - (251) (937)
Dividends (1,948) (1,156) (1,962)
Proceeds from issue of new loans 28,850 19,000 36,243
Issue costs on new bank loan (1,055) (325) (667)
Repayment of borrowings (55) (762) (1,161)
Drawdown of finance lease 867 1,794 3,148
Finance lease principal payments (1,227) (1,869) (3,885)
Net cash generated in financing activities 25,432 24,909 62,166
Effects of exchange rate changes (19) (7) (19)
Net increase in cash and cash equivalents 1,356 1,503 3,367
Cash and cash equivalents at 1 August 1,661 (1,706) (1,706)
Cash and cash equivalents at end of period 3,017 (203) 1,661
1 Segmental analysis
Primary reporting format - business segments
Half-year Half-year to 31 Year ended
to 31 Jan 2007 Jan 2006 31 July 2006
#'000 #'000 #'000
Revenue
Vocational Learning 46,957 23,463 66,101
Outsource Services 15,283 14,404 27,978
62,240 37,867 94,079
Operating profit before amortisation and
exceptional costs
Vocational Learning 6,368 4,317 14,270
Outsource Services 1,799 1,836 4,295
8,167 6,153 18,565
Operating profit
Vocational Learning 4,732 3,035 9,112
Outsource Services 1,531 1,387 2,752
6,263 4,422 11,864
2 Restructuring and exceptional items
The exceptional charges in the period are detailed below:
Half-year Half-year to 31 Year ended
to 31 Jan 2007 Jan 2006 31 July 2006
#'000 #'000 #'000
Employee related expenses (511) (356) (1,509)
Infrastructure and other expenses (396) (702) (1,826)
Share-based payments (297) - (335)
Amortisation and impairment - - (1,372)
Operating profit (1,204) (1,058) (5,042)
Taxation 362 317 1,336
(842) (741) (3,706)
The employee, infrastructure and other expenses in the half-year to 31 January
2007 primarily relate to the integration of ReMIT Limited into the Vocational
Learning division. In the half-year to 31 January 2006 these costs also related
to the integration of acquired operations.
Share-based payment costs in the half-year to 31 January 2007 and the year ended
31 July 2006 relate to securing the services of Peter Marples for the three
years following the acquisition of Assa.
Impairment costs in the year ended 31 July 2006 relate to the impairment of
intangible assets.
3 Taxation
The charge for taxation is based on an estimated annual effective rate on profit
before tax, using current rates of taxation in the principal countries in which
the Group operates.
4 Earnings per share
Half-year Half-year to Year ended
to 31 Jan 2007 31 Jan 2006 31 July 2006
'000 '000 '000
Basic weighted average number of shares 41,113 36,423 37,635
Dilutive potential ordinary shares from share options 551 155 284
Total 41,664 36,578 37,919
Earnings #'000 #'000 #'000
Profit after tax 2,584 2,058 5,853
Amortisation after tax 490 673 1,161
Exceptional costs (note 2) 842 741 3,706
Underlying earnings 3,916 3,472 10,720
Earnings per share
Basic 6.3p 5.6p 15.6p
Diluted 6.2p 5.6p 15.4p
Basic - excluding amortisation and exceptional costs 9.5p 9.5p 28.5p
Diluted - excluding amortisation and exceptional 9.4p 9.5p 28.3p
costs
The calculation of the basic earnings per share, has been based on the earnings
attributable to ordinary shareholders for each relevant period and on 41,113,000
ordinary shares for the half-year ended 31 January 2007, 36,423,000 ordinary
shares for the half-year ended 31 January 2006 and on 37,635,000 ordinary shares
for the year ended 31 July 2006 being the weighted average number of ordinary
shares. The weighted average number of shares has been adjusted to exclude
those shares held by the Employee Benefit Trust.
The underlying earnings per share is based on profit adjusted for amortisation
of intangible items and exceptional operating costs, and on the same weighted
average number of shares used in the basic earnings per share calculation above.
The Directors consider that this measure provides an additional indicator of
underlying performance of the Group.
5 Retained earnings
At 31 January 2007 Carter & Carter Group plc had distributable reserves of
#7,580,000.
6 Reconciliation of operating profit to cash generated from operations
Half-year Half-year to 31 Year ended
to 31 Jan 2007 Jan 2006 31 July 2006
#'000 #'000 #'000
Operating profit 6,263 4,422 11,864
Depreciation 1,126 487 1,387
Amortisation and impairment 700 673 3,031
Loss on disposal of fixed assets (31) - 1
Increase in current assets (6,855) (4,569) (5,678)
(Decrease)/increase in current liabilities (673) 782 (4,208)
(Decrease)/increase in provisions and non-current (1,938) 853 1,418
liabilities
Cash (outflow)/inflow from operations (1,408) 2,648 7,815
7 Analysis of changes in net debt
At 1 Aug 2006 Cash flow Non-cash changes At 31 Jan 2007
#'000 #'000 #'000 #'000
Cash at bank 1,661 1,658 (19) 3,300
Bank overdraft - (283) - (283)
1,661 1,375 (19) 3,017
Debt due within one year (7,256) 5,830 (116) (1,542)
Debt due after more than one year (53,917) (33,507) - (87,424)
(59,512) (26,302) (135) (85,949)
Non-cash changes comprise exchange differences on overseas cash balances of
#19,000 and amortisation of debt issue costs of #116,000.
8 Basis of preparation
The financial information contained in these interim financial statements
comprises the Group balance sheets as of 31 January 2007 and 31 January 2006,
the Group statements of income, the Group statement of cash flows, and the Group
statement of changes in equity for the half-year ended 31 January 2007 and 31
January 2006, and the related notes (hereinafter referred to as the 'financial
information').
The financial information is unaudited and does not comprise statutory accounts
for the purpose of section 240 of the Companies Act 1985. Comparative figures
for the half-year to 31 January 2006 and year to 31 July 2006 have been
previously presented in the Group's Interim and Annual reports for 2006. Further
details of these and the accounting policies under IFRS are available on the
Group website (www.carterandcartergroup.com).
The financial information has been prepared in accordance with the Listing Rules
of the Financial Services Authority. In preparing this financial information
management has used the principal accounting policies as set out in the group's
annual financial statements for the year ended 31 July 2006 on pages 47 to 49.
There have been no new International Financial Reporting Standards developments
since 1 August 2006 that will impact the 2007 annual report, and thus this
interim financial information has been prepared on a consistent basis with
accounting policies that are expected to be applicable for the full reporting
year in 2007.
This information is provided by RNS
The company news service from the London Stock Exchange
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