RNS Number:3851B
Laird Group PLC
02 August 2007
2 August 2007
THE LAIRD GROUP PLC
INTERIM RESULTS FOR THE SIX MONTHS TO 30 JUNE 2007
6 months to 30 June
2007 2006
#m #m
Revenue
- Continuing operations 246.7 165.2 + 49%
- Discontinued operations 72.9+ 120.9
319.6 286.1
------- -------
Underlying operating profit from 34.1 24.7 + 38%
continuing operations (i)
Total underlying profit before tax (i) 34.0 32.7 + 4%
Profit before tax from continuing 21.2 15.1 + 40%
operations
Profit for the period 118.0 21.6
Net borrowings 80.9 108.7
Shareholders' funds 415.3 398.5
p/share* p/share*
Underlying earnings from continuing 13.0 9.2 + 41%
operations (i)
Total underlying earnings (i) 14.7 14.8 - 1%
Basic earnings from continuing 8.9 6.2 + 44%
operations
Dividend 3.62 3.35 + 8%
Explanatory notes:
i) Laird uses underlying results as key performance indicators. Underlying
profit before tax and underlying earnings per share are stated before
exceptional items, the amortisation of acquired intangible assets, deferred tax
on acquired intangible assets and goodwill, the gain or loss on disposal of
businesses and the impact arising from the fair valuing of financial
instruments. The narrative that follows is based on underlying operating profit,
profit before tax and earnings per share, as the Directors believe that these
provide a more consistent measure of operating performance.
+ 2007: four months only
* The weighted average number of shares used to calculate earnings and dividends
per share was 195.3 million in the first half of 2007 and 181.0 million in the
first half of 2006.
Highlights
* Laird transformed into a focused electronics and technology company with high
growth potential. Successful divestment of Laird Security Systems for
#242.5 million, with a gain on sale of #109.4 million.
* An outstanding result from Laird Technologies in the half year:
- Revenue from continuing operations increased by 49% to #246.7 million, with
organic revenue growth of 30%.
- Underlying operating profit from continuing operations increased by 38%, to
#34.1 million, and up 51% at constant exchange rates.
- Profit before tax from continuing operations increased by 40%, to
#21.2 million.
- Underlying earnings per share from continuing operations increased by 41%,
to 13.0 pence and up 53% at constant exchange rates.
* Total underlying profit before tax of #34.0 million, with 4% growth over 2006
despite the divestment of Laird Security Systems and the adverse effect of
currency movements. Growth of 14% at constant exchange rates.
* Approximately #100 million returned to shareholders through the payment of a
special dividend of 50 pence per share.
* Healthy trading cash flow and strong balance sheet.
* Expansion in emerging markets and low cost countries continues.
* Recent acquisitions bedding in well, adding strategically to Laird's market
positions and capabilities as well as contributing to the revenue and profits
growth.
Peter Hill, Chief Executive of Laird, commented:
"The first half of 2007 was a milestone in the transformation of Laird into a
focused electronics and technology company, with a broad set of complementary
proprietary products and technologies, serving specialist growth markets. Laird
has made outstanding progress in the first half of 2007, with underlying
operating profit from continuing operations of #34.1 million, up 38% on 2006 and
up 51% at constant exchange rates. We view the full year prospects with
confidence."
For enquiries: The Laird Group PLC Maitland
Peter Hill, Chief Executive Brian Hudspith
Jonathan Silver, Finance Director Charlotte Walsh
Tel: 020 7468 4040 Tel: 020 7379 5151
REVIEW OF THE HALF YEAR
Strategy
Laird is now firmly established as a higher growth, focused electronics and
technology company. Our strategy is to concentrate on specialist, high growth
markets where we have, or are able to obtain, a competitive edge. The divestment
of the Security Systems division on 27 April 2007, for a total consideration of
#242.5 million and with a gain on sale of #109.4 million, delivered on that
strategy and achieved two key aims. Shareholder value has been, and will
continue to be, increased by the redeployment of capital from Laird Security
Systems into our successful and fast expanding Laird Technologies business.
Secondly, shareholders have been able to participate directly in the
crystallisation of value that was realised through the disposal of Security
Systems through the payment of a special dividend of 50 pence per share on
22 June 2007, equivalent to a return of capital of approximately #100 million.
Results
Laird has delivered another set of strong financial results for the half year.
Revenue from continuing operations in the six months to 30 June 2007 was
#246.7 million, up 49% (2006, #165.2 million), driven by continuing market
growth, increased customer penetration, new product applications and the
benefits of acquisitions. Organic growth from continuing operations was 30%.
Underlying operating profit from continuing operations was #34.1 million in the
six months to 30 June 2007, up 38% (2006, #24.7 million), helped by a further
expansion of our low cost manufacturing base. Growth at constant exchange rates
was 51%.
Profit before tax from continuing operations in the first half of 2007, after
exceptional items, the amortisation of acquired intangibles, the gain or loss on
the disposal of businesses and the fair valuing of financial instruments, was
40% higher at #21.2 million (2006, #15.1 million). There were #3.8 million of
exceptional charges in the period (2006, #nil).
Total underlying profit before tax in the half year to 30 June 2007, including
four months' contribution from Security Systems prior to its divestment, was
#34.0 million (2006, #32.7 million), with growth of 4% still being achieved
despite the divestment and the adverse effect of currency movements. The effect
of the translation of profits into sterling has been to reduce total underlying
profit in the half year by #3.1 million; at constant exchange rates total
underlying profit was 14% higher than in the first half of 2006.
Return on capital employed for the continuing Group in the six months to 30 June
2007 was approximately 14%, well in excess of our pre tax cost of capital.
Underlying earnings per share from continuing operations increased by 41% to
13.0 pence, (2006, 9.2 pence). Total underlying earnings per share in the first
half of 2007 were 14.7 pence (2006, 14.8 pence). The average number of shares in
issue in the first half of 2007 was 195.3 million, compared with 181.0 million
in the first half of 2006. A share consolidation, on the basis of 8 new ordinary
shares for every 9 pre-consolidation shares, was effected on 11 June 2007. The
average number of shares in issue for the full year 2007 is expected to be
approximately 186.4 million compared with 189.2 million for 2006.
Net borrowings at 30 June 2007 were #80.9 million, representing 20% of
shareholders' funds. Interest cover in the half year was 8.6 times, based on
total underlying operating profit. We are well placed, therefore, to continue
our investment programme, both for organic growth and through value-adding
acquisitions.
There was a trading cash inflow in the half year of #4.2 million, compared with
an inflow of #6.7 million in the first half of 2006. Cash spend on acquisitions
was #80.5 million (2006, #78.9 million), while the cash inflow from disposals
was #224.4 million (2006, #3.7 million outflow). There was a return of cash to
shareholders in the period of #99.7 million and one off payments into UK defined
benefit pension schemes of #10.2 million, from the proceeds of the Security
Systems divestment.
Dividend
The Board's dividend policy is to increase cash returns to shareholders
progressively over time, considering both the underlying profitability of the
Group and the cash flow requirements of the business. In line with this policy,
the Board has declared an interim dividend of 3.62 pence, an increase of 8%
(2006, 3.35 pence). This follows the special dividend of 50 pence per share paid
on 22 June 2007.
Laird Technologies
Six months to 30 June 2007 2006 Growth
#m #m
Revenue 246.7 165.2 49%
Underlying operating profit 34.1 24.7 38%
Strategic development
Laird Technologies is a leader in the design, development, manufacture and
supply of customised, performance critical products for wireless and other
advanced electronic applications. Its products, often co-designed in conjunction
with its customers, are critical in protecting or enhancing the performance of
electronic devices. As well as being the global market leader in electromagnetic
interference ("EMI") shielding and cellular handset antennae, Laird Technologies
holds strong positions in a wide range of other technologies, including mobile
and infrastructure wireless antennae, thermal interface materials and
thermoelectric coolers, mechanical actuation devices, power products, signal
integrity components and complete wireless modules and systems.
Higher speed, power and performance of electronic devices, as well as the
increasing trend to wireless connectivity, continue to drive greater intensity
and usage of our products. We have over the last few years broadened our
technology offering such that we are now able to offer a unique combination of
products and solutions. This strategy has also given us access to new, high
growth market segments, the ability to combine products and exploit technology
convergence and to increase the content of our offering in individual electronic
devices, and is providing us with a nascent radio frequency ("RF") systems
capability. We strive for technology leadership, working closely with our global
and local OEM customers in design and development, supporting them in their
multiple locations based on our own global footprint of design, engineering,
manufacturing and sales infrastructure.
Strong growth in revenues and profits
Laird Technologies had a very strong first half in 2007, with revenues up almost
50% on 2006. We saw particularly good growth in our revenues into the cellular
handset market, driven both by continuing underlying demand as well as a very
encouraging increase in our average revenue per device. We also saw good growth
in revenues from our products for notebook PCs, plasma display panels and
consumer electronics, automotive OEMs, medical devices, and wireless
infrastructure and systems customers. All of this helped to deliver strong
organic revenue growth in the first half of 2007, of 30%. We have seen
particularly strong organic growth resulting from our entry this year into
mechanical actuation devices and decorative metals, the former built on our
acquisition in February this year of M2sys in Korea which has seen very
significant year on year organic growth, predominantly for the handset market.
Excluding these new products, organic growth in the period from our more
traditional product areas was 21%, up from the 19% organic growth achieved in
the first half of 2006.
We currently expect these trends to continue into the second half of this year.
Over the medium term, we believe that the extent of our capabilities, our
product characteristics and underlying demand for our products and solutions
should enable Laird Technologies to continue to deliver organic growth at the
historical levels of 15% to 20% a year.
The benefits of acquisitions, the strong organic revenue growth and the
increased levels of production from lower cost countries combined to drive
underlying operating profit in the first half of 2007 up by 38% on 2006. The
effect of translating profits into sterling has been to reduce the Laird
Technologies operating profit in the half year by some #3.1 million: at constant
exchange rates operating profit would have increased by 51%.
Laird Technologies' operating margin in the period was 13.8%, compared with
15.0% in the first half of 2006. The change is due largely to a change in
product mix compared with the first half of 2006, with higher relative sales in
2007 of mechanical actuation devices and antennae modules, both of which have a
higher material content and thus a lower percentage margin on revenues. We would
expect average margins to trend back towards recent historical levels.
Serving our customers in global growth markets
The largest market for our products in the first half of 2007 was cellular
handsets, accounting for some 50% of revenues. Global handset shipments in 2006
were approximately one billion units, and good growth overall is expected in
2007 driven by emerging markets demand, increasing functionality and style
trends. In the cellular handset market we supply a range of antennae, including
tri and quad band, 3G, WiFi, Bluetooth and GPS. In addition, we supply EMI
shielding, thermal interface materials, mechanical actuation devices, decorative
metals and camera shutters, electrical contacts, and precision stamped
sub-decks, either individually or in modules or sub-assemblies which can also
contain cameras, acoustic boxes and stereo-phonic loudspeakers. Our customers
include major global OEMs such as Nokia, Motorola, Sony Ericsson and LG, as well
as other more local Asian OEMs and Original Design Manufacturers ("ODMs").
Laird Technologies saw continuing growth in sales into the IT,
telecommunications and data communications markets, which in the first half of
2007 accounted for some 20% of its revenues. Sales of our EMI shielding and
thermal products into the PC notebook market, particularly for Dell and HP,
remained strong, and we are starting to supply 90 individual components into a
new Apple notebook. We continued to see buoyant sales into the server, printer,
networking equipment and telecommunications base station markets, particularly
to Cisco, HP, Huawei and Alcatel, for our EMI shielding, thermal, communications
antennae, and signal integrity products.
Demand for our products into the automotive and transportation sectors accounted
for some 9% of Laird Technologies' revenues in the first half of 2007. We saw
good growth in demand for our antennae products into the OEM market,
predominantly for satellite digital radio and often bundled with AM/FM,
Bluetooth, GPS and cellular and asset tracking antennae. We continue to develop
our intelligent transportation systems offering, and we are starting to gain
traction with our EMI shielding, thermal management and signal integrity
products into the automotive and transportation markets. We are also looking
both to broaden our base with European and Asian OEMs and to develop integrated
wireless systems products for this market.
Laird Technologies made further good advances in its other strategic markets
(including industrial, instrumentation, medical, military and consumer), which
accounted for some 21% of total revenues in the first half. We saw particularly
good year on year growth in the supply of our products into the plasma screen
and liquid crystal displays for flat screen TVs for Panasonic, Samsung, Hitachi
and Phillips, for EMI shielding products into the medical instrumentation
markets, and thermoelectric cooler sales into the industrial, aerospace and
medical markets. New product introductions are allowing penetration of the
Microsoft Xbox and the Sony Playstation. Sales of our broad range of
communications antennae and our wireless systems modules into these wider
strategic markets also remained buoyant.
Investing for growth
We have established a strong track record, both of achieving organic growth and
of successfully finding, integrating and delivering value from acquisitions. We
invest for organic growth through new product development, increasing our
complement of design engineers, sales engineers and application engineers,
through new plant construction and capacity expansions, and in new production
equipment. Laird Technologies' capital expenditure in the first half of 2007 was
#11.3 million, 4.6% of sales and 20% higher than in the first half of 2006. We
continue to invest in research and development, both our own and customer
funded. During the half year, 21 new patents were filed; we currently have close
to 400 patents issued and a further 350 pending.
We completed three acquisitions in the first half of 2007. In January we
acquired AeroComm Inc. for #19.1 million, providing us for the first time with
an entry into the radio frequency ("RF") modules segment to serve the high
growth markets for embedded wireless communications solutions. In late February
2007 we acquired Korea based M2sys Co. Limited for #17.0 million and Cushcraft
Inc. for #45.9 million. M2sys designs and manufactures custom products that
enable mechanical actuation of handheld devices while maintaining electrical
integrity and performance, a new product area for us. Cushcraft expanded our
presence and capabilities in highly engineered customised RF solutions for OEM
light infrastructure applications in a wide variety of communications markets
including WLAN, WISP, WiMax and RFID.
Operational and geographic development
In the first half of 2007 we completed factory moves into new larger premises in
Shanghai in China and Penang in Malaysia. These followed our major new plant
expansions and relocations in Beijing, Shenzhen and Tianjin in China in 2006; we
have continued to increase our capacity utilisation in all three of these new
plants. We are also expanding our signal integrity products manufacturing
capacity in Shunde, Southern China, acquired with Steward at the end of 2006,
including the relocation of Steward's ferrite formulation from the United
States. We will begin the transfer of a significant portion of our mechanical
actuation assembly, acquired with M2sys in Korea, to China in the second half of
this year. In Reynosa, Mexico, we are in the process of relocating to a new,
larger 15,000 square metre facility which will be operational later this year.
Construction of our new 16,000 square metre facility in the Nokia business park
in Chennai, India, is proceeding on plan with first production scheduled for the
end of this year. Also in India, we have announced the creation of Laird
Technologies' Central Research Laboratories which, together with a new sales
office, will be based in Bangalore. These are the first steps in establishing a
sizeable presence in India, enhancing significantly our proximity to and support
for the increasing number of our key customers who are themselves establishing
operations in this fast growing electronics market.
We have announced recently a further restructuring of our North American EMI
shielding operations, with the closure of our facility at Delaware Water Gap,
Pennsylvania, and a significant reduction in manufacturing at St. Louis,
Missouri, with the transfer of operations to Mexico and China. These follow the
closure of our thermal products manufacturing facility in Trenton, New Jersey
and the cessation of antennae manufacturing and assembly in Lincoln, Nebraska,
which are currently being completed. These measures will provide cost benefits
in 2008 and 2009.
In the half year to June 2007, 82% of Laird Technologies' revenues by origin
were from Asia, Eastern Europe and Mexico (2006, 69%). At the end of June 2007
Laird Technologies had approximately 11,000 employees in 15 countries, with over
9,000 in Mexico, Eastern Europe and Asia, and with the majority in China.
Laird Security Systems
Six months to 30 June 2007 2006
#m #m
Revenue 72.9+ 120.9
Underlying operating profit 4.4+ 13.4
+ 2007: four months only
Laird Security Systems' revenue in the first four months of 2007 prior to its
disposal was #72.9 million, compared with #120.9 million in the first six months
of 2006. Underlying operating profit in the first four months of 2007 was
#4.4 million, compared with #13.4 million in the first six months of 2006. The
effect of the translation of profits from Laird Security Systems' US operations
into sterling was to reduce the divisional underlying operating profit by
#0.4 million.
Laird Security Systems was divested on 27 April 2007 to Lupus Capital plc.
Outlook
The first half of 2007 was a milestone in the transformation of Laird into a
focused electronics and technology company, with a broad set of complementary
proprietary products and technologies, serving specialist growth markets. We
expect increasing benefits from our strong customer relationships, our strategic
account focus, the increasing demand for our unique combination of products and
technologies, our growing global footprint and our well established, yet still
expanding, low cost manufacturing base. Laird has made outstanding progress in
the first half of 2007 and we view the full year prospects with confidence.
Nigel Keen Peter Hill
Chairman Chief Executive
1 August 2007
FINANCE DIRECTOR'S REPORT
Revenue
Total revenue in the first six months of 2007 increased to #319.6 million from
#286.1 million a year earlier. Revenues from continuing operations increased by
49%, from #165.2 million in 2006 to #246.7 million in 2007.
Revenue from discontinued operations of #72.9 million was for Laird Security
Systems for the four months in 2007 up to the date of its disposal at the end of
April. In 2006, revenues were for the full six months and were #120.9 million.
Organic revenue growth from continuing operations was 30%, and is measured by
restating 2007 revenue at 2006 exchange rates and then comparing it to revenue
in 2006, after including revenue in 2006 for the acquired businesses in the
equivalent period not in Laird's ownership.
Profit
Profit before tax from continuing operations in the first six months of 2007 was
#21.2 million (2006, #15.1 million).
The profit from discontinued operations of #100.7 million (2006, #10.4 million)
includes an exceptional gain of #98.2 million on the disposal of Laird Security
Systems (Note 6). The total surplus on the disposal was #109.4 million, of which
#98.2 million is disclosed within discontinued results and the balance of
#11.2 million being the reversal of exchange translation movements since 1
January 2005 on the divestment and is disclosed in the Statement of Recognised
Income and Expense.
Total underlying profit before tax in the year was #34.0 million (2006, #32.7
million). Underlying profit is defined as profit before tax, exceptional items,
amortisation of acquired intangible assets, the gain or loss on sale of
businesses and the impact arising from the fair valuing of financial
instruments, as set out in Note 8.
There were #3.8 million of exceptional costs in the first six months of 2007
(2006, #nil). Laird Technologies incurred restructuring costs of #1.7 million in
the USA and Europe. Early repayment of a US$ Private Placement note resulted in
an exceptional finance charge of #1.5 million which arose due to the divestment
of the company which issued the notes as part of the Laird Security Systems
divestment. The remaining #0.6 million was a charge in relation to restructuring
in Laird Security Systems itself. The cash spend on exceptional items in the
period was #2.2 million. Exceptional costs of #9 million are estimated for the
full year.
Finance costs
Finance costs, excluding the exceptional finance charge described above, were
#4.5 million in the first six months of 2007, compared to #5.4 million in 2006
before a fair value adjustment loss in 2006 of #0.7 million. Interest cover was
8.6 times, based on total underlying profit.
Taxation
The underlying tax charge on underlying profit before tax, in the first six
months of 2007, is equivalent to an average tax rate of 15.6% (2006, 18.0%). The
underlying tax rate for continuing operations was 14.5% during the period; in
the medium term, this is expected to rise back towards 18%, as increases in
Chinese corporate rates and withholding tax rates come into effect. Laird will
continue to enjoy a relatively low charge in the USA, as goodwill amortisation
on acquisitions reduces the tax charge there, and retains tax incentives in the
Czech Republic and Malaysia.
Underlying Earnings
Underlying profit before tax for the first six months of 2007 was 4% up on 2006,
with underlying earnings per share 1% lower (Note 8), as a result of more shares
in issue in the first half of 2007, following the 4 for 17 Rights Issue
completed in April 2006. Underlying earnings are based on underlying profit less
underlying tax and exclude deferred tax on acquired intangible assets and
goodwill.
Cash Flow
There was a trading cash flow surplus of #4.2 million in the period.
Analysis of cash flow
#m #m
Discontinued Continuing
Operating profit 4.4 34.1
Depreciation / asset disposal gain 1.8 4.8
Other non cash - 0.2
------- --------
6.2 39.1
Increase in working capital* (10.9) (8.3)
Capital expenditure less disposals (1.9) (11.3)
------- --------
Operating cash flow (6.6) 19.5
------- --------
Total operating cash flow 12.9
Finance costs (4.9)
Taxation (3.8)
--------
Trading cash flow surplus 4.2
Dividends (113.6)
Net cost of acquisitions and disposals 143.9
Exceptional costs (2.2)
Additional pension contributions (10.5)
Share issues 3.2
Exchange translation movement 3.2
--------
Reduction in net borrowings 28.2
--------
* after adjusting for creditor increases on exceptional items of #1.4 million.
Capital expenditure of #13.2 million (net of disposals of #0.2 million) was #6.6
million in excess of depreciation largely due to expansion in capacity to meet
demand in Laird Technologies, with much of the excess occurring in Asia, in
particular in new plants supplying products to customers in China and the
construction of a new facility in India.
Cash tax payments were lower than the tax charge due largely to tax repayments
in respect of previous years.
Net borrowings and debt facilities
Overall, there was a #28.2 million reduction in net borrowings as the trading
cash surplus together with the proceeds from the disposal more than offset the
special dividend payment and the spend on acquisitions. Net borrowings were also
reduced as a result of translation movements of #3.2 million on foreign currency
loans, largely due to those denominated in US$. Net borrowings at the end of
June 2007 were #80.9 million, 20% of shareholders' funds.
In July 2007, the Group extended the term of its 5 year bilateral revolving
credit facilities of #195 million from August 2011 to August 2012. These
facilities, together with the Group's US$ private placement facilities which
generally expire between 2008 and 2016, provide the Group with committed
facilities totalling #276 million.
Currency
The average and period end exchange rates are set out in Note 4. A significant
proportion of the Group's revenues are in US$ or currencies which are linked to
the US$. Each US$0.01 movement approximates to an annual impact of #375,000 on
profit for the Group. The impact of these movements was to reduce the total
underlying profit for the period by #3.1 million, when compared to a year
earlier.
The majority of the Group's assets are held overseas and these are hedged in
part by foreign currency loans.
Pensions
The Group's defined benefit pension schemes' deficit has fallen from #10.9
million at the beginning of the year to #4.8 million at the end of the period.
The principal changes in actuarial assumptions were an increase in the bond rate
used to discount liabilities to 5.8% from 5.1% in December 2006, resulting in a
reduction in the deficit of #9.9 million, and this is offset in part by an
increase in the inflation assumption which added #2.1 million to the deficit.
Additional special contributions of #10.5 million were made into the Group's
defined benefit pension schemes, of which #10.2 million related to the disposal
of Laird Security Systems.
As a pension fund is in surplus and as the accounting standards do not currently
allow the Group to recognise pension scheme surpluses on the Group's balance
sheet, #13.6 million of assets are not recognised and are disclosed as an asset
ceiling adjustment. Following the disposal of Laird Security Systems, there are
now only 16 active members of the Group's defined benefit plans.
Shareholders' Funds
Shareholders' funds at the end of June 2007 were #415.3 million (31 December
2006, #408.7 million). The reconciliation is set out in Note 10.
Jonathan Silver
Finance Director
1 August 2007
Independent review report to The Laird Group PLC
Introduction
We have been instructed by the Company to review the financial information for
the six months ended 30 June 2007 that comprises the Group income statement,
Statement of recognised income and expense, Group balance sheet, Group cash flow
statement and the related Notes 1 to 13. 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 guidance contained
in Bulletin 1999/4 'Review of interim financial information' issued by the
Auditing Practices Board. To the fullest extent permitted by law, we do not
accept or assume responsibility to anyone other than the Company, for our 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
policies and presentation applied to the interim figures should be 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 guidance contained in Bulletin 1999/4
'Review of interim financial information' 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
International Auditing Standards (UK and Ireland) 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 30 June 2007.
Ernst & Young LLP
1 More London Place
London
SE1 2AF
1 August 2007
Group income statement
(unaudited)
6 months 6 months 12 months
to to to
30 June 30 June 31 Dec
2007 2006 2006
#m #m #m
Note
Continuing operations
3 Revenue 246.7 165.2 370.6
-------- -------- --------
Operating profit before amortisation 34.1 24.7 55.4
of acquired intangible assets and
exceptional items
Amortisation of acquired intangible (5.2) (3.5) (6.1)
assets
5 Exceptional items (1.7) - -
-------- -------- --------
Operating profit 27.2 21.2 49.3
Finance revenue 2.3 0.9 2.1
Finance costs (7.1) (6.4) (12.5)
Financial instruments - fair value - (0.7) 0.2
adjustment
Other finance revenue - pension 0.3 0.1 0.5
5 Exceptional finance costs (1.5) - -
-------- -------- --------
Profit before tax from continuing 21.2 15.1 39.6
operations
8 Taxation (3.9) (3.9) (8.8)
-------- -------- --------
Profit for the period from continuing 17.3 11.2 30.8
operations
Discontinued operations
6 Profit for the period from 100.7 10.4 19.9
discontinued operations
-------- -------- --------
Profit for the period 118.0 21.6 50.7
-------- -------- --------
7 Earnings per share
Basic from continuing operations 8.9p 6.2p 16.3p
Diluted from continuing operations 8.8p 6.1p 16.2p
Basic on profit for the period 60.4p 11.9p 26.8p
Diluted on profit for the period 59.9p 11.8p 26.6p
8 Underlying profit before tax*
Continuing 29.6 19.3 45.5
Total 34.0 32.7 73.3
Basic earnings per share*
Continuing 13.0p 9.2p 20.7p
Total 14.7p 14.8p 31.7p
9 Dividends declared
Dividends 106.1 6.6 20.5
Dividend per share 53.62p 3.35p 10.30p
*before amortisation of acquired intangible assets, exceptional items, deferred
tax on acquired intangible assets and goodwill, the gain or loss on disposal of
businesses, and the impact arising from the fair valuing of financial
instruments
Statement of recognised income and expense
(unaudited)
6 months 6 months 12 months
to to to
30 June 30 June 31 Dec
2007 2006 2006
Note #m #m #m
Profit for the period 118.0 21.6 50.7
13 Actuarial (losses) / gains on (6.1) 4.3 4.2
retirement benefit obligations
Exchange differences on retranslation (10.7) (28.4) (48.4)
of overseas net investments
Exchange losses transferred to 11.2 - -
discontinued in income statement
Exchange differences on net investment 4.1 9.7 17.8
hedges
Financial instruments - loss on cash - - (0.3)
flow hedges taken to equity
Tax on exchange differences (0.4) (0.2) (1.1)
-------- -------- --------
Total income and expense recognised (1.9) (14.6) (27.8)
directly in equity
-------- -------- --------
Total income and expense recognised for 116.1 7.0 22.9
the period
-------- -------- --------
Group balance sheet
(unaudited)
As at As at As at
30 June 30 June 31 Dec
2007 2006 2006
Note #m #m #m
Assets
Non-current assets
Property, plant and equipment 66.2 83.8 86.6
Intangible assets 450.8 410.6 429.7
Deferred tax assets 0.2 0.2 0.1
Other non-current assets 3.2 2.9 3.5
------- ------- ------
520.4 497.5 519.9
------- ------- ------
Current assets
Inventories 43.4 66.0 69.6
Trade and other receivables 125.6 117.5 123.5
Income tax receivable 4.3 0.1 0.7
Cash 53.0 82.0 44.0
------- ------- ------
226.3 265.6 237.8
------- ------- ------
Liabilities
Current liabilities
12 Borrowings (3.4) (5.7) (4.9)
Derivative financial instruments - - (0.3)
Trade and other payables (110.6) (94.5) (108.2)
Current tax liabilities (4.1) (3.4) (2.5)
Provisions (0.4) (3.7) (0.9)
------- ------- ------
(118.5) (107.3) (116.8)
------- ------- ------
Net current assets 107.8 158.3 121.0
------- ------- ------
Non-current liabilities
12 Borrowings (130.5) (185.0) (148.2)
Derivative financial instruments (1.2) (2.1) (1.2)
Income tax payable (18.6) (15.6) (22.7)
Deferred tax liabilities (46.2) (24.9) (33.7)
13 Retirement benefit obligations (4.8) (11.8) (10.9)
Other non-current liabilities (5.8) (5.6) (5.9)
Provisions (5.8) (12.3) (9.6)
------- ------- ------
(212.9) (257.3) (232.2)
------- ------- ------
Net assets 415.3 398.5 408.7
------- ------- ------
Capital and reserves
Equity share capital 49.8 49.5 49.5
Share premium 268.8 265.7 266.0
Retained earnings 153.8 133.2 154.9
Translation reserve (54.4) (47.1) (59.0)
Treasury shares (2.7) (2.8) (2.7)
------- ------- ------
10 Total shareholders' equity 415.3 398.5 408.7
------- ------- ------
Group cash flow statement
(unaudited)
6 months 6 months 12 months
to to to
30 June 30 June 31 Dec
2007 2006 2006
Note #m #m #m
11 Cash flows from operating activities
Cash generated from operations 14.0 24.3 80.8
Tax paid (3.8) (1.1) (3.4)
------- ------- ------
Net cash flows from operating 10.2 23.2 77.4
activities ------- ------- ------
Cash flow from investing activities
Interest received 2.7 0.9 2.1
11 Acquisition of businesses (net of cash (80.5) (67.0) (102.0)
acquired)
Purchase of property, plant and (13.4) (12.4) (22.9)
equipment
11 Inflow / (outflow) from sale of 224.4 (3.7) (8.5)
businesses
Proceeds from sales of property, plant 0.2 0.6 3.4
and equipment
------- ------- ------
Net cash flows from investing 133.4 (81.6) (127.9)
activities ------- ------- ------
Cash flows from financing activities
Interest paid (9.0) (6.2) (11.8)
Net proceeds from issue of ordinary share 3.2 118.3 118.5
capital
Movement in treasury shares - (0.8) (0.7)
(Decrease) / increase in borrowings (15.0) 21.4 (11.4)
Dividends paid to shareholders (113.6) (12.8) (19.4)
------- ------- ------
Net cash flows from financing (134.4) 119.9 75.2
activities ------- ------- ------
Effects of movements in foreign exchange (0.3) (1.3) (2.4)
rates ------- ------- ------
12(a) Increase in cash and cash equivalents for 8.9 60.2 22.3
the period
Cash and cash equivalents brought 44.0 21.7 21.7
forward
------- ------- ------
Cash and cash equivalents carried 52.9 81.9 44.0
forward ------- ------- ------
Notes to the Interim Report
(unaudited)
1 Authorisation of interim financial statements
The Group's interim financial statements for the period ended 30 June 2007 were
authorised for issue by the Board of Directors on 1 August 2007. The Laird Group
PLC is a public limited company incorporated and domiciled in England and Wales
and its ordinary shares are traded on the London Stock Exchange.
The comparative financial information for the period to 30 June 2006 and the
year ended 31 December 2006 has been extracted from the published financial
statements of The Laird Group PLC. The consolidated interim financial
information does not constitute statutory accounts within the meaning of Section
240 of the Companies Act 1985. These interim results are unaudited but have been
reviewed by the Group's auditors. The statutory accounts for the year ended 31
December 2006 have been reported on by the Group's auditors and delivered to the
registrar of companies. The report of the auditors was unqualified and did not
contain the statements under section 237(2) or (3) of the Companies Act 1985.
Further copies of the Interim Report may be obtained from The Laird Group's
registered office at 100 Pall Mall, London SW1Y 5NQ.
2 Basis of preparation
The Laird Group PLC prepares its Annual Report and Accounts on the basis of IFRS
as adopted for use by the EU. The financial information presented in this
Interim Report has been prepared in accordance with the accounting policies
expected to be used in preparing the 2007 Annual Report and Accounts which do
not differ significantly from those used in the preparation of the 2006 Annual
Report and Accounts. The Group has elected not to adopt IAS 34 Interim Financial
Reporting early.
Certain prior period amounts have been reclassified to conform to the 2007
presentation.
3 Segmental analysis
Primary reporting format - business segments
Laird Technologies Laird Security Systems Total
6 6 12 6 6 12 6 6 12
months months months months months months months months months
to to to to to to to to to
30 30 31 30 30 31 30 30 31
June June Dec June June Dec June June Dec
2007 2006 2006 2007 2006 2006 2007 2006 2006
#m #m #m #m #m #m #m #m #m
Continuing operations
Revenue 246.7 165.2 370.6 - - - 246.7 165.2 370.6
------ ------ ------ ------ ------ ------ ------ ------ ------
Segment result before: 34.1 24.7 55.4 - - - 34.1 24.7 55.4
Amortisation of acquired (5.2) (3.5) (6.1) - - - (5.2) (3.5) (6.1)
intangible assets
Exceptional items (1.7) - - - - - (1.7) - -
------ ------ ------ ------ ------ ------ ------ ------ ------
27.2 21.2 49.3 - - - 27.2 21.2 49.3
------ ------ ------ ------ ------ ------
Finance revenue 2.3 0.9 2.1
Finance costs (7.1) (6.4) (12.5)
Fair value adjustment - (0.7) 0.2
on interest rate swap
Other finance 0.3 0.1 0.5
revenue - pension
Exceptional finance costs (1.5) - -
------ ------ ------
Profit before tax 21.2 15.1 39.6
Taxation (3.9) (3.9) (8.8)
------ ------ ------
Profit for the period from 17.3 11.2 30.8
------ ------ ------
continuing operations
Discontinued operations
Revenue - - - 72.9 120.9 237.7 72.9 120.9 237.7
------ ------ ------ ------ ------ ------ ------ ------ ------
Segment result before: - - - 4.4 13.4 27.8 4.4 13.4 27.8
Amortisation of acquired - - - (0.3) - (1.0) (0.3) - (1.0)
intangible assets
Exceptional items - - - (0.6) - - (0.6) - -
Profit / loss on disposal - - - 98.2 - - 98.2 - -
------ ------ ------ ------ ------ ------ ------ ------ ------
Profit / loss before tax - - - 101.7 13.4 26.8 101.7 13.4 26.8
Taxation - - - (1.0) (3.2) (7.4) (1.0) (3.2) (7.4)
------ ------ ------ ------ ------ ------ ------ ------ ------
Profit / loss for the period - - - 100.7 10.2 19.4 100.7 10.2 19.4
from discontinued operations
------ ------ ------ ------ ------ ------
Loss before tax on prior - (1.9) (2.1)
period disposal*
Taxation * - 2.1 2.6
------ ------ ------
100.7 10.4 19.9
------ ------ ------
Profit for the period 118.0 21.6 50.7
------ ------ ------
* These relate to other business segments disposed of in periods prior to 2007.
4 Exchange rates
The results and cash flows of overseas subsidiaries are translated into sterling
using weighted average rates of exchange for the period. The principal rates
used were as follows:
Average Closing
6 months 6 months 12 months
to to to At At At
30 June 30 June 31 Dec 30 June 30 June 31 Dec
2007 2006 2006 2007 2006 2006
Euros 1.48 1.46 1.47 1.49 1.45 1.48
US dollars 1.97 1.79 1.85 2.01 1.85 1.96
Renminbi 15.21 14.39 14.70 15.28 14.79 15.82
5 Exceptional items
6 months 6 months 12 months
to to to
30 June 30 June 31 Dec
2007 2006 2006
#m #m #m
Continuing operations:
Laird Technologies
Restructuring costs (1.7) - -
Finance costs incurred on early repayment (1.5) - -
of private placement debt
Discontinued operations:
Laird Security Systems
Restructuring costs (0.6) - -
------ ------ ------
(3.8) - -
------ ------ ------
6 Discontinued operations
6 months 6 months 12 months
to to to
30 June 30 June 31 Dec
2007 2006 2006
#m #m #m
Results from discontinued operations:
Revenue 72.9 120.9 237.7
------ ------- -------
Operating profit before: 4.4 13.4 27.8
Amortisation of acquired intangible (0.3) - (1.0)
assets
Exceptional items (0.6) - -
Taxation (1.0) (3.2) (7.4)
------ ------- -------
Profit after tax from discontinued 2.5 10.2 19.4
operations
Profit on disposal of businesses:
Profit before transfer from translation 109.4 - -
reserve
Transfer from translation reserve (11.2) - -
------ ------- -------
Profit on current period disposals 98.2 - -
Loss on prior year disposals - (1.9) (2.1)
Taxation - 2.1 2.6
------ ------- -------
Profit after tax on disposals 98.2 0.2 0.5
------ ------- -------
Profit from discontinued operations 100.7 10.4 19.9
------ ------- -------
7 Earnings per share
The calculation of basic and diluted earnings per share is based on the profit
for the period divided by the daily average of the number of shares in issue
during the period. Diluted earnings per share is based on the same profits but
with the number of shares increased to reflect the daily average effect of
relevant share options granted but not yet exercised where performance
conditions have been met and shares contingently issuable.
6 months 6 months 12 months
to to to
30 June 30 June 31 Dec
2007 2006 2006
#m #m #m
Profit
Profit after tax from continuing 17.3 11.2 30.8
operations
Profit from discontinued operations 100.7 10.4 19.9
------ ------- -------
Profit for the period 118.0 21.6 50.7
------ ------- -------
Number Number Number
of shares ofshares of shares
(m) (m) (m)
Weighted average shares
Basic weighted average shares 195.3 181.0 189.2
Options 1.7 2.4 1.5
Contingent shares - 0.1 -
------ ------- -------
Diluted weighted average shares 197.0 183.5 190.7
------ ------- -------
Pence Pence Pence
Earnings per share
Basic from continuing operations 8.9 6.2 16.3
------ ------- -------
Diluted from continuing operations 8.8 6.1 16.2
------ ------- -------
Basic from discontinued operations 51.5 5.7 10.5
------ ------- -------
Diluted from discontinued operations 51.1 5.7 10.4
------ ------- -------
Basic on profit for the period 60.4 11.9 26.8
------ ------- -------
Diluted on profit for the period 59.9 11.8 26.6
------ ------- -------
8 Underlying results and taxation
Underlying profit and earnings per share are shown as the Board considers them
to be relevant guides to the performance of the Group.
6 months 6 months 12 months
to to to
30 June 30 June 31
December
2007 2006 2006
#m #m #m
Profit
Continuing operating profit before 34.1 24.7 55.4
amortisation of acquired intangible assets
and exceptional items
Finance revenue 2.3 0.9 2.1
Finance costs (7.1) (6.4) (12.5)
Other finance revenue - pension 0.3 0.1 0.5
------ ------- -------
Continuing underlying profit before tax 29.6 19.3 45.5
Discontinued operating profit before 4.4 13.4 27.8
amortisation of acquired intangible assets ------ ------- -------
and exceptional items
Total underlying profit before tax 34.0 32.7 73.3
------ ------- -------
Tax
The underlying tax charge is calculated as
follows:
Underlying tax on continuing operations 4.3 2.7 6.3
Underlying tax on discontinued operations 1.0 3.2 7.0
------ ------- -------
Total underlying tax 5.3 5.9 13.3
Continuing underlying tax rate 14.5% 14.0% 13.8%
Total underlying tax rate 15.6% 18.0% 18.1%
Tax relief on exceptional items (1.2) - -
Deferred tax on goodwill and acquired 0.8 1.2 2.5
intangible assets
Tax on prior period discontinued - (2.1) (2.2)
operations
------ ------- -------
Total tax charge 4.9 5.0 13.6
------ ------- -------
Analysis of tax charge:
Tax on profit from continuing operations 3.9 3.9 8.8
Tax on discontinued operations 1.0 1.1 4.8
------ ------- -------
Total tax charge 4.9 5.0 13.6
------ ------- -------
Earnings per share Pence Pence Pence
Continuing underlying earnings per share - 13.0 9.2 20.7
basic
------ ------- -------
Total underlying earnings per share - 14.7 14.8 31.7
basic
------ ------- -------
Total underlying earnings per share - 14.6 14.6 31.5
diluted
------ ------- -------
The tax charge for the period has been based on the estimated tax rate for the
full year and the amount of overseas tax charged in the period was #4.9m (June
2006, #6.7m, December 2006, #15.6m).
9 Dividends paid and declared
On 1 August 2007 the Board declared an interim dividend of 3.62p per share
(2006, 3.35p). The interim dividend will be paid on 2 November 2007 to
shareholders registered on 5 October 2007. Dividends are recorded in the
financial statements at the earlier of the date they become a legal obligation
of the Company and the date that they are paid.
Total Dividends Dividends paid Dividends declared*
6 6 12 6 6 12
months months months months months months
To To to to to to
30 June 30 June 31 Dec 30 June 30 June 31 Dec
2007 2006 2006 2007 2006 2006
#m #m #m #m #m #m
Final 2005 - 12.8 12.8 - - -
Interim 2006 - - 6.6 - 6.6 6.6
Final 2006 13.9 - - - - 13.9
Special 2007 99.7 - - 99.7 - -
Interim 2007 - - - 6.4 - -
----- ----- ----- ----- ----- -----
113.6 12.8 19.4 106.1 6.6 20.5
----- ----- ----- ----- ----- -----
Dividends per share Dividends paid Dividends declared
6 6 12 6 6 12
months months months months months months
to to to to to To
30 June 30 June 31 Dec 30 June 30 June 31 Decr
2007 2006 2006 2007 2006 2006
Pence Pence Pence Pence Pence Pence
Final 2005 - 6.45 6.45 - - -
Interim 2006 - - 3.35 - 3.35 3.35
Final 2006 6.95 - - - - 6.95
Special 2007 50.00 - - 50.00 - -
Interim 2007 - - - 3.62 - -
----- ----- ----- ----- ----- -----
56.95 6.45 9.80 53.62 3.35 10.30
----- ----- ----- ----- ----- -----
* attributable to the period
10 Reconciliation of movements in equity
6 months 6 months 12 months
to to to
30 June 30 June 31 Dec
2007 2006 2006
#m #m #m
Opening balance for the period 408.7 284.3 284.3
Total recognised income and expense for 116.1 7.0 22.9
the period
Rights Issue of shares - 117.5 117.6
Exercise of share options 3.2 0.8 1.0
Issue of shares on acquisition of - 1.5 1.4
businesses
Share based payments 0.9 1.0 1.6
Treasury shares - (0.8) (0.7)
Dividends paid (113.6) (12.8) (19.4)
------- ------- -------
Total shareholders' equity 415.3 398.5 408.7
------- ------- -------
On 11 June 2007 a consolidation of the Company's share capital took effect
whereby every nine of the issued and unissued Ordinary Shares of the Company
with a nominal value of 25 pence each were consolidated into eight New Ordinary
Shares in the Company with a nominal value of 28.125p each. The purpose of the
share consolidation was to ensure that (subject to normal market movements) the
market price of each New Ordinary Share was approximately the same as the market
price of each existing Ordinary Share (thereby allowing comparability in
earnings per share and share prices with prior financial periods) following the
payment of the special dividend of 50p per share on 22 June 2007.
11 Additional cash flow information
Cash generation from operations
Continuing operations 6 months 6 months 12 months
to to to
30 June 30 June 31 Dec
2007 2006 2006
#m #m #m
Net profit after taxation 17.3 11.2 30.8
Depreciation and other non-cash items
Depreciation 4.8 3.9 7.9
Amortisation of capitalised development 0.9 0.5 1.0
costs
Capitalised development costs (1.6) (1.0) (3.5)
Share based payments 0.9 1.0 1.6
Amortisation of acquired intangible 5.2 3.5 6.1
assets
Financial instruments - fair value - 0.7 (0.2)
adjustment
Pension (income) / charges (0.4) 0.4 0.7
Other net finance costs 6.0 5.4 9.9
Taxation 3.9 3.9 8.8
Pension contributions (11.5) (0.7) (2.9)
Changes in working capital
Inventories (9.6) (3.7) (2.4)
Trade and other receivables (14.8) (4.7) (17.7)
Trade, other payables and provisions 18.2 (4.0) 13.2
------ ------ ------
(6.2) (12.4) (6.9)
------ ------ ------
Cash generated from continuing operations 19.3 16.4 53.3
------ ------ ------
Discontinued operations
Net profit after taxation 100.7 10.4 19.9
(Profit) / loss on disposal of businesses (98.2) 1.9 2.1
before taxation
Depreciation and other non-cash items
Depreciation 1.8 2.7 5.3
Profit on disposal of fixed assets - (0.6) (0.7)
Amortisation of acquired intangible 0.3 - 1.0
assets
Taxation 1.0 1.1 4.8
Changes in working capital (10.9) (7.6) (4.9)
------ ------ ------
(5.3) 7.9 27.5
------ ------ ------
Cash flow from discontinued operations
------ ------ ------
Cash generated from operations 14.0 24.3 80.8
------ ------ ------
Working capital movements from continuing operations are after creditor
increases of #1.4m (2006, #nil) in respect of exceptional costs of redundancy
and restructuring.
11 Additional cash flow information (continued)
Net cash outflow on acquisitions and
disposals 6 months 6 months 12 months
to to to
30 June 30 June 31 Dec
2007 2006 2006
#m #m #m
Acquisition of businesses
Consideration:
Cash consideration (81.5) (61.7) (97.6)
Net cash acquired 1.6 0.2 0.9
------ ------ ------
(79.9) (61.5) (96.7)
Deferred consideration paid (0.6) (5.5) (5.3)
------ ------ ------
Net cash outflow on acquisition of (80.5) (67.0) (102.0)
businesses
------ ------ ------
Borrowings acquired - (11.9) (11.6)
------ ------ ------
Disposal of businesses
Consideration:
Net cash consideration 223.7 (3.7) (8.5)
Net cash disposed of (0.1) - -
Borrowings disposed of 0.8 - -
------ ------ ------
Net cash inflow / (outflow) on disposal 224.4 (3.7) (8.5)
of businesses
------ ------ ------
12 Borrowings
(a) Reconciliation of net borrowings
At At At
30 June 30 June 31 Dec
2007 2006 2006
#m #m #m
Increase in cash and cash equivalents 8.9 60.2 22.3
(net of bank overdrafts) during the
period
Movement in borrowings 15.0 (21.4) 11.4
Borrowings of businesses acquired - (11.9) (11.6)
Borrowings of businesses disposed of 0.8 - -
Differences on exchange on borrowings 3.5 12.5 16.9
------- ------- -------
Movement in net borrowings during the 28.2 39.4 39.0
period
Net borrowings brought forward (109.1) (148.1) (148.1)
------- ------- -------
Net borrowings carried forward (80.9) (108.7) (109.1)
------- ------- -------
Cash and cash equivalents (net of bank 52.9 81.9 44.0
overdrafts)
Other current borrowings (3.3) (5.6) (4.9)
Non-current borrowings (130.5) (185.0) (148.2)
------- ------- -------
Net borrowings carried forward (80.9) (108.7) (109.1)
------- ------- -------
(b) Committed borrowing facilities
The Group had total committed loan facilities of #283.0m at 30 June 2007 (2006,
#309.1m), of which #269.8m (2006, #290.9m) was available for more than three
years and #132.9m was drawn at 30 June 2007 (30 June 2006, #188.8m). Committed
facilities include #7.0m (30 June 2006, #11.4m) of promissory notes issued to
third parties in part satisfaction of acquisition consideration.
13 Retirement benefit obligations
A review of the main assumptions affecting the Group's defined benefit
obligations was carried out at 30 June 2007, by the Group's actuaries.
There are minor variations in the assumptions used by the different actuaries
employed to value the separate schemes. The expected long term rates of return
on gilts and bonds are estimated at 4.8% per annum (December 2006, 4.8%) and
those for equities at 7.8% per annum (December 2006, 7.8%).
The mortality assumption used at 30 June is the same as that used at 31 December
2006. This is based on 92 series tables with an allowance for improvements in
line with the medium cohort based on each member's year of birth.
For IAS 19 the schemes' liabilities have been calculated under the projected
unit method and the main financial assumptions were inflation of 3.2% per annum
(December 2006, 3.0%), salary increases of 4.2% per annum (December 2006, 4.0%)
and a discount rate for liabilities of 5.8% per annum (December 2006, 5.1%).
The change in the overall deficit and the impact of these changes can be seen
below:
6 months 6 months 12 months
to to to
30 June 30 June 31 Dec
2007 2006 2006
#m #m #m
Defined benefit liability at period (10.9) (16.4) (16.4)
start
Net pension income / (expense) 0.5 (0.6) (1.0)
Employer contributions 11.0 1.0 3.2
Benefits paid directly by Company 0.7 - -
Actuarial gain 7.5 4.3 4.2
Currency impact - (0.1) -
Asset ceiling adjustment (13.6) - (0.9)
------- ------- -------
Defined benefit liability at period end (4.8) (11.8) (10.9)
------- ------- -------
The charge of #6.1m recognised in the SORIE for the period is comprised of the
#7.5m gain recognised on actuarial assumptions, less the #13.6m asset ceiling
adjustment being the surplus on a pension scheme which cannot be recognised
under IAS 19. Contributions of #11.0m in the period included #10.5m of
additional special contributions.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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