RNS Number:3841B
Zetex Plc
02 August 2007
Zetex plc interim results
2 August 2007
Financial highlights
Half year ended 30 June 2007
unaudited unaudited audited change
2007 2006 2006 1H 07 -1H 06
half year half year full year
Reported results
Group revenue US$k 63,303 60,520 124,134 +2,783
#k 31,968 33,655 67,168 -1,687
Adjusted operating profit #k 1,845 850 2,787 +995
Adjusted profit before income tax #k 2,096 175 1,601 +1,921
EBITDA #k 7,075 4,473 9,116 +2,602
Dividend incurred #k 729 722 2,159 +7
At constant exchange rates
Adjusted operating profit #k 3,073 850 2,787 +2,223
Excluding the effect of overheads in
inventory and at constant exchange rates
Gross profit #k 12,773 11,910 24,726 +863
Gross margin % 40.0% 35.4% 36.8% +4.6%
Balance sheet
Net cash balance #k 15,352 6,885 9,966 +8,467
Inventory #k 13,959 16,650 14,180 -2,691
Capitalised R&D #k 1,864 1,669 3,600 +195
Financial performance
* US$ revenue 5% up on 1H 2006
* Underlying gross margin at constant currency up from 35.4% to 40.0%
* Adjusted operating profit up #1m to #1.8m despite significant adverse
currency impact
* Weak US$ reduced # revenue by #2.6m, operating profit by #1.7m, benefit
from hedge contracts #0.5m
* Cash flow #5.4m positive up 54% from year end
* Interim dividend maintained at 0.7p
Further progress with key strategic initiatives
* Sales office opened in Taiwan and sales/applications resource further
enhanced in China and Korea
* DDFA digital audio chip-set prototype produced successfully
* Enhancements to LED family of products with successful launch of new low
voltage driver developed with major OEM customer
Commenting on the outlook, Liz Airey, Chairman, said:
"The adverse effect on gross profit resulting from the higher proportion of raw
material inventory in the first half is expected to reverse in the second half,
with no adverse cash consequences. However, the combination of a weak US dollar
and strong Pound will cause further dilution of unhedged cash flows.
We continue to anticipate that market conditions will improve somewhat in the
second half, although the widely anticipated strong third quarter demand
environment is not yet fully in evidence. In the context of this market
environment, the board is confident that the execution of our strategies will
deliver sequential growth in the second half of the year. In line with our
strategy we have opened a sales office in Taiwan and will continue to invest in
sales resources with a focus on Taiwan, China and Korea. We have also made
further progress in enhancing our R&D capabilities in order to accelerate the
enrichment of our product portfolio with consequent medium and long term
benefits."
Enquiries:
Zetex plc
Hans Rohrer, Chief Executive Officer 2 August 020 7638 9571
Nick Hawkins, Chief Financial Officer Thereafter 0161 622 4700
Citigate Dewe Rogerson
Toby Mountford, Justin Griffiths 020 7638 9571
Chairman's statement
Introduction
The results for the six months ended 30 June 2007 are set out below. As
anticipated in the outlook section of the Preliminary Results issued on 22
February 2007 and reconfirmed in the AGM statement on 25 April 2007, industry
conditions have continued to be less robust in the first half of 2007 than in
2006 due to the unwinding of excess inventory in end markets. In addition, the
continued weakening of the US dollar has adversely impacted both revenue and
profitability. Despite this, half on half profits have increased significantly
as reported below.
Group financial results
Sales in the first half were $63.3m (#32.0m) (2006: $60.5m (#33.7m)). Reported
group operating profit for the period was #3.2m (2006: #0.1m) which included the
benefit of a number of one-off items which in total contributed a net profit of
#1.4m. Reported net income for the period amounted to #3.0m (#1.6m on an
adjusted basis) which compares favourably with the first half result in the
prior year of #0.1m.
Basic earnings per share before adjusted items was 2.99p (2006: 0.12p) and
adjusted earnings per share was 1.63p (2006: 0.85p).
Interim dividend
The board is proposing an interim dividend of 0.70p per share (2006: 0.70p).
The interim dividend will be paid on 14 September 2007 to shareholders on the
register at the close of business on 10 August 2007.
Financial performance
Adjusted operating margin improved from 2.6% in the first half of 2006 to 5.8%
in the same period in 2007. This improvement was achieved despite adverse effect
exchange rate movements which resulted in a #1.7m reduction in operating profit,
partially mitigated by #0.5m of gains arising from hedging contracts.
The reported gross profit margin for the first half of 2007 was 30.4% compared
to 28.0% in the first half of 2006. After adjusting for the impact of inventory
movement and other unusual items, the underlying adjusted gross profit margin
was 33.9% (2006: 35.4%).
Cash flow was strong, with the group generating #5.4m net cash in the first
half, including #3.0m proceeds from the sale of Gem Mill and after paying the
final 2006 dividend of #1.5m.
At $63.3m, revenue for the first half was 5% higher than that achieved in the
first half of 2006 and in line with the second half of 2006, as previously
announced.
Inventory remained at around #14.0m. The planned increase in the proportion of
raw materials in inventory had a negative impact on profits. This impact is
expected to reverse in subsequent periods.
Further information on trading performance is detailed in the Operating and
Financial Review below.
Gem Mill disposal
On 4 April the group sold its former operating site, Gem Mill, in Chadderton to
a residential property developer for #3.0m and achieving a profit on disposal of
#1.9m.
Currency hedging
The business of the group is subject to the effects of movements in exchange
rates between Sterling, the Euro and the US dollar. As noted in the 2006 Annual
Report the group has significant exposure to the weakening US dollar which
continues to impact adversely Sterling revenues and profitability. In order to
moderate the impact of exchange rate movements on operating profit, the group
continues to hedge on a six quarter rolling basis using a mixture of forward
contracts and options. Further information is contained in the Operating and
Financial Review.
Capital expenditure
Capital expenditure in the period amounted to #0.8m compared to #0.7m in the
same period last year. The board, as planned, anticipates increased capital
expenditure in the second half.
Pension scheme
At 30 June 2007 the Zetex Group Pension Scheme showed an IFRS deficit of #5.9m
compared to #8.2m at the 2006 year end. The Pensions Committee of the board has
continued to work with the trustees of the scheme to reduce the size and
volatility of its pension liability. To this end, the company is currently in
consultation with the active members of the pension scheme on future benefit
arrangements. Further details are outlined in the Operating and Financial
Review.
Outlook
The adverse effect on gross profit resulting from the higher proportion of raw
material inventory in the first half is expected to reverse in the second half,
with no adverse cash consequences. However, the combination of a weak US dollar
and strong Pound will cause further dilution of unhedged cash flows.
We continue to anticipate that market conditions will improve somewhat in the
second half, although the widely anticipated strong third quarter demand
environment is not yet fully in evidence. In the context of this market
environment, the board is confident that the execution of our strategies will
deliver sequential growth in the second half of the year. In line with our
strategy we have opened a sales office in Taiwan and will continue to invest in
sales resources with a focus on Taiwan, China and Korea. We have also made
further progress in enhancing our R&D capabilities in order to accelerate the
enrichment of our product portfolio with consequent medium and long term
benefits.
Liz Airey
Chairman
2 August 2007
Operating and financial review
Introduction
During the second half of 2006 we invested the time to plan, in the appropriate
level of detail, the strategic initiatives necessary to drive growth. During
the first half of 2007 the Board has focused on implementing and executing these
initiatives.
Strategic initiatives
- Exploit our product portfolio, accelerate growth
- Achieve exceptional growth in Asia
- Enrich our product portfolio
These initiatives have now largely been resourced and are in progress. I will
refer to them in some more detail in my comments below.
Market environment
The first half of 2007 has proven to be as challenging as many of us expected.
In fact the market turned out to be weaker than forecast by most market research
companies earlier in the year. The most recent consensus data suggests a
reduction of around 8% against the second half of 2006. This has been caused by
ongoing inventory corrections and slower than expected sales in some of the
major end market segments, such as mobile phone and personal computers,
amplified by continued pressure on the average selling prices caused by some
industry over-capacity.
Whilst there is no clear forward consensus, I do believe that the industry will
see some moderate growth in the second half as the inventory correction cycle is
coming to an end and because demand in the second half historically has been
stronger. It is, however, prudent to assume that 2007 is a year of correction
with little or no market growth and that demand will pick up towards the end of
the year leading to solid growth in 2008.
2008 is seen by most market researchers as a growth year for the semiconductor
industry with growth rates well above 10%.
Revenue and channels
Despite this challenging trading environment, Zetex managed to achieve above
market growth with revenues of $63.3m which is up by 5% compared to the first
half of 2006 and at the same level as the second half of 2006, which was a
record half. These revenues were achieved despite the termination of a
distribution contract which resulted in short term channel revenue losses of
about $2.0m.
A key strategic initiative being undertaken to support the exploitation of our
portfolio is the strengthening our distribution network. As part of this
strategy, we added three key distributors in Asia Pacific. Consequently, I
believe that we are now better positioned to execute our strategies and to
achieve further growth. Continuing to make the distribution network more
effective will remain high on our list of priorities going forward.
Inventory
As previously communicated, we plan to maintain for the short to medium term an
inventory level of around #14.0m - #15.0m.
Whilst maintaining the overall inventory value in the first half at #14.0m, we
continued to focus on improving the mix of our inventory considerably by
increasing the proportion of raw materials.
Markets, growth prospects and strategic initiatives
I am encouraged by the traction of our new products. They are in the design-in
phase with our potential customers and will contribute significantly to our
revenues in the second half of 2008 and into 2009.
We continued to sharpen our product focus whilst streamlining and repositioning
our product portfolio in order to further exploit our position in key target
markets and channels. This included special initiatives designed for the
distribution channel targeted at increasing Zetex' 'mind share' within the
distributor network. Our products are now clearly categorised in terms of their
value and competitive position which in turn leads to a clear and specific
approach to pricing and selling the products.
The initiatives are designed to increase the efficiency of the design-in process
for our key products such as LED drivers, smart MOSFETs, current monitors, DBS
ICs and our new digital audio chip-sets. Design-ins of these strategic products
provide considerable leverage to pull through sales of Zetex' broad standard
product portfolio.
Whilst these initiatives are in the process of being rolled out, there is still
considerable work ahead of us in terms of training the network and implementing
our strategies.
As already indicated, we continued to upgrade our distribution network by making
important enhancements to our distributor base. The focus for these activities
was in Asia from where we expect the majority of our future growth to be
generated. In line with this strategy and to accelerate growth in Asia, we
opened a sales office in Taipei. We further continued to invest in our sales
resource in China and Korea and I am pleased to report that we were able to
attract experienced industry colleagues to the team.
The majority of these developments were implemented towards the end of the
second quarter and we expect that this additional resource will start to
contribute to further growth in 2008.
We continued to develop our major account program with the objective of
strengthening key customer relationships and developing higher revenue customers
for Zetex. We are well on the way to doubling the number of customers with
annualised revenues above $1m by the end of 2008.
At the same time we are managing the transition of smaller customers to one of
our distributors of their choice.
Research and development
In the first half we continued to focus our research and development efforts. We
invested #3.3m (10.3% of revenues) of which #1.9m was capitalised. This is
broadly in line with our investment in 2006.
A significant result of this investment was the prototype production of the
first silicon of our digital audio chip-set, further increasing the longer term
emphasis on Smart Application Specific Products and the use of foundry partners.
This chip-set will be manufactured partly in our fabs and partly by a foundry
partner.
This is by far the most complex chip-set Zetex has ever developed.
The verification of the chip-set is progressing well and I am pleased to report
that this phase should be completed during the third quarter. We also expect to
be able to sample the chip-set to selected customers in the fourth quarter.
Sampling the first iteration of silicon is a major accomplishment and
demonstrates the recent progress in our design methodology.
I am very pleased to report that several quality audio companies have already
started developing products incorporating our technology. We are now moving
into the second phase of marketing and design-in. So far, we have demonstrated
the technology through evaluation tools and we have restricted ourselves to
working with a few audio customers to optimise this truly disruptive concept.
As previously stated, the design-in process and therefore time to revenues is
approximately 18 months, and we therefore expect to see significant financial
returns from this technology in 2009 and beyond.
We made further progress in enriching our portfolio of High Brightness LED
drivers. The highlight was the introduction of a driver designed using in house
process technology. This driver is the most complex device we have ever
designed using our own processes and the first silicon was fully functional.
The device was developed in close co-operation with a major customer and will
ramp up production in the second half of 2008.
Our added value bipolar discrete products continue to find traction in high
volume applications such as power supplies, battery driven devices and VOIP
applications.
Financial review
Adjusted operating profit more than doubled from #0.9m in the first half of 2006
to #1.8m in 2007 and adjusted profit before income tax was up from #0.9m to
#2.1m over the same periods. This was achieved despite significant adverse
currency movements.
The weakening of the US dollar from the first half of 2006 to the first half of
2007 reduced Sterling reported revenue by #2.6m, although US dollar priced
materials and subcontractor costs benefited by #0.7m. Certain non-direct
operating costs are also US denominated, with a resulting currency benefit of
#0.2m half on half. Lastly, hedging contracts reduced the impact in the first
half of 2007 by #0.5m.
At constant currency, adjusted operating profit increased from #0.9m to #3.0m.
Inventory weeks (pre stock adjustment) improved marginally from 17.8 weeks at 31
December 2006 to 17.3 weeks at 30 June 2007.
As a direct consequence of the reshaping of our inventory mix, gross profit was
adversely affected in the first half; the effect on gross profit for the first
half was #0.8m (2006: #2.5m). The underlying adjusted gross margin for the
first half excluding this effect was 33.9% (2006: 35.4%). The margin
improvement through product mix, increased revenue units pull through and a
reduced cost base was offset by the significant weakening of the US dollar,
which accounted for a 5.4% reduction in gross margin. At constant exchange
rates, underlying gross margin improved by 4.6% to 40.0%.
Cash flow was strongly positive, up #5.4m overall, after the proceeds of the Gem
Mill disposal (#3.0m) and final 2006 dividend payment (#1.5m). Excluding these
flows, cash flow was positive by #3.9m (2006: #2.4m).
As indicated in our 2006 Preliminary Statement and confirmed at our Annual
General Meeting in April, first half revenue was in line with second half
revenue for 2006. Whilst revenue in US dollar terms grew 5% over the first half
of 2006, the impact of a weak US dollar / strong Pound was to reverse this to a
5% decline when converted into Sterling. The direct currency impact was a
reduction to operating profit of #1.7m, although this was mitigated by effective
hedging that reduced the impact by #0.5m. Over 80% of anticipated net US dollar
income in the second half of 2007 is hedged at an average rate of around
1.89 $/#.
During the period, a US distributor filed for Chapter 11 bankruptcy protection
and therefore we have taken an exceptional bad debt charge of #0.3m.
In April we completed the disposal of our previous operating site, Gem Mill,
resulting in cash proceeds of #3.0m and representing a profit on disposal of
#1.9m.
Our effective tax charge of 13.0% reflects the benefit of capital losses within
the group which resulted in no tax arising on the Gem Mill disposal profit and
of other brought forward losses. In the longer term, we expect to benefit for a
number of years from brought forward trading losses in the UK which should
contain the medium term tax charge to between 15 - 25%.
The pension scheme deficit reduced in the first half by #2.3m, the movement
resulting largely from improved investment asset performance. As part of the
drive to mitigate the deficit and its volatility, the company has made
enhancements to transfer values to members leaving the scheme totalling #0.2m in
the first half. In addition, the company is currently in consultation with the
pension scheme members regarding plans to reduce further the deficit and future
volatility. It has been proposed that these changes will take effect from 1
September 2007.
The way forward
We are in the process of executing our strategies. In a dynamic industry like
ours change is the only constant. We are evolving into an organisation that is
eager to learn, embrace change, adapt and modify where appropriate.
We now have most of the resources in place necessary to deliver short term
growth and I expect to see a return on this investment towards the end of 2007.
Whilst I am confident about the mid term growth potential of the semiconductor
industry and of Zetex, the short term outlook is less clear. The rate and
timing of increases in end demand during the second half of 2007 is uncertain.
Our growth in this period will require creativity, drive and energy in order to
continue to outperform the market.
Meanwhile, with a high Sterling cost base, we are working against the strong
headwind of a weak US dollar.
I am personally committed to improving radically the time to revenues and
break-even for new products and technologies. This is crucial to achieving our
growth ambitions.
I would lastly like to thank and congratulate our dedicated employees for what
has already been achieved and I look forward to another year of progress.
Hans Rohrer
Chief Executive Officer
2 August 2007
Consolidated income statement
Half year ended 30 June 2007
unaudited unaudited unaudited unaudited audited
2007 2007 2007 2006 2006
half year half year half year half year full year
# 000 # 000 # 000 # 000 # 000
adjusted adjusting reported
items
Revenue 31,968 - 31,968 33,655 67,168
Cost of sales (excluding adjusted item) (21,928) - (21,928) (24,217) (46,682)
Adjusted gross profit 10,040 - 10,040 9,438 20,486
Adjusted item: bad debt - (310) (310) - -
Gross profit 10,040 (310) 9,730 9,438 20,486
Non direct operating costs (8,195) - (8,195) (8,588) (17,699)
Operating profit pre adjusted items 1,845 (310) 1,535 850 2,787
Adjusted items:
Relocation and rationalisation costs - (223) (223) (310) (364)
Severance costs - - - (333) (861)
Sale of Gem Mill - 1,933 1,933 - -
Share based payments - (36) (36) (84) (135)
Operating profit post adjusted items and pre share 1,845 1,364 3,209 123 1,427
of associate's profit
Share of post tax profits of associate accounted for 12 - 12 12 24
using the equity method
Operating profit 1,857 1,364 3,221 135 1,451
Finance revenue 532 - 532 151 314
Finance costs (293) - (293) (111) (164)
Profit before income tax 2,096 1,364 3,460 175 1,601
Income tax (451) - (451) (52) 937
Profit for the period attributable to equity holders 1,645 1,364 3,009 123 2,538
of the parent
Earnings per share 2.99p 0.12p 2.54p
Adjusted earnings per share 1.63p 0.85p 2.59p
Diluted earnings per share 2.97p 0.12p 2.52p
Adjusted diluted earnings per share 1.62p 0.85p 2.57p
All results relate to continuing operations
Consolidated statement of recognised income and expenditure
Half year ended 30 June 2007
unaudited unaudited audited
2007 2006 2006
half year half year full year
# 000 # 000 # 000
Profit for the period attributable to equity holders of the parent 3,009 123 2,538
Foreign exchange losses on translation of foreign subsidiaries (229) (643) (1,239)
Actuarial gains on defined benefit pension scheme 1,817 - 2,373
Foreign exchange gains/(losses) from hedging activities 592 (362) 1,253
Foreign exchange gains/(losses) transferred to/from equity (492) 1,015 1,016
Income tax charges on items taken directly to equity (202) (202) (1,277)
Net income and expense recognised directly in equity 1,486 (192) 2,126
Recognised income and expense relating to the period 4,495 (69) 4,664
Consolidated balance sheet
As at 30 June 2007
unaudited unaudited audited
2007 2006 2006
June June December
# 000 # 000 # 000
Assets
Non current assets
Property, plant and equipment 28,347 33,273 30,310
Intangible assets 13,768 11,394 13,055
Deferred tax 6,064 4,013 5,901
Investment in associate 50 28 37
48,229 48,708 49,303
Current assets
Inventories 13,959 16,650 14,180
Current tax 156 181 159
Trade receivables and prepayments 9,166 10,480 9,744
Derivative financial instruments 1,251 - 1,151
Cash and cash equivalents 15,401 6,920 10,730
39,933 34,231 35,964
Assets held for sale - - 947
39,933 34,231 36,911
Total assets 88,162 82,939 86,214
Liabilities
Current liabilities
Bank loans and overdrafts 49 35 764
Current portion of long term liabilities 229 284 316
Trade and other payables 10,646 10,002 9,630
Current tax 1,350 872 1,031
12,274 11,193 11,741
Non current liabilities
Derivative financial instruments - 362 -
Deferred tax 8,490 6,488 8,037
Provisions 222 383 231
Defined benefit pension scheme 5,937 10,950 8,240
Long term liabilities 698 895 761
15,347 19,078 17,269
Total liabilities 27,621 30,271 29,010
Net assets 60,541 52,668 57,204
Equity
Share capital 5,207 5,160 5,198
Share premium 36,197 35,679 36,093
Own equity instruments (4,420) (4,731) (4,731)
Foreign exchange differences (1,403) (578) (1,174)
Net unrealised gains and losses 962 (252) 892
Retained earnings 23,998 17,390 20,926
Equity shareholders' funds 60,541 52,668 57,204
Consolidated cash flow statement
Half year ended 30 June 2007
unaudited unaudited audited
2007 2006 2006
half year half year full year
# 000 # 000 # 000
RESTATED
Operating activities
Net profit for the period before income tax 3,460 175 1,601
Adjustments for:
Depreciation of property, plant and equipment 2,707 3,202 5,720
Amortisation and impairment of intangible assets 1,147 1,136 1,886
Finance revenue (532) (151) (314)
Finance cost 293 111 164
Derivatives at fair value through income statement - (103) -
Profit on sale of property, plant and equipment (1,933) - (1)
Share based payments 36 84 135
Increase in value of associate (12) (12) (24)
Decrease in inventories 221 3,298 5,758
Increase in receivables (153) (1,371) (1,263)
Increase/(decrease) in payables 1,483 (1,294) (1,616)
Difference between pension contributions paid and amounts recognised in (486) (150) (487)
the income statement
Cash flows from operating activities 6,231 4,925 11,559
Income tax paid (34) (82) (319)
Net cash flows from operating activities 6,197 4,843 11,240
Investing activities
Purchase of property, plant and equipment (759) (727) (1,184)
Investment in intangible assets (1,864) (1,703) (4,213)
Proceeds from sale of property, plant and equipment 2,995 2 -
Finance revenue 532 151 314
Net cash flows from investing activities 904 (2,277) (5,083)
Financing activities
Issue of ordinary shares 72 100 552
Sale of own shares held in ESOT 153 20 20
Finance lease principal repayments (178) (219) (453)
Dividends paid to group shareholders (1,460) (1,448) (2,148)
Finance cost (293) (111) (164)
Net cash flows from financing activities (1,706) (1,658) (2,193)
Increase in cash and cash equivalents 5,395 908 3,964
Movement in cash and cash equivalents
At start of the period 9,966 6,010 6,010
Increase in the year 5,395 908 3,964
Effects of exchange rate changes (9) (33) (8)
At end of the period 15,352 6,885 9,966
The 2006 half year cash flow results were restated to ensure a consistent basis with 2006 year end and 2007 half
year results.
Notes to the interim financial statements
1 General notes
These financial statements are the consolidated interim financial statements of
Zetex plc and its subsidiaries and associate for the half year ended 30 June
2007. The interim financial statements have been prepared in accordance with
International Accounting Standard 34 "Interim Financial Reporting" and were
authorised for issue in accordance with a resolution of the Directors on 31 July
2007. These interim financial statements do not include all the information and
disclosures required in the annual financial statements, and should be read in
conjunction with the consolidated annual financial statements for the year ended
31 December 2006.
The accounting policies used in preparing the interim financial statements are
consistent with those used in the annual financial statements for the year ended
31 December 2006 and the presentation of the interim financial statements is
consistent with the annual financial statements for the year ended 31 December
2006. Where necessary, the comparatives have been reclassified or extended from
the previously reported interim results to take account of presentational
changes made in the annual financial statements.
The Group operates in industries where significant seasonal or cyclical
variations in total sales are not experienced during the financial year.
The financial information contained in the interim financial statements does not
constitute statutory accounts as defined in section 240 of the Companies Act
1985. The financial information for the year ended 31 December 2006 is based on
the annual financial statements for the financial year ended 31 December 2006.
Those financial statements, upon which the auditors issued an unqualified
opinion and which did not contain a statement under either section 237(2) or 237
(3) of the Companies Act 1985, have been delivered to the Registrar of
Companies.
Copies of this report are being sent to shareholders and will be made available
to the public at the Company's registered office at Zetex Technology Park,
Chadderton, Oldham OL9 9LL, United Kingdom and the Company's website: zetex.com.
2 Segmental analysis of turnover
The group's geographical segments are based on the location of the group's
assets. Sales to external customers disclosed in geographical segments are based
on the geographical location of its customers.
The 2006 full year and half year analyses have been restated so that the United
States of America is disclosed separately from the rest of the Americas.
Total revenue figures remain unchanged and there is no impact on the
Consolidated Income Statement.
unaudited unaudited audited
2007 2006 2006
half year half year full year
RESTATED RESTATED
# 000 # 000 # 000
Revenue by destination
Net segment sales
United Kingdom 2,451 2,428 5,027
United States of America 4,705 5,047 9,786
Continental Europe 9,117 10,558 19,847
Asia Pacific 15,286 15,291 31,834
Other geographical areas 409 331 674
31,968 33,655 67,168
Revenue by origin
Segment sales
United Kingdom 29,921 30,173 60,689
United States of America 5,747 5,816 13,131
Continental Europe 13,253 14,079 26,800
Asia Pacific 14,099 14,573 28,670
Inter-segment sales
United Kingdom (27,384) (27,625) (55,522)
Continental Europe (3,668) (3,361) (6,600)
Sales to external customers 31,968 33,655 67,168
This information is provided by RNS
The company news service from the London Stock Exchange
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