RNS Number : 2779E
Water Hall Group Plc
25 September 2008
Water Hall Group plc
Interim Results for the half-year ended 30 June 2008
Chairman's Statement
Overview
In my statement at the AGM held on 4 June 2008, I informed shareholders that 2008 would be a year of transition. I also provided an
update on the key challenges facing the board now that a significant proportion of the Group's trading activities have ceased and on the
actions being taken by your board to develop the Group and mitigate the impact of the current reduced scale of activities.
On the positive side, I am pleased to report that at a meeting of Hertfordshire County Council's ("HCC") planning and development
committee held on 23 September 2008, members approved the Company's resubmitted application to vary an existing planning consent. The
existing consent linked the Materials Recovery Facility ("MRF") activities to the Southfield Wood Landfill ("SFW") which is now closed. The
variation amends the consent to link the MRF to the operations of the Bunkers Landfill ("Bunkers") for which the consented period runs to
2014. The recently approved planning application permits the Company to construct a modern recycling facility.
Trading conditions during the first half of the year were difficult reflecting the impact of the well documented 'credit crunch',
increasing fuel prices, poor weather conditions and the downturn in the construction industry.
In June the inert soil recycling activity ceased due to poor operating results and this has been treated in these accounts as a
discontinued operation. The board expects tonnages in the remaining continuing operation, Bunkers, to be lower than last year. As a
consequence of both these factors measures were implemented, during the first half and after the period end, which have significantly
reduced the head count, reduced the operational cost base and resulted in the disposal of surplus plant and equipment.
In spite of these poor trading conditions, the Group's balance sheet remained strong with cash and available-for-sale-assets at similar
levels to those at 31 December 2007.
It remains your board's objective to make an acquisition capable of providing sustained earnings coupled with the potential to achieve
further growth. I am pleased to report that a number of targets are presently under review. Your board is encouraged that vendors appear to
be taking a much more realistic attitude in assessing the valuations placed on their businesses, recognising that they are operating in a
more difficult trading environment than over the past few years and also the reduced availability of acquisition finance.
The board also continues to monitor the Company's investment in Petards Group plc ("Petards") whose shares, which are quoted on AIM,
have been suspended since 25 June 2008 pending the release of the accounts for the year to 31 December 2007. The board of Petards announced
on 31 July 2008 that it expected to be in a position to make proposals to shareholders relating to a possible offer or refinancing in
September 2008. In light of the suspension of Petards shares, provision has been made to write down the carrying value of this asset to
£70,000, pending clarification of Petards financial position, giving rise to a charge in the income statement for the period of £168,000.
Discussions continue with HCC over the restoration of SFW, the Group's objective being to return the restored areas to prime
agricultural land. In the meantime, as part of the restoration programme, the capping of Cell 5 has been largely completed and the capping
of Cell 2 has commenced. The capping will enable a gas collection system to be installed which in turn will provide the Group with better
information on the potential for commercial use of the gas.
The board continues to keep under review the opportunities for the development of other parts of the Group's estate, in particular the
exploitation of the gravel reserves in Bunkers South and its potential restoration with inert waste, both presently held under a royalty
option. The date for the public inquiry into HCC's Waste Plan has yet to be set and there is little in this area that can be done at this
stage. In regard to the HCC adopted Hertfordshire Local Minerals Plan ("Minerals Plan"), the board is presently reviewing it for any
deficiencies in the County Council's statutory obligations. If, on advice, the board feels that the Minerals Plan is flawed and the Group's
mineral reserves could become consented, then a planning application will be considered during 2009.
Results
Sales for continuing operations for the half-year were £880,000 (2007 - £575,000). Cost of sales was £452,000 (2007 - £246,000)
resulting in a gross profit of £428,000 (2007 - £329,000) representing 48.64% (2007 - 57.22%) of sales, the fall mainly reflecting the
additional costs of processing soils after receipt. After administrative expenses of £674,000 (2007 - £610,000) and other losses of £145,000
(2007 - £nil), mainly the Petards impairment provision, the operating loss for the period was £391,000 (2007 - £281,000). Finance income was
£89,000 (2007 - £29,000), resulting in a pre-tax loss from continuing operations of £302,000 (2007 - £252,000). Discontinued operations
incurred a loss of £6,000 (2007 - profit of £362,000) arising from the trading losses of the soil recycling activity discontinued in the
period and from the losses and closure costs of the skip collections business discontinued in 2007. These losses and costs were mostly
offset by the gains on the sale of plant and equipment used in those activities discontinued in 2007. The result of all operations for the period was a loss of £308,000 (2007 - profit £110,000).
No tax is payable in respect of either period.
Basic earnings per share were a loss of 0.54p for the period (2007 - profit of 0.20p per share) and fully diluted earnings per share
were a loss of 0.51p per share (2007 - profit of 0.18p per share).
As it remains the board's objective to make an acquisition which would be expected to provide sustainable earnings growth, no dividend
has been declared in respect of the period.
Cash outflow from operating activities of £310,000 (2007 - inflow of £87,000) was offset by income from investing activities of £401,000
(2007 - expenditure of £182,000). The cash inflow during 2008 primarily arose from the disposal of surplus plant and equipment which
generated income of £441,000 (2007 - £nil) Capital expenditure of £140,000 (2007 - £55,000) includes planning costs of £121,000 (2007 -
£nil) in respect of the MRF planning application. The increase in free cash and cash equivalents during the half-year was £91,000 (2007 -
decrease of £95,000).
At 30 June 2008, the Group had cash and cash equivalents of £5.312m (31 December 2007 - £5.187m) including balances held in escrow
accounts of £1.289 million (31 December 2007 - £1.255 m).
Total equity at 30 June 2008 was £4.521 million (31 December 2007 - £4.800 million), equating to basic net assets of 7.97p per ordinary
share (31 December 2007 - 8.47p), the reduction reflecting the loss for the period.
Risks & Uncertainties
The principal risks and uncertainties affecting the business activities of the Group remain those detailed on page 11 of the 2007 Annual
Report. In the view of the Board these properly reflect the uncertainties which may have a material effect on the Group's performance in the
second-half of the year.
Future
While the board believes that any significant recovery in the construction industry is likely to be slow, it is actively reviewing plans
designed to accelerate the cash flow from Bunkers, the sole remaining activity.
The Group's strong asset base and cash resources place it in a good position to acquire a business provided other factors relating to
quality, profitability and sustainability are met. The board's view is that any acquisition should be funded from its cash resources as far
as is realistic and that debt to equity ratios should be consistent with available free cash flow on a conservative basis. During the
intervening period the board will continue to make short to medium term investments where it believes the returns will be greater than from
cash on deposit. The board is also looking at suitable alternatives to holding cash in escrow accounts, in particular that in respect of SFW
which represents the majority of funds held in such accounts.
Trading for the first three months of the second half has been poor and is below the board's expectations. It is anticipated that there
will be some asset sales in the second half of the year but they will be less than those in the first half of the year. Being a single site
operation, current market conditions make it difficult for the board to predict with any degree of accuracy the outcome for the year.
However, the substantial reduction in the cost base and the enthusiasm of the remaining employees lead the board to believe that the Group
is now better positioned to cope in the present economic climate.
Raschid Abdullah
Chairman
25 September 2008
Enquiries:
Raschid Abdullah Chairman Water Hall Group plc 07768 905004
John Wakefield Director, Corporate BlueOar Securities Plc 0117 933 0020
Finance
Income Statement
for the half-year ended 30
June 2008
Unaudited Audited
Half-year to Half-year to Year to
30 June 2008 30 June 2007 31 December 2007
Notes (restated
see note 2)
£000 £000 £000
Continuing operations
Revenue 3 880 575 1,839
Cost of sales (452) (246) (473)
Gross profit 428 329 1,366
Administrative expenses (674) (610) (1,215)
Other (losses) / gains - net 4 (145) - 669
Operating (loss) / profit (391) (281) 820
Finance income 5 89 29 95
(Loss) / profit before income 3 (302) (252) 915
tax
Income tax expense 6 - - -
(Loss) / profit from 3 (302) (252) 915
continuing operations
Discontinued operations
(Loss) / profit from 3 (6) 362 (245)
discontinued operations
(Loss) / profit for the period 3 (308) 110 670
(Loss) / earnings per ordinary 7
share
From continuing and
discontinued operations
Basic (0.54)p 0.20p 1.18p
Diluted (0.51)p 0.18p 1.09p
From continuing operations
Basic (0.53)p (0.45)p 1.61p
Diluted (0.50)p (0.41)p 1.49p
Statement of Recognised Income and Expense
for the half-year ended 30 June
2008
Unaudited Unaudited Audited
Half-year to Half-year to Year to
30 June 30 June 31 December
2008 2007 2007
£000 £000 £000
Fair value (losses) / gains net
of tax :
on available-for-sale financial 29 84 (29)
assets
reversal of previously - - (279)
recognised fair value gain
following disposal of
available-for-sale financial
assets
Net (charge) / income recognised 29 84 (308)
directly in equity
(Loss) / profit for the period (308) 110 670
Total recognised (charge) / (279) 194 362
income for the period
Balance Sheet
for the half-year ended 30 June
2008
Unaudited Audited
30 June 30 June 31 December
2008 2007 2007
Notes £000 £000 £000
Assets
Non-current assets
Property, plant and equipment 8 1,129 1,167 1,084
Available-for-sale financial 9 70 1,560 209
assets
Total non-current assets 1,199 2,727 1,293
Current assets
Inventories - 62 -
Trade and other receivables 964 607 986
Cash - escrow deposits 10 1,289 1,220 1,255
Cash and cash equivalents 10 4,023 2,646 3,932
6,276 4,535 6,173
Non-current assets held-for-sale 11 17 - 63
6,293 4,535 6,236
Total assets 7,492 7,262 7,529
Equity and liabilities
Share capital 12 567 563 567
Share premium 12 8 - 8
Other reserves 106 363 77
Retained earnings 3,840 3,667 4,148
Total equity 4,521 4,593 4,800
Non-current liabilities
Provisions for liabilities and 13 1,578 1,804 1,749
charges
Total non-current liabilities 1,578 1,804 1,749
Current liabilities
Trade and other payables 1,025 603 641
Provisions for liabilities and 13 368 262 339
charges
Total current liabilities 1,393 865 980
Total liabilities 2,971 2,669 2,729
Total equity and liabilities 7,492 7,262 7,529
Cash Flow Statement
for the half-year ended 30
June 2008
Unaudited Audited
Half-year to Half-year to Year to
30 June 30 June 31 December
2008 2007 2007
Notes £000 £000 £000
Cash flows from operating
activities
(Loss) / profit from (391) (281) 820
operations - continuing
operations
(Loss) / profit from (6) 362 (245)
operations - discontinued
operations
(Loss) / profit from (397) 81 575
operations
Adjustments for:
Depreciation of property, 8 78 64 104
plant and equipment
Impairment charges 9 168 - -
Share-based payment charge - - 27
Gain on disposal of property, (378) - (100)
plant and equipment
Gain on disposal of - - (669)
available-for-sale financial
assets
Decrease in provisions (187) (226) (260)
Operating cash outflows before (716) (81) (323)
movements in working capital
(Increase) / decrease in - (6) 56
inventories
Decrease in receivables 22 802 423
Increase / (decrease) in 384 (628) (589)
payables
Cash (used in) / generated (310) 87 (433)
from operations
Cash flows from investing
activities
Purchase of property, plant (140) (55) (75)
and equipment
Proceeds from sale of 441 - 100
property, plant and equipment
Purchase of available-for-sale - (199) (1,959)
financial assets
Proceeds from sale of - - 3,388
available-for-sale financial
assets
Interest received 134 107 228
Amounts added to Environment (34) (35) (70)
Agency escrow accounts
Net cash from / (used in) 401 (182) 1,612
investing activities
Cash flows from financing
activities
Proceeds from issue of equity - - 12
shares
Net cash from financing - - 12
activities
Net increase / (decrease) in 91 (95) 1,191
cash and cash equivalents
Cash and cash equivalents at 10 3,932 2,741 2,741
the beginning of the period
Cash and cash equivalents at 10 4,023 2,646 3,932
the end of the period
During the year discontinued operations utilised £348,000 (2007 - generated £365,000) of the Group's net operating cash flows, received
£243,000 (2007 - utilised £26,000) in respect of investing activities and paid £nil (2007 - £nil) in respect of financing activities.
Notes to the Interim Statement
1. General information
Water Hall Group plc is a public limited company ("Company") incorporated in the United Kingdom under the Companies Act 1985 (registered
in England number 438328). The Company is domiciled in the United Kingdom and its registered address is Parallel House, 32 London Road,
Guildford, GU1 2AB. The Company's ordinary shares are traded on the Alternative Investment Market ("AIM"). The Group's principal activity is
waste management.
The interim financial statements for the half-year ended 30 June 2008 have been reviewed, not audited, and were approved for issue by
the Board on 25 September 2008. The financial information contained in these 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 2007 has been
extracted from the statutory accounts for the Group for that year. Statutory accounts for the year ended 31 December 2007, upon which the
auditors have given an unqualified audit report and made no statements under Sections 237(2) or (3) of the Companies Act 1985, have been
filed with the Registrar of Companies. Further copies of the report are available from the Company Secretary at the registered office and on
the Company's website at www.waterhallgroupplc.com.
2. Basis of preparation
The interim financial statements for the half-year ended 30 June 2008 have been prepared in accordance with International Financial
Reporting Standards ("IFRS") as adopted by the European Union ("EU") and in accordance with IAS34 Interim Financial Reporting. They should
be read in conjunction with the annual financial statements for the year ended 31 December 2007.
The accounting policies adopted are consistent with those of the year ended 31 December 2007 as described in those financial statements.
Comparative amounts in the income statement for the half-year ended 30 June 2007 have been restated following the classification of
quarrying and skip collections as discontinued operations in the financial statements for the year ended 31 December 2007.
IAS 1 Presentation of Financial Statements (Revised 2007), IAS 23 Borrowing Costs (Revised 2007), IRFIC 11 IFRS 2 Group and Treasury
Share Transactions, IFRIC 12 Service Concession Arrangements, IFRIC 13 Customer Loyalty Programmes and IFRIC 14 IAS 19 The Limit of the
Defined Benefit Asset, Minimum Funding Requirements and their Interaction were either in issue but not yet effective or not yet adopted by
the EU at 30 June 2008. IFRIC15 Agreements for the Construction of Real Estate and IFRIC 16 Hedges of a Net Investment in a Foreign
Operation were issued on 3 July 2008 and therefore in issue at the date of authorisation of these interim financial statements but not yet
effective.
The directors anticipate that the adoption of these standards and interpretations in future periods will have no material impact on the
financial statements of the Group.
3. Segmental analysis
Segmental results
During 2008 waste management has been the only business segment. In 2007 quarry sales, previously regarded as a separate segment, ceased
when the supply of consented aggregates from Bunkers Hill quarry was exhausted, and the skip collections business, part of the waste
management segment, was closed.
During 2008, the Materials Recycling Facility, the inert soil processing part of waste management, was also closed. All activities that
ceased during 2007 and 2008 are included as discontinued operations in these financial statements.
The following is an analysis of the Group's revenue and results from continuing and discontinued operations by reportable segment:
Half-year ended 30 June 2008 Continuing operations Discontinued operations Total
£000 £000 £000
Revenue
Waste Management 880 178 1,058
Quarrying - 6 6
880 184 1,064
Segment profit / (loss)
Waste Management 139 (361) (222)
Corporate expenses (385) - (385)
Other (losses) / gains (note (145) 355 210
4)
Finance income (note 5) 89 - 89
Loss for the half-year (302) (6) (308)
Half-year ended 30 June 2007 Continuing operations Discontinued operations Total
£000 £000 £000
Revenue
Waste Management 575 1,077 1,652
Quarrying - 275 275
575 1,352 1,927
Segment profit / (loss)
Waste Management (32) 254 222
Quarrying - 108 108
Corporate expenses (249) - (249)
Finance income (note 5) 29 - 29
(Loss) / profit for the (252) 362 110
half-year
Year ended 31 December 2007 Continuing operations Discontinued operations Total
£000 £000 £000
Revenue
Waste Management 1,839 1,134 2,973
Quarrying - 512 512
1,839 1,646 3,485
Segment profit / (loss)
Waste Management 718 (514) 204
Quarrying - 169 169
Corporate expenses (567) - (567)
Other gains (note 4) 669 100 769
Finance income (note 5) 95 - 95
Profit / (loss) for the 915 (245) 670
year
4. Other (losses) and gains
Unaudited Audited
Half year to Half year to Year to
30 June 30 June 31 December
2008 2007 2007
£000 £000 £000
Continuing operations
Gain on disposal of - - 669
available-for-sale financial
asset,
net of related expenses
Impairment losses on (168) - -
available-for-sale financial
asset
Gain on disposal of plant & 23 - -
equipment
(145) - 669
Discontinued operations
Gain on disposal of plant & 355 - 100
equipment
5. Finance income and costs
Unaudited Audited
Half year to Half year to Year to
30 June 30 June 31 December
2008 2007 2007
£000 £000 £000
Interest on escrow deposits 35 33 69
Bank interest receivable 99 73 159
134 106 228
Unwinding of discount on (45) (77) (133)
provisions
Net finance income 89 29 95
6. Taxation
Income tax expense and deferred income tax are reduced to £nil by utilising tax losses brought forward.
7. (Loss) / earnings per ordinary share
Unaudited Audited
Half year to Half year to Year to
30 June 30 June 31 December
2008 2007 2007
The calculation of (loss) /
earnings per ordinary share is
based on:
The basic weighted average number of Ordinary shares 56,691,100 56,291,100 56,656,656
in
issue during the period.
Dilutive effect of share 4,084,829 5,031,016 4,877,793
options
The dilutive weighted average number of Ordinary 60,775,929 61,322,116 61,534,448
shares in
issue during the period
£000 £000 £000
(Loss) / profit for the period (302) (252) 915
- continuing operations
(Loss) / profit for the period (6) 362 (245)
- discontinued operations
(Loss) / profit for the period (308) 110 670
Interest on share option 7 7 14
receipts - continuing
operations
(Loss) / profit for the (301) 117 684
purpose of diluted earnings
per share
8. Property, plant and equipment
During the half-year to 30 June 2008 additions comprised mainly planning costs associated with obtaining new consents for the materials
recycling facility.
£000
Half-year ended 30 June 2007
Opening net book amount at 1 January 2007 1,176
Additions 55
Depreciation (64)
At 30 June 2007 1,167
Year ended 31 December 2007
Additions 20
Reclassified as held-for-sale (63)
Depreciation (40)
At 31 December 2007 1,084
Half-year ended 30 June 2008
Additions 140
Reclassified as held-for-sale (17)
Depreciation (78)
Closing net book amount at 30 June 2008 1,129
9. Available-for-sale financial assets
The available-for-sale financial asset represents the Group's holding of 46,500,000 ordinary shares in Petards Group plc ('Petards') an
AIM listed company. Petards principal activities are the development, supply and maintenance of technologies used in security and
surveillance systems. The shares represent 7.3 % of Petards issued ordinary share capital and were acquired during 2007 for £238,000 at an
average cost per share of 0.51p.
At 30 June 2008 the shares were suspended in accordance with AIM rules as Petards had not published its Report and Accounts for the year
ended 31 December 2007 within six months of the year end, pending a proposed equity re-financing. At the time of suspension the mid-market
price was 0.33p per share. Provision of £168,000 has been made during the period for the estimated impairment loss to reduce the carrying
value to £70,000.
At 30 June 2007 the available-for-sale financial asset represented the Group's holding of 690,000 ordinary shares in Premier Asset
Management plc, which was subsequently sold during the second half of 2007.
10. Cash and cash equivalents
Escrow deposits comprise £1.289m (December 2007 - £1.255m) deposited in five bank accounts held jointly with the Environment Agency in
escrow. These escrow accounts are to be used specifically for restoration and aftercare purposes and have been excluded from cash resources
in the cash flow statement.
The cash resources are held as follows:
Unaudited Audited
30 June 30 June 31 December
2008 2007 2007
£000 £000 £000
Escrow deposits 1,289 1,220 1,255
Short term bank deposit 3,809 2,475 3,768
Current account 214 171 164
4,023 2,646 3,932
The cash and cash equivalents may be analysed between fixed and floating rate by currency as follows:
30 June 30 June 31 December
2008 2007 2007
Floating rate cash and cash equivalents
Sterling - £'000's 214 171 164
Fixed rate cash and cash equivalents
Sterling - £'000's 3,809 2,475 3,768
4,023 2,646 3,932
Refer to Note 14 Post Balance Sheet Events which sets out details of the purchase of an available-for sale financial asset during
September 2008.
11. Non-current assets classified as held-for-sale
30 June 30 June 31 December
2008 2007 2007
£000 £000 £000
Plant and equipment attributable to 17 - 63
discontinued activities
12. Share capital
Number of shares Ordinary shares Share premium Total
(thousands) £000 £000 £000
At 1 January 2007 and 30 June 56,291 563 - 563
2007
Executive share option scheme:
- Proceeds from shares issued 400 4 8 12
At 31 December 2007 and 30 56,691 567 8 575
June 2008
The total authorised number of ordinary shares is 155,001,961 shares with a par value of 1p per share. All issued shares are fully paid.
400,000 ordinary shares were issued in November 2007 at a price of 3p per share on the exercise of options pursuant to the rules of the
Water Hall Group plc Executive Share Option Scheme 2004.
13. Provisions for other liabilities and charges
Restoration and aftercare
£000
At 1 January 2007 2,215
Additional provisions 7
Unwinding of discount 77
Utilised during the period (233)
At 30 June 2007 2,066
Additional provisions 3
Unwinding of discount 56
Utilised during the period (37)
At 31 December 2007 2,088
Additional provisions 5
Unwinding of discount 45
Utilised during the period (192)
At 30 June 2008 1,946
Analysis of total provisions :
Current 368
Non-current 1,578
1,946
The restoration and aftercare provisions relate to the costs of restoring and reinstating land from which the mineral resources are
extracted, addressing environmental issues at quarry and landfill sites and planning and related matters. These costs are expected to be
incurred at varying times between 2008 and 2069.
14. Post balance sheet events
During 2008 it was decided to discontinue the processing of inert waste at the Materials Recycling Facility and the closure process was
completed during the third quarter of 2008. Closure costs, mainly redundancy payments, are expected to be more than offset by the gain
arising on the sale of plant and equipment.
During September 2008 the Company purchased listed investments at a total cost of £1.269m.
Statement of Directors' Responsibilities
The directors confirm that the condensed set of financial statements has been prepared in accordance with all major aspects of IAS 34
Interim Financial Reporting.
The directors of Water Hall Group plc are listed in the annual report for 31 December 2007 and there have been no changes during the
period. The list of current directors is maintained on the Water Hall Group plc website: www.waterhallgroupplc.com .
By order of the board
Raschid Abdullah
Chairman
25 September 2008
Independent Review Report to Water Hall Group plc
We have been engaged by the company to review the condensed set of financial statements in the half-yearly financial report for the six
months ended 30 June 2008 which comprises the income statement, the statement of recognised income and expense, the balance sheet, the cash
flow statement and related notes 1 to 14. We have read the other information contained in the half-yearly financial report and considered
whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial
statements.
This report is made solely to the company in accordance with International Standard on Review Engagements 2410 issued by the Auditing
Practices Board. Our work has been undertaken so that we might state to the company those matters we are required to state to them in an
independent review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to
anyone other than the company, for our review work, for this report, or for the conclusions we have formed.
Directors' responsibilities
The half-yearly financial report is the responsibility of, and has been approved by, the directors. The directors are responsible for
preparing the half-yearly financial report in accordance with the AIM Rules of the London Stock Exchange.
As disclosed in note 2, the annual financial statements of the group are prepared in accordance with IFRSs as adopted by the European
Union. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with
International Accounting Standard 34, "Interim Financial Reporting," as adopted by the European Union.
Our responsibility
Our responsibility is to express to the Company a conclusion on the condensed set of financial statements in the half-yearly financial
report based on our review.
Scope of Review
We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410, "Review of Interim
Financial Information Performed by the Independent Auditor of the Entity" issued by the Auditing Practices Board for use in the United
Kingdom. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and
accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in
accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would
become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the
half-yearly financial report for the six months ended 30 June 2008 is not prepared, in all material respects, in accordance with
International Accounting Standard 34 as adopted by the European Union and the AIM Rules of the London Stock Exchange.
Deloitte & Touche LLP
Chartered Accountants and Registered Auditors
Reading, United Kingdom
25 September 2008
This information is provided by RNS
The company news service from the London Stock Exchange
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