RNS Number:4234T
Business Direct Group Plc
30 April 2008
BUSINESS DIRECT GROUP PLC - PRELIMINARY ANNOUNCEMENT
In RNS Number: 3457T issued yesterday, the share capital was stated in the Group
Balance Sheet to be #2,201,000 at 31 January 2008 and #1,783,000 at 31 January
2007. The correct figures are #4,137,000 and #3,719,000, respectively. The full
text of the revised announcement follows:
Business Direct (BDG:AIM), the leading specialist provider of logistics
solutions to the field-based personnel market, announces its unaudited results
for the year to 31 January 2008. The year was particularly challenging, as the
new management teams highlighted areas for improvement and took actions with a
view to returning the Group to profitability.
Key points - financial
*Year-on-year revenue increased by 5%
*Revenue totalled #15.40m (2007*: #15.95m), of which the In Night Division
#7.24m (2007*: #7.52m) and the Specialist Division #8.16m (2007*: #8.43m)
*Gross profit was #4.89m (2007*: #5.45m), with a gross margin of 31.7%
(2007*: 34.2%)
*Adjusted LBITDA (excluding exceptional items and software amortisation)
was #2.79m (2007*: #1.08m)
*The pre-tax loss was #3.59m (2007*: #1.81m) on an adjusted basis, with a
pre-tax loss of #4.27m (2007*: #2.23m) reported
* 13 months to 31 January 2007
Key points - operational
* 99% of both ParcelXchange deliveries and Specialist deliveries meet
service level agreements
* ParcelXchange occupancy increased to 61% from 51%
* PUDO (manned pick up drop off) service launched
* ParcelXchange B2C trials commenced
* Modular ParcelXchange launched
* European In Bound service launched, leading to significant In Boot
revenue increase
* Business Direct can now offer a total In Night solution, giving
pre-8a.m. delivery of UK and European freight to the field personnel market
* Specialist signs 5 year extension to Computacenter contract
* Closure of operational branch at Watford ensures significant savings in
the current and subsequent years
* ParcelXchange Worldwide Division launched in February 2007, winning its
first major contract in December 2007 with DHL Same Day Ireland
Russell Hodgson, Chairman, stated "Following the very extensive changes effected
over the last year, I believe that the Group can expect to achieve the success
it deserves. There are opportunities for profitable growth in all areas of our
business and I am convinced that we now have the right people, systems and
processes in place to see that growth materialises."
Paul Carvell, Chief Executive, added "The year under review was a difficult one,
which saw a lot of change with a new management team and significant
re-engineering of the services we offer. New service offerings, such as PUDO,
B2C, ParcelXchange Worldwide and national Same-day network, build on our
existing core strengths. The current year has started satisfactorily and I
believe we are now in a position where profitability and positive cash
generation are in sight."
Enquiries:
Business Direct Group plc 01788-821 200
Paul Carvell (CEO)
Martin Wright (CFO)
Arden Partners (NOMAD and Broker) 0121-423 8900
Steve Douglas
Bankside Consultants Limited
Charles Ponsonby 020-7367 8851
Chairman's Statement
INTRODUCTION
The year to 31 January 2008 was one of significant change, and this is reflected
in the Group's financial results.
CHANGES
Board
The management team was strengthened by the appointment during the year of
Richard Martin, Managing Director of the In Night Division, Martyn Wilson,
Managing Director of the Specialist Division, and Martin Wright, Finance
Director.
Richard Hunt, a prominent logistics and transport industry figure, joined the
Board as a Non-Executive Director.
Infrastructure
There were major changes to the business infrastructure during the year, not
least the formation of a new division, ParcelXchange Worldwide, which
capitalises on the unique features of ParcelXchange across the globe.
Other specific changes are listed below:
In Night:
European In bound flight from Germany introduced, allowing later cut-off times
for customers.
PUDO (Pick up drop off) services offered to customers, utilising Wolseley
Group's infrastructure of over 300 locations.
Strategic partnerships formed with Metapack and, subsequent to the year end,
Parcelforce Worldwide, part of the Royal Mail.
New sales team started.
Telesales/telemarketing introduced.
Specialist:
Closure of Watford site, planned during the year and commenced shortly
afterwards, which is anticipated to generate significant cost savings in the
current financial year.
National Sameday network established.
New operating system introduced, enabling better cost control and offering
parcel scanning to our customers.
PAYE employed drivers migrated to self employed subcontractors to improve
efficiency.
New, fit for purpose, vehicle fleet introduced.
ParcelXchange Worldwide:
Launch of new modular ParcelXchanges, now being trialled in Europe.
Supply chain streamlined with introduction of a new manufacturing process.
Central:
Completion of the relocation of the finance function from Teddington to Rugby.
FINANCIAL REVIEW
The year under review is the 12 months to 31 January 2008 whilst the comparative
period is the 13 months to 31 January 2007, following a change of year end
announced in January 2007.
Revenue for the year totalled #15.40m (2007: #15.95m) and gross profit was
#4.89m (2007: #5.45m), a gross margin of 31.7% (2007: 34.2%).
The operating loss was #3.29m (2007: #1.52m). After an exceptional charge of
#0.68m (2007: #0.42m) in connection with the closure of the Watford site, the
loss before interest and tax totalled #3.97m (2007: #1.94m). With an interest
charge of #0.29m (2007: #0.29m), the loss before and after tax amounted to
#4.27m (2007: #2.23m). The basic loss per share was 2.2p (2007: 6.2p).
Adding back the exceptional charge of #0.68m (2007: #0.42m), the adjusted loss
before tax was #3.59m (2007: #1.81m), and the adjusted loss per share was 1.9p
(2007: 5.1p). The adjusted LBITDA amounted to #2.79m (2007: #1.08m).
At the year end, net debt totalled #3.9m (2007: #2.0m) and net assets were #0.1m
(2007: #3.1m).
During the year, the Group undertook a further fundraising which resulted in a
net injection of #1.1m from new and existing shareholders. Following the year
end, in February 2008, to provide sufficient working capital to sustain future
growth, the Group entered into an agreement with a specialist finance house,
Total Asset Finance, whereby the future revenues of the Jungheinrich European
Inbound contract were factored for an immediate cash injection of #2.2m. In
addition, the Group agreed amendments to its banking facilities with The Bank of
Scotland.
No final dividend is proposed (2007: nil).
BUSINESS REVIEW
In Night Division
Occupancy levels of ParcelXchange reached new highs, 61% at the year-end
compared to 51% last year, a remarkable achievement given no new exchanges were
added during the year. There were also significant wins for our In Boot/Direct
Vendor Trunking service, allowing us to recover lost ground from previous years
and ensuring Business Direct remains the No 1 company in the UK for In Night
deliveries. We have also reconfigured our route structure to provide a faster,
more efficient service to our In Night customers.
Specialist Division
This was a challenging year, as the new management team was forced to make
difficult decisions in order to realise the potential of the Specialist
Division. The closure of our Watford location led inevitably to some
redundancies but, going forward, this decision ensures that significant annual
cost savings can be achieved. The introduction of a new operational I.T.
platform allows us to lead the field in offering scanning facilities to our
customers, and gives greater visibility of profitability. A new,
fit-for-purpose, vehicle fleet means we can give confidence to customers of our
ability to deliver a professional, reliable and cost effective service.
Parcel XchangeWorldwide Division
The concept of ParcelXchange Worldwide is that the Group leases, via a third
party leasing company, its ParcelXchange technology to other In Night providers
and national Post Offices. It is hard to believe that this division was formed
just over a year ago, in February 2007, and we have been pleasantly surprised at
the high level of interest from across the globe. In December, we won our first
contract, to supply 30 ParcelXchanges to DHL in Ireland, and the product is now
being trialled by Post Offices and other In Night providers across Europe and
Asia.
BOARD CHANGES
The appointment of Martyn Wilson and Martin Wright and the resignation of Derek
O'Neill and David Whitaker, all in March 2007, were recorded in the Annual
Report and Financial Statements 2006/07.
In September 2007, we welcomed to the Board Richard Martin and Richard Hunt
C.B.E.
Richard Martin joined Business Direct in April 2007 as Managing Director of the
In Night Division and was elected to the Board in September 2007. Immediately
prior to this, Richard was at Parcelnet, the UK's largest national courier home
delivery specialist, from October 2003 as General Manager; at Exel Logistics,
from April 2002 to October 2003 as Commercial Manager; and at Christian
Salvesen, from May 1994 to April 2002, latterly as Network Transport Director.
Richard Hunt was at The Go-Ahead Group from April 2002 to October 2005 as Chief
Executive of its Aviation Division and Aviance Limited; at NFC, then the largest
UK transport and logistics business, from April 1995 to December 1999 as
Executive Director Operations - UK and Ireland and Chief Executive - Exel
Logistics Europe; and at Brown & Tawse from March 1993 to April 1995 as
Logistics Director, on the main Board of this fully listed company. Richard was
a non-executive Advisor / Director of the Department of Transport's Highways
Agency Advisory Board from 2000 until 2005; is International President of the
Chartered Institute of Logistics and Transport, having been its UK Chairman from
1998 to 2001 and UK President from 2001 to 2004; and was appointed CBE in 2004
for services to logistics and transport.
Also in September, Dr. Stephen Dakin resigned from the Board as a non-executive
director. I would like to take this opportunity to thank Stephen for his
contribution since helping bring the Company to the AIM market in 2004.
EMPLOYEES
The success of this business is reliant on the capabilities of its staff and I
would like to express my thanks to the Group's employees for all the enthusiasm
and commitment they have shown during a challenging year of much change.
As noted last year, the Group has introduced an employee sharesave scheme which
gives employees the option of investing part of their earnings in a deposit
account which can then, after three or five years, be converted into ordinary
shares of the Company.
PROSPECTS
Following the very extensive changes effected over the last year, I believe that
the Group can expect to achieve the success it deserves. There are opportunities
for profitable growth in all areas of our business and I am convinced that we
now have the right people, systems and processes in place to see that growth
will materialise.
Russell Hodgson 29 April 2008
Chairman
Chief executive's review
INTRODUCTION
The financial year to 31 January 2008 was particularly challenging, as the new
management teams highlighted areas for improvement and took actions that are
expected to bring the Group to profit. In addition, we raised further tranches
of finance, first through a share issue, which netted #1.1m in June 2007, and
secondly through factoring future revenues with a specialist finance house,
which brought in an additional #2.2m in February 2008.
BUSINESS REVIEW
Business Direct is a specialist provider of logistics solutions for the
computer, electrical and field services engineer market. Since the start of the
year, the Group has been organised into three divisions: In Night, Specialist,
and ParcelXchange Worldwide.
In Night
The In Night Division comprises ParcelXchange, direct engineer delivery
("In-Boot") and direct vendor trunking/delivery to forward stock locations
("FSLs"), providing logistics solutions for the final mile delivery. It has a
blue chip client base and partnerships with global supply chain companies, such
as DHL/Exel and TNT. A European inbound freight solution and a national PUDO
network (manned Pick Up Drop Off points) were launched during the year, enabling
us to offer a total In-Night solution, giving pre-8am delivery of UK and
European freight to the field personnel market.
In the year to 31 January 2008, the In Night Division revenue totalled #7.24m
(13 months to 2007: #7.52m), with ParcelXchange revenue totalling #4.88m (13
months to 2007: #4.48m).
ParcelXchange
Business Direct owns a national network of award winning ParcelXchanges,
providing a secure deposit and reverse logistics environment, using
sophisticated technology with end-to-end track-and-trace. The ParcelXchanges are
typically used to service the field engineer market, delivering parts into a
secure locker in a convenient location. Customers can rent ParcelXchange lockers
for a pre-agreed period ("Fixed") or pay as used ("Dynamic"). ParcelXchange
represents the UK's largest network of intelligent drop boxes and the lockers
are installed nationwide, normally at petrol stations and supermarkets, with an
average drive time of just 15 minutes from an engineer's home.
The number of ParcelXchanges stands at approximately 300, which means there are
over 4,000 individual lockers available. Even though the number of
ParcelXchanges did not increase during the year, occupancy levels rose from 51%
to 61% at the year end.
We continue to explore new avenues to earn revenue and one focus this year has
been on setting up a national PUDO network in partnership with Wolseley Group
plc. Effectively, this is a manned ParcelXchange utilising Wolseley's network of
over 300
trade counters. By using exactly the same software as a ParcelXchange, customers
have complete visibility of their transaction, from collection through to pick
up by their engineer. This solution allows us to increase our nationwide
coverage and support those areas of highly utilised ParcelXchanges.
Another focus area is Business to Consumer (B2C), and we have built a strategic
alliance with Metapack, a fulfilment strategist specialising in delivery
management solutions to major retailers. We are currently trialling the B2C
concept with an on-line retailer, which is going well. There is a significant
opportunity here.
In-Boot Delivery & Direct Vendor Trunking
In-Boot is a service that supplies direct into field engineers' vehicles during
the night and collects returned parts, enabling the engineer to reduce overall
mileage and increase productivity. Direct Vendor Trunking is an exclusively
managed national delivery system which enables dedicated delivery and collection
to major vendors and repair agents on a daily basis.
We have been particularly successful in winning new business in this area, with
two major contracts, Jungheinrich and Siemens Medical, helping us recover lost
revenues from earlier years. We continue to concentrate on this area which, with
our European Inbound flight capability, offers unrivalled flexibility to
customers by allowing later cut-off times for critical engineering parts
required for next day delivery.
Specialist
The principal services offered by the Specialist Division are Two-Man Delivery,
Same-Day Urgent Delivery, National Next-Day Parcel Delivery, Technical/Swap-Out,
and Partsbank. During the year, we signed a 5 year extension to the contract
with Computacenter.
Following a detailed review, we decided to close our Watford depot, which
historically had been the main focus of our Specialist operations. This decision
means that, in the current and subsequent years, we will save significant
amounts of overhead without any deterioration in service levels or capability.
In the year, Specialist revenue totalled #8.16m (13 months to 2007: #8.43m).
Two-Man Delivery
Two-Man delivery comprises pre-agreed time-specific delivery of large/high value
equipment, such as computer rack systems, using skilled Two-Man teams and
specialist vehicles.
Two Man is a very specialised service for which customers seeking a reliable,
efficient service are prepared to pay a premium. Our activity in this market is
growing as we establish a reputation for high service levels and excellent
customer care. We see this area as a growing market capable of making good
returns and one which provides a platform for B2C deliveries such as LCD/Plasma
deliveries to consumers' houses and commercial premises.
During the year, we made a fundamental change to our business model, changing
employed drivers to sub-contractor status, permitting greater efficiency whilst
reducing our cost base. We also replaced our vehicle fleet so that we could
provide customers with "fit for purpose" branded vehicles.
Same-day Urgent/Next-day Delivery
Same-day urgent and next-day delivery is a service which has historically traded
principally in the northern Home Counties out of our Watford depot. During the
year we set up a nationwide network with new locations in Milton Keynes, Rugby,
Manchester and Stafford, and have established post-year end locations in Cardiff,
Plymouth, Bristol, Glasgow and Leeds.
Although the financial results for Same-day delivery reflect a highly
competitive, price-driven market, this is a growth area where good margins are
achievable and one which, with a national network, we are becoming an
increasingly important participant.
Our Next day delivery service declined year on year as we retreated from this
market, which is not considered a core area of our business.
Technical/Swap-out
Technical/Swap-out comprises the delivery of substantial volumes of electronic
equipment to businesses, their on-desk set-up and the removal of old product in
accordance with European legislation. The business also carries out line 1/line
2 call out on nationwide maintenance agreements.
This is a difficult market which can be price sensitive but one in which we
continue to be seen as a quality player, which has helped grow the business
significantly.
Partsbank
Partsbank is the management of outsourced warehousing, comprising pick and pack
and stock management.
Following the closure of the Watford facility, we have retained a significant
majority of the existing Partsbank customers, who have agreed, because of the
high service levels achieved, to relocate their inventory to other depots.
ParcelXchange Worldwide
Since February 2007, Tim Houstoun has been focusing on the development of a
global ParcelXchange leasing business which, through collaboration with an asset
finance company, will have no adverse effect on the Group's cash flow. During
the year, there was significant interest in this concept, not only from other In
Night companies but also from National Post Offices. This interest culminated in
our first contract win in December, when DHL signed for 30 ParcelXchanges for
use in Ireland. In addition, we have commenced trials with one major European
Post Office and also have two boxes on trial in South East Asia.
Because of our success after a relatively short period of development, during
the year we formed a relationship with a specialist manufacturer which has
enabled us to produce, in volume, our new modular ParcelXchange. The amount of
interest in the concept of ParcelXchange Worldwide gives us confidence that we
have the ability to win several major contracts in the current year.
RISK
Whilst remaining confident in our abilities to achieve the proposed strategy, we
are aware that the business faces risk from increasing interest rates, rising
oil prices and competitor activity. However, the risk in relation to the latter
is lessened by the unique nature of the ParcelXchange product, and in particular
the sophistication of the software, posing a significant barrier to those
wishing to enter this arena.
CURRENT TRADING AND PROSPECTS
The year under review was a difficult one, which saw a lot of change with a new
management team and significant re-engineering of the services we offer. New
service offerings, such as PUDO, B2C, ParcelXchange Worldwide and a national
Same-day network, build on our existing core strengths. The current year has
started satisfactorily.
Accordingly, I believe we are now in a position where profitability and positive
cash generation are in sight.
SUMMARY
We continue to adopt the "people, service, profit" culture. Consequently, with
the new management team in place, we are now focused on providing exceptional
service to our customers across the Group, with all business units now operating
in the 98% plus category (and both ParcelXchange and Specialist deliveries at
99%). We believe this will lead to additional business from our existing
customers, who will in turn act as advocates for new customers.
Although slower than I would have liked, I am pleased with progress so far, as
we continue to win new business from our competitors and develop into highly
profitable new areas.
Paul Carvell 29 April 2008
Chief Executive
GROUP INCOME STATEMENT
for the year ended 31 January 2008
Notes Year Period
ended ended
31 Jan 31 Jan
2008 2007
#000 #000
Revenue 15,401 15,945
Cost of sales (10,514) (10,500)
--------------- ---------------
Gross profit 4,887 5,445
Administrative
expenses (8,079) (6,946))
Share-based
payment charge (123) (68)
Other income 23 54
--------------- ---------------
Operating loss (3,292) (1,515)
Exceptional
items 1 (681) (422)
--------------- ---------------
(3,973) (1,937)
Interest receivable 5 12
Interest payable and
similar charges (300) (305)
--------------- ---------------
Loss on ordinary
activities before
taxation (4,268) (2,230)
Taxation - -
--------------- ---------------
Loss for the
financial year (4,268) (2,230)
=============== ===============
Basic and
fully diluted
loss per share 2 (2.2)p (6.2)p
The operating loss for the year arises from the Group's continuing operations.
GROUP BALANCE SHEET
at 31 January 2008
Notes 31 Jan 31 Jan
2008 2007
#000 #000
Assets
Non-current assets
Property, plant and equipment 2,157 2,255
Goodwill 2,093 2,093
Other intangible assets 470 282
Deferred tax asset 502 502
Investment in associated
company 22 -
--------------- ---------------
5,244 5,132
--------------- ---------------
Current assets
Trade and other receivables 2,998 2,929
Cash and cash equivalents 213 714
--------------- ---------------
3,211 3,643
--------------- ---------------
Total assets 8,455 8,775
Liabilities
Current liabilities
Financial liabilities - borrowings 2,784 950
Trade and other payables 3,695 2,861
Provisions 553 -
--------------- ---------------
7,032 3,811
--------------- ---------------
Non-current liabilities
Financial liabilities - borrowings 1,291 1,791
Other payables 70 100
--------------- ---------------
1,361 1,891
--------------- ---------------
Total liabilities 8,393 5,702
Shareholders' equity
Share capital 4,137 3,719
Share premium 7,609 6,893
Merger reserve (968) (968)
Other reserves 210 87
Retained earnings (10,926) (6,658)
--------------- ---------------
Total shareholders' equity 3 62 3,073
--------------- ---------------
Total shareholders'
equity and liabilities 8,455 8,775
--------------- ---------------
GROUP CASH FLOW STATEMENT
for the year ended 31 January 2008
Notes Period Period
ended ended
31 Jan 31 Jan
2008 2007
#000 #000
Cash flows from operating activities
Cash utilised by operations 4 (1,989) (919)
Interest received 1 12
Interest paid (296) (305)
--------------- ---------------
Net cash outflow from
operating activities (2,284) (1,212)
Cash flows from investing activities
Payment of contingent consideration (36) (168)
Purchase of property, plant and
equipment (481) (625)
Purchase of intangible assets (182) (155)
Investment in associated company (22) -
--------------- ---------------
Net cash flow from investing
activities (721) (948)
Cash flows from financing activities
Proceeds from issue of
ordinary share capital 1,134 2,910
Proceeds from borrowings 1,370 370
Repayment of borrowings - (700)
--------------- ---------------
Net cash used in financing
activities 2,504 2,580
--------------- ---------------
Net (decrease)/increase in cash
and cash equivalents (501) 420
Cash and cash equivalents at
start of the period 714 294
--------------- ---------------
Cash and cash
equivalents at
end of the period 213 714
--------------- ---------------
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 January 2008
1 Exceptional costs
Exceptional items of #681,000 (13 months ended 31 January 2007: #422,000) have
been separately disclosed within these financial statements as they are
considered to be non-recurring and significant in nature. The exceptional item
includes redundancy costs, empty property costs and external costs relating to
the closure of the Watford facility. The prior year exceptional costs related to
a strategic review and the move of the finance function from Teddington to Rugby
2 Loss per ordinary share
The loss per ordinary share is based on the losses for the period of #4,266,000
(13 months ended 31 January 2007: #2,230,000) and the weighted average number of
shares in issue during the period of 192,748,856 (13 months ended 31 January
2007: 35,775,917).
The loss for the period and the weighted average number of ordinary shares for
calculating the diluted loss per share for the year ended 31 January 2008 are
identical to those used for the basic loss per share. This is because the
outstanding share options and warrants would have the effect of reducing the
loss per ordinary share and would therefore not be dilutive under the terms of
International Accounting Standard No. 33 (IAS33). .
3 Movement in group total shareholders' equity for the year to 31 January 2008
Year
ended
31 January 2008
#000
Loss for the period (4,268)
Share option reserve 123
New equity shares issued 418
Premium on new equity shares issued 716
--------
Net reduction in total shareholders' equity (3,011)
Opening total shareholders' equity 3,073
--------
Closing equity shareholders' funds 62
========
4 Reconciliation of operating loss to net cash utilised by operations
Year 13 months
ended ended
31 January 31 January
2008 2007
#000 #000
Operating loss (4,268) (2,230)
Depreciation of property, plant and equipment 461 405
Amortisation of intangible assets 44 29
Amortisation of government grants (15) (16)
Increase in receivables (69) (453)
Increase in payables 1,440 992
Interest received (5) (12)
Finance costs 300 305
Share-based compensation 123 61
--------- --------
Cash utilised by operations (1,989) (919)
========= ========
5 Analysis of movement in net debt
1 February Cash flow Non-cash 31 January 2008
2007 movements
#000 #000 #000 #000
Cash and cash
equivalents 714 (501) - 213
Bank loan (1,600) (300) - (1,900)
Invoice discounting (950) (1,034) - (1,984)
Director's loan (93) - - (93)
Other loan (98) - - (98)
--------- --------- --------- ---------
(2,027) (1,835) - (3,862)
========= ========= ========= =========
6 Significant accounting policies
The Group's previous financial statements have been prepared under UK Generally
Accepted Accounting Practice (UK GAAP). For the financial year ended 31 January
2008, the Group is required to prepare its annual consolidated financial
statements in accordance with IFRS as adopted by the European Union (EU) and
implemented in the UK.
An explanation of how the transition from UK GAAP to IFRS has affected the
Group's results and income statement for the period ended 31 January 2008, and
the equity and balance sheets as at 1 January 2006 and 31 January 2007 was set
out in the release of the Group's interim results for the six months ended 31
July 2007.
IFRS 7 Financial Instruments; Disclosures became effective for accounting
periods commencing on or after 1 January 2007. The Group has adopted IFRS 7
accordingly. The accounting policy amendment affects diclosures only and has no
material impact on the current or preceding periods' financial position and
performance,
At the date of the authorisation of the financial information, the following
standards and interpretations, which have not been applied in the financial
information, were in issue but not yet effective;
IFRS 8 Operating segments
IAS 1 Amendment to IAS 1 - Presentation of Financial Statements
IFRIC 10 Interim financial reporting and impairment
IFRIC 11 Group and treasury share transactions
IFRIC 12 Service concession arrangements
IFRIC 13 Customer loyalty programmes
IFRIC 14 The limit on a Defined Benefit Asset, minimum funding requirement and
their interaction
IAS 23 Amendment to IAS 23 Borrowing Cost
IAS 27 Amendment - Consolidated and Separate Financial Statements
IFRS 3 Amendment - Business Combinations
IFRS 2 Amendment - Share-based Payment
The Directors anticpate that the adoption of these Standards and Interpretations
in future periods will have no material impact on the financial information when
the relevant Standards and Interpertations come into effect.
7 Financial Information
The financial information set out in this Preliminary Announcement, which is
based on the Company's draft accounts, does not constitute the Company's
statutory accounts for the year ended 31 January 2008. The financial information
for the period ended 31 January 2007 is derived from the statutory accounts for
that year, as adjusted for the effects of IFRS, and these accounts have been
delivered to the Registrar of Companies. While the financial information
included in this Preliminary Announcement has been prepared in accordance with
the recognition and measurement criteria of IFRS, as adopted by the EU, this
announcement does not in itself contain sufficient information to comply with
IFRSs.
8 Annual Report
The statutory accounts for the year ended 31 January 2008, will be delivered to
the Registrar of Companies following the Company's Annual General Meeting. The
Auditors reported on the accounts for the period ended 31 January 2007; their
report was unqualified and did not contain a statement under s237(2) or (3) of
the Companies Act 1985. A copy of the Annual Report and Financial Statements
will be sent to all shareholders shortly and will be available from the Company
at Xchange House, 1 Great Central Way, Butlers Leap, Rugby, Warwickshire, CV21
3XH.
9 Annual General Meeting
The Company's Annual General Meeting will be held at the office of Bankside
Consultants, 1 Frederick's Place, London EC2R 8AE, on 26 June 2008 at 10am. The
Notice of Meeting will be set out in the Annual Report and Financial Statements.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR SDMSUSSASELL
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