RNS Number:4199I
Blue Star Mobile Group plc
23 November 2007
For Immediate Release 23 November 2007
BLUE STAR MOBILE GROUP PLC
Interim Results
Blue Star Mobile Group PLC ("Bluestar"), the AIM listed specialist marketing
company focusing on the mobile, sport and entertainment sectors, announces its
interim results for the period ended 30 September 2007.
Financial Results
- Gross profit up 23% to #1.0m (2006: #0.8m)
- Gross profit margin strengthens to 47% (2006: 37%)
- EBITDA before provision of # 86,000 (2006: #28,000)
- Provision of #125,000 as a precaution for disputed income
- Profit before tax and provision #63,000, (2006: profit #7,000)
Operational Highlights
- Brand & Product Marketing (which contributes 49.5% revenue) up 35%.
- International Business - International sales now 36% of total sales.
- New Accounts include Pepsi, a leading international toy company and
the mobile subsidiary of major UK mobile phone retailer.
- US Operation - New employees started in October 2008 to drive next
stage of development.
For further Information, please contact
Steve Clarke Paul McManus
Chief Executive Parkgreen Communications Ltd
Tel: 020 7199 0127 Tel: 020 7479 7933
Mob: 07980 541893
Adam Hayes John Depasquale
Finance Director Seymour Pierce Limited
Tel: 020 7199 0118 Tel: 020 7107 8010
About Blue Star Mobile Group PLC
The Group consists of four companies:-
Blue Star Mobile Ltd is a leading market provider in developing and delivering
mobile marketing solutions for large blue chip organisations. The company
creates compelling propositions and delivers a complete end-to-end technical
solution. Clients include: 20th Century Fox, Motorola, News Group International,
Bacardi, Pepsi, Michael Page and Hasbro.
Blue Star Sport Ltd specialises in providing sports marketing services to mobile
brands. Its role is to negotiate, manage and activate sponsorship contracts in
both the UK and overseas for its clients. Blue Star Sport's main clients are
T-Mobile UK, acting as their exclusive football and cycling sponsorship agency
and Motorola Inc, managing their David Beckham global partnership.
Blue Star Mobile Inc is the North American subsidiary set up to develop mobile
marketing and promotional activity in the US market. Its initial customers are
Motorola Inc. and 20th Century Fox.
Blue Star Tech (Beijing) Ltd is the Chinese subsidiary set up to support the
company's activities in China. Its initial customer is Motorola.
Blue Star Mobile Group PLC
Chairman's Statement
Summary
The underlying business showed further growth in the Brand and Product marketing
area which we have always identified as the key area for growth. As announced in
October we are increasing our focus in this area by splitting the unit into
promotions, music and mobile marketing divisions to further build on the
progress made in this area.
The Channel Management business has suffered from the impact of the adverse
publicity about phone/text competitions in the UK broadcast market.
As indicated in earlier announcements Sports Marketing fell back as the
comparative period included significant activity relating to the FIFA World Cup.
The reduction in Channel Management and Sports Marketing activity was almost
offset by the increase in Brand & Product Marketing turnover. As this is higher
margin business the result was a substantial increase in gross margin to #1m for
the half compared to #0.8m for the comparative period.
Subsequent to the period end the company has become aware that an issue has
arisen on one promotion for a client. Although the company is defending its
position and is confident that the issue will be resolved soon, the directors
believe it would be prudent to provide for the non-recoverability of the amounts
owed.
For the half year the Group recorded a pre-tax profit of #63,000, excluding the
provision, against the profit of #7,000 in the comparative period last year.
We have continued to add major multinational clients and have increased our
resource capabilities to service them.
Despite the downward pressures in Channel Management and Sports Management we
have increased our gross profit and margins.
Business Review
Turnover Analysis
2007/8 2006/7 Growth 2006/7
H1 H1 Total
Brand & Product Marketing 1,050 779 35% 1,723
Sports Marketing 525 750 (30%) 1,345
Channel Marketing 543 645 (16%) 1,366
Total 2,118 2,174 (3%) 4,434
Brand & Product Marketing
This area has continued to develop with promotions run for Motorola (in UK and
Europe), Pepsi in Europe.
Mobile sites have been developed for HP (via their brand agency), Motorola,
Bacardi and News of The World
Sports Marketing
Sports Marketing continues to manage and activate T-Mobile UK's football
sponsorship. The comparative period of last year saw a significant level of
spend on the FIFA World Cup and as previously communicated this level of
activity was not expected and did not recur in 2007.
The business saw considerable development of its relationship with Motorola and
David Beckham's management company and this included the management of
promotional events in Los Angeles and London.
Channel Marketing
Channel Marketing has suffered from the effects of the consumer perception of
phone competitions following the issues with the UK TV broadcasters. The primary
customer remains News International. At the end of the period the Sun WAP page
was syndicated onto two of the leading mobile networks.
The company has also developed Web and Mobile sites for the mobile subsidiary of
a major UK phone retailer during the period.
Financial Results
2007/8 2006/7 Growth 2006/7
H1 H1 Total
#000 #000 #000
Sales 2,118 2,174 (3%) 4,434
Gross Profit 1,001 812 23% 1,838
Operating costs (913) (794) 15% (1,712)
EBITDA* 86 28 200% 213
Provision (125) - -
Profit (loss) before tax (62) 18 123
Profit after tax (62) 16 84
* before charge for share option grant and provision
The group has generated a turnover of #2.1m (H1, 2006: #2.2m) in the six months
ending 30 September 2007.
In the same period gross margin rose by 23% to #1,001,000 (H1, 2006: #812,000)
with operating costs rising by 15%. The cost increase was primarily incurred in
the setting up of the US office in October 2006 which was not in the comparative
period.
The business held #0.16m of net cash at 30 September 2007 (2006: # 0.39m). The
reduction arose from the need to fund working capital and the payment for IP/
software rights.
Six Months Overview
The key objective for the period was to continue to develop our brand and
product marketing business with particular focus on the music and promotional
aspects and to see an increase in our overseas based businesses. The level of
growth in the US has to date not delivered to our expectations. We have
recruited a new locally based team which is seen as key to addressing this. This
initiative was implemented in October.
Outlook
Following on from the appointment of Giancarlo Fasolo as President of our US
business, David Maclachlan will revert to his non executive role.
The pipeline of existing and new business opportunities is strong and we are
confident that the business can overcome the short term difficulties that is
facing.
David Cromwell
Chairman
23 November 2007
CONSOLIDATED INCOME STATEMENT
Period ended 30 September 2007
Unaudited Unaudited Restated
Period & restated Year ended
ended Period 31 March
30 September ended 30 September
2007 2006 2007
#'000 #'000 #'000
REVENUE 2,118 2,174 4,434
COST OF SALES (1,117) (1,362) (2,596)
GROSS PROFIT 1,001 812 1,838
Administrative expenses (913) (794) (1,712)
Amortisation of Intangible assets (21)
Share based payments charge (8) (4) (12)
Provision (125)
OPERATING (LOSS)/PROFIT (66) 14 114
Finance income 5 4 9
Finance costs (1) - -
(LOSS)/PROFIT ON ORDINARY ACTIVITIES (62) 18 123
BEFORE TAXATION
Tax on profit on ordinary activities - (2) (39)
(LOSS)/PROFIT for the period attributable to (62) 16 84
shareholders
BASIC AND DILUTED (LOSS)/EARNINGS PER ORDINARY SHARE (0.21) 0.054 0.28
(pence)
CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE
Period ended 30 September 2007
Unaudited Unaudited Restated
Period ended & restated Year ended
30 September Period ended 31 March
2007 30 September 2006 2007
#'000 #'000 #'000
Note
Exchange difference on translation of foreign (2) - -
operations
Net loss recognised directly in equity (2) - -
(Loss)/Profit for period (62) 16 84
Total recognised income and expense for the financial (64) 16 84
period
CONSOLIDATED BALANCE SHEET
As at 30 September 2007
Unaudited Unaudited & restated Restated
Period ended Period ended Year ended
30 September 30 September 31 March
2007 2006 2007
#'000 #'000 #'000
Note
ASSETS
Non-current assets
Intangible assets 51 72
Goodwill 426 426 426
Property, plant & equipment 38 21 30
515 447 528
Current assets
Trade and other receivables 1,601 1,143 1,398
Cash and cash equivalents 163 389 274
1,764 1,532 1,672
LIABILITIES
Current liabilities
Trade and other payables (1,221) (1,066) (1,211)
Net current assets 543 466 461
TOTAL ASSETS LESS CURRENT LIABILITIES 1,058 913 989
Provision for liabilities and charges (125) - -
NET ASSETS 933 913 989
EQUITY
Called up share capital 295 295 295
Share premium account 1,225 1,225 1,225
Reverse acquisition reserve (211) (211) (211)
Share option reserve 29 13 21
Profit and loss account (405) (409) (341)
TOTAL EQUITY 5 933 913 989
CONSOLIDATED CASH FLOW STATEMENT
Period ended 30 September 2007
Unaudited Unaudited Audited
Period ended Six months ended Year ended
30 September 30 September 31 March
2007 2006 2007
#'000 #'000 #'000
Note
Cash flows from operating activities
Cash generated from operations 4 54 (9) (112)
54 (9) (112)
Cash flows from investing activities
Purchase of intangible fixed assets (153) - -
Purchase of tangible fixed assets (14) (6) (23)
Interest received 5 4 9
Interest paid (1)
Net cash from investing activities (163) (2) (14)
Decrease in cash and cash equivalents (109) (11) (126)
Reconciliation of net cash flow to movement in net funds
Decrease in cash and cash equivalents (109) (11) (126)
Foreign currency translation difference (2) - -
Change in net funds (111) (11) (126)
Net funds at start of period 274 400 400
Net funds at end of period 163 389 274
NOTES TO THE UNAUDITED INTERIM FINANCIAL INFORMATION
Period ended 30 September 2007
1. Basis of preparation
Blue Star Mobile Group PLC is incorporated and domiciled in England. It's
registered office is 116 Gloucester Place, London W1U 6HZ. Its principal
activities are the provision of marketing solutions to companies, with
particular focus in using mobile phones, and sports marketing. The group
operates subsidiaries in UK, USA and China.
The group has historically prepared its audited financial statements on the
basis of UK Generally Accepted Accounting Practice ("UK GAAP"). In the current
year the group has adopted International Financial Reporting Standards ("IFRS")
for the first time as the group is required to present its annual consolidated
financial statements in accordance with accounting standards adopted for use in
the European Union. As a result these interim accounts, which are unaudited,
have been prepared on the basis of the accounting policies which apply for the
financial year to 31 March 2008. These standards remain subject to ongoing
amendment and/or interpretation and are therefore still subject to change.
Accordingly, information contained in these interim financial statements may
need updating for subsequent amendments to IFRS required for first time adoption
or for new standards issued post the balance sheet date. This document includes
reconciliations of the group's equity to IFRS at the comparative balance sheet
dates of 30 September 2006 and 31 March 2007, reconciliations of the group's
results for the comparative periods ended 30 September 2006 and 31 March 2007.
The transition to IFRS had no effect on the group's equity at the date of
transition of 1 April 2006.
The comparative information for the six months ended 30 September 2006 and the
year ended 31 March 2007 have been restated on the basis of IFRS.
Reconciliations between financial statements previously reported under UK GAAP
and on the basis of IFRS are set out in note 6 to this interim statement in
respect of the Consolidated Income Statements for the year ended 31 March 2007
and six months ended 30 September 2006 and Consolidated Balance Sheet as at 31
March 2007.
The interim financial statements are unaudited and were approved by the board of
directors on 23 November 2007. The financial information contained in this
interim report does not constitute statutory accounts as defined in section 240
of the Companies Act 1985..The financial information for the year ended 31 March
2007 has been extracted from the statutory accounts for that year and adjusted
for the conversion to IFRS. The statutory accounts for the year ended 31 March
2007, which were prepared under UK GAAP, received an unqualified audit report
and did not contain a statement made under section 237 (2) of the Companies Act
1985, and have been filed with the Registrar of Companies.
Following the implementation of IFRS, the group's accounting policies have been
consistently applied to all the periods presented unless otherwise stated. The
principal policies are set out below.
2 Accounting policies
The following accounting policies have been applied consistently in dealing with
items which are considered material in relation to the group's financial
statements.
Basis of consolidation
The consolidated financial statements for the year to 31 March 2007 include the
results of Blue Star Mobile Group PLC and its subsidiary undertakings for that
period. Subsidiary undertakings are entities over which the group has the power
to control the financial and operating policies so as to obtain benefits from
the activities. The group obtains and exercises control through voting rights.
Except as outlined below, the group adopts the purchase method in accounting for
the acquisition of subsidiaries. On acquisition the cost is measured at the
fair value of the assets given, plus equity instruments issued and liabilities
incurred or assumed at the date of exchange plus any costs directly attributable
to the acquisition. The assets acquired and liabilities and contingent
liabilities assumed in a business combination are measured at their fair value
at the date of acquisition. Any excess of the fair value of the consideration
over the fair value of the identifiable net assets acquired is recorded as
goodwill. Any deficiency of the fair value of the consideration below the fair
value of identifiable net assets acquired is credited to the income statement in
the period of the acquisition.
The group follows the endorsement under International Financial Reporting
Standard 3 in accounting for the combination of Blue Star Mobile Limited and
Blue Star Mobile Group plc as the reverse acquisition of Blue Star Mobile Group
plc by Blue Star Mobile Limited as this in the opinion of the directors gives a
true and fair view of the transaction.
The results of subsidiary undertakings acquired or disposed of during the year
are included in the consolidated income statement from the effective date of
acquisition or up to the effective date of disposal.
Where necessary, adjustments are made to the financial statements of
subsidiaries to bring the accounting policies used into line with those used by
the group. Inter-company transactions and balances between group companies are
eliminated.
Critical accounting estimates and judgments
Estimates and judgments are continually evaluated and are based on historical
experience and other factors, including expectations of future events that are
believed to be reasonable under the circumstances.
Critical accounting estimates and assumptions
The group makes estimates and assumptions concerning the future. Whilst the
directors believe that the estimates and assumptions used in the preparation of
the interim financial statements are reasonable, the resulting accounting
estimates will, by definition, seldom equal the related actual results. The
estimates that have a significant risk of causing a material adjustment to the
carrying values of assets and liabilities within the next financial year are
discussed below.
1) Impairment of goodwill
The group tests whether goodwill has suffered any impairment annually or when
there is an indication of impairment. The recoverable amounts of cash-generating
units have been determined based on value-in-use calculations which require the
use of estimates.
2) Valuation of Intangible IP/Software assets
Certain intangible assets are valued based on the directors view of the likely
cash generation that the group will derive from these assets. Should the future
income of the intangible assets prove less successful than the directors
believe, the carrying value in the Balance Sheet will need to be reduced by any
shortfall.
Goodwill
Goodwill represents the excess of the cost of an acquisition over the fair value
of the company's share of the net identifiable assets of the acquired subsidiary
at the date of acquisition. Goodwill is included in intangible assets and is
tested annually for impairment or when there is an indication of impairment. Any
impairment is recognised immediately in the income statement and is not
subsequently reversed.
On disposal of a subsidiary, the amount of attributable goodwill is included in
the determination of the profit and loss on disposal.
Intangible fixed Assets - IP/Software
IP/Software rights are capitalised in the balance sheet and amortised over the
estimated economic life of the asset. The initial assessment was two years but
this will be re-evaluated no less than annually depending on the ongoing
commercial discussions that are on going in relation to each specific asset.
The Group carries out an impairment review of its intangible assets when a
change in circumstances or situation indicates that those assets may have
suffered an impairment loss. Impairment is measured by comparing the carrying
amount of a fixed asset or of a cash-generating unit with the 'recoverable
amount', that is the higher of its fair value less costs to sell and its 'value
in use'. 'Value in use' is calculated by discounting the expected future cash
flows, using a discount rate based on an estimate of the rate that the market
would expect on an investment of comparable risk.
Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation.
The charge for depreciation is calculated to write down the cost of tangible
fixed assets to their estimated residual values by equal annual instalments over
their expected useful lives which are as follows:
Computer and office equipment 3 years
Computer software 3 years
Impairment provisions are made where the carrying value of tangible fixed assets
exceeds the recoverable amount.
Revenue recognition
Revenue, which arises principally from the sale of marketing and sports
promotions, development of content for mobile phones and management of services
for delivery on mobile phones represents net sales to customers outside the
Group and excludes Value Added Tax.
Taxation
Current tax, including UK corporation tax and foreign tax, is provided on the
group's taxable profits, at amounts expected to be paid using the tax rates and
laws that have been enacted or substantially enacted by the balance sheet date.
Deferred taxation is provided on temporary differences between the tax bases of
assets and liabilities and their carrying amounts in the consolidated financial
statements. Deferred tax is determined using tax rates that have been enacted at
or substantially enacted by the balance sheet date and are expected to apply
when the related deferred tax asset is realised or the deferred tax liability is
settled.
Deferred tax assets are recognised to the extent that it is probable that future
taxable profit will be available against which the temporary differences can be
utilised.
Foreign currencies
Transactions in foreign currencies are recorded in Sterling at the rate ruling
at the date of the transactions or at a contracted rate. The resulting monetary
assets and liabilities are translated into Sterling at the balance sheet date or
the contracted rate and the exchange differences are dealt with in the income
statement.
Leased assets
Expenditure on operating leases is charged to the income statement on a basis
representative of the benefit derived from the asset, normally on a straight
line basis over the lease period.
Where fixed assets are financed by financing arrangements which give rights
approximating to ownership they are treated as if they had been purchased
outright at their fair value and the corresponding commitments are shown in the
balance sheet as obligations under finance leases and hire purchase contracts.
Depreciation of fixed assets acquired under finance leases and hire purchase
contracts is calculated to write off the attributed cost over the shorter of the
lease or contract term and their estimated useful lives by equal annual
instalments. The excess of the total rentals over the amount capitalised is
treated as interest which is charged to the profit and loss account in
proportion to the amounts outstanding under the lease and hire purchase
contracts.
Share based payments
The Company operates an employee share scheme under which it makes
equity-settled share based payments to certain employees. For share based
payments to employees of the Company, the fair value is determined at the date
of grant using a Black Scholes model, and is expensed on a straight line basis
together with a corresponding increase in equity over the vesting period, based
on the group's estimate of the number of shares that will vest.
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with
banks, other short term highly liquid funds with original maturities of three
months or less and bank overdrafts. Bank overdrafts are shown within borrowing
in current liabilities on the balance sheet.
Financial instruments
Financial assets and liabilities are recognised in the balance sheet when the
Group becomes party to the contractual provisions of the instrument.
Trade and other receivables
Trade receivables are measured at cost less any provision necessary when there
is objective evidence that the group will not be able to collect all amounts
due.
Trade and other payables
Trade and other payables are not interest bearing and are measured at original
invoice amount.
3 SEGMENTAL INFORMATION
i) Primary business segment
Segmental information is presented in respect of the group's business segments.
The primary business segments are based on the group's reporting structure and
comprise mobile promotions and marketing, channel marketing and sports
marketing.
Due to a high level of shared cost and resource it is not meaningful to break
down profit and Net assets by segment.
Unaudited Unaudited Audited
Period Period Year ended
ended ended 31 March
30 September 30 September 2007
2007 2006 #'000
#'000 #'000
Brand & Product Marketing 1,050 779 1,723
Sports Marketing 525 750 1,366
Channel Marketing 543 645 1,345
Total 2,118 2,174 4,434
ii) Geographical analysis
Unaudited Unaudited Audited
Period Period Year ended
ended ended 31 March
30 September 30 September 2007
2007 2006 #'000
#'000 #'000
UK 1,346 1,805 3,262
Overseas 772 369 1,172
Total 2,118 2,174 4,434
4. Reconciliation of operating (loss)/profit to net cash outflow from
operating activities
Unaudited Unaudited Restated
Period & restated Year ended
ended Period 31 March
30 September ended 2007
2007 30 September 2006
#'000 #'000 #'000
Operating (loss)/profit (66) 14 114
Depreciation 6 10 18
Amortisation of intangible fixed assets 21 - 81
Provision 125 - -
Share based payments 8 4 12
Increase in debtors (203) (340) (632)
Increase in creditors 163 303 295
Net cash inflow (outflow) from operating activities 54 (9) (112)
5. Statement of movements on share capital and reserves
Called up Share Reverse Share Profit Total
share premium Acquisition Option and loss #'000
capital reserve Reserve account
#'000 #'000 #'000 #'000 #'000
At 31 March 2007 295 1,225 (211) 21 (363) 967
Restated following adoption of IFRS 22 22
Revised 295 1,225 (211) 21 (341) 989
Charge for period 8 8
Retained loss for the period - (62) (62)
unaudited
Exchange difference on translation (2) (2)
of foreign operations
At 30 September 2007 - unaudited 295 1,225 (211) 29 (405) 933
6. Principal impact of IFRS
The key differences between UK GAAP and IFRS that will impact the
group are set out below.
The rules for the first time adoption of IFRS are set out in IFRS1 'First Time
Adoption of International Financial Reporting Standards'. The rules state that a
company should use the same accounting policies in its opening IFRS balance
sheet and throughout all periods presented in its first IFRS financial
statements. In preparing this financial information, the group has, as
permitted, under IFRS1 'First Time Adoption of International Financial Reporting
Standards' elected to apply the following exemptions:
* In relation to the treatment of brought forward goodwill amortisation,
the group has elected to treat the net book value of goodwill as measured under
UK GAAP at 31 March 2006 as the deemed cost of goodwill under IFRS3 as at 1
April 2006.
In relation to the cumulative exchange translation differences in reserves,
the group has elected that the cumulative translation differences arising on the
translation of the assets and liabilities of overseas subsidiaries are deemed to
be #nil at 1 April 2007, the effective date of transition to IFRS.
Goodwill
Under UK GAAP, the group was amortising goodwill arising on acquisitions over a
period of 20 years. Under IFRS 3 'Business combinations', goodwill is not
amortised but instead is subject to annual impairment tests or more frequently
if there is an indication of impairment.
As discussed above the group has elected to treat the net book value of goodwill
at 31 March 2006 as the deemed cost of goodwill under IFRS3 at 1 April 2006. No
write down has been taken in the half year to 30 September 2007. Under UK GAAP
there would have been a charge of #11,000.
6.1 Reconciliation of UK GAAP to IFRS
Restated CONSOLIDATED INCOME STATEMENT for year ended 31 March 2007 and period
ended 30 September 2006
Year ended 31 March 2007 Period ended 30 Sept 2006
Reported Effect of Reported Reported Effect of Reported
under UK transition under IFRS under UK transition under IFRS
GAAP to IFRS GAAP to IFRS
#'000 #'000 #'000 #'000 #'000 #'000
REVENUE 4,434 - 4,434 2,174 - 2,174
COST OF SALES (2,596) - (2,596) (1,362) - (1,362)
GROSS PROFIT 1,001 - 1,838 812 - 812
Administrative expenses (1,746) 22 (1,724) (809) 11 798
OPERATING (LOSS)/PROFIT 92 22 114 3 11 14
Finance income 9 - 9 4 - 4
PROFIT ON ORDINARY ACTIVITIES 101 22 123 7 11 18
BEFORE TAXATION
Tax on profit on ordinary (39) - (39) (2) - (2)
activities
PROFIT for the period attributable 62 22 84 5 11 16
to shareholders
BASIC AND DILUTED EARNINGS PER 0.21 0.07 0.28 0.02 0.03 0.05
ORDINARY SHARE (pence)
Restated CONSOLIDATED BALANCE SHEET at 31 March 2007 and 30 September 2006
As at 31 March 2007 As at 30 Sept 2006
Reported Effect of Reported Reported Effect of Reported
under UK transition under IFRS under UK transition under IFRS
GAAP to IFRS GAAP to IFRS
#'000 #'000 #'000 #'000 #'000 #'000
ASSETS
Non-current assets
Intangible Assets 72 - 72 - - -
Goodwill 404 22 426 415 11 426
Property, plant & equipment 30 - 30 21 - 21
506 22 528 436 11 447
Current assets
Trade and Other receivables 1,398 - 1,398 1,143 - 1,143
Cash and cash equivalents 274 - 274 389 - 389
1,672 - 1,672 1,532 1,532
LIABILITIES
Current liabilities
Trade and other payables (1,211) - (1,211) (1,066) - (1,066)
Net current assets 461 - 461 466 - 466
TOTAL ASSETS LESS CURRENT 967 22 989 902 11 913
LIABILITIES
NET ASSETS 967 22 989 902 11 913
EQUITY
Called up share capital 295 - 295 295 - 295
Share premium account 1,225 - 1,225 1,225 - 1,225
Reverse acquisition reserve (211) - (211) (211) - (211)
Share option reserve 21 - 21 13 - 13
Profit and loss account (363) 22 (341) (420) 11 (409)
TOTAL EQUITY 967 22 989 902 11 913
The transition to IFRS had no effect on Equity as at 31 March 2006
7. Copies of this statement are available to the public for collection at
the company's registered office at 116 Gloucester Place, London W1U 6HZ.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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