RNS Number : 0362J
Dyson Group PLC
27 November 2008
For immediate release 27 November 2008
INTERIM RESULTS 2008
Dyson Group plc ("Dyson" or the "Group"), the materials technology company, announces its interim results for the six months to 30
September 2008.
KEY POINTS FOR THE PERIOD
* Management restructuring and business re-focus continues
* Progress made on order intake for future revenues in the core markets of Automotive Emissions, Energy and Industry
* Prospects for the Dytech catalytic business in the Energy sector are encouraging
* Sales of Tin Oxide electrodes to the Glass Industry and of Zirconia nozzles to the Steel Industry are strong
FINANCIALS
* Sales broadly unchanged at �31.5 million (2007: �32.5 million)
* Underlying profit before tax of �3.2 million (2007: �4.0 million)
* Statutory profit before tax of �1.9 million (2007: �3.3 million) and earnings per share of 0.80 pence (2007: 7.02 pence)
* Underlying earnings per ordinary share of 6.79 pence (2007 : 8.57 pence)
Dr. Christopher Honeyborne, Chairman of Dyson Group said:
"The new management team has made progress on the implementation of its strategy to re-focus the Group on its core markets, namely
Automotive Emissions, Energy and Industry. Although we remain cautious on the outlook for the full year, our sales revenue prospects for
2009-10 and beyond are encouraging, with new models and platforms looking to adopt Ecoflex� in the medium term.
Against a background of declining global economic and financial conditions, the Group delivered a satisfactory half year result."
For further enquiries, please contact:
Buchanan Communications Tel: 0207 466 5000
Charles Ryland / Ben Willey
KBC Peel Hunt Ltd Tel: 0207 418 8900
Marianne Woods (Corporate Broking)
Julian Blunt (Corporate Finance)
Dyson Group Plc
Patrick Lammers, Chief Executive Officer
Christopher Kinsella, Finance Director Tel: 0207 340 8528/0114 263 2835
Tel: 0207 340 8528/0114 263 2835
A copy of the press release can be found on the Dyson Group website: www.dyson-group.com .
About Dyson Group
The Dyson Group designs, develops and manufactures high-performance materials for a wide a range of applications and operates on a
global basis.
The Group's product portfolio focuses on three core market segments, namely Automotive Emissions, Energy (oil, gas, nuclear and
petrochemical) and Industry (ceramics, glass and steel).
The Group draws upon its technological capabilities to manufacture innovative products which are required to withstand extreme
temperatures and are abrasive or chemical resistant. Our key brands manufactured by our Performance Materials division are Saffil� and
Ecoflex�, serving the fibre and catalytic converter applications markets. Our Thermal Technologies division, with its significant technical
and manufacturing expertise, produces kiln furniture and precision ceramics for the Industry sector.
The Group aims to develop and to exploit this expertise in high-performance materials and product applications to realise value for our
customers, shareholders and other stakeholders.
CHAIRMAN'S STATEMENT / INTERIM MANAGEMENT REPORT
OVERVIEW OF RESULTS
Against a background of declining global economic and financial conditions, Dyson delivered a satisfactory half year result. However, as
previously announced, the Group retains a cautionary outlook for the remainder of the year.
The Group has made significant progress in the period as it re-focuses on its core markets, namely Automotive Emissions, Energy and
Industry, as reflected in improved order intake prospects for future revenues.
In the Energy sector, prospects for the Dytech catalytic business and the high purity crucible product range are encouraging. The
Industry sector enjoys strong sales of advanced Zirconia nozzles to the Steel Industry, and Tin Oxide electrodes to the Glass Industry.
Group revenue at 97% of last year's level was �31.5 million and underlying operating profit was �4.4 million (2007: �4.8 million).
Profit before taxation, exceptional items and share-based payments was �3.2 million (2007: �4.0 million). Underlying earnings per share were
6.79 pence (2007: 8.57 pence). Statutory profit before taxation was �1.9 million compared with a previous year level of �3.3 million, with
earnings per share of 0.80 pence (2007: 7.02 pence).
The new management team continues to pursue short-term and long-term opportunities for the property portfolio with a view to releasing
value as market conditions improve.
The valuations of the property portfolio and the pension funds were updated at the half year to take account of market conditions, which
resulted in a reduction of �3.1 million to �27 million for the property portfolio and a pension deficit increase of �3.3 million to �12
million.
Exceptional costs of �1.3 million (2007: �0.8 million) included �0.5 million for the planned Carolite closure costs, and �0.8 million
relating to the reduction in value of investment properties contained within the property portfolio. Due to changes in Industrial Buildings
Allowances legislation, a one-off exceptional deferred tax charge of �1 million has been incurred.
The net cash outflow of �2.9 million (2007: �2.4 million inflow) included �1.7 million of stock build in Saffil� in advance of a second
half factory shut-down for planned refurbishment. Net debt at 30 September 2008 was �35.6 million (31 March 2008: �32.7 million).
In response to the recent weakening of demand, especially in the Automotive sector, the cautionary outlook for the remainder of this
year, and the risk of covenant breaches that may arise in the future, the Management has recently opened constructive dialogue with its
banks. Decisive cost and cash containment actions have been implemented and the Group continues to have access to adequate liquidity.
The Board proposes that no interim dividend will be paid in respect of the half year to 30 September 2008. The final dividend will be
considered when the impact of the current economic conditions becomes clearer.
BUSINESS REVIEW
Performance Materials Division
30 September 2008 2007
�'000 �'000
Sales 22,009 22,589
Operating profit before exceptional
items and pension costs 5,147 5,104
Margin 23.4% 22.6%
Saffil� and Ecoflex�
The strategy of the new management team is to diversify the business beyond a small number of customers and platforms and to initiate
new revenue opportunities, both geographically and from a new customer stand point. This strategy is being successfully implemented, with
new platforms and new customers both within and outside of the USA.
During the reported period, Saffil� and Ecoflex�, continued to deliver a satisfactory performance with sales levels remaining stable and
similar to the second half of the previous financial year which, as noted in the 2008 annual results, suffered a reduction due to the
slow-down in the USA automotive market. Selling and marketing initiatives have resulted in a strengthening of the market position in Europe
and Asia to compensate for the weakening USA outlook.
The business has also focused on operational efficiencies and cost-saving measures, and thereby retained margin levels in spite of
increased energy costs and price reductions to its automotive customers. Saffil� stock build, to prepare for the Widnes factory
refurbishment planned for the second half, has boosted the first half performance through high capacity utilisation and production
efficiency.
The outlook for the business over the next 12 months is subject to a number of risks, including a recent reduction in call-offs from
automotive customers under existing supply agreements. Additionally, selling prices are under pressure from several customers. However, the
margin performance for Ecoflex� compares favourably with industry standards.
As the next generation of Ecoflex� products is developed and launched, prospects for sales revenue growth in future years are
encouraging, as the business becomes better positioned to meet demands imposed by increasingly stringent legislation on automotive
emissions. Additionally, the recent weakening of Sterling against customers' and competitors' currencies will support future profit
margins.
Other Performance Materials Businesses
Sales of advanced Zirconia nozzles for applications in the Steel Industry have been maintained at the high levels achieved last year,
and investments to double the capacity have been made, to support growth in the market share.
The Tin Oxide business, selling electrodes to the Glass Industry, has continued the growth seen in the previous year. Progress has been
made to streamline the production process and to review the routes to market.
The development of the Dytech business, manufacturing catalyst products for the Petrochemical Industry, continues and remains a core
part of the Group's growth strategy.
Carolite
Following the decision to close the Carolite development activity in June 2008 as outlined in our 2008 annual report, �0.5 million
closure costs have been incurred as expected during the period.
Thermal Technologies
30 September 2008 2007
�'000 �'000
Sales 6,892 6,680
Operating profit before exceptional
items and pension costs 966 1,012
Margin 14.0% 15.1%
The Thermal Technologies division is now stabilised after the reorganisations and closures of recent years. Profit margins have been
suppressed due to energy price increases, but good production performance has mitigated this. The strategy for Thermal Technologies is being
implemented, which focuses on higher margin products where Dyson has clear leadership in technology or market position. Further
rationalisation is anticipated to enable the ongoing strengthening of the business' performance, including a review of the routes to market.
The development of photovoltaic silica crucible technology continues and additional market opportunities for this product range are
being developed with new customers.
OUTLOOK
Given current global economic uncertainty, these satisfactory first half results are unlikely to be repeated in the remainder of the
year.
Continuing uncertainties in the markets that Dyson Group serves are especially significant in the Automotive sector, and are beyond our
control, therefore we are taking early measures to ensure that our funding arrangements are adequately protected. We have also implemented
decisive cost and cash containment actions.
The Board remains confident that the new management team, led by Chief Executive Officer Patrick Lammers and Finance Director
Christopher Kinsella, will steer the Group successfully through this difficult phase, and will deliver future long-term growth.
Christopher Honeyborne
Chairman
27 November 2008
A copy of this announcement can be found on the Dyson Group website: www.dyson-group.com
Consolidated income statement
Restated
Six months to Six months to
30 September 2008 30 September 2007
Before Before
exceptional & Exceptional & exceptional & Exceptional &
other items * other items * Total other items * other items * Total
�000 �000 �000 �000 �000 �000
Revenue (note 2) 31,470 - 31,470 32,467 - 32,467
Operating costs before
exceptional
and other items* (27,083) - (27,083) (27,685) - (27,685)
Underlying operating profit 4,387 - 4,387 4,782 - 4,782
Exceptional items (note 4) - (1,286) (1,286) - (802) (802)
Share-based payments (note 5) - (60) (60) - 93 93
Operating profit 4,387 (1,346) 3,041 4,782 (709) 4,073
Finance costs (1,441) - (1,441) (1,331) - (1,331)
Finance revenue 273 - 273 584 - 584
Net finance costs (1,168) - (1,168) (747) - (747)
Profit before taxation 3,219 (1,346) 1,873 4,035 (709) 3,326
Taxation (note 6) (901) (624) (1,525) (1,130) 199 (931)
Profit for the period 2,318 (1,970) 348 2,905 (510) 2,395
Attributable to:
Equity holders of the parent 2,233 (1,970) 263 2,818 (510) 2,308
Minority interest (note 11) 85 - 85 87 - 87
2,318 (1,970) 348 2,905 (510) 2,395
Earnings per share (note 3) 0.80p 7.02p
Diluted earnings per share (note 3) 0.80p 7.02p
Proposed dividend per share (note 7) 0.00p 1.05p
* "other items" comprises the share-based payments amount charged or credited under IFRS2. Consolidated statement of recognised income
and expense
Restated
Six months to Six months to
30 September 30 September
2008 2007
�000 �000
Revaluation of land and (2,250) -
buildings
Foreign exchange translation 857 (465)
differences
Actuarial (losses)/gains on defined benefit pension (4,200) 2,500
plans
(5,593) 2,035
Tax on items taken directly to or transferred from 1,807 (700)
equity
Net (expense)/income recognised directly in equity (3,786) 1,335
Profit for the financial 348 2,395
period
Total recognised income and expense for the period (3,438) 3,730
Attributable to:
Equity holders of the parent (3,523) 3,643
Minority interest 85 87
(3,438) 3,730
Consolidated balance sheet
As at As at
30 September 31 March
2008 2008
�000 �000
Non-current assets
Intangible assets 8,797 8,255
Property, plant and equipment 51,381 53,985
Investment properties 7,725 8,525
67,903 70,765
Current assets
Inventories 15,991 13,956
Trade and other receivables 13,098 11,572
Cash and short term deposits 3,840 7,242
32,929 32,770
Total assets 100,832 103,535
Current liabilities
Trade and other payables (12,635) (13,329)
(12,635) (13,329)
Non-current liabilities
Financial liabilities (39,430) (39,957)
Retirement benefit obligations (note (11,988) (8,685)
10)
Deferred tax liabilities (3,098) (3,437)
(54,516) (52,079)
Total liabilities (67,151) (65,408)
Net assets 33,681 38,127
Equity attributable to equity holders of the parent
Share capital 8,258 8,258
Share premium 22,173 22,173
Revaluation reserve 10,586 12,206
Capital redemption reserve 1,547 1,547
Retained earnings (5,519) (1,751)
Foreign currency translation reserve (3,677) (4,534)
Investment in own shares (202) (202)
Dyson Group shareholders' equity (note 11) 33,166 37,697
Minority interest 515 430
Total equity 33,681 38,127
Consolidated cash flow statement
Restated
Six months to Six months to
30 September 30 September
2008 2007
�000 �000
Operating activities
Group operating profit 3,041 4,073
Amortisation and impairment of intangible assets 352 400
Depreciation and impairment of property, plant and 1,053 1,338
equipment
Loss on sale of plant and 20 43
equipment
Revaluation of investment 800 (600)
properties
Increase in inventories (1,884) (2,437)
(Increase)/decrease in trade and other receivables (1,375) 2,244
Decrease in trade and other (1,958) (2,020)
payables
Pension payments in excess of service cost (854) (119)
Share-based payment 60 (93)
charge/(credit)
Cash flow from operations (745) 2,829
Income taxes (58) (158)
Net cash flow from operating activities (803) 2,671
Investing activities
Acquisition of property, plant and equipment (520) (2,293)
Acquisition of intangible (478) (996)
assets
Interest paid (192) (222)
Proceeds from sale of property, plant and equipment 133 234
Interest received 230 106
Net cash flow from investing activities (827) (3,171)
Financing activities
(Repayments of)/proceeds from (554) 4,480
loans
Interest paid (1,244) (1,878)
Net cash flow from financing activities (1,798) 2,602
Movement in cash and cash equivalents (3,428) 2,102
Foreign exchange losses 26 53
Cash and cash equivalents at the start of the period 7,242 1,697
Cash and cash equivalents at the end of the period (note 9) 3,840 3,852
Notes to the interim financial information
1. Basis of preparation and accounting policies
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 which has not been audited has been prepared in accordance with
International Accounting Standard 34, "Interim Financial Reporting," as adopted by the European Union.
The Interim Report for the six months ended 30 September 2008 was approved by the board on 27 November 2008. The interim financial
information has been reviewed by the Group's auditors, Ernst & Young LLP, their report is included on page 13. These interim financial
statements do not constitute statutory financial statements within the meaning of section 240 of the Companies Act 1985. The interim
condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements
and should be read in conjunction with the Group's annual financial statements as at 31 March 2008.
The accounting policies adopted in the preparation of the interim condensed consolidated financial statements are consistent with those
followed in the preparation of the Group's annual financial statements for the year ended 31 March 2008, except for the adoption of new
Standards and Interpretations, noted below:
IFRIC 14 IAS 19 - The limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction. This interpretation provides
guidance on how to assess the limit on the amount of surplus in a defined benefit scheme that can be recognised as an asset under IAS 19
Employee benefits. The interpretation had no impact on the financial position or performance of the Group.
The income statement and related notes for the six months to 30 September 2007 have been restated to reflect the increase in market
value of investment properties for this period of �600,000 and the tax charge thereon of �168,000. This follows the change in accounting
policy explained in note 1 of the groups 31 March 2008 annual accounts.
The figures for the year ended 31 March 2008 do not constitute the Group's statutory accounts for the period but have been extracted
from the statutory accounts. The auditor's report on those accounts, which have been filed with the Registrar of Companies, was unqualified
and did not contain any statement under section 237(2) or (3) of the Companies Act 1985.
2. Segmental analysis
By business segment
Restated Restated
Performance Materials Thermal Technologies Distribution Consolidated
2008 2007 2008 2007 2008 2007 2008 2007
�000 �000 �000 �000 �000 �000 �000 �000
Segment revenue 22,009 22,589 6,892 6,680 2,569 3,198 31,470 32,467
Segment result before pension
and
exceptional items 5,147 5,104 966 1,012 184 335 6,297 6,451
Defined benefit pension charge (84) (185) (144) (310) - - (228) (495)
Segmental exceptional items:
Revaluation of investment - - (800) 600 - - (800) 600
properties
Business reorganisation and (486) - - (195) - - (486) (195)
closure costs
Ecoflex� start up costs - (509) - - - - - (509)
Impairment of development - (369) - - - - - (369)
costs
Segment result 4,577 4,041 22 1,107 184 335 4,783 5,483
Central exceptional item:
Retirement of chief executive - (329)
4,783 5,154
Central costs (1,682) (1,174)
Share-based payments (60) 93
Operating profit 3,041 4,073
Net finance costs (1,168) (747)
Taxation (1,525) (931)
Profit for the period 348 2,395
3. Earnings per share
Restated
Six months to Six months to
30 September 30 September
2008 2007
Earnings per share 0.80p 7.02p
Underlying earnings per share 6.79p 8.57p
Diluted earnings per share 0.80p 7.02p
The calculation of earnings per share is based on the profit attributable to Ordinary shareholders of �263,000 (2007: �2,308,000 -
restated) and the weighted average number of shares in issue during the period of 32,864,000 (2007: 32,864,000). The weighted average number
of shares used to calculate the diluted earnings per share is 32,864,000 (2007: 32,892,000). To aid understanding of the underlying business
performance, an adjusted earnings per share figure has been calculated. The calculation of adjusted earnings per share is based on profits
before exceptional items and share-based payments of �2,233,000 (2007: �2,818,000).
Restated
Six months to Six months to
30 September 30 September
2008 2007
�000 �000
Profit attributable to equity holders of the parent 263 2,308
Exceptional items and share-based payments after tax 1,970 510
attributable to equity holders of the parent
Profit attributable to equity holders of the parent before exceptional items 2,233 2,818
and share-based payments
4. Exceptional items
Exceptional items are those items of financial performance that the Directors consider should be separately disclosed to assist in
understanding the underlying trading and financial performance achieved by the Group, so as to facilitate comparison with prior periods and
to help assessment of trends in financial performance.
Restated
Six months to Six months to
30 September 30 September
2008 2007
�000 �000
Revaluation of investment properties 800 (600)
Business reorganisation and closure costs 486 195
Ecoflex� start up costs - 509
Impairment of development costs - 369
Retirement of chief executive - 329
1,286 802
The revaluation of investment properties debit relates to the updated valuation of the property portfolio which shows a decline in value
since the year end. The revaluation showed an uplift in the previous period.
Business reorganisation and closure costs in the current year are in the Performance Materials segment and relate to the Carolite
project which has been terminated.
The costs in the previous period were in the Thermal Technologies segment and predominantly relate to the refractory businesses closed
in the previous financial year.
The Ecoflex� start up costs in the previous period were in the Performance Materials segment and related to additional costs incurred
during the commissioning period for new production facilities such as equipment trials, material wastage and excess transport costs.
The impairment of development costs in the previous period was within the Performance Materials segment and related to a specific micro
porous ceramic project which was suspended. All the amounts previously capitalised were written off.
The costs arising from the retirement in the previous period of the chief executive, Mr T M O'Brien, related to the termination of his
service contract and the recruitment of his successor.
For details of exceptional tax charges refer to note 6.
5. Share-based payments
Six months to Six months to
30 September 30 September
2008 2007
�000 �000
Share-based payments charge 60 84
Share-based payments credit - (177)
Net charge/(credit) 60 (93)
The credit in the previous period arose in respect of share options which failed to vest as a result of the retirement of the Chief
Executive, Mr T M O'Brien. The credit represented the reversal of costs charged in previous periods in respect of these options.
6. Taxation
Restated
Six months to Six months to
30 September 30 September
2008 2007
�000 �000
Tax on exceptional items at 28% (2007: 28%) 377 199
Exceptional tax charge arising from Industrial Building Allowance (1,001) -
change
Total exceptional taxation (624) 199
charge
Tax on profit before exceptional items at 28% (2007: 28%) (901) (1,130)
Total tax charge (1,525) (931)
There has been a one off exceptional deferred tax charge of �1,001,000 which has arisen due to changes in Industrial buildings
allowances legislation, following enactment of the Finance Act 2008, this has been reflected in the exceptional and other items column of
the income statement. Aside from the above one off charge, taxation for the six months to 30 September 2008 has been charged at 28% (2007:
28%) being the estimated rate applicable for the year ending 31 March 2009.
7. Dividends
Six months to Six months to
30 September 30 September
2008 2007
Equity dividends on Ordinary shares declared in the six month period: �000 �000
Final dividend for 2007 of 3.25 pence per Ordinary share - 1,068
Final dividend for 2008 of 3.25 pence per Ordinary share (approved on 25 September 2008) 1,068 -
1,068 1,068
Proposed interim dividend for 2009: nil pence per Ordinary share (2008: 1.05 pence) - 345
8. Capital expenditure
During the six month period, the Group acquired equipment costing �520,000 (2007: �1,855,000) and disposed of assets with a net book
value of �153,000 (2007: �277,000).
9. Net debt
Six months to Year ended
30 September 31 March
2008 2008
�000 �000
Cash and cash equivalents 3,840 7,242
Non-current financial liabilities (39,430) (39,957)
Net debt (35,590) (32,715)
10. Retirement benefit obligations
Six months to Year ended
30 September 31 March
2008 2008
�000 �000
Opening net retirement benefit deficit (8,685) (7,969)
Current service cost (228) (1,213)
Interest cost (2,014) (3,548)
Expected return on assets 2,057 4,528
Employer contributions 1,082 1,497
Actuarial loss (4,200) (1,980)
Closing net retirement benefit deficit (11,988) (8,685)
The scheme assets have been valued at fair value at 30 September 2008. The main financial assumptions used to assess the liabilities of
the scheme have been updated by independent qualified actuaries to assess the liabilities of the scheme. The most significant of these are
the discount rate and the inflation rate which are 6.90% (last full year 6.50%) and 3.4% (last full year 3.4%) respectively.
11. Reconciliation of movement in equity
Foreign
Capital currency Investment
Share Share Merger redemption Revaluation translation Retained in own Minority
Total
capital premium reserve reserve reserve reserve earnings shares Total interest
Equity
�000 �000 �000 �000 �000 �000 �000 �000 �000 �000
�000
Balance at 1 April 2008 8,258 22,173 - 1,547 12,206 (4,534) (1,751) (202) 37,697 430
38,127
Total recognised income and - - - - (1,620) 857 (2,760) - (3,523) 85
(3,438)
expense
Share-based payments - - - - - - 60 - 60 -
60
Dividends to shareholders - - - - - - (1,068) - (1,068) -
(1,068)
Balance at 30 September 2008 8,258 22,173 - 1,547 10,586 (3,677) (5,519) (202) 33,166 515
33,681
Balance at 1 April 2007 8,258 22,173 5,346 1,547 - (3,429) 7,981 (202) 41,674 85
41,759
Total recognised income and - - - - - (465) 4,108 - 3,643 87
3,730
expense restated
Share-based payments - - - - - - (93) - (93) -
(93)
Dividends to shareholders - - - - - - (1,068) - (1,068) -
(1,068)
Balance at 30 September 2007 8,258 22,173 5,346 1,547 - (3,894) 10,928 (202) 44,156 172
44,328
restated
Principal risks and uncertainties
The Chairman's statement in this Interim Management Report includes comments concerning the primary risks and uncertainties affecting
the Group for the remaining six months of the year.
Statement of directors' responsibilities
The directors confirm that this condensed set of financial statements has been prepared in accordance with IAS 34 "Interim Financial
Reporting" as adopted by the European Union and that the interim management report herein includes a fair review of the information required
by DTR 4.2.7 and DTR 4.2.8.
The Directors of Dyson Group plc are listed in the Group's 2008 Report and Accounts. The following changes were made in the period: C
Kinsella was appointed Group Finance Director on 1 September 2008 and H Chapman joined the Group on 23 June 2008 as a Non-Executive
Director.
By order of the Board
C H B Honeyborne
Director
27 November 2008
Independent review report to Dyson Group plc
Introduction
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 September 2008 which comprises the consolidated balance sheet as at 30 September 2008 and the interim consolidated income
statement, consolidated statement of recognised income and expense and consolidated cash flow statement for the six month period then ended
and related explanatory notes. 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 guidance contained in ISRE 2410 (UK and Ireland) "Review of Interim
Financial Information Performed by the Independent Auditor of the Entity" issued by the Auditing Practices Board. To the fullest extent
permitted by law, we do not accept or assume responsibility to anyone other than the company, for our work, for this report, or for the
conclusions we have formed.
Directors' Responsibilities
The 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 Disclosure and Transparency Rules of the United Kingdom's Financial
Services Authority.
As disclosed in note 1, 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 enquiries, 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 September 2008 is not prepared, in all material respects, in accordance with
International Accounting Standard 34 as adopted by the European Union and the Disclosure and Transparency Rules of the United Kingdom's
Financial Services Authority
Ernst & Young LLP
Leeds
27 November 2008
This information is provided by RNS
The company news service from the London Stock Exchange
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