RNS Number:7852R
Reed Health Group PLC
27 September 2005
27 September 2005
Reed Health Group plc
("Reed Health Group" or "the Group")
Preliminary results for the twelve months ended 30 June 2005
Reed Health Group plc, a provider of specialist staff and associated services to
the Social Care and Health sectors, announces preliminary results for the twelve
months ended 30 June 2005.
Year ended Year ended
30 June 2005 30 June 2004
Turnover #90.0m #104.8m
Operating profit before exceptional
items and amortisation #2.3m #3.0m
(Loss)/profit before interest and tax (#1.5m) #1.4m
(Loss)/profit after interest and tax (#2.1m) #0.6m
Adjusted Earnings per share - basic
(before goodwill and exceptional items) 2.87p 3.69p
(Loss)/earnings per share - basic (3.56p) 1.05p
Dividend 0.25p 2.35p
*Business recovery plan announced in the interim results on 22 March 2005
implemented and on schedule.
*Following appointment of Trevor Goul-Wheeker as Chief Executive in
December 2004, new senior management team established with recruitment of
Ian Furniss as Group Finance Director and Steve Cheetham as Divisional
Director - Health & Doctor.
*Sales decline halted over second half. Excluding the restructured Nurse
and Education divisions, second half sales grew by 5.4% over first half.
*Trade debtors reduced by #8.4 million to #16.0 million from #24.4 million
on 30 June 2004. Net debt reduced by #9.3 million from #14.0 million to #4.7
million.
*Health and Doctors divisions restructured and merged to generate annual
cost savings of #0.75 million and improved business effectiveness.
*Nurse division restructured and ten branches closed to produce annualised
savings of #1.0 million
*Strategic review of loss making Education division completed, resulting
in its sale in May 2005 for a consideration of #0.04 million.
Barry Hartop, Chairman of Reed Health Group, commented:
"As announced in the interims, the Board considered the first half results to be
highly unsatisfactory, reflecting internal factors in addition to the difficult
market conditions that now face providers of staffing services to the public
sector. The Board is therefore pleased with the rapid progress made by the Group
following the appointment of Trevor Goul-Wheeker in December 2004: sales
recovery has commenced, debtors have been substantially reduced and costs cut.
Most importantly we have a new senior management team, who have the mix of
skills required to implement the business transformation needed to succeed.
However, public sector markets do not change quickly and it is the Board's
opinion that results will improve gradually in the medium term".
Trevor Goul-Wheeker, Chief Executive of Reed Health Group, commented:
"My initial optimism for the longer term future of the Group remains
undiminished. We have already addressed many of the challenges facing the
business and have made good progress over the second half. Further work is still
required to eradicate the systemic issues that have caused the Group's poor
results this year and fully recover the aged trade debtors and associated net
debt. I would like to thank the customers, candidates and staff in Reed Health
Group for their support over what has been a difficult year. I believe that the
management team now in place will drive up the levels of business efficiency
needed to retain profitability in lower margin markets. In addition, we will now
focus our energy on our customers and candidates and exploit our systems'
advantages to grow sales, earnings quality and shareholder value".
- Ends -
For further information, please contact:
Reed Health Group plc 020 7845 4702
Trevor Goul-Wheeker, Chief Executive
Ian Furniss, Group Finance Director
Weber Shandwick Square Mile 020 7067 0700
Louise Robson or Yvonne Alexander
27 September 2005
Reed Health Group plc
("Reed Health Group" or "the Group")
Preliminary results for the twelve months ended 30 June 2005
CHAIRMAN'S STATEMENT
This has proved to be a year of significant change for Reed Health Group. Change
was clearly required as evidenced by the half year results, which reflected the
difficult and volatile conditions of the markets served by the Group. In
addition, the disruption and distraction to clients, candidates and staff caused
by the Group's systems implementation in 2004 further exacerbated the challenges
of the market.
To address these issues, in December 2004 the Board appointed Trevor
Goul-Wheeker as Chief Executive and believes that his experience of working in
highly competitive retail and industrial markets outside the sector will lead
the business towards recovery. We are pleased with the significant progress made
over the second half. We also recognise the cost to shareholders, particularly
in this financial year, and understand that real recovery will only be
demonstrated by sustainable growth in revenues, profits and shareholder value.
Financials
Turnover for the year decreased by 14% to #90.0 million (2004: #104.8 million),
and gross profit fell by 12.8% to #21.1 million (2004: #24.2 million), resulting
in an operating loss of #1.5 million (2004: operating profit of #1.4 million).
The loss before tax for the period was #2.1 million (2004: profit of #1.4 million)
and the loss per share was 3.56p (2004: basic earnings per share of 1.05p).
However, the Board is pleased that the significant sales decline experienced
over recent years was stemmed over the second half of the year.
First half Second half Variance H1/H2
Year ending 30.6.04 #54.9m #49.9m (9.1%)
Year ending 30.6.05 #45.1m #44.9m (0.4%)
Excluding the restructured Nurse and Education divisions, there was an
improvement in sales:
First half Second half Variance H1/H2
Year ending 30.6.04 #42.7m #39.4m (7.7%)
Year ending 30.6.05 #37.2m #39.2m 5.4%
The Group incurred exceptional and non-recurring costs of #2.26 million in the
year to restructure and achieve significant savings in Nurse, Health, Doctor and
Education to produce improved results over the second half and to turn around
performance for the future. The operating profit before goodwill amortisation
and these exceptional items for the year was #2.34 million (2004:#3.0 million)
First half Second half Variance H1/H2
Year ending 30.6.04 #2.5m #0.5m (80%)
Year ending 30.6.05 #1.1m #1.2m 9%
We are pleased with the reduction in debtors to #16.0 million (2004: #24.4
million) and expect further improvement over the next financial year in reducing
the net debt position of #4.7 million (2004: #14.0 million).
Dividend
The Board's policy is to recommend dividends that take account of the underlying
profitability of the Group, the need to fund its organic growth plans and the
existing level of debt. The Board anticipates that in future it will recommend
dividends that are covered at least two and a quarter times by earnings (profit
after tax excluding goodwill). For the year ended 30 June 2005, the Directors
recommend a dividend of 0.25p (2004: 2.35p) which reflects this policy,
discounted by a factor that takes into account the losses reported for the year.
People
At last year's Annual General Meeting, Lord Sawyer retired by rotation having
chosen not to stand for re-election as a Non-executive Director. I would again
like to thank Lord Sawyer for his years of service and contribution to the
Group. Derek Beal was appointed to the Board as a Non-Executive Director at the
2004 AGM. He has had a long association with Reed Health Group as a Director of
Reed Executive and we welcome the benefit of his experience of the business.
Trevor Goul-Wheeker was appointed Chief Executive in December 2004, when Angela
Morris, Divisional Director - Social Care and Nurse, was also appointed to the
Board. Following, the resignation of David Fennell, the former Chief Executive,
and Mark Garratt, Group Finance Director, we were pleased to announce the
appointments of Steve Cheetham as Divisional Director - Health & Doctor and Ian
Furniss as Group Finance Director in June 2004. Both are Directors of the Group.
As separately announced today, Jim Carter will join the Board as Director for
People and Quality in October 2005, demonstrating the Group's commitment to the
compliance, quality and development of our staff and candidates.
The Board believes that the new executive team, with its wide range of
experience will transform the business and exploit both the existing and
emerging opportunities presented by the markets served by Reed Health Group.
The changes and challenges of the past year have placed considerable demands on
the staff of the Group. It was therefore a positive achievement to reduce staff
turnover by more than 25% over the prior financial year. On behalf of the Board,
I would like to thank our employees for their continued energy and commitment.
Outlook
The potential for providing specialist staff for the Social Care and Health
markets is substantial and we believe that both local and national government
will continue to outsource to private sector partners. However, these markets
are undergoing a fundamental transition and will remain volatile for the
foreseeable future.
Gross Margins will be increasingly depressed by competitive and contractual
pressures and will demand a substantial improvement in business efficiency
within the Group to enhance gross margin conversion into profit.
Reed Health Group is committed to the public sector's objectives of value for
money and the highest standards of compliance and will seek to be a provider of
first choice. The growing regulatory and contractual environment within our
markets will provide the potential for large scale volume gains and lead to
polarisation of staffing providers. The Group now has the breadth and quality of
candidates, systems and customer service and the management team and staff to
drive growth through contract gains, and the Board expects a gradual and
sustainable improvement in earnings.
Barry Hartop, Chairman
REVIEW OF OPERATIONS
Reed Social Care
Turnover increased to #35.2 million (2004: #34.3 million)
Year on year sales growth was achieved, largely due to the eight new branches
opened in the last two financial years. Sales increases in these branches have
offset a decline in sales experienced by some of the more established Social
Care branches. This is attributable to an increasing level of competition, price
and margin erosion resulting from new Neutral/Master Vendor contracts and other
forms of supply agreement, together with periodic local authority campaigns to
cut expenditure on agency staff and fill key roles with permanent staff.
Branch costs increased by #0.54 million year on year due to the investment in
new branches. At the year end all twenty branches, with the exception of two
were trading profitably. In the new financial year, there will be a much lower
level of investment in expanding five established branches into the large
domiciliary market, a sector which Reed Social Care has historically supplied on
a limited scale from two branches. A successful initial penetration of this #1.9
billion market, will be followed by a roll-out across all existing branches over
the next three years.
The focus in the forthcoming year will be to maximise the returns from our
established branch network. However, further branches will be opened to service
new business contracts. During the period the division won nine new local
authority and private sector preferred supplier agreements, were included in a
large scale regional multi-supplier contract and as announced in the interim
results, the division renewed the Rotherham Borough Council Master Vendor
contract for a second year and won a sole supplier contract for outreach
services for adults with physical disabilities worth #0.5 million. In order to
drive future growth through new contract gains, the Group is investing #0.18
million in a strengthened business development team.
Reed Health and Reed Doctor
Turnover in the combined division was #40.6 million (2004: #47.5 million)
As reported at the time of the interim results, sales and margins in this
division have been severely impacted by continuing harsh trading conditions,
caused by increased permanent NHS appointments, particularly for Doctors,
reducing demand in addition to extremely competitive pricing in new contract
negotiations. Due to systemic leakage to non-approved and often higher priced
agencies, these contracts have continuously failed to deliver compensating
volume growth to offset the substantial price/margin erosion.
The situation has deteriorated to such an extent that some major staffing
providers have chosen not to be included in new NHS framework agreements,
assessing that the commercial rewards are greater for off-framework suppliers.
However, Reed Health Group continues to believe that these NHS agreements are in
a transitory stage, that increasing pressure will reduce contractual leakage and
that compliance is in the best interests of the NHS, patients and the earnings
quality of approved suppliers. Consequently, Reed Doctor has successfully gained
a place on the new three year National Framework Agreement for Doctors from 1
October 2005. The Group is already included on the National Framework Agreement
for Allied Health Professionals. Re-tendering of the latter agreement has been
brought forward to early 2006 to include Scientific and Laboratory staff and is
likely to demand further price/margin reductions.
Reed Health Group supports those Trusts and Authorities that recognise that
contractual leakage undermines their efforts to reverse budget deficits, while
also increasing patient risk as non-approved framework agencies are not audited
to the Purchasing and Supply Agency (PaSA) standards. The Group believes that
these contract compliance objectives can be best achieved through Master Vendor
or similar agreements. The Group's experience of the landmark North West London
Strategic Health Authority ("NWL") master vendor agreement for allied health
professionals and scientific and laboratory staff, which commenced in April
2005, supports these conclusions: by year end the contract was delivering c40%
cost savings to NWL, while achieving 92.8% fill rates of which Reed Health Group
was meeting 52.9% of the vacancies and the remainder fulfilled by our secondary
supplier partners.
During the period the division also secured a master vendor agreement for the
provision of staffing to one of the new NHS Foundation Trusts and a key position
on the preferred supplier list of another. Other major agreements include
contracts to supply two of the NHS Procurement Confederations in the Midlands.
In Scotland, Reed Health has signed agreements with 10 of the 15 Scottish Health
Boards and Reed Doctor has secured agreement with 14 of the 15 Scottish Health
Boards, as well as a core supplier agreement in Northern Ireland.
In order to improve cost efficiencies and provide an integrated service to the
health sector, the Reed Doctor and Reed Health divisions were merged in April
2005, delivering annualised savings of #0.75 million and enhanced business
development capability under the leadership of Steve Cheetham, who was appointed
Divisional Director in June 2005.
Reed Nurse
Turnover declined to #12.5 million (2004: #20.1 million)
The significant sales decline in Reed Nurse reflects the Board's decision to
restructure the division in the face of deteriorating market conditions.
Consequently, ten branches were closed in the first half and, leaving two
branches serving the London nursing market. Annualised cost savings of
#1.0 million were delivered through the restructuring programme and the division
traded profitably over the six months to 30 June 2005, albeit it at a marginal
level.
As announced in March 2005, Reed Nurse successfully won a place on the London
Agency Project 3 NHS framework ("LAP3") for midwifery, mental health and general
nursing staff with 3 star status in the pre-award audit. However, the division
was not successful in being selected for critical care nursing in LAP3 and this,
together with the disruption experienced during the roll-out of the new bill and
pay system in 2004, has resulted in the loss of two major clients at the
beginning of the new financial year.
The Division has retained four existing nurse supply agreements and two major
nurse bank contracts, and the outcome of new nurse bank managed service bids and
preferred supplier agreements is expected by the half year.
The extremely low charge and pay rates necessitated by the LAP3 tender process
have eroded the historical cost and pay differentials between agency and NHS
substantive staff. In the short term, this is resulting in nurses joining nurse
banks or regrettably leaving the profession entirely. This fundamental change in
economics has caused some NHS trusts to reconsider the traditional balance
between substantive and agency staff and evaluate the increased workforce
efficiencies that might accrue from an increased proportion of agency supplied
nurses. The longer term impact of LAP3 is unlikely to become clear before 2006.
Teachers UK
Turnover was #1.2 million (2004: #2.6 million)
As announced in the interim results, a strategic review of this loss making
division was undertaken and concluded that the division was non-core and
sub-scale. Consequently, the assets of Teachers UK were sold to Ocean Education
Ltd in May 2005 for a consideration of #0.04 million and the relevant staff also
transferred with the disposal.
The Group will continue to source and supply teaching professionals from its
international subsidiaries and generate commissions by placing candidates within
the Education sector via Ocean Education and other employment agencies.
International
Turnover was #0.5 million (2004: #0.3 million)
During the period new management was appointed in both the Australian and
Canadian subsidiaries and the unviable New Zealand branch was closed. In
Australia, a 56% increase in local placements income was achieved during the six
months to 30 June 2005 compared to the first half. At the beginning of the new
financial year, the Canadian subsidiary relocated from Calgary, Alberta to take
advantage of the greater opportunities that exist in Vancouver, British Columbia
and is expected to begin local placement sales during the coming year.
The main purpose of both businesses has been sourcing candidates for UK
requirements and as a result of improved tracking, communication and management
focus, conversion rates of International candidates increased from an average
39% in the first half to 60% during the second half.
Branding
As announced in May 2005, Reed Executive plc has given Reed Health Group notice
of termination of the Trade Mark licence agreement granted at the time of Reed
Health Group's demerger from Reed Executive. Accordingly, the existing licence,
which governs the terms under which Reed Health Group may use the Reed brand,
will expire on 7 May 2006.
The Board is assessing the benefits and implications of introducing a new
operating brand, while holding discussions with Reed Executive on the terms
under which a new licence may be agreed. At present Reed Health Group is not
subject to any brand licence fees.
Outlook and Strategy
The Social Care and Health markets will continue to be highly competitive, with
NHS Professionals creating additional pressures within the Nurse and Doctors
segments, and NHS contract compliance unlikely to improve materially in the
short term. However, the overall potential for specialist staff within these
sectors remains substantial and together with the expanding demand for
flexibility in both staffing levels and working hours provides significant
opportunities for growth.
All sectors are moving towards a more contractual and regulated environment,
with a notable rise in Local Authority and NHS interest in Master/Neutral Vendor
agreements, that should favour the leading staffing suppliers, especially those
offering a wide spectrum of disciplines such as Reed Health Group. These types
of agreement are forming the first real barriers to entry in the staffing
market, as are higher compliance standards and HR legislation covering the
provision of temporary staff.
The Group is investing in strengthening its business development capability in
both the Social Care and Health Divisions and bringing in expertise from more
sophisticated B2B markets. We will exploit the experience gained from the
successful NWL Master Vendor and other managed service agreements to achieve
quality earnings growth and use the MIS data provided by our systems to address
weaknesses in contract compliance. We will work with strategic partners to
satisfy customer requirements for Neutral/Master Vendor agreements encompassing
all temporary staffing disciplines, beyond healthcare.
Reed Health Group expects to achieve improved sales growth in the Social Care
and Allied Health Professions sectors, with more limited improvements in Doctor
and Nurse due to NHS Professionals and the uncertainties of LAP3. We are
expecting to see a further decline in margins due to continuing competitive
pressures and as the mix of contracted, recurring income grows at the expense of
higher margin spot sales.
In order to operate within these lower margins the Group will enhance customer
service and achieve the efficiencies needed through the application of its
leading edge business systems and a rigorous approach to cost control. Head
Office costs will be reduced to continuously enhance the conversion of gross
margin into operating profits.
During the year we have made solid progress in addressing many of the issues
that were hindering the performance of the Group. Whilst the drive towards
improved business effectiveness must continue, our focus will be increasingly
directed towards our customers and candidates to deliver sustainable income
growth.
We believe that Reed Health Group is strongly placed to take a leading position
within the market in which it operates by exploiting its core strengths of
breadth of offer, quality of candidates and competitive advantage in systems.
Trevor Goul-Wheeker, Chief Executive
FINANCIAL REVIEW
Profit & Loss Account
Turnover fell 14% to #90.0 million for the year ended 30 June 2005 (2004: #104.8
million). However, the broadly even split of turnover between the first and
second halves of the year, #45.1 million first half and #44.9 million second
half, demonstrates a levelling off of what has otherwise been a downward trend
for the last three years. Excluding the restructured Nurse and Education
divisions, second half sales grew by 5.4% over first half.
Whilst gross profit fell by 12.8% to #21.1 million (2004: #24.2 million), due to
a shift in mix of business towards Social Care, the gross margin increased
slightly to 23.4% (2004: 23.1%). However, in the second half of the year the
gross margin was 22.4% compared to 24.4% reflecting the increasing amount of our
business that is becoming longer term and volume contract based rather than
"spot". An important example of this is our managed services contract with the
North West London Strategic Health Authority. This contract operates at lower
margins than our "spot" or preferred supplier business, where we are the
supplier of personnel, and at a relatively small margin, where we are managing
the supply of personnel from other agencies.
Operating costs (administrative expenses less goodwill) were #21.0 million for
the year ended 30 June 2005, a similar level to last year (2004: #21.1 million).
However this masks a significant difference between the first half, when
operating costs were #11.3 million and the second half when they came down to
#9.7 million. As a result of this reduction in costs the Group made an operating
profit before amortisation of #0.34 million in the second half of the year,
reversing the first half loss and leading to an operating profit before
amortisation for the full year of #0.08 million.
Exceptional Items
During the year the Group has incurred #2.26 million of exceptional and
non-recurring costs, primarily due to business restructuring and bad debts. A
list of these exceptional costs is included in Note 3 to the Accounts. Operating
profit after adjusting for these exceptional costs and before amortisation was
#2.34 million.
In the interim results #0.26 million of these exceptional costs were classified
as fundamental restructuring. The Board has subsequently decided that the
underlying performance of the Group is better represented by these items being
included within exceptional items.
Goodwill and investments in group undertakings
The carrying value of goodwill at 30 June 2005 was #26.9 million (2004: #28.5
million) and the investment in group undertakings recorded in the Company
balance sheet was #35.4 million (2004: #35.4 million). The Directors have
reviewed the carrying value of these items and concluded that the earnings
potential of the investments concerned supports the value held in the balance
sheet. From 2005 onwards, following the adoption of International Financial
Reporting Standards, the Company will cease to amortise goodwill through the
profit and loss account and will review annually the carrying value of goodwill
and investments against the forecast future earnings from that investment.
Taxation
The tax credit for the year of #0.02 million reflects the increase of #0.1
million in the deferred tax asset. An ongoing effective tax rate for the Group
would be in the region of 32.5%.
Loss per Share
A basic loss per share of 3.56p for the year ended 30 June 2005 compares to
earnings per share of 1.05p in 2004. Earnings per share adjusted for goodwill
amortisation and exceptional items was 2.87p (2004: 3.69p).
Dividend
The Board's policy is to recommend dividends that take account of the underlying
profitability of the Group, the need to fund its organic growth plans and the
existing level of debt. The Board anticipates that in future it will recommend
dividends that are covered at least two and a quarter times by earnings (profit
after tax excluding goodwill). For the year ended 30 June 2005, the Directors
recommend a dividend of 0.25p (2004: 2.35p) which reflects this policy,
discounted by a factor that takes into account the losses reported for the year.
The dividend will be paid on 13 January 2006 to all shareholders on the register
on 16 December 2005.
Balance Sheet and Cash Flow
At 30 June 2005, fixed assets were #1.2 million (2004: #1.5 million) reflecting
reduced levels of capital expenditure of #0.24 million (2004: #1.3 million) as
the Group has focused on branch profitability, closing rather than opening
branches, and making the best use of the computer systems implemented in the
previous year.
Trade debtors were #16.0 million, a significant reduction on the previous year
(2004: #24.4 million) when the Group experienced cash collection issues due to
the implementation of a new pay and bill system. The Group still has #4.0
million of debtors over 120 days old, due to customer queries over rates and
timesheet and expense documentation. This is offset by a provision of #1.5
million and provides for a further opportunity to reduce working capital and net
debt. The trade debtors are almost exclusively NHS and Local Government
customers.
Operating cash inflow (after taking account of working capital requirements) was
#11.6 million, in the main due to the reduction in debtors, compared to an
operating cash outflow of #6.7 million in 2004. This strong cash flow meant that
#9.3 million could be applied to reducing the Group's debt which fell to #4.7
million at 30 June 2005 (2004: #14.0 million). The Group incurred interest
charges of #0.65 million on this debt in the year (2004: #0.08 million).
There were no other significant cash inflows or outflows during the year.
International Financial Reporting Standards ("IFRS")
The Group has commenced its .review of the potential impact of IFRS on all aspects
of the Group's reporting and will report interim and final results for the financial
year ending 30 June 2006 in accordance with IFRS, together with the restatement
of 2005 on a comparable basis. IFRS will impact the Group's Accounts principally
with respect to dividends, goodwill and share option costs.
Ian Furniss, Group Finance Director
For further information, please contact:
Reed Health Group plc 020 7845 4702
Trevor Goul-Wheeker, Chief Executive
Ian Furniss, Group Finance Director
Weber Shandwick Square Mile 020 7067 0700
Louise Robson or Yvonne Alexander
Reed Health Group plc
Consolidated Profit and Loss Account
for the year ended 30 June 2005
Note 2005 2004
#'000 #'000
Turnover: continuing activities 2 89,953 104,821
Cost of sales (68,874) (80,649)
Gross profit 21,079 24,172
Administrative expenses (22,575) (22,724)
----------- ----------
Operating profit before goodwill amortisation and
exceptional items 2,343 3,024
Goodwill amortisation (1,578) (1,576)
Exceptional items 3 (2,261) -
----------- ----------
Operating (loss) / profit: continuing activities 3 (1,496) 1,448
Net interest payable 4 (652) (78)
----------- ----------
(Loss) / profit on ordinary activities before
taxation (2,148) 1,370
Tax on (loss) / profit on ordinary activities 7 23 (744)
----------- ----------
(Loss) / Profit for the financial year (2,125) 626
Dividends on equity shares 8 (149) (1,401)
----------- ----------
Transfer from reserves (2,274) (775)
----------- ----------
(Loss)/Earnings per share p p
Basic and diluted 9 (3.56) 1.05
Adjusted earnings per share before goodwill
amortisation and exceptional items
Basic and diluted 9 2.87 3.69
Dividends per share 8 0.25 2.35
There were no recognised gains and losses other than those noted in the
consolidated profit and loss account above.
Reed Health Group plc
Consolidated Balance Sheet
at 30 June 2005
Note 2005 2004
#'000 #'000
Fixed assets
Intangible assets 10 26,894 28,472
Tangible assets 11 1,218 1,531
28,112 30,003
Current assets
Debtors due within one year 13 17,043 25,316
---------- ----------
17,043 25,316
Creditors: Amounts falling due within one year 14 (14,935) (22,825)
---------- ----------
Net current assets 2,108 2,491
Total assets less current liabilities 30,220 32,494
---------- ----------
Net assets 30,220 32,494
---------- ----------
Capital and reserves
Called up share capital 16 1,193 1,193
Share premium account 17 21,478 21,478
Merger reserve 17 6,317 6,317
Capital redemption reserve 17 51 51
Investment in own shares 17 (105) (105)
Profit and loss account 17 1,286 3,560
---------- ----------
Equity shareholders' funds 18 30,220 32,494
---------- ----------
Reed Health Group plc
Company Balance Sheet
at 30 June 2005
Note 2005 2004
#'000 #'000
Fixed assets
Investments in Group undertakings 12 35,381 35,381
Current assets
Debtors 13 534 74
Creditors: Amounts falling due within one year 14 (12,905) (12,053)
---------- ----------
Net current liabilities (12,371) (11,979)
---------- ----------
Net assets 23,010 23,402
---------- ----------
Capital and reserves
Called up share capital 16 1,193 1,193
Share premium account 17 21,478 21,478
Capital redemption reserve 17 51 51
Investment in own shares 17 (105) (105)
Profit and loss account 17 393 785
---------- ----------
Equity shareholders' funds 23,010 23,402
---------- ----------
Reed Health Group plc
Consolidated Cash Flow Statement
for the year ended 30 June 2005
Note 2005 2004
#'000 #'000
Net cash inflow / (outflow) from operating activities 19 11,579 (6,721)
Returns on investment and servicing of finance 20 (652) (78)
Taxation paid (188) (1,636)
-------- -------
10,739 (8,435)
Capital expenditure and financial investment
Investment in own shares - (105)
Payments for tangible fixed assets (470) (1,334)
-------- -------
(470) (1,439)
-------- -------
Dividends (966) (1,401)
-------- -------
Net cash inflow / (outflow) before financing 9,303 (11,275)
Financing
Funds (repaid) / advanced under invoice discounting
facility (8,375) 10,060
-------- -------
(8,375) 10,060
-------- -------
Increase / (decrease) in cash 22 928 (1,215)
-------- -------
Reed Health Group plc
Notes to the Financial Statements
30 June 2005
1. ACCOUNTING POLICIES
This preliminary statement, which has been agreed with the Auditors, was
approved by the Board on 26 September 2005. It is not the Company's
statutory accounts.
The statutory accounts for the year ended 30 June 2004 received an audit
report which was unqualified and did not contain statements under s237(2)
of (3) of the Companies Act 1985. The statutory accounts for the year ended
30 June 2004 have been delivered to the Registrar of Companies. The
statutory accounts for the year ended 30 June 2005 will be finalised on the
basis of the financial information presented by the Directors in this
preliminary announcement and will be delivered to the Registrar of
Companies following the Company's Annual General Meeting.
Copies of the Annual Report and Accounts will be posted to shareholders by
16 November 2005. Copies will also be available for members of the public
at the registered office, Fairgate House, 78 New Oxford Street, London,
WC1A 1HB.
a) Basis of accounting
The financial statements are prepared in accordance with applicable United
Kingdom accounting standards under the historical cost convention.
As permitted by Section 230 of the Companies Act 1985, the profit and loss
account of the parent Company has not been separately presented in the
financial statements.
b) Basis of consolidation
Reed Health Limited was created through an internal reorganisation within
Reed Executive plc, which resulted in the transfer to it of Reed Executive
plc's health activities with effect from 11 May 2001. The health activities
included both subsidiary companies and certain unincorporated business
activities of Reed Executive plc, which were themselves acquired by Reed
Health Group plc on 4 July 2001.
The transfer of Reed Health Limited and its subsidiaries to Reed Health
Group plc was accounted for in accordance with the principles of merger
accounting plc as set out in FRS 6 "Acquisitions and Mergers".
The Locum Group Limited and all its subsidiary undertakings have been
accounted for using acquisition accounting. Under this method, the results
of subsidiary undertakings acquired or disposed in the year are included in
the consolidated profit and loss account from the date of acquisition or up
to the date of disposal.
c) Goodwill
Purchased goodwill is the excess of the cost of an acquired entity over the
aggregate of the fair values of that entity's identifiable assets and
liabilities and is shown on the balance sheet as an asset. Goodwill is
amortised evenly over its estimated useful economic life up to a maximum of
20 years. The carrying value of goodwill is reviewed for impairment at the
end of the first full year following acquisition, and in other periods if
events or changes in circumstances indicate the carrying value may not be
recoverable.
d) Investments
The investment in Reed Health Limited in the Company Balance Sheet is
recorded at the nominal value of shares issued for the purposes of the
demerger. The investment in The Locum Group Limited is recorded at its fair
value at the date of completion. The book value of investments is written
down when any impairment is identified.
e) Tangible fixed assets and depreciation
All fixed assets are included at cost and depreciation is provided evenly
on that cost, to write them down to their estimated residual values over
their expected useful lives. The carrying values of tangible fixed assets
are reviewed for impairment when events or changes in circumstances
indicate the carrying value may not be recoverable.
The principal rates used for assets are:
Computer equipment & software 33.3%
Office equipment, fixtures and fittings 12.5 - 20%
Leasehold improvements over the term of the lease
f) Turnover
Turnover consists of the invoiced value (excluding VAT) for goods and
services supplied to third parties.
g) Pensions
The Group operates a number of defined contribution pension schemes. The
pension costs for the schemes represent contributions payable by the Group
in the year.
h) Deferred taxation
Deferred tax is provided, except as noted below, on timing differences that
have arisen but not reversed by the balance sheet date, where the timing
differences result in an obligation to pay more tax, or a right to pay less
tax, in the future. Timing differences arise because of differences between
the treatment of certain items for accounting and taxation purposes.
In accordance with FRS 19 deferred tax is not provided on timing
differences arising from:
a) gains on the sale of non-monetary assets, where on the basis of all
available evidence it is more likely than not that the taxable gains
will be rolled over into replacement assets;
b) extra tax payable on the unremitted earnings of the overseas
subsidiaries and associates where there is no commitment to remit these
earnings; and
c) fair value adjustment gains to fixed assets and stock to uplift prices
to those ruling when an acquisition is made.
Deferred tax assets are recognised to the extent that it is regarded as
more likely than not that they will be recovered.
Deferred tax is measured at the tax rates that are expected to apply in the
periods when the timing differences reverse, based on tax rates and law
enacted or substantively enacted at the balance sheet date. Deferred tax
assets and liabilities are not discounted.
Where law or accounting standards require gains and losses to be recognised
in the statement of total recognised gains and losses, the related taxation
is also taken directly to the statement of total recognised gains and
losses in due course.
i) Leased assets
Rentals payable under operating leases are charged to the profit and loss
account on a straight line basis over the terms of the leases.
j) Employee benefit Trust
The Group operates an Employee Share Trust, the assets of which comprise
shares in Reed Health Group plc held in an independently administered
trust. The trust has been included with the Group's financial statements.
Shares are stated at cost less a provision for any diminution in value
which the directors consider to be permanent and are shown as a deduction
from shareholders' funds as "Investment in own shares".
k) Foreign Currencies
The financial statements of overseas subsidiary undertakings are translated
at the rate of exchange ruling at the balance sheet date. The exchange
difference arising on the retranslation of opening net assets is taken
directly to reserves. All other translation differences are taken to the
profit and loss account.
2. SEGMENTAL REPORTING
All turnover is derived from the United Kingdom except for #480,000
generated in Australia (2004: #335,000).
Analysis of turnover by division:
2005 2004
#'000 #'000
Doctors 13,576 15,806
Health 27,028 31,707
Social Care 35,193 34,277
Nurse 12,450 20,056
Teachers UK 1,226 2,637
International 480 338
-------- --------
89,953 104,821
The Directors have not disclosed further segmental information as they are
of the opinion that to do so would be seriously prejudicial to the
interests of the Group.
3. OPERATING PROFIT
This is arrived at after charging:
2005 2004
#'000 #'000
Amortisation of goodwill 1,578 1,576
Depreciation of tangible fixed assets 709 756
Profit on disposal of Teachers UK (35) -
Exceptional items (see below) 2,261 -
Auditors' remuneration
- audit services 60 78
- non-audit services 80 130
Operating lease rentals
- plant and machinery 71 75
- land and buildings 795 735
-------- --------
Auditors' remuneration in respect of non-audit services comprised #16,000
for tax compliance services (2004: #16,000) and #64,000 for tax advisory
services (2004: #114,000).
The disposal of Teachers UK was completed in May 2005 for #40,000 proceeds
and #35,000 profit on disposal. This has not been disclosed as a
discontinued operation as it was not considered to be a material proportion
of the Group's business.
Exceptional Items
2005 2004
#'000 #'000
Onerous lease costs/dilapidations 150 -
Bad debt provision 893 -
Debt collection costs 277 -
Reed Nurse division restructure 261 -
Reed Health and Reed Doctor division restructure and merger 220 -
Management changes 460 -
-------- --------
2,261 -
-------- --------
During the year the Company incurred exceptional costs dealing with three
key issues as follows:
a) The implementation of new finance systems towards the end of the
previous financial year led to difficulties in collecting a certain
amount of debt which extended into the year ended 30 June 2005.
Therefore the Group has had to make an exceptional bad debt provision
and incurred additional costs to collect its trade debtors.
b) The Group has carried out two business reorganisations in the year, one
to reduce the number of branches and personnel within the Nurse division
and the other to bring Health and Doctor into a more cost effective
unified division.
c) Further exceptional costs have been incurred due to significant
management changes at board level.
4. NET INTEREST PAYABLE
2005 2004
#'000 #'000
Interest receivable - 4
Interest payable (652) (82)
------- -------
Net interest payable (652) (78)
------- -------
Interest payable comprises interest on:
Invoice discounting facility and overdrafts (652) (82)
------- -------
5. STAFF COSTS
Average monthly number of employees, including Executive Directors:
2005 2004
#'000 #'000
Recruitment consultants 213 253
Support staff 123 105
------- -------
336 358
------- -------
Staff costs, including Executive Directors:
2005 2004
#'000 #'000
Wages and salaries 8,839 9,009
Social security costs 907 970
Pension costs - defined contribution schemes 95 69
------- -------
9,841 10,048
------- -------
In addition to the permanent staff whose numbers and costs are shown above,
the Group employed 2,260 temporary staff (2004: 2,893) whose costs are
included within cost of sales.
6. RELATED PARTY TRANSACTIONS
During the year the company entered into transactions on an arm's length
basis with Reed Executive plc to the value of #585,000 (2004: #1,153,000).
The services provided were IT and systems provision and support, property
rental, payroll services and the provision of temporary staff. At 30 June
2005 the Group owed Reed Executive plc #192,905 (2004: #424,000).
Reed Executive plc is regarded as a related party because of its previous
ownership of Reed Health Limited, and James Reed and Derek Beal being
directors of both Reed Executive plc and Reed Health Group plc.
7. TAXATION
Tax on profit on ordinary activities 2005 2004
#'000 #'000
United Kingdom Corporation Tax:
Current tax on income for the year - 956
Adjustments in respect of previous periods 99 30
------- -------
Total current tax 99 986
Deferred taxation (122) (242)
------- -------
Tax on profit on ordinary activities (23) 744
------- -------
The tax charge for the year is higher than the standard rate of corporation
tax in the UK. The differences in the current tax charges are explained
below.
Profit on ordinary activities before taxation (2,148) 1,370
--------- ---------
Theoretical UK Corporation tax rate 30% (2004: 30%) (644) 411
Effects of:
Goodwill amortisation not tax deductible 473 496
Expenses not tax deductible 76 -
Deferred tax movements - 97
Differences between capital allowances and (33) -
depreciation
Other short term timing differences 121 -
Unrelieved tax losses and other deductions 24 -
Adjustments in respect of previous periods 99 30
Other adjustments (17) (48)
--------- ---------
99 986
--------- ---------
Deferred tax asset
Group
At 1 July 2004 242
Credit for the year 122
-------
At 30 June 2005 364
-------
2005 2004
#'000 #'000
The deferred tax asset comprises:
Accelerated capital allowances 80 109
Short term timing differences 259 133
Tax losses carried forward and other deductions 25 -
------- -------
364 242
------- -------
Factors affecting future tax charges
Based on current capital investment plans the Group expects to claim
capital allowances in excess of depreciation in future years at a lower
level than the current year.
Company
The Company had no deferred tax liabilities at 30 June 2005 (2004: #nil).
8. DIVIDENDS
2005 2004
#'000 #'000
Interim dividend paid of nil p per share (2004: 0.73p per share) - 435
Proposed final dividend of 0.25p per share (2004: 1.62p per
share) 149 966
------- -------
Total dividend in year 149 1,401
------- -------
9. EARNINGS PER SHARE
Basic earnings per share is calculated using the earnings attributable to
ordinary shareholders and the weighted average number of Ordinary Shares in
issue during the year.
Diluted earnings per share is calculated by adjusting the Ordinary Shares
in issue by the potential dilutive effect of share options.
There are no other potentially dilutive categories other than share
options.
The additional calculation of earnings per share has been shown to
highlight the impact of goodwill amortisation and exceptional items.
The basis of the earnings and weighted average number of shares used in the
calculations are set out below:
2005 2004
Weighted Weighted
Average Average
Number Number
Earnings Of shares EPS Earnings Of shares EPS
#'000 Thousands p #'000 Thousands p
FRS 14 Basis
Basic earnings per share (2,125) 59,645 (3.56) 626 59,645 1.05
Dilutive effect of options - 93 - - - -
Diluted earnings per share (2,125) 59,738 (3.56) 626 59,645 1.05
Adjusted to exclude goodwill amortisation and exception items:
Basic - FRS 14 Basis (2,125) 59,645 (3.56) 626 59,645 1.05
Exceptional items 2,261 - 3.79 - - -
Goodwill amortisation 1,578 - 2.64 1,576 - 2.64
------- ------- ------- ------- ------- -------
Adjusted basic earnings per share 1,714 59,645 2.87 2,202 59,645 3.69
------- ------- ------- ------- ------- -------
Diluted - FRS 14 Basis (2,125) 59,645 (3.56) 626 59,645 1.05
Exceptional items 2,261 - 3.79 - -
Goodwill amortisation 1,578 - 2.64 1,576 - 2.64
Dilutive effect of options - 93 - - - -
------- ------- ------- ------- ------- -------
Adjusted diluted earnings per share 1,714 59,738 2.87 2,202 59,645 3.69
------- ------- ------- ------- ------- -------
10. INTANGIBLE ASSETS
Group Goodwill
#'000
Cost
At 1 July 2004 and 30 June 2005 31,756
---------
Amortisation
At 1 July 2004 3,284
Charged in the year 1,578
---------
At 30 June 2005 4,862
---------
Net book value
At 30 June 2005 26,894
---------
At 30 June 2004 28,472
---------
Goodwill arising on the acquisition of The Locum Group Limited is being
amortised evenly over its presumed economic life of 20 years. Given the
performance of the Group in the last two years the directors have performed
an impairment review under the guidance established by Financial Reporting
Standard 11 and are satisfied that there is no impairment in the carrying
value of goodwill.
11. TANGIBLE FIXED ASSETS
Office
Computer Equipment Leasehold
Equipment and Fixtures & Property
Software Fittings Improvements Total
#'000 #'000 #'000 #'000
Group
Cost
At 1 July 2004 2,262 1,299 341 3,902
Reclassification - (464) 464 -
Capital expenditure 311 132 27 470
Disposals (88) (79) (34) (201)
--------- --------- --------- ---------
At 30 June 2005 2,485 888 798 4,171
--------- --------- --------- ---------
Depreciation
At 1 July 2004 1,548 540 283 2,371
Reclassification - (131) 131 -
Charged in year 437 184 88 709
Disposals (59) (43) (25) (127)
--------- --------- --------- ---------
At 30 June 2005 1,926 550 477 2,858
--------- --------- --------- ---------
Net book value
At 30 June 2005 559 338 321 1,218
--------- --------- --------- ---------
At 30 June 2004 714 759 58 1,531
--------- --------- --------- ---------
Company
At 30 June 2005 the Company had no fixed assets on its balance sheet
(2004: #nil).
12. INVESTMENT IN GROUP UNDERTAKINGS
Company Shares
#'000
Cost and net book value 35,381
At 30 June 2004 and 30 June 2005
-------------
Given the performance of the Group in the last two years the directors have
performed an impairment review under the guidance established by Financial
Reporting Standard 11 and are satisfied that there is no impairment in the
carrying value of the investment.
Details of the principal operating subsidiaries are set out below:
Principal Trading subsidiaries Company Interest Country of Principal Activity
in Ordinary Shares Incorporation
and Voting rights
Reed Health Limited 100% England & Wales Recruitment
RHG Admin Limited (formerly
Agency Nursing Limited) 100% England & Wales Payroll Services
The Locum Group Limited 100% England & Wales Recruitment
Reed Health Group No. 1 Limited
(formerly Caroline Pelham Limited)* 100% England & Wales Recruitment
LG International Employment
Services Limited* 100% England & Wales Recruitment
LJO Associates Pty Limited* 100% Australia Recruitment
LG Personnel International
Limited 100% Canada Recruitment
*The interest of Reed Health Group plc is held through intermediate holding
companies
13. DEBTORS
Group Company
2005 2004 2005 2004
#'000 #'000 #'000 #'000
Amounts falling due within 1 year
Trade debtors 15,955 24,438 - -
Other debtors 146 187 - -
Prepayments and accrued income 556 449 34 74
Deferred tax (see note 7) 364 242 - -
Corporation Tax 22 - - -
Dividends receivable - - 500 -
------- ------- ------- -------
17,043 25,316 534 74
------- ------- ------- -------
14. CREDITORS : AMOUNTS FALLING DUE WITHIN ONE YEAR
Group Company
2005 2004 2005 2004
#'000 #'000 #'000 #'000
Bank overdraft 64 992 - -
Funds advanced under invoice discounting
facility 4,623 12,998 - -
Trade creditors 2,816 2,233 - -
Amounts owed to Group undertakings - - 12,756 10,967
Corporation tax - 90 - -
Other taxation and social security 2,313 1,591 - -
Other creditors 2,888 2,862 - 120
Accruals and deferred income 2,082 1,093 - -
Proposed dividends 149 966 149 966
------- ------- ------- -------
14,935 22,825 12,905 12,053
------- ------- ------- -------
15. FINANCIAL ASSETS AND LIABILITIES
Financial assets and liabilities excluding short-term debtors and non debt
liabilities are analysed as follows:
2005 2004
#'000 #'000
Bank overdraft (64) (992)
Borrowings (4,623) (12,998)
--------- ---------
(4,687) (13,990)
--------- ---------
All balances are sterling denominated and interest is charged at a floating
rate which is LIBOR linked. There is no material difference between the
book value and the fair value of the financial assets and liabilities.
Market price risk
The group monitors its exposure to market price risk with regard to
interest rate and foreign currency movements. A 1% increase in LIBOR would
have reduced Group profit before tax for the year ended 30 June 2005 by
#90,000. The Group has no material exposure to exchange rate risk.
16. SHARE CAPITAL
2005 2004
#'000 #'000
Authorised
50,000,000 Ordinary Shares of 2p each 1,000 1,000
50,000,000 "B" Ordinary Shares of 2p each 1,000 1,000
--------- ---------
2,000 2,000
--------- ---------
2005 2004
#'000 #'000
Allotted and fully paid
37,403,372 Ordinary Shares of 2p each 748 748
22,241,400 "B" Ordinary Shares of 2p each 445 445
--------- ---------
1,193 1,193
--------- ---------
Ordinary Shares and "B" Ordinary shares rank pari passu in respect of
dividends and other distributions, voting and repayments of capital on
winding up.
Potential issues of ordinary shares
Certain Executives and staff hold options to subscribe for shares in the
company. These options were granted under the Company's EMI share option
scheme. No options were exercised in the period, new options were granted
over 1,895,339 shares and 422,914 options lapsed in the period. The number
of shares subject to options, the periods in which they were granted and
the periods in which they may be exercised are shown below:
Number of Options
Year of grant Exercise Exercise Granted Lapsed
Price Period Period Period As at 30/6/05 As at 1/7/04
2001 / 02 1.219 - 1.293 2005 - 2009 - - 77,340 77,340
2002 / 03 0.830 - 0.872 2006 - 2010 - 343,233 531,150 874,383
2003 / 04 0.852 2006 - 2010 - - 11,737 11,737
2004 / 05 0.407 - 0.502 2007 - 2012 1,895,339 79,681 1,815,658 -
--------- --------- --------- ---------
1,895,339 422,914 2,435,885 963,460
--------- --------- --------- ---------
17. RESERVES
Share Share Merger Capital Investment Profit &
Capital premium reserve redemption in own Loss
account reserve shares Account
#'000 #'000 #'000 #'000 #'000 #'000
Group
At 1 July 2004 1,193 21,478 6,317 51 (105) 3,560
Addition in year - - - - - -
Loss for the
financial year - - - - - (2,274)
--------------- ------------ ------------ --------------- --------------- ---------------
At 30 June 2005 1,193 21,478 6,317 51 (105) 1,286
--------------- ------------ ------------ --------------- --------------- ---------------
The merger reserve is included in the Consolidated Balance Sheet following
the principles of merger accounting in accordance with FRS 6 "Acquisitions
and Mergers", this being the excess of net assets acquired over the nominal
value of shares issued upon the acquisition of Reed Health Limited by the
Group on 4 July 2001.
The investment in own shares represents a holding by an EBT administered by
Abacus Financial Services Group. The EBT purchased 100,000 shares for a
total cost of #104,790. There are no arrangements currently in place to
distribute these shares.
Share Capital Investment in Profit &
Share Premium Redemption own shares Loss
Capital Account Reserve Account
#'000 #'000 #'000 #'000 #'000
Company
At 1 July 2004 1,193 21,478 51 (105) 785
Addition in year - - - - -
Loss for the financial year - - - - (392)
------------ ------------ --------------- --------------- ---------------
At 30 June 2005 1,193 21,478 51 (105) 393
------------ ------------ --------------- --------------- ---------------
The Company's loss for the year before dividends was #743,000
18. RECONCILIATION OF MOVEMENTS IN EQUITY SHAREHOLDERS' FUNDS
2005 2004
#'000 #'000
Group
Total recognised gains and losses relating to the financial year (2,274) 626
Dividends - (1,401)
Investment in own shares - (105)
-------- --------
(Decrease) in shareholders' funds (2,274) (880)
Opening shareholders' funds 32,494 33,374
-------- --------
Closing shareholders' funds 30,220 32,494
-------- --------
19. RECONCILIATION OF OPERATING PROFIT TO NET CASH INFLOW FROM OPERATING ACTIVITIES
2005 2004
#'000 #'000
Operating (loss)/profit (1,496) 1,448
Amortisation of goodwill 1,578 1,576
Depreciation of tangible fixed assets 709 756
Loss on disposal of tangible fixed assets 46 -
Working capital movements
Decrease/(increase) in debtors 8,418 (9,048)
Increase/(decrease) in creditors 2,324 (1,453)
-------- --------
Net cash inflow / (outflow) from continuing operating activities 11,579 (6,721)
-------- --------
20. RETURNS ON INVESTMENT AND SERVICING OF FINANCE
2005 2004
#'000 #'000
Interest received - 4
Interest paid (652) (82)
-------- --------
(652) (78)
-------- --------
21. RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT
2005 2004
#'000 #'000
Increase/(decrease) in cash 928 (1,215)
Repayment of loans - -
Funds repaid/(advanced) under invoice discounting facility 8,375 (10,060)
-------- --------
Reduction/(increase) in net debt 9,303 (11,275)
Opening net debt (13,990) (2,715)
-------- --------
Closing net debt (4,687) (13,990)
-------- --------
22. ANALYSIS OF NET DEBT
At 1 Cash Flow At 30 June
July 2004 2005
#'000 #'000 #'000
Bank overdraft (992) 928 (64)
Cash (992) 928 (64)
Borrowings (12,998) 8,375 (4,623)
---------- ---------- ----------
Net debt (13,990) 9,303 (4,687)
---------- ---------- ----------
23. CONTINGENT LIABILITIES
Company
The Company acts as guarantor for the banking requirements for all of its
subsidiary undertakings. The Directors are of the opinion that the
likelihood of any default by a member of the Group is remote and as such
there is no requirement for any provision to be made in the financial
statements.
The Company additionally provides operational guarantees in the ordinary
course of business on behalf of its subsidiary undertakings. The Directors
are of the opinion that the likelihood of any default by a member of the
Group is remote and as such there is no requirement for any provision to be
made in the financial statements.
24. FINANCIAL COMMITMENTS
Capital commitments
As at 30 June 2003 and 2004, the Group and Company had no capital
commitments contracted for but not provided in the financial statements.
Operating lease commitments
The payments which the group is committed to make in the next year under
operating leases are as follows:
2005 2004
#'000 #'000
(i) Land and buildings leases expiring
Within one year 146 151
One to five years 373 320
Beyond five years 368 232
-------- --------
887 703
-------- --------
(ii) Plant and machinery, leases expiring
Within one year 3 8
One to five years 28 97
-------- --------
31 105
-------- --------
The Company had operating lease commitments of #nil at 30 June 2005
(2004: #nil).
This information is provided by RNS
The company news service from the London Stock Exchange
END
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