RNS Number:1175H
Bovis Homes Group PLC
13 March 2000
BOVIS HOMES GROUP PLC
PRELIMINARY RESULTS
FOR THE YEAR ENDED 31 DECEMBER 1999
Issued 13 March 2000
The Board of Bovis Homes Group PLC today announced its preliminary results for
1999.
* Pre tax profit increased 23.1% to #55.4 million (1998: #45.0 million)
* Earnings per share increased by 23.9% to 34.2p (1998: 27.6p)
* Operating margin increased to 20.5% (1998: 19.3%)
* Return on average capital employed increased to 23.1% (1998: 20.2%)
* Plots with planning consent increased to 10,335 plots (4.3 years' supply on
1999 completions)
* Strategic land holdings of 17,003 potential plots (1998: 16,445 potential
plots)
* Final dividend of 7.2p net per ordinary share making 10.8p for the year (3.2
times covered)
* Year end net borrowings of #2.3 million (1% gearing)
Commenting on the results, Malcolm Harris, the Chief Executive of Bovis Homes
Group PLC said:
"The Group has enhanced shareholder value, increasing profits, operating
margins, consented and strategic land holdings and return on average capital
employed. Our focus upon continuous improvement is delivering positive
results and we believe it will provide significant further benefits. The
foundations for future increases in earnings per share are now well
established. Current trading conditions are good with total reservations over
10% above those at this time last year. Operating margins are improving and,
barring the effects of major fiscal or interest rate changes, we are confident
of our prospects for this year and the future."
Enquiries: Malcolm Harris, Tel: 0171 329 0096
Chief Executive on Monday 13 March
Bovis Homes Group PLC Tel: 01474 872427 thereafter
Emily Bruning & Rollo Head
Shandwick Consultants Tel: 0171 329 0096
Chairman's Statement
The Group performed strongly in 1999, responding positively to good market
conditions. The progress reported at the interim stage was sustained with an
improvement to operating margin and return on capital employed resulting in
growth in basic earnings per share of 23.9% over the previous year.
Results
Profit on ordinary activities before taxation amounted to #55.4 million for
the year ended 31 December 1999, compared with #45.0 million in the same
period of 1998. This represented an improvement of 23.1% over the previous
year and was achieved from a continuation of the Group's strategy of focusing
on increasing margin rather than volume.
Total turnover rose 18.6% from #234.3 million in 1998 to #277.8 million in
1999 reflecting an improvement in average selling price of 13.0% and unit
completion growth of 5.5%. New products and specifications have been
successfully introduced during the year, which together with efficient
procurement of labour and material, and sites in popular locations have helped
to enhance the operating margin to 20.5% (1998: 19.3%).
Dividends
The Board is proposing a final dividend for the year ended 31 December 1999 of
7.2p to be paid on 26 May 2000 to shareholders on the register at the close of
business on 25 April 2000. This dividend when added to the interim dividend of
3.6p paid on 26 November 1999 totals 10.8p for the year, and is covered 3.2
times by the basic earnings per share of 34.2p. The total dividend for the
year represents an increase of 8% over the previous year.
Market conditions
Throughout the year all parts of the business benefited from a consistent
demand for the Group's products. The increases in mortgage rates during the
year did not materially affect affordability or confidence in the market
place.
The demand for development land was keen. However, the Group increased its
consented land bank to 10,335 plots at year end (1998: 9,466 plots)
representing over 4 years' supply based on 1999 unit completion levels.
Strategy
The Group's key objective, to maximise total shareholder return, has not
changed. Further investment in prime land holdings during the year and
continuous improvement programmes encompassing all activities within the
Group, complemented by research and development, underpin future profits. New
products and specifications are part of an ongoing programme to ensure that we
meet our customers' requirements. All of the Group's employees are motivated
through training and incentives to pursue the strategies necessary to achieve
the key objective.
The Board
There has been no change in the composition of the Board or the individual
responsibilities of directors during 1999. The Board is comprised of seven
executive directors led by the Chief Executive, Malcolm Harris, and three
independent non-executive directors including myself.
Authority to purchase shares
It is proposed to renew the authority of the Company to purchase up to 10% of
its own shares at the forthcoming AGM. At the present time, the directors
have no wish to exercise the authority to purchase any of the shares of the
Company, but consider that it is appropriate to have the flexibility to do so.
Executive share incentive schemes
The Company proposes to establish a long term incentive plan and change the
rules of the Bovis Homes Group PLC Executive Share Option Scheme to facilitate
phased grants of options on an annual basis to reflect emerging emerging
practice. Approval is sought from shareholders at the AGM on 9 May 2000.
Employees
The dedication and hard work of employees throughout the Group has delivered
these very good results, and I would like to thank everyone for their efforts
on behalf of the Board.
Prospects
The first year of the new millennium has started well for the Group. It has
significantly more units reserved for sale than it did this time last year,
and holds an excellent land bank with more prime locations than a year ago.
Land supply and planning delays are likely to be a continuing problem. The
examination-in-public panel reports for regional planning guidance in East
Anglia and the South East have both recommended higher levels of housing
provision, an essential matter to meet both local needs and provide economic
growth. The Secretary of State for the Department of the Environment,
Transport and the Regions has not followed the recommendations and has stated
that plans in the future will cover a period of five years only.
In addition, he has issued a new Planning Policy Guidance Note No. 3 -
Housing, introducing sequential testing and a requirement that all schemes of
150 dwellings or more on green field sites have to be notified to the
Secretary of State before permission is granted. This further level of
bureaucracy is likely to further delay the planning process and if the release
of land for development is below expected needs, it will ultimately result in
house prices rising faster than inflation which will frustrate many people's
aspirations.
The spectre of higher interest rates has been well publicised and purchasers
appear to have allowed for the projected rate increases in their calculations
and in many cases fixed their mortgage rate for a period of time. In general,
prospects for the UK economy look reasonably encouraging with many
commentators forecasting GDP growth of around 3.0% in the current year. Given
the Company's progress to date, the general economic picture and barring any
unforeseen circumstances, the Board is confident that 2000 will be another
successful year.
Nigel Mobbs
Chairman
Chief Executive's operational review
The Market
Consumer confidence improved during the year pursuant to increases in
employment and earnings. Interest rates were low by recent historical
standards with availability of competitive funds either on fixed or variable
rates. Housing affordability remained favourable throughout the twelve month
period. The average house price increase in the UK as published by the
Halifax, was 13.6% with an increase of 9.9% for new houses. Total property
transactions rose by around 8% compared with the previous year.
Performance
Operating in favourable market conditions, Bovis Homes continued to strengthen
its position with an emphasis upon underpinning future growth in profits and
earnings per share. The ROACE increased to 23.1% despite further investment
in the Group's consented and strategic land holdings.
A wide range of new products has been introduced alongside an improved
specification. This enabled our average sales price to increase to #109,400,
a 13.0% increase compared with 1998. Sales price per square foot, net of
incentives and part exchange costs, increased by 9.9%. Building costs per
square foot increased by 6.1% including specification upgrades. The Group's
operating margin improved to 20.5% from 19.3% in 1998, reflecting the combined
benefits of positive management actions and a good housing market.
Regional operating margin analysis
Year ended 31 December 1999 1998
% %
--------------------------------- ----------- -----
South East 23.1 23.3
South West 15.1 13.7
Central 20.1 15.5
Retirement Homes 23.1 23.9
--------------------------------- ----------- -----
Group 20.5 19.3
--------------------------------- ----------- -----
Both South East and Retirement Homes have maintained their operating margins
above 23% representing some of the highest in the industry. As anticipated,
Central's operating margin has improved substantially whilst South West's
operating margin has continued a steady improvement. All operations have
maintained margins above average operating margins for the industry.
Regional unit completion profile
Year ended 1999 1999 1998 1998
31 December unit % unit %
completions completions
----------- ------------ ------- ----------- ---------
South East 1,062 44 1,012 44
South West 604 25 595 26
Central 641 26 567 24
Retirement
Homes 122 5 129 6
----------- ------------ ------- ----------- ---------
Total 2,429 100 2,303 100
----------- ------------ ------- ----------- ---------
Product mix and average sales price
Year ended 1999 1998 1999 1998
31 December unit unit average average
completions completions selling price selling price
House type
------------------- ----------- ------------ ------------- --------------
One and two
bedrooms 446 484 #71,700 #67,500
Three bedrooms 660 534 #92,600 #84,100
Four bedrooms 912 744 #134,900 #122,900
Five or more
bedrooms 94 65 #234,600 #228,400
Social Housing 195 347 #55,100 #56,000
Retirement 122 129 #137,900 #153,000
------------------- ----------- ------------ ------------- --------------
Total 2,429 2,303 #109,400 #96,800
------------------- ----------- ------------ ------------- --------------
Land and planning
Our experienced and skilful land management team has continued to control this
major resource effectively and despite intense competition for prime sites,
has strengthened both the consented and strategic land holdings during the
year. Plots held with planning consent for immediate development increased
from 9,466 plots at 31 December 1998 to 10,335 plots at 31 December 1999
representing approximately 4.3 years' supply based upon 1999 legal completion
levels. During the year, 1,287 plots with planning consent were transferred
from our strategic holdings to the consented land bank achieving on average a
23% discount to market value on transfer. Notwithstanding this, our strategic
land holdings increased during the year from 16,445 potential plots to 17,003
potential plots.
Our average plot cost as at 31 December 1999 was #22,900 which represented
20.1% of the average sales price in the year of #114,100. This compared
favourably with 1998 when the average plot cost was #22,100 which represented
21.2% of the average sales price in 1998 of #104,200. These figures exclude
social housing. The improvement in average plot cost as a percentage of sales
price arose from effective land acquisition policies.
Consented land bank
Total plots as at 31 December 1999 1999 1998 1998
Plots % plots %
-------------------------------- ------- ------ ------ -------
South East 3,252 32 3,725 39
South West 2,211 21 2,525 27
Central 4,419 43 2,905 31
Retirement Homes 453 4 311 3
-------------------------------- ----- ------ ------ -------
Total 10,335 100 9,466 100
-------------------------------- ------- ------ ------ -------
Years' supply based upon 4.3 4.1
completions in the year
-------------------------------- ------- ------ ------ -------
Land holdings within Central region include significant investments in prime
sites, many of which lie within Southern England. The region also covers the
North of England where six sites have been acquired and during the year a new
office has been opened at Wilmslow to support the area's continued
development.
Strategic land bank
Total potential plots as at 31 December 1999 1998
Plots Plots
--------------------------------------- -------- -------
South East 10,248 9,626
South West 3,657 3,648
Central 3,032 3,025
Retirement Homes 66 146
--------------------------------------- -------- -------
Total 17,003 16,445
--------------------------------------- -------- -------
The Group is promoting this land through the planning process. Included in
the above stated are 9,227 potential plots in strategic 'growth locations'.
Growth locations are areas designated for development within draft or adopted
development plans by local, county or unitary planning authorities.
Total potential plots in 'growth locations' as at 31 December 1999 1998
Plots Plots
--------------------------------------------------------------- ----- -----
South East 6,440 6,224
South West 1,722 1,403
Central 999 1,402
Retirement Homes 66 146
--------------------------------------------------------------- ----- -----
Total 9,227 9,175
--------------------------------------------------------------- ----- -----
During the financial year 46% (1998: 37%) of the Group's development profit
was achieved from units built on land promoted through its strategic holdings.
The Government has announced an annual target of 60% of all new house building
to take place on re-used land, compared with approximately 54% of new homes
currently being built on previously used land. We are supportive of this
initiative, however, the average percentage is distorted by the
disproportionate availability of such opportunities in many parts of the
country. This view has been supported by the Urban Task Force in that they
suggested 39% was a realistic target for the South of England. Bovis Homes
has a number of major developments in the Cambridge locality and other areas
of the South of England where redevelopment sites are scarce. One hundred per
cent of our Retirement Homes' developments are currently built on previously
used land whereas the overall unit contribution from previously used land for
the Group for 1999 was 32%. The percentage, however, is expected to increase
over the coming years.
Health, Safety and Environment
Bovis Homes promotes all aspects of health, health, safety and environmental
awareness throughout its operations in the interests of employees, purchasers,
contractors and visitors to its sites and premises. The Group views this as
an essential element in the success of the business. Clear policies,
procedures and systems operate throughout the organisation with a particular
emphasis upon innovation, practical implementation and continuous improvement.
The Group once again in 1999 achieved a number of awards including the Gold
award from the Royal Society for the Prevention of Accidents, and the National
award from the British Safety Council.
During 1999 the Company issued a new Environmental Policy with an objective of
achieving sustainable construction. We have identified ten key elements:
* Plan for the effective and efficient use of development land.
* Design for minimum waste.
* Aim for lean, efficient and effective construction.
* Minimise energy consumption in construction.
* Minimise energy consumption of the product in life-cycle use.
* Do not pollute.
* Conserve water resources.
* Respect people.
* Protect and wherever possible improve the environment.
* Set targets.
To achieve the above stated we have introduced policies, procedures and
systems and we have set a number of practical targets which we will monitor
against.
Research and Development
Bovis Homes operates a continuous improvement programme throughout its
operations and has been working with suppliers, the National House-Building
Council, the the House Builders Federation, trade bodies, and the Building
Research Establishment, to achieve improved and consistent quality, good
insulation standards and improved environment as far as health and safety are
concerned. We have been investigating, trialing and installing a number of
new materials and methods of operating which we believe will enable us to
achieve our objectives.
Outlook for 2000
The outlook for the UK economy is positive with house affordability at an
advantageous level which we believe will provide improved consumer confidence.
The increase in household formation and the rise in general wealth and
inheritance provide a solid base for the demand for high quality homes.
The Halifax's latest forecast is for house prices to increase by approximately
12.0% in 2000 which is ahead of the average projected earnings growth,
currently 5.0%. This imbalance of earnings growth and house price increase is
unlikely to affect demand materially during the year as the ratio of mortgage
payment to take home pay has continued at a highly affordable level.
We started the year 2000 with an increased number of reservations brought
forward, a wider geographic spread of developments and an excellent range of
products. We have high calibre, well motivated employees at all levels
throughout the organisation. We are, therefore, confident of our ability to
deliver further positive results for our shareholders.
Malcolm Harris
Chief Executive
Financial review
Profit on ordinary activities before tax for the year ended 31 December 1999
amounted to #55.4 million, representing an uplift of 23.1% over the previous
year. This result was based on an increase in operating profit over last year
of 26.2%, arising from an improved operating margin on a higher average
selling price and a small volume increase. The return on average capital
employed also showed a marked improvement at 23.1% compared with 20.2% in the
previous year.
Review of results
The operating profit margin of 20.5% generated an operating profit of #56.9
million on turnover of #277.8 million, compared with a margin of 19.3%, an
operating profit of #45.1 million and turnover of #234.3 million in the prior
year.
Total turnover rose 18.6% in 1999 over 1998 due mainly to the combined effect
of a higher unit completion throughput and a greater average selling price.
Volume increased by 5.5% to 2,429 unit completions from 2,303 in 1998, and the
average selling price rose 13.0% to #109,400 from #96,800 in 1998. The rise in
average selling price reflected a strong demand for the Group's products, with
enhanced specifications, in good market conditions. Land sale turnover
together with a relatively small amount of other income was similar to last
year at #12.0 million (1998: #11.4 million). Land sales contributed a profit
less option costs of #1.2 million (1998: #2.2 million).
Interest payable net of interest receivable absorbed #1.5 million (1998: #0.1
million) and taxation a further #16.9 million (1998: #13.9 million) to leave
profit on ordinary activities after taxation for the year of #38.5 million
(1998: #31.1 million).
Dividends paid and proposed amounted to #12.2 million (1998: #11.3 million),
resulting in a retained profit for the financial year of #26.3 million (1998:
#19.8 million).
Review of balance sheet
Shareholders' funds increased by 11.6% during the year from #228.5 million at
31 December 1998 to #254.9 million at 31 December 1999. The balance sheet has
been further strengthened during the year, with significant additional
investment in development land and housing work in progress, offset by a
reduction in part exchange properties. A summary of these items at the start
and close of the year is as follows:
As at 31 December 1999 1998 Increase/
#m #m (decrease)
#m
----------------------------------- -------- ------ ----------------
Land held for development 256.2 214.7 41.5
Raw materials and work in progress 90.0 81.3 8.7
Part exchange properties 13.5 23.6 (10.1)
----------------------------------- -------- ------ ----------------
The impact of the net investment in land during the year has been mitigated by
an increase in the land creditors which have increased from #51.1 million at
31 December 1998 to #65.1 million at 31 December 1999. These figures are
included in the total creditors, under and over one year, amounting to #112.5
million at the start of the year and #126.4 million at the end of the year.
Review of cash flow
Net cash inflow from operating activities amounted to #36.3 million for the
year ended 31 December 1999. After taking account of returns on investments
and servicing of finance, taxation paid, capital expenditure and financial
investment, and equity dividend paid, there was a cash inflow before
management of liquid resources and financing of #4.5 million.
This resulted in net borrowings reducing from #6.8 million at the start of the
year to #2.3 million at 31 December 1999, lowering gearing to less than 1.0%
at the year end, and the Company has significant bank facilities available.
Ron Walford
Finance Director
Group profit and loss account
Continuing operations
For the year ended 31 December 1999 1999 1998
#000 #000
------------------------------------ ---------- ----------
Turnover 277,804 234,285
Cost of sales (196,298) (167,818)
------------------------------------ ---------- ----------
Gross profit 81,506 66,467
Administrative expenses (24,568) (21,339)
------------------------------------ ---------- ----------
Operating profit 56,938 45,128
Interest receivable and similar 96 555
income
Interest payable and similar charges (1,598) (661)
------------------------------------ ---------- ----------
Profit on ordinary activities before
taxation 55,436 45,022
Taxation on profit on ordinary
activities (16,900) (13,900)
------------------------------------ --------- ---------
Profit on ordinary activities after 38,536 31,122
taxation
Dividends paid and proposed (12,186) (11,280)
------------------------------------ ---------- ----------
Retained profit for the financial
year 26,350 19,842
------------------------------------ ---------- ----------
------------------------------------ ---------- ----------
Basic earnings per ordinary share 34.2p 27.6p
------------------------------------ ---------- ----------
Diluted earnings per ordinary share 33.8p 27.5p
------------------------------------ ---------- ----------
In both the current and preceding financial periods there was no material
difference between the historical cost profits and losses and those reported
in the profit and loss account.
Group balance sheet
------------------------------------ -------- ------
At 31 December 1999 1999 1998
#000 #000
------------------------------------ -------- ------
Fixed assets
Tangible assets 8,395 7,121
Investments 673 24
------------------------------------ -------- ------
9,068 7,145
------------------------------------ -------- ------
------------------------------------ -------- --------
Current assets
Stocks and work in progress 360,275 320,201
Debtors due within one year 8,426 10,981
Debtors due after more than one year 4,743 3,957
Cash and short term deposits 362 370
------------------------------------ -------- --------
373,806 335,509
------------------------------------ -------- --------
Creditors: amounts falling due (101,197) (94,925)
within one year
------------------------------------ --------- ---------
Net current assets 272,609 240,584
------------------------------------ --------- ---------
Total assets less current 281,677 247,729
liabilities
Creditors: amounts falling due after (25,250) (17,604)
more than one year
Provisions for liabilities and (1,492) (1,608)
charges
------------------------------------ --------- ---------
Net assets 254,935 228,517
------------------------------------ --------- ---------
Capital and reserves
Called up share capital 56,535 56,399
Share premium 132,685 132,103
Revaluation reserve 817 817
Profit and loss account 64,898 39,198
------------------------------------ --------- ---------
Equity shareholders' funds 254,935 228,517
------------------------------------ --------- ---------
Group cash flow statement
For the year ended 31 December 1999 1999 1998
#000 #000
------------------------------------ --------- ---------
Net cash inflow/(outflow) from 36,265 (20,285)
operating activities
Returns on investments and servicing
of finance 95 555
Interest received
Interest paid (1,591) (1,002)
(1,496) (447)
Taxation paid (15,981) (11,288)
Capital expenditure and financial
investment
Purchase of tangible fixed assets (2,975) (2,288)
Sale of tangible fixed assets 266 3,324
------------------------------------ --------- ---------
(2,709) 1,036
------------------------------------ --------- ---------
Equity dividend paid (11,586) (3,756)
------------------------------------ --------- ---------
------------------------------------ -------- ---------
Cash inflow/(outflow) before -
management of liquid resources and
financing 4,493 (34,740)
Management of liquid resources and
financing
Movement in short term deposits 8 29,618
Movement in short term borrowings (5,000) 5,000
Issue of ordinary share capital 69 -
------------------------------------ -------- ---------
(4,923) 34,618
------------------------------------ -------- ---------
Decrease in cash (430) (122)
------------------------------------ -------- ---------
Group statement of total recognised gains and losses
For the year ended 31 December 1999 1999 1998
#000 #000
------------------------------------ -------- ----------
Profit for financial year 38,536 31,122
Impairment loss on revalued asset - (67)
------------------------------------ -------- ----------
Total recognised gains relating to 38,536 31,055
the year
------------------------------------ -------- ----------
Group reconciliation of movements in shareholders' funds
For the year ended 31 December 1999 1999 1998
#000 #000
---------------------------------------- --------- ----------
Opening shareholders' funds 228,517 208,742
Issue of ordinary shares 718 -
Total recognised gains and losses for 38,536 31,055
the year
Funding of share issue to Qualifying (650) -
Employee Share Ownership Trust
Dividends paid and proposed (12,186) (11,280)
---------------------------------------- --------- ----------
Closing shareholders' funds 254,935 228,517
---------------------------------------- --------- ----------
Group reconciliation of operating profit to operating cash flows
For the year ended 31 December 1999 1999 1998
#000 #000
---------------------------------------- --------- ----------
Operating profit 56,938 45,128
Depreciation 1,499 1,290
(Profit)/loss on disposal of tangible (64) 74
fixed assets
Increase in stocks (40,074) (76,505)
Increase in debtors (1,913) (2,819)
Increase in creditors 19,879 12,547
---------------------------------------- --------- ----------
Net cash inflow/(outflow) from operating 36,265 (20,285)
activities
Group reconciliation and analysis of net debt
For the year ended 31 December 1999 1999 1998
#000 #000
---------------------------------------- --------- ----------
Decrease in cash in the year (430) (122)
Movement in short term deposits (8) (29,618)
Movement in short term borrowings 5,000 (5,000)
---------------------------------------- --------- ----------
Change in net debt 4,562 (34,740)
Opening net (debt)/funds (6,841) 27,899
---------------------------------------- --------- ----------
Closing net debt (2,279) (6,841)
---------------------------------------- --------- ----------
Analysis of net debt:
Bank overdraft 2,641) (2,211)
Short term borrowings - (5,000)
Short term deposits 362 370
---------------------------------------- --------- ----------
(2,279) (6,841)
---------------------------------------- --------- ----------
Notes to the accounts
1 Basis of preparation
The Group accounts include the accounts of the Company and its subsidiary
undertakings all of which are made up to 31 December 1999.
The financial information included within this statement does not constitute
the Company's statutory accounts for the year ended 31 December 1999 or 1998.
The information contained in this statement has been extracted from the
statutory accounts of Bovis Homes Group PLC for the year ended 31 December
1999, which have not yet been filed with the Registrar of Companies, on which
the auditors have given an unqualified audit report, not containing statements
under section 237(2) or (3) of the Companies Act 1985.
The Group has adopted the new accounting standards FRS 12 (Provisions,
contingent liabilities and contingent assets), FRS 13 (Derivatives and Other
Financial Instruments: Disclosures) and FRS 15 (Tangible Fixed Assets) during
the year. There has been no material effect on the Group's results in the year
arising from the implementation of these standards.
2 Earnings per ordinary share
Basic earnings per ordinary share for the year ended 31 December 1999 is
calculated on profit after tax of #38,536,000 (1998: #31,122,000) over the
weighted average of 112,817,440 (1998: 112,798,032) ordinary shares in issue
during the year.
Diluted earnings per ordinary share is calculated on profit after tax of
#38,536,000 (1998: #31,122,000) over the diluted weighted average of
114,103,935 (1998: 113,183,650) ordinary shares potentially in issue during
the year. The diluted average number of shares is calculated in accordance
with FRS 14 Earnings Per Share. The dilutive effect relates to the average
number of potential ordinary shares held under option during the year. This
dilutive effect amounts to the number of ordinary shares which would be
purchased using the aggregate difference in value between the market value of
shares and the share option exercise price. The market value of shares has
been calculated using the average ordinary share price during the year. Only
share options which have met their cumulative performance criteria have been
included in the dilution calculation. There is no dilutive effect on the
profit after tax used in the diluted earnings per share calculation.
3 Taxation
The rate of corporation tax applied was 30.25% for the year to 31 December
1999 and 31% for the year to 31 December 1998.
4 Dividends
The proposed final dividend of 7.2 pence net per ordinary share will be paid
on 26 May 2000 to holders of ordinary shares on the register at the close of
business on 25 April 2000. The dividend when added to the already paid
interim dividend of 3.6 pence, totals 10.8 pence for the year.
5 Year 2000
The directors recognised the importance of the year 2000 issue and put into
place procedures to identify and mitigate risks that they considered may
arise. The transition into the new millennium has gone smoothly, with no
material costs incurred and no new issues emerging to date. Critical systems
have performed as planned and the supply of materials and services has been in
line with requirements. The Group will continue to monitor the situation.
END
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