Interim Results
23 September 2004 - 9:01AM
UK Regulatory
RNS Number:2487D
Alpha Airports Group PLC
23 September 2004
Alpha Airports Group Plc
Results for the Six Months ended 31 July 2004
Unaudited 23 September 2004
Highlights
* Sales of #239.2m, an increase of 11.9% on the prior year (2003/4: #213.7m),
represents an improvement on the 9.4% underlying growth we enjoyed in the
second half of last year.
* Adjusted pre-tax profit* of #10.6m was up 11.6% on the previous year
(2003/4: #9.5m).
* Profit before taxation increased by 22.8% to #9.7m (2003/4: #7.9m). This
profit includes the gain on disposal of two investments of #0.7m.
* Interim dividend maintained at 1.0p per share (2003/4: 1.0p per share).
* Adjusted earnings per share* increased 7.6% to 3.66p per share (2003/4:
3.40p per share). Earnings per share increased 27.6% to 3.14p per share
(2003/4: 2.46p per share).
* A strong balance sheet with shareholders' funds of #58.6m (2003/4:
#53.3m).
* Adjusted pre-tax profit and adjusted earnings per share are before goodwill
amortisation and exceptional items and are presented to assist readers in
assessing the underlying trading performance.
Commenting on the Interim results, Kevin Abbott, Chief Executive said:
"The underlying growth we enjoyed in last year's second half has continued as we
expected. With further investment across all our businesses together with
significant development opportunities in the UK and internationally, Alpha is
well positioned for ongoing growth."
Enquiries:
Alpha Airports Group Plc
Kevin Abbott, Chief Executive Tel: 020 7554 1400 (today)
Heather McRae, Finance Director Tel: 020 8580 3200 (thereafter)
Gavin Anderson & Company
Laura Hickman/Tom Siveyer Tel: 020 7554 1400
Website: www.alpha-group.com
------------------------------
Overview
We are pleased to report an 11.9% growth in sales to #239.2m (2003/4: #213.7m)
and an 11.6% underlying progress in adjusted pre-tax profit (before goodwill
amortisation and exceptional items) to #10.6m (2003/4: #9.5m) for the six months
ended 31 July 2004. Profit before tax has increased 22.8% to #9.7m (2003/4:
#7.9m). The results benefit from the continuing growth in short-haul passengers
through the UK's regional airports, coupled with strong long-haul international
passenger recovery at London Heathrow and Amman, Jordan, which were adversely
affected in last year's first half by the Iraq conflict. These results were
achieved despite the weakness of the US$, which impacted our first half profit
by #0.6m compared with last year, and despite #0.9m of business development and
new contract start-up costs in our Inflight Retail business.
Flight Services
Total sales increased 12.4% to #133.8m (2003/4: #119.0m), with UK flight
catering sales up 10.0% to #74.5m (2003/4: #67.7m), International flight
catering sales up 3.6% to #17.4m (2003/4: #16.8m), and Inflight Retail sales
continuing to grow strongly, up 21.4% to #41.9m (2003/4: #34.5m). UK flight
catering profit improved 11.1% due to a 5.0% increase in meal volumes,
reflecting both enhanced aircraft utilisation and greater consumer sales by our
charter airline customers, combined with a further 7.5% improvement in
productivity.
Internationally, whilst our Jordan business recovered strongly, we have absorbed
significant business transformation costs in our Amsterdam and Australian
businesses; as a result, our International flight catering profit declined by
61.1%.
Our Inflight Retail business has continued its excellent growth and development
with sales up over 21%. However, we have incurred #0.5m increased costs in our
UK bonded warehouse network with the implementation of an enhanced IT control
system, and the start-up of our Australian Inflight Retail contract for Qantas
duty-free has cost #0.4m with a similar level of cost expected in the second
half. As a consequence of these one-off costs, our Inflight Retail profit
declined by 44.4%.
Total Flight Services profit* declined 17.5% to #5.2m (2003/4: #6.3m),
reflecting the significant new business development and transformation costs in
Australia, Amsterdam and Inflight Retail, countered by the underlying profit
progress made in the UK and Jordan flight catering.
Retail
Total Retail sales increased 11.3% to #105.4m (2003/4: #94.7m), with UK Retail
sales up 8.0% to #85.1m (2003/4: #78.8m), and International Retail sales up
27.7% to #20.3m (2003/4: #15.9m). UK Retail benefited from a 7.3% growth in
passengers through the UK's regional airports, and enjoyed a 1.0% growth in
spend per passenger, despite the EU expansion from 1 May and the ensuing loss of
duty-free liquor and tobacco sales to passengers travelling to the new EU
countries. Overall UK Retail profits were up 70%, achieving an overall 4.0%
profit margin.
We enjoyed a 23% growth in total passengers to and from Sri Lanka, and a 31.3%
growth in international passengers to Orlando, with enhanced sales per passenger
achieved in both markets, giving rise to a substantial 50% International Retail
profit advance.
Total Retail profit* improved 61.1% to #5.8m (2003/4: #3.6m), achieving an
overall 5.5% profit margin (2003/4: 3.8%).
Business Development
Our strategy is to continue to build a world-class aviation services company
focused on our catering and retailing expertise.
In UK flight catering, our new central logistics programme and "high street"
style meal portfolio utilising fully disposable packaging, has been successfully
tested in both consumer and airline trials, with many of our existing and
potential new airline customers engaged in active discussions regarding uptake
for the 2005 and 2006 seasons.
At London Heathrow, despite the loss of the Air Canada contract during
September, we remain optimistic of securing a major new client in early 2005,
and thus have retained over 90 of our local staff to provide future quality
service.
Alpha is delighted to have been appointed to provide rail catering services to
Eurostar at Waterloo International from 1 September 2004. In line with our
plans, our high quality internet pre-order meal offering, Alpha D'Lish, has been
successfully launched in the UK with MyTravel Lite from Birmingham.
Internationally, Alpha is delighted to have secured the Cathay Pacific catering
contract at our Melbourne and Brisbane flight kitchens in Australia from 1
October, and we have opened our Darwin kitchen for catering services for both
Australian and SkyWest airlines. As previously notified, Alpha has increased its
shareholding in Servair Airchef in Italy from 25% to 50%, which was effective
from 4 August 2004. In Jordan, Alpha has been appointed to provide retail
catering services at Queen Alia International airport in Amman.
In UK Retail, Alpha Airport Shopping has successfully opened two "new pink,
everyone can buy" duty-free shops at Newcastle International Airport, and
Glorious Britain has opened a new destination gift outlet at Waterloo
International railway station. Internationally, Alpha has opened new retail
catering operations at Skavsta, Sweden.
The pipeline of opportunities to build and grow our business is running at an
unprecedented level. Alpha is actively negotiating on many new projects and is
confident that some of these will be delivered for investment and business
growth throughout 2005/6, however, the success of these projects or contract
awards may result in one-off costs in the short term.
Capital Investment
Alpha has launched a major investment in new IT systems to facilitate a more
efficient supply chain and deliver enhanced cost benefits to the Group. Whilst
the investment has been scoped to provide a future Group-wide capability, the
first phase implementation will embrace our UK Retail network in 2005/6. In UK
Flight Services, we have launched a major #4 million modernisation and
development programme for our Manchester and Birmingham facilities.
Exceptionals
Due to the ongoing success of our Jordan joint-venture, our local partner -
Eastern Investments - has exercised its right to acquire a further 10% equity
stake in Jordan Flight Catering Company Limited from Alpha. This further
investment was acquired by Eastern Investments indirectly via an intermediary
group subsidiary which holds the investment in Jordan, generating a small profit
on disposal of #0.3m for Alpha. In the UK, last year's 20% investment in Calibre
Airline Services Limited to cement systems support for our new inflight services
management initiative with British Airways CitiExpress, now extended to other UK
airlines, has been sold as part of a full sale of Calibre; again, a small profit
of #0.4m has been generated on the sale.
Dividend
The interim dividend is maintained at 1.0p per share (2003/4: 1.0p per share)
and will be payable on 5 November 2004 to shareholders on the register on 8
October 2004.
Outlook
Since the half-year, our business has continued to perform in line with
expectations through the key, high-volume summer months. With a healthy balance
sheet and strong service teams in place, we are pressing for accelerated future
growth and development through the pursuit of a wide range of investment
opportunities and we are confident of long term value enhancement. Whilst
expected investment in new projects and possible new contract wins may result in
one-off costs in the second half, underlying trading remains in line with our
expectations.
Group Profit and Loss Account
Unaudited Six months Six months Year
ended ended ended
31 July 31 July 31 Jan
2004 2003 2004
Notes #m #m #m
---------------------------------------------------------------------------------
Turnover 2 239.2 213.7 440.9
Cost of sales (157.0) (141.1) (281.5) *
---------------------------------------------------------------------------------
Gross profit 82.2 72.6 159.4
Administration expenses (72.6) (64.2) (140.8) *
---------------------------------------------------------------------------------
EBITDA 16.0 14.6 31.7 *
Depreciation on tangible assets (5.0) (4.7) (9.9)
Amortisation of goodwill (1.4) (1.5) (3.2)
------- ------- ------
Operating profit 9.6 8.4 18.6
------- ------- ------
----------------------------------------------------------------------------------
Share of operating profit of
associates before goodwill amortisation 0.2 0.3 0.5
Associates goodwill amortisation (0.2) (0.1) (0.4)
------- ------- ------
------- ------- ------
Share of operating profit of
associates including goodwill amortisation - 0.2 0.1
------- ------- ------
Profit on part disposal of
subsidiary undertaking
- continuing operations 4 0.3 - -
Profit on disposal of associate 4 0.4 - -
---------------------------------------------------------------------------------
Profit on ordinary activities
before interest 2 10.3 8.6 18.7
Interest receivable 0.1 0.1 0.1
Interest payable (0.7) (0.8) (1.4)
---------------------------------------------------------------------------------
Profit on ordinary activities
before taxation 2 9.7 7.9 17.4
Taxation on profit on ordinary
activities (3.4) (3.1) (6.7) *
---------------------------------------------------------------------------------
Profit on ordinary activities
after taxation 6.3 4.8 10.7
Minority interests (equity) (0.9) (0.6) (1.6)
---------------------------------------------------------------------------------
Profit for the financial period 5.4 4.2 9.1
Equity dividends 3 (1.8) (1.7) (6.5)
---------------------------------------------------------------------------------
Retained profit for the
financial period 3.6 2.5 2.6
===================================================================================
Earnings per share 5 3.14p 2.46p 5.33p
Diluted earnings per share 5 3.10p 2.45p 5.28p
===================================================================================
All results relate to continuing operations.
* The results for the year ended 31 January 2004 include exceptional items as
explained in Note 4.
Statement of total recognised gains and losses
Six months Six months Year
ended ended ended
31 July 31 July 31 Jan
2004 2003 2004
#m #m #m
-----------------------------------------------------------------------------------
Profit for the financial period 5.4 4.2 9.1
Currency translation differences on foreign
currency net assets and certain loans (0.5) 0.6 0.2
-------------------------------------------------------------------------------------
Total gains and losses recognised since last
Annual Report 4.9 4.8 9.3
====================================================================================
There are no differences between the reported results for the current and prior
periods and the results for those periods on an historical cost basis.
Group Balance Sheet
Unaudited
31 July 31 July 31 Jan
2004 2003 2004
(restated)* (restated)*
Notes #m #m #m
--------------------------------------------------------------------------------
Fixed assets
Intangible assets 8 9.3 12.2 11.3
Tangible assets 58.3 55.7 56.0
Investments 3.3 4.1 3.7
--------------------------------------------------------------------------------
70.9 72.0 71.0
--------------------------------------------------------------------------------
Current assets
Stocks 28.9 24.9 22.5
Debtors 41.7 33.3 28.2
Cash at bank and in hand 8.3 13.3 8.6
--------------------------------------------------------------------------------
78.9 71.5 59.3
--------------------------------------------------------------------------------
Creditors: amounts falling due within one year
Bank and other borrowings (9.8) (7.7) (6.7)
Other creditors (76.6) (75.3) (62.5)
--------------------------------------------------------------------------------
(86.4) (83.0) (69.2)
--------------------------------------------------------------------------------
Net current liabilities (7.5) (11.5) (9.9)
--------------------------------------------------------------------------------
Total assets less current liabilities 63.4 60.5 61.1
--------------------------------------------------------------------------------
Creditors: amounts falling due after more
than one year (0.1) - -
Provisions for liabilities and charges (3.2) (5.9) (5.9)
--------------------------------------------------------------------------------
Total net assets 60.1 54.6 55.2
================================================================================
Capital and reserves
Called up share capital 17.3 17.1 17.2
Share premium account 43.4 42.5 42.6
Capital redemption reserve 0.4 0.4 0.4
Profit and loss account (2.5) (6.7) (6.3)
--------------------------------------------------------------------------------
Shareholders' funds 6 58.6 53.3 53.9
Minority interests (equity) 1.5 1.3 1.3
--------------------------------------------------------------------------------
Total equity 60.1 54.6 55.2
================================================================================
* Amounts for prior periods have been restated as a result of the adoption of
UITF 38 "Accounting for ESOP Trusts" (see note 1).
Group Cash Flow Statement
Unaudited
Six months Six months Year
ended ended ended
31 July 2004 31 July 2003 31 Jan 2004
Notes #m #m #m
--------------------------------------------------------------------------------
Net cash inflow from
operating activities 7.1 10.5 21.5 31.1
Dividends received from 0.1 0.1 0.2
associates
Returns on investments and servicing of finance
Interest received 0.1 0.1 0.1
Interest paid (0.7) (0.9) (1.5)
Dividends paid to minority shareholders
in subsidiary undertakings (0.9) (0.2) (1.1)
--------------------------------------------------------------------------------
Net cash outflow from returns
on investments and servicing of finance (1.5) (1.0) (2.5)
--------------------------------------------------------------------------------
Taxation (3.3) (3.5) (6.5)
Capital expenditure and financial investment
Purchase of tangible fixed assets (7.6) (6.3) (13.6)
Sale of plant and machinery - - 0.4
--------------------------------------------------------------------------------
Net cash outflow for capital
expenditure and financial investment (7.6) (6.3) (13.2)
--------------------------------------------------------------------------------
Acquisitions and disposals
Part disposal of subsidiary
undertaking-continuing operations 4 1.7 - -
Disposal/(purchase) of
associate 4 0.5 (0.7) (0.7)
--------------------------------------------------------------------------------
Net cash inflow/(outflow)
for acquisitions and disposals 2.2 (0.7) (0.7)
--------------------------------------------------------------------------------
Equity dividends paid (4.6) (4.4) (6.2)
--------------------------------------------------------------------------------
Net cash (outflow)/inflow
before financing (4.2) 5.7 2.2
--------------------------------------------------------------------------------
Financing
Decrease in unsecured loans
less than 1 year 2.0 1.0 (3.0)
Issue of shares 0.9 - 0.2
--------------------------------------------------------------------------------
Net cash inflow/(outflow)
from financing 2.9 1.0 (2.8)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
(Decrease)/increase in cash 7.2 (1.3) 6.7 (0.6)
--------------------------------------------------------------------------------
Notes to the Financial Information
1. Basis of accounting
The consolidated interim financial statements have been prepared under the
historical cost convention and in accordance with applicable accounting and
financial reporting standards. The accounting policies are the same as those set
out in the financial statements of the Group for the year ended 31 January 2004,
except for the adoption by the Group of UITF 38 "Accounting for ESOP Trusts"
during the half year by means of a prior year adjustment. There is no effect on
the current or prior periods' Group profit as a result of this change in
accounting policy; the Group's balance sheet has been restated for prior periods
to reflect the shares purchased in July 2002 for the Chief Executive's Long Term
Incentive Plan ("LTIP") as a deduction from shareholders' funds (previously
included within investments). The effect of adoption of UITF 38 is to decrease
shareholders' funds and investments at 31 July 2004 by #0.1m (31 January 2004:
#0.2m, 31 July 2003: #0.3m, 31 January 2003: #0.4m).
The interim financial statements are unaudited but have been reviewed by the
auditors. The comparative figures for the year ended 31 January 2004 have been
extracted from the Group's financial statements which have been delivered to the
Registrar of Companies. The auditors' report on those statements was unqualified
and did not include a statement under Section 237(2) or (3) of the Companies Act
1985.
2. Segmental analysis
Six months Six months Year
ended Ended ended
31 July 2004 31 July 2003 31 Jan 2004
#m #m #m
------------------------------------------------------------------------------------
(a) Turnover
Business sector analysis
Flight Services 133.8 119.0 244.0
Retail 105.4 94.7 196.9
------------------------------------------------------------------------------------
Total turnover 239.2 213.7 440.9
====================================================================================
Geographical analysis
United Kingdom 200.6 181.0 367.8
Rest of the world 38.6 32.7 73.1
------------------------------------------------------------------------------------
Total turnover 239.2 213.7 440.9
====================================================================================
(b) Profit before taxation
Business sector analysis
Flight Services
- continuing operations* 5.2 6.3 13.7
- share of operating profit
of associates before goodwill amortisation 0.2 0.3 0.5
- associates goodwill amortisation (0.2) (0.1) (0.4)
- group goodwill amortisation (0.5) (0.6) (1.4)
- profit on part disposal of
subsidiary undertaking
-continuing operations 0.3 - -
- profit on disposal of associate 0.4 - -
- exceptional items
(continuing operations) - - (2.9)
-------------------------------------------------------------------------------------
5.4 5.9 9.5
-------------------------------------------------------------------------------------
2. Segmental analysis (continued)
Six months Six months Year
ended ended ended
31 July 2004 31 July 2003 31 Jan 2004
#m #m #m
--------------------------------------------------------------------------------
Retail Services
- continuing operations* 5.8 3.6 8.8
- group goodwill amortisation (0.9) (0.9) (1.8)
- exceptional items
(continuing operations) - - 2.2
--------------------------------------------------------------------------------
4.9 2.7 9.2
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
10.3 8.6 18.7
Net interest payable (0.6) (0.7) (1.3)
--------------------------------------------------------------------------------
Profit on ordinary activities before
taxation 9.7 7.9 17.4
--------------------------------------------------------------------------------
Geographical analysis
United Kingdom
- continuing operations* 8.3 6.5 14.2
- profit on disposal of associate 0.4 - -
- exceptional items
(continuing operations) - - (0.3)
--------------------------------------------------------------------------------
8.7 6.5 13.9
--------------------------------------------------------------------------------
Rest of the World
- continuing operations* 2.7 3.4 8.3
- share of operating profit
of associates before
goodwill amortisation 0.2 0.3 0.5
- associates goodwill amortisation (0.2) (0.1) (0.4)
- group goodwill amortisation (1.4) (1.5) (3.2)
- profit on part disposal of
subsidiary undertaking
-continuing operations 0.3 - -
- exceptional items
(continuing operations) - - (0.4)
--------------------------------------------------------------------------------
1.6 2.1 4.8
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
10.3 8.6 18.7
Net interest payable (0.6) (0.7) (1.3)
---------------------- --------- ---------- ----------
Profit on ordinary
activities before taxation 9.7 7.9 17.4
================================================================================
* Before goodwill amortisation and exceptional items (note 4).
Turnover is disclosed by origin. There is no material difference in turnover by
destination.
Net interest payable has not been allocated recognising the centre's role and
responsibility in allocating financial resources.
3. Dividends
An interim dividend of 1.0 pence (2003/4: 1.0 pence) per ordinary share will be
paid on 5 November 2004 to shareholders on the register at the close of business
on 8 October 2004.
4. Exceptional items
There were no exceptional items charged against operating profit in the half
year ended 31 July 2004 (six months ended 31 July 2003: #nil).
In April 2004 a Group company disposed of 19.6% of its investment in a
subsidiary, which owns 51% of Jordan Flight Catering Company Limited, for a net
consideration of #1.7m. The Group's profit on disposal, including disposal of
related goodwill, was #0.3m.
In July 2004 the Group disposed of its 20% shareholding in Calibre Airline
Services Limited (an information technology company), for a net consideration of
#0.5m, realising a profit on disposal of #0.4m.
The results for the year ended 31 January 2004 included a net exceptional charge
against operating profits of #0.7m, arising from the provision for redundancy
costs in the UK and Europe of #2.9m, which was largely offset by the release of
an amount of #2.2m from two onerous contract provisions in the UK and Orlando,
USA.
5. Earnings per share
Profit for the period Earnings per share
31 July 31 July 31 Jan 31 July 31 July 31 Jan
2004 2003 2004 2004 2003 2004
#m #m #m Pence Pence Pence
------------------------------------------------------------------------------------
Profit for the
financial period
and earnings per
share 5.4 4.2 9.1 3.14 2.46 5.33
Adjustment for
goodwill amortisation and
impairment 1.6 1.6 3.6 0.93 0.94 2.11
Adjustment for
profit on disposal of
associate (0.4) - - (0.23) - -
Adjustment for profit on
part disposal of subsidiary
undertaking -continuing
operations (0.3) - - (0.18) - -
Adjustment for exceptional
items - - 0.7 - - 0.41
Taxation relating
to these items - - (0.6) - - (0.35)
-------------------------------------------------------------------------------------
Adjusted profit
and adjusted
earnings per
share 6.3 5.8 12.8 3.66 3.40 7.50
=====================================================================================
The weighted average number of shares in issue during the six months ended 31
July 2004 were 171,745,025 (31 July 2003: 170,588,388 and 31 January 2004:
170,733,330).
Earnings per share is calculated by dividing the profit for the financial period
by the weighted average number of shares in issue during the period. Adjusted
earnings per share is calculated by eliminating the effect of goodwill
amortisation and exceptional items, adjusted for any tax effect.
Diluted earnings per share of 3.10p (2003/4: 2.45p) has been calculated by
reference to the profit for the financial period of #5.4m (2003/4: #4.2m) and
the weighted average number of shares in issue during the period of 171,745,025
(31 July 2003: 170,588,388), as adjusted for potentially dilutive ordinary
shares of 2,041,687 (2003/4: 552,224).
6. Reconciliation of movements in shareholders' funds
Six months Six months Year
ended ended ended
31 July 31 July 31 Jan
2004 2003 2004
(restated)* (restated)*
#m #m #m
-------------------------------------------------------------------------------
Profit for the financial period 5.4 4.2 9.1
Dividends (1.8) (1.7) (6.5)
--------------------------------------------------------------------------------
Retained profit for the financial period 3.6 2.5 2.6
Currency translation differences on
foreign currency net assets and certain loans (0.5) 0.6 0.2
Issue of shares 0.9 - 0.2
Credit in respect of long term incentive
plan amortisation charge 0.1 0.1 0.2
Goodwill charged to the profit and loss
account previously written off directly
to reserves 0.6 0.6 1.2
--------------------------------------------------------------------------------
Net increase in shareholders' funds 4.7 3.8 4.4
Opening shareholders' funds as
previously reported 54.1 49.9 49.9
Prior year adjustment (see note 1) (0.2) (0.4) (0.4)
--------------------------------------------------------------------------------
Opening shareholders' funds as restated 53.9 49.5 49.5
--------------------------------------------------------------------------------
Closing shareholders' funds 58.6 53.3 53.9
================================================================================
* Amounts for prior periods have been restated as a result of the adoption of
UITF 38 "Accounting for ESOP Trusts" (see note 1).
7. Notes to the cash flow statement
7.1 Reconciliation of operating profit to net cash inflow from operating
activities
Six months Six months Year
ended ended ended
31 July 31 July 31 Jan
2004 2003 2004
#m #m #m
--------------------------------------------------------------------------------
Operating profit 9.6 8.4 18.6
Depreciation 5.0 4.7 9.9
Goodwill amortisation 1.4 1.5 3.2
Long term incentive plan amortisation
charge 0.1 0.1 0.2
(Increase) in stocks (6.4) (4.6) (2.7)
(
Increase) in debtors (13.8) (7.6) (2.6)
Increase in creditors 14.6 19.0 4.5
--------------------------------------------------------------------------------
Net cash inflow from operating activities 10.5 21.5 31.1
================================================================================
7.2 Reconciliation of net debt
Six months Six months Year
ended ended ended
31 July 31 July 31 Jan
2004 2003 2004
#m #m #m
-------------------------------------------------------------------------------
(Decrease)/increase in cash in the period (0.3) 6.7 2.4
Increase in overdrafts in the period (1.0) - (3.0)
(Increase)/decrease in debt financing (2.0) (1.0) 3.0
--------------------------------------------------------------------------------
Change in net debt from cash flows (3.3) 5.7 2.4
Currency translation (0.1) 0.2 (0.2)
--------------------------------------------------------------------------------
Movements in net debt in period (3.4) 5.9 2.2
Opening net cash/(debt) 1.9 (0.3) (0.3)
---------------------------------------------------------------------------------
Closing net (debt)/cash (1.5) 5.6 1.9
================================================================================
8. Fixed assets - intangible assets
Net book
Group Cost Amortisation value
#m #m #m
--------------------------------------------------------------------------------
Goodwill
At 1 February 2004 32.9 (21.6) 11.3
Currency translation (0.2) 0.2 -
Disposal (note 4) (1.6) 0.4 (1.2)
Amortisation during the period - (0.8) (0.8)
--------------------------------------------------------------------------------
At 31 July 2004 31.1 (21.8) 9.3
--------------------------------------------------------------------------------
9. Post balance sheet event
On 4 August 2004 the Group purchased a further 25% shareholding in Servair
AirChef Srl which, together with the original investment, made in February 2001,
results in a total shareholding in this company of 50%, representing a joint
investment with the Group's major shareholder, Servair. The cash consideration
for the further 25% investment was #2.9m.
10. Approval of Interim Financial Information
The interim financial information was approved by a committee of the Board of
Directors on 23 September 2004.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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