Camellia Regulatory News (CAM)

27 Sep 2007 12:30

Camellia PLC27 September 2007 Camellia Plc Interim report 2007 Chairman's statement The pre-tax profit from continuing operations of £12,255,000 for the six monthsto 30 June 2007 compares with a profit of £4,277,000 for the same period lastyear. The profit for the six months under review includes a significant increase inour share of the profits of Siegfried Holding AG and also treats BF&M Limited, aBermudian insurance company, as an associate for the first time. The resultsalso include a profit of £5,313,000 on the disposal of 'available-for-sale'investments being principally our shareholding in Getaz Romang Holding SA and abiological asset fair value loss of £637,000 compared with a profit of£2,471,000 in the same period last year. The board has declared an interim dividend of 20p per ordinary share payable on8 November 2007 to shareholders on the register on 19 October 2007. Tea India Tea production and prices are very similar to the previous year. Torrential rainexperienced over the last few months has presented operational difficulties andimpacted adversely on the movement of teas and on sales into the domesticmarket. Bangladesh Tea production is ahead of last year but prices are lower. Bangladesh has alsosuffered from excessive rainfall. After a period of unrest the politicalsituation is now quiet although there is no definite timetable for a return todemocratic elections. Africa Kenya has enjoyed a significant increase in production in the first half of theyear and prices, having reacted downwards in the early months, have strengthenedrecently although they are still well below the rate prevailing in the previousyear. The proposed phased sale by Kakuzi of the Siret Tea Company awaitsPresidential consent. The Kenya shilling remains at high levels against the USdollar and continues to affect margins negatively. Malawi has received good rains, with increased production and satisfactoryprices. The prospects for the year are encouraging. Logistical difficulties inrespect of the shipment of tea remain a problem. Edible nuts Macadamia production in Malawi is expected to be above last year but that inSouth Africa will be below. The market continues to be very selective at lowerprices. 2007 will be an 'off' year for our Californian pistachio orchards butearly indications are that the crop will be higher than expected. Other horticulture Very cold weather in both Chile and California has reduced citrus cropssignificantly. Higher prices in California have mitigated the situation somewhatbut this is not the case in Chile where the number of boxes suitable for exportwill be reduced. Table grape production and prices in Chile improved on last year but wine grapeproduction in both Chile and South Africa are below the previous year. Avocado production in Kenya is on a par with last year but shipping difficultiesas a result of port congestion and lack of containers could result in qualityproblems when the fruit arrives at its destination. Despite difficult weather conditions in Bangladesh, rubber production and pricesare expected to show an improvement over last year. Prices for maize and soya have shown an upward trend recently and prospects forour Brazilian operations are encouraging. Food storage and distribution Trading conditions at Associated Cold Stores & Transport remain difficult. 2007will bear the cost of a far-reaching re-organisation of management andprocedures which will put the company in a stronger position for the future. Engineering Our engineering companies continue to perform well, benefiting from a generallystrong market, although there is some evidence that demand is weakening in theAberdeen area. Skilled staff shortages remain a major problem. Banking The Duncan Lawrie banking and asset management business performance has beensatisfactory in the first half of the year. The current volatility in stockmarkets will present challenges to the management team in the second half of theyear. Pharmaceutical Siegfried Holding AG revenues increased by 8.6% over the same period last year.Net profits increased due to the sale of the Sidroga division and otherdivestments. The Actives Business Unit generated most of the revenue increasebut the Generics Unit was also able to increase revenues despite a difficultmarket environment. Other associated undertakings BF&M Limited has recently announced record net earnings for the six months to 30June 2007. Both United Leasing and United Insurance in Bangladesh have suffered from areduction in demand following the political uncertainties of the last fewmonths. Prospects Overall our tea production is expected to increase over last year mainly as aresult of the high crop in Kenya and Malawi. Prices particularly in Kenya andBangladesh will be lower than last year. The weakness of the US dollar andshipping problems also conspire to make life difficult. These factors andclimatic uncertainties make it difficult to predict the outcome for the fullyear. Mr Keith FitzGerald In conclusion it is with much sadness that I advise you that our ChairmanEmeritus, Mr Keith FitzGerald, passed away on 13th September. Keith'scontribution to the success of the Camellia Group was immeasurable and he willbe greatly missed by all his friends and colleagues. M C PerkinsChairman 27 September 2007 Consolidated income statementfor the six months ended 30 June 2007 Six months Six months Year ended ended ended 30 June 30 June 31 December 2007 2006 2006 Notes £'000 £'000 £'000 Continuing operationsRevenue 2 74,550 72,305 160,552Cost of sales (53,828) (55,743) (106,239) --------- --------- --------- Gross profit 20,722 16,562 54,313Other operating income 887 1,247 1,657Distribution costs (2,984) (2,799) (8,987)Administrative expenses (18,984) (16,507) (36,141) --------- --------- --------- Trading (loss)/profit 2 (359) (1,497) 10,842Share of associates' results 3 7,743 1,869 4,932Profit on disposal of non-current assets 4 - 929 929Profit on disposal of non-current assets held for sale 5 171 90 952Profit on disposal of 'available-for-sale' investments 6 5,313 151 364(Loss)/gain arising from changes in fair value of biological assets (637) 2,471 1,176 --------- --------- --------- Profit from operations 12,231 4,013 19,195Investment income 457 828 1,606 --------- --------- ---------Finance income 377 366 709Finance costs (1,107) (1,380) (2,544)Pension schemes net financing income 297 450 1,016 --------- --------- ---------Net finance costs 7 (433) (564) (819) --------- --------- --------- Profit before tax 12,255 4,277 19,982Taxation 8 (1,290) (1,466) (4,808) --------- --------- ---------Profit for the period 10,965 2,811 15,174 ========= ========= ========= Profit attributable to minority interests 203 529 2,271Profit attributable to equity shareholders 10,762 2,282 12,903 --------- --------- --------- 10,965 2,811 15,174 ========= ========= ========= Earnings per share - basic and diluted 9 387.2p 82.1p 464.2p Consolidated balance sheetat 30 June 2007 30 June 30 June 31 December 2007 2006 2006 Notes £'000 £'000 £'000 Non-current assetsIntangible assets 7,767 4,624 7,865Property, plant and equipment 10 76,117 78,358 76,257Biological assets 76,047 78,299 75,553Prepaid operating leases 985 967 969Investments in associates 11 82,720 63,830 63,672Deferred tax assets 272 2,084 1,344Financial assets 11 38,364 52,712 55,466Retirement benefit surplus 8,566 2,390 3,585Trade and other receivables 546 519 526 --------- -------- ----------Total non-current assets 291,384 283,783 285,237 --------- -------- ---------- Current assetsInventories 19,906 18,625 19,067Trade and other receivables 59,143 53,284 52,416Current income tax assets 2,164 2,024 1,786Cash and cash equivalents 12 252,186 210,055 210,560 --------- --------- ---------- 333,399 283,988 283,829Non-current assets classified as held for sale 105 675 167 --------- --------- ----------Total current assets 333,504 284,663 283,996 --------- --------- ---------- Current liabilitiesBorrowings 13 (16,935) (25,881) (16,688)Trade and other payables (284,206) (234,691) (235,008)Current income tax liabilities (1,455) (2,213) (2,488)Other employee benefit obligations (149) (179) (142)Provisions (37) (49) (58) --------- --------- ----------Total current liabilities (302,782) (263,013) (254,384) --------- --------- ----------Net current assets 30,722 21,650 29,612 --------- --------- ----------Total assets less current liabilities 322,106 305,433 314,849 --------- --------- ---------- Non-current liabilitiesBorrowings 13 (12,297) (11,371) (14,951)Deferred tax liabilities (27,410) (26,169) (25,161)Retirement benefit obligations (10,261) (14,784) (17,781)Other employee benefit obligations (1,233) (1,331) (1,163)Other non-current liabilities (401) (417) (417)Provisions (92) (70) (112) --------- --------- ----------Total non-current liabilities (51,694) (54,142) (59,585) --------- --------- ----------Net assets 270,412 251,291 255,264 ========= ========= ========== EquityCalled up share capital 284 284 284Reserves 251,353 232,357 235,677 --------- --------- ---------- Shareholders' funds 16 251,637 232,641 235,961Minority interests 16 18,775 18,650 19,303 --------- --------- ----------Total equity 270,412 251,291 255,264 ========= ========= ========== Consolidated cash flow statementfor the six months ended 30 June 2007 Six months Six months Year ended ended ended 30 June 30 June 31 December 2007 2006 2006 Notes £'000 £'000 £'000 Cash generated from operationsCash flows from operating activities 14 1,831 (6,549) 9,235Interest paid (1,108) (1,205) (2,857)Income taxes paid (2,220) (1,407) (3,416)Interest received 416 366 665Dividends received from associates 1,955 1,826 1,835 --------- --------- ---------Net cash flow from operating activities 874 (6,969) 5,462 --------- --------- --------- Cash flows from investing activitiesPurchase of intangible assets (90) (108) (237)Purchase of property, plant and equipment (3,493) (4,908) (8,657)Proceeds from sale of non-current assets 399 1,351 2,564Proceeds from sale of non-current assets held for sale 228 297 1,634Acquisition of subsidiary (net of cash acquired) - - (3,670)Minority share subscription - 532 541Purchase of shares in associate - (20) (23)Proceeds from sale of investments 7,269 5,381 9,596Purchase of investments (3,051) (246) (4,378)Income from investments 457 827 1,606 --------- --------- ---------Net cash flow from investing activities 1,719 3,106 (1,024) --------- --------- --------- Cash flows from financing activitiesEquity dividends paid - - (2,474)Dividends paid to minority interests (842) (699) (1,055)Net (repayment of)/increase in debt (3,734) 4,517 4,971Purchase of own shares - - (31) --------- --------- ---------Net cash flow from financing activities (4,576) 3,818 1,411 --------- --------- ---------Net (decrease)/increase in cash and cash equivalents 15 (1,983) (45) 5,849 Cash and cash equivalents at beginning of period (542) (6,435) (6,435)Exchange (losses)/gains on cash (138) 530 44 --------- --------- ---------Cash and cash equivalents at end of period (2,663) (5,950) (542) ========= ========= ========= For the purposes of the cash flow statement, cash and cash equivalents are included net of overdrafts repayable on demand. These overdrafts are excluded from the definition of cash and cash equivalents disclosed on the balance sheet. For the purposes of the cash flow statement cash and cash equivalents comprise: Cash and cash equivalents 252,186 210,055 210,560Less banking operation funds (240,820) (197,343) (198,422)Overdrafts repayable on demand (included in current liabilities - borrowings) (14,029) (18,662) (12,680) --------- --------- --------- (2,663) (5,950) (542) ========= ========= ========= Statement of recognised income and expensefor the six months ended 30 June 2007 Six months Six months Year ended ended ended 30 June 30 June 31 December 2007 2006 2006 £'000 £'000 £'000 Foreign exchange translation differences (1,887) (17,352) (26,348)Actuarial movement on defined benefit pension schemes 11,516 5,852 3,540Movement on deferred tax relating to defined benefit pension schemes (2,765) (1,383) (1,185)Available-for-sale investments: Valuation gains/(losses) taken to equity 3,340 (1,045) 4,401 Transferred to profit or loss on sale (3,676) 10 (124) Reclassification of investment to an associate (2,748) - -Other fair value adjustment - - 69Share of associate's net movement in defined benefit pension schemes 92 (85) 257Share of associates' fair value adjustments 1,353 (106) (73)Share of associate's (loss)/profit on cash flow hedges (92) 427 378Share of associate's income taxes on items recorded in equity - - (27) --------- --------- ---------Net income/(expense) recognised directly in equity 5,133 (13,682) (19,112) Profit for the period 10,965 2,811 15,174 --------- --------- ---------Total recognised income and expense for the period 16,098 (10,871) (3,938) ========= ========= ========= Attributable to:Minority interests 314 (2,109) (1,109)Equity shareholders 15,784 (8,762) (2,829) --------- --------- --------- 16,098 (10,871) (3,938) ========= ========= ========= Notes to the accounts 1 Basis of preparation These financial statements are the interim consolidated financial statements ofCamellia Plc, a company registered in England, and its subsidiaries (the"group") for the six month period ended 30 June 2007 (the "Interim Report").They should be read in conjunction with the Report and Accounts (the "AnnualReport") for the year ended 31 December 2006. The financial information contained in this interim report has not been auditedand does not constitute statutory accounts within the meaning of Section 240 ofthe Companies Act 1985. A copy of the statutory accounts for the year ended 31December 2006 has been delivered to the Registrar of Companies. The auditors'opinion on these accounts was unqualified and does not contain a statement madeunder Section 237(2) and Section 237(3) of the Companies Act 1985. The interim financial statements have been prepared in accordance withInternational Financial Reporting Standards ("IFRS") including IAS 34 "InterimFinancial Reporting". For these purposes, IFRS comprise the Standards issued bythe International Accounting Standards Board ("IASB") and Interpretations issuedby the International Financial Reporting Interpretations Committee ("IFRIC")that have been endorsed by the European Union. These interim financial statements have also been prepared on the basis ofaccounting policies consistent with those applied in the financial statementsfor the year ended 31 December 2006. The group adopted IFRS 7 (Financial Instruments: Disclosures) on 1 January 2007.As IFRS 7 is a disclosure standard only, there is no impact from the adoption ofthis standard on these interim financial statements. Where necessary, the comparatives have been reclassified from the previouslyreported interim results to take into account any presentational changes made inthe Annual Report. 2 Segment reporting Six months ended Six months ended Year ended 30 June 2007 30 June 2006 31 December 2006 Trading Trading Trading Revenue profit Revenue profit Revenue profit £'000 £'000 £'000 £'000 £'000 £'000 Agriculture and horticulture 38,404 671 37,863 (599) 88,549 12,682Engineering 10,293 947 10,082 711 20,255 1,744Food storage and distribution 18,831 (356) 18,676 (294) 39,266 (512)Banking and financial services 6,911 849 5,203 1,126 11,096 1,766Other operations 111 (156) 481 (222) 1,386 (9) -------- -------- -------- -------- -------- -------- 74,550 1,955 72,305 722 160,552 15,671 ======== ======== ======== Unallocated corporate expenses (2,314) (2,219) (4,829) -------- -------- --------Trading (loss)/profit (359) (1,497) 10,842 Share of associates' results 7,743 1,869 4,932Profit on disposal of non-current assets - 929 929Profit on disposal of non-current assets held for sale 171 90 952Profit on disposal of 'available-for-sale' investments 5,313 151 364(Loss)/gain arising from changes in fair value of biological assets (637) 2,471 1,176Investment income 457 828 1,606Net finance costs (433) (564) (819) -------- -------- --------Profit before tax 12,255 4,277 19,982Taxation (1,290) (1,466) (4,808) --------- -------- --------Profit after tax 10,965 2,811 15,174 ========= ======== ======== 3 Share of associates' results The group's share of the results of associates is analysed below: Six months Six months Year ended ended ended 30 June 30 June 31 December 2007 2006 2006 £'000 £'000 £'000 Operating profit 4,914 2,803 6,570Net finance costs (90) (484) (780) --------- --------- ---------Profit before tax 4,824 2,319 5,790Taxation (701) (450) (858) --------- --------- ---------Profit after tax 4,123 1,869 4,932Net profit from discontinued operations 3,620 - - --------- --------- --------- 7,743 1,869 4,932 ========= ========= ========= The net profit from discontinued operations relates to the disposal by the Siegfried Group of its Sidroga division and the potential sale of its Biologics business unit. 4 Profit on disposal of non-current assets Six months Six months Year ended ended ended 30 June 30 June 31 December 2007 2006 2006 £'000 £'000 £'000 Profit on disposal of property - 929 929 ========= ========= ========= 5 Profit on disposal of non-current assets held for sale A profit of £171,000 (2006: six months £90,000 - year £952,000) was realised inrelation to property, plant and equipment of Eastern Produce South Africa (Pty)Limited (formerly Sapekoe (Pty) Limited) which had previously been used in thegroup's production of tea in South Africa and were reclassified as being heldfor sale in 2005. 6 Profit on disposal of 'available-for-sale' investments The profit of £5,313,000 includes a profit of £4,870,000 relating to thedisposal of the group's entire shareholding in Getaz Romang Holding SA, a publicquoted company on the SWX Swiss Exchange. 7 Net finance costs Six months Six months Year ended ended ended 30 June 30 June 31 December 2007 2006 2006 £'000 £'000 £'000 Interest payable on loans and bank overdrafts (1,085) (1,208) (2,341)Interest payable on obligations under finance leases (96) (72) (144) --------- --------- ---------Total borrowing costs (1,181) (1,280) (2,485)Net exchange gain/(loss) on foreign currency borrowings 74 (100) (59) --------- --------- ---------Finance costs (1,107) (1,380) (2,544)Finance income - interest income on short-term bank deposits 377 366 709Pension schemes net financing income 297 450 1,016 --------- --------- ---------Net finance cost (433) (564) (819) ========= ========= ========= The above figures do not include any amounts relating to the banking subsidiaries. 8 Taxation on profit on ordinary activities Six months ended Six months ended Year ended 30 June 2007 30 June 2006 31 December 2006 £'000 £'000 £'000 £'000 £'000 £'000Current taxUK corporation tax - 7 143Overseas corporation tax 1,008 1,601 4,052 ------ ------ ------Total current tax 1,008 1,608 4,195Deferred taxOrigination and reversal of timing differencesUK (34) (296) (486)Overseas 316 154 1,099 ------ ------ ------Total deferred tax 282 (142) 613 ------ ------ ------ Tax on profit on ordinary activities 1,290 1,466 4,808 ====== ====== ====== 9 Earnings per share (EPS) Six months ended Six months ended Year ended 30 June 2007 30 June 2006 31 December 2006 Earnings EPS Earnings EPS Earnings EPS £'000 Pence £'000 Pence £'000 Pence Basic and diluted EPS Continuing operationsAttributable to ordinary shareholders 10,762 387.2 2,282 82.1 12,903 464.2 ======= ====== ====== ===== ======= ====== Basic and diluted earnings per share are calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of ordinary shares in issue of 2,779,500 (2006: six months 2,779,864 - year 2,779,784), which excludes 62,500(2006: six months 62,500 - year 62,500) shares held by the group as treasury shares. 10 Property, plant and equipment During the six months ended 30 June 2007 the group acquired assets with a cost of £3,493,000 (2006: six months £4,908,000 - year £8,759,000). Assets with a carrying amount of £1,767,000 were disposed of during the six months ended 30 June 2007 (2006: six months £296,000 - year £1,667,000). 11 Investments in associates and financial assets With effect from 1 January 2007, the group has representation on the board of BF&M Limited and as a result the investment in this company has been reclassified from a financial asset to an investment in associate. The result of this reclassification is that investments in associates increase by £14,483,000,being the equity value and financial assets decline by £17,231,000, being themarket value. The difference of £2,748,000 has been transferred to reserves. 12 Cash and cash equivalents Included in cash and cash equivalents of £252,186,000 (2006: six months£210,055,000 - year £210,560,000) are cash and short-term funds, time depositswith banks and building societies and certificates of deposit amounting to£240,820,000 (2006: six months £197,343,000 - year £198,422,000), which are heldby banking subsidiaries and which are an integral part of the banking operationsof the group. 13 Borrowings Borrowings (current and non-current) include loans and finance leases of£15,203,000 (2006: six months £18,590,000 - year £18,959,000) and bankoverdrafts of £14,029,000 (2006: six months £18,662,000 - year £12,680,000). Thefollowing loans and finance leases were issued and repaid during the six monthsended 30 June 2007: £'000 Balance at 1 January 2007 18,959Exchange differences (23)New issuesLoans 1,132Finance lease liabilities 181RepaymentsLoans (4,555)Finance lease liabilities (491) ---------Balance at 30 June 2007 15,203 ========= 14 Reconciliation of profit from operations to cash flow Six months Six months Year ended ended ended 30 June 30 June 31 December 2007 2006 2006 £'000 £'000 £'000 Profit from operations 12,231 4,013 19,195Share of associates' results (7,743) (1,869) (4,932)Depreciation and amortisation 4,044 3,897 7,673Impairment of non-current assets - - 117Loss/(gain) arising from changes in fair value of biological assets 637 (2,471) (1,176)Profit on disposal of non-current assets - (929) (929)Profit on disposal of non-current assets held for sale (171) (90) (952)Profit on disposal of investments (5,313) (151) (364)Increase in working capital (2,811) (3,907) (2,743)Net decrease/(increase) in funds of banking subsidiaries 957 (5,042) (6,654) -------- -------- ---------Cash flows from operating activities 1,831 (6,549) 9,235 ======== ======== ========= 15 Reconciliation of net cash flow to movement in net debt Six months Six months Year ended ended ended 30 June 30 June 31 December 2007 2006 2006 £'000 £'000 £'000 (Decrease)/increase in cash and cash equivalents in the period (1,983) (45) 5,849Cash outflow/(inflow) from decrease/(increase) in debt 3,914 (4,130) (3,486) --------- --------- ---------Decrease/(increase) in net debt resulting from cash flows 1,931 (4,175) 2,363 New finance leases (181) (387) (1,734)Exchange rate movements (116) 1,032 881 --------- --------- ---------Decrease/(increase) in net debt in the period 1,634 (3,530) 1,510Net debt at beginning of period (19,500) (21,010) (21,010) --------- --------- ---------Net debt at end of period (17,866) (24,540) (19,500) ========= ========= ========= 16 Statement of changes in shareholders' equity Share Share Treasury Retained Other Minority Total capital premium shares earnings reserves Total interest equity £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 At 1 January 2006 284 15,298 (400) 169,994 56,740 241,916 20,926 262,842 Exchange differences - - - - (14,714) (14,714) (2,638) (17,352)Net profit - - - 2,282 - 2,282 529 2,811Dividends - - - - - - (699) (699)Actuarial gain - - - 5,852 - 5,852 - 5,852Deferred tax on actuarial gain - - - (1,383) - (1,383) - (1,383)Minority subscription - - - - - - 532 532Available-for-sale investments: Valuation losses taken to equity - - - - (1,045) (1,045) - (1,045) Transfer to profit or loss on sale - - - - 10 10 - 10Share of associates' fair value adjustments - - - (106) - (106) - (106)Share of associate's change in treasury shares - - - (499) - (499) - (499)Share of associate's profit on cash flow hedges - - - 427 - 427 - 427Share of associate's other movements - - - (99) - (99) - (99) ------ ------- ------- -------- ------- -------- ------- -------At 30 June 2006 284 15,298 (400) 176,468 40,991 232,641 18,650 251,291 ====== ======= ======= ======== ======= ======== ======= ======= At 1 January 2006 284 15,298 (400) 169,994 56,740 241,916 20,926 262,842 Exchange differences - - - - (22,836) (22,836) (3,512) (26,348)Net profit - - - 12,903 - 12,903 2,271 15,174Dividends - - - (2,474) - (2,474) (1,055) (3,529)Actuarial gain - - - 3,354 - 3,354 186 3,540Deferred tax on actuarial gain - - - (1,117) - (1,117) (68) (1,185)Available-for-sale investments: Valuation gains taken to equity - - - - 4,387 4,387 14 4,401 Transfer to profit or loss on sale - - - - (124) (124) - (124)Other fair value adjustment - - - - 69 69 - 69Minority interest subscription - - - - - - 541 541Share of associates' fair value adjustments - - - (73) - (73) - (73)Share of associate's profit on cash flow hedges - - - 378 - 378 - 378Share of associate's change in treasury shares - - - (621) - (621) - (621)Share of associate's movement in defined benefit pension schemes - - - 257 - 257 - 257Share of associate's income taxes on items recorded in equity - - - (27) - (27) - (27)Purchase of own shares - - - (31) - (31) - (31) ------ -------- ------- -------- ------- -------- ------- --------At 31 December 2006 284 15,298 (400) 182,543 38,236 235,961 19,303 255,264 Exchange differences - - - - (1,998) (1,998) 111 (1,887)Net profit - - - 10,762 - 10,762 203 10,965Dividends - - - - - - (842) (842)Actuarial gain - - - 11,516 - 11,516 - 11,516Deferred tax on actuarial gain - - - (2,765) - (2,765) - (2,765)Available-for-sale investments: Valuation gains taken to equity - - - - 3,340 3,340 - 3,340 Transfer to profit or loss on sale - - - - (3,676) (3,676) - (3,676) Reclassification of investment to an associate - - - - (2,748) (2,748) - (2,748)Share of associates' fair value adjustments - - - 1,353 - 1,353 - 1,353Share of associate's change in treasury shares - - - 144 - 144 - 144Share of associate's movement in defined benefit pension schemes - - - 92 - 92 - 92Share of associate's loss on cash flow hedges - - - (92) - (92) - (92)Loss on dilution of interest in associate - - - (252) - (252) - (252) ------ ------- ------- -------- ------- -------- ------- --------At 30 June 2007 284 15,298 (400) 203,301 33,154 251,637 18,775 270,412 ====== ======= ======= ======== ======= ======== ======= ======== Press Enquiries: Malcolm Perkins, Chairman Tel: 01622 746655 This information is provided by RNS The company news service from the London Stock Exchange