SIXH.L Regulatory News (SIXH)

16 Nov 2005 07:01

600 Group PLC16 November 2005 16 November 2005 THE 600 GROUP PLC INTERIM RESULTS FOR THE 26 WEEKS TO 1st OCTOBER 2005 CHAIRMAN'S STATEMENT Market conditions Since the beginning of the financial year, activity levels in our major marketshave continued the trends experienced over the past two years. In the UK andUSA, we have seen a gradual but erratic improvement, eastern Europe has remainedbuoyant but western Europe has shown no signs of recovery. Results Our results for this half year have been prepared under the new InternationalFinancial Reporting Standards (IFRS) for the first time. Therefore, they includerestated data for both first half and full year results previously published forlast year under UK GAAP. The accounting policies section and notes to thefinancial information provide more detail on this change and an analysis of therestatements. Revenue increased by 9% from £31.5m to £34.4m as a result of improvedperformances from our North American, South African and laser marker businesses. The operating loss for the period was similar to last year, with the increasedmargin resulting from the improved turnover being offset by planned additionalexpenditure on sales and marketing and accelerated product development costsassociated with our strategy of organic growth. Net financing income increased by £0.3m, principally as a result of improvementsin the net financial income from the assets and liabilities of the pensionscheme calculated in accordance with IAS 19 "Employee benefits". The resulting loss for the period reduced from £0.4m to £0.1m. Net funds at the period end were £4.0m, a reduction of £2.6m from the year end,with the final dividend payment absorbing £2.3m. Outlook Notwithstanding the improvement in the results for the first half, they do notreflect the major progress being made by the Group generally. Our supply chainarrangements in China are now proceeding effectively after some early teethingtroubles and we are also selling significantly more of our products into thatmarket. Extensive product development in a number of subsidiaries has opened upsignificant opportunities in new markets and we are now able to follow moreaggressive sales and marketing programmes. The benefits of these initiatives arealready starting to materialise and will have an increasing impact on theGroup's results in the second half of the year. Dividend As I stated in our last Annual Report and Accounts, with the introduction of thenew accounting standards, dividend payments going forward must be relateddirectly to operating results. The board does not yet consider that the improvedresults justify the payment of an interim dividend. People Tony Sweeten will be retiring as Group Chief Executive at the end of thiscalendar year when he will be succeeded by Andrew Dick, currently Group ManagingDirector. I am pleased to report that Tony will remain on the board in anon-executive capacity. Michael Wright Chairman 16 November 2005 Enquiries: Tony Sweeten, Group Chief Executive Telephone: 0113 277 6100John Fussey, Group Finance Director Hudson Sandler Telephone: 020 7796 4133Nick Lyon Consolidated income statement (unaudited) 26 weeks to 26 weeks 52 weeks to 01.10.05 to 02.10.04 02.04.05 Restated Restated £000 £000 £000 Revenue 34,435 31,521 66,998 Operating loss before profit on sale of fixed assets (992) (943) (1,456)Profit on sale of fixed assets - - 392 Operating loss before financing costs (992) (943) (1,064) Net financing income 854 559 1,032 Loss before tax (138) (384) (32) Income tax credit/(charge) (note 1) 22 (18) 436(Loss)/profit for the period (116) (402) 404 Attributable to: Equity holders of the parent (150) (402) 404Minority interest (note 7) 34 - -(Loss)/profit for the period (116) (402) 404 Earnings per share - basic and diluted (note 2) (0.3)p (0.7)p 0.7p Consolidated statement of recognised income and expense (unaudited) 26 weeks to 26 weeks 52 weeks to 01.10.05 to02.10.04 02.04.05 Restated Restated £000 £000 £000Foreign exchange translation differences 693 195 (19)Actuarial gains/(losses) on retirement benefit liability 1,200 (2,391) 7,555 Net income/(expense) recognised directly in equity 1,893 (2,196) 7,536 (Loss)/profit for the period (116) (402) 404 Total recognised income and expense for the period 1,777 (2,598) 7,940 Attributable to:Equity holders of the parent 1,741 (2,598) 7,940Minority interest (note 7) 36 - -Total recognised income and expense for the period 1,777 (2,598) 7,940 Consolidated balance sheet (unaudited) At 01.10.05 At 02.04.05 At 02.10.04 Restated Restated £000 £000 £000AssetsNon-current assetsIntangible assets 2,848 2,826 2,844Property, plant and equipment 11,476 11,916 12,524Deferred tax assets 681 676 299 15,005 15,418 15,667 Current assetsInventory 22,725 23,213 22,867Trade and other receivables 14,273 15,986 14,333Investments 234 580 1,145Cash and cash equivalents 5,551 7,751 7,970 42,783 47,530 46,315 Total assets 57,788 62,948 61,982 LiabilitiesNon-current liabilitiesRetirement benefit obligation (3,626) (6,484) (16,952)Deferred tax liability (945) (945) (945) (4,571) (7,429) (17,897) Current liabilitiesTrade and other payables and provisions (12,666) (14,854) (12,849)Loans and other borrowings (1,758) (1,714) (1,988) (14,424) (16,568) (14,837) Total liabilities (18,995) (23,997) (32,734) Net assets 38,793 38,951 29,248 Shareholders' equityCalled-up share capital 14,212 14,212 14,211Reserves 24,222 24,739 15,037Total equity attributable to equity holders of the parent 38,434 38,951 29,248 Minority interest (note 7) 359 - - Total equity 38,793 38,951 29,248 Summarised consolidated cash flow statement (unaudited) 26 weeks 26 weeks 52 weeks to 01.10.05 to 02.10.04 to 02.04.05 Restated Restated £000 £000 £000Cash flows from operating activities(Loss)/profit for the period (116) (402) 404Adjustments for:Depreciation 832 881 1,808Interest income (854) (559) (1,032)Profit on disposal of plant and equipment - - (430)Equity share option expense 16 21 38Income tax (income)/expense (22) 18 (436)Operating (loss)/profit before changes in working capital and (144) (41) 352provisionsDecrease in trade and other receivables 2,125 2,138 485Decrease/(increase) in inventories 1,159 (2,347) (2,905)(Decrease)/increase in trade and other payables (2,338) (52) 1,767Change in retirement benefit liability (970) 53 88Cash generated from the operations (168) (249) (213)Income tax received/(paid) 86 (70) 44Net cash from operating activities (82) (319) (169) Cash flows from investing activitiesNet interest received 39 55 184Proceeds from sale of plant and equipment 14 65 506Acquisition of plant and equipment (261) (313) (641)Net cash from investing activities (208) (193) 49 Cash flows from financing activitiesProceeds from issue of ordinary shares - 10 11Net receipt of external borrowing 5 1,015 772Equity dividends paid (2,274) (2,273) (3,127)Reduction in current asset investments 346 16 582Net cash from financing activities (1,923) (1,232) (1,762) Net decrease in cash and cash equivalents (2,213) (1,744) (1,882)Cash and cash equivalents at the beginning of the period 7,127 9,010 9,010Effect of exchange rate fluctuations on cash held 38 - (1)Cash and cash equivalents at the end of the period 4,952 7,266 7,127 Accounting policies Basis of preparation EU law (IAS Regulation EC 1606/2002) requires that the next annual consolidatedfinancial statements of the Group for the 52-week period ending 1 April 2006 beprepared in accordance with IFRS adopted for use in the EU ("adopted IFRS"). This interim financial information has been prepared on a consistent basis underthe recognition and measurement requirements of IFRS in issue that are eitherendorsed by the EU and effective (or available for early adoption) at 1 April2006 or are expected to be endorsed and effective (or available for earlyadoption) at 1 April 2006, the Group's first annual reporting date at which itis required to use adopted IFRS. Based on these adopted and unadopted IFRS, thedirectors have made assumptions about the accounting policies expected to beapplied when the first annual IFRS financial statements are prepared for the52-week period ending 1 April 2006. In particular, the directors have assumed that IAS 19 "Employee benefits"(Revised), issued by the International Accounting Standards Board, will havebeen adopted by the EU in sufficient time that it will be available for use inthe annual IFRS financial statements for the 52-week period ending 1 April 2006. In addition, the adopted IFRS that will be effective (or available for earlyadoption) in the annual financial statements for the 52-week period ending 1April 2006 are still subject to change and to additional interpretations andtherefore cannot be determined with certainty. Accordingly, the accountingpolicies for the period will only be finally determined when the annualconsolidated financial statements are prepared for the 52-week period ending 1April 2006. The rules for first time adoption of IFRS are set out in IFRS 1 "First timeadoption of international financial reporting standards". In general, a companyis required to determine its IFRS accounting policies and apply theseretrospectively to determine its opening balance sheet under IFRS. The standardallows a number of exceptions to this general principle to assist companies asthey change to reporting under IFRS. Where the Group has taken advantage ofthese exemptions they are noted below. An explanation of how the transition to IFRS has affected the reported financialposition, financial performance and cash flows of the Group is provided in note6. This note includes reconciliations of equity and profit for comparativeperiods reported under UK GAAP to those reported for those periods under IFRS. The figures for the 26-week period to 2 October 2004 and 1 October 2005 areunaudited. The figures included for the 52-week period ended 2 April 2005 havebeen restated to comply with adopted IFRS and are not the Group's statutoryaccounts for that financial year. Those accounts, which are prepared under UKGAAP, have been delivered to the Registrar of Companies. KPMG Audit Plc, The 600Group PLC's auditors, reported on those accounts under section 235 of theCompanies Act 1985. Their report was unqualified and did not contain a statementunder section 237(2) or (3) of that Act. Basis of accounting The financial statements are prepared in accordance with the historical cost andfair value conventions modified by the revaluation of certain fixed assets. Changes in accounting policy For all accounting periods up to and including the 52-week period ended 2 April2005, the Group has prepared its financial statements under UK GAAP. Foraccounting periods from 3 April 2005, the Group is required to prepare itsconsolidated financial statements in accordance with IFRS as adopted by the EU. The Group's first results under this basis will be its interim results for the26-week period ended 1 October 2005. The Group's first annual report under IFRSwill be for the 52-week period ending 1 April 2006. As comparative figures areprovided, the effective date for transition to IFRS is 3 April 2004. Basis of consolidation The Group's financial statements consolidate the financial statements of theCompany and its subsidiary undertakings. The results of any subsidiaries sold oracquired are included in the Group income statement up to, or from, the datecontrol passes. All intra-Group balances and transactions, including unrealisedprofits arising from intra-Group transactions, are eliminated fully onconsolidation. Foreign currency translation The functional and presentation currency of the Group is Sterling Transactions denominated in foreign currencies are translated into Sterling atthe rates of exchange ruling on the date of the transaction. Monetary assets andliabilities are translated into Sterling at the rate of exchange ruling at thebalance sheet dates. Exchange rates used to express the assets, liabilities andearnings of overseas companies in Sterling are the rates ruling at the balancesheet dates. Exchange differences arising from the re-translation of theinvestments in overseas subsidiaries, net of related foreign currency borrowingstaken out as a hedge against the investment, are recorded as a movement onreserves. All other exchange differences are dealt with through the income andexpense account. Revenue recognition Revenue represents the total of the amounts invoiced to customers outside theGroup for goods supplied and services rendered, excluding VAT, and afterdeducting discounts allowed and credit notes issued. Revenue is recognised atthe point at which goods are supplied or services are rendered to customers. Pensions and post-retirement health benefits The Group operates defined benefit pension schemes. The Group's net obligationin respect of these defined benefit plans is calculated by estimating the amountof future benefit that employees have earned in return for their service in thecurrent and prior periods; that benefit is discounted to determine its presentvalue and the fair value of any plan assets is deducted. Actuarial gains andlosses are recognised immediately through the Statement of Recognised Income andExpense. Goodwill Goodwill arising on consolidation represents the excess of the fair value of theconsideration given over the fair value of the separable identifiable net assetsacquired. Goodwill arising on acquisition of subsidiaries and businesses iscapitalised as an asset. In accordance with IFRS 3 "Business combinations", goodwill has been frozen atits net book value as at 3 April 2004 and will not be amortised. Instead it willbe subject to an annual impairment review with any impairment losses beingrecognised immediately in the income statement. Research and development Research and development expenditure undertaken with the prospect of gaining newscientific or technical knowledge and understanding is recognised in the incomestatement as an expense as incurred. Expenditure on development activities, whereby research findings are applied toa plan or design for the production of new or substantially improved productsand processes, is capitalised if the product or process is technically andcommercially feasible and the Group has sufficient resources to completedevelopment. The expenditure capitalised includes the cost of materials, directlabour and an appropriate proportion of overheads. Amortisation is charged tothe income statement on a straight line basis over the useful economic life ofthe activity unless such lives are considered indefinite in which case annualtesting for impairment is carried out. Property, plant and equipment Property, plant and equipment are held at cost, subject to property revaluationscarried out at March 1997 which are elected to be deemed cost under IFRS 1, lessaccumulated depreciation. Depreciation is calculated to write off the cost (or amount of the valuation) ofproperty, plant and equipment less the estimated residual value on astraight-line basis over the expected useful economic life of the assetsconcerned. The annual rates used are generally: - freehold buildings 2 to 4%- leasehold buildings Over residual terms of the leases- plant and machinery 10 to 20%- fixtures, fittings, tools and equipment 10 to 33.3% Investments Non-current assets - investments are stated at cost less any impairment invalue. Current assets - investments are stated at the lower of cost and net realisablevalue. Inventories Inventories are valued at the lower of cost and net realisable value aftermaking due allowance for obsolete and slow moving items. The cost of Groupmanufactured products consists of direct materials and direct labour with theaddition of an appropriate proportion of production overheads. Trade and other receivables Trade receivables are recognised and carried at original invoice amount lessallowance for any uncollectable amounts. An estimate for doubtful debts is madewhen collection of the full amount is no longer probable. Bad debts are writtenoff when identified. Cash and cash equivalents Cash and cash equivalents in the balance sheet comprise cash at bank and in handand short-term deposits. For the purpose of the consolidated cash flow statement, cash and cashequivalents consist of cash and cash equivalents as described above, net ofoutstanding bank overdrafts. Taxation Income tax on the profit or loss for the year comprises current and deferredtax. Income tax is recognised in the income statement except to the extent thatit relates to items recognised directly in equity, in which case it isrecognised in equity. Deferred tax is provided using the balance sheet liability method, providing fortemporary differences between the carrying amounts of assets and liabilities forfinancial reporting purposes and the amounts used for taxation purposes. Adeferred tax asset is recognised only to the extent that it is probable thatfuture taxable profits will be available against which an asset can be utilised. Leases Assets financed by leasing arrangements, which give rights approximating toownership, are treated as if they had been purchased outright and arecapitalised and depreciated over the shorter of the estimated useful life of theassets and the period of the leases. The capital element of future rentals istreated as a liability and the interest element is charged against profits inproportion to the balances outstanding. The rental costs of all other leasedassets are charged against profits on a straight-line basis. Financial instruments It is the policy of the Group to cover all significant foreign exchange tradingcommitments. Financial assets and liabilities and the associated forwardcurrency contracts are reported at fair value at the balance sheet dates. Share-based payment Charges for employee services received in exchange for share-based payment havebeen made for all options granted after 7 November 2002 in accordance with IFRS2 "Share based payment". The fair value of such options has been calculatedusing a binomial option-pricing model, based upon publicly available market dataat the point of grant. Dividends Dividends are recorded in the Group's financial statements in the period inwhich they are declared or paid. Notes to the financial information 1. Taxation The charge for corporation tax comprises UK taxation £nil (2004:£nil), overseastaxation credit of £17,000 (2004:charge £5,000) and deferred taxation credit of£5,000 (2004 restated:charge £13,000). 2. Earnings per share The basic earnings per share are based on the loss for the period of £150,000(2004:loss £402,000) and the weighted average number of shares outstanding of56,846,137 (2004:56,833,763). For diluted earnings per share, the weightedaverage number of ordinary shares in issue is adjusted to 57,011,504 (2004:57,058,624) and assumes conversion of dilutive potential ordinary shares of165,367 (2004:224,861). 3. Dividends The dividend payment of £2,274,000 disclosed in note 4 represents the finaldividend recommended in the financial statements for the 52-week period ended 2April 2005 (2004:£2,273,000). Under IFRS, dividends are required to be accountedfor in the period when declared rather than the period when recommended as underUK GAAP. 4. Statement of changes in equity (unaudited) Attributable to equity holders of parent Minority Total interest equity Share capital Other Retained Total reserves earnings £000 £000 £000 £000 £000 £000Balance at 2 April 2005 14,212 17,989 6,750 38,951 - 38,951Exchange difference on translating - - 691 691 2 693foreign operationsActuarial gains on retirement - - 1,200 1,200 - 1,200benefit liabilityNet income recognised directly in - - 1,891 1,891 2 1,893equityLoss for the period - - (150) (150) 34 (116)Total recognised income for the - - 1,741 1,741 36 1,777periodDividend paid - - (2,274) (2,274) - (2,274)Equity share options expense - 16 - 16 - 16Part disposal of subsidiary - - - - 323 323undertakingBalance at 1 October 2005 14,212 18,005 6,217 38,434 359 38,793 5. Reconciliation of net cash flow to net funds (unaudited) 26 weeks to 26 weeks to 52 weeks to 01.10.05 02.10.04 02.04.05 Restated Restated £000 £000 £000Decrease in cash and cash equivalents (2,213) (1,744) (1,882)Reduction in current asset investments (346) (16) (582)Decrease in debt and finance leases (5) (1,015) (772)Decrease in net funds from cash flows (2,564) (2,775) (3,236)New finance leases - - (53)Decrease in net funds (2,564) (2,775) (3,289)Net funds at beginning of period 6,617 9,902 9,902Exchange effects on net funds (26) - 4Net funds at end of period 4,027 7,127 6,617 6. Explanation of transition to IFRS As stated in the accounting policies, these are the Group's first consolidatedinterim financial statements for the part of the period covered by the firstannual consolidated financial statements prepared in accordance with IFRS. In preparing its opening IFRS balance sheet, comparative information for the26-week period ended 2 October 2004 and financial statements for the 52-weekperiod ended 2 April 2005, the Group has adjusted amounts reported previously infinancial statements prepared in accordance with UK GAAP. The details of how the transition from UK GAAP to IFRS has affected the Group'sfinancial position, financial performance and cash flows are set out in thetables below. An explanation of the adjustments is as follows: IAS 21 "The effects of changes in foreign currency rates" prohibits the methodof translating foreign operations' income and expense accounts at the closingrate of exchange, which was allowable under UK GAAP, requiring instead that anaverage rate be used. IFRS 3 "Business combinations" requires goodwill to be capitalised and subjectto an annual impairment test rather than recognising amortisation as per UKGAAP. IAS 19 "Employee benefits" requires recognition of the pension scheme deficitson the balance sheet and service costs, interest costs and expected return onassets for the year to be charged to the income statement. Under UK GAAP,differences between funding contributions and the amount charged to the incomestatement were treated as either prepayments or accruals in the balance sheet.Pension scheme contributions and variations in pension costs resulting fromactuarial valuations were spread over the future average working lifetime ofactive members. IAS 39 "Financial instruments" requires the fair value of forward currencycontracts to be reflected on the balance sheet. IFRS 2 "Share based payment" requires the fair value cost of providing employeeshare ownership plans to be reflected through the income and expenditurestatement. 7. Minority interest The minority interest relates to the 25.1% stake in 600SA Holdings (Pty) Limitedacquired by a South African individual on 4 April 2005 as explained in ourAnnual Report and Accounts for 2005. Reconciliation of profit - 26 weeks to 2 October 2004 (unaudited) UK IAS 21 IFRS 3 IAS 19 IAS 39 IFRS 2 Def. Restated GAAP Tax IAS £000 £000 £000 £000 £000 £000 £000 £000 Revenue 31,815 (294) 31,521 Operating loss before (838) 3 92 (216) 37 (21) (943)exceptional itemsPension credit 1,149 (1,149) - Operating profit/(loss) 311 3 92 (1,365) 37 (21) (943)before financing costs Net financing income 96 463 559 Profit/(loss) before tax 407 3 92 (902) 37 (21) (384) Income tax charge (108) 1 89 (18)Profit/(loss) for the period 299 4 92 (902) 37 (21) 89 (402) Earnings per share - basic 0.5p 0.2p (1.5)p 0.1p 0.2p (0.7)pand diluted Reconciliation of profit - 52 weeks to 2 April 2005 (unaudited) UK IAS 21 IFRS 3 IAS 19 IAS 39 IFRS 2 Def. Restated GAAP Tax IAS £000 £000 £000 £000 £000 £000 £000 £000 Revenue 66,682 316 66,998 Operating loss before (1,255) 4 182 (414) 65 (38) (1,456)exceptional itemsPension credit 2,340 (2,340) -Profit on sale of fixed 392 392assets Operating profit/(loss) 1,477 4 182 (2,754) 65 (38) (1,064)before financing costs Net financing income 149 (5) 888 1,032 Profit/(loss) before tax 1,626 (1) 182 (1,866) 65 (38) (32) Income tax (charge)/credit (731) (1) 1,168 436Profit for the period 895 (2) 182 (1,866) 65 (38) 1,168 404 Earnings per share - basic 1.6p 0.3p (3.3)p 0.1p (0.1)p 2.1p 0.7pand diluted Reconciliation of equity as at 3 April 2004 (unaudited) UK IFRS 3 IAS 19 IAS 39 Def. Div. Restated GAAP Tax Adj. IAS £000 £000 £000 £000 £000 £000 £000AssetsNon-current assetsIntangible assets 2,837 2,837Property, plant and equipment 13,116 13,116Deferred tax assets 299 299Retirement benefit obligation 33,643 (33,643) 49,895 (33,643) 16,252 Current assetsInventory 20,346 20,346Trade and other receivables 16,281 16,281Investments 1,162 1,162Cash and cash equivalents 9,569 9,569 47,358 47,358 Total assets 97,253 (33,643) 63,610 LiabilitiesNon-current liabilitiesRetirement benefit obligation (14,918) (14,918)Deferred tax liability (8,431) 7,486 (945) (8,431) (14,918) 7,486 (15,863) Current liabilitiesTrade and other payables and (16,021) 972 (54) 2,273 (12,830)provisionsLoans and other borrowings (829) (829) (16,850) 972 (54) 2,273 (13,659) Total liabilities (25,281) (13,946) (54) 7,486 2,273 (29,522) Net assets 71,972 (47,589) (54) 7,486 2,273 34,088 Shareholders' equityCalled-up share capital 14,206 14,206Reserves 57,766 (47,589) (54) 7,486 2,273 19,882Total equity attributable to 71,972 (47,589) (54) 7,486 2,273 34,088equity holders of the parent Reconciliation of equity as at 2 October 2004 (unaudited) UK IFRS 3 IAS 19 IAS 39 Def. Div. Restated GAAP Tax Adj. IAS £000 £000 £000 £000 £000 £000 £000 AssetsNon-current assetsIntangible assets 2,752 92 2,844Property, plant and equipment 12,524 12,524Deferred tax assets 299 299Retirement benefit obligation 34,999 (34,999) 50,574 92 (34,999) 15,667 Current assetsInventory 22,867 22,867Trade and other receivables 14,333 14,333Investments 1,145 1,145Cash and cash equivalents 7,970 7,970 46,315 46,315 Total assets 96,889 92 (34,999) 61,982 LiabilitiesNon current liabilitiesRetirement benefit obligation (16,952) (16,952)Deferred tax liability (8,520) 7,575 (945) (8,520) (16,952) 7,575 (17,897) Current liabilitiesTrade and other payables and (14,720) 1,035 (17) 853 (12,849)provisionsLoans and other borrowings (1,988) (1,988) (16,708) 1,035 (17) 853 (14,837) Total liabilities (25,228) (15,917) (17) 7,575 853 (32,734) Net assets 71,661 92 (50,916) (17) 7,575 853 29,248 Shareholders' equityCalled-up share capital 14,211 14,211Reserves 57,450 92 (50,916) (17) 7,575 853 15,037Total equity attributable to 71,661 92 (50,916) (17) 7,575 853 29,248equity holders of the parent Reconciliation of equity as at 2 April 2005 (unaudited) UK IFRS 3 IAS 19 IAS 39 Def. Div. Restated GAAP Tax Adj. IAS £000 £000 £000 £000 £000 £000 £000 AssetsNon-current assetsIntangible assets 2,644 182 2,826Property, plant and equipment 11,916 11,916Deferred tax assets 385 291 676Retirement benefit obligation 36,395 (36,395) 51,340 182 (36,395) 291 15,418 Current assetsInventory 23,213 23,213Trade and other receivables 15,986 15,986Investments 580 580Cash and cash equivalents 7,751 7,751 47,530 47,530 Total assets 98,870 182 (36,395) 291 62,948 LiabilitiesNon-current liabilitiesRetirement benefit obligation (6,484) (6,484)Deferred tax liability (9,308) 8,363 (945) (9,308) (6,484) 8,363 (7,429) Current liabilitiesTrade and other payables and (18,165) 1,026 11 2,274 (14,854)provisionsLoans and other borrowings (1,714) (1,714) (19,879) 1,026 11 2,274 (16,568) Total liabilities (29,187) (5,458) 11 8,363 2,274 (23,997) Net assets 69,683 182 (41,853) 11 8,654 2,274 38,951 Shareholders' equityCalled-up share capital 14,212 14,212Reserves 55,471 182 (41,853) 11 8,654 2,274 24,739Total equity attributable to 69,683 182 (41,853) 11 8,654 2,274 38,951equity holders of the parent Interim report Copies of the interim report will be sent to all shareholders and will beavailable to members of the public from the company's registered office at 600 House, Landmark Court, Revie Road, Leeds, LS11 8JT. The 600 Group PLC is registered in England and Wales No. 196730. Share price information Information concerning the day-to-day movement of The 600 Group PLC share pricecan be found by dialling 0906 003 4031 for the Financial Times share priceservice. The 600 Group PLC600 HouseLandmark CourtRevie RoadLeedsLS11 8JT Telephone: 44 (0) 113 277 6100Facsimile: 44 (0) 113 276 5600www.600group.com This information is provided by RNS The company news service from the London Stock Exchange