WYG Regulatory News (WYG)

25 Sep 2007 07:01

White Young Green PLC25 September 2007 For Immediate Release 25 September 2007 WHITE YOUNG GREEN PLC Preliminary results for the year ended 30 June 2007 White Young Green Plc, consultant to the built, natural and social environment,announces its preliminary results for the year ended 30 June 2007. Highlights: - 32% increase in revenue to £220.6m (2006: £167.5m)- 43% increase in operating profit before acquired intangible amortisation to £19.6m (2006: £13.7m)- 37% increase in profit before tax and acquired intangible amortisation to £16.0m (2006: £11.7m)- 23% increase in adjusted earnings per share to 24.5p (2006: 20.0p)- 15% increase in dividend per share to 8.3p (2006: 7.2p)- 23% increase in net order book to a record of £380m (2006: £310m)- Operating margin on net revenue increased to 11.1% (2006: 10.3%)- 14% organic growth- Seven acquisitions completed in the 15 month period to September 2007 Statutory disclosures: - 29% increase in operating profit to £16.9m (2006: £13.1m)- 21% increase in profit before tax to £13.4m (2006: £11.1m)- 13% increase in earnings per share to 21.0p (2006: 18.6p) Commenting on the results, Chairman Peter Wood said: "I am pleased to be able to report a year of significant success and achievementfor White Young Green. Revenue, profit, earnings per share, margins and orderbook are all at record levels, seven acquisitions have been successfullycompleted, enhanced underlying organic growth has been generated and furtherimprovements in working capital management in GB and Ireland have beendelivered. The Group therefore remains confident that it has the vision,financial capability, business model and skills mix to enable it to fulfil itsambitions and deliver success for all stakeholders." For further information, please contact: WHITE YOUNG GREEN PLC Tel: 0113 278 7111Lawrie Haynes, Chief ExecutiveBob Hartley, Finance Director BUCHANAN COMMUNICATIONS Tel: 020 7466 5000Tim Anderson / Rebecca Skye Dietrich CHAIRMAN'S STATEMENT INTRODUCTION I am pleased to be able to report a year of significant success and achievementfor White Young Green (''WYG''). Revenue, profit, earnings per share, marginsand order book are all at record levels, seven acquisitions have beensuccessfully completed, enhanced underlying organic growth has been generatedand further improvements in working capital management in England, Scotland andWales ("GB") and Ireland have been delivered. All of this is testimony to thesuccess of WYG's established growth strategy of blending strong double digitorganic growth with selective earnings enhancing acquisitions at thestrategically important higher value end of the market. As a consequence theGroup has broadened its appeal to a wider range of clients and stepped up itsrate of revenue growth to an average of over 30% per annum over the last threeyears whilst also continually improving its margins to amongst the best in itspeer group. This strategy will continue to underpin the future development ofthe Group. This year marks the tenth anniversary of White Young Green following the mergerof White Young Consulting Group Ltd with Ernest Green Holdings Plc in July 1997.Since that time the Group's revenue has grown almost tenfold from £23m in theyear to June 1997 to £221m in the year just ended. More importantly for thelonger term future of the business, WYG has been transformed from a regionalconsulting engineer working primarily on capital projects to a national andinternational multi-skilled consultancy offering clients a full range ofcomplementary in-house professional services appropriate to every stage of thelife cycle of their assets. These services now include front end socio-economicanalysis, town planning, transport planning, urban design, cost management,environmental sciences, project management, property management and energyconsultancy. All of this has been achieved against a background of consistentlydelivering enhanced earnings per share for the benefit of all stakeholders,including a much broader based shareholder register. I, therefore, take thisopportunity to thank and congratulate both the current and previous managementteams on these outstanding achievements which provide a sustainable andresilient platform for future growth. The current year has started strongly with trading conditions continuing to bevery favourable in all key areas of business activity. Recent acquisitions arealso integrating well and trading at least in line with our expectations. RESULTS Gross revenue grew by 32% in the year to £220.6m (2006: £167.5m) and included acontribution of £10.9m from acquisitions completed during the course of theyear. The underlying growth in revenue from continuing operations was 14%(2006: 10%). Revenue attributable to third parties, on which the Group does notmake a margin, increased to £44.1m (2006: £34.6m) as a consequence of thecontinuing use of a wide range of specialist sub-consultants, particularly inthe international arena. Revenue, net of payments to third parties, thereforegrew by 33% in the year to £176.5m (2006: £132.9m). Operating profit before amortisation of intangible assets increased by asubstantial 43% to £19.6m (2006: £13.7m) and included a contribution of £2.2mfrom acquisitions completed during the course of the year. Operating profitafter amortisation of intangible assets increased by 29% to £16.9m (2006:£13.1m). Operating margin, calculated as operating profit before amortisation ofintangible assets expressed as a percentage of revenue net of payments to thirdparties improved further to 11.1% (2006: 10.3%) reflecting a continuedimprovement in the mix of business generated in the year and increasedefficiency. Earnings per share adjusted to exclude amortisation of intangible assetsincreased by 23% to 24.5p (2006: 20.0p). Basic earnings per share increased by13% to 21.0p (2006: 18.6p). The balance sheet remains strong. Working capital days in the UK and Irelandfell to 103 days (2006: 112 days) whilst overall working capital days increasedin the period to 99 days (2006: 95 days) due, in part, to changes in the waythat the advance payments enjoyed by WYG International are now processed by theEU. Gearing, defined as net debt as a percentage of total net assets, increasedin the year to 50% (2006: 38%). Net debt at the year end was £44.6m (2006:£28.8m) with the majority of the increase in debt being due to the £13.9m incash paid as part of the acquisition activity undertaken in the year. Intereston borrowings was covered 6.2 times (2006: 8.4 times) by operating profit beforeamortisation of intangible assets. DIVIDEND It is proposed that the final dividend be increased by 17% to 5.4p per share(2006: 4.6p) making a total for the year of 8.3p (2006: 7.2p), an annualincrease of 15%. The dividend is covered 2.9 times (2006: 2.8 times) byadjusted earnings per share and 2.5 times (2006: 2.6 times) by basic earningsper share. The final dividend will be paid on 11 December 2007 to shareholderson the register at 5 October 2007. ACQUISITIONS WYG has completed seven acquisitions since 1 July 2006 for a total initialconsideration of £37.0m. Five of these acquisitions, comprising Trench Farrow inOctober 2006, Adams Kara Taylor in November 2006, Malachi Cullen in January2007, Turner Holden in February 2007 and DeLeeuw International in April 2007were completed during the course of the financial year to 30 June 2007 whilstSavell Bird and Axon and IMCL were completed in August 2007 after the year end.Collectively these high margin acquisitions add approximately £22.7m to grossrevenue on an annualised basis. Trench Farrow is a niche project management consultancy based in London andSwindon which focuses particularly on the corporate fit out and urbanregeneration markets. It adds specialist complementary expertise to WYG'sexisting project management portfolio in both the public sector and privatesector development markets. Adams Kara Taylor is an award winning structural and civil engineeringconsultancy based in London. It works closely on iconic structures with many ofthe better known architects, developers and contractors, both in the UK andinternationally, and has grown consistently since its formation in 1996 on theback of a reputation for innovation, creativity and delivery. This acquisitionwill significantly strengthen WYG's position in the strategically importantLondon and export markets. The acquisition of Malachi Cullen is a small but important step forward in thecontinuing development of WYG in Ireland. This civil and structural engineeringconsultancy based in Athlone services a region of Ireland which is experiencingsubstantial and exciting economic growth. WYG will seek to enhance the range ofservices available to existing clients in that region and use the new officelocation to develop additional business for national clients. Turner Holden is a town planning consultancy based in Wellington, Somerset,which operates primarily in the house building sector. It will complement WYG'sexisting town planning operations in South West England and will createopportunities for WYG's environmental and transportation teams in the housebuilding sector in the region. DeLeeuw International is a management consultancy based in Turkey which will addto WYG International's capability in that country. Savell Bird and Axon is one of the UK's leading specialist transportconsultancies with offices in London, Manchester and Cardiff. It provides highlevel strategic advisory services to a blue chip client base spanning across theprivate and public sector development industry, tackling vitally importantissues such as transport policy, travel plan initiatives, public transport,traffic impact assessments, land use policy and masterplanning. IMCL, from its base in Andover Hampshire, provides international financialmanagement consultancy services to governments and public bodies in third worldand transitional countries. It delivers high level diagnostic studies andreform programme designs, advice on public financial management and monitoring,advice on and project management of public financial management reform projectsand IT systems, and training in financial management, reporting and auditing andwill allow White Young Green International to broaden the range of donor aidprojects in which it participates. All of these acquisitions have settled well into WYG and are performing at leastin line with expectations. All major clients have been retained and theintegration of business systems is well advanced in all cases. WYG continues to finance acquisitions through a mix of cash and shares withearn-outs, where appropriate, being restricted to one year only in order tofacilitate integration. However, as the financial strength and borrowingcapacity of the Group has increased then the cash/shares mix has evolved from 30/70 towards 60/40. This accelerates earnings per share growth and facilitatesgreater stability in share ownership from incoming vendors. REVIEW OF OPERATIONS WYG has enjoyed another year of successful trading with order book up 23% to£380m (2006: £310m) and prospects for future growth strengthening across allthree principal areas of business activity. Operational highlights for the yearto 30 June 2007 include the following:- • 103% of 2007 net revenue already secured for 2008 (2006: 94%) • 44% of net order book in long term framework contracts extending beyond 2012 • Operating margin on net revenue up to 11.1% (2006: 10.3%) • 45%/55% public/private revenue split in GB & Ireland (2006:52%/48%) • 61% increase in private sector revenues • 21% increase in public sector revenues • 14% organic revenue growth delivered (2006: 10%) • Largest client Network Rail at 3.6% of revenue (2006: 2.9%) The business mix within the Group has continued to evolve in the period withmanagement services increasing to 34% of gross revenue (2006: 32%) as aconsequence of the acquisition of Tweeds, Nolan Ryan and Trench Farrow duringcalendar year 2006. This is higher margin business of more strategic value toclients which will enable WYG to engage much more fully and much more closelywith clients in the future. As a consequence the Group's operating profitmargin on net revenue has also increased to 11.1% (2006: 10.3%). The scope forfuture growth in these higher value, higher margin areas of business issignificant. Further improvements in margin are anticipated as a consequence ofthe continuing evolution of the business mix and the influence of the morerecent acquisitions of Adams Kara Taylor and Savell Bird and Axon on engineeringand environmental margins in a full year. The change in the business mix within WYG is also reflected in a change insector penetration with the private sector providing the higher proportion of GBand Ireland net revenue in the period for the first time in four years at 55%(2006: 48%). This trend is expected to continue through the current year asprivate sector confidence continues to strengthen. Private sector gross revenuein GB and Ireland has grown by 61% in the period to £98.0m (2006: £60.8m). Thiscompares to an increase of 21% in public sector net revenues reflecting thecontinuing commitment to investment in health and education with more growth nowbeing experienced in the education field than in previous years. The underlying organic growth in revenue has increased in the period to 14%(2006: 10%). This continues the WYG growth model of blending consistent doubledigit organic growth with earnings enhancing acquisitions which act as catalystsfor change and contribute to future organic growth through cross-selling,knowledge transfer and skills development. This strong underlying organicgrowth is reflected in all three geographic areas of operation, with GB at 14%,Ireland at 19% and International at 9%. The largest proportion of WYG's revenue continues to be generated in GB whereall three key skill groups of Engineering, Management Services and TheEnvironment contributed to gross revenue increasing by 35% to £145.5m (2006:£107.9m). This represents 66% of total Group revenues. Trading conditions in GBremain very favourable, driven by Central Government's continued commitment toinvestment in health and education, a more stable and confident rail industry,local government outsourcing and urban regeneration, an increase in legislationin the energy and environmental markets, a more confident private sector and, ofcourse, the 2012 Olympic Games from which WYG is already deriving benefit. Theoutlook for 2008 is therefore very encouraging. WYG Ireland is now one of the largest multi-skilled consultancies operatingacross Ireland having grown revenue in the year by 54% to £34.8m (2005: £22.6m).This represents 16% of total Group revenue. Trading conditions in Irelandcontinue to be buoyant across all three WYG skill groups driven by strong GDPgrowth in the Republic of Ireland ("ROI"), major infrastructure commitments inthe ROI National Plan, an increasing interest in PPP as an investment model, EUenvironmental legislation particularly in the context of water quality, a veryactive private sector on both sides of the border and further investmentassociated with tourism and urban regeneration in both Dublin and Belfast. WYG International, the management consultancy arm of WYG which provides highlevel socio-economic regeneration services to the aid funded development market,has had another successful year with revenue up 9% to £40.3m (2006: 37.0m) andoperating margin on net revenue up at 15% (2006: 14%). WYG International nowrepresents 18% of total Group revenue. The process of diversifying WYGInternational to include the high level project management and delivery of moretechnically focused infrastructure and environmental projects gathered furtherpace in 2007 with major infrastructure projects being secured in Georgia, Syriaand Poland. The future prospects for this new area of opportunity are thereforeextremely positive. BOARD OF DIRECTORS On 1 July 2007 Lawrie Haynes succeeded John Purvis as Chief Executive of WYG inadvance of John's retirement in October 2007. John Purvis has made a tremendouscontribution to WYG over the past ten years and especially as Chief Executiveover the last four years. During this period we have achieved substantial growthand made a series of substantive acquisitions. I thank him for his dedicationand commitment to WYG and wish him a long and happy retirement. I am pleased to welcome Lawrie Haynes to the Group at this exciting time in itsgrowth and development. His previous experience at the highest level in theenergy, transportation, environmental and international sectors will be ofparticular benefit to the Group as it focuses on those markets in the deliveryof its Corporate Development Plan. Lawrie has settled well into his new positionand is committed to continue the strategy of organic and acquisitive growth thathas served WYG so successfully in the past. On 1 January 2007 Robert Barr joined the Board as an additional non-executivedirector. Robert, who is currently Chief Executive of Heywood Williams GroupPlc, brings a wealth of operational and international experience to the Group. EMPLOYEES WYG now employs over 3,000 staff worldwide and is very much a people businesswhere success depends on the professionalism, drive and commitment of theworkforce. I would, therefore, like to thank all members of staff for theirvalued contribution to the many achievements and successes of the past year. Inparticular, their enthusiastic participation in delivering WYG's corporatesocial responsibility commitments is both recognised and appreciated.Participation in community engagement projects, charitable fundraising eventsand local education programmes not only benefits the communities in which wework and live but also encourages teamwork and mutual respect amongst staffwhilst raising the profile of the company as a responsible and caring potentiallocal employer for talented people in those communities. OUTLOOK The outlook for WYG is positive and exciting. Having achieved a step change inthe size, profile, skills base and geographic reach of the Company over the lastthree years a very positive momentum has been established from which furthersignificant progress can, and will, be made in the years ahead under theguidance of a new but experienced CEO committed to the continuation ofprofitable growth at WYG. WYG therefore enters the new financial year with renewed vigour, confidence andoptimism. Trading conditions continue to be very favourable in all key marketsand geographic locations. The order book is at record levels and prospects arestrengthening as private sector confidence and commitment continues to build.In GB and Ireland WYG's skills diversity enables it to engage quickly andconstructively in all key areas of increased demand whilst in the internationalarena the delivery of technical services alongside socio-economic advisoryservices is gathering pace. The recent significant acquisition activity, andcontinuing focus on strong underlying organic growth, provides a firm foundationfor further progress in the year ahead. In addition the acquisition pipelinegoing forward remains strong. In the longer term WYG's exciting and ambitious Corporate Development Planprovides a practical framework for the realisation of the Group's vision to beleaders in the built, natural and social environment. It focuses particularlyon the four key areas of activity considered to be of primary importance to thefuture development of WYG: energy and the environment, transportation andinfrastructure, international diversification and the further development ofhigher value management services. The Group therefore remains confident that ithas the vision, financial capability, business model and skills mix to enable itto fulfill its ambitions and deliver success for all stakeholders. BUSINESS REVIEW INTRODUCTION In the year to June 2007 the Group has made excellent progress on its journey ofgrowth and development. Unprecedented volumes of new business have beensecured, order book is at record levels, five important acquisitions have beensuccessfully completed with two more added in the post year-end period, doubledigit organic growth has been delivered for the tenth successive year and analready strong operating margin on net turnover has been improved further. WYG's expansion over recent years has been as a consequence of careful strategicplanning and effective risk management. As a consequence the Group hassuccessfully achieved its initial objectives including the introduction of newskills, penetrating new markets, opening up new territories, raising margins,controlling working capital, generating incremental profit growth anddiversifying the business away from a disproportionate dependence on capitalinvestment. This has provided the secure platform from which the Group canrealise its vision to become a leader in the built, natural and socialenvironment, both at home and internationally. In that respect the WYGCorporate Development Plan is exciting, ambitious and ground breaking. Itbuilds on success, it releases potential and it offers all stakeholders theopportunity to participate in, and share, the benefits from an exciting periodof growth and opportunity. CORPORATE OBJECTIVES AND STRATEGY WYG's principal objective over the coming years is to accelerate its pace ofgrowth through the realisation of its corporate development plan and, as aconsequence, be recognised as a leader in the built, natural and socialenvironment both at home and abroad. Achieving that objective will deliverincremental shareholder value and will reposition the Group in relation to itsperceived peers in all of its key markets. The methodology for achieving this objective will comprise a stepping up of theestablished strategy which has successfully enabled the Group to grow revenue bymore than 2.5 times over the last three years, combined with further strategicand value accretive acquisitions designed to either provide entry to newmarkets, broaden the complementary skills range or take more market share withina consolidating sector. This strategy, which directly impacts the Group'sacquisition, business development and recruitment policies, is also thecornerstone of its stability and resilience within a constantly evolving marketenvironment. TRADING PERFORMANCE SUMMARY The year to June 2007 was a period of excellent revenue and profit growth forWYG. Gross revenue grew by 32% of which 14% was organic after excludingcontributions from the acquisitions completed in 2006 and 2007. Private sectorrevenue in the UK and Ireland grew by 61% in the year, compared to 21% in thepublic sector, and now comprises 55% of WYG's total income from that market.This balance of private sector and public sector business continues to enableWYG to take full advantage of periodic changes in investment patterns acrossboth sectors. Profit before interest, tax and the amortisation of intangibles increased by asubstantial 43% to £19.6m (2006: £13.7m) assisted by a further improvement inmargins at both gross and net level. Operating profit before the amortisationof intangibles, expressed as a percentage of gross revenue, increased to 8.9%from 8.2% in 2006. Similarly operating profit before the amortisation ofintangibles expressed as a percentage of net revenue increased to 11.1% (2006:10.3%). WYG therefore continues to be successful in driving margins up whilstalso generating significant revenue growth as a consequence of the change inbusiness mix and the continuing focus on efficiency and higher margin activitiesat the more strategic end of client relationships. As a consequence WYG marginscontinue to be at the higher end of the industry peer group. TRADING PERFORMANCE BY SKILL GROUP WYG provides an integrated multi-skilled service to clients in the UK andIreland around the three key skill groups of engineering, management servicesand the environment. The balance of those skills within the Group continues toevolve in line with the increasing emphasis on higher value, higher marginstrategic services and full life cycle asset management support. In the year toJune 2007 management services, as expected, increased its share of gross revenueto 34% of the Group total (2006: 32%). Engineering reduced its share of grossrevenue to 43% (2006: 45%) whilst the environment was unchanged at 23%. All ofthis should be set against total Group revenues increasing by 32% in the periodand therefore all skill groups experienced significant increases in grossrevenue in the year in quantum terms. Engineering Up 26% to £95m.................................43% of gross revenueManagement Services Up 42% to £76m...................34% of gross revenueThe Environment Up 29% to £50m...........................23% of gross revenue Across all three skill groups it is apparent that in GB and Ireland privatesector business is continuing to grow at a much faster pace than public sectorwork to the extent that private sector revenue outstripped public sector revenueat WYG for the first time since 2002 at 55% of the total (2006: 48%). Thisreflects both a change in investment patterns across the UK and Irish economiesand the business mix brought to the Group by the 2006 and 2007 acquisitions. Inparticular, private sector development work covering the commercial, leisure andresidential markets increased in the year by an unprecedented 77% to £46.4m(2006: £26.2m) and now represents 26% (2006: 21%) of total Group revenue in theUK and Ireland. This sits alongside transportation and infrastructure at 22%(2006: 23%) and health and education at 14% (2006: 17%). The strength and resilience of WYG continues to be founded in the Group'sdiverse and balanced sector penetration which enables it to ride the sequentialpeaks of both public sector and private sector investment by being equallyresponsive to both opportunity and threat in any one sector. Having a businessethos built on flexibility in terms of resource allocation, management structureand business focus, and matching this with a real commitment to demonstrableexcellence and sustained client care in all sectors of business activity,enables WYG to minimise the impact of any fall off in investment in one sectorwhilst taking early advantage of any increase in investment in another. Thisphilosophy provides WYG with real resilience and stability, and positions theGroup well to deliver consistent and sustainable growth. Private sector revenue in the UK and Ireland increased in the year by an averageof 61% to £98.0m (2006: £60.8m). This represents 55% of total domestic revenueand was dispersed as follows across all of the key private sector markets: • Power and Utilities Up 10% to £9.6m• Industry Up 41% to £18.5m• Development Up 77% to £46.4m• Retail Up 45% to £11.9m• Financial Services Up 58% to £4.6m Public sector revenue in the UK and Ireland increased in the year by an averageof 21% to £80.2m (2006: £66.5m). This represents 45% of total domestic revenueand was dispersed as follows across all of the key public sector markets: • Transportation and Infrastructure Up 31% to £38.7m• Health and Education Up 21% to £26.2m• Law and Order Up 1% at £8.6m• Defence No change at £6.7m Engineering WYG offers clients with a full range of complementary engineering skills whichare fully coordinated to ensure a seamless and integrated service. Those skillsinclude civil, structural, mechanical, electrical, geotechnical, rail, highway,transportation, water and wastewater, marine, energy and building servicesengineering specialisms. Trading conditions for engineering services, both in the UK and Ireland, remainfavourable with strong sustainable growth being experienced at the present timein highways, rail infrastructure, education, private sector development work andindustry generally. In addition there are increasing opportunities to deployWYG's engineering skills in the international arena as the diversification ofWYG International gathers pace. In the year to June 2007 total engineering revenues grew by 26% to £94.5m (2006:£75.3m) of which 13% was achieved organically, excluding the contributions fromthe 2006 and 2007 acquisitions. The operating margin on net revenue wasmaintained at 7% (2006: 7%). Of particular importance to WYG's engineering capability, capacity and futurepotential in the year was the arrival of Adams Kara Taylor (AKT) to the WYGstable in November 2006. AKT is a progressive design led consultancy which, overrecent years, has been recognised as one of the most successful cutting edgepractices in its field, collaborating with leading architects, developers andcontractors both in the UK and internationally. With over 100 staff, and anannual turnover of approximately £8m, AKT will significantly strengthen WYG'sengineering capability in London, from where they will also play a leading rolein influencing the future development of the overall company. AKT was formed in1996 and since then has grown consistently on the back of a reputation forinnovation, creativity and delivery and, as a consequence, has won numerousawards. Recent projects include the Duke of York's Square development inChelsea, High Cross Quarter in Leicester, the Phaeno Centre in Germany and theAsticus Building in London. In addition, since joining WYG, AKT has secured a£300m mixed use development as part of the Lower Don Valley master plan in SouthYorkshire working in close collaboration with WYG's regional offices. In the major highways market WYG has consolidated its position as a principalprovider of engineering services during the course of the year working bothdirectly for the Highways Agency and for construction contractors on 'earlycontractor involvement' (ECI) schemes. Highways Agency projects included the A46/A607 Hobby Horse Roundabout Improvement scheme to the north west of Leicesterwhere WYG provided project management, detailed design and constructionsupervision services. The scheme has been in operation since late 2006 and hasbeen an unqualified success. A dedicated slip road for the A46 northbound actsas a free flow link which, together with additional lane provision and effectivesignalisation, enables the junction to operate effectively during all normaltraffic conditions. Activity in the rail sector was buoyant in the year with total revenue up 28% to£14.0m (2006: £10.9m) all of which was achieved organically. The business mixincluded major station enhancement and inspection works, track bedinvestigations, tunnel design, safety management, geotechnical investigationsand site management services. Projects for Network Rail, WYG's largest client at3.6% of gross revenue, included the new Thames Valley Signalling Centre atDidcot, Oxfordshire, the development of generic step free access solutions forstations throughout the UK, the design of a new £20m station at East MidlandsParkway to serve the Midlands Main Line and asset condition surveys on over 600properties nationwide including Waterloo and Victoria stations in London. In the private sector property development market WYG's engineering teams acrossthe country have benefited in the year from increased confidence and investmentfrom clients, particularly in the area of urban regeneration. One of the mostnotable projects of this type is the St. Stephens Ferensway Development in thecentre of Hull for ING Real Estate UK Ltd. This £200m retail-led mixed usedevelopment includes extensive civil engineering enabling works and acomprehensive transport interchange. Construction work is now proceeding onsite and the project is scheduled for completion in late 2007. WYG's building services engineers are at the forefront of sustainable designutilising cutting edge techniques to minimise the environmental impact ofdevelopment including the use of low energy heating and cooling systems,rainwater harvesting, renewable energy sources, ground source heat pumps, wasteto energy solutions and carbon footprinting. Projects on which these techniqueshave been used during the year include a £37m Veterinary School for theUniversity of Edinburgh, the £24m Newcastle City Library project and the £21mredevelopment of Middleton School for Milton Keynes Council. A BREEAM excellentrating has been targeted on each of these exemplar projects. Of particular note in the healthcare sector was the financial close achieved inJune 2006 on the £553m Birmingham Acute and Adult Psychiatric Hospitals PFIproject. This project is one of the largest PFI healthcare projects outsideLondon and will provide over 1,300 beds across three hospitals. WYG is providinga wide range of engineering, environmental and planning supervisory services toBalfour Beatty on this landmark project. Similar services are also beingprovided to that client on the £200m Pontefract and Pinderfields Hospital PFIproject which also achieved financial close in February 2007. WYG's engineering teams have benefited in the year from an overall 31% increasein revenue generated by education projects in the year to a total of £16.7m(2006: £12.7m). This includes a number of 'Building Schools for the Future'projects for construction contractors as well as direct appointments bySouthampton University, Burnley College, Liverpool Community College,Bournemouth University, Queens University Belfast, Imperial College London andothers. In the increasingly important energy market WYG has been successful in securinga key nuclear decommissioning framework contract for British Nuclear GroupSellafield Ltd (BNG) in West Cumbria. As part of a five company consortium, WYGwill provide civil, structural, environmental, mechanical and electricalengineering consultancy services, and project management skills, to the BNGdecommissioning and clean up teams. The contract will cover a wide range ofdecommissioning projects on the Sellafield, Drigg and Calder Hall nuclear sites,ranging from decontamination, deplanting, demolition, waste management, remotehandling radiological work and new build construction work. It is estimated thatthe total contract value could be in excess of £100m over a potential four yearduration duration. Management Services Management services, comprising project management, property management, costmanagement, health and safety management and social-economic advisory servicesaccounted for 34% of total WYG revenue in the year to June 2007, up 42% to£76.0m (2006 £53.4m). The operating margin on net revenue was also stronger at16% (2006: 15%) and, therefore, as this skill group continues to increase as aproportion of total revenue in line with the WYG corporate development plan thenthe overall Group operating margin should also strengthen further. In the yearto June 2007 the Group benefited from a full years contribution from both Tweedsand Nolan Ryan, which had both been acquired during the course of the previousfinancial year, and a part year contribution from Trench Farrow acquired inOctober 2006. Discounting these acquisitions the underlying organic rate ofgrowth was also stronger at 10% (2006: 6%). Typical private sector development projects currently being undertaken by Tweedsinclude cost management services of the £175m redevelopment of WolverhamptonTown Centre for Neptune Developments, which includes a major transportinterchange as well as commercial, retail and residential building units, andEmployers Representative services on the £500m Greenwich Wharf scheme for London& Regional Properties. This development will link the Dome to Greenwich towncentre in south east London and will act as a catalyst for the £4 billionregeneration of the Greenwich peninsular. Tweeds has also recently beenappointed as employer's representative and quantity surveyor on the £120mredevelopment of the former Marks and Spencers London HQ building in BakerStreet for London and Regional Properties. Public sector projects include a£14.5m multi-functional courts complex in Salisbury for Her Majesty's CourtsService and new office accommodation for the Welsh Assembly. WYG's management services' offering was significantly strengthened during thecourse of the year by the acquisition of Trench Farrow, a niche projectmanagement consultancy business based in London and Swindon focusingparticularly on the corporate fit out and urban regeneration market. Typicalprojects include the project management and cost management of the £173m'Wichelstowe' urban extension to Swindon, providing up to 4,500 new homes andall support amenities, the £90m reconstruction and refurbishment of the City ofLondon's Guildhall offices and the project management of a £40m officedevelopment to house Deloitte at Land Securities' New Street Square developmentin London. WYG Management Services now comprises a balanced portfolio of private sector andpublic sector projects across both the UK and Ireland. In the public sector WYGhas recently been appointed by the Home Office as Client's Representative forthe construction of a £100m new prison at HMP Littlehey where 480 new placeswill be created to help overcome the current shortage of prison accommodation.In addition an appointment has been secured from Defence Estates to projectmanage the £60m redevelopment of the military establishment at Woolwich aimed atfacilitating the future non-military use of the site. Both of these projectsreinforce WYG's long established position as a primary provider of projectmanagement services to the criminal justice and defence sectors. The acquisition of Nolan Ryan in June 2006 significantly enhanced WYG'smanagement services business in Ireland by adding offices in Waterford andKilkenny and strengthening the existing skills offering in Dublin, Limerick andCork. The economy in Ireland remains buoyant and opportunities for furthergrowth are significant. In the period WYG Ireland Management Services providedquantity surveying services on a number of prestigious projects including the€18m Carlow Theatre and Art Gallery project, the €30m Wexford Opera House andthe €150m Adamstown Strategic Development Zone Infrastructure project whereservices also included project management. The Environment WYG provides a full range of environmental services to clients including noise,air and water quality, environmental management systems, ecology, environmentalimpact assessments, waste management, landscape and urban design, pollutioncontrol, geotechnical investigations, asbestos surveys and contaminated landremediation services. These, together with comprehensive town planning services,represent WYG's professional contribution to the protection and sustainabilityof our environment. This has been the fastest growing WYG skill group overrecent years with revenues up a further 29% in the year to June 2007 at £50.1m(2006: £38.8m) of which over 20% was achieved organically for the secondsuccessive year. The environment now represents 23% of overall Group revenueand attracts an operating margin on net revenue of 14% (2006: 14%). The environmental market has grown rapidly over recent years and is forecast togrow even further as the focus on climate change, the carbon agenda, wastemanagement and energy utilisation increases. Key drivers for growth willcontinue to be the volume and complexity of regulations and legislation, backedup by more vigorous enforcement, together with an increasing general awarenessof the potential impact on future generations. WYG's environmental skills have been utilised by a wide range of clients in theperiod including the London Development Agency, the Environment Agency, EnglishPartnerships, National Grid Property Holdings, Kielder Partnership and WRG, thewaste management and energy recovery group. Of particular interest was thesuccessful use, for the first time in the UK, of thermal desorption as aneffective and economic remediation technique for treating gas works waste on aNational Grid site in Dundee. This technique, which has been previously beenused successfully in the USA and elsewhere in Europe, involves the removal ofcontaminants through the heating of the soils to extremely high temperatures inspecially designed equipment and the subsequent re-use on site of the residualtreated material. WYG Environmental has also been appointed during the year toprepare a masterplan for the £25m Keilder Water & Forest Park in theNorthumberland National Park designed to both regenerate and conserve theKeilder area. In Ireland WYG's environmental team enjoyed another successful year beingengaged on a wide range of projects from the regeneration of the Maze prisonsite in Northern Ireland to habitat mapping for bio-diversity in Dun Laoghaire,County Dublin and the promotion of combined heat and power solutions nationwideon behalf of Sustainable Energy Ireland. WYG has also grown rapidly over the last five years to become one of the largesttown planning consultancies in the UK with offices in Edinburgh, Belfast, Leeds,Manchester, Leicester, Bristol, Cardiff, London and Southampton. Town planningis very much a front end advocacy skill and, as such, it attracts highermargins. It also generates significant opportunities for other WYG skill groupsactive in support of planning applications, appeals and enquiries including, inparticular, transportation and the environmental sciences. During the year WYGPlanning was further strengthened by the acquisition of Turner Holden, a townplanning and urban design consultancy, based in Wellington, Somerset withspecialist experience and expertise in the house building sector. Major clients of WYG Planning include Sainsbury's, Linden Homes, Barratt,Ericsson and Persimmon. Major projects on which WYG Planning is currentlyengaged include Bicester Town Centre redevelopment, the Gloucester QuaysRedevelopment for Peel Holdings, 'The Zone' residential development at TempleQuay Bristol for Barratt, the Wellington Avenue town centre regeneration schemein Aldershot for Linden Homes, the 'Mirror Pool' in Bradford City Centre and afour year framework contract for English Partnerships to provide developmentplanning services on a national basis through to 2010. Of major importance to the future growth and development of WYG's environmentalskill group was the post-period acquisition of Savell, Bird and Axon (SBA) inAugust 2007. SBA is one of the UK's leading specialist transport consultancieswith offices in London, Manchester and Cardiff. It provides high levelstrategic advisory services to a blue chip client base spanning across theprivate and public sector development industry, tackling vitally importantissues such as transport policy, travel plan initiatives, public transport,traffic impact assessments, land use policy and masterplanning. This acquisitionenables WYG to offer clients a fully comprehensive and integrated environmentalplanning service by combining town planning and transport planning with all ofthe requisite environmental sciences necessary to take projects from inceptionthrough to planning approval. TRADING PERFORMANCE BY GEOGRAPHY Great Britain The largest proportion of WYG's revenue continues to be generated in England,Scotland and Wales ("GB") where all key skills groups contributed to grossrevenues up 35% to £145.5m (2006: £107.9m). This represents 66% of total Grouprevenues (2006: 64%). Trading conditions remain favourable across all three WYGskills groups in GB with the private sector growing strongly and the rail sectorrecovering well from a very difficult year in 2005. Operating margin on netrevenue has been maintained at 9% whilst underlying organic growth in GB hasimproved significantly to 14% from 8% in the previous year fuelled, inparticular, by the growing strength of the private sector. Key drivers for growth in this market in the coming year include CentralGovernment's continued commitment to investment in health and educationprogrammes, a more confident rail industry, local government outsourcing andurban regeneration, an increase in legislation in the energy and broaderenvironmental fields, a much more confident private sector and the 2012 Olympicsfrom which WYG is already deriving benefit. The outlook for 2008 is thereforevery encouraging. Ireland WYG Ireland is now one of the largest and most profitable multi-skilledconsultancies operating across Ireland, having grown revenue in the year by animpressive 54% to £34.8m (2006: £22.6m) and having improved the operating marginon net revenue to 16% (2006: 14%). The contribution from Ireland has grown inthe year augmented by the acquisition of Nolan Ryan just before the previousyear end on 29 June 2006. The year to June 2007 has also benefited from a full12 months contribution from J.C. Warnock Associates, a Derry based engineeringconsultancy which was acquired in February 2006 and from the more recentacquisition of Athlone based engineer Malachi Cullen in January 2007.Notwithstanding these acquisitions, organic growth was also very strong in theyear to June 2007 at 19% per annum (2006: 21%). Ireland therefore nowcontributes 16% of total WYG revenue (2006: 14%) and the buoyant marketconditions prevailing both in Northern Ireland and in the Republic of Irelandwill ensure that this share of WYG activity will at least be maintained in thecoming year and may indeed increase. WYG now operates from eight locations across Ireland in Belfast, Londonderry,Dublin, Limerick, Cork, Waterford, Athlone and Kilkenny and employs more than500 staff. 39% of WYG Ireland's business is generated in Northern Ireland and61% in the Republic of Ireland. Key drivers for growth in this market in the coming year include GDP growth inthe Republic of Ireland (ROI) significantly ahead of that in the UK, majorinfrastructure commitments in the ROI National plan, an increasing interest inpublic/private partnerships (PPP) as an investment model in the ROI, EUlegislation, particularly in the context of water quality and environmentalprotection, a very active private sector on both sides of the border and furtherinvestment associated with tourism and urban regeneration in both Dublin andBelfast. International In the year to June 2007 WYG International grew revenue by 9% to £40.3m (2006:£37.0m) and increased operating margin on net revenues to 15% (2006: 14%). Thisrepresents 18% of total Group revenues (2006: 22%), down as a consequence of theconsiderable acquisition activity in GB and Ireland. Trading conditions for WYG International's core social and economic regenerationconsultancy services remain very favourable with strong prospects for futuregrowth in all key regional centres. In Poland the transition from accessionfunding to locally managed structural funding has been seamless with a number ofprojects now secured under the new arrangements. In Romania, Bulgaria and Turkeythe pipeline of future work has strengthened significantly over the last yearand recent successes give confidence that real momentum is now beginning tobuild up after a relatively subdued 2006. The acquisition of DeleeuwInternational in April 2007 will act as a further catalyst to this process inTurkey. In Africa the opportunities are considerable and the two major projectsalready secured in South Africa where WYG International is project managing theEU's investment in macro poverty alleviation in KwaZulu Natal and Eastern CapeProvince, provide an effective and credible bridgehead for further penetrationinto that significant new market for WYG. In Russia and the rest of the formerSoviet Union, WYG International has already begun to diversify frominternationally funded public sector work to the private sector which is nowgrowing rapidly across the region. Projects in the mining, utilities and retailmarkets now dominate the WYG portfolio as donor funding begins to slow down withincreased strength in the Russian economy. Typical socio-economic projects, funded by the EU and undertaken by WYGInternational in the year include the following:- • Helping people with disabilities into employment in Poland.• Support to the implementation of the Romanian national strategy for improving Roma conditions.• Support to the European partnership and standards process in Kosovo.• Support for human rights and the judiciary in Nepal. The process of diversifying WYG International to include the high level projectmanagement and delivery of more technically focused infrastructure andenvironmental projects gathered further pace in 2007 and now generates over 7%of WYG International's total revenue. From a zero base in June 2004 the team isnow actively engaged on a number of technical projects covering functional areassuch as transport planning, solid waste management, water and wastewater,building conservation, building structures and utility pipelines. Typical technical projects undertaken by WYG International in the year includethe following:- • Damascus rural water and sanitation project• Project management of the Samtskhe to Javakheti roads project in Georgia• Improvements to the Central Water Supply Plant in Warsaw, Poland. ORDER BOOK WYG's net order book has increased in the year by 23% to a total of £380m (2006:£310m) comprising £166m from framework contracts and £214m from individualprojects. This is equivalent to a gross order book of approximately £472m at2007 gross to net ratios. Net orders of £182m already secured for 2008 areequivalent to 103% of the 2007 net revenue total. This compares to anequivalent figure of 94% at the beginning of the 2007 financial year andsignifies a further relative strengthening of the order book. SUMMARY This year marks the tenth anniversary of WYG following the merger of White YoungConsulting Group Ltd with Ernest Green Holdings plc in May 1997. Since thattime, Group revenue has grown almost tenfold at an average compound rate ofgrowth of 26% per annum, including a contribution of 32% revenue growth in theyear to June 2007. Over that ten year period, the Group has progressivelydiversified into more strategic, higher value, higher margin areas of businessresulting in all key matrices showing significant gains from the position atJune 1997. 2007 1997 IncreaseGross revenue £220.6m £22.7m 9.7xOperating profit £19.6m £0.9m 21.8xOperating margin on net revenue 11.1% 4.0% 2.8xAdjusted earnings per share 24.5p 4.7p 5.2xMarket capitalisation £235.2m £12.7m 18.5x The year to 30 June 2007 has contributed strongly to this success with revenue,profit, earnings per share, margins and order book all at record levels. As aconsequence, a firm and enduring platform has been established for furthersignificant progress in the year ahead. WYG therefore enters the new financial year with continued confidence andoptimism. Trading conditions in all key markets are very favourable and theorder book is at record levels with prospects strengthening as private sectorconfidence continues to build. The recent significant acquisition activity anda continuing focus on strong underlying organic development will drive furthergrowth in the year ahead and the acquisition pipeline remains strong. WYG is grateful for the support and commitment of all stakeholders and looksforward with confidence to delivering further success in the year ahead. Consolidated income statementFor the year ended 30 June 2007 Before Before amortisation Amortisation of amortisation Amortisation of acquired acquired of acquired of acquired intangibles intangibles Total intangibles intangibles Total 2007 2007 2007 2006 2006 2006 Note £'000 £'000 £'000 £'000 £'000 £'000 Continuing operationsRevenue 2 220,641 - 220,641 167,487 - 167,487 Operating expenses (201,081) (2,648) (203,729) (153,817) (588) (154,405) Operating profit 2 19,560 (2,648) 16,912 13,670 (588) 13,082 Finance costs (3,548) - (3,548) (2,020) - (2,020) Profit before tax 16,012 (2,648) 13,364 11,650 (588) 11,062 Tax 3 (4,453) 973 (3,480) (3,224) - (3,224) Profit attributable to 11,559 (1,675) 9,884 8,426 (588) 7,838equity shareholders Earnings per shareBasic 4 24.5p (3.5p) 21.0p 20.0p (1.4p) 18.6p Diluted 4 23.4p (3.4p) 20.0p 19.1p (1.3p) 17.8p Dividend per shareInterim - proposed & 2.9p - 2.9p 2.6p - 2.6ppaidFinal - proposed 5.4p - 5.4p 4.6p - 4.6p 8.3p - 8.3p 7.2p - 7.2p Paid 7.5p - 7.5p 6.7p - 6.7p Consolidated balance sheetAs at 30 June 2007 2007 2006 £'000 £'000Non-current assetsGoodwill 81,122 60,132Other intangible assets 10,506 7,910Property, plant and equipment 10,841 9,480Deferred tax assets 2,761 2,302Derivative financial instruments 305 - 105,535 79,824 Current assetsWork in progress 38,896 30,966Trade and other receivables 66,548 52,554Tax recoverable 709 599Cash and cash equivalents 8,619 9,322 114,772 93,441 Current liabilitiesTrade and other payables (68,100) (53,107)Current tax liabilities (3,298) (2,230)Financial liabilities (2,381) (6,092) (73,779) (61,429) Net current assets 40,993 32,012 Non-current liabilitiesFinancial liabilities (50,810) (32,068)Retirement benefit obligation (3,966) (4,251)Deferred tax liabilities (2,823) (164) (57,599) (36,483) Net assets 88,929 75,353 Shareholders' equityShare capital 2,408 2,304Share premium account 58,124 51,332Hedging and translation reserve (687) (432)Retained earnings 29,084 22,149 Total shareholders' equity 88,929 75,353 Consolidated cash flow statementFor the year ended 30 June 2007 Note 2007 2006 £'000 £'000 Operating activities 5Cash generated from operations 11,351 9,375Interest paid (2,607) (1,324)Tax paid (4,362) (3,575) Net cash generated from operating activities 4,382 4,476 Investing activitiesProceeds on disposal of property, plant and equipment 242 250Purchases of property, plant and equipment (2,390) (1,243)Purchases of businesses (13,909) (16,759)Purchases of intangible assets (computer software) (976) (1,072)Cash balances/(overdraft)acquired with businesses 3,061 (699) Net cash used in investing activities (13,972) (19,523) Financing activitiesNet proceeds on issue of ordinary share capital 833 7,334Equity dividends paid (3,503) (2,816)Repayments of borrowings (29,413) (6,084)Drawdown of loan facilities 48,102 22,500Repayments of obligations under finance leases (3,002) (2,950)Purchase of own shares for Employee Benefit Trust (868) - Net cash generated from financing activities 12,149 17,984 Net increase in cash and cash equivalents 2,559 2,937 Cash and cash equivalents at beginning of year 6,045 3,108 Cash and cash equivalents at end of year 8,604 6,045 Consolidated statement of recognised income and expenseFor the year ended 30 June 2007 2007 2006 £'000 £'000 Profit attributable to equity shareholders 9,884 7,838Net exchange adjustments offset in reserves net of tax (560) 8Actuarial (losses)/gains on defined benefit pension schemes (84) 768Gains on cash flow hedges 305 -Tax on items taken directly to equity 133 29 Total recognised income and expense for the year 9,678 8,643 Consolidated statement of changes in shareholders' equityFor the year ended 30 June 2007 2007 2006 £'000 £'000 Profit attributable to equity shareholders 9,884 7,838Net exchange adjustments offset in reserves net of tax (560) 8Actuarial (losses)/gains on defined benefit pension schemes (84) 768Gain on cashflow hedges 305 -Share-based payments 505 722New share capital issued, net of expenses 6,896 18,032Tax on items taken directly to equity 133 29Equity dividends paid (3,503) (2,816) Net addition to shareholders' equity 13,576 24,581 Equity attributable to equity shareholders of the Company at beginning of 75,353 50,772year Equity attributable to equity shareholders of the Company at end of year 88,929 75,353 1. Financial information The financial information in this preliminary announcement does not constitutestatutory accounts within the meaning of s240 of the Companies Act 1985.Statutory accounts for the year ended 30 June 2007 will be dispatched toshareholders by 24 October 2007 for approval at the Annual General Meeting to beheld on 5 December 2007. The statutory accounts contain an unqualified auditreport and will be delivered to the Registrar of Companies in accordance withs242 of the Companies Act 1985. 2. Segmental analysis Primary reporting format - business segments For management purposes, the Group is currently organised into three operatingunits - Engineering, Management Services and The Environment. These operatingunits are the basis on which the Group reports its primary segmentalinformation. Segmental information about these businesses is presented below. Engineering Management The Group Services Environment 2007 2007 2007 2007 £'000 £'000 £'000 £'000 RevenueExternal sales 100,368 76,667 51,524 228,559Inter-segment sales (5,830) (659) (1,429) (7,918) Total revenue 94,538 76,008 50,095 220,641 ResultOperating profit before amortisation of 5,792 8,316 5,452 19,560acquired intangiblesAmortisation of acquired intangibles (633) (1,853) (162) (2,648) Operating profit 5,159 6,463 5,290 16,912 Finance costs (3,548) Profit before tax 13,364Tax (3,480) Profit for the year 9,884 2. Segmental analysis (continued) Engineering Management The Group Services Environment 2006 2006 2006 2006 £'000 £'000 £'000 £'000 RevenueExternal sales 80,092 53,937 40,106 174,135Inter-segment sales (4,805) (535) (1,308) (6,648) Total revenue 75,287 53,402 38,798 167,487 ResultOperating profit before amortisation of 4,612 4,711 4,347 13,670acquired intangiblesAmortisation of acquired intangibles (187) (252) (149) (588) Operating profit 4,425 4,459 4,198 13,082 Finance costs (2,020) Profit before tax 11,062Tax (3,224) Profit for the year 7,838 3. Tax 2007 2006 £'000 £'000Current tax:UK corporation tax on profits for the year at 30% (2006: 30%) 3,812 2,498Adjustments in respect of previous years - 56Overseas tax on profits for the year 868 676 4,680 3,230Deferred tax:Movement in deferred tax (1,200) (6) 3,480 3,224 Tax on items charged to equity:Deferred tax credit related to share - based payments 108 259Deferred tax credit/(charge) related to the actuarial gains and losses on 25 (230)retirement benefit schemes 133 29 4. Earnings per share The calculation of the basic and diluted earnings per share is based on thefollowing data: 2007 2006 £'000 £'000 Earnings for the purposes of basic and diluted earnings per share being profit for 9,884 7,838the yearAmortisation of acquired intangible assets net of taxation 1,675 588 Earnings for the purposes of basic and diluted adjusted earnings per share 11,559 8,426 Number NumberNumber of sharesWeighted average number of shares for basic earnings per share 47,104,215 42,173,184 Effect of dilutive potential ordinary shares:Share options 199,754 456,456Shares to be issued in respect of acquisitions 2,003,896 1,374,844 Weighted average number of shares for diluted earnings per share 49,307,865 44,004,484 Earnings per shareBasic 21.0p 18.6pDiluted 20.0p 17.8p Adjusted earnings per shareBasic 24.5p 20.0pDiluted 23.4p 19.1p 5. Cash generated from operations 2007 2006 £'000 £'000 Profit from operations 16,912 13,082Adjustments for:Depreciation of property, plant and equipment 3,773 3,392Amortisation of intangible assets 3,458 1,177Loss on disposal of property, plant and equipment 48 136Share options charge 1,573 890 Operating cash flows before movements in working capital 25,764 18,677 (Increase)/decrease in inventories (7,459) 237Increase in receivables (10,946) (7,632)Increase/(decrease) in payables 3,992 (1,907) Cash generated from operations 11,351 9,375 Interest paid (2,607) (1,324)Tax paid (4,362) (3,575) Net cash generated from operating activities 4,382 4,476 6. Analysis of changes in net financial liabilities At 1 July Cash Other non- At 30 June 2006 flows Acquisitions cash items 2007 £'000 £'000 £'000 £'000 £'000 Cash and cash equivalents 9,322 (3,828) 3,125 - 8,619Bank overdrafts (3,277) 3,326 (64) - (15)Bank loans due after one year (29,413) (18,689) - 201 (47,901)Loan notes due within one year (245) - - (78) (323)Finance leases and hire purchase contracts (5,225) 3,002 (333) (2,396) (4,952) (28,838) (16,189) 2,728 (2,273) (44,572) This information is provided by RNS The company news service from the London Stock Exchange