TIDMOXIG
RNS Number : 3828I
Oxford Instruments PLC
14 June 2011
14(th) June 2011
Oxford Instruments plc
Announcement of Preliminary Results for the year to 31 March
2011
Improved profits and revenues
Oxford Instruments plc, a leading provider of high technology
tools and systems for industry and research, today announces its
Preliminary Results for the year to 31 March 2011.
Financial Highlights:
-- Order intake up 9.4% to GBP273.5 million (2010: GBP250.0
million)
-- Revenue up 24.0% to GBP262.3 million (2010: GBP211.5
million)
-- Strong organic growth supported by increased R&D
investment
-- Adjusted profit before tax* up 120.2% to GBP26.2 million
(2010: GBP11.9 million)
-- Adjusted EPS* up 133.1% to 41.5 pence (2010: 17.8 pence)
-- Basic EPS up 140% to 65.3 pence (2010: 27.2 pence)
-- Proposed final dividend increased by 8% to 6.48 pence, giving
a total dividend for the year of 9.0 pence (2010: 8.4 pence)
-- New medium term plan announced
-- Separately announced today, acquisitions of Omicron
Nanotechnology GmbH and Omniprobe, Inc. for an aggregate
consideration of GBP40.2 million.
* Adjusted figures are stated before other operating income,
amortisation of acquired intangibles, reorganisation costs,
impairments and marking to market of hedging derivatives
Nigel Keen, Chairman of Oxford Instruments plc, said:
"It is now five years since we announced our plan to double the
size of Oxford Instruments and significantly improve our margins.
Our successful implementation of this strategy is reflected by this
set of results, the strongest performance in the Group's 51 year
history. Our new three year plan, to target 14% annual revenue
growth and ROS of 14% by 2014, sets the framework for delivering
sustained shareholder value driven by strong organic growth,
continuous efficiency improvements and targeted acquisitions."
Enquiries:
Oxford Instruments plc Tel: 01865 393200
Jonathan Flint, Chief Executive
Kevin Boyd, Group Finance Director
MHP Tel: 020 3128 8100
Rachel Hirst
Ian Payne
For further copies of this Preliminary Results announcement
please contact Lynn Shepherd at the Group's registered office at
Tubney Woods, Abingdon, Oxon OX13 5QX (email:
lynn.shepherd@oxinst.com) or visit our website on
www.oxford-instruments.com/investors.
Chairman's Statement
Oxford Instruments generates shareholder value by being a
leading provider of systems used by our customers to analyse and
manipulate matter at the smallest scale. We address both research
and industrial markets and operate in all regions around the world.
This broad spread of customers and geographical markets served to
insulate us from the worst of the effects of the recent recession.
Now that trading conditions have improved, this diversity has
enabled us to deliver significant growth during the year.
The Group delivered its strongest performance in its 51 year
history. Revenues rose to GBP262.3 million (2010: GBP211.5 million)
and adjusted profit before tax more than doubled to GBP26.2 million
(2010 GBP11.9 million). Adjusted earnings per share rose
significantly to 41.5p (2010: 17.8p). The Group had a net positive
cash balance of GBP13.1 million (2010: borrowing of GBP10.4
million) at the year-end.
These results reflect five years of continuous progress in the
development of new products for high growth markets and sustained
efficiency improvements. The rapid strengthening of industrial
markets after the recession of 2008/2009 was faster than we had
expected and our new product launches have been more successful
than we had predicted. As a result we announced increased
performance expectations for the year in September 2010 and April
2011, and raised our interim dividend to 2.52 pence (2010: 2.4
pence).
The Group is recommending a final dividend of 6.48 pence
bringing the total for the year to 9.0 pence (2010: 8.4 pence).
This year's strong result has been made possible by all our
people around the world. I would like to thank them for their hard
work during the year.
It is now five years since we announced our plan to double the
size of Oxford Instruments and significantly improve our margins.
The implementation of the strategy to achieve these challenging
targets has been successful as reflected by this strong set of
results. Today, as outlined later in the statement, we unveil the
next mid-term target, the 14 Cubed Objective. This will form the
basis of the next stage of the development of the Group as we
continue to deliver shareholder value by using technology to
address the issues facing society.
Nigel Keen Chairman
14(th) June 2011
Chief Executive's Statement
Financial year 2010/2011
The Group delivered an excellent result in the year from both
our Research and our Industrial markets. We continue to benefit
from strong demand from our research based customers helped by our
innovative new products. Demand for our industrial products
increased significantly as our customer base emerged from
recession.
Our order intake reached GBP273.5 million (2010: GBP250.0
million). This strong performance is particularly pleasing given
that the prior year included the large one off order for
superconducting wire for ITER, the multinational carbon free energy
programme. Excluding ITER, order intake grew by 30.5%. The order
book now stands at GBP115.3 million (2010: GBP101.5 million). Most
of these orders are for delivery in the first half of the current
year.
The Group continues to benefit from strong growth in Asia, where
sales grew by 40.5% In China, our second largest market after the
United States, sales increased by 70.1%. To support this growth we
opened a fifth China office in Chengdu and increased production
capabilities in our Shanghai factory. Japan, which generated 10.9%
of our revenue, also saw good growth. The earthquake in March 2011
caused extensive disruption to our day-to-day operations but had a
very limited effect on trading in the reported year. It is too
early to predict the ongoing effect to us of the disaster. Our
focus on the opportunities presented by emerging markets continues
to strengthen with plans to open an office in Brazil this summer.
We have seen good performance across all product groups in Russia,
particularly in the research markets. Growth in India is
particularly strong in our industrial markets and we are looking to
strengthen our presence there.
Sales in the more established markets of Europe and North
America increased by 10.5% and 23.4% respectively. Going forward we
expect a progressively higher proportion of our revenue to come
from Asia.
Our strong organic growth has been driven by our focussed
R&D programme. Our growing end markets offer the potential to
increase market share through the introduction of new technologies.
In order to more fully exploit this opportunity rich environment,
we increased our R&D cash spend by 29% to GBP16.9 million
(2010: GBP13.1 million).
More detail about the Group's operational performance is set out
on pages 6 to 7.
Five years of progress: Laying the foundations for further
profitable growth
In 2006 we announced a five year objective to double the size of
the business and improve our net margins by ten percentage points
through organic growth and acquisitions. We set out to achieve this
by becoming a more customer focused business, increasingly
concentrating on new products in markets such as
nanotechnology.
Having reached the end of the five year period, we have achieved
very significant progress and a substantial increase in shareholder
value. Our growth target equated to a compound average annual
growth rate of 15.0%. We achieved 14.4%. This reflects our success
in beating our five year organic growth target, delivering an
average annual compound organic growth rate of 12.8%, compared to
our 10.0% target. This was facilitated by the rapid culture change
that has been achieved across our businesses, bringing a highly
commercial focus to our R&D capability and significantly
accelerating the pace and quality of technological innovation
across the Group, despite the severe downturn suffered by the
global economy.
The plan envisaged that acquisitions would deliver the remaining
five per cent of growth per annum. We made four successful
acquisitions during 2007 and 2008. In 2009, we took the decision to
suspend acquisitions until such time as the world economy
stabilised. This inevitably delayed the acquisitive part of our
growth and impacted the margin improvement which had been planned
to come from acquisitions. We are now actively searching for
appropriate acquisition targets.
At the beginning of the plan in 2005/06, the Group delivered a
return on sales of 3.0%. The corresponding figure for 2010/11 is
10.7%. This progress has been achieved through internal efficiency
improvements, the better targeting of our R&D towards the needs
of our customers and improved operational gearing.
All parts of the Group are now performing well and the
foundations have been laid for further profitable growth. Our
brand, our technology and our global reach position us well for the
next stage in our evolution.
2011 to 2014: The "14 Cubed" Plan
Having broadly achieved the objectives of our five year plan, we
are now focused on delivering the next phase of growth. Our
objective over the next three years is to target an average
compound annual revenue growth rate of 14% per year. At the end of
the three year period we plan to have a net return on sales of at
least 14%. This plan, to achieve compound growth of 14% and a
return on sales of 14% by 2014, is known within the Group as the
"14 Cubed" Plan.
Our annual trading patterns are now more predictable due to the
operational improvements that have been achieved across the Group.
We enjoy a broad spread of customers, applications and geographic
markets. This, together with improved processes for R&D and
cash management, increases our ability to plan more confidently for
the medium term. For this reason we have selected a three year time
horizon for our next strategic plan. We believe that this also
better reflects the time horizons of many of our investors and
customers.
The new plan will be driven by three elements; strong organic
growth, continuous efficiency improvements and targeted
acquisitions. These will each contribute to our targets for growth
and margin improvement.
The 14% compound growth rate is planned to be achieved more
through organic growth than by acquisition. We believe that this
growth level can be obtained because of the valued position of the
Oxford Instruments brand in our high technology markets, our high
exposure to the growing markets of Asia and our customer targeted
R&D programme. We are proud of the fact that our customers from
around the world often specify that they want "The Oxford" when
procuring new systems.
Our product development pipeline is populated with new,
commercially driven products which will be released over the next
two years. This will further consolidate and grow our market
position and as a result we believe that our organic growth can
continue as evidenced by the strong average rate achieved over the
last five years.
Organic growth will be supplemented by targeted acquisitions.
Today in a separate statement, we announce two acquisitions:
Omicron Nanotechnology GmbH, a German company specialising in the
manufacture of very high end microscopes for nanotechnology
research and Omniprobe, Inc., an American company which designs and
manufactures nano-manipulators for use within scanning electron
microscopes. The aggregate consideration is GBP40.2 million on a no
cash, no debt basis.
Further exploitation of the Oxford Instruments brand, our
superior technology and exposure to markets where demand is growing
faster than supply will drive continued margin progression. This,
together with our ability to implement greater economies of scale
and efficiency improvements, underpins our confidence in achieving
our 14% return on sales target.
Oxford Instruments has a proud scientific heritage embodied in
our strong worldwide cadre of engineers who bring world class
skills in the most advanced technological fields. As the business
grows, increased operational gearing will enable us to deliver even
greater value from this highly skilled team.
We have an internal efficiency programme which seeks both to
increase revenues (by boosting our customer satisfaction levels)
and to manage costs. This programme is built around five key
goals:
-- Delivering for shareholders
-- Liberating cash
-- Investing for the future
-- Realising the Brand
-- Adding personal value
Each of these goals is measured by key performance indicators
against which we calibrate our progress, enabling us to monitor
momentum at both divisional and Group level on a regular basis.
Current Trading
We are now two months into the time period covered by the 14
Cubed Plan. Trading to date has been in line with our expectation
with orders, sales and profit better than the same period in the
prior year. As part of our annual trading cycle there has been a
cash outflow in the period and the cash balance at the end of May
2011 was GBP4.1 million.
Outlook
The progress made over the last five years in commercialising
and focusing the Group has laid the foundations for long term
profitable growth. Our markets, and the position of our products in
those markets, is strong.
As we enter the next stage of the evolution of Oxford
Instruments, the 14 Cubed Plan outlines the framework through which
all of our stakeholders will benefit from increased profitability,
greater scope to invest in organic growth and acquisitions,
continued innovation and global recognition of the Oxford
Instruments Brand.
Jonathan Flint
Chief Executive
14(th) June 2011
Operational Review
Nanotechnology Tools
The Nanotechnology Tools sector comprises our NanoAnalysis,
NanoScience and Plasma Technology businesses. This sector produces
our highest technology products and serves research customers in
both the public and private sectors. Revenues were GBP121.8
million, an increase of 20% on the prior year. Trading Profit was
GBP14.6 million (2010: GBP8.2 million), with performance up across
both industrial and research markets worldwide.
Our NanoAnalysis business produces analysis tools which give
precise chemical and structural data to users of electron
microscopes. It was an excellent year for orders and shipments due
to recovering industrial markets and strong demand for
nano-characterisation of new materials in the automotive, aerospace
and solar markets. Much of this demand has been met through the
launch of innovative 3D analytical software giving customers more
information than ever before, particularly in the semi-conductor
and metallurgy markets where detailed analysis of the structure of
a sample is required. Sales of our large area silicon drift
detector, X-Max, continue to exceed expectations, and this year we
sold our 1,000(th) detector. A new variant of the X-Max for high
performance electron microscopes, launched in 2010, offers
significant benefits to the semiconductor and materials research
markets and generated sales which exceeded expectations. We have
seen significant growth in the sales of our Electron Backscatter
Diffraction (EBSD) systems due to product enhancements and improved
marketing. April 2011 saw the introduction of AZtec, a
revolutionary materials characterisation system which will
ultimately replace our world-renowned INCA platform. The launch was
particularly successful and orders are exceeding expectations.
Our NanoScience business produces equipment for experimental
research in the areas of very low temperature and very high
magnetic fields. The business continues to improve its performance,
further consolidating the process efficiencies introduced over the
last two years. Demand continues to be strong, with particular
interest from institutes conducting research into quantum
information processing, which will directly influence next
generation computers and security systems. New market leading
cryogen free magnet systems were developed and launched in 2010,
laying the foundations for development of a wider cryogen free
platform and offering further opportunities to grow market share.
This new technology has also led to record sales in China, where we
have increased our investment in our sales and service
capability.
Our Plasma Technology business provides nanotechnology
fabrication tools which are used to manipulate materials at the
atomic scale for research and advanced manufacturing applications.
This business delivered a strong performance. The majority of its
sales were in Asia, driven by strong demand in the High Brightness
Light Emitting Diode (HBLED) sector. We have opened a research
facility in Taiwan to offer further collaboration with our partners
and customers. A similar facility was also opened in the UK and our
production capacity has been more than doubled as a result of a
factory refurbishment. Two new products were launched this year to
support the continued growth in the photovoltaic and HBLED markets.
As a result of its improved performance in the export market,
Plasma Technology was a winner of a 2011 Queen's Award for
International Trade.
Industrial Products
The Industrial Products sector contains our Industrial Analysis,
Superconducting Wire and Magnetic Resonance businesses. Revenue
increased to GBP97.6 million (2010: GBP72.1 million), reflecting
significant growth in demand from the industrial markets worldwide.
Trading Profit in this sector rose to GBP5.9 million (2010: GBP1.0
million) on the increased volume.
Our Industrial Analysis business produces analytical equipment
for industrial quality control and environmental monitoring. We
have seen strong growth in this business, particularly in the
metals and petroleum markets. Our X-ray Fluorescence range of
products, which includes the X-MET hand-held analysers, has seen a
significant increase in sales due to increased investment in our
sales and service teams worldwide and the strengthening of our
industrial markets in general. Our Optical Emission Spectrometers
are now leading the market in metals analysis and this business
continues to perform well.
Our Superconducting Wire business is the world leader in the
provision of wire for the MRI scanner market where demand for wire
for MRI scanners has continued to strengthen, with a significant
increase in sales recorded this year. We also provide high
specification superconducting wire to customers engaged in
research. Plans to expand the facility in New Jersey, USA are now
underway following a successful ramp up in production of wire for
the ITER project.
Our Magnetic Resonance business produces bench top equipment
which can be used to analyse industrial and food products,
particularly oils and fats. It also provides magnetic resonance
analytical tools for the petrochemical industry, providing data to
improve the efficiency of oil extraction. This business has
returned strong sales due to the focus on its core product line,
particularly in the oil from sunflower seeds market.
Service
This sector consists of our MRI Service businesses in North
America and Asia, our Austin Scientific business and the service
elements of Nanotechnology Tools and Industrial Products. Turnover
was GBP45.4 million (2010: GBP39.0 million) and Trading Profit was
GBP7.6 million (2010: GBP5.5 million). The USA is our biggest
service region but we are seeing increased revenue in China and
Japan as our installed base grows.
The MRI Service businesses provide service and support to the
MRI industry, offering magnet service, parts and accessories
predominantly in North America and Japan. This business has
continued to perform well.
Our Austin Scientific business supplies, services and
refurbishes high quality cryogenic vacuum pumps, helium compressors
and cold heads for customers in the semiconductor, medical and
research sectors. This business has recorded its best ever results
due to significant growth across all revenue streams.
People
Our talented workforce is a key element of our success. We
periodically undertake all-employee surveys in order to measure
attitudes amongst our staff worldwide. We achieve levels of
employee engagement which are significantly above the industry
benchmark and are rising. We have launched a Group wide incentive
plan through which all staff will benefit with the achievement of
our 14 Cubed objectives.
We have also launched an Oxford Instruments management
development programme which promotes high standards of performance
and aims to develop the talented, international managers needed to
deliver our strategy. Over 100 employees will undertake management
training during the coming year.
Our people continue to develop innovative, market leading
products, offer quality customer service and meet the needs of more
customers than ever before. In particular, our staff in Oxford
Instruments Japan deserve special recognition. In the aftermath of
the March earthquake and tsunami they continued to support our
customers in very difficult circumstances. Some also assisted the
emergency services in the affected areas.
All our people have made the difference. They deliver against
demanding targets and have my admiration and thanks.
Sustainability
Our Sustainability programme continues to command a high profile
across the Group. Every site has an Energy Champion who is actively
responsible for reducing our carbon footprint locally.
We have set an annual target of a 5% reduction in energy
consumption as a percentage of sales. Our teams achieved a 15%
reduction in electricity consumed as a percentage of sales in
2010/11.
Financial Review
Trading Performance
Orders of GBP273.5 million were GBP23.5 million ahead of the
same period last year. Excluding the one-off ITER order received in
the prior year, orders grew by GBP63.9 million or 30.5%.
Revenues for the year grew by 24.0% to GBP262.3 million (2010:
GBP211.5 million). The majority of growth came through increased
volumes in all parts of the business, with a positive foreign
exchange variance of GBP2.4 million being offset by adverse pricing
of approximately GBP2.9 million.
In our Nanotechnology Tools division, which had been less
affected by the global downturn and therefore has a stronger
comparator year, sales grew by 19.6% while the Industrial Products
division continued the recovery seen in the twelve months to
September with growth of 35.4%. This was helped by five shipments
of superconducting wire to the ITER programme, representing some
21.5% of the total contract. Service revenues grew by 16.4% on the
back of a strong performance from our Austin Scientific business
and a more general willingness in the market to renew service
contracts.
Gross margins fell from 42.8% to 41.7% due to the pricing impact
mentioned above, an adverse mix variance as superconducting wire
became a bigger proportion of Group sales and a desire to maintain
strategic market positions, particularly within the fast growing
HBLED market.
Constant currency operating expenses increased by GBP11.2
million. Sales and marketing costs increased by 10.5% due to the
growth in variable overhead costs as a result of higher volumes and
our investing for the future in terms of increased sales presence.
R&D increased by 34.4% while other costs rose by 16.5% due,
among other things, to one-off ITER set up expenses. Translational
foreign exchange effects added GBP0.4 million, resulting in a net
increase of GBP11.6 million in reported operating expenses.
Trading profit increased by GBP13.4 million to GBP28.1 million.
The majority of this increase was a result of the higher sales
volume, although a significant proportion was due to better
transactional foreign exchange rates.
Other Operating Income
In July 2010 the Group ceased future accrual for those employees
who were members of our UK and US defined benefit pension schemes.
This resulted in a one-off credit of GBP4.1 million which is being
treated as an exceptional profit item. In addition GBP0.6 million
that had been accrued as a potential 'earn-out' payment to the
employees of TDI, an acquisition made in April 2008, is now not
thought to be necessary and has been released to the income
statement as an exceptional profit.
Reorganisation costs and impairment
As reported in our Half Year results, it was decided that the
relocation of our Yatton site would not take place as originally
planned. Due to the exceptional growth of the Plasma Technology
business, the site which had been selected is now too small and a
new location is therefore being sought. As a result, GBP0.6 million
of costs relating to the move have been written off as an
exceptional item.
Amortisation of acquired intangibles
Amortisation of acquired intangibles was in line with the prior
year at GBP4.7 million (2010: GBP4.1 million). No acquisitions were
made in the year.
Financial income and expenditure
Within financial income and expenditure, total interest on debt
reduced by GBP0.1 million to GBP1.2 million as debt levels fell.
The interest charge on pension scheme liabilities exceeded the
expected return on pension scheme assets by GBP0.7 million, a
reduction of GBP0.8 million over the prior year.
Currency hedging
The Group uses derivative products to hedge its exposure to
fluctuations in foreign exchange rates. It is Group policy to have
in place at the beginning of a financial year hedging instruments
to cover 80% of its forecast transactional exposure for that
period.
In common with a number of other companies, the Group has
decided that the additional costs of meeting the extensive
documentation requirements of IAS 39 to apply hedge accounting to
the foreign exchange hedges cannot be justified. Accordingly the
Group does not use hedge accounting for these derivatives. Net
movements on marking to market such derivatives at the balance
sheet date are disclosed in the income statement as Financial
Expenditure and excluded from our calculation of adjusted profit
before tax (note 1).
Commodity hedging
The Group also uses derivative products to hedge its exposure to
fluctuations in the price of copper, a major component for the
Superconducting Wire business. Given the small number of contracts
involved we apply hedge accounting for these transactions and
consequently the results of marking to market are excluded from the
Income Statement.
Taxation
The underlying tax rate on the profit before tax for the Group
before operating income, amortisation of acquired intangibles,
reorganisation costs, impairments and marking to market of hedging
derivatives was 22% (2010: 27%). The rate has reduced due to the UK
parts of the Group being profitable for tax purposes and therefore
able to offset their expenses.
The Group has significant tax losses and timing differences in
the UK available to set off against future taxable profits from
certain business streams. Due to the improved performance of the
Group's UK business units, we now believe that there is a high
degree of certainty that these losses and timing differences will
be able to be relieved against future profit streams and as a
result have recognised a deferred tax asset of GBP11.3 million in
the year and a corresponding credit to the Income Statement. We
believe that this is exceptional in nature and quantum and have
therefore excluded it from our calculation of adjusted earnings per
share shown in note 1.
Earnings
After a tax credit of GBP5.5 million (2010: charge GBP4.8
million) the reported net profit for the financial year was GBP32.2
million (2010: GBP13.3 million). With a weighted average number of
shares of 49.3 million (2010: 48.9 million), the basic earnings per
share were 65.3 pence (2010: 27.2 pence).
Adjusted profit before tax (note 1), which we believe gives a
better indication of the underlying performance of the business,
grew by GBP14.3 million to GBP26.2 million which equated to an
adjusted earnings per share of 41.5 pence (2010: 17.8 pence), an
increase of 133%.
Dividends
The Group's proposed final dividend of 6.48 pence per share
(2010: 6.0 pence), payable on 27 October 2011 to shareholders who
are on the register on 30 September 2011, gives a total dividend
for the year of 9.0 pence per share (2010: 8.4 pence). Dividend
cover for the underlying business before other operating income,
reorganisation costs and impairments, amortisation of acquired
intangibles and marking to market of hedging derivatives was 4.6
times (2010: 2.1 times).
Investment in research and development (R&D)
The total cash spent on research and development in the year was
GBP16.9 million (2010: GBP13.1 million). A reconciliation between
the cash spent and the amounts charged to the Income Statement is
given below:
2011 2010
GBP million GBP million
---------------------------------------------- ------------ ------------
Research and development expense charged
to the consolidated statement of income. 17.6 13.1
Less: depreciation of R&D related
fixed assets (0.6) (0.6)
Add: amounts capitalised as fixed
assets 2.3 0.6
Less: amortisation of R&D costs capitalised
as intangibles (5.4) (4.0)
Add: amounts capitalised as intangible
assets 3.0 4.0
---------------------------------------------- ------------ ------------
Total cash spent on research and development
during the year 16.9 13.1
---------------------------------------------- ------------ ------------
The net book value of capitalised R&D at the end of the
financial year was GBP15.0 million (2010: GBP17.5 million).
Balance sheet
Non-current assets fell from GBP85.0 million to GBP82.6 million
primarily due to the amortisation of acquired intangible
assets.
Net working capital (excluding derivative financial instruments
and tax payable/receivable) reduced by GBP9.6 million in the year
to GBP15.9 million, despite GBP2.4 million of the GBP10.2 million
deposit that was received in the prior year for the ITER contract
unwinding.
Inventory turns increased by 0.2 to 3.3 while debtor days
reduced from 59 days to 48 days.
Pensions
The Group has defined benefit pension schemes in the UK and the
US. Both have been closed to new entrants since 2001. The total
deficit, before tax, under IAS19 on these pension schemes decreased
in the year by GBP23.4 million to GBP11.7 million with a
corresponding deferred tax asset of GBP3.1 million.
Assets of the schemes at 31 March 2011 were GBP173.1 million
(2010: GBP157.6 million), while liabilities fell from GBP192.7
million to GBP184.8 million principally as a result of the closure
of the schemes to future accrual in July 2010 and the movement from
RPI to CPI as the measure of inflation for deferred members. In
ceasing future accrual the Group sought to mitigate the risk of
liabilities rising. The alternatives offered to the employees are
cash neutral to the Group.
The latest triennial actuarial valuation of the UK scheme was
carried out as at 31 March 2009 and resulted in an actuarial
deficit of GBP39.5 million. A long-term plan for recovering the
deficit over 13 years was agreed between the Company and the
Pension Trustee, which involves a payment of GBP3.1 million for the
year to March 2010, GBP5.3 million for the year to March 2011 and
GBP4.2 million for the year to March 2012. For the subsequent 11
years the 2012 payment of GBP4.2 million will be inflated by 2.85%
per annum. Should the Group increase the dividend per share paid to
shareholders in the period to March 2012, the payment to the
pension fund will be similarly increased.
Cash
Earnings before interest, tax, depreciation and amortisation
(EBITDA) increased by GBP15.0 million to GBP37.5 million. Working
capital in the year reduced by GBP6.9 million, building on a
reduction of GBP16.4 million in the prior year.
Cash generated from operations was GBP39.2 million, an increase
of GBP6.4 million on the prior year. Excluding the exceptional ITER
deposit of GBP10.2 million received in the prior year, the increase
was GBP16.6 million.
Net cash at the year-end was GBP13.1 million (2010: net
borrowing of GBP10.4 million). In December the Group announced that
it had agreed a committed Revolving Credit Facility with a club of
three banks. The new facility, which will last for four years, is
for GBP50 million and is extendable to GBP70 million by mutual
consent. In addition the Group has various overdraft and other
facilities totalling GBP14.8 million.
Employees
The average number of people employed during the year was 1,498,
an increase of 157 over the prior year.
Average sales per employee increased by 11% to GBP175,000.
Share price
The closing mid-market price of the ordinary shares at the end
of the financial year was GBP7.00, compared with GBP2.69 at the
beginning of the year. The highest and lowest prices recorded in
the financial year were GBP7.36 and GBP2.56 respectively.
Going concern
The Group's business activities, together with the factors
likely to affect its future development, performance and position
are set out in the Chief Executive's Statement. The financial
position of the Group, its cash flows, liquidity position and
borrowing facilities are described in this Financial Review.
The relatively diverse nature of the Group together with its
current financial strength provides a solid foundation. The
Directors have reviewed the Group's forecasts and flexed them to
incorporate a number of potential scenarios relating to changes in
trading performance and believe that the Group will be able to
operate within its existing debt facility which expires in December
2014. This review also considered hedging arrangements in place. As
a consequence, the Directors believe that the Group is well placed
to manage its business risks successfully.
The Financial Statements have been prepared on a going concern
basis, based on the Directors' opinion, after making reasonable
enquiries, that the Group has adequate resources to continue in
operational existence for the foreseeable future.
Kevin Boyd
Group Finance Director
14 June 2011
Consolidated Statement of Income year ended 31 March 2011
2011 2010
Notes GBPm GBPm
-------------------------------------- ------ -------- --------
Revenue 3 262.3 211.5
Cost of sales (152.8) (120.9)
-------------------------------------- ------ -------- --------
Gross profit 109.5 90.6
Trading expenses excluding cost of
sales 4 (81.4) (75.9)
Trading profit 28.1 14.7
Other operating income 6 4.7 -
Reorganisation costs and impairment 7 (0.6) (0.4)
Amortisation of acquired intangibles (4.7) (4.1)
-------------------------------------- ------ -------- --------
Operating profit 27.5 10.2
Expected return on pension scheme
assets 9.9 7.9
Mark to market gain in respect of
derivative financial instruments 2 1.1 10.7
Financial income 11.0 18.6
Interest payable on bank loans and
overdrafts (1.2) (1.3)
Interest charge on pension scheme
liabilities (10.6) (9.4)
Financial expenditure (11.8) (10.7)
Profit before income tax 26.7 18.1
Income tax credit/(expense) 8 5.5 (4.8)
--------------------------------------- --- ------- -------
Profit for the year attributable
to equity shareholders of the parent 32.2 13.3
--------------------------------------- --- ------- -------
pence pence
--------------------------------------- --- ------- -------
Earnings per share
Basic earnings per share 9 65.3 27.2
Diluted earnings per share 9 63.6 27.1
Dividends per share
Dividends paid 10 8.4 8.4
Dividends proposed 10 9.0 8.4
--------------------------------------- --- ------- -------
Adjusted profit before tax is calculated
as follows:
GBPm GBPm
------------------------------------------ ------ -------
Profit before income tax 26.7 18.1
Other operating income (4.7) -
Reorganisation costs and impairment 0.6 0.4
Amortisation of acquired intangibles 4.7 4.1
Mark to market gain in respect of
derivative financial instruments (1.1) (10.7)
------------------------------------------ ------ -------
Adjusted profit before tax 2 26.2 11.9
------------------------------------------ ------ -------
pence pence
------------------------------------------ ------ -------
Adjusted earnings per share
Basic earnings per share 9 41.5 17.8
Diluted earnings per share 9 40.4 17.8
------------------------------------------ ------ -------
Consolidated Statement of Comprehensive Income year ended 31
March 2011
2011 2010
Note GBPm GBPm
-------------------------------------------- ----- ------ -------
Profit for the year 32.2 13.3
Other comprehensive income/(expense)
Foreign exchange translation differences (0.9) (3.8)
Actuarial gain/(loss) in respect
of post retirement benefits 14.4 (22.8)
Net gain on effective portion of
changes in fair value of cash flow
hedges, net of amounts recycled 0.3 0.8
Tax on items recognised directly
in equity 8 (4.6) 6.1
Tax recognised in respect of share
options 2.7 -
Total other comprehensive income/(expense) 11.9 (19.7)
Total comprehensive income/(expense)
for the year attributable to equity
shareholders of the parent 44.1 (6.4)
-------------------------------------------- ----- ------ -------
Consolidated Statement of Changes in Equity year ended 31 March
2011
Foreign
Share exchange
Share premium Other translation Retained
capital account reserves reserve earnings Total
GBPm GBPm GBPm GBPm GBPm GBPm
------------------ -------- -------- --------- ------------ --------- ------
Balance at 1
April 2010 2.5 21.6 0.2 4.1 23.8 52.2
Total
comprehensive
income/(expense)
attributable to
equity
shareholders of
the parent - - 0.2 (0.9) 44.8 44.1
Transactions
recorded
directly in
equity: - Credit
in respect of
employee service
costs settled by
award of share
options - - - - 0.4 0.4
- Proceeds from
shares issued - 0.9 - - - 0.9
- Dividends paid - - - - (4.1) (4.1)
------------------ -------- -------- --------- ------------ --------- ------
Total
contributions by
and
distributions to
equity
shareholders - 0.9 - - (3.7) (2.8)
------------------ -------- -------- --------- ------------ --------- ------
Balance at 31
March 2011 2.5 22.5 0.4 3.2 64.9 93.5
------------------ -------- -------- --------- ------------ --------- ------
Balance at 1 April 2009 2.5 21.3 (0.3) 7.9 30.5 61.9
Total comprehensive
income/(expense) attributable
to equity shareholders of the
parent - - 0.5 (3.8) (3.1) (6.4)
Transactions recorded
directly in equity:
- Credit in respect of
employee service costs
settled by award of share
options - - - - 0.5 0.5
- Proceeds from shares
issued - 0.3 - - - 0.3
- Dividends paid - - - - (4.1) (4.1)
--------------------------------- ---- ----- ------ ------ ------ ------
Total contributions by
and distributions to equity
shareholders - 0.3 - - (3.6) (3.3)
--------------------------------- ---- ----- ------ ------ ------ ------
Balance at 31 March 2010 2.5 21.6 0.2 4.1 23.8 52.2
--------------------------------- ---- ----- ------ ------ ------ ------
Other reserves comprise the capital redemption reserve which
represents the nominal value of shares repurchased and then
cancelled during the year ended 31 March 1999, and the hedging
reserve in respect of the effective portion of changes in value of
commodity contracts.
The foreign exchange translation reserve comprises all foreign
exchange differences arising since 1 April 2004 from the
translation of the Group's net investments in foreign subsidiaries
into Sterling.
The Group holds 433,794 (2010: 493,594) of its own shares in an
employee benefit trust. The cost of these shares is included within
retained earnings.
Consolidated Statement of Financial Position as at 31 March
2011
2011 2010
GBPm GBPm
Assets
Non-current assets
Property, plant and equipment 23.6 22.8
Intangible assets 41.6 49.3
Deferred tax assets 17.4 12.9
82.6 85.0
Current assets
Inventories 46.6 39.3
Trade and other receivables 52.5 60.2
Current income tax recoverable 1.3 0.9
Derivative financial instruments 1.0 0.8
Cash and cash equivalents 24.5 11.2
125.9 112.4
Total assets 208.5 197.4
--------------------------------------- ------ ------
Equity
Capital and reserves attributable
to the Company's equity shareholders
Share capital 2.5 2.5
Share premium 22.5 21.6
Other reserves 0.4 0.2
Translation reserve 3.2 4.1
Retained earnings 64.9 23.8
93.5 52.2
Liabilities
Non-current liabilities
Bank loans 10.5 19.6
Other payables 0.1 0.9
Retirement benefit obligations 11.7 35.1
Deferred tax liabilities 4.1 6.7
--------------------------------------- ------ ------
26.4 62.3
Current liabilities
Bank loans 0.1 0.1
Bank overdrafts 0.8 1.9
Trade and other payables 76.5 69.1
Current income tax payables 3.4 2.6
Derivative financial instruments 1.1 4.3
Provisions 6.7 4.9
--------------------------------------- ------ ------
88.6 82.9
Total liabilities 115.0 145.2
Total liabilities and equity 208.5 197.4
--------------------------------------- ------ ------
The financial statements were approved by the Board of Directors
on 14 June 2011 and signed on its behalf by:
Jonathan Flint Kevin Boyd
Director Director
Consolidated Statement of Cash Flows year ended 31 March
2011
2011 2010
GBPm GBPm
----------------------------------------------- ------- -------
Profit for the year 32.2 13.3
Adjustments for:
Income tax (credit)/expense (5.5) 4.8
Net financial expense/(income) 0.8 (7.9)
Other operating income (4.7) -
Reorganisation costs and impairment 0.6 0.4
Amortisation of acquired intangibles 4.7 4.1
Depreciation of property, plant and equipment 4.0 3.8
Amortisation and impairment of capitalised
development costs 5.4 4.0
----------------------------------------------- ------- -------
Earnings before interest, tax, depreciation
and amortisation 37.5 22.5
Cost of equity settled employee share schemes 0.4 0.5
Restructuring costs paid - (3.2)
Cash payments to the pension scheme more
than the charge to operating profit (5.6) (3.4)
----------------------------------------------- ------- -------
Operating cash flows before movements in
working capital 32.3 16.4
Increase in inventories (8.2) (0.4)
Decrease/(increase) in receivables 7.4 (3.7)
Increase in payables and provisions 8.8 11.2
(Decrease)/increase in customer deposits (1.1) 9.3
Cash generated from operations 39.2 32.8
Interest paid (0.8) (1.1)
Income taxes paid (3.1) (0.6)
----------------------------------------------- ------- -------
Net cash from operating activities 35.3 31.1
----------------------------------------------- ------- -------
Cash flows from investing activities
Proceeds from sale of property, plant and
equipment 0.1 0.2
Proceeds from sale of available for sale
equity securities - 0.7
Acquisition of subsidiaries, net of cash
acquired (0.1) (2.4)
Acquisition of property, plant and equipment (5.8) (3.6)
Capitalised development expenditure (3.0) (4.0)
Net cash used in investing activities (8.8) (9.1)
----------------------------------------------- ------- -------
Cash flows from financing activities
Proceeds from issue of share capital 0.9 0.3
Repayment of borrowings (19.1) (12.2)
Increase in borrowings 10.0 -
Dividends paid (4.1) (4.1)
Net cash from financing activities (12.3) (16.0)
----------------------------------------------- ------- -------
Net increase in cash and cash equivalents 14.2 6.0
Cash and cash equivalents at beginning of
the year 9.3 3.6
Effect of exchange rate fluctuations on
cash held 0.2 (0.3)
-------
Cash and cash equivalents at end of the
year 23.7 9.3
----------------------------------------------- ------- -------
Reconciliation of changes in cash and cash equivalents to
movement in net borrowings
Increase in cash and cash equivalents 14.2 6.0
Effect of foreign exchange rate changes
on cash and cash equivalents 0.2 (0.3)
14.4 5.7
Cash outflow from decrease in debt 19.1 12.2
Cash inflow from increase in debt (10.0) -
Movement in net borrowings in the year 23.5 17.9
Net borrowing at start of the year (10.4) (28.3)
----------------------------------------- ------- -------
Net borrowing at the end of the year 13.1 (10.4)
----------------------------------------- ------- -------
Notes on the Financial Statements
1 BASIS OF PRESENTATION OF ACCOUNTS
This preliminary statement has been prepared under the same
accounting policies as those used to prepare the 2011 Annual Report
and Accounts.
The principal exchange rates to sterling used were:
Year end rates
2011 2010
US Dollar 1.60 1.52
Euro 1.13 1.12
Yen 133 142
----------- ----- -----
Average translation rates 2011
US Dollar Euro Yen
Quarter 1 2011 1.50 1.17 138
Quarter 2 2011 1.55 1.20 133
Quarter 3 2011 1.57 1.17 130
Quarter 4 2011 1.58 1.16 131
---------------- ---------- ----- ----
Average translation rates 2010
US Dollar Euro Yen
Quarter 1 2010 1.55 1.13 150
Quarter 2 2010 1.64 1.14 153
Quarter 3 2010 1.62 1.11 145
Quarter 4 2010 1.56 1.12 142
---------------- ---------- ----- ----
2 Reconciliation between profit and adjusted profit
2011 2010
GBPm GBPm
--------------------------------------------- ----- ------
Profit before income tax 26.7 18.1
Other operating income (4.7) -
Reorganisation costs and impairment 0.6 0.4
Amortisation of acquired intangibles 4.7 4.1
Mark to market gain in respect of derivative
financial instruments (1.1) (10.7)
--------------------------------------------- ----- ------
Adjusted profit before income tax 26.2 11.9
Share of taxation (5.7) (3.2)
--------------------------------------------- ----- ------
Adjusted profit 20.5 8.7
--------------------------------------------- ----- ------
Adjusted earnings per share pence pence
---------------------------- ----- -----
Basic 41.5 17.8
Diluted 40.4 17.8
---------------------------- ----- -----
Adjusted figures are stated before other operating income,
amortisation of acquired intangibles, reorganisation costs and
impairment and mark to market gains in respect of derivative
financial instruments.
The tax credit during the year was GBP5.5m. In calculating the
share of tax attributable to adjusted profit before tax a tax
charge relating to the adjusting of items of GBP0.1m and a one-off
recognition of deferred tax assets relating to the Group's UK
businesses of GBP11.3m have been excluded. In future years part of
this deferred tax asset will unwind as tax losses are utilised or
if recognition criteria change. The Group intends to exclude this
unwinding effect from the calculation of the share of tax
attributable to adjusted profit before tax in the years in which it
arises.
Under IAS 39, all derivative financial instruments are
recognised initially at fair value. Subsequent to initial
recognition, they are also measured at fair value. In respect of
instruments used to hedge foreign exchange risk and interest rate
risk the Group does not take advantage of the hedge accounting
rules provided for in IAS 39 since that standard requires certain
stringent criteria to be met in order to hedge account, which, in
the particular circumstances of the Group, are considered by the
Board not to bring any significant economic benefit. Accordingly,
the Group accounts for these derivative financial instruments at
fair value through profit or loss. Adjusted profit for the year is
stated before changes in the valuation of these instruments so that
the underlying performance of the Group can more clearly be
seen.
See note 9 for details of the number of shares used in the
calculation of earnings per share.
3 Segment information
The group has eight operating segments. The operating results of
each are regularly reviewed by the Chief Operating Decision Maker,
which is deemed to be the Board of Directors. Discrete financial
information is available for each segment and used by the Board of
Directors for decisions on resource allocation and to assess
performance.
These operating segments have been aggregated to the extent that
they have similar economic characteristics, with relevance to
products and services, type and class of customer, methods of sale
and distribution and the regulatory environment in which they
operate. The group's internal management structure and financial
reporting systems differentiate the operating segments on the basis
of these economic characteristics and accordingly present these as
three separate reportable segments as discussed below.
- The Nanotechnology Tools segment contains a group of
businesses supplying similar products, characterised by a high
degree of customisation and high unit prices. These are Group's
highest technology products serving research customers in both the
public and private sectors.
- The Industrial Products segment contains a group of businesses
supplying high technology products and components manufactured in
medium volume for industrial customers.
- The Service segment contains the Group's service business as
well as service revenues from other parts of the Group.
Segment results include items directly attributable to a segment
as well as those which can be allocated on reasonable basis.
Inter-segment pricing is determined on arm's length basis.
No asset information is presented below as this information is
not allocated to operating segments in reporting to the Group's
Board of Directors.
Year to 31 March 2011
Nanotechnology Industrial
Tools Products Service Total
GBPm GBPm GBPm GBPm
----------------------- -------------- ---------- ------- -----
External revenue 121.4 95.6 45.3 262.3
Inter-segment revenue 0.4 2.0 0.1
----------------------- -------------- ---------- -------
Total segment revenue 121.8 97.6 45.4
Segment trading profit 14.6 5.9 7.6 28.1
----------------------- -------------- ---------- ------- -----
Year to 31 March 2010
Nanotechnology Industrial
Tools Products Service Total
GBPm GBPm GBPm GBPm
----------------------- -------------- ---------- ------- -----
External revenue 101.5 71.0 39.0 211.5
Inter-segment revenue 0.3 1.1 -
----------------------- -------------- ---------- -------
Total segment revenue 101.8 72.1 39.0
Segment trading profit 8.2 1.0 5.5 14.7
----------------------- -------------- ---------- ------- -----
Reconciliation of reportable segment profit
2011 2010
GBPm GBPm
-------------------------------------- ------- -------
Profit for reportable segments 28.1 14.7
Other operating income 4.7 -
Reorganisation costs and impairment (0.6) (0.4)
Amortisation of acquired intangibles (4.7) (4.1)
Financial income 11.0 18.6
Financial expenditure (11.8) (10.7)
-------------------------------------- ------- -------
Profit before income tax 26.7 18.1
-------------------------------------- ------- -------
4 Trading expenses excluding cost of sales
2011 2010
GBPm GBPm
------------------------------------ ----- -----
Selling and marketing costs 39.9 36.1
Administration and shared services 23.3 20.0
Research and development (note 5) 17.6 13.1
Foreign exchange loss 0.6 6.7
------------------------------------ ----- -----
81.4 75.9
------------------------------------ ----- -----
The foreign exchange loss represents the loss arising on foreign
exchange hedging instruments which matured during the year.
5 RESEARCH AND DEVELOPMENT
The total research and development spend by the Group is as
follows:
2011 2010
Nanotechnology Industrial Nanotechnology Industrial
Tools Products Total Tools Products Total
GBPm GBPm GBPm GBPm GBPm GBPm
-------------- --------------- ----------- ------ --------------- ----------- ------
Research and
development
expense
charged to
the
consolidated
statement of
income 9.7 7.9 17.6 6.5 6.6 13.1
Less:
depreciation
of R&D
related
fixed
assets (0.5) (0.1) (0.6) (0.5) (0.1) (0.6)
Add: amounts
capitalised
as fixed
assets 2.2 0.1 2.3 0.6 0.0 0.6
Less:
amortisation
of R&D costs
previously
capitalised
as
intangibles (2.6) (2.8) (5.4) (1.5) (2.5) (4.0)
Add: amounts
capitalised
as
intangible
assets 1.9 1.1 3.0 3.2 0.8 4.0
-------------- --------------- ----------- ------ --------------- ----------- ------
Total cash
spent on
research and
development
during the
year 10.7 6.2 16.9 8.3 4.8 13.1
-------------- --------------- ----------- ------ --------------- ----------- ------
6 Other Operating income
2011 2010
GBPm GBPm
---------------------------------------- ----- -----
Shareholder earnout no longer required 0.6 -
Curtailment gains 4.1 -
---------------------------------------- ----- -----
4.7 -
---------------------------------------- ----- -----
During the year, the Group recognised other operating income of
GBP0.6m in relation to a shareholder earnout provided at the time
of the acquisition of Technologies and Devices Inc. and which is no
longer required.
During the year, the Group's defined benefit pension schemes in
the UK and US were closed to future accrual. This gave rise to a
curtailment gain under IAS19 as the majority of members' accrued
benefits are no longer linked to future salary growth.
7 reorganisation costs and impairment
2011 2010
GBPm GBPm
---------------------------------------- ------ ------
Impairment of carrying value of assets (0.6) -
Restructuring costs - (0.4)
---------------------------------------- ------ ------
(0.6) (0.4)
---------------------------------------- ------ ------
During the year, the Group recognised an impairment charge of
GBP0.6m against costs capitalised in relation to the planned site
move of the Plasma Technology business in the UK. This move will
now not take place in the form originally planned.
In the prior year, the Group concluded the restructuring
programme started in the previous year. This resulted in additional
redundancy and related costs at sites in Japan, France, Finland and
the UK of GBP0.4m.
8 income tax expense
Recognised in the Consolidated Statement of Income
2011 2010
GBPm GBPm
Current tax expense
Current year 6.1 2.8
Adjustment in respect of prior years (0.5) (0.8)
5.6 2.0
--------------------------------------------------- ------- ------
Deferred tax expense
Origination and reversal of temporary differences 0.9 2.0
Recognition of deferred tax not previously
recognised (11.9) -
Adjustment in respect of prior years (0.1) 0.8
(11.1) 2.8
------
Total tax (credit)/expense (5.5) 4.8
--------------------------------------------------- ------- ------
Reconciliation of effective tax rate
Profit before income tax 26.7 18.1
Income tax using the UK corporation tax
rate of 28% 7.5 5.1
Effect of:
Tax rates other than the standard rate 0.4 -
Change in rate at which deferred tax recognised (0.2) -
Non-taxable income and expenses 0.2 0.3
Tax incentives not recognised in the Consolidated
Statement of Income (0.7) (0.3)
Temporary differences not recognised for
deferred tax - 0.1
Recognition of deferred tax not previously
recognised (11.9) -
Effect of previous tax losses now utilised (0.2) (0.4)
Adjustment in respect of prior year (0.6) -
Total tax (credit)/expense (5.5) 4.8
--------------------------------------------------- ------- ------
Taxation recognised directly in equity
Current tax - relating to employee benefits (1.5) (0.9)
Deferred tax - relating to employee benefits 6.0 (5.5)
Deferred tax - relating to share options (2.7) -
Deferred tax - relating to cash flow hedges 0.1 0.3
---------------------------------------------- ------ ------
1.9 (6.1)
---------------------------------------------- ------ ------
9 EARNINGS per share
The calculation of basic earnings per share is based on a
weighted average number of ordinary shares outstanding during the
year, excluding shares held by the Employee Share Ownership Trust,
as follows:
2011 2010
Shares Shares
million million
----------------------------------------------- -------- --------
Weighted average number of shares outstanding 49.7 49.4
Less shares held by Employee Share Ownership
Trust (0.4) (0.5)
----------------------------------------------- -------- --------
Weighted average number of shares used in
calculation of earnings per share 49.3 48.9
----------------------------------------------- -------- --------
The following table shows the effect of share options on the
calculation of diluted earnings per share:
2011 2010
Shares Shares
million million
Weighted average number of ordinary shares
per basic earnings per share calculations 49.3 48.9
Effect of shares under option 1.4 0.3
---------------------------------------------- -------- --------
Weighted average number of ordinary shares
per diluted earnings per share calculations 50.7 49.2
---------------------------------------------- -------- --------
10 dividends per share
The following dividends per share were paid by the Group:
2011 2010
pence pence
Previous year interim dividend 2.40 2.40
Previous year final dividend 6.00 6.00
-------------------------------- ------ ------
8.40 8.40
-------------------------------- ------ ------
The following dividends per share were proposed by the Group in
respect of each accounting year presented:
2011 2010
pence pence
Interim dividend 2.52 2.40
Final dividend 6.48 6.00
------------------ ------ ------
9.00 8.40
------------------ ------ ------
The interim dividend was not provided for at the year end and
was paid on 7 April 2011.
The final proposed dividend of 6.48 pence per share (2010: 6.00
pence) was not provided at the year end and will be paid on 27
October 2011 subject to authorisation by the shareholders at the
forthcoming Annual General Meeting.
11 Report and Accounts
The financial information set out above does not constitute the
company's statutory accounts for the years ended 31 March 2011 or
2010. Statutory accounts for 2010 have been delivered to the
registrar of companies, and those for 2011 will be delivered in due
course. The auditor has reported on those accounts; their reports
were (i) unqualified, (ii) did not include a reference to any
matters to which the auditor drew attention by way of emphasis
without qualifying their report and (iii) did not contain a
statement under section 498 (2) or (3) of the Companies Act
2006.
The Company is registered in England Number 775598.
12 The Annual General Meeting
The Annual General Meeting will be held on Tuesday, 13 September
2011 at 2.30 pm at Group Head Office, Tubney Woods, Abingdon,
Oxfordshire, OX13 5QX.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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