RNS Number:0611M
Renold PLC
09 June 2003




9 June 2003
                           RENOLD plc

                  2003 PRELIMINARY RESULTS


Renold  plc, a leading international supplier of  industrial
chains  and  related power transmission products, automotive
cam  drive  systems  and  machine tools  and  rotors,  today
announces  its  preliminary results for the  year  ended  29
March 2003.

Summary

-  Pre-exceptional  trading profit  up  by  18%  to  #9.2
   million (2002: #7.8 million).

-  Profit before tax improved by #9.8 million to #4.2
   million (2002: loss #5.6 million), reflecting the flow
   through benefits of the actions taken to refocus the Group's
   activities and reduce operating costs.

-  Restructuring of the machine tool business successfully
   completed in the first half; restructured business reported
   a trading profit in the second half.

-  Adjusted earnings per share increased by 37% to 5.2
   pence (2002: 3.8 pence).

-  Final dividend maintained at 3.0 pence, giving 4.5
   pence for the year (2002: 4.5 pence).

-  Strong cash inflow from operating activities after
   capital expenditure at #12.9 million, contributing to a
   reduction in gearing from 35% last year to 25% this year.

-  Further reduction in borrowings post year end from the
   sale of surplus property, generating net cash proceeds of
   #5.2 million.

-  Group operations firmly restructured and repositioned,
   focused on the core chain business, to exploit growth
   opportunities worldwide.


Prospects

Roger Leverton, Chairman of Renold plc, said today:

"The  Group's  future development  is clearly focused  as  a
supplier   of  chain  along  with  supporting  niche   power
transmission products into industrial applications, together
with automotive cam drive systems.

The  Group's  markets continue to be challenging  with  both
political and economic uncertainty.  Although this year  has
started  slowly we expect the benefit of internal efficiency
and  developing market positions to show through as the year
progresses.    Additionally,   with   the   balance    sheet
strengthened  over  the last two years, the  Group  is  well
placed to take advantage of growth opportunities."




9 June 2003
                           RENOLD plc

                  Chairman: Roger Leverton

                     Preliminary Results
         for the Financial Year ended 29 March 2003



FINANCIAL SUMMARY                                  2003        2002         %
                                                     #m          #m     change

Turnover                                          187.4       190.2         -1

Trading profit before goodwill amortisation
and exceptional items                               9.2         7.8        +18

Profit before tax, goodwill amortisation and
exceptional items                                   6.1         4.2        +45

Profit/(loss) before tax                            4.2        (5.6)

Adjusted earnings per share                         5.2p        3.8p       +37

Basic and diluted earnings per share                3.5p       (7.2)p

Dividends per ordinary share, paid or proposed      4.5p        4.5p

Capital expenditure                                 5.7         5.4

Gearing (net borrowings to shareholders' funds)     25%         35%



GROUP RESULTS AND DIVIDEND

I  am  pleased  to  report that Group  performance  for  the
financial year 2003 showed considerable improvement  against
a  background  of continuing challenging market  conditions.
Within  the  power  transmission segment,  the  chain  based
industrial power transmission business continued to  perform
well,  offset  by a reduced performance from the  automotive
cam  drive  business  as it struggled to meet  substantially
increased   demand.   Also  of  note  was  the   return   to
profitability  in  the second half of the machine  tool  and
rotor  business.  As a result, pre-exceptional profit before
goodwill amortisation and tax grew by 45% compared with  the
prior period on sales which were marginally lower overall.

Further  actions were taken to reduce the cost base and  the
benefits  of these and of previous restructuring  activities
are  reflected  in the significant progress the  Group  made
during the year.  Furthermore, strong cash flow was achieved
resulting  in a substantial reduction in net debt  to  #20.9
million and year end gearing of 25% (2002 - 35%).

Subsequent  to the year end the sale of the former  Jones  &
Shipman  site  at Leicester was completed and the  resultant
net  cash  proceeds of #5.2 million have  been  utilised  to
reduce further the Company's borrowings.

The Board is recommending the payment of a final dividend of
3.0 pence per share.  Together with the interim dividend  of
1.5  pence  per  share paid on 31 January 2003,  this  gives
total dividends for the year of 4.5 pence, the same as  last
year.

During  the  year  the  Board has been strengthened  by  the
appointment  of  Tony Brown into the new  role  of  Managing
Director Chain and Power Transmission Products, and by Steve
Mole's  appointment to the Board as Finance Director.   Both
appointments  were made from within the Group and  will  add
weight  to  the  development  and  implementation  of  Group
strategy.   I  wish  them both every success  in  their  new
positions.

Finally,  on behalf of the Board, I would like to thank  all
Group employees for their contribution and support which has
enabled the improved result for 2003 to be achieved.

Prospects

The  Group's  future development  is clearly  focused  as  a
supplier   of  chain  along  with  supporting  niche   power
transmission products into industrial applications, together
with automotive cam drive systems.

The  Group's  markets continue to be challenging  with  both
political and economic uncertainty.  Although this year  has
started  slowly we expect the benefit of internal efficiency
and  developing market positions to show through as the year
progresses.    Additionally,   with   the   balance    sheet
strengthened  over  the last two years, the  Group  is  well
placed to take advantage of growth opportunities.



Chief Executive's Review

Today  we are firmly focused on building our future  through
our  core  chain business.  This is where Renold has  strong
brand recognition, significant international market position
and  is  respected as a supplier of innovative products  and
value added systems solutions.

POWER TRANSMISSION

Industrial chain and power transmission

The  worldwide reputation of our industrial chain brands and
the  international presence of Renold provides the  momentum
for  future development not only in our traditional  markets
but  into  new markets and geographies.  The acquisition  in
2000 of Jeffrey Chain in the USA was an important first step
in furthering our international position.

During  the dull economic conditions of the last  two years,
significant  reductions in the cost base of  the  chain  and
power    transmission   businesses   have   been   achieved,
particularly  in the Gear business which has been  refocused
as a supplier of units, packages and systems that complement
the  market  and customer connections of our mainline  chain
business.

The  European  chain  production plants have  also  achieved
significant savings.  The UK operations "adopted"  the  Euro
from   its   introduction  further  stimulating  cost   base
reductions and improved competitiveness.  In total the chain
based  industrial power transmission businesses now  operate
from a more cost effective base.

The focus for the future is to strengthen our leading market
position  for  industrial chain in  Europe,  to  extend  our
position  in  the  USA whilst developing business  in  other
regions  where we are currently underweight.  We will  shift
the  emphasis of the business to ensure that all  activities
are  focused  on fully meeting customer expectations.   This
will  require a new level of expertise in supply management,
and  a  change from a manufacturing to a supply  ethos.   We
will continue to drive down our supply cost base potentially
involving the relocation of some assets to take advantage of
supply sources in lower cost economies.

Our   engineering  and  technological  expertise  is  a  key
competitive advantage and we shall continue to encourage and
resource  our  engineering skills  in  the  development  and
innovation  of  products  and  power  transmission   package
systems.

In   addition,   we  are  committed  to  strengthening   and
developing our front line customer capabilities.  Our  chain
and  power  transmission sales professionals worldwide  have
been through an assessment college, with selling skills  and
training  programmes carried out locally.   Further  modules
are to be implemented during 2003.

To  ensure  full  effectiveness of this  new  direction  our
worldwide industrial chain and power transmission businesses
have been drawn together as a global business unit headed by
Tony Brown, as announced on 18 February 2003.  Since then we
have  further  strengthened  the  management  structure  and
created two new regional business units - "Renold South East
Asia"  and  "Renold  China". These  moves  are  designed  to
promote  our  global  market position through  exploiting  a
wider  international  presence and to transform  our  supply
management capabilities.

We  expect this market and customer based strategy  to  both
strengthen  our current position and broaden our  geographic
market.   It will drive down the cost base through  reducing
over-dependency  on supply from high cost Western  economies
and  improve  supply and logistics to secure  reductions  in
working capital.

This strategy continues the revitalisation of Renold through
our core industrial chain and power transmission businesses.
It   sets   our   sights   clearly  on   exploiting   growth
opportunities  worldwide.  We will maintain the  superiority
and  specification integrity of our key chain brands through
engineering development and innovation, filling product gaps
and extending market positions.

Automotive cam drive systems

Renold    Automotive   Systems   continues   to   experience
substantial  growth  as  new  engine  programmes  come  into
production.  Our penetration of this market through Renold's
chain  based  cam  drive technology and increasing  customer
preference  for chain based  systems have contributed  to  a
period of unprecedented growth.

This  rapid increase in demand was earlier and greater  than
anticipated   and  the  Calais  facility  encountered   some
inefficiency  in production.  Despite this it  continued  to
maintain customer service levels and actions have been taken
to address the issue.

In  addition to resourcing our commitment to technology  and
engineering,  we have strengthened manufacturing  management
with  the appointment of a business Operations Director  and
added  additional  resources to  the  production  management
team.   Furthermore, during the course of this year we  will
commission  an automotive chain production facility  in  our
German  chain plant which will expand capacity  by  20%  and
relieve the pressure and dependence on the Calais plant.

In  spite  of these short term performance issues,  we  have
developed new business opportunities and over the course  of
the  next  few  years we are confident of maintaining  sales
growth  and,  more  importantly, achieving  our  performance
targets.

Renold Automotive Systems has, in the space of the last five
years, achieved global recognition and is counted in the top
three world suppliers of chain based cam drive systems.  Our
technology is regarded as "world class" and as a  result  we
intend  to open up markets beyond Europe and North  America.
We expect demand from these new markets to be supported from
our  European base initially, with supply moving locally  as
both management resources and business build.

In  the short-term our objectives are clear; the focus is to
improve  returns  substantially from  the  current  business
through  improved  production efficiency  and  technological
development.  For the future we intend to expand beyond  our
existing  markets  to  become a  truly  global  supplier  of
automotive cam drive systems.

MACHINE TOOL AND ROTOR

During  the  last  two years considerable  effort  has  been
directed at restructuring and repositioning the Group.   The
machine tool business restructuring is complete, with  Jones
&  Shipman relocated on schedule to its new smaller site  in
Leicester  operating as an engineering, design and  assembly
operation  with manufactured components being  sourced  from
low  cost economies.  The Edgetek machine range is now fully
integrated  at  Holroyd  and the business  as  a  whole  has
undergone  a substantial cost reduction leading to  a  lower
break-even position.

Summary

Now  that  we have successfully repositioned the Group,  our
energy  will  be  directed to growing  the  core  chain  and
automotive cam drive systems business.  We have the  ability
and  resources  necessary  to  achieve  our  goals  and  are
confident of success.



Operations Review

POWER TRANSMISSION

Industrial chain and power transmission

The  industrial  chain  and  power  transmission  businesses
performed  well  in a year when economic conditions  in  our
major  markets  of Europe and North America  remained  weak.
Overall, sales were close to the previous year on a like for
like  basis, largely as a result of improvements  in  market
position.   This,  together with earlier actions  to  reduce
costs and restructure, resulted in improved profitability.

The  UK  businesses operated in a domestic market  in  which
manufacturing  activity continued to decline throughout  the
year.  Despite this, sales were close to the previous year's
level,  after  adjusting for operations  closed  last  year.
This was the result of improving market share within the  UK
and  higher exports of UK chain products to the USA  as  the
Bredbury chain factory increased sales of transmission chain
products  into  the  US market through Jeffrey  Chain.   The
Bredbury  factory operated at a high level  of  utilisation,
and   investment  in  additional  capacity  and  in  process
automation  is  ongoing.  The Burton conveyor chain  factory
had   a   difficult   year  as  demand   remained   subdued.
Encouragingly  there  has  been  an  upturn  in  orders  for
agricultural applications going into the new financial year.

The UK gears and couplings businesses produced much improved
results   this   year,  benefiting  from   the   substantial
restructuring carried out last year.  The industrial gearbox
business at Milnrow made good progress, growing sales of the
modular  ePM  gearboxes and of the large Titan worm  gearbox
range.

The  couplings  businesses at Cardiff and  Halifax  improved
profits;  their products are sold through the Group's  sales
network  around the world and enhance the power transmission
product portfolio.

In  continental Europe, the German manufacturing  sector,  a
key  demand driver for power transmission products, weakened
progressively  throughout  the  year.   However,  sales   of
transmission  chain  products  from  the  Einbeck  operation
increased as deliveries into the US market were well  ahead.
The  German  business  again produced  an  excellent  profit
performance,  as the contribution from the highly  automated
manufacturing facility improved as factory load increased.

The French chain business grew its share in a weaker market,
holding   sales   at   last  year's  level   but   improving
profitability.   The  focused activity  by  the  sales  team
continues  to  succeed  in building relationships  with  key
distributors and OEM customers.

Turnover  of  the sales businesses elsewhere in  Europe  was
lower,   including  in  Switzerland  where  the  market   is
dominated  by machinery builders, although the rate  of  new
order intake improved in the final quarter.

The  North  American operations improved  their  competitive
position, particularly in the US chain market.  The  Whitney
Renold  brand  of roller transmission chain,  launched  last
year,  achieved our targets and has built up a strong market
presence  through key US distributors.  Although overall  US
demand  for roller transmission chain products fell year  on
year,  the  Jeffrey Chain business achieved increased  sales
and  market share.  The US factory at Morristown, Tennessee,
saw  activity reduced on lower offtake of engineered  chains
in  products  for the construction industry  and  other  key
sectors.   As  we  enter the new financial  year  there  are
indications  of  an improvement for these products.   Renold
Ajax  produces specialised industrial couplings for industry
including  mass  transit  applications.   Whilst  the  steel
industry,  a  major customer, remained weak, this  operation
successfully  adopted  and implemented "Lean  Manufacturing"
techniques  and  performed well.  The Canadian  distribution
and  sales  business  also had a good year,  reflecting  the
gains  in  the USA for roller transmission chain with  sales
and profits ahead of last year.

The  Australian  business  improved  substantially  with   a
significantly  lower  cost base offsetting  the  effects  of
severe  drought  which reduced demand from the  agricultural
sector.   New  Zealand had a difficult year as  the  economy
slowed.  South Africa achieved its best result for a  number
of   years  reflecting  increased  sales  of  both  products
imported  from  Group factories and gear  products  produced
locally.

In  the  Far  East the businesses in Malaysia and  Singapore
generated   further  sales  growth,  the  UK  factories   in
particular benefiting from increased sales of conveyor chain
and gearboxes supplied to those markets.

Overall  the  year benefited from the restructuring  carried
out  last year and profit margins improved despite difficult
market  conditions.  The Group's brands are a major strength
and our new generation flagship Renold Synergy(R) transmission
chain,  announced at the Hannover Fair in  April,  is  being
launched in key markets in the first quarter.  Going forward
the  industrial chain and power transmission businesses  are
clearly focused on growing their position in markets  which,
in the short term, remain weak.

Automotive cam drive systems

Demand  for  Renold  Automotive's  chain  driven  cam  drive
systems  grew rapidly as we continued to serve many  of  the
world's leading automotive manufacturers.  Sales were up  by
21%  in the first half year, and in the second half were 37%
higher  than  the previous year as offtake  for  new  engine
programmes supplied by the Calais facility built up ahead of
expectations.   However,  the sharp acceleration  in  output
required from Calais caused short-term inefficiencies in the
production  process.  Production output ran  below  targeted
levels,  resulting  in excessive labour  and  transportation
costs  with  a  consequent adverse impact on  profitability.
Operational management has been strengthened, new investment
committed  and  work is in progress to return efficiency  to
acceptable levels.

During the year there has been positive progress in securing
new   contracts  and  broadening  the  customer  base.   New
products  continue  to  be  developed  and  introduced   and
opportunities  for  this business in which  we  have  "world
class" technology are excellent.

MACHINE TOOL AND ROTOR

The  market  for machine tools remained poor throughout  the
year  as  manufacturing investment was  cut  back  worldwide
especially in Europe and North America.

It  is  pleasing, therefore, that the Group's  machine  tool
activities were able to record a small profit in the  second
half  year  even though sales were lower than  the  previous
year.

This  turnaround in profitability has been achieved  through
the  major rationalisation programme completed in the  first
half.  The business now offers a strong range of Holroyd and
Jones  &  Shipman  machines complemented by  high  precision
component  production,  and by machine  service  facilities.
The  range  of  Edgetek  superabrasive  machine  tools,  now
produced  at  the Holroyd factory, has gained excellent  new
orders for aerospace and other demanding applications.

The  Holroyd  and Jones & Shipman businesses have  been  re-
established on sound footings with tight controls  on  costs
and  cash being maintained.  In the short term there  is  no
sign  of  a  recovery in machine tool markets but levels  of
recent enquiries are encouraging.






------------------------------------------------------------
Annual Report to be published                  17 June 2003
Annual General Meeting                         17 July 2003
Dividend
     - to be paid                             7 August 2003
     - record date for shareholders            11 July 2003


Annual  Report: This preliminary announcement does not  form
the  Group's statutory accounts.  The figures shown in  this
release  have been extracted from the Group's full financial
statements which, for the year ended 30 March 2002 have been
delivered,  and for the year ended 29 March  2003,  will  be
delivered  to  the Registrar of Companies.   Both  carry  an
unqualified audit report.

The  financial statements for the year ended 29  March  2003
have  been prepared in accordance with applicable accounting
standards, using the same accounting policies as set out  in
the Annual Report for the year ended 30 March 2002.



For further information, please contact:

Ian Trotter, Chief Executive          9 June 2003  Telephone: 020 7067 0700
Steve Mole, Finance Director
Renold plc                            Thereafter Telephone: 0161 498 4500

Terry Garrett/Christian San Jose
Weber Shandwick Square Mile           Telephone: 020 7067 0700






Group Profit and Loss Account
for the financial year ended 29 March 2003


                                                    2003            2002
                                                      #m              #m

Turnover                                           187.4           190.2

Trading costs
-  normal operating costs                         (178.2)         (182.4)
-  goodwill amortisation                            (1.4)           (1.5)
-  exceptional redundancy and restructuring costs   (1.0)           (3.9)
                                                  -------         -------
                                                  (180.6)         (187.8)
                                                  -------         -------

Trading profit                                       6.8             2.4
Exceptional loss on termination of operation                        (4.4)
Exceptional gain on disposal of property             0.5
                                                  -------         -------
                                                     7.3            (2.0)
Net interest payable                                (3.1)           (3.6)
                                                  -------         -------

Profit/(loss) on ordinary activities before tax      4.2            (5.6)

Taxation                                            (1.7)            0.6

Profit/(loss) for the financial year                 2.5            (5.0)
Dividends (including non-equity)                    (3.2)           (3.2)
                                                  -------         -------

Retained loss for the year                          (0.7)           (8.2)
                                                  =======         =======
Adjusted earnings per share                          5.2p            3.8p

Basic and diluted earnings per share                 3.5p           (7.2)p




Group Balance Sheet
as at 29 March 2003

                                                    2003            2002
                                                      #m              #m


Fixed assets
Intangible asset - goodwill                         22.6            26.2
Tangible assets                                     50.0            54.6
                                                  -------         -------
                                                    72.6            80.8
                                                  -------         -------
Current assets
Stocks                                              46.1            46.9
Debtors                                             46.7            38.3
Cash and short term deposits                         9.3             6.4
                                                  -------         -------
                                                   102.1            91.6
Creditors
- amounts falling due within one year
Loans and overdrafts                               (10.2)           (9.9)
Other creditors                                    (48.0)          (41.2)
                                                  -------         -------

Net current assets                                  43.9            40.5
                                                  -------         -------
Total assets less current liabilities              116.5           121.3

Creditors
- amounts falling due after more than one year
Loans                                              (20.0)          (25.6)
Other creditors                                     (0.6)           (0.6)

Provisions for liabilities and charges             (13.8)          (12.6)
                                                  -------         -------
Net assets                                          82.1            82.5
                                                  =======         =======

Capital and reserves
(including non-equity interests)
Called up share capital                             17.9            17.9
Share premium                                        6.0             6.0
Revaluation reserve                                                  3.8
Other reserves                                                       0.9
Profit and loss account                             58.2            53.9
                                                  -------         -------
Shareholders' funds                                 82.1            82.5
                                                  =======         =======




Extracts from the Group Cash Flow Statement
for the financial year ended 29 March 2003


                                                     2003                     2002
                                                #m          #m           #m         #m

Net cash inflow from operating activities                 17.9                    16.5

Servicing of finance                                      (2.8)                   (2.9)

Taxation                                                  (1.3)                   (3.5)

Capital expenditure and financial investment

- Purchase of tangible fixed assets           (5.6)                    (6.0)
- Proceeds from disposal of fixed assets       0.6                      0.5
                                             -------                 -------
                                                          (5.0)                   (5.5)

Equity dividends paid                                     (3.2)                   (5.4)
                                                         -------                 -------
Net cash inflow/(outflow) before use
of liquid resources and financing                          5.6                    (0.8)

Management of liquid resources
Transfers from short term deposits                         3.0                     0.7

Financing
Decrease in debt and lease financing                                              (1.8)
                                                        -------                 -------
Increase/(decrease) in cash in the year                    8.6                    (1.9)
                                                        =======                 =======


Reconciliation of net cash flow to
movement in net debt

Increase/(decrease) in cash in the year        8.6                     (1.9)
Cash flow from decrease in debt and
lease financing                                                         1.8
Cash flow from decrease in liquid resources   (3.0)                    (0.7)
                                             -------                 -------

Change in net debt resulting from cash flows               5.6                    (0.8)
Exchange translation difference                            2.6
                                                        -------                 -------

Movement in net debt in the year                           8.2                    (0.8)

Net debt at beginning of year                            (29.1)                  (28.3)
                                                        -------                 -------
Net debt at end of year                                  (20.9)                  (29.1)
                                                        =======                 =======



Note to the Financial Statements
for the financial year ended 29 March 2003


Analysis of activities

(a)  Activities classified by business segment:


                                            2003                             2002
                                         Trading     Trading              Trading    Trading
                             Turnover     profit      assets   Turnover    profit     assets
                                   #m         #m          #m        #m         #m         #m

Power transmission              168.3       10.0        75.2     168.0       10.8       80.9
Machine tool and rotor           20.0       (0.8)       13.6      23.6       (3.0)      16.4
                              -------    -------     -------   -------    -------    -------
                                188.3        9.2        88.8     191.6        7.8       97.3
Less:
  Inter activity sales           (0.9)                            (1.4)

  Goodwill amortisation                     (1.4)                            (1.5)

  Exceptional
  redundancy and
  restructuring costs                       (1.0)                            (3.9)
                               -------     -------    -------   -------     -------   ------
                                187.4        6.8        88.8     190.2        2.4       97.3
                               -------     -------    -------   -------     -------   ------


     The  exceptional redundancy and restructuring cost  of  #1.0
     million is attributed #0.3 million to the power transmission
     segment  (2002  -  #1.2 million) and  #0.7  million  to  the
     machine  tool  and rotor segment (2002 - #2.7 million).   Of
     the  total  goodwill  charge of #1.4 million,  #1.2  million
     (2002  -  #1.3  million) relates to the  power  transmission
     businesses  and  #0.2 million (2002 - #0.2 million)  to  the
     machine tool and rotor businesses.





(b)  Activities classified by geographical region of operation:

                                             2003                             2002
                                          Trading     Trading              Trading   Trading
                               Turnover    profit      assets   Turnover    profit    assets
                                    #m         #m          #m         #m        #m        #m

United Kingdom                    69.2        1.6        38.1       74.2      (0.4)     43.7
Germany                           30.4        3.0        12.5       29.0       2.4      11.5
France                            43.0        0.2        10.9       35.0       1.7      10.3
Rest of Europe                    16.3        0.9         4.2       16.2       1.1       4.2
North America                     51.2        2.6        16.9       56.4       2.6      21.6
Other countries                   17.4        0.9         6.2       16.5       0.4       6.0
                               -------    -------     -------    -------   -------   -------
                                 227.5        9.2        88.8      227.3       7.8      97.3
Less:
  Intra Group sales              (40.1)                            (37.1)

  Goodwill amortisation                      (1.4)                            (1.5)

  Exceptional
  redundancy and
  restructuring costs                        (1.0)                            (3.9)
                               -------    -------     -------    -------   -------   -------
                                 187.4        6.8        88.8      190.2       2.4      97.3
                               -------    -------     -------    -------   -------   -------


    The  exceptional cost of #1.0 million arises #0.9 million  in
    the  UK  (2002  -  #3.1 million) and #0.1  million  in  North
    America  (2002 - #0.6 million in North America, #0.1  million
    in  the  Rest of Europe and #0.1 million in other countries).
    The   goodwill   amortisation  is  attributed   to   business
    acquisitions in North America.

    Turnover by geographical region includes intra group sales  as
    follows:   United  Kingdom  #26.5  million  (2002   -   #26.4
    million),  Germany  #10.8 million (2002 - #7.9  million)  and
    France #1.9 million (2002 - #2.0 million).

    Trading  assets  comprise fixed assets, current  assets  less
    creditors  but exclude goodwill, cash, borrowings, dividends,
    current   and   deferred   corporate   tax,   finance   lease
    obligations, property held for sale, pension prepayments  and
    other provisions for liabilities and charges.




                      This information is provided by RNS
            The company news service from the London Stock Exchange
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