Interim Results
September 26 2002 - 2:03AM
UK Regulatory
RNS Number:6696B
Alpha Airports Group PLC
26 September 2002
ALPHA Airports Group Plc
Results for the Six Months ended 31 July 2002
Unaudited
26 September 2002
Highlights
* EBITDA of #16.1m (2001: #16.7m) only 3.6% below last year's strong first
half performance, reflecting tight focus on costs and productivity in a
difficult aviation market post September 11th.
* Group profit before tax increased 25.9% to #10.7m (2001: #8.5m),
benefiting from an exceptional profit of #1.9m on the disposal of a
non-core investment.
* Earnings per share of 3.57p per share, up 32% on last half year's 2.70p
per share.
* Interim dividend held at 1.0p per share.
* Net debt of #2.1m, at our seasonal working capital peak represents a
movement of only #0.8m since 31 January 2002. In the last 12 months we
have reduced net debt by #15.7m despite major acquisition expenditure.
Commenting on the results today, Graham Frost, Chairman, stated:
"Our challenge this period was to follow our good first half results of one year
ago in a difficult market. Our clear focus on cost control and cash generation
has produced a solid first half performance in the post September 11th
environment. We continue to invest in the business and anticipate a second half
result in line with expectations."
Enquiries:
ALPHA Airports Group Plc
Kevin Abbott, Chief Executive Tel: 020 7554 1400 (26 September 2002)
Heather McRae, Finance Director Tel: 020 8580 3200 (thereafter)
Gavin Anderson & Company
Laura Hickman Tel: 020 7554 1400
Amelia Hine
www.alpha-group.com
Overview
Underlying first half EBITDA at #16.1m (2001: #16.7m) was only 3.6% below last
year's strong first half result, despite weaker scheduled and charter airline
passenger numbers in all markets. Group profit before tax increased 25.9% to
#10.7m (2001: #8.5m), benefiting from the #1.9m exceptional profit on the
disposal of our 25% investment in an associated company, Inflight Sales Group
(Asia) Limited, and the transfer of a related airline contract to the purchaser.
Our Inflight Retail business is now focused on the UK and Europe.
With a clear focus on costs and cash generation since September 11th, it is
pleasing to record that over the past year we have generated a reduction in net
debt of some #15.7m, giving a half year net debt figure of only #2.1m.
An increase in earnings per share of 32.2% to 3.57 pence per share (2001: 2.70
pence) reflects the exceptional profit of #1.9m. On an adjusted basis, earnings
per share decreased 17.8% to 3.52 pence per share reflecting the lower EBITDA.
The Board has decided to hold the interim dividend at 1.0 pence per share (2001
interim: 1.00 pence). This dividend will be payable on 1 November to
shareholders on the register as at 4 October 2002.
Flight Services
Market conditions in our sector in the period to 31 July 2002 remained
challenging. Accordingly, in line with our expectations, total sales for the
sector (from continuing operations) declined 8.2% to #124.1m. UK scheduled and
charter meal volumes declined 13.2% on a like-for-like basis. In addition, with
the loss of some British Airways flights from Gatwick, overall UK meal volumes
declined 14.2%. With our airline customers continuing to seek savings in meal
spends, overall sales revenue in UK Flight Catering declined 16.2% to #78.4m
(2001: #93.6m). However, the continued application of our Innovate process
improvement model, enabled us to achieve a further 1% improvement in
productivity against a difficult market background.
Inflight Retail, providing onboard retail services (including food and beverage
trolley service sales) for low-cost and charter airline customers, continued to
grow with sales up 9.6% to #28.6m (2001: #26.1m), and now represents over 27% of
our UK Flight Services activity.
At the international level, the results benefited from a strong contribution
from our recent Jordan flight kitchen acquisition, which more than offset a
reduced contribution from Australia, caused by last year's demise of Ansett.
Additionally we have acquired and refurbished the 7 closed kitchens previously
serving Ansett. Combined with our existing 7 domestic kitchens, we now have a
14 kitchen network able to serve domestic and international airlines in and from
Australia. Our first customer, Regional Express, commenced services from
Sydney, Adelaide and Melbourne in August. We are seeking domestic and
international customers to further utilise our excellent kitchen network and
capacity.
Retail Services
Sales in our Retail Services division (from continuing operations) increased by
11.6% to #87.5m, benefiting from our network at UK regional airports and their
focus on the fast growing low-cost airline sector. The UK Duty and Tax Free
business enjoyed a 6% growth in passenger numbers and generated sales up over
10%. With supply chain simplification, divisional overhead savings and the
addition of new shops in Manchester's Terminal 2 and Terminal 3, UK profits
increased to #1.2m from a breakeven position in 2001.
International Retail's results benefited from last year's sale of our
loss-making joint venture in Barbados. In Sri Lanka, sales fell only 2% despite
a 24% reduction in tourist arrivals, benefiting from a major expansion and
upgrading of our arrivals shops.
Business Development
To drive future sales and profit growth, we are currently expensing #1m of costs
on an annualised basis through our investment in 2 key UK Flight Services
development projects. Firstly, the development of our Inflight Service
Management concept in the UK to manage the total inflight service requirements
of our network airline customers. We are delighted that British Airways
CitiExpress, the UK and European short-haul subsidiary of British Airways
operating outside London, will be our launch customer and we are investing in
the necessary people and technology infrastructure to fulfil this initiative.
Secondly, the development of our internet pre-order meal project for UK
departing travellers booking their airline tickets on the internet, with an
anticipated trial launch date in early 2003. Costs this year include people,
market research and website development expenditure.
People
We have had a number of changes in non-executive directors since our preliminary
results earlier this year. We are delighted to welcome all of them. Graham
Frost joined the Board on 3rd April and was appointed Chairman following the AGM
in May. His experience is primarily from the retail sector including Grattan
plc, Argos plc and First Quench Retailing Ltd. Terry Stannard joined us in
April 2002 bringing with him wide experience from the food manufacturing sector
with Unigate, United Biscuits and Hillsdown Holdings. In early September Lesley
James joined the Board. Previously she was Director of Human Resources at Tesco
plc.
Our Board now comprises 5 non-executive directors, (of which 4 are independent)
and 3 executive directors.
Outlook
We trade in a currently uncertain aviation market and providing there are no
adverse events, we anticipate an ongoing recovery in airline passenger activity
and, with our own continued focus on customer service, cost control and
innovation, we are confident of a solid second-half performance and a full year
result in line with expectations.
Group Profit and Loss Account
Unaudited Six months ended Year
ended
31 July 31 July 31 Jan
2002 2001 2002
Notes #m #m #m
_______________________________________________________________________________________________________________________
Turnover
- Continuing 211.6 213.6 419.4
- Discontinued - 7.5 11.4
_______________________________________________________________________________________________________________________
Turnover 2 211.6 221.1 430.8
Cost of sales (138.8) (150.4) (283.3)
_______________________________________________________________________________________________________________________
Gross profit 72.8 70.7 147.5
Administration expenses (63.1) (61.5) ** (151.4)*
_______________________________________________________________________________________________________________________
EBITDA 16.1 16.7 ** 22.8 *
Depreciation on tangible assets (5.0) (5.6) (11.9)*
Amortisation of goodwill (1.4) (1.9) (14.8)*
_______ ______ ________
Operating profit/(loss) 9.7 9.2 (3.9)
_______ ______ ________
_______________________________________________________________________________________________________________________
Operating profit/(loss)
- Continuing 9.5 9.4 ** (4.2)*
- Discontinued 0.2 (0.2) 0.3
_______ ______ ________
Operating profit/(loss) 9.7 9.2 (3.9)
_______ ______ ________
Share of operating profit/(loss) of associates (including goodwill
amortisation
of #0.1m ((Six months ended July 2001:#0.3m) (Year ended Jan 2002:#2.3m)) - (0.2) (2.4)*
Profit on disposal of discontinued operations 4 1.9 - 0.7 *
_______________________________________________________________________________________________________________________
Profit/(loss) on ordinary activities before interest 2 11.6 9.0 (5.6)
Interest receivable 0.2 0.2 0.2
Interest payable (1.1) (0.7) (1.5)
_______________________________________________________________________________________________________________________
Profit/(loss) on ordinary activities before taxation 2 10.7 8.5 (6.9)*
Taxation on profit/(loss) on ordinary activities (3.8) (3.9) (6.2)
_______________________________________________________________________________________________________________________
Profit/(loss) on ordinary activities after taxation 6.9 4.6 (13.1)
Minority interests (equity) (0.8) - (0.8)
_______________________________________________________________________________________________________________________
Profit/(loss) for the financial period 6.1 4.6 (13.9)
Equity dividends 3 (1.7) (1.7) (6.1)
_______________________________________________________________________________________________________________________
Retained profit/(loss) for the financial period 4.4 2.9 (20.0)
_______________________________________________________________________________________________________________________
Earnings/(loss) per share 5 3.57p 2.70p (8.15p)
Diluted earnings/(loss) per share 5 3.54p 2.68p (8.15p)
IIMR headline earnings per share 5 3.52p 3.99p 2.28p
Adjusted earnings per share 5 3.52p 4.28p 7.26p
Statement of total recognised gains and losses
_______________________________________________________________________________________________________________________
Profit/(loss) for the financial period 6.1 4.6 (13.9)
Currency translation differences on foreign currency net assets and certain loans (0.5) (0.6) (0.9)
_______________________________________________________________________________________________________________________
Total gains and losses recognised since last Annual Report 5.6 4.0 (14.8)
_______________________________________________________________________________________________________________________
There are no differences between the reported results for the current and prior
periods and the results for those periods on an historical cost basis.
* The results for the year ended 31 January 2002 include exceptional items as
explained in Note 4.
** The results for the half year ended 31 July 2001 includes an exceptional item
as explained in Note 4.
Group Balance Sheet
Unaudited
31 July 31 July 31 Jan
2002 2001 2002
Notes #m #m #m
_______________________________________________________________________________________________________________________
Fixed assets
Intangible assets 13.8 18.8 14.7
Tangible assets 55.6 60.9 56.9
Investments 8 3.8 5.1 3.1
_______________________________________________________________________________________________________________________
73.2 84.8 74.7
_______________________________________________________________________________________________________________________
Current assets
Stocks 22.8 28.1 18.9
Debtors 35.1 36.8 24.1
Cash at bank and in hand 15.0 7.0 21.8
_______________________________________________________________________________________________________________________
72.9 71.9 64.8
_______________________________________________________________________________________________________________________
Creditors: amounts falling due within one year
Bank and other borrowings (17.1) (24.5) (23.1)
Other creditors (70.5) (59.5) (60.0)
_______________________________________________________________________________________________________________________
(87.6) (84.0) (83.1)
_______________________________________________________________________________________________________________________
Net current liabilities (14.7) (12.1) (18.3)
_______________________________________________________________________________________________________________________
Total assets less current liabilities 58.5 72.7 56.4
_______________________________________________________________________________________________________________________
Creditors: amounts falling due after more than one year
Other creditors - (0.2) -
Provisions for liabilities and charges (9.4) (6.6) (12.2)
_______________________________________________________________________________________________________________________
Total net assets 49.1 65.9 44.2
_______________________________________________________________________________________________________________________
Capital and reserves
Called up share capital 17.1 17.1 17.1
Share premium account 42.5 42.2 42.2
Capital redemption reserve 0.4 0.4 0.4
Profit and loss account (11.8) 6.2 (16.4)
_______________________________________________________________________________________________________________________
Shareholders' funds 6 48.2 65.9 43.3
Minority interests (equity) 0.9 - 0.9
_______________________________________________________________________________________________________________________
Total equity 49.1 65.9 44.2
_______________________________________________________________________________________________________________________
Group Cash Flow Statement
Unaudited
Six months Six months Year
ended ended ended
31 July 2002 31 July 2001 31 Jan 2002
Notes #m #m #m
_______________________________________________________________________________________________________________________
Net cash inflow from operating activities 7(1) 11.4 6.5 40.8
Net cash outflow from returns on investments and
servicing of finance (1.6) (0.5) (1.8)
Taxation paid (3.1) (3.0) (8.2)
Net capital expenditure and financial investment (4.4) (6.4) (9.2)
Purchases of businesses - (5.9) (14.4)
Disposal of businesses 4 1.5 (0.7) 1.2
Equity dividends paid (4.4) (4.1) (5.8)
_______________________________________________________________________________________________________________________
Net cash (outflow)/inflow before financing (0.6) (14.1) 2.6
_______________________________________________________________________________________________________________________
Financing
Issue of shares 0.3 - -
Unsecured loan less than 1 year (6.0) 17.0 17.1
Capital element of finance lease payments - (0.2) (0.5)
_______________________________________________________________________________________________________________________
Net cash (outflow)/inflow from financing (5.7) 16.8 16.6
_______________________________________________________________________________________________________________________
_______________________________________________________________________________________________________________________
(Decrease)/increase in cash 7(2) (6.3) 2.7 19.2
_______________________________________________________________________________________________________________________
Notes to the Financial Information
1. Basis of accounting
The consolidated interim financial statements have been prepared under the
historical cost convention and in accordance with applicable accounting and
financial reporting standards. The accounting policies are the same as
those set out in the financial statements of the Group for the year ended
31 January 2002.
The interim financial statements are unaudited but have been reviewed by
the auditors, PricewaterhouseCoopers.
The comparative figures for the year ended 31 January 2002 have been
extracted from the Group's financial statements which have been delivered
to the Registrar of Companies. The auditors' report on those statements was
unqualified and did not include a statement under Section 237(2) or (3) of
the Companies Act 1985.
2. Segmental analysis
Six months Six months Year
ended ended ended
31 July 2002 31 July 2001 31 Jan
2002
_______________________________________________________________________________________________________________________
#m #m #m
(a) Turnover
Business sector analysis
Flight Services
- continuing operations 124.1 135.2 261.7
- discontinued operations - 4.8 7.8
_______________________________________________________________________________________________________________________
124.1 140.0 269.5
Retail Services
- continuing operations 87.5 78.4 157.7
- discontinued operations - 2.7 3.6
_______________________________________________________________________________________________________________________
87.5 81.1 161.3
_______________________________________________________________________________________________________________________
Total turnover 211.6 221.1 430.8
_______________________________________________________________________________________________________________________
Geographical analysis
United Kingdom 181.2 183.8 357.2
Rest of the world
- continuing operations 30.4 29.8 62.2
- discontinued operations - 7.5 11.4
_______________________________________________________________________________________________________________________
30.4 37.3 73.6
_______________________________________________________________________________________________________________________
_______________________________________________________________________________________________________________________
Total turnover 211.6 221.1 430.8
_______________________________________________________________________________________________________________________
Six months Six months Year
ended ended ended
31 July 2002 31 July 2001 31 Jan 2002
#m #m #m
_______________________________________________________________________________________________________________________
(b) Profit before taxation
Business sector analysis
Flight Services
- continuing operations* 7.8 9.7 17.8
- discontinued operations* 0.2 0.4 0.8
- goodwill amortisation (0.5) (1.0) (2.3)
- share of operating loss of associates (including goodwill amortisation) - (0.2) (0.7)
- exceptional items - associates goodwill impairment charge - - (1.7)
- exceptional items (continuing operations) - - (13.1)
- profit on disposal of discontinued operations 1.9 - -
_______________________________________________________________________________________________________________________
9.4 8.9 0.8
_______________________________________________________________________________________________________________________
Retail Services
- continuing operations* 3.1 2.3 4.3
- discontinued operations* - (0.6) (0.5)
- goodwill amortisation (0.9) (0.9) (1.9)
- exceptional items (continuing operations) - (0.7) (9.0)
- loss on disposal of discontinued operations - - (0.2)
_______________________________________________________________________________________________________________________
2.2 0.1 (7.3)
_______________________________________________________________________________________________________________________
11.6 9.0 (6.5)
Corporate exceptional item - discontinued operation - - 0.9
_______________________________________________________________________________________________________________________
11.6 9.0 (5.6)
Net interest (0.9) (0.5) (1.3)
_______________________________________________________________________________________________________________________
Profit/(loss) on ordinary activities before taxation 10.7 8.5 (6.9)
_______________________________________________________________________________________________________________________
Geographical analysis
United Kingdom
- continuing operations* 6.6 8.7 14.9
- goodwill amortisation - (0.6) (1.3)
- exceptional items (continuing operations) - (0.7) (15.2)
_______________________________________________________________________________________________________________________
6.6 7.4 (1.6)
_______________________________________________________________________________________________________________________
Rest of the World
- continuing operations* 4.3 3.3 7.2
- discontinued operations* 0.2 (0.2) 0.3
- goodwill amortisation (1.4) (1.3) (2.9)
- share of operating loss of associates (including goodwill amortisation) - (0.2) (0.7)
- exceptional items - associates goodwill impairment charge - - (1.7)
- exceptional items (continuing operations) - - (6.9)
- profit/(loss) on disposal of discontinued operations 1.9 - (0.2)
_______________________________________________________________________________________________________________________
5.0 1.6 (4.9)
_______________________________________________________________________________________________________________________
11.6 9.0 (6.5)
Corporate exceptional item - discontinued operation - - 0.9
_______________________________________________________________________________________________________________________
11.6 9.0 (5.6)
Net interest (0.9) (0.5) (1.3)
_______________________________________________________________________________________________________________________
Profit/(loss) on ordinary activities before taxation 10.7 8.5 (6.9)
_______________________________________________________________________________________________________________________
* Before goodwill amortisation and exceptional items.
3. Dividends
An interim dividend of 1.0 pence (2001: 1.0 pence) per ordinary share will
be paid on 1 November 2002 to shareholders on the register at the close of
business on 4 October 2002.
4. Exceptional items
The profit on disposal of discontinued operations for the half year ended
31 July 2002 of #1.9m consists of a profit of #1.1m arising on the disposal
of the Group's associate investment in Inflight Sales Group (Asia) Limited
for a cash consideration of #0.7m, which had been fully written down during
2001/02 and deferred consideration of #0.8m which was received in July 2002
relating to the disposal of the Group's In-Flight Retail Canada operation
in November 2001 which was not recognised in 2001/02.
The results for the year ended 31 January 2002 included the following
exceptional items:
A charge of #22.1m against operating profit which comprised restructuring
costs in the UK (#3.0m), provisions made for onerous contracts in Orlando
(#4.9m) and the UK (#2.4m), fixed asset write down in the UK (#0.8m) and
Australia (#0.4m) and goodwill impairment charges in respect of the Group's
Gatwick operation (#9.1m) and the Banksia Pacific Pty Ltd acquisition in
Australia (#1.5m).
A charge of #1.7m included in the share of operating loss of associates
where goodwill impairment charges were made in relation to the Group's
associate investments in Virgin Express Catering Services N.V. (formerly
Virgin Express Tax Free Shops S.A/N.V.) (#0.4m) and Inflight Sales Group
(Asia) Limited (#1.3m).
Finally an exceptional net profit on disposal of discontinued operations of
#0.7m arose on disposal of AG Retail Inc (Barbados) for a nominal
consideration which generated a loss on disposal of #0.2m, offset by the
release of provision of #0.9m no longer required as the majority of the
related liabilities were settled in the year. This provision related to
environmental exposures and was set up in 1999, following the disposal of
the Group's US ground handling operation.
The results for the half year ended 31 July 2001 included an exceptional
charge of #0.7m for restructuring costs in the UK. This amount was charged
against operating profits when the interim accounts were prepared for the
half year ended 31 July 2001 but was subsequently reclassified as
exceptional administration expenses when preparing the accounts for the
full year ended 31 January 2002.
5. Earnings per share
Profit/(loss) for the period Earnings per share
_______________________________ _____________________________
31 July 31 July 31 Jan 31 July 31 July 31 Jan
2002 2001 2002 2002 2001 2002
#m #m #m Pence Pence Pence
________________________________________________________________________________________________________________________
Profit/(loss) for the financial period and
earnings/(loss) per share 6.1 4.6 (13.9) 3.57 2.70 (8.15)
Adjustment for profit on disposal of
discontinued operations (1.9) - (0.7) (1.11) - (0.41)
Adjustment for impairment in fixed assets - - 1.2 - - 0.70
Adjustment for loss on disposal of fixed assets - - 0.2 - - 0.12
Adjustment for goodwill amortisation and 1.5 2.2 17.1 0.88 1.29 10.02
impairment
Taxation relating to these items 0.3 - - 0.18 - -
________________________________________________________________________________________________________________________
Adjusted profit and IIMR headline earnings per 6.0 6.8 3.9 3.52 3.99 2.28
share
Adjustment for exceptional items - 0.7 10.3 - 0.41 6.04
Adjustment for loss on disposal of fixed assets - - (0.2) - - (0.12)
Taxation relating to these items - (0.2) (1.6) - (0.12) (0.94)
________________________________________________________________________________________________________________________
Adjusted profit and adjusted earnings per share 6.0 7.3 12.4 3.52 4.28 7.26
________________________________________________________________________________________________________________________
The weighted average number of shares in issue during the six months ended
31 July 2002 were 170,869,042 (31 July 2001:
170,576,555 and 31 January 2002: 170,581,815).
Earnings per share are calculated by dividing the profit for the financial
period by the weighted average number of shares in issue during the period. An
additional measure of earnings per share has been recommended by the Institute
of Investment
Management and Research (IIMR). The IIMR headline earnings require the
adjustment of earnings to eliminate certain items, adjusted for any tax effect.
Finally, the IIMR headline earnings per share is adjusted to arrive at an
adjusted earnings per share by eliminating the effect of exceptional items and
the loss on sale of fixed assets, adjusted for any tax effect.
Diluted earnings per share of 3.54p (2001: 2.68p) has been calculated by
reference to the profit for the financial period of #6.1m (2001: #4.6m) and the
weighted average number of shares in issue during the period of 170,869,042
(2001: 170,576,555), as adjusted for potentially dilutive ordinary shares of
1,275,019 (2001: 1,144,699).
Adjusted earnings per share for the half year ended 31 July 2001 has been
restated from 3.99p to 4.28p to include an adjustment for restructuring costs in
the UK of #0.7m (as described in Note 4) and the related tax of #0.2m.
6. Reconciliation of movements in shareholders' funds
Six months Six months Year
ended ended ended
31 July 31 July 31 Jan
2002 2001 2002
#m #m #m
____________________________________________________________________________________________________________________
Profit/(loss) for the financial period 6.1 4.6 (13.9)
Dividends (1.7) (1.7) (6.1)
____________________________________________________________________________________________________________________
Retained profit/(loss) for the financial period 4.4 2.9 (20.0)
Currency translation differences on foreign currency net assets and
certain loans (0.4) (0.6) (0.9)
Goodwill charged to the profit and loss account previously written off
directly
to reserves 0.6 0.6 1.2
Issue of shares 0.3 - -
____________________________________________________________________________________________________________________
Net increase/(decrease) in shareholders' funds 4.9 2.9 (19.7)
Opening shareholders' funds 43.3 63.0 63.0
____________________________________________________________________________________________________________________
Closing shareholders' funds 48.2 65.9 43.3
____________________________________________________________________________________________________________________
7. Notes to the cash flow statement
7.1 Reconciliation of operating profit to net cash inflow from operating activities
Six months Six months Year
ended ended ended
31 July 31 July 31 Jan
2002 2001 2002
#m #m #m
____________________________________________________________________________________________________________________
Operating profit/(loss) 9.7 9.2 (3.9)
Loss on sale of fixed assets - - 0.2
Depreciation 5.0 5.6 11.9
Goodwill amortisation 1.4 1.9 14.8
(Increase)/decrease in stocks (4.2) (3.4) 3.1
(Increase)/decrease in debtors (10.8) (8.8) 4.4
Increase in creditors 10.3 2.0 10.3
____________________________________________________________________________________________________________________
Net cash inflow from operating activities 11.4 6.5 40.8
____________________________________________________________________________________________________________________
7.2 Reconciliation of net debt Six months Six months Year
ended ended ended
31 July 31 July 31 Jan
2002 2001 2002
#m #m #m
____________________________________________________________________________________________________________________
(Decrease)/increase in cash (6.3) 2.7 19.2
Decrease/(increase) in debt financing 6.0 (16.8) (16.6)
____________________________________________________________________________________________________________________
Change in net debt from cash flows (0.3) (14.1) 2.6
Translation differences (0.5) (0.3) (0.5)
____________________________________________________________________________________________________________________
Movements in net debt in period (0.8) (14.4) 2.1
Opening net debt (1.3) (3.4) (3.4)
____________________________________________________________________________________________________________________
Closing net debt (2.1) (17.8) (1.3)
____________________________________________________________________________________________________________________
8. Investments
At 31 July 2002, investments of #3.8m comprise:
31 July 31 Jan
2002 2002
#m #m
____________________________________________________________________________________________________________________
Investments in associated undertakings 3.3 3.1
Interest in own shares 0.5 -
____________________________________________________________________________________________________________________
3.8 3.1
____________________________________________________________________________________________________________________
8.1 Associated undertakings
Investments in associated undertakings at 31 July 2002 represent the Group's
share of net assets of Virgin Express Catering Services N.V. and Airchef 2000
Srl.
8.2 Interest in own shares
At the Annual General Meeting on 30 May 2002, a Long-Term Incentive Plan for the
Chief Executive was approved. During July 2002 715,000 shares were purchased by
a trust company in the open market using funds provided by the Group at a
total cost of #494,000.
9. Approval of Financial Statements
The interim financial information was approved by a committee of the Board of
Directors on 26 September 2002.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR BELLLLKBBBBE
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