Interim Results
September 09 2005 - 3:00AM
UK Regulatory
RNS Number:0263R
AGA Foodservice Group PLC
09 September 2005
9th September 2005
FOR IMMEDIATE RELEASE
AGA FOODSERVICE GROUP PLC
2005 INTERIM FINANCIAL REPORT
HIGHLIGHTS
Half year to 30th June 2005 2004 Increase
#m #m %
Revenue 225.4 203.8 10.6
Group operating profit 16.9 15.2 11.2
Profit before income tax 18.0 15.5 16.1
Basic earnings per share 11.3p 9.7p 16.5
Dividend per share proposed 3.0p 2.5p 20.0
Shareholders' equity 275.1 254.7
Net cash 3.5 19.4
Highlights:
* Progress in all four business segments.
* Aga and Rangemaster, our major consumer operations, again set record
profits.
* Foodservice orders have steadily become more encouraging in most
refrigeration and bakery markets as the year has progressed.
* The Group still had net cash at the half year and is looking to
deliver higher returns from its four year investment programme.
* Dividend increased by a further 20% - 76% over four years - as the
benefits of the strategy are delivered.
"This is a strong performance and we have made tangible strategic progress
during the first half. Through our chosen markets in premium consumer and
commercial kitchens, we are aligning ourselves with growth areas and bringing
innovation to them. We have first class brands, leading market positions and a
high quality management team so we expect to maintain the momentum we have
established in the second half and beyond."
William McGrath
Chief Executive
Enquiries:
William McGrath, Chief Executive 020 7404 5959 (today)
Shaun Smith, Finance Director 0121 711 6015 (thereafter)
Simon Sporborg(Brunswick) 020 7404 5959
Aga Foodservice Group plc
2005 Interim Results
CHAIRMAN'S AND CHIEF EXECUTIVE'S STATEMENT
The first half of 2005 was another positive period for the Group. Tangible
progress was made in the key investment themes we have developed for
shareholders of:
* Expanding our international premium cooker and refrigeration
businesses.
* Creating a world leading equipment provider for the supermarket and
artisan bakers' markets through Aga Bakery.
* Being a leading equipment supplier into the commercial kitchen as new
investment cycles driven by energy and health needs get underway.
The results continue to show the progress achieved since Aga became our centre
stage operation in early 2001.
Financial Results
These unaudited results are the first to be reported under International
Financial Reporting Standards (IFRS). As expected the impact has been limited,
but positive, as the Group had moved to adopt equivalent standards early.
Revenue in the six months to 30th June 2005 increased by 10.6% to #225.4 million
of which 4% was organic growth. Group operating profits rose by 11.2% to #16.9
million, which was mostly organic. Profit before income tax rose 16.1% to #18.0
million.
Basic earnings per share were 16.5% higher at 11.3p after a tax rate of 20%. The
proposed dividend per share has also been substantially increased again this
year to 3.0p per share, up 20% at the half year. This brings a cumulative
increase of 76% over the last four-year period reflecting the way in which the
strategic development plans are now bringing through sustained earnings growth.
During the first half of the year we continued our investment programmes and we
spent #10.4 million on acquisitions. The net cash position, however, remained
positive at #3.5 million, down from #19.4 million a year earlier.
Consumer Operations
Aga and Rangemaster are now well established forces in premium appliance markets
and the combination of international expansion, product innovation and strong
routes to market all helped drive growth. Even against a slower UK consumer
backdrop, record profits were achieved. For both businesses the expansion of our
cookware and refrigeration lines is to be an important driver providing greater
breadth to the businesses.
6,200 Aga branded cookers were sold in the first half of which over 25% were
outside the UK. The globally available 13-amp electric Aga has proved a key
innovation because of the ease and flexibility of installation and it accounted
for 13% of these sales. At Rangemaster, product upgrades and innovations - 175
years after it launched its first cooker - again helped raise market share.
With Waterford Stanley now adding significantly to our presence in the fast
growing Irish market, the impetus should be sustained.
Fired Earth saw sales down 5% in weak markets. The tile and paint ranges seen in
new catalogues are strong and the ties with Group companies are proving
effective. Pleasingly, sales since the half year are up on last year.
Despite flat like-for-like home furnishing sales, Domain saw profits improve
with the help of Far East sourced products and appliance sales. Marvel, the
consumer refrigeration company, performed well and with further production
efficiencies being achieved and products now being sold into Europe, margins
were up.
Foodservice Operations
The commercial kitchen has seen years of under investment but with higher energy
costs and health, hygiene and emission concerns growing rapidly, we believe this
is set to change. As government focuses on carbon emissions, higher equipment
efficiency standards can be expected. The Group's commitment to innovation and
energy efficiency means it is well placed to provide the capital equipment much
needed in many kitchens. This is seen not only in the Infinity Fryer but also in
our refrigerators, which are leaders on efficiency grounds, measured against
government regulatory criteria in both Europe and the USA.
Our Williams refrigeration operation which sells in the UK, Australia and the
Far East, has seen a sustained upturn in orders - up a further 15% this year. In
commercial cooking, markets remain quiet. The Infinity Fryer, which cuts energy
use, reduces waste oil and reduces the overall cost of food production, provides
a powerful test case of customer's changing attitudes.
In the USA, while our bakery business, Belshaw, performed well, the low value
added refrigeration markets remain tough. The purchase of the Stellar Steam
product line is a move in evolving our activity to centre on higher margin and
healthier cooking approaches.
Our European bakery operations moved from a quiet to a more active phase in the
second quarter. Our French-based operation saw significant orders come in, not
only from the French artisan bread market but encouragingly from Central
European markets. In the UK, we saw growth not only in product sales but also at
our successful cleaning and maintenance operation, Millers.
Strategic Development
Over the last four years we have built steadily to create strength and depth
where our core cooking and refrigeration competencies serve us well. We expect
to maintain the same strategic direction as we reach a net indebted rather than
net cash position as the acquisition and investment programmes continue.
Within our main business segments we are simplifying management structures.
Going forward, Aga, Rangemaster and Aga Bakery teams will each manage over #100
million in annual revenues.
Our Aga brand will be reinforced with our consumer customers under the theme
'Keep Aga Company'. The message is that there is a wide range of high quality
brands now accessible under the Aga umbrella with a consistent quality of
product available in our shops, catalogues and online. The recent purchase of
Divertimenti as a cookware arm for Rangemaster, La Cornue and Falcon, reinforces
these themes.
Current Trading
We continue to perform well in our core UK consumer markets. We are, however,
slowly reducing our reliance on the UK consumer through our determined efforts
to internationalise and we look to overseas markets to provide growth in the
second half for both our UK-based and US operations.
In foodservice, we have been pleased with orders over the summer and continue to
work on some major projects and accounts to provide continuing momentum.
We believe we have correctly identified and aligned ourselves with growth
markets. We expect benefits from these positions - hence our confidence that
2005 will be another good year for the Group.
V Cocker W B McGrath
Chairman Chief Executive
9th September 2005
AGA FOODSERVICE GROUP PLC
INTERIM FINANCIAL STATEMENTS
(i) CONSOLIDATED INCOME STATEMENT
Half year Half year Year to
to June to June December
2005 2004 2004
#m #m #m
Total revenue (note 3) 225.4 203.8 433.7
Group operating profit (note 3) 16.9 15.2 35.2
Share of post tax result of
associate 0.1 - 0.5
Profit before finance income and
income tax 17.0 15.2 35.7
Finance income 1.3 0.6 1.4
Finance costs (0.3) (0.3) (0.8)
Profit before income tax 18.0 15.5 36.3
Income tax expense (note 4) (3.6) (3.1) (7.1)
Profit for the period 14.4 12.4 29.2
Profit attributable to equity
shareholders 14.4 12.4 29.1
Profit attributable to minority
interests - - 0.1
Profit for the period 14.4 12.4 29.2
Earnings per share (note 5) p p p
Basic 11.3 9.7 22.9
Diluted 11.2 9.6 22.8
p p p
Dividend per share paid (note 6) 5.8 5.0 7.5
All operations are continuing
(ii) CONSOLIDATED BALANCE SHEET
Half year Half year Year to
to June to June December
2005 2004 2004
#m #m #m
Non-current assets
Goodwill 140.9 136.0 137.4
Intangible assets 13.5 5.5 8.5
Property, plant and equipment 81.8 72.5 77.5
Investments 6.0 5.9 6.5
Retirement benefit asset - - 1.2
Deferred tax asset 11.6 7.3 5.6
253.8 227.2 236.7
Current assets
Inventories 84.6 63.0 70.2
Trade and other receivables 83.2 75.9 78.6
Cash and cash equivalents 32.9 40.5 49.8
200.7 179.4 198.6
Total assets 454.5 406.6 435.3
Current liabilities
Borrowings (26.9) (2.4) (23.1)
Trade and other payables (97.4) (87.1) (102.7)
Current tax liabilities (7.8) (5.5) (2.1)
Current provisions (3.9) (1.1) (1.3)
(136.0) (96.1) (129.2)
Net current assets 64.7 83.3 69.4
Non-current liabilities
Borrowings (2.5) (18.7) (1.6)
Retirement benefit obligation (22.6) (18.1) (7.8)
Deferred tax liabilities (5.0) (4.3) (5.0)
Provisions (13.1) (14.3) (15.9)
(43.2) (55.4) (30.3)
Total liabilities (179.2) (151.5) (159.5)
Net assets 275.3 255.1 275.8
Shareholders' equity
Share capital 32.0 31.4 31.5
Share premium account 65.4 59.9 60.9
Other reserves 38.1 38.3 38.1
Retained earnings 139.6 125.1 145.1
Total shareholders' equity 275.1 254.7 275.6
Minority interest in equity 0.2 0.4 0.2
Total equity 275.3 255.1 275.8
(iii) CONSOLIDATED CASH FLOW STATEMENT
Half year Half year Year to
to June to June December
2005 2004 2004
#m #m #m
Cash flows from operating activities
Cash generated from operations (3.8) 9.4 32.9
Interest received 1.3 0.6 1.4
Interest paid (0.1) (0.3) (0.8)
Tax repayment / (payment) 3.0 (1.8) (5.5)
Net cash generated from operating
activities 0.4 7.9 28.0
Cash flows from investing activities
Acquisition of subsidiary, net of
cash acquired (note 9) (5.6) - (4.6)
Purchase of property, plant and
equipment (5.4) (6.3) (14.6)
Expenditure on product development (1.0) (1.4) (2.8)
Proceeds from disposal of property,
plant and equipment 0.3 4.6 7.8
Net cash used in investing
activities (11.7) (3.1) (14.2)
Cash flows from financing activities
Dividends paid to shareholders (7.4) (6.4) (9.6)
Net proceeds from issue of ordinary
share capital 2.2 - 1.1
Repayment of / (loan) to associated
undertaking 0.3 (0.3) (0.3)
Purchase of own shares - (8.9) (9.4)
Repayment of borrowings acquired
with acquisition (4.8) - -
Finance lease inception /
(repayment) 0.1 (0.1) 0.1
Repayment of borrowings (0.1) (0.9) (2.5)
New bank loans raised 4.0 0.4 4.8
Net cash used in financing
activities (5.7) (16.2) (15.8)
Effects of exchange rate changes 0.1 (0.1) (0.2)
Net decrease in cash and cash
equivalents (16.9) (11.5) (2.2)
Cash and cash equivalents at
beginning of period 49.8 52.0 52.0
Cash and cash equivalents at end of
period 32.9 40.5 49.8
(iv) CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE
Half year Half year Year to
to June to June December
2005 2004 2004
#m #m #m
Profit for period 14.4 12.4 29.2
Exchange adjustments on
net investments 1.3 (2.0) (3.4)
Realisation of property
revaluation gains - - 0.3
Actuarial (losses) /
gains on defined benefit
pension schemes (20.0) 9.0 18.2
Tax on items taken
directly to reserves 6.0 (3.2) (4.5)
Net losses not
recognised in income
statement (12.7) 3.8 10.6
Total recognised income
for period 1.7 16.2 39.8
Attributable to:
Equity shareholders 1.7 16.2 39.7
Minority interests - - 0.1
1.7 16.2 39.8
(v) SUPPLEMENTARY STATEMENT
Reconciliation of operating profit to net cash (outflow) / inflow from operating
activities
Half year Half year Year to
to June to June December
2005 2004 2004
#m #m #m
Operating profit 16.9 15.2 35.2
Amortisation of intangible assets 0.6 0.4 1.0
Depreciation 4.1 3.9 7.7
Profit on disposal of plant,
property and equipment (0.1) (1.2) (1.3)
(Increase) / decrease in
inventories (9.6) (2.5) (8.0)
(Increase) / decrease in
receivables (3.0) (1.5) (10.5)
Increase / (decrease) in payables (12.0) (1.6) 12.1
Increase / (decrease) in provisions (0.7) (3.3) (3.3)
Net cash (outflow) / inflow from
operating activities (3.8) 9.4 32.9
AGA FOODSERVICE GROUP PLC
NOTES TO THE INTERIM FINANCIAL REPORT
1. GENERAL INFORMATION
The information for the year ended 31st December 2004 does not constitute
statutory accounts as defined by section 240 of the Companies Act 1985. A copy
of the Group's UK GAAP statutory accounts for the year has been delivered to the
Registrar of Companies. The auditors' report on those accounts was unqualified.
2. ACCOUNTING POLICIES
The interim financial report has been prepared in accordance with International
Financial Reporting Standards (IFRS). The accounting policies and basis of
preparation followed in the interim report are as published by the Group, in its
transition document, on 15th August 2005, which are available on the Group's
website www.agafoodservice.com.
The reconciliations of equity at 1st January 2004 (date of transition to IFRS),
30th June 2004 and at 31st December 2004 (date of last UK GAAP financial
statements) and the reconciliation of profit for the period to 30th June 2004
and to 31st December 2004, as required by IFRS 1, were shown in the
'Restatement of Financial Information under IFRS 2004' document published on
15th August 2005.
The financial information presented in this document has been prepared on the
basis of all IFRSs, including International Accounting Standards (IAS) and
interpretations issued by the International Accounting Standards Board (IASB)
and its committees, and as interpreted by any regulatory bodies applicable to
the Group published by 30th June 2005. These are subject to ongoing amendment
by the IASB and subsequent endorsement by the European Commission and are
therefore subject to possible change. Further standards and interpretations may
also be issued that will be applicable for financial years beginning on or
after 1st January 2005 or that are applicable to later accounting periods but
may be adopted early. The Group's first IFRS financial statements may,
therefore, be prepared in accordance with some different accounting policies
from the financial information presented here. In preparing this financial
information, the Group has assumed that the European Commission will endorse
the amendment to IAS 19, 'Employee Benefits - Actuarial Gains and Losses, Group
Plans and Disclosures'.
3. SEGMENTAL ANALYSIS
For management purposes, the Group is organised into four operating divisions
and these divisions are the basis on which the Group reports its primary
segmental information.
By primary business Half year to Half year to Year to
group June 2005 June 2004 December 2004
Revenue Operating Revenue Operating Revenue Operating
profit profit profit
#m #m #m #m #m #m
UK & European
Consumer 89.0 9.6 83.1 8.9 175.4 19.6
US Consumer 34.4 1.4 31.8 0.5 65.4 2.0
UK & European
Foodservice 81.0 4.5 69.6 3.8 151.5 10.2
US Foodservice 21.0 1.4 19.3 2.0* 41.4 3.4
Total
operations 225.4 16.9 203.8 15.2 433.7 35.2
Share of
result of
associate - 0.1 - - - 0.5
Net finance
income - 1.0 - 0.3 - 0.6
Profit before
income tax - 18.0 - 15.5 - 36.3
Income tax
expense - (3.6) - (3.1) - (7.1)
Profit for the
period - 14.4 - 12.4 - 29.2
*In 2004 US Foodservice included #0.8m of property profits.
The share of result of associate relates to the UK & European Consumer segment.
NOTES TO THE INTERIM FINANCIAL REPORT
3. SEGMENTAL ANALYSIS (CONTINUED)
By secondary Half year to Half year to Year to
segment - June 2005 June 2004 December 2004
geographical Turnover Operating Turnover Operating Turnover Operating
origin profit profit profit
#m #m #m #m #m #m
United Kingdom 126.4 12.6 123.3 11.3 258.5 25.9
North America 55.2 2.4 51.0 2.2 106.8 4.6
Europe 40.5 1.3 27.1 1.2 63.3 3.1
Rest of World 3.3 0.6 2.4 0.5 5.1 1.6
Total Group 225.4 16.9 203.8 15.2 433.7 35.2
Turnover by Half year to Half year to Year to
geographical June 2005 June 2004 December 2004
destination #m % #m % #m %
United Kingdom 118.4 52.5 116.6 57.2 246.3 56.8
North America 55.8 24.8 50.5 24.8 107.9 24.9
Europe 40.0 17.7 28.4 13.9 63.6 14.6
Rest of World 11.2 5.0 8.3 4.1 15.9 3.7
Total Group 225.4 100.0 203.8 100.0 433.7 100.0
4. INCOME TAX
Corporation tax for the interim period to 30th June 2005 has been charged at the
estimated rates chargeable for the full year in the respective jurisdictions as
follows:
Half year Half year Year to
to June to June December
2005 2004 2004
#m #m #m
Current tax
UK corporation tax 0.8 2.2 2.5
Overseas tax 2.8 0.9 2.6
3.6 3.1 5.1
Deferred tax
UK corporation tax - - 2.1
Overseas tax - - (0.1)
- - 2.0
Total income tax expense 3.6 3.1 7.1
NOTES TO THE INTERIM FINANCIAL REPORT
5. EARNINGS PER SHARE
The calculation of the basic and diluted earnings per share is based on the
following data - all activities are continuing:
Half year Half year Year to
to June to June December
2005 2004 2004
Earnings #m #m #m
Profit for the period 14.4 12.4 29.2
Minority interests - - (0.1)
Earnings for the purpose of the
basic and diluted EPS being the net
profit attributable to equity
shareholders 14.4 12.4 29.1
Weighted average number of shares in million million million
issue
For basic EPS calculation 127.0 128.3 127.0
Dilutive effect of share options 1.2 0.6 0.6
For diluted EPS calculation 128.2 128.9 127.6
Earnings per share p p p
Basic 11.3 9.7 22.9
Diluted 11.2 9.6 22.8
6. DIVIDENDS
Half year Half year Year to
to June to June December
2005 2004 2004
#m #m #m
Amounts recognised as distributions to
equity shareholders in the period:
Final dividend of 5.8p for the year
ended 31st December 2004 (2003: 7.4 6.4 6.4
5.0p) per share
Proposed interim dividend for the
year ended 31st December 2005 of 3.9 3.1 3.1
3.0p (2004: 2.5p) per share
The proposed interim dividend was approved by the Board on 8th September 2005
and has not been included as a liability as at 30th June 2005.
7. BANK LOANS AND OVERDRAFTS
In the period bank loans denominated in overseas currencies (US dollars and
Euros) of #4.0m have been issued to hedge overseas investments.
NOTES TO THE INTERIM FINANCIAL REPORT
8. SHARE CAPITAL
During the period 951,337 ordinary shares of 25p each (nominal value #237,834)
were issued in connection with the Company's share option scheme for an
aggregate consideration of #2.2m.
On 1st April 2005, the Company issued 1,179,834 shares of 25p each (nominal
value #294,959) to four Domain officers in lieu of the deferred cash payment as
part of the acquisition of Domain Inc in 2002.
9. ACQUISITION OF SUBSIDIARY
On 3rd June 2005, the Group acquired 100% of the issued share capital of Furdo
Limited, the holding company of Waterford Stanley Limited, for a consideration
of #4.7m. The company is involved in the manufacture and distribution of cast
iron cookers in Ireland. This transaction has been accounted for by the purchase
method of accounting.
Book value Fair value Provisional
adjustments fair values
#m #m #m
Net assets acquired
Property,plant and 1.3 1.6 2.9
equipment
Inventories 4.0 - 4.0
Trade and other 2.8 - 2.8
receivables
Trade and (5.7) - (5.7)
other payables
Bank loans (4.8) (1.6) (6.4)
(2.4) - (2.4)
Intangible assets - Brands - 4.4 4.4
- Goodwill - 2.7 2.7
Total consideration 4.7
Satisfied by:
Cash 4.1
Attributable costs and deferred 0.6
consideration - outstanding
Net cash outflow arising on acquisitions:
Cash consideration 4.1
Repayment of borrowings acquired 4.8
Cash consideration for prior year acquisitions 1.5
10.4
The fair value adjustments bring the acquired company in line with the Group's
accounting policies. If the acquisition of Waterford Stanley had been completed
on the first day of the financial year, Group revenues for the six month period
would have been #8.8m higher and Group operating profit would have been #0.5m
higher.
10. RETIREMENT BENEFIT SCHEMES
Defined benefit schemes
Plan assets have been valued at a market value of #704m and the defined benefit
liabilities at #726m, at the interim date. The liabilities have been rolled
forward from 31st December 2004 and adjusted to take account of the decrease in
bond yields, which has reduced the discount rate from 5.35% to 5.0%.
NOTES TO THE INTERIM FINANCIAL REPORT
11. EVENTS AFTER THE BALANCE SHEET DATE
On 6th July 2005 the Group increased its shareholding in Grange from 40.7% to
75.0% for a consideration of Euros 7.5m (#5.1m). In the year to 31st December
2004, Grange made a profit before tax of Euros 2.0m on turnover of Euros 45.6m,
net assets at the time were Euros 4.6m.
On 29th July 2005 Aga Foodservice Inc, a Group subsidiary, acquired 'Stellar
Steam', a US product line of commercial boilerless food steamers for $2.1m. In
the year to 31st December 2004 the turnover was $2.3m.
On 12th August 2005 the Group acquired Divertimenti, the London based high end
kitchenware business, for up to #1.4m in cash. In the year to 30th June 2005
the turnover was #2.5m.
Independent review report to Aga Foodservice Group plc
Introduction
We have been instructed by the company to review the financial information for
the six months ended 30th June 2005 which comprises consolidated interim balance
sheet as at 30th June 2005 and the related consolidated interim statements of
income, cash flows and consolidated statement of recognised income and expense
for the six months then ended 30th June 2005 and related notes. We have read the
other information contained in the interim report and considered whether it
contains any apparent misstatements or material inconsistencies with the
financial information.
Directors' responsibilities
The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by the directors. The directors are
responsible for preparing the interim report in accordance with the Listing
Rules of the Financial Services Authority.
As disclosed in note 2, the next annual financial statements of the company will
be prepared in accordance with accounting standards adopted for use in the
European Union. This interim report has been prepared in accordance with the
basis set out in note 2.
The accounting policies are consistent with those that the directors intend to
use in the next annual financial statements. As explained in note 2, there is,
however, a possibility that the directors may determine that some changes are
necessary when preparing the full annual financial statements for the first time
in accordance with accounting standards adopted for use in the European Union.
The IFRS standards and IFRIC interpretations that will be applicable and adopted
for use in the European Union at 31st December 2005 are not known with certainty
at the time of preparing this interim financial information.
Review work performed
We conducted our review in accordance with guidance contained in Bulletin 1999/4
issued by the Auditing Practices Board for use in the United Kingdom. A review
consists principally of making enquiries of group management and applying
analytical procedures to the financial information and underlying financial data
and, based thereon, assessing whether the disclosed accounting policies have
been applied. A review excludes audit procedures such as tests of controls and
verification of assets, liabilities and transactions. It is substantially less
in scope than an audit and therefore provides a lower level of assurance.
Accordingly we do not express an audit opinion on the financial information.
This report, including the conclusion, has been prepared for and only for the
company for the purpose of the Listing Rules of the Financial Services Authority
and for no other purpose. We do not, in producing this report, accept or assume
responsibility for any other purpose or to any other person to whom this report
is shown or into whose hands it may come save where expressly agreed by our
prior consent in writing.
Review conclusion
On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 30th June 2005.
PricewaterhouseCoopers LLP
Chartered Accountants
Birmingham
9th September 2005
MAIN ADDRESSES AND ADVISERS
Head Office and Registered Office
Aga Foodservice Group plc
4 Arleston Way
Shirley
Solihull
B90 4LH
Telephone: 0121 711 6000
Fax: 0121 711 6001
e-mail: info@agafoodservice.com
Website: www.agafoodservice.com
Registered in England No. 354715
Registrars
Lloyds TSB Registrars
The Causeway
Worthing
West Sussex
BN99 6DA
Telephone (Helpline): 0870 600 3953
Auditors
PricewaterhouseCoopers LLP
Financial Advisers and Joint Stockbrokers
Dresdner Kleinwort Wasserstein
Joint Stockbrokers
Collins Stewart
2005 FINANCIAL CALENDAR
Record date for interim ordinary dividend 11th November
Interim ordinary dividend payable 7th December
2005 year end 31st December
This information is provided by RNS
The company news service from the London Stock Exchange
END
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