|
Preliminary Results
2000
Chairman's
Statement
Group
Profit and Loss Account
Group Balance
Sheet
Summary Group Cash Flow
Notes
CHAIRMAN'S
STATEMENT
The Laing Group is changing direction and is now well on the way to achieving
its stated strategic objective of becoming a balanced asset-based business
with interests in Home building, Property and Infrastructure Investment.
Two significant events have been achieved in the last year:
- The enfranchisement of the Ordinary A (non-voting) Shares (May 2000)
- Acquisition of Hyder Investments
Limited (January 2001)
We are also well advanced in negotiations to complete two further strategic initiatives:
- Sale of Laing Construction
- Sale of WL Homes LLC (USA)
While Laing Homes, Laing Property and Laing Investments all exceeded their budgeted
profit targets in 2000, Laing Construction again suffered from unacceptably low margins
and incurred heavy losses. This had a major impact on the Group's overall result.
Group profit before tax, for the year to 31 December 2000, was £5.7 million
(1999 - £52.7 million). Earnings per share fell to 0.4 pence (1999 - 42.9 pence).
However, the Board is recommending an increased final dividend of 8.5 pence per
Ordinary Share (1999 - 8.0 pence), making a total of 13.0 pence for the year
(1999 - 12.25 pence).
It is pleasing to note how well the businesses that will remain core to the Group's
operations are performing. The profit and loss account records a profit before interest
of £86.7 million for the continuing businesses in 2000, albeit including £17.3 million of
profit from the sale of a 4.9% interest in Europistas.
In November 2000 the Board announced its decision to pursue the sale of Laing
Construction. Heads of agreement have now been signed with the preferred bidder,
O'Rourke plc, who are in the course of undertaking due diligence.
As preparations were being made for the sale, it became evident that
contract margins would have to be written down. This resulted in the announcement,
earlier this year, of a downgrading of anticipated operating results for 2000
of around £40 million. Taken with losses reported for the first half of the
year and £15.1 million of reorganisation costs, the final outcome was a loss
of £88.9 million for the Construction Division. The significant contributors
to this unacceptable level of loss were contracts secured before 1 January 1999,
and in particular the National Physical Laboratory at Teddington. After this date,
project selection and tender settlement procedures were strengthened under
new management.
Laing Homes had an excellent year in 2000. The UK Division reported profits
of £53.0 million (1999 - £38.6 million). Over the last few years the Division
has built a reputation for producing excellent results based upon a high quality
of product and customer service. Market conditions have been favourable, with
relatively low interest rates, low inflation and continued consumer confidence
helping to provide the stable economic conditions that are important to
continued success in this sector. We have progressively embraced the new
technologies within our product range and now offer internet technology as
an option in many of our house types. Average selling prices rose to
£238,000 (1999 - £207,000) on 1,235 units sold (1999 - 1,281). Laing Homes
is committed to sustainable development and almost 90% of homes are built
on brownfield sites, well in excess of the Government's 60% target. The acquisition
of Beechcroft Plc, the upmarket retirement homebuilder, marked a further
step in the development of premium brands at the quality end of the market.
Octagon Developments, in which the Group has a 20% interest, had another good year.
Laing Partnership Housing is a specialist developer of low cost housing for local
authorities. In conjunction with Laing Investments, Laing Partnership Housing
has pre-qualified for two of the eight pathfinder PFI housing projects at
Sandwell and Newham. This combination is well placed to take advantage of the
projected growth in privately financed social housing and demonstrates the synergy
that exists between our continuing businesses.
In the USA, WL Homes LLC, in which the Group has a 50% interest, continues to grow
in terms of both volume and profitability. The Group's share of profit from US
housebuilding grew to £11.3 million (1999 - £8.0 million). This has delivered
the earnings growth that had to be achieved in order to provide the scope for
an acceptable exit in line with the Group's stated strategy. Progress continues to
be made with the proposed sale which we hope to complete during the second
quarter of 2001. Monies released will be utilised in part to repay Group
debt and in part to fund growth of the UK housing operations.
The prospects for Laing Homes appear to be very good, even at this stage,
and we anticipate another set of impressive results for the current year.
Laing Property has reported profits of £13.2 million for 2000 (1999 - £6.0 million)
and has a portfolio of development opportunities which will underpin sustained
earnings for the future.
Expansion of its development activity, often in partnership with funders, has
been targeted at areas of strong growth. Laing Property now has a stake in a
large number of quality schemes, which allows it to spread risk. Resources
allocated to speculative development are controlled with a majority of schemes
being pre-sold or pre-let.
Our strategy is directed towards medium size developments that fall outside the
main focus of the larger property companies but are capable of generating early profit.
Laing Property has a history of delivering flexible, high quality and profitable
schemes in the retail, office and service sectors. This will continue but
with additional emphasis on the property opportunities that are arising out
of the Group's infrastructure investment, particularly in transport.
With this pedigree, an increasing level of activity and a continuation of the
favourable conditions that exist in our target markets, Laing Property can be
expected to make an increasing contribution to Group results.
Laing Investments has two notable successes to report. Firstly, the
excellent results for 2000 in which profits totalled £27.4 million (1999 - £9.3 million);
and secondly, the recent acquisition of a portfolio of infrastructure
investments from Hyder plc. This marks a quantum leap in the Group's
investment business. In 2000 the Division took the opportunity to sell some
of the mature investments in terms of value. These sales demonstrate the growth
potential that can be expected to flow from an expanded portfolio of investments,
while the earnings that flow from projects that have reached the operating phase
provide an increasing contribution to Group results.
The Hyder Investments portfolio presents substantial synergy with our existing
investments. The purchase consideration of £90.5 million bought infrastructure
assets valued at £58.5 million and cash balances of £32 million. We expect this
portfolio to be earnings enhancing in its first full year under our ownership and
we are very encouraged by the opportunity that we now have to increase the
Division's underlying profitability.
In rail, we were very pleased to be selected as the preferred operator for
a 20-year franchise extension on the Chiltern Line. As a result of the Hatfield
rail crash we have been unable to conclude documentation of the franchise extension.
However, we have entered into an interim agreement with the Strategic Rail Authority
under which an enhanced subsidy is being paid, thus enabling us to commit to some
of the initial investment proposals. We have not been deterred from further
commitment to rail as a result of the difficulties that the industry has suffered
in recent months. We are continuing to work with Swiss Rail with whom we are jointly
targeting the Wessex and Thames franchises, where the bid process is expected to be
concluded during the current year. The prospects for Laing Investments' strategy
of building a portfolio of long-term high yielding infrastructure investments,
underpinned by active management, remain very strong.
The Laing Group is undergoing significant change. The clear strategic direction
that has been taken will improve the risk profile and quality of earnings of the
Group. The businesses that are to remain core to future operations are moving
forwards strongly and are set to deliver another good performance in the current year.
I remain sure that the interests of employees in Laing Construction are best
served by a change of ownership to a company that has construction at its core.
I express my sincere thanks for their continued loyalty under difficult circumstances.
For those staff employed within the continuing businesses, I congratulate them
and thank them for their excellent performance in 2000.
On 31 March 2001 Andy Friend, the Managing Director of Laing Investments, joined
the Group Board. At the end of April both James Armstrong and Denis Madden will
retire. I welcome Andy Friend to the Board and on behalf of the Board, I wish to
express my sincere thanks to James Armstrong for his contribution as Finance Director
from 1990 to 1999 and more recently for chairing Laing Construction under
difficult circumstances; and to Denis Madden for his valued role as Group
Personnel Director since 1989.
I look to the future with enthusiasm, confidence and a firm belief that the
Group's strategy will continue to deliver growth in total shareholder returns that
now are being recognised as the markets re-rate the Group.
Sir Martin
Laing CBE
Chairman
26 April 2001
|
JOHN
LAING PLC
ANNOUNCEMENT OF FINAL
RESULTS - 2000 |
|
|
|
2000
|
1999 |
|
Turnover |
|
£1,574.4m |
£1,791.7m |
|
Profit before taxation |
|
£5.7
m |
£52.7m |
|
Earnings per share |
|
0.4
p |
42.9p* |
|
Dividends |
|
13.0
p |
12.25p |
|
Net
(borrowings)/cash |
|
-£30.0m |
£37.9m |
|
Shareholders' funds |
|
£240.7m |
£251.3m |
* Restated for the issue of shares
under the terms of the enfranchisement of Ordinary A
(non-voting) Shares.
|
At the board meeting today the Directors approved the issue
of the following results of the Group for the year
ended 31 December 2000 and statement of affairs as
at that date.
|
Group Profit and Loss Account
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2000
|
2000
|
2000
|
1999
|
|
|
|
|
To be
|
|
|
|
|
|
Continuing
|
discontinued
|
Total
|
|
|
|
Notes
|
£million
|
£ million
|
£ million
|
£ million
|
|
|
Turnover
|
3
|
507.8
|
1,066.6
|
1,574.4
|
1,791.7
|
|
Deduct:
|
|
|
|
|
|
|
Share
of joint venture turnover
|
|
-31.0 |
-218.9 |
-249.9 |
-219.1 |
|
Share
of associate's turnover |
|
-12.8 |
- |
-12.8 |
-11.0 |
|
|
|
|
|
|
|
|
|
Group turnover |
|
464.0 |
847.7 |
1,311.7 |
1,561.6 |
|
Cost of sales |
|
-362.9 |
-874.2 |
-1,237.1 |
-1,466.4 |
|
|
|
|
|
|
|
|
|
Gross profit |
|
101.1 |
-26.5 |
74.6 |
95.2 |
|
Exceptional cost of
reorganisation |
|
- |
-15.1 |
-15.1
|
- |
|
Other operating and
administrative expenses |
|
-49.0 |
-47.9 |
-96.9 |
-72.4 |
|
Total operating and
administrative expenses |
|
-49.0 |
-63.0 |
-112.0 |
-72.4 |
|
Other operating
income |
|
-1.0 |
1.5 |
0.5 |
1.1 |
|
|
|
|
|
|
|
|
|
Group operating
(loss)/profit |
|
51.1 |
-88.0 |
-36.9 |
23.9 |
|
|
|
|
|
|
|
|
Share of operating
profit of |
|
|
|
|
|
|
Joint
ventures |
|
4.4 |
12.7 |
17.1 |
13.3 |
|
Associates |
|
2.2 |
- |
2.2 |
1.8 |
|
|
Operating (loss)/profit including
joint ventures and associates |
|
57.7 |
-75.3 |
-17.6 |
39.0 |
|
Profit on disposal of
and amounts written off investments and other fixed
assets |
4 |
29.0 |
0.3 |
29.3 |
13.4 |
|
|
Profit on ordinary activities
before interest |
3 |
86.7 |
-75.0 |
11.7 |
52.4 |
|
Interest
receivable: |
|
|
|
|
|
|
Group |
|
|
|
7.6 |
8.7 |
|
Joint
ventures |
|
|
|
1.9 |
1.5 |
|
|
|
|
|
9.5
|
10.2 |
|
Interest
payable: |
|
|
|
|
|
|
Group |
|
|
|
-9.1 |
-7.3 |
|
Joint
ventures |
|
|
|
-6.0 |
-2.3 |
|
Associates |
|
|
|
-0.4 |
-0.3 |
|
Total |
|
|
|
-15.5 |
-9.9 |
| |
|
|
|
|
|
|
|
|
|
|
-6.0
|
0.3 |
|
|
Profit on ordinary activities
before taxation |
|
|
|
5.7 |
52.7 |
|
Taxation |
5 |
|
|
-2.8 |
-9.3 |
|
|
Profit on ordinary activities after
taxation |
|
|
|
2.9 |
43.4 |
|
Minority
interests |
|
|
|
- |
- |
|
|
Profit attributable to
shareholders |
|
|
|
2.9 |
43.4 |
|
Dividends on equity
and non-equity shares |
|
|
|
-15.1 |
-14.0 |
|
|
Retained (loss)/profit for the
year |
|
|
|
-12.2 |
29.4 |
|
|
Dividends per
share |
|
|
|
13.00p
|
12.25p |
|
Earnings per share -
Basic |
6 |
|
|
0.4p
|
42.9p* |
|
- Diluted |
6 |
|
|
0.4p
|
39.8p* |
| |
|
|
|
|
|
All items in the profit and loss
account relate to operations continuing as at 31
December 2000. |
| |
|
|
|
|
|
* Restated for the issue of
shares under the terms of the enfranchisement of
Ordinary A (non-voting) Shares.
|
| |
| |
| |
| |
|
Group
Balance Sheet |
|
|
|
|
|
|
|
At 31
December |
At 31 December |
|
|
|
2000 |
1999 |
|
|
|
£
million |
£ million |
|
|
Assets employed |
|
|
|
|
Fixed assets |
|
|
|
|
Intangible
assets |
|
9.5 |
3.9 |
|
Tangible
assets |
|
41.5 |
42.0 |
|
Investments |
|
28.0 |
33.4 |
|
Investments in joint
ventures: |
|
|
|
|
Share
of gross assets |
|
458.2 |
345.5 |
|
Share
of gross liabilities |
|
-372.8 |
-281.0 |
|
|
|
85.4 |
64.5 |
|
Investments in
associates |
|
17.7 |
18.4 |
|
|
|
|
182.1 |
162.2 |
|
Current Assets |
|
|
|
|
Land and
developments |
|
314.3 |
264.2 |
|
Stocks and work in
progress |
|
2.8 |
5.9 |
|
Debtors - due within
one year |
|
167.7 |
212.2 |
|
- due in more than one year |
|
34.8 |
28.5 |
|
|
|
202.5 |
240.7 |
|
Short-term
investments |
|
2.2 |
2.4 |
|
Cash at bank and in
hand |
|
80.7 |
164.2 |
|
|
|
|
602.5 |
677.4 |
|
|
Creditors: amounts falling due
in less than one year |
|
|
|
|
Banks and other
loans |
|
23.9 |
113.9 |
|
Other
creditors |
|
377.5 |
424.5 |
|
|
|
|
401.4 |
538.4 |
|
|
Net current assets |
|
201.1 |
139.0 |
|
|
Total assets less current
liabilities |
|
383.2 |
301.2 |
|
|
|
|
|
|
Creditors: amounts falling due
after more than one year |
|
|
|
|
Bank and other
loans |
|
86.8 |
12.4 |
|
Other
creditors |
|
23.6 |
10.0 |
|
|
|
|
110.4 |
22.4 |
|
Provision for liabilities and
charges |
|
31.7 |
27.1 |
|
|
|
|
241.1 |
251.7 |
|
|
|
|
|
|
|
Financed by Capital and
reserves |
|
|
|
|
Called up share
capital |
|
64.1 |
63.3 |
|
Share premium
account |
|
23.7 |
21.9 |
|
Property revaluation
reserve |
|
4.7 |
6.0 |
|
Profit and loss
account |
|
146.6 |
160.1 |
|
Other reserves |
|
1.6 |
- |
|
|
Shareholders' funds |
|
|
|
|
-
equity |
|
202.1 |
212.6 |
|
-
non-equity |
|
38.6 |
38.7 |
|
|
|
240.7 |
251.3 |
|
Minority
interests |
|
0.4 |
0.4 |
|
|
|
|
241.1 |
251.7 |
|
| |
| |
| |
|
|
|
|
|
|
Summary
Group Cash Flow |
|
|
|
|
|
|
|
2000 |
1999 |
|
|
Notes |
£
million |
£ million |
|
|
|
|
|
|
|
Net cash outflow from operating activities |
7 |
-58.3 |
-18.8 |
|
|
|
|
|
|
Dividends from joint ventures and
associates |
|
9.0 |
0.2 |
|
|
|
|
|
|
Returns on investments and
servicing of finance: |
|
|
|
|
Interest received
|
|
8.1 |
9.8 |
|
Interest paid |
|
-6.7 |
-5.6 |
|
Dividends received on
investments |
|
0.5 |
1.5 |
|
Dividends paid to
non-equity shareholders |
|
-2.6 |
-2.6 |
|
|
Net cash (outflow)/inflow from
returns on investments |
|
|
|
|
and servicing of finance |
|
-0.7 |
3.1 |
|
|
|
|
|
|
Taxation |
|
-5.2 |
-4.3 |
|
|
|
|
|
|
Capital expenditure and financial
investments |
|
|
|
|
Purchase of fixed
assets |
|
-14.2 |
-12.3 |
|
Sale of fixed
assets |
|
8.9 |
6.1 |
|
Purchase of
investments |
|
-4.3
|
- |
|
Sale of
investments |
|
38.7 |
19.4 |
|
|
Net cash inflow/(outflow) from
capital expenditure and financial investment |
|
29.1 |
13.2 |
|
|
|
|
|
|
Acquisitions and
disposals |
|
|
|
|
Purchase of
subsidiary undertakings |
|
-10.0 |
-7.2 |
|
Net cash balance
acquired with subsidiaries |
|
-2.8 |
6.6 |
|
Purchase of interests
in and loans to associated |
|
|
|
|
undertakings and
joint ventures |
|
-21.6 |
-16.5 |
|
Sale of interests in
and repayment of loans by |
|
|
|
|
associated
undertakings and joint ventures |
|
8.3 |
16.2 |
|
Sale of
operation |
|
0.1 |
11.9 |
|
|
Net cash (outflow)/inflow from
acquisitions and disposals |
|
-26.0 |
11.0 |
|
Equity dividends paid |
|
-11.8 |
-8.1 |
|
|
Net cash outflow before use of
|
|
|
|
|
liquid resources and
financing |
|
-63.9 |
-3.7 |
|
|
|
|
|
|
|
Management of liquid
resources |
|
|
|
|
Net cash flow from
management of liquid resources |
|
55.3 |
2.5 |
|
|
|
|
|
|
Issue of ordinary share capital
|
|
2.6
|
- |
(Decrease)/increase in bank
borrowings falling due within one year |
|
-56.8 |
36.3 |
Increase/(decrease) in bank
borrowings falling due after more than one year
|
|
66.6
|
-20.3 |
|
Net cash inflow from financing
|
|
12.4
|
16.0 |
| |
|
|
|
Increase in cash in the period
|
|
3.8
|
14.8 |
|
Reconciliation of net cashflow to
movement in net funds |
|
|
|
| |
|
|
|
|
|
|
37.9
|
43.8 |
Increase in cash in the period
|
|
3.8
|
14.8 |
Net cash flow from management of
liquid resources |
|
-55.3 |
-2.5 |
Decrease in bank borrowings
|
|
-9.8
|
-16.0 |
|
|
|
-6.6
|
-2.2 |
|
|
|
|
-30.0 |
37.9 |
|
| |
|
|
|
| |
| |
| |
|
NOTES |
|
|
| |
|
| |
|
|
|
1 |
The
financial information set out above does not constitute
the Company's statutory accounts for the years ended 31
December 2000 or 1999 but is derived from those
accounts. Statutory accounts for 1999 have been
delivered to the Registrar of Companies, and those for
2000 will be delivered following the Company's annual
general meeting. The Auditors have reported on those
accounts; their reports were unqualified and did not
contain statements under section 237(2) or (3) of the
Companies Act 1985.
|
2 |
Accounting Policies |
|
|
| |
|
| |
The Group
has implemented Financial Reporting Standards 15
'Tangible fixed assets' and 16 'Current tax'. These have
had no material effect on the Group's results.
|
|
3 |
Sector analysis |
|
|
|
|
|
|
|
|
|
|
|
|
|
2000
|
1999 |
|
|
Profit on ordinary activities
before interest |
£
million |
£ million |
|
|
|
|
|
Activity: |
|
|
|
|
Homes |
64.3 |
46.6 |
|
|
Construction |
-88.9 |
-5.3 |
|
|
Property |
13.2 |
6.0 |
|
|
Investments |
27.4 |
9.3 |
|
|
Group
management |
-4.3 |
-4.2 |
|
|
|
|
|
|
11.7 |
52.4 |
|
|
|
|
|
Geographic area: |
|
|
|
|
United Kingdom |
-28.3 |
29.8 |
|
|
Rest of Europe |
26.7 |
12.8 |
|
|
Middle East |
3.4
|
3.4 |
|
|
America |
11.3 |
8.0 |
|
|
S.E.Asia |
-1.4 |
-1.6 |
|
|
|
|
|
|
11.7 |
52.4 |
|
|
|
|
|
Profits/(losses)
shown above are stated after charging exceptional costs
of reorganisation within the Construction sector of
£15.1 million.
|
| |
|
|
|
|
|
Turnover |
|
|
|
|
Homes |
567.7 |
497.9 |
|
|
Construction |
854.2 |
1,192.8 |
|
|
Property |
61.1 |
17.1 |
|
|
Investments |
91.4 |
83.9 |
|
|
|
|
|
|
1,574.4 |
1,791.7 |
|
|
Deduct: |
|
|
|
|
Share
of joint venture turnover |
-249.9 |
-219.1 |
|
|
Share
of associate turnover |
-12.8 |
-11.0 |
|
|
|
|
|
|
1,311.7 |
1,561.6 |
|
|
|
|
|
|
|
|
|
|
Net assets * |
|
|
|
|
Homes |
292.3 |
242.7 |
|
|
Construction |
-73.2 |
-67.3 |
|
|
Property
Development |
26.5 |
21.3 |
|
|
Investments |
45.1 |
35.0 |
|
|
General |
-19.6 |
-17.9 |
|
|
|
|
|
|
271.1 |
213.8 |
|
|
|
|
|
|
|
|
|
|
* Group assets
exclude cash of £80.7 million (1999 - £164.2 million),
net of borrowings of
£110.7
million (1999 - £126.3 million).
|
| |
|
|
|
|
|
| |
|
|
|
|
|
4 |
Profit on disposal of and amounts
written off investments and other fixed assets
|
| |
|
| |
|
2000 |
2000 |
2000 |
1999 |
| |
|
|
To
be |
|
|
| |
|
Continuing |
discontinued |
|
|
| |
|
£
million |
£
million |
£
million |
£ million |
| |
|
| |
Investments |
|
|
|
|
| |
Impairment in value of
investments |
-2.8 |
- |
-2.8 |
-2.8 |
| |
Profit on sale of investments
|
30.7 |
- |
30.7 |
13.4 |
| |
|
|
|
|
|
| |
Property |
|
|
|
|
| |
Profit on sale of properties
|
1.1 |
0.3 |
1.4 |
2.8 |
| |
|
| |
|
29.0 |
0.3 |
29.3 |
13.4 |
| |
|
| |
|
|
|
|
|
| |
|
|
|
|
|
5 |
Taxation |
|
|
|
|
|
|
|
|
|
|
2000
|
2000 |
2000
|
1999
|
|
|
|
Current |
Prior
year |
Total |
Total |
|
|
|
£
Million |
£
Million |
£
Million |
£
Million |
|
|
|
|
|
|
|
|
|
|
|
|
Group UK corporation
tax at 30%
(1999 - 30.25%)
|
0.3
|
0.2
|
0.5 |
-2.2 |
|
|
Overseas tax |
-3.9
|
- |
-3.9 |
-1.1 |
|
|
Deferred tax |
0.7
|
0.6 |
1.3
|
-6.4 |
|
|
Advance Corporation
Tax |
- |
-
|
- |
1.2 |
|
|
Associates |
-0.6 |
- |
-0.6 |
-0.2 |
|
|
Joint ventures |
-0.1 |
- |
-0.1 |
-0.6 |
| |
|
|
|
|
-3.6 |
0.8 |
-2.8 |
-9.3 |
| |
|
|
|
|
|
|
|
|
|
|
| |
|
| |
|
6 |
Earnings
per share |
|
|
|
|
Earnings per share have been
calculated by reference to 96.3 million basic, 110.1
million diluted, being the average number of shares in
issue during the year (1999 - 95.2* million basic,
108.9* million diluted). These figures have been
adjusted to include the issue of 2.3 million shares
under the terms of the enfranchisement of Ordinary A
(non-voting) Shares passed at the Extraordinary General
Meeting held on 18 May 2000.
* Restated for the issue of
shares under the terms of the enfranchisement of
Ordinary A
(non-voting)
Shares. |
| |
|
| |
|
7 |
Reconciliation of operating profit
to net cash flow from operating activities |
|
|
|
|
|
|
2000 |
1999 |
|
|
|
£
million |
£ million |
|
|
|
|
|
|
|
|
|
|
Group operating
(loss)/profit |
-36.9 |
23.9 |
|
|
Depreciation and
amortisation charges |
11.1 |
11.4 |
|
|
Profit on sale of
vehicles, plant and machinery |
-2.1 |
-0.6 |
|
|
Dividends
received |
-0.5 |
-1.1 |
|
|
Increase in
stocks |
-39.7 |
-27.7 |
|
|
Decrease in
debtors |
42.4 |
18.3 |
|
|
Exchange gains in
trading profit |
-0.4 |
- |
|
|
Decrease in
creditors |
-37.3 |
-38.4 |
|
|
Increase/(decrease)
in provisions |
5.1 |
-4.6 |
|
|
|
|
|
|
-58.3 |
-18.8 |
|
|
|
|
Copies of the Group Accounts
will be sent to Shareholders on 15 May 2001 and will be
available from the Company's Registered Office, 133 Page
Street, London NW7 2ER from that date. They may also be
viewed on the Company's web site at www.laing.com from
16 May 2001.
|
Return to top of page
| 
