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Macfarlane Group PLC (MACF)

Macfarlane Group PLC

Interim Results
Macfarlane Group PLC
17 August 2001




                                                                17 August 2001

                     MACFARLANE GROUP DELIVERS FIRST HALF

                 EARNINGS OF £7.2M IN CHALLENGING CONDITIONS

                  RESTRUCTURING WILL DELIVER FUTURE BENEFITS

              Pre-tax profit of £7.2m from a turnover of £105.1m

                Earnings per ordinary share increases to 3.98p

 Agreement to sell Plastics Division for a consideration of $70m, subject to
                             shareholder approval

     As part of rebalancing, interim dividend increased by 12.5% to 1.80p

Restructuring of Packaging Division will deliver annualised synergies of £2.5m
                              by the end of 2002

                                ==============

John Ward, Chairman of Macfarlane Group PLC today said:

'The results for the first six months of 2001 show good levels of
profitability, a very creditable performance given that trading in 2001
continues to be impacted by the general downturn in the markets in which
Macfarlane operates. Whilst the major downturn widely reported in the
electronics sector caused particular problems at our Govan, Braehead and San
Jose facilities, early action in reducing costs mitigated the earnings impact
that might otherwise have been expected. In our Packaging Division turnover
has increased, margins have been maintained and profitability has increased.

At the start of 2001 we announced the consolidation of our Merchanting,
Packaging and Labels businesses into a new stronger packaging division,
providing opportunities by focusing on a wider range of packaging-related
solutions to our customers. This Division was further enhanced by the
acquisition of National Packaging on 9 April 2001. We then acquired the
business of A1 Packaging in July 2001. We are confident that these
acquisitions will deliver value to Macfarlane Group shareholders through the
effective combination of the businesses. The remainder of 2001 and the first
half of 2002 will see considerable effort in achieving synergies by
eliminating the current duplication in sites and activities creating a
business, which will deliver improved service to customers.

We have today signed an agreement to sell the business, assets and certain
liabilities of our Plastics business in the UK to Tyco Plastics Limited for a
consideration of $70m, on a debt-free basis. The disposal is conditional on
shareholder agreement at an Extraordinary General Meeting and a Circular
detailing the transaction will be sent to shareholders shortly. Our efforts in
the Plastics Division during the first half of 2001 have been targeted at cost
reduction schemes with production efficiencies achieved by consolidating three
manufacturing sites. Although significant production capacity was lost during
this consolidation in the first half of the year full year savings of £1.0m on
an annualised basis are expected as a result of this cost reduction programme.

Despite the slow-down in the economy and problems in individual sectors,
particularly electronics, our management team remains focused on its
objectives and will take the necessary steps to maintain this focus and meet
targets. Your Board remains committed to the objective of double-digit
earnings growth after adjusting for the impact of disposals. The realignment
of our asset base continues and the forthcoming restructuring of our packaging
operations will provide a base to increase profits in future years, by
delivering synergies on an annualised basis of £2.5m by the end of 2002.
Despite the competitive trading conditions in the year to date, the Board
expects to make further progress in the current year provided there is no
further material deterioration in trading conditions outwith our control.'

Further information:
John M. Ward                  Chairman                    0141 333 9666
Iain D. Duffin                Chief Executive             0141 333 9666
John Love                     Finance Director            0141 333 9666
Press & Media:
Gordon Beattie                Beattie Media               01698 787878

Macfarlane Group PLC announces its interim results for the six months ended 30
June 2001.
Financial Headlines                       Six months ended     Six months ended
                                            30 June 2001         30 June 2000
                                                       Pre-tax          Pre-tax
                                           Sales        Profit   Sales   Profit
                                            £000          £000    £000     £000

Packaging                                 74,264         4,974  66,126    4,219
Plastics                                  30,842         2,179  31,857    2,431
Under strategic review                         -             -     191      517
Profit before taxation                   105,106         7,153   98,174   7,167
Disposal of Flo-pak in 2000                   -               -       -     500
Profit before disposal of business       105,106        7,153   98,174   6,667

The profit before tax for the six months ended 30 June 2001 increased to £
7.2m, compared to £6.7m in the first six months of 2000 after taking account
of the gain of £0.5m recorded on the disposal of Flo-pak (UK) Limited in
February 2000. Earnings per share were 3.98p compared with 3.67p before this
business disposal. Turnover in the period increased from £98.2m to £105.1m,
with a good contribution from the recently acquired National Packaging Group.
The performance achieved in Packaging was particularly encouraging and the
Board confident that this can be maintained in challenging market conditions.

As part of the rebalancing of the dividend, the Directors have declared an
interim dividend of 1.80p, an increase of 12.5% on the 1.60p declared last
year. The dividend will be paid on Thursday 11 October 2001 to shareholders on
the register on Friday 7 September 2001.

Packaging

In spite of the economic climate, sales after acquisitions have increased by
12.3% and profits before taxation by 17.9%, with operating margins increasing
from 6.4% to 6.7%. We continue to win new accounts for value added packaging
and a number of new initiatives are underway to develop these accounts still
further. All our management teams responded well to competitive pressures,
maintaining margins and exercising strict control of overheads to produce a
solid performance in the first half of 2001 given the market conditions.

In our Packaging Division, we are experiencing mixed trading conditions.
Clearly with the downturn due to the well-documented slowdown in demand in the
electronics sector throughout the world, this particular part of our business
is being impacted. Otherwise the remainder of our business continues to
deliver good levels of profitability. Overall, margins are being maintained
and we will continue to pursue opportunities to replace business from major
Original Equipment Manufacturers (OEM's) as they move to new locations thus
attempting to minimise the impact on this part of our business. Our Hungarian
operation is an excellent example of the realisation of our strategy and this
will continue as major OEM's move to lower cost production countries.

The consolidation of our businesses has resulted in new cross-operational
selling opportunities, which are being vigorously pursued. The acquisitions in
2000 in the Labels business are performing to expectation and the business is
producing good results. Our Labels business has gained a number of new high
quality accounts, which will have a positive impact in the second half of the
year.

Our distribution business aims to build further on its long-standing
reputation for customer service in the nation-wide distribution of packaging
materials, whilst maximising profitability from its UK-wide branch network.
The high levels of service achieved in this Division and clear expertise in
distribution and supply chain logistics are vital to the Group's future
development. Customers will be provided with a national offering supported by
full service at the local level.

Agreements with premium brand partners to distribute their products in the UK
on an exclusive or preferred basis are a key feature of our business. Supply
partners will be key to us achieving our growth aspirations and in meeting our
cost objectives. Other similar agreements are being considered and the product
offering to customers is being expanded.

The acquisition of National Packaging was followed by the purchase of the
business and certain assets of A1 Packaging Limited in July 2001 for £3.4m.
This enhances our leadership position within the UK with our packaging
distribution business currently nearly three times the size of our nearest
competitor. There will no doubt be further rationalisation within this sector
and it is appropriate for Macfarlane Group to have a leading involvement in
this process. We shall continue to seek other value enhancing acquisitions but
will not be drawn into overpaying.

Our Hungarian business continues to perform well and we aim to launch a start
up distribution service there during the fourth quarter. Our e-commerce
initiative has been slightly delayed to ensure complete compatibility with the
systems and product range from National Packaging with trading now expected to
commence in the final quarter.

Substantial synergies are being sought as a result of the acquisition of
National Packaging and the business of A1 Packaging. An integration team
supplemented by external support has completed a comprehensive review of the
total business, concluding that fundamental changes, which harness the best
aspects of our existing business practices should be adopted and effecting
further consolidation of central activities. This will result in fewer, but
higher quality sites, which will operate more efficiently. It is expected that
at least half the combined branch network sites will close, in most cases
simply eliminating the duplication of sites in key regions.

As this process develops, the product range offered to customers will broaden
beyond conventional packaging products, leaving ample scope for further
consolidation as a result of the increase in the total market served. Improved
sales and marketing processes will be introduced to support a national sales
force. We are currently recruiting marketing and sales support personnel to
support this initiative.

Standardisation of best practices will be implemented before the end of 2001
and a common information system, already successfully in operation at our
largest site, will be introduced throughout the business in the next eighteen
months. Cost savings arising from these actions are forecast to include
reduced ERP installation cost, reduced working capital, more efficient
procurement, major reduction in property costs and reduced administration
costs, reduced headcount, the latter primarily through natural wastage. Our
restructuring plans are expected to generate £2.5m in annualised savings and
the exercise will be complete by June 2002, with the full benefit of the
resultant savings being achieved by the end of 2002. The costs of the
restructuring programme will be met through ongoing savings from operations
and the realignment of our property portfolio as we eliminate duplicated
sites.

Our strategy and focus continues to shift from primarily selling only what we
traditionally manufactured to selling what the customers request. We will
however maintain value added manufacturing and assembly businesses where this
is determined to be a strategic customer requirement, which enables us to make
satisfactory margins to justify the investments made.

Plastics

During the bid for BPI last year the position taken by your Board was that
scale and leadership in the Plastics business were two of the necessary
prerequisites to ensure robust performance on a recurring basis, and our view
has not altered. Following the review of a number of strategic options, your
Board concluded that the appropriate course of action to optimise shareholder
value was to effect a trade sale whilst retaining our injection moulding
business in Ireland. As part of this overall process we sold our residual
holding in BPI on 3 August 2001. The Board of Macfarlane Group has therefore
today announced the sale of the business, assets and certain liabilities of
our Plastics business in the UK to Tyco Plastics Limited, for a consideration
of $70m, on a debt-free basis. Further details will be given in the Circular
to be distributed to shareholders shortly. The effect of the disposal will be
dilutive to earnings per share compared to Macfarlane Group's earnings per
share had the disposal not occurred.

Efforts in the Plastics Division in the first half of 2001 were targeted at
further aggressive cost reduction with production efficiencies achieved with
the consolidation of three manufacturing sites. Full year savings of £1.0m on
an annualised basis are expected as a result of this cost reduction programme.
The Division acquired United Polythene Supplies Limited a polythene converter
based in Oxford, for a total consideration of £1.2m in the second quarter of
2001. This acquisition was consistent with the Division strategy of bolt-on
acquisitions in place of capital expenditure to expand the product portfolio
in the Division with new products, to achieve good levels of profitability.
The management team has consistently bought good quality existing capacity and
integrated it quickly, achieving overhead savings and leveraging benefits
through scale. These actions enabled Macfarlane Group to realise an attractive
price for the business.

Dividend

At our annual results announcement in March 2001, we indicated that the
company would increase the proportion of the interim dividend as a percentage
of the total dividend for the year. The Board has declared an interim dividend
of 1.80p per share (2000 1.60p per share). The directors will review the level
of the final dividend in the light of the Group's continued progress for the
year as a whole.

Finance

We have continued to invest where there are key needs to meet future growth
plans. In the first half of 2001, capital expenditure reflected our objective
to pursue incremental acquisitions as an alternative to significant capital
expenditure as a means of combining new capacity to the Group with a
ready-made customer base. The realignment of the asset base has continued with
the utilisation of asset gains to finance the prompt implementation of actions
and expenditure required to stimulate future growth and reduce our cost base.

During the period from March 2001 until June 2001, the Group repurchased a
total of 2,642,500 ordinary shares, at an average price of 79p and a total
cost of £2.1m, for cancellation. The repurchases were in line with the
authority given at recent Annual General Meetings and enhance earnings per
share. It is the intention of the Board to continue to make tactical share buy
backs in accordance with the authority limits given, provided there is a clear
enhancement to earnings per share.

Macfarlane Group tendered its full entitlement in respect of BPI's tender
offer receiving £6.3m in respect of the shares tendered. Following the
acquisition of National Packaging Group Limited and United Polythene Supplies
Limited in the second quarter of 2001, at a combined cash cost of nearly £
24.0m with inherited borrowings of £0.8m, net debt stands at £39.1m at the end
of June 2001. The effect on profits is a net interest charge of £0.2m compared
to £0.3m in the same period last year and interest cover remained strong.

Macfarlane Group sold its residual shareholding in BPI for a net consideration
of £6.5m in August 2001 and a gain of £0.2m will be recorded in the second
half of the year. The sale of our Plastics Division and the residual BPI
shareholding will be used to eliminate the Group's existing borrowings with
funds then being utilised to finance further acquisition opportunities and
share repurchases in line with the existing authority.

Management and employees

As envisaged at our Annual General Meeting in May this year, Graham Casey, the
Managing Director of the Packaging Division joined the board of Macfarlane
Group PLC on 1 June 2001. Andrew Cotton recently joined our team at Macfarlane
Group's offices in Glasgow supporting the executive in the acquisition
activity in the first half of 2001. Andrew was appointed Company Secretary of
Macfarlane Group with effect from 3 August 2001.

The Board is confident that both Graham and Andrew will make a significant
contribution to the future success of the Group. Given the considerable
challenges in the market place, all our management teams and employees deserve
our gratitude for their commitment to the Group.

As part of the disposal of our UK Plastics business Mike Clark will step down
from the Board of Macfarlane Group to lead the management team in Plastics
under its new ownership. Mike has always been an excellent colleague and we
wish Mike and his team every success in the future.

Prospects

John Ward concluded: -

'Macfarlane Group's strategy is now clear with a focus to be a leading
distributor and value add service provider in the packaging industry.
Manufacturing is retained where we can provide robust and sustainable earnings
while providing critical manufacturing skills to augment both the benefits of
scale now within the Group and the extensive choice of products available to
our 50,000 customers. We aim to offer customers what they want and to have the
resources, management and employees to meet these requirements in a profitable
manner for Macfarlane Group.

Your Board remains confident for the future of Macfarlane Group. There is an
enthusiastic Executive Team in place and our restructuring programme will be
pursued in the second half of the year with the aims of achieving the
restructuring plan on a cost neutral basis. Sales growth opportunities are
still evident despite cost and competitive pressures. In spite of the
competitive trading conditions in the year to date the Board expects the
remaining businesses to make further progress in the current year provided
there is no further material deterioration in trading conditions, outwith our
control.

Following the sale of the Plastics Division our balance sheet and cash flow
position will be very strong, allowing the Executive Team to make further
investment to support plans for organic growth and take advantage of
acquisition opportunities. The Board intends to use the share repurchase
facility approved at the 2001 Annual General Meeting to make further tactical
share buy-backs, where appropriate.

Your Board remains committed to the objective of double-digit earnings growth
after adjusting for the impact of disposals. The reshaped Macfarlane Group
will provide leadership in selected markets through the innovative delivery of
total packaging solutions to our customers. Macfarlane Group intends to be a
competitive player and an attractive profit generator capable of delivering
superior shareholder returns.'

The interim report will be sent to shareholders on 24 August 2001 and will be
available to members of the public at the Company's Registered Office, 21
Newton Place, Glasgow, G3 7PY from 27 August 2001.

               Consolidated Profit and Loss Account (unaudited)

                        Six months ended 30 June 2001

                                                         Six      Six  Year to
                                                      months   Months       31
                              Continuing               to 30    to 30 December
                                                        June     June
                              activities Acquisitions   2001     2000     2000
                                    £000         £000   £000     £000     £000

Turnover                          93,989       11,117 105,106   98,174  197,927
Cost of sales                     62,815        7,365 70,180   66,207  130,026

Gross profit                      31,174        3,752 34,926   31,967   67,901
Net overheads  recurring        (24,353)      (3,337) (27,690) (24,977) (52,682)

               restructuring       (675)            -  (675)        -  (4,471)

Operating profit                   6,146          415  6,561    6,990   10,748
Gain on disposal of fixed            830            -    830       -     1,391
assets
Gain on disposal of business           -            -      -     500       500

Profit before interest             6,976          415  7,391   7,490    12,639
Investment income                    755            -    755      17        46
Interest payable and similar       (617)        (376)  (993)   (340)   (1,027)
charges

Profit before taxation             7,114           39  7,153   7,167    11,658

Tax on profit on ordinary                              2,150   2,160     3,926
activities

Profit for the financial                               5,003   5,007     7,732
period
Dividends on equity shares                             2,235   2,029     6,024

Retained profit for the                                2,768   2,978     1,708
period

Earnings per ordinary share                            3.98p   3.95p     6.10p
of 25p

Diluted earnings per ordinary                          3.96p   3.95p     6.09p
share

Earnings per share before restructuring/disposals      3.98p   3.67p     9.03p

Dividends per share                                    1.80p   1.60p     4.75p

Corporation tax rate                                   30.1%   30.2%     33.7%

                                    Notes


    1.     Earnings per share are calculated on the basis of the weighted
    average of 125,769,950 shares in issue (30 June 2000 - 126,828,240, 31
    December 2000 - 126,828,240). Diluted earnings per share are calculated on
    the weighted average on a diluted basis in accordance with FRS 14 Earnings
    Per Share of 126,333,617 shares. (30 June 2000 - 127,012,664, 31 December
    2000 - 126,907,178).

    2.     Taxation has been provided at 30.1% for the period to 30 June 2001,
    the expected tax rate for the full year.

    3.     The figures for year ended 31 December 2000 are derived from the
    published accounts. A copy of the accounts for 2000 on which the auditors
    issued an unqualified report, has been filed with the Registrar of
    Companies.


 4. The interim financial statements have been prepared using accounting
    policies consistent with those adopted in the 2000 financial statements.
    No impact will arise in the 2001 financial statements as a result of the
    adoption of FRS18.


Consolidated Balance Sheet (Unaudited)
30 June 2001

                                                                              
                                                    As at     As at   As at 31
                                                  30 June   30 June   December
                                                     2001      2000       2000
                                                     £000      £000       £000
  Fixed assets                                                                
  Intangible assets                                26,312     7,056     10,316
  Tangible assets                                  55,506    58,542     55,404
                                                   81,818    65,598     65,720
  Current assets                                                              
  Stocks                                           16,099    12,296     13,277
  Debtors                                          54,762    47,611     47,287
  Current asset investments                         6,324         -     12,279
  Cash at bank and in hand                          3,592     3,059      2,230
                                                   80,777    62,966     75,073
  Creditors: amounts falling due within one        89,509    55,248     68,936
  year                                                                        
  Net current (liabilities)/assets                (8,732)     7,718      6,137
  Total assets less current liabilities            73,086    73,316     71,857
  Creditors: amounts falling due after more         1,568       645        880
  than one year                                                               
  Provisions for liabilities and charges            2,007     2,272      2,140
  Total net assets                                 69,511    70,399     68,837
  Operating assets by division                                                
  Packaging                                        73,168    51,943     54,107
  Plastics                                         35,464    27,465     38,010
  Operating assets                                108,632    79,408     92,117
  Net debt                                       (39,121)   (9,009)   (23,280)
  Net assets                                       69,511    70,399     68,837

                 Consolidated Cash Flow Statement (Unaudited)
                      Six months ended 30 June 2001

                                                                              
                                          Six Months   Six months   Year ended
                                            ended 30     ended 30           31
                                                June         June     December
                                                2001         2000         2000
                                                £000         £000         £000
  Net cash flow from operating                 8,530        7,799       16,431
  activities (see note 1 below)                                               
  Cash outflow from returns on                 (484)        (315)        (963)
  investments and servicing finance                                           
  Tax paid                                   (1,166)      (1,523)      (4,593)
  Cash outflow from capital                      797      (1,577)     (14,083)
  expenditure and financial investment                                        
  Net cash (outflow)/inflow from            (16,657)          858      (3,183)
  acquisitions and disposals                                                  
  Equity dividends paid                      (3,950)      (3,805)      (5,834)
  Net cash (outflow)/inflow before          (12,930)        1,437     (12,225)
  liquid resources and financing                                              
  Management of liquid resources                   -            -            -
  Net cash outflow from financing            (2,270)        (266)      (1,128)
  (Decrease)/increase in cash in the        (15,200)        1,171     (13,353)
  period (see note 2 below)                                                   
  1. Reconciliation of operating                2001         2000         2000
  profit to net cash flow from                  £000         £000         £000
  operating activities                                                        
  Profit before interest and disposal          7,391        6,990       12,139
  of business                                                                 
  Depreciation                                 3,122        3,467        6,590
  Amortisation of intangible assets              453          179          468
  Provision against value of current               -            -        2,526
  asset investment                                                            
  Gain on disposal of assets                 (1,334)        (487)      (1,391)
  Decrease/(increase) in stocks                1,411        (357)      (1,062)
  Decrease/(increase) in debtors               3,193      (2,128)        (527)
  Increase/(decrease) in creditors           (5,706)          135      (2,312)
  Net cash inflow from operating               8,530        7,799       16,431
  activities                                                                  
  
2. Reconciliation of movement in net                                        
  debt                                                                        
  (Decrease)/increase in cash in the        (15,200)        1,171     (13,353)
  period                                                                      
  Cash inflow from decrease in debt              176          266        1,128
  and lease financing                                                         
  Cash outflow from decrease in liquid             -            -            -
  resources                                                                   
                                            (15,024)        1,437     (12,225)
  Borrowings acquired with subsidiaries         (17)        (780)      (1,389)
  New finance leases and loan notes            (800)            -            -
  Movement in net debt in the period        (15,841)          657     (13,614)
  Opening net debt                          (23,280)      (9,666)      (9,666)
  Closing net debt                          (39,121)      (9,009)     (23,280)


              Analysis of Turnover and Operating Profits by Division
                        Six Months Ended 30 June 2001
 

                                                                             
                                                          Strategic          
                                   Packaging   Plastics      review      2001
                                        £000       £000        £000      £000
  Turnover                            74,264     30,842               105,106
  Cost of sales                       48,600     21,580                70,180
  Gross profit                        25,664      9,262                34,926
  Net overheads                       20,395      7,140                27,535
  Profit before interest               5,269      2,122                 7,391
  Net interest                         (295)         57                 (238)
  Profit before tax                    4,974      2,179                 7,153
  Six months ended 30 June 2000         £000       £000        £000      £000
  Turnover                            66,126     31,857         191    98,174
  Cost of sales                       44,417     21,777          13    66,207
  Gross profit                        21,709     10,080         178    31,967
  Net overheads                       17,438      7,378         161    24,977
  Operating profit                     4,271      2,702          17     6,990
  Gain on disposal                         -          -         500       500
  Profit before interest               4,271      2,702         517     7,490
  Net interest                          (52)      (271)           -     (323)
  Profit before tax                    4,219      2,431         517     7,167
  Year ended 31 December 2000           £000       £000        £000      £000
  Turnover                           136,538     61,198         191   197,927
  Cost of sales                       91,408     38,605          13   130,026
  Gross profit                        45,130     22,593         178    67,901
  Net overheads                       34,525     16,605         161    51,291
                                      10,605      5,988          17    16,610
  Exceptional costs                        -    (4,471)           -   (4,471)
  Gain on disposal                         -          -         500       500
  Profit before interest              10,605      1,517         517    12,639
  Net interest                         (214)      (767)           -     (981)
  Profit before tax                   10,391        750         517    11,658


             Segmental Information on Operating Assets by Division
                      Six Months Ended 30 June 2001

                                                                            
    30 June 2001                             Packaging   Plastics       2001
                                                  £000       £000       £000
    Fixed assets                                58,966     22,852     81,818
    Stocks                                      11,560      4,539     16,099
    Debtors                                     36,742     18,020     54,762
    Current asset investments                        -      6,324      6,324
    Current assets                              48,302     28,883     77,185
    Creditors                                   33,305     15,059     48,364
    Net current assets                          14,997     13,824     28,821
    Total assets less current liabilities       73,963     36,676    110,639
    Deferred taxation                              795      1,212      2,007
    Operating assets                            73,168     35,464    108,632
    Net debt                                  (16,959)   (22,162)   (39,121)
    Total net assets                            56,209     13,302     69,511
                                                                           
    30 June 2000                             Packaging   Plastics      2000
                                                  £000       £000      £000
    Fixed assets                                42,747     22,851    65,598
    Stocks                                       7,579      4,717    12,296
    Debtors                                     28,880     18,731    47,611
    Current assets                              36,459     23,448    59,907
    Creditors                                   25,983     17,842    43,825
    Net current assets                          10,476      5,606    16,082
    Total assets less current liabilities       53,223     28,457    81,680
    Deferred taxation                            1,280        992     2,272
    Operating assets                            51,943     27,465    79,408
    Net funds/(debt)                               797    (9,806)   (9,009)
    Total net assets                            52,740     17,659    70,399

                  Segmental Information on Operating Assets by Division
                            Six Months Ended 30 June 2001

                                                                            
    31 December 2000                         Packaging   Plastics       2000
                                                  £000       £000       £000
    Fixed assets                                44,687     21,033     65,720
    Stocks                                       8,593      4,684     13,277
    Debtors                                     31,420     15,867     47,287
    Current asset investments                        -     12,279     12,279
    Current assets                              40,013     32,830     72,843
    Creditors                                   29,642     14,664     44,306
    Net current assets                          10,371     18,166     28,537
    Total assets less current liabilities       55,058     39,199     94,257
    Deferred taxation                              951      1,189      2,140
    Operating assets                            54,107     38,010     92,117
    Net debt                                      (10)   (23,270)   (23,280)
    Total net assets                            54,097     14,740     68,837
 

Data provided by FE fundinfo. Care has been taken to ensure that the information is correct, but FE fundinfo neither warrants, represents nor guarantees the contents of information, nor does it accept any responsibility for errors, inaccuracies, omissions or any inconsistencies herein. Past performance does not predict future performance, it should not be the main or sole reason for making an investment decision. The value of investments and any income from them can fall as well as rise.

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