Embargoed for release at 7.00 a.m. on 26 September 2007
CENTROM GROUP plc
Interim results for six months ended 30 June 2007
Centrom Group plc (AIM:CET), a supplier of a broad range of innovative IT solutions, with an emphasis on sales to the healthcare and financial services sectors, announces interim results for the six months ended 30 June 2007. These are the first figures prepared under International Financial Reporting Standards and the comparative amounts have been restated on that basis.
v Revenues £1.8m (2006: £1.8m) v EBITD £121,361 (2006: loss £302,360 (before charging exceptional items of £110,122) v Gross margin 36.5% (2006: 26.0%) v Net cash inflow from operations £80,342 (2006: outflow £887,935) v Canon Partnership - launch of Centrom developed software product to enable electronic filing on Canon devices v Addressing virtual management software market utilising VM Ware products
Commenting, Gerald Malone, Chairman, said:
"This marked improvement in performance flows from management's success in implementing the board's decision taken in April 2006 to restructure the Group, reversing the trend of declining profit margins, completing the elimination of loss making business - unprofitable hardware sales - improving cash flow management and focusing on the growth of high margin business. Having established higher margins in all Centrom's core business activities the board and management's priority is to increase revenue both by organic growth and pursuing suitable strategic opportunities, a number of which have been identified and are under consideration."
-Ends- For further information please contact: Gerry Malone, Chairman Centrom Group plc 07711 085611 www.centrom.com
Noelle Greenaway / Peter Ward Insinger de Beaufort (Nominated Adviser) 020 7190 7000 www.insinger.com
John Webb Marshall Securities Limited (Broker) 020 7490 3788
CENTROM GROUP plc
Interim results for six months ended 30 June 2007 Chairman and CEO Statement
We are pleased to present the interim results for the six months ended 30 June 2007.
Centrom is an independent Information Technology and Consultancy company specialising in the provision of Managed Services and solutions for Information Management, Risk Management and Records and Case Management. Our solutions and services are aimed at helping organisations meet their Information Management, Corporate Governance and Compliance requirements. Centrom designs, implements and operates large enterprise environments for both government and the private sector and works in partnership with the leading suppliers of Document and Records Management (EDRM), Process Management, and Document Capture technologies, as well as technology suppliers for Storage, Data Recovery and Virtualisation.
Centrom's specialist consultants are fully conversant with corporate compliance legislation (e.g. MIFID, SOX, and DPA), and its Public Sector division is highly experienced and knowledgeable on all aspects of healthcare, patient records and the intricacies of data transformation.
These are the first results of the Group to be stated under International Financial Reporting Standards (IFRS) and the comparatives have been restated on this basis. The principal impact of IFRS on the results has been in relation to:
* Goodwill which was previously amortised resulting in a charge to profit and loss account of £184,267 in the six months ended 30 June 2006 is now subject to impairment reviews. No provision for impairment has been made in the period;
* A provision for holiday pay which resulted in a charge to profit and loss account of £21,813 in the six months ended 30 June 2006. Previously no accrual was made for holiday pay.
The effect of these adjustments on the results, income statement, balance sheet and equity of the Group are set out in note 7.
We are pleased to report an EBITD profit for the six months ended 30 June 2007 of £121,360 on revenues of £1,832,725, compared with a loss of £302,360 for the half year to June 2006 on revenues of £1,829,889. The improvement in gross margins in 2006 from 26% in the first half to 34.8% in the second half continued in the first half of 2007 with margins of 36.5%. Administrative costs remain under tight control - £585,843, down from £827,782 in the same period last year.
Revenues of £1,832,725 this year include £359,335 from equipment and software sales all of which relate to consultancy projects at improved margins. In the same period last year revenues of £1,829,889 included equipment and software sales of £652,306 which generated a margin of less than 5%. Our managed services and technical services division focuses on data centres and our customers' use of them. During the period we have reorganised this work resulting in a higher margin. Consulting services have increased over last year but were affected by a number of projects which have started in the second half of this year although they were planned to start in the first half.
Projects and Partners
Enhanced focus on securing technology specific Partners, such as Open Text and Canon and utilising VM Ware virtual management software, has enabled Centrom to establish growth in each of its core sectors. The application of knowledge within the areas of compliance and corporate governance remain a 'growth' opportunity for both Centrom and its Technology Partners. The first software product developed by Centrom for Canon has been launched for the Education and Government markets and further research is being focused on 'green' issues with data centre and storage partners and software providers, such as SUN, Hitachi Data Systems and VM Ware.
As the requirement for driving additional, quantifiable value from technology investment within customers' businesses intensifies, Centrom has demonstrated through a technology migration for the London Teaching Hospitals, delivered with partner and customer iSoft, how a full understanding of virtualisation techniques and project management delivers customer satisfaction. The Open Text partnership promises to provide Centrom with a number of substantial corporate and government opportunities utilising both technical and business skills and experience.
We have seen continued progress in July and August as the technical and managed services divisions benefit from reorganisation earlier in the year. In the consulting area we have taken steps to focus more on the timing of assignments. Our team has skills for which there is strong demand and we have recently strengthened the team to meet the work flow.
We have reviewed and continue to review opportunities to grow the Group through partnership and acquisition.
Gerald Malone Mike Boseley Chairman CEO 26 September 2007
CENTROM GROUP plc Group Income Statement for the six months ended 30th June 2007
Unaudited Unaudited 6 months 6 months Year ended ended 30 June ended 30 31 December Notes 07 June 06 2006 *Restated *Restated £ £ £
Revenue 1,832,725 1,829,889 3,553,988
Cost of sales (1,163,388) (1,350,928) (2,475,372)
Gross profit 669,337 478,961 1,078,616 . Administrative costs (585,843) (827,782) (1,399,642) Other operating income - 750 1,000
Operating profit/(loss) 83,494 (348,071) (320,026)
Exceptional item 3 - (110,122) (116,690)
Operating profit/(loss) after exceptional item 83,494 (458,193) (436,716)
Finance income - 1,025 3,341 Finance charges (10,224) (1,335) (53,213)
Profit/(loss) before taxation 73,270 (458,503) (486,588)
Taxation (22,000) - (23,356)
Profit/(loss) for the period 51,270 (458,503) (509,944)
Minority interests - - 138
Profit/(loss) for the period attributable to members of the parent company 51,270 (458,503) (509,806)
Earnings/(loss) per share Basic (pence) 4 0.02 (0.24) (0.25) Diluted (pence) 4 0.02 (0.24) (0.25)
The results for the period are derived from continuing activities. *Restated to reflect the adoption of IFRS as per note 7. The group has no recognised gains or losses other than the results for the period/year. Accordingly no Statement of Recognised Income and Expenditure has been prepared.
CENTROM GROUP plc Group Balance Sheet as at 30th June 2007
30 June 2007 30 June 2006 31 December 2006 *Restated *Restated £ £ £
Non current assets Goodwill and intangible assets 7,750,287 7,731,727 7,751,537 Property plant and equipment 88,524 168,780 117,370 Deferred tax asset 349,053 335,177 371,053 8,187,864 8,235,684 8,239,960
Current assets Inventories - 10,203 - Trade and other receivables 608,484 738,103 1,036,367 Cash and cash equivalents 3,348 - 1,605 611,832 748,306 1,037,972
Total assets 8,799,696 8,983,990 9,277,932
Current liabilities Trade and other payables (836,462) (816,270) (1,109,814) Deferred income (486,918) (716,016) (694,717) Financial liabilities (73,679) (183,262) (111,034) Current tax liabilities (64,699) - (64,699)
(1,461,758) (1,715,548) (1,980,264)
Non current liabilities Financial liabilities (69,667) - (80,667)
Total liabilities (1,531,424) (1,715,548) (2,060,931)
Net assets 7,268,271 7,268,442 7,217,001
Capital and reserves Called up share capital 2,087,834 2,087,834 2,087,834 Share premium 6,462,415 6,462,415 6,462,415 Profit and loss account (1,423,157) (1,423,124) (1,474,427) Equity shareholders' funds 7,127,092 7,127,125 7,075,822 Minority interests 141,179 141,317 141,179
Total equity 7,268,271 7,268,442 7,217,001
CENTROM GROUP plc Group Cash Flow Statement for the six months ended 30th June 2007
Unaudited Unaudited 6 months 6 months ended 30 ended 30 Year ended 31 June 07 June 06 December 2006 *Restated *Restated £ £ £
Cash flows from operating activities
Operating profit/(loss) 83,494 (348,071) (320,026) Exceptional item - (110,122) (116,690) Depreciation of plant and equipment 39,116 46,022 108,959 Loss on disposal of fixed assets - - 525 Taxation - - (4,268) Decrease in inventories - 6,397 16,600 (Increase)/decrease in receivables 427,883 (171,799) (460,327) Increase in payables (470,151) (310,362) (435,527)
Net cash inflow/(outflow) from operating activities 80,342 (887,935) (1,210,754)
Investing activities Payments to acquire intangible assets - - (19,810) Payments to acquire property, plant and equipment (9,020) (5,364) (17,417)
Net cash outflow from investing activities (9,020) (5,364) (37,227)
Financing activities Issue of ordinary share capital - 300,000 300,000 New borrowings - - 260,000 Repayment of borrowings (11,000) - (12,590) Finance income - 1,025 3,341 Interest on bank loans (10,224) (1,335) (53,213)
Net cash inflow/(outflow) from financing activities (21,224) 299,690 497,538
Increase/(decrease) in cash and cash equivalents 50,098 (593,609) (750,443)
Opening cash and cash equivalents (340,096) 410,347 410,347
Closing cash and cash equivalents (289,998) (183,262) (340,096)
CENTROM GROUP plc Group Statement of Changes in Equity As at 30 June 2007 Share Profit and Equity Share premium loss shareholders' Minority Total capital account account funds interests equity *Restated *Restated *Restated £ £ £ £ £ £
At 1 January 2006 as previously stated 1,787,834 6,462,415 (958,318) 7,291,931 141,317 7,433,248
Prior period effect of adoption of IFRS - - (6,303) (6,303) - (6,303)
At 1 January 2006 as restated 1,787,834 6,462,415 (964,621) 7,285,628 141,317 7,426,945
Issue of share capital 300,000 - - 300,000 - 300,000
Loss for the half year to 30 June 2006 - - (458,503) (458,503) - (458,503)
At 30 June 2006 2,087,834 6,462,415 (1,423,124) 7,127,125 141,317 7,268,442
Loss for the half year to 31 December 2006 - - (51,303) (51,303) (138) (51,441)
At 31 December 2006 2,087,834 6,462,415 (1,474,427) 7,075,822 141,179 7,217,001
Profit for the half year to 30 June 2007 - - 51,270 51,270 - 51,270
At 30 June 2007 2,087,834 6,462,415 (1,423,157) 7,127,092 141,179 7,268,271
CENTROM GROUP plc Notes to the Financial Information for the six months ended 30 June 2007
1 Basis of preparation
The Group's previous financial statements have been prepared under UK Generally Accepted Accounting Principles (UK GAAP). However, for the financial year ended 31 December 2007 the Group will prepare its annual consolidated financial statements in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union (EU) and implemented in the UK.
The Group's date of transition to IFRS was 1 January 2006 at which date the Group prepared its opening IFRS balance sheet. The financial information for the six months ended 30 June 2007 is unaudited and has been prepared in accordance with the Group's accounting policies, based on IFRS standards that are expected to apply for the financial year 2007. The financial information for the six months ended 30 June 2006 is also unaudited and has also been restated under IFRS.
An explanation of the impact of the transition from UK GAAP to IFRS and the effect on the Group's results and income statements for the period ended 30 June 2006 and the year ended 31 December 2006 and the equity and balance sheets as at 1 January 2006, 30 June 2006 and 31 December 2006 is set out in note 7.
The interim financial information set out in this report, including the transition to IFRS of the 31 December 2006 accounts, has not been audited. The interim financial information does not constitute full accounts for the purposes of Section 240 of the Companies Act 1985. The figures for the year ended 31 December 2006 have been extracted from the audited accounts for that period. The accounts for the period ended 31 December 2006, prepared under UK GAAP, contained an unqualified auditors' report and have been filed with the Registrar of Companies.
Accounting 2 policies
Basis of consolidation
The consolidated financial statements incorporate the financial statements of the company and all group undertakings. These are adjusted where appropriate to conform to group accounting policies.
The results of companies acquired or disposed of are included in the group profit and loss account after or up to the date that control passes respectively. As a consolidated group profit and loss account is published, a separate profit and loss account for the parent company is omitted from the group financial statements by virtue of section 230 Companies Act 1985.
Revenue, excluding VAT, comprises the value of maintenance contracts, managed service contracts, professional services and hardware sales.
Each contract is specifically tailored to meet the requirements of the customer and contracts for maintenance and managed services can be for more than one year.
The sale of hardware is recognised when it is delivered to the customer. Where maintenance contracts are made directly with the hardware supplier the turnover is recognised when the associated hardware is delivered to the end user. Where the contract for maintenance support and managed services is provided by the Group itself the turnover is recognised in accordance with the percentage completion of the contract.
For professional services on contracts that span the year end revenue is recognised to the extent that the work has been completed.
Development expenditure which is separately identifiable and related to specific projects is capitalised as an intangible asset to the extent that the outcome of the project is technically feasible and commercially viable. Amortisation will commence upon the full commercial application of the product under development, over the period that economic benefits are expected to be derived.
All fixed assets are initially recorded at cost.
Depreciation is calculated so as to write off the cost of an asset, net of anticipated disposal proceeds, over the useful economic life of that asset as follows:
Leasehold land and buildings over the lease term 25% straight line on Plant and equipment cost
Goodwill arising on consolidation represents the excess of the fair value of the consideration paid over the fair value of the identifiable net assets acquired at the date of consolidation. Goodwill is recognised as an asset on the Group's balance sheet in the year in which it arises and is not amortised.
Goodwill on acquisitions arising before 1 January 2006 (the date of transition to IFRS) has been recorded at its carrying amount under UK GAAP, subject to being tested for impairment at that date.
Inventories are valued at the lower of cost and net realisable value on a first in first out basis, after making due allowance for obsolete and slow moving items.
Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes with the exception that deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax is calculated at the tax rates which are expected to apply in the periods when the timing differences will reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Foreign exchange differences arising on translation are recognised in the income statement for the period.
Operating lease arrangements
Rentals paid under operating leases are charged to income on a straight line basis over the lease term.
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
The carrying amounts of the group's assets, other than stock (see accounting policy on stocks) and deferred tax assets (see accounting policy on deferred tax) are reviewed at each balance sheet date to determine whether there is any indication of impairment. If any such indication exists, the asset's recoverable amount is estimated.
Assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment.
An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. Impairment losses are recognised in the income statement.
(i) Calculation of recoverable amount
The recoverable amount of assets is the greater of their net selling price and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessment of the time value of money and the risks specific to the asset. For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the cash-generating unit to which the asset belongs.
(ii) Reversals of impairment
An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount.
An impairment loss is reversed only to the extent that the asset's carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.
3 Exceptional item
The exceptional item relates to restructuring costs in 2006 arising on the closure of the Enterprise Division supplying stand alone hardware and software products. Hardware and software products are only supplied as part of an overall solution where services are also provided.
Profit per 4 ordinary share
The calculation of basic profit/(loss) per share has been calculated on the net basis on the loss on ordinary activities after taxation of £51,270 (2006 - (£458,503) loss) using the average number of 1p ordinary shares in issue of 208,783,400 (2006 - 188,397,060).
The diluted profit/(loss) per share is based on a profit for the year of £51,270 (2006 - (£509,806) loss) using the average number of 1p ordinary shares of 208,783,400 (2006 - 198,180,660) after adjusting for diluting options.
Unaudited Unaudited 6 months Year ended 6 months ended ended 30 31 December 30 June 07 June 06 2006 *Restated *Restated £ £ £
Profit/(loss) for the period 51,270 (458,503) (509,806)
Basic earnings/(loss) per share Weighted number of shares in issue 208,783,400 188,397,060 198,180,660
Basic earnings/(loss) per share (pence) 0.02 (0.24) (0.25)
Diluted loss per share Weighted number of shares in issue 211,783,400 188,397,060 201,180,660
Dilutes earnings/(loss) per share (pence) 0.02 (0.24) (0.25)
No dividend is proposed.
6 Issue of equity
None issued in the period
Explanation of the 7 transition to IFRS
For all periods up to and including 31 December 2006, the Group prepared its financial statements in accordance with UK GAAP.
The interim financial statements for the six months to 30 June 2007 are the first to be prepared by the Group using policies in accordance with IFRS as adopted by the EU. The comparative figures have been prepared on the same basis and have therefore been restated from those previously prepared under UK GAAP.
In preparing these interim financial statements, the Group has started from an opening balance sheet as at 1 January 2006, the date of the Group's transition to IFRS. It has made those changes in accounting policies and other restatements as required by IFRS 1, for the first time adoption of IFRS.
The provisions of IFRS 1 allow first time adopters certain exemptions from the general requirements to apply IFRS retrospectively in determining the open balance sheet at the date of transition.
The Group has taken the following exemption:
Goodwill and business combinations The Group has elected not to apply IFRS 3 "Business Combinations" retrospectively to transactions that took place prior to the transition date. Consequently, goodwill arising on business combinations before transition date remains at its previous UK GAAP carrying value as at the date of transition.
The principal impact of IFRS on these financial statements has been in relation to the following:
Amortisation of goodwill arising on consolidation has been adjusted to reflect the carrying value of goodwill at 1 January 2006 (the date of transition). A charge relating to provision for holiday pay is shown under administrative costs.
The reconciliation between UK GAAP and IFRS for the Group's income statements for the periods ended 30 June 2006 and the year ended 31 December 2006 and the total equity and balance sheets as at 1 January 2006 (the date of transition), 30 June 2006 and 31 December 2006 are shown below:
Reconciliation of loss for the period ended 30 June 2006 and the year ended 31 December 2006
Unaudited 6 months ended Year ended 31 30 June 06 December 2006 £ £
Loss after tax under UK GAAP (620,957) (871,164)
Amortisation adjustment 184,267 369,993 Holiday pay accrual (21,813) (8,635)
Loss after tax under IFRS (458,503) (509,806)
Reconciliation of income statement for the six months ended 30 June 2006
IFRS UK GAAP effect IFRS £ £ £
Revenue 1,829,889 - 1,829,889 Cost of sales (1,350,928) - (1,350,928)
Gross profit 478,961 - 478,961
Administrative costs (990,236) 162,454 (827,782) Other operating income 750 - 750
Operating loss (510,525) 162,454 (348,071)
Exceptional item (110,122) - (110,122)
Operating loss after exceptional item (620,647) 162,454 (458,193)
Finance income 1,025 - 1,025 Finance charges (1,335) - (1,335)
Loss before taxation (620,957) 162,454 (458,503)
Taxation - - -
Loss for the period (620,957) 162,454 (458,503)
Reconciliation of income statement for the year ended 31 December 2006
IFRS UK GAAP effect IFRS £ £ £
Revenue 3,553,988 - 3,553,988 Cost of sales (2,475,372) - (2,475,372)
Gross profit 1,078,616 - 1,078,616
Administrative costs (1,761,000) 361,358 (1,399,642) Other operating income 1,000 - 1,000
Operating loss (681,384) 361,358 (320,026)
Exceptional item (116,690) - (116,690)
Operating loss after exceptional item (798,074) 361,358 (436,716)
Finance income 3,341 - 3,341 Finance charges (53,213) - (53,213)
Loss before taxation (847,946) 361,358 (486,588)
Taxation (23,356) - (23,356)
Loss for the period (871,302) 361,358 (509,944)
Minority interest 138 - 138
Loss attributable to members of the parent company (871,164) 361,358 (509,806)
Reconciliation of equity as at 1 January 2006 (date of transition), 30 June 2006 and 31 December 2006
Unaudited 6 months Year ended 1 ended 30 Year ended 31 January 2006 June 06 December 2006 £ £ £
Total equity under UK GAAP 7,433,248 7,112,291 6,861,946
Holiday pay accrual (6,303) (28,116) (14,938) Amortisation adjustment - 184,267 369,993
Total equity under IFRS 7,426,945 7,268,442 7,217,001
Reconciliation of balance sheet presentation at 1 January 2006 (Date of transition to IFRS)
UK GAAP IFRS effect IFRS £ £ £
Non current assets Goodwill and intangible assets 7,731,727 - 7,731,727 Property plant and equipment 209,437 - 209,437 Deferred tax asset 335,178 - 335,178 8,276,342 - 8,276,342
Current assets Inventories 16,600 - 16,600 Trade and other receivables 566,304 - 566,304 Cash and cash equivalents 492,989 - 492,989 1,075,893 - 1,075,893
Total assets 9,352,235 - 9,352,235
Current liabilities Trade and other payables (718,494) (6,303) (724,797) Deferred income (1,117,851) - (1,117,851) Financial liabilities (82,642) - (82,642) (1,918,987) (6,303) (1,925,290)
Non current liabilities - - -
Total liabilities (1,918,987) (6,303) (1,925,290)
Net assets 7,433,248 (6,303) 7,426,945
Capital and reserves Called up share capital 1,787,834 - 1,787,834 Share premium 6,462,415 - 6,462,415 Profit and loss account (958,318) (6,303) (964,621) Equity shareholders' funds 7,291,931 (6,303) 7,285,628 Minority interests 141,317 141,317
Total equity 7,433,248 (6,303) 7,426,945
Reconciliation of balance sheet presentation at 30 June 2006
IFRS UK GAAP effect IFRS £ £ £
Non current assets Goodwill and intangible assets 7,547,460 184,267 7,731,727 Property plant and equipment 168,780 - 168,780 Deferred tax asset 335,177 - 335,177 8,051,417 184,267 8,235,684
Current assets Inventories 10,203 - 10,203 Trade and other receivables 738,103 - 738,103 748,306 - 748,306
Total assets 8,799,723 184,267 8,983,990
Current liabilities Trade and other payables (788,154) (28,116) (816,270) Deferred income (716,016) - (716,016) Financial liabilities (183,262) - (183,262) (1,687,432) (28,116) (1,715,548)
Non current liabilities - - -
Total liabilities (1,687,432) (28,116) (1,715,548)
Net assets 7,112,291 156,151 7,268,442
Capital and reserves Called up share capital 2,087,834 - 2,087,834 Share premium 6,462,415 - 6,462,415 Profit and loss account (1,579,275) 156,151 (1,423,124) Equity shareholders' funds 6,970,974 156,151 7,127,125 Minority interests 141,317 141,317
Total equity 7,112,291 156,151 7,268,442
Reconciliation of balance sheet presentation at 31 December 2006
IFRS UK GAAP effect IFRS £ £ £
Non current assets Goodwill and intangible assets 7,381,544 369,993 7,751,537 Property plant and equipment 117,370 - 117,370 Deferred tax asset 371,053 - 371,053 7,869,967 369,993 8,239,960
Current assets Trade and other receivables 1,036,367 - 1,036,367 Cash and cash equivalents 1,605 - 1,605 1,037,972 - 1,037,972
Total assets 8,907,939 369,993 9,277,932
Current liabilities Trade and other payables (1,094,876) (14,938) (1,109,814) Deferred income (694,717) - (694,717) Financial liabilities (111,034) - (111,034) Current tax liabilities (64,699) - (64,699) (1,965,326) (14,938) (1,980,264)
Non current liabilities Financial liabilities (80,667) - (80,667)
Total liabilities (2,045,993) (14,938) (2,060,931)
Net assets 6,861,946 355,055 7,217,001
Capital and reserves Called up share capital 2,087,834 - 2,087,834 Share premium 6,462,415 - 6,462,415 Profit and loss account (1,829,482) 355,055 (1,474,427) Equity shareholders' funds 6,720,767 355,055 7,075,822 Minority interests 141,179 - 141,179 Total equity 6,861,946 355,055 7,217,001
The interim statement will be posted to shareholders and will be available from the Company's Registered Office: Centrom House, 16 Church Road, Fleet, Hampshire GU51 3RH and from the Company's website www.centrom.com
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