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*(before amortisation and impairment of intangible assets and exceptional items; see Consolidated Income Statement and reconciliation in Note 11).

 

RECORD RESULTS IN TOUGH TRADING CONDITIONS

 

• First half operating result reflects continued growth from the Group’s business to business divisions.
• Robust performance by Associated Newspapers despite start up costs of new Didcot plant.
• Northcliffe Media’s profits reduced due to lower advertising revenue.
• Underlying earnings per share boosted by lower tax charge and share purchases.
• Dividend increased by 8%, supported by strong operating cash flows.

 

 

The Viscount Rothermere, Chairman, said

 

“Most of our businesses have performed well despite the conditions in the global financial and property markets. The economic outlook remains uncertain but the Group's strong cash flow allows continued investment to ensure our businesses achieve their full potential. We continue to believe that our strategy of creating a diversified portfolio of market-leading operations across both business and consumer media products leaves us well positioned to deliver long-term growth.”

 

 

A webcast of the Half Yearly Results presentation to City analysts will be available for viewing from 9.30 a.m. on 22^nd May, 2008 http://www.dmgt.co.uk.

______________________________________________________________________

 

Enquiries

 

Peter Williams                                                                   Tel: 020 7938 6631

Nicholas Jennings                                                              Tel: 020 7938 6625

Andrew Honnor/ Lizzie Morgan, Tulchan Communications      Tel: 020 7353 4200

Daily Mail and General Trust plc

 

 

Management report                                                                                                         3-10

 

Condensed Consolidated Income Statement                                                                      11

 

Condensed Consolidated Statement of Recognised Income and Expenses                            12

 

Condensed Consolidated Statement of Changes in Equity                                                   12

 

Condensed Consolidated Balance Sheet                                                                            13

 

Condensed Consolidated Cash Flow Statement                                                                  14

 

Notes to the Condensed Consolidated Financial Statements                                                 15-27

 

Principal risks and uncertainties                                                                                       28

 

Independent review report by the external auditors                                                           30

 

 

Management report

This half-yearly management report focuses on the adjusted numbers to give a more comparable indication of the Group's underlying business performance. A discussion of other items included in the statutory results is set out after the divisional performance review. The adjusted results are summarised below:

Adjusted results*		2008 £m		2007 £m	Change
Revenue		1,168		1,116	+5%
Operating profit		166		159	+5%
Income from joint ventures and associates		1		3
Investment income		-		1
Net interest payable		(23)		(28)	-18%
Profit before tax		144		135	+7%
Tax charge		(28)		(39)	-28%
Minority interest		(10)		(11)	-9%
Group profit		106		85	+24%
Adjusted earnings per share		27.8 p		21.9p	+27%

 

*Adjusted results are stated before amortisation and impairment of intangible assets and exceptional items. For a reconciliation of Group profit to adjusted Group profit, see Note 11.

 

Summary

Group revenue for the six months to 30^th March, 2008 was £1,168 million compared with £1,116 million for the prior year, representing growth of 5%. Operating profit* was up 5% to £166 million, with operating margin unchanged at 14%. Adjusted profits* before tax were £144 million, up 7% on the equivalent figure for the previous half year.

 

The Group continued to follow its strategy of investing in product development to generate long-term growth with 53% of this half year’s operating profit* generated from outside the Group’s print newspaper titles, up from 52% last year. Further progress was made in building the Group’s digital advertising channels.

 

The Group’s non-newspaper divisions have all again produced increased profits*, despite economic conditions affecting DMG Information’s property businesses and DMG World Media’s consumer exhibitions. Associated almost matched its prior year results, after bearing the start up costs of its new full colour printing facility at Didcot. Display advertising revenues have again grown and circulations have been maintained. Our local media business has experienced tougher market conditions and this has reduced its first half profits. DMG Radio made progress, contributing a modest profit* for the half year.

 

Statutory profit before tax for the period was £23 million, after charging £63 million of foreign exchange losses on tax equalisation hedging transactions, which cause an equal and opposite reduction in the tax charge. Statutory profit before tax in 2007 was boosted by the profit of £42 million on the deemed disposal of a portion of our holding in Euromoney.

 

Outlook

We have had a good first half. It seems that economic conditions in the UK will be tough in the second half and this is having an impact on our local media division. To date, however, our national titles are holding up well, and we expect to achieve growth in our business to business divisions, despite a high level of development expenditure.

 

While achievement of growth in pre-tax profits will be dependent on trading conditions in the later months of this financial year, we look to achieve full year growth in adjusted earnings* per share, although not at the same rate as that achieved in the first half.

 

 

Divisional Review

 

Associated Newspapers

 

	2008 £m	2007 £m	Movement %
Revenue	508	499	+ 2%
Operating profit*	44	46	- 4%
Operating margin*	9%	9%

 

Associated Newspapers produced another solid trading performance across its portfolio and increased its total advertising revenues by 4%. The period saw the successful introduction of the new Didcot printing plant in October 2007 and since 1^st January, the Mail titles have been printed in full colour, resulting in strong display advertising revenues. Advertising was softer in April, but has recovered well in May.

 

Associated’s newspaper operations

Circulation revenues were unchanged at £188 million. The circulation of the Daily Mail for the six-month ABC period to March 2008 fell by 0.6% and that of The Mail on Sunday by 1.5%. Both titles, however, grew year on year in April and continued to outperform the national newspaper market. The Mail on Sunday increased its cover price by 10 pence on 18^th November 2007. The circulation of the Evening Standard rose by 7%, Metro's distribution by 20% and that of London Lite by 0.6%.

 

Advertising revenues were up 4% to £242 million with growth throughout the period. Display advertising was up by 7% to £195 million. By sector, all categories were up, with the exception of travel. Retail, our largest category, increased by 8%. Classified advertising fell by 10% to £43 million. The last twelve months have seen significant investment for the first time into the titles’ companion websites. This has resulted in a substantial increase in traffic (Mail Online is currently the No. 2 UK newspaper website) and a trebling of revenues to £4 million.

 

Operating profits* were down just 1% to £49 million, despite costs of the new Didcot plant coming on stream, as expected, a quarter before full colour was available to the Mail titles. There was little change in the period in the overall cost of the London publishing operations. The average price of newsprint was almost unchanged in the period with a reduction from January 2008 offsetting the increase in January 2007. The benefit of the lower price will be felt in the second half.

 

Since the end of the period, the Monday to Friday cover price of the Daily Mail rose by 5 pence to 50 pence on 21^st April 2008. We also continue to win industry awards. The new look two part The Mail on Sunday was named Weekend Newspaper of the Year at the 2008 Newspaper Awards and the Daily Mail was named Daily Newspaper of the Year at the 2008 London Press Club Awards.

 

Associated Northcliffe Digital

 

AND’s revenue grew by 12% to £46 million, with revenues in its core classified portals in jobs (Jobsite), property (Findaproperty and Primelocation) and motors (Motors.co.uk) up 20%. Operating profit* fell by £3.6 million to £2.2 million due to development of the online motors portal, which only launched towards the end of the first half last year, and continued heavy marketing of the property sites.

 

DMGT continues to focus its digital strategy on driving profitable growth from sustainable business models and optimising its portfolio of assets. While AND’s key sites are now facing tougher market conditions, they are growing market share in the digital arena. The utility switching business, Simply Switch, was closed in February and an exceptional provision has been made for the resulting closure costs.

 

 

Teletext

 

Teletext’s operating loss* was unchanged at £3 million on revenues which fell by 16% to £17 million. The results were affected by the delay in the rolling out of Teletext Extra, although Teletext’s online business has now moved into profit*. Seasonal factors mean that we expect the business overall to move back towards breakeven in the full year.

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Northcliffe Media

 

	2008 £m	2007 £m	Movement %
Revenue	216	219	- 1%
Operating profit*	40	42	- 5%
Operating margin*	18%	19%

 

Our UK local media businesses have seen tougher trading conditions since the start of the second quarter. Excluding the results of acquisitions and disposals, UK operating profits* fell by £4.9 million (13%) to £33.8 million. On a similar basis, revenues were down 2% to £179 million, with advertising revenues down by 3.8% to £131 million (quarter one-1.0%, quarter two-6.2%).

 

By category, retail revenues grew by 1.5% and notices were up 0.3%, but all other major categories fell with property down 6.8%, recruitment down 1.4% and motors down by 12.5%. Residential property advertising was 9% lower than last year and new homes advertising was down 4%. For the two months to April 2008 (aggregated to eliminate distortions caused by the earlier occurrence of Easter in 2008), underlying UK advertising revenues were down 6.7% with recruitment down 4.7%, property down 12.7%, motors down 9.2% and retail down 3.6%. The first weeks of May indicate worsening trends in these sectors.

 

UK circulation revenues of £37 million fell by 3%. In the July to December 2007 ABC period, Northcliffe’s evening titles marginally outperformed the industry, when adjusted for the closure of certain of its Saturday sports editions. Excluding acquisitions and disposals, operating costs were just 0.6% higher than in the previous period.

 

Northcliffe grew its operating profits* in Central Europe by 13% to £3.6 million, aided by acquisitions, a favourable exchange rate and a 42% increase in underlying digital revenues.

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DMG Information>

 

	2008 £m	2007 £m	Movement %
Revenue	150	135	+ 11%
Operating profit*	32	31	+ 4%
Operating margin*	21%	23%

 

DMG Information continued its growth with an increase in underlying revenue (at constant exchange rates, but including acquisitions) of 10%, despite a slowdown in its property businesses. Its companies continue to invest in product development and this meant that underlying operating profits* were down by 2%. The overall profit growth was due to acquisitions by Landmark and Hobsons in the second half of the prior year which contributed £4 million.

 

Despite the tougher trading conditions for some of DMGI’s companies, which are likely to continue through the second half of the year, the ambitious internal development programmes that will fuel longer term growth continue to be pursued confidently. We continue to anticipate full year underlying profit* growth being achieved.

Insurance & Financial

Operating profit* from DMGI’s insurance and financial division was unchanged at £17 million on revenues up 19% to £61 million. Risk Management Solutions, Lewtan and particularly Trepp again grew revenues strongly, but extensive investment in new product development left operating profit* at a similar level to last year. Whilst revenue investment will continue in the second half, we anticipate margins returning to in excess of 30% and an increase in full year profits*.

 

Property

Operating profit* from the property division fell by £2 million to £12 million on revenue down 6% to £47 million. Underlying profits (excluding Quest which was acquired in July 2007) were down 30% and revenues by 15%. Trading conditions deteriorated in the property information markets, with significant declines in the US commercial property market and historically low levels of UK housing transactions.

 

Other B2B

Operating profit* from DMGI’s other business information companies rose by £4 million to £5 million on revenue up 38% to £42 million including organic growth of 24%. Hobsons, Genscape and Sanborn all performed well with margins improving and market conditions remaining favourable.

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Euromoney Institutional Investor

 

	2008 £m	2007 £m	Movement %
Revenue	155	144	+ 7%
Operating profit*	34	32	+ 6%
Operating margin*	21%	22%

 

Euromoney announced excellent first half results last week which reflect the continued success of its strategy to drive profit growth and build a more robust subscription-driven business. Subscription revenues increased by 15% to £58 million and the proportion of revenues derived from subscriptions increased from 35% to 37%. Advertising revenues rose by 4% to £29 million, but now account for only 18% of total revenues.

 

The problems in global credit markets had a limited impact on its results. Growth in advertising and sponsorship revenues slowed, as expected, but delegate and training revenue remained strong and demand for subscription products, particularly databases and electronic information services such as BCA’s economic research and ISI’s emerging market information, has proved very resilient. Emerging markets remain a key driver of Euromoney’s growth and have in general continued to perform well, helped by strong commodity prices and relatively little exposure to the credit crisis.

 

BCA, acquired as part of Metal Bulletin, performed exceptionally well, and the increased investment in the marketing of Metal Bulletin subscriptions and delegates is achieving higher returns than expected and starting to drive revenue growth in this part of the business.

Bookings for Euromoney’s third quarter are strong, but there is very limited visibility for key September sales. It remains well placed to meet whatever challenges lie ahead.

 

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DMG World Media

 

	2008 £m	2007 £m	Movement %
Revenue	113	100	+ 12%
Operating profit*	23	20	+ 14%
Operating margin*	21%	20%

 

DMG World Mediahad a good half year, with underlying revenue and operating profit* up by 5% and 4% respectively year on year. These results were driven by a strong performance from B2B, its largest division, offsetting falls within B2C.

 

Business to business (‘B2B’)

B2B’s operating profits* were up 21% to £14 million on revenues up 16% to £43 million. There was an exceptional performance from the Oil & Gas sector where Gastech was successfully held in Dubai in March. The Technology sector was well up on last year with particularly good results coming from its Evanta business due to organic growth and new launches in Philadelphia and Vancouver. The second half will see the holding of the biennial Global Petroleum Show in Calgary in June.

Business to Retail (‘B2R’)

B2R’s operating profits* grew by £4 million to £8 million on revenues up 110% to £25 million due to the inclusion of George Little Management from the start of the year. Excluding this acquisition, organic revenue growth was 2%. The New York International Gift Fair, GLM’s premier brand, performed well with both revenue and profit above last year’s result. Surf Expo continues to perform strongly.

 

Business to Consumer (‘B2C’)

B2C’s operating profits* fell by £3 million to £4 million on revenues down 19% to £44 million. Performance was mixed in a challenging environment with the North American Home Shows performing well, but the UK businesses down significantly, due primarily to lower stand sales.

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DMG Radio Australia

 

	2008 £m	2007 £m	Movement %
Revenue	26	19	+ 42%
Operating profit*	-	(2)	N/A
Operating margin*	0%	-12%

 

DMG Radio Australia achieved break-even, excluding its two 50% owned profitable stations in Brisbane and Perth. The Nova network has again achieved the number one position for All People 18-39 across Australia in the first three 2008 surveys. Nova Brisbane and 5AA in Adelaide retained their number one rankings for their cities. The Vega stations made some progress, reducing their losses, but their performance continues to be disappointing.

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Unallocated central costs

 

	2008 £m	2007 £m	Movement %
Operating loss*	(7)	(10)	- 30%

 

The fall in unallocated central costs was due to a lower financing component as a result of the surplus on the Group’s defined benefit pension schemes at the start of the year.

 

Other income statement items

 

·       Net interest payable

 

	2008 £m	2007 £m	Movement %
Net interest payable and similar charges	(39)	(37)	+5%
Swap premia income	16	9	+ 78%
Total	(23)	(28)	- 18%

 

Net interest payable and similar charges (excluding swap premia but including deemed finance charges and interest receivable) rose by £2 million to £39 million due to higher average net debt.

 

Income from tax equalisation swap premia will this year be significantly weighted to the first half of the year due to market movements which enabled us to crystallise profits early.

 

The tax equalisation swap premia structure includes foreign exchange hedges which generate foreign exchange movements with an equal and opposite movement in the Group’s tax position. Last year, this resulted in a £3 million credit to net interest and a corresponding charge to tax. This year, due to the weakness of sterling, it has resulted in a £63 million charge to net interest and an equal credit to taxation. We have treated both items as exceptional and excluded them from underlying results.

 

During the period, the Group negotiated an additional £90 million of committed short-term bank facilities. The Group’s ratio of net debt to forecast EBITDA remains comfortable at 2.88 (on a rolling 12 month basis), although this is above the Group’s target of 2.5 times. We are accordingly looking to reduce our debt over the coming months.

 

·       Other items

 

The Group’s share of the results* of its joint ventures and associates fell by £2.5 million to £0.3 million. Following the reclassification of GLM as a subsidiary from the start of the year, the main item is DMG Radio Australia’s joint ventures which increased their contribution. This was offset by a share of the losses of Mail Today in India.

 

The Group has charged £2 million as exceptional operating costs. This charge comprised reorganisation costs within Associated and Northcliffe, net of a credit within Euromoney.

 

The charge for amortisation of intangible assets rose by £3 million to £46 million. The Group has also made an impairment charge of £35 million, principally relating to a number of consumer and gift shows, but including a write down of £14 million of the Group’s original investment in GLM, arising purely from the Group’s IFRS transition election on 4^th October, 2004 and matched by an equal and opposite credit to reserves.

 

An exceptional gain of £10 million arose within income from associates on the sale of the main business of Centurion (formerly Indigo Holidays). The Group recorded other gains and losses of £15 million, compared to £46 million in the prior period. This comprised mainly an exceptional profit of £12 million on the sale of businesses, principally that of Dolphin Software by DMG Information, and a gain of £5 million on the sale of surplus properties.

 

·       Taxation

 

The adjusted tax charge of £28 million (2007 £39 million) is stated after adjusting for the effect of exceptional items. The adjusted tax rate for the half year fell to 19.7 % from 26.4% in the 2007 full year. The fall reflects tax reductions from tax-efficient financing and increased tax deductible amortisation in the US that are expected to recur. Efficiencies arising from tax equalisation arrangements which are not necessarily sustainable also reduced the rate. Excluding the latter, the underlying rate of tax would have been approximately 24% which is also our best estimate of the Group’s underlying rate for the full year.

 

Pensions

The surplus on the Group’s defined benefit pension schemes fell slightly from £81 million at the beginning of the year to £80 million at the half year (calculated in accordance with IAS 19). There was a slight increase on the main schemes due primarily to higher bond yields reducing the value of liabilities more than the fall in asset values in the period.

 

Net debt and cash flow

Net debt at the end of the period was £1,141 million, an increase of £191 million since the year end. Total acquisition spend was £163 million, capital expenditure £41 million, taxation and interest £53 million and dividends and share repurchases totalled £134 million. These were offset partly by operating cash flows of £173 million and disposals of investments and businesses of £27 million.

 

The main acquisitions were the cost of buying the balance of GLM for £77 million and the purchase of 6.8 million Euromoney shares for £27 million, increasing the Group’s stake from 61.2% to 66.6%. Other smaller acquisitions were made of Inframation, a German property information business, Enva Power, which provides power market traders with trading insight based on complex analytics and real-time market data, Oilcareers, an online job-board for the oil industry principally focused on UK jobs and an investment in a US based advertising solutions business, Spot Runner. The main disposal was of Dolphin Software by DMG Information.

 

The Group acquired 18.4 million of its ‘A’ Ordinary shares for £88 million, using 2.8 million of them to settle exercised share options in RMS. Following these purchases, DMGT’s weighted average number of shares in issue for the full year is estimated at 377.6 million (2007 390.3 million). No purchases have been made since February as the Group has concentrated on reducing its debt. The Board will consider making further share repurchases where this continues to create value for shareholders.

 

Subsequent events

Since the half year, the Group has made disposals totalling £58 million. Hobsons’ European graduate recruitment businesses in Germany, Belgium and the UK have been sold for £28 million. The Group has also sold 9.8 million shares in GCap Media, which is subject to an agreed takeover bid, for £22 million. Its remaining 8.337% holding in GCap Media, valued at around £30 million, is expected to be realised shortly.

 

Dividend

The Board has declared an interim dividend of 4.80 pence per Ordinary ‘A’ Ordinary Non-Voting share (2007 4.45 pence) which will be paid on 4^th July, 2008 to shareholders on the register at the close of business on 6^th June, 2008.

 

Statement of Directors’ responsibilities

The Directors are responsible for preparing the half-yearly financial report, in accordance with applicable law and regulations.

 

The Directors confirm that to the best of their knowledge, this condensed set of financial statements which should be read in conjunction with the annual financial statements for the year ended 30^th September, 2007:

 

a) has been prepared in accordance with IAS 34 ‘Interim financial reporting’ as adopted by the European Union; and

 

b) includes a fair review of the information required by the Financial Services Authority’s Disclosure and Transparency Rules 4.2.7R and 4.2.8R.

 

By order of the Board of Directors

 

 

The Viscount Rothermere

Chairman

21^st May, 2008

 

*References to operating profit or loss or share of the results of joint ventures and associates in the narrative above are to adjusted operating profit or loss or adjusted share of the results of joint ventures and associates before amortisation and impairment of intangible assets and exceptional items); see notes 2 and 3.

 

The average £:$ exchange rate for the half year was £1: $2.01 (against £1:$1.94 for the first half of last year).

 

For further information

 

For analyst and institutional enquiries:

Peter Williams                                                    020 7938 6631

Nicholas Jennings                                               020 7938 6625

 

For media enquiries:

Andrew Honnor, Tulchan Communications      020 7353 4200

 

 

Analysts’ presentation and webcast

A presentation of the Half Year results will be given to investors and analysts at 9.30 a.m. on 22^nd May, 2008 at the offices of JP Morgan Cazenove, 20 Moorgate, London, EC2R 6DA. There will also be a live webcast available on our website: http://www.dmgt.co.uk.

 

Next trading update

The Group’s next scheduled announcement of financial information will be its third quarter interim management statement on 23^rd July 2008.

Condensed consolidated income statement

For the period ended 30th March, 2008
		Unaudited	Unaudited	Audited
		Half year ended 30th March, 2008	Half year ended 1st April, 2007	Year ended 30th September, 2007
	Note	£m	£m	£m
Continuing operations
Revenue	3	1,167.8	1,116.1	2,235.1
Operating profit before exceptional operating costs and amortisation and impairment of goodwill and intangible assets	3	166.1	159.0	322.4
Exceptional operating costs	4	(1.8)	(6.5)	(28.1)
Amortisation and impairment of goodwill and intangible assets	3	(76.4)	(41.3)	(134.9)
Operating profit before share of results of joint ventures and associates	3	87.9	111.2	159.4
Share of results of joint ventures and associates	5	5.5	1.0	1.8
Total operating profit		93.4	112.2	161.2
Other gains and losses	6	15.4	45.6	35.7
Profit before net finance costs and tax		108.8	157.8	196.9
Investment income	7	1.7	2.5	7.0
Finance costs	8	(87.9)	(27.5)	(61.8)
Net finance costs		(86.2)	(25.0)	(54.8)
Profit before tax		22.6	132.8	142.1
Tax	9	44.1	(38.1)	(20.3)
Profit after tax from continuing operations		66.7	94.7	121.8
Discontinued operations
Profit from discontinued operations		0.2	0.4	0.5
Profit for the period		66.9	95.1	122.3
Attributable to :
Equity shareholders		58.5	87.1	107.0
Minority interests		8.4	8.0	15.3
Profit for the period		66.9	95.1	122.3
Earnings per share	12
From continuing operations
Basic		15.3 p	22.3 p	27.3 p
Diluted		15.3 p	22.2 p	27.1 p
From discontinued operations
Basic		– p	– p	0.1 p
Diluted		– p	– p	0.1 p
From continuing and discontinued operations
Basic		15.3 p	22.3 p	27.4 p
Diluted		15.3 p	22.2 p	27.2 p
Adjusted earnings per share
From continuing and discontinued operations
Basic		27.8 p	21.9 p	49.3 p
Diluted		27.8 p	21.9 p	49.2 p

 

Condensed consolidated statement of recognised income and expense

For the period ended 30th March, 2008
	Note				Unaudited Half year ended 30th March, 2008 £m			Unaudited Half year ended 1st April, 2007 £m			Audited Year ended 30th September, 2007   £m
Profit for the period					66.9			95.1			122.3
Foreign exchange differences on translation of foreign operations					26.8			23.0			1.8
Fair value movements on available-for-sale investments					–			2.4			0.2
(Losses)/gains on cash flow hedges					(4.9)			2.5			6.4
Change in value of other hedges recorded in equity					(24.9)			(0.9)			13.4
Actuarial gains on defined benefit pension schemes					4.6			120.7			207.1
Current tax on items recognised in equity					–			–			0.3
Deferred tax on actuarial movement					(1.3)			(36.2)			(60.9)
Deferred tax on other items recognised directly in equity					3.4			(0.7)			1.2
Net income recognised directly in equity					65.0			205.9			291.8
Transfers
Impairment of GCap Media plc recognised in income statement					–	–			24.4
Translation reserves recycled to income statement on disposals					–	–			(0.1)
Transfer of gain on cash flow hedges from translation reserves to income statement					(2.1)	–			(2.7)
					(2.1)	–			21.6
Total recognised income and expense for the period					62.9	205.9			313.4
Attributable to :
Equity shareholders					56.2	192.4			296.0
Minority interests					8.5	13.5			17.4
					68.5	205.9			313.4
Condensed consolidated reconciliation of movements in equity
For the period ended 30th March, 2008
						Unaudited		Unaudited			Audited
						Half year ended 30th March, 2008		Half year ended 1st April, 2007			Year ended 30th September, 2007
			Note			£m		£m			£m
Total recognised income and expense for the year						68.5		205.9			313.4
Dividends paid			10			(38.4)		(35.3)			(53.2)
Issue of share capital						–		2.1			2.7
Exercise of acquisition option commitments						7.0		–			7.2
Movement in losses attributable to minorities which are borne by Group						–		–			5.4
Initial recording of put options granted to minority interests in subsidiaries						–		(13.9)			(18.5)
Transactions with minorities						(9.3)		20.8			11.2
Settlement of exercised share options of subsidiary						(16.5)		(13.0)			(13.2)
Credit to equity for share-based payments						6.9		4.7			18.1
Shares purchased to be held in treasury						(88.3)		(18.6)			(32.8)
Own shares released on vesting of share options						16.8		–			4.9
Revaluation of previously held interest in associate on acquisition of control			18			27.0		–			–
Adjustment to equity following increased stake in controlled entity						(7.3)		–			–
Total movement in equity for the period						(33.6)	152.7			245.2
Equity at the beginning of the period							720.5	475.3			475.3
Equity at the end of the period							686.9	628.0			720.5