Enodis Plc Announces Results for the 26 Weeks Ended 27 March 2004 (H104)


LONDON, May 11, 2004 (PRIMEZONE) -- Enodis Plc (NYSE:ENO):

Results for the 26 weeks ended 27 March 2004 (H104)

STEADY PROGRESS CONTINUES



  Group Financial Highlights -- GBPm (except EPS)

                                Q204     Q203       H104       H103
  Turnover                     142.5    154.1      290.8      310.9
  Operating profit               8.0      3.8       13.8        6.7
  Adjusted operating            10.8     11.4       19.8       19.5
  profit*
  Profit/(loss) before tax       5.1    (1.8)        7.2      (2.0)
  Adjusted profit before         6.6      5.8       11.0        8.3
  tax**
  Basic and diluted              1.0    (0.9)        1.3      (0.9)
  earnings/(loss) per share
  (pence)
  Adjusted basic and             1.3      1.2        2.3        1.7
  diluted earnings per
  share (pence)
  Like-for-like Food           142.5    140.5      290.5      290.3
  Equipment turnover***
  Like-for-like Food            13.1     12.0       25.1       21.9
  Equipment operating
  profit***
  Net debt                                       (121.9)    (181.0)



 Key Points

 -- Food Equipment like-for-like operating profit in H104 up 15% to
    GBP25.1m

     o Food Service Equipment -- North America H1 like-for-like
       operating profit up 11% to GBP20.3m on broadly unchanged
       like-for-like turnover. Q2 like-for-like operating profit up
       15% to GBP10.7m on like-for-like turnover up 4%

     o Food Service Equipment -- Europe/Asia H1 like-for-like
       operating profit down 35% to GBP2.4m on broadly unchanged
       like-for-like turnover reflecting planned investment in new
       products and the absence of a major rollout. Q2 like-for-like
       operating profit down 35% to GBP1.3m on a 1% decline in
       like-for-like turnover

     o Food Retail Equipment H1 like-for-like operating profit up
       GBP2.5m from breakeven as management actions at Kysor Warren
       continue to show benefits. Q2 like-for-like operating profit up
       57% to GBP1.1m

 -- Adjusted H104 profit before tax up 33% to GBP11.0m despite a
    GBP1.7m adverse foreign exchange impact in Food Equipment operating
    results

 -- Basic and diluted EPS 1.3p (H103: loss per share of 0.9p)

 -- Net debt down 13% to GBP121.9m from September 2003 and 33% from
    March 2003.

 *     Before operating exceptional items and goodwill amortisation
       (see Other unaudited financial information in the attached
       results for more details).
 **    Before all exceptional items and goodwill amortisation (see
       Other unaudited financial information in the attached financial
       statements for details).
 ***   Prior year turnover and adjusted operating profit adjusted
       for foreign exchange (see Other unaudited financial information
       in the attached financial statements for details).

The above adjusted information is used throughout this document and is presented to indicate underlying operating performance of the Group.

Peter Brooks, Chairman, said:

"We are pleased with the momentum we have built from our key initiatives and our steady progress in the face of mixed markets, commodity cost inflation and adverse foreign exchange translations of profits. Overall, we are maintaining our cautious optimism for the second half and our expectations for underlying performance for the year remain consistent with those at the time of our full year announcement last November."

Dave McCulloch, Chief Executive Officer, added:

"We are beginning to see the first signs of growth in our North American food service equipment markets, but markets in Europe and Retail remain tough. We continue to mitigate the effect of substantially increased commodity costs through the acceleration of our ongoing lean manufacturing and purchasing initiatives, as well as by the introduction of further price increases. At the same time, we are investing more in R&D and our IT infrastructure to build a solid platform for the future. Compared to last year, the weakness of the US dollar will negatively impact the translation of profits."

A meeting for equity investors and analysts will be held today at 9.00am at the offices of Financial Dynamics. We will also host a conference call for bond holders and other interested parties at 4.00pm today. The format of this call will be a brief resume of the interim results and a Q&A session. For details, please contact Elaine Holder at Financial Dynamics on +44 (0) 20 7269 7121, or Tina Mularski at Enodis on +44 (0) 20 7304 6006.

SEC Filings

Enodis plc has a secondary listing on the New York Stock Exchange (Ticker symbol: ENO) and files reports with the Securities and Exchange Commission (SEC) in the US. These reports contain additional information that is not included in this press release. Copies of the reports are available on the SEC website at www.sec.gov.

This press release contains "forward-looking statements," within the meaning of the U.S. federal securities laws, that represent our expectations or beliefs regarding future events, based on currently available information, including statements concerning our anticipated performance. These statements by their nature involve risks and uncertainties, many of which are beyond our control. Our actual results could differ materially from those expressed in the forward-looking statements due to a variety of important factors, including our substantial debt obligations and restrictive covenants; susceptibility to economic downturns including delays on market improvements; competitive pricing pressures; consolidation or loss of large customers; changes in customer purchasing patterns; unfavorable changes in the price of commodities or raw materials; the results of technological developments; currency fluctuations; the outcome of current lawsuits; and other risks related to our U.S., U.K. and foreign operations. A more complete description of our risk factors is included under "Risk Factors" in our Form 20-F which was filed with the SEC during December 2003, as well as in more recent Form 6-K reports furnished with the SEC.

CHIEF EXECUTIVE OFFICER'S REVIEW

Results

Turnover in H104 was GBP290.8m (H103: GBP310.9m). The GBP20.1m decline was primarily due to the translation effect of foreign currency exchange rate movements, principally the weakening US dollar. Like-for-like Food Equipment turnover in H104 was broadly unchanged compared to the prior year. Q204 like-for-like Food Equipment turnover was up 1% at GBP142.5m. Due to seasonality effects, our turnover is traditionally higher in the second half.

Adjusted operating profit in H104 was GBP19.8m (H103 : GBP19.5m). Like-for-like Food Equipment operating profit was up 15 % (GBP3.2m) in the half to GBP25.1m. Food Service Equipment -- North America was up 11% with strong performances at our ice and refrigeration businesses. This more than offset lower European operating profits where the prior year comparative figures reflected a major chain rollout that was not repeated and increased current year product development spend. The actions taken in early 2003 at Kysor Warren continued to be reflected in improved results in our Food Retail segment. The increase in like-for-like operating profit was partially offset by foreign currency translation effects, mainly brought about by the weakening US dollar (GBP1.7m in the half).

Q204 like-for-like operating profit was up GBP1.1m (9%) to GBP13.1m which was more than offset by GBP1.4m of currency effects.

H104 adjusted profit before tax increased by 33% to GBP11.0m (H103: GBP8.3m) with adjusted operating profit GBP0.3m higher (including currency effects) and interest GBP2.4m lower than the prior year. In Q204 adjusted profit before tax was GBP6.6m (Q203: GBP5.8m) with adjusted operating profit GBP0.6m lower than last year, offset by a GBP1.4m lower interest charge.

Profit after tax in H104 was GBP5.3m compared to a loss of GBP3.4m in H103. Q204 profit after tax was GBP3.9m compared to a loss of GBP3.4m in Q203.

Net debt fell to GBP121.9m (at 27 September 2003: GBP139.7m) with GBP10.8m of the decrease arising from favourable foreign exchange rate movements. Compared to H103, net debt was down GBP59.1m (33%) at period end.

Net cash flow before financing of GBP6.6m (H103: GBP5.1m) included increased capital expenditure (of which around GBP1.8m relates to improving our IT infrastructure). Cash flow has improved in part due to lower tax and interest costs and the non-recurrence of a prior year disposal warranty payment. There has been increased cash flow in respect of vacant properties. Cash conversion days were 40, an improvement of six days from H103.

REVIEW OF OPERATIONS

Global Food Service Equipment

Global Food Service Equipment comprises our operations in North America, which contribute approximately 75% of Global Food Service Equipment annual turnover, and those in Europe/Asia.

Turnover reduced by GBP15.2m from H103 primarily due to the translation effect of foreign currency exchange rate movements, principally the weakening US dollar. Like-for-like sales were broadly unchanged as we offset the impact of lower sales to certain QSR chains by increased sales in most product lines.

The cost reduction actions that we implemented in March 2003 delivered approximately GBP2m of savings in the second quarter, a total of approximately GBP4m in the half, in line with our plans, and contributed to a 3% improvement in like-for-like operating profit.

In Q204 like-for-like turnover improved by 3% as, for the first time since Q103, our North American businesses increased quarter on quarter sales contributing to a 6% increase in like-for-like operating profit.



  Turnover GBPm           H104     H103        FX     Like-for-Like
                                                               H103

  Food Service           179.3    196.3    (17.8)             178.5
  Equipment -- North
  America

  Food Service            67.7     65.9       1.8              67.7
  Equipment --
  Europe/Asia

  Global Food Service    247.0    262.2    (16.0)             246.2
  Equipment

Food Service Equipment -- North America like-for-like sales in H104 were broadly unchanged compared to last year as a 3% decline in Q104 was offset in Q204. The effect of continued lower sales to certain QSR chains reduced in our quarter on quarter comparatives. We increased like-for-like turnover by 4% in Q204, the first quarter on quarter increase since Q103. Sales in most product lines have increased particularly in our ice businesses.

Food Service Equipment -- Europe/Asia like-for-like sales in both H1 and Q2 were broadly unchanged as the impact of a difficult UK market was offset by strong performances in the ice businesses.



  Adjusted operating         H104    H103       FX    Like-for-Like
  profit GBPm                                                  H103

  Food Service Equipment     20.3    20.1    (1.8)             18.3
  -- North America

  Food Service Equipment      2.4     3.6      0.1              3.7
  -- Europe/Asia

  Global Food Service        22.7    23.7    (1.7)             22.0
  Equipment

Food Service Equipment -- North America like-for-like operating profit was up 11% in H104 and 15% in Q204. The year on year improvement in like-for-like operating profit arose from the combined effect of increased sales in most product lines and last year's division-wide cost reduction programme, which offset the effects of reduced sales to certain QSR chains. We saw particular improvements in our ice and refrigeration businesses. As discussed in our Q104 announcement, the results for our North American operations in H104 included a one-off pension credit of GBP0.5m.

In line with our objective of becoming a low cost producer of high quality products, our lean manufacturing and purchasing initiatives are gaining momentum and are mitigating the commodity cost pressures, especially steel surcharges, that began to impact us in Q204.

In Food Service Equipment -- Europe/Asia, similar factors affected both the half and the second quarter. Improvements in our ice businesses have been offset by two factors: increased product development costs in continental Europe and the lack of contribution in the UK from a prior year rollout of Merrychef ovens to a North American chain.

Food Retail Equipment

Our Food Retail Equipment businesses operate predominantly in the USA with sales/service offices in Canada and Mexico.



  GBPm                      H104     H103       FX    Like-for-Like
                                                               H103

  Turnover                  43.5     48.7    (4.6)             44.1

  Adjusted operating         2.4    (0.1)       --            (0.1)
  profit

Kysor Warren has continued the progress shown in Q104 and made small adjusted operating profits in both H104 and Q204.

Food Retail Equipment like-for-like turnover was down in Q204 compared to Q203 as a result of market conditions affecting Kysor Warren's current customer base. This has been offset by improved sales at Kysor Panel Systems and the benefits, particularly in Q204, of new business in Mexico. Q204 like-for-like sales were down by GBP1.4m compared to Q203.

In addition to the operating profit effect of increased sales at both Kysor Panel Systems and in Mexico, Kysor Warren continued its trend of improved results and was profitable in H104 compared to a loss reported last year.

In Q204, the focus on profitable business, improved quality, on-time delivery and customer service led to Kysor Warren being able to absorb the effect of reduced turnover. The quarter on quarter benefits of the Kysor Warren turnaround, which commenced in Q203, will lessen over the balance of the year. In addition, we expect trading conditions to continue to be difficult.

OTHER

Exceptional items

The exceptional item in H104 relates to the release of disposal warranty accruals that are no longer required following the expiry of the associated warranty periods. There is no cash impact of this release.

Interest

The interest charge in the half reduced by GBP2.4m to GBP8.8m. This is primarily the result of lower average debt balances.

Property

As discussed in our 2003 full year statement, we continue to expect annual profits from property development to reduce over time. The charge in the period related to the ongoing costs of managing our residual property portfolio and the phasing of costs relating to development projects.

Earnings per share

Adjusted diluted earnings per share were 2.3p (H103: 1.7p). Basic earnings per share were 1.3p (H103: loss of 0.9p).

Dividends

No dividend is proposed for the period (2003: nil).

OUTLOOK

Since the time of our Q1 announcement, food equipment markets have moved as we anticipated.

We are beginning to see the first signs of growth in our North American food equipment markets. Improving macro economic indicators, growth in food and beverage sales particularly at a number of QSR chains, indications that purchasers of food service equipment are becoming more confident and improving order rates, all support our view that food equipment demand will increase in the second half.

In contrast, European food equipment markets remain mixed with the UK market particularly challenging. We expect Food Retail markets to continue to be difficult.

In Q204 we year saw substantial increases in commodity costs, especially in steel surcharges, which were in excess of our expectations. We continue to mitigate the effect of these increases through the acceleration of our ongoing lean manufacturing and purchasing initiatives, as well as by the introduction of further price increases.

The weaker US dollar continues to impact the translation of profits to sterling, but is helping the competitive position of our US-made products in international markets.

Overall we are maintaining the cautious optimism for the second half that we indicated at the time of our Q1 announcement. Our expectation of the Group's underlying performance for the full year ending 2 October 2004 has not changed since the time of our 2003 full year statement in November 2003.

We remain confident in the long-term outlook for Enodis.

Dave McCulloch

Chief Executive Officer

11 May 2004



 Group profit and loss account
 26 weeks to 27 March 2004




                                 26 weeks to 27 March 2004
                              Before      Exceptional         Total
                         exceptional            items
                               items         (note 4)
                  Notes         GBPm             GBPm          GBPm
                         (unaudited)      (unaudited)   (unaudited)

  Turnover
  Food                        290.5                --         290.5
  Equipment
  Property                      0.3                --           0.3
  Total              2        290.8                --         290.8
  turnover
  Operating profit/(loss) before
  goodwill amortisation
  Food                         25.1                --          25.1
  Equipment
  Property                    (0.9)                --         (0.9)
  Corporate                   (4.4)                --         (4.4)
  costs
                               19.8                --          19.8
  Goodwill                    (6.0)                --         (6.0)
  amortisation
  Operating          3         13.8                            13.8
  profit/(loss)
  Profit/(loss)      4           --               2.2           2.2
  on disposal
  of businesses
  Profit/(loss)                13.8               2.2          16.0
  on ordinary
  activities
  before
  interest and
  taxation
  Net interest                (8.8)                --         (8.8)
  payable and
  similar
  charges
  Profit/(loss)                 5.0               2.2           7.2
  on ordinary
  activities
  before
  taxation
  Tax on             5        (1.9)                --         (1.9)
  profit/(loss)
  on ordinary
  activities
  Profit/(loss)                 3.1               2.2           5.3
  on ordinary
  activities
  after
  taxation
  Equity                      (0.1)                --         (0.1)
  minority
  interests
  Retained                      3.0               2.2           5.2
  profit/(loss)
  Earnings/(loss)    6                                        Pence
  per share
  (pence)
                                                        (unaudited)
  Basic earnings/(loss) per share                               1.3
  Adjusted basic earnings/(loss) per share                      2.3
  Diluted earnings/(loss) per share                             1.3
  Adjusted diluted earnings/(loss) per share                    2.3






                                  26 weeks to 29 March 2003
                                Before   Exceptional
                           exceptional         items
                                 items      (note 4)          Total
                   Notes          GBPm          GBPm           GBPm
                           (unaudited)   (unaudited)    (unaudited)
  Turnover
  Food Equipment                 310.9            --          310.9
  Property                          --            --             --
  Total turnover       2         310.9            --          310.9
  Operating
  profit/(loss)
  before
  goodwill
  amortisation
  Food Equipment                  23.6         (1.6)           22.0
  Property                          --         (2.5)          (2.5)
  Corporate                      (4.1)         (1.9)          (6.0)
  costs
                                  19.5         (6.0)           13.5
  Goodwill                       (6.8)            --          (6.8)
  amortisation
  Operating            3          12.7         (6.0)            6.7
  profit/(loss)
  Profit/(loss)        4            --           2.5            2.5
  on disposal of
  businesses
  Profit/(loss)                   12.7         (3.5)            9.2
  on ordinary
  activities
  before
  interest and
  taxation
  Net interest                  (11.2)            --         (11.2)
  payable and
  similar
  charges
  Profit/(loss)                    1.5         (3.5)          (2.0)
  on ordinary
  activities
  before
  taxation
  Tax on               5         (1.4)            --          (1.4)
  profit/(loss)
  on ordinary
  activities
  Profit/(loss)                    0.1         (3.5)          (3.4)
  on ordinary
  activities
  after taxation
  Equity                            --            --             --
  minority
  interests
  Retained                         0.1         (3.5)          (3.4)
  profit/(loss)
  Earnings/(loss)      6                                      Pence
  per share
  (pence)
                                                        (unaudited)
  Basic                                                       (0.9)
  earnings/(loss)
  per share
  Adjusted basic                                                1.7
  earnings/(loss)
  per share
  Diluted                                                     (0.9)
  earnings/(loss)
  per share
  Adjusted                                                      1.7
  diluted
  earnings/(loss)
  per share



  Group statement of total recognised    26 weeks to    26 weeks to
  gains and losses                          27 March       29 March
                                                2004           2003
                                                GBPm           GBPm
                                         (unaudited)    (unaudited)
  Retained profit/(loss)                         5.2          (3.4)
  Currency translation differences on         (10.6)            0.3
  foreign currency net investments
  Total recognised gains and losses            (5.4)          (3.1)
  for the period
  Prior period adjustment (note 1)               1.4             --
  Total recognised gains and losses            (4.0)          (3.1)
  since last annual report



 Group profit and loss account
 13 weeks to 27 March 2004




                                 13 weeks to 27 March 2004
                              Before      Exceptional         Total
                         exceptional            items
                               items         (note 4)
                  Notes        GBPm              GBPm          GBPm
                         (unaudited)      (unaudited)   (unaudited)

  Turnover
  Food                        142.5                --         142.5
  Equipment
  Property                       --                --            --
  Total              2        142.5                --         142.5
  turnover
  Operating
  profit/(loss)
  before
  goodwill
  amortisation
  Food                         13.1                --          13.1
  Equipment
  Property                    (0.2)                --         (0.2)
  Corporate                   (2.1)                --         (2.1)
  costs
                               10.8                --          10.8
  Goodwill                    (2.8)                --         (2.8)
  amortisation
  Operating          3          8.0                --           8.0
  profit/(loss)
  Profit/(loss)      4           --               1.3           1.3
  on disposal
  of businesses
  Profit/(loss)                 8.0               1.3           9.3
  on ordinary
  activities
  before
  interest and
  taxation
  Net interest                (4.2)                --         (4.2)
  payable and
  similar
  charges
  Profit/(loss)                 3.8               1.3           5.1
  on ordinary
  activities
  before
  taxation
  Tax on                      (1.2)                --         (1.2)
  profit/(loss)
  on ordinary
  activities
  Profit/(loss)                 2.6               1.3           3.9
  on ordinary
  activities
  after
  taxation
  Equity                      (0.1)                --         (0.1)
  minority
  interest
  Retained                      2.5               1.3           3.8
  profit/(loss)
  Earnings/(loss)    6                                        Pence
  per share
  (pence)
                                                        (unaudited)
  Basic earnings/(loss) per share                               1.0
  Adjusted basic earnings/(loss) per share                      1.3
  Diluted earnings/(loss) per share                             1.0
  Adjusted diluted earnings/(loss) per share                    1.3




                                  13 weeks to 29 March 2003
                                Before   Exceptional
                           exceptional         items
                                 items      (note 4)          Total
                   Notes          GBPm          GBPm           GBPm
                           (unaudited)   (unaudited)    (unaudited)
  Turnover
  Food Equipment                 154.1            --          154.1
  Property                          --            --             --
  Total turnover       2         154.1            --          154.1
  Operating
  profit/(loss)
  before
  goodwill
  amortisation
  Food Equipment                  13.4         (1.6)           11.8
  Property                          --         (2.5)          (2.5)
  Corporate                      (2.0)         (0.2)          (2.2)
  costs
                                  11.4         (4.3)            7.1
  Goodwill                       (3.3)            --          (3.3)
  amortisation
  Operating            3           8.1         (4.3)            3.8
  profit/(loss)
  Profit/(loss)        4            --            --             --
  on disposal of
  businesses
  Profit/(loss)                    8.1         (4.3)            3.8
  on ordinary
  activities
  before
  interest and
  taxation
  Net interest                   (5.6)            --          (5.6)
  payable and
  similar
  charges
  Profit/(loss)                    2.5         (4.3)          (1.8)
  on ordinary
  activities
  before
  taxation
  Tax on                         (1.0)         (0.6)          (1.6)
  profit/(loss)
  on ordinary
  activities
  Profit/(loss)                    1.5         (4.9)          (3.4)
  on ordinary
  activities
  after taxation
  Equity                            --            --             --
  minority
  interest
  Retained                         1.5         (4.9)          (3.4)
  profit/(loss)
  Earnings/(loss)      6                                      Pence
  per share
  (pence)
                                                        (unaudited)
  Basic                                                       (0.9)
  earnings/(loss)
  per share
  Adjusted basic                                                1.2
  earnings/(loss)
  per share
  Diluted                                                     (0.9)
  earnings/(loss)
  per share
  Adjusted                                                      1.2
  diluted
  earnings/(loss)
  per share





  Group statement of total recognised    13 weeks to    13 weeks to
  gains and losses                          27 March       29 March
                                                2004           2003
                                                GBPm           GBPm
                                         (unaudited)    (unaudited)
  Retained profit/(loss)                         3.8          (3.4)
  Currency translation differences on          (3.4)            3.5
  foreign currency net investments
  Total recognised gains and losses              0.4            0.1
  for the period




 Group profit and loss account
 52 weeks to 27 September 2003



                                  52 weeks to 27 September 2003
                                  Before   Exceptional        Total
                             exceptional         items
                                   items      (note 4)
                      Notes         GBPm          GBPm         GBPm
  Turnover
  Food Equipment                   663.7            --        663.7
  Property                          15.7            --         15.7
                          2        679.4            --        679.4
  Operating
  profit/(loss)
  before goodwill
  amortisation
  Food Equipment                    64.9         (4.7)         60.2
  Property                           5.4         (3.3)          2.1
  Corporate costs                  (9.5)         (4.5)       (14.0)
                                    60.8        (12.5)         48.3
  Goodwill amortisation           (13.8)            --       (13.8)
  Operating               3         47.0        (12.5)         34.5
  profit/(loss)
  Profit/(loss) on        4           --           3.3          3.3
  disposal of
  businesses
  Profit/(loss) on                  47.0         (9.2)         37.8
  ordinary
  activities before
  interest and
  taxation
  Net interest                    (21.9)            --       (21.9)
  payable and
  similar charges
  Profit/(loss) on                  25.1         (9.2)         15.9
  ordinary
  activities before
  taxation
  Tax on                  5        (8.2)           1.8        (6.4)
  profit/(loss) on
  ordinary
  activities
  Profit/(loss) on                  16.9         (7.4)          9.5
  ordinary
  activities after
  taxation
  Equity minority                  (0.1)            --        (0.1)
  interests
  Retained                          16.8         (7.4)          9.4
  profit/(loss)
  Earnings per            6                                   pence
  share (pence)
  Basic earnings                                                2.4
  per share
  Adjusted basic                                                7.7
  earnings per
  share
  Diluted                                                       2.4
  earnings per
  share
  Adjusted diluted                                              7.7
  earnings per
  share
                                                           52 weeks
                                                                 to
                                                                 27
                                                          September
                                                               2003
  Group statement of total recognised gains and losses         GBPm
  Retained                                                      9.4
  profit/(loss)
  for the
  period
  Currency translation differences on foreign currency        (4.6)
  net investments
  Total recognised gains and (losses) for the period            4.8





 Group balance sheet




                          27 March          29 March   27 September
                              2004              2003           2003
                              GBPm              GBPm           GBPm
                       (unaudited)       (unaudited)
                                      (restated note      (restated
                                                  1)        note 1)
  Fixed assets
  Intangible                 186.7             227.0          208.8
  assets: Goodwill
  Tangible assets             74.5              84.8           81.6
  Investments                  3.9               4.9            4.0
                             265.1             316.7          294.4
  Current assets
  Stocks                      76.6              84.9           75.2
  Debtors                    102.4             115.3          118.3
  Deferred tax                21.7              25.1           23.8
  asset
  Cash at bank and            50.9              58.7           77.7
  in hand
                             251.6             284.0          295.0
  Creditors falling
  due within one
  year
  Borrowings                (25.7)            (38.9)         (49.3)
  Other creditors          (157.2)           (170.4)        (174.6)
                           (182.9)           (209.3)        (223.9)
  Net current assets          68.7              74.7           71.1
  Total assets less          333.8             391.4          365.5
  current
  liabilities
  Financed by:
  Creditors falling
  due after more
  than one year
  Borrowings                 140.0             191.2          160.2
  Provisions for              38.0              47.5           44.6
  liabilities and
  charges
                             178.0             238.7          204.8
  Capital and
  reserves
  Called up equity           200.5             200.2          200.2
  share capital
  Share premium              234.3             234.2          234.2
  account
  Profit and loss          (276.8)           (279.3)        (271.4)
  account
  ESOP Trust                 (2.4)             (2.4)          (2.4)
  Equity                     155.6             152.7          160.6
  shareholders'
  funds
  Equity minority              0.2                --            0.1
  interests
                             333.8             391.4          365.5
 Group cash flow statement




                              26 weeks to   26 weeks to    52 weeks
                                 27 March      29 March      to  27
                                                          September
                                     2004          2003        2003
                      Notes          GBPm          GBPm        GBPm
                              (unaudited)   (unaudited)
  Net cash flow                      21.2          23.9        80.0
  from operations
  before
  exceptional items
  Net cash flow                        --         (1.8)       (6.5)
  effect of
  exceptional items
  Net cash             (a)           21.2          22.1        73.5
  inflow/(outflow)
  from operating
  activities
  Return on
  investments and
  servicing of
  finance
  Interest paid                     (8.0)         (9.7)      (18.9)
  Taxation
  Overseas and UK                   (1.9)         (3.1)       (7.1)
  tax paid
  Capital
  expenditure and
  financial
  investment
  Payments to                       (4.7)         (3.3)      (10.0)
  acquire tangible
  fixed assets
  Receipts from                        --           0.4         0.6
  sale of tangible
  fixed assets
                                    (4.7)         (2.9)       (9.4)
  Acquisitions and
  disposals
  Disposal of                          --         (1.3)       (1.3)
  subsidiary
  undertakings
  Cash                                6.6           5.1        36.8
  inflow/(outflow)
  before financing
  Financing
  Issue of share                      0.4            --          --
  capital
  Net increase/(decrease)          (32.3)        (19.8)      (32.3)
  in term loans and other
  borrowings
  Capital element of                   --         (0.2)       (0.2)
  finance lease payments
                                   (31.9)        (20.0)      (32.5)
  Increase/(decrease) in           (25.3)        (14.9)         4.3
  cash in the period

 Notes to the group cash flow statement

 (a) Reconciliation of operating profit/(loss) to net cash
 inflow/(outflow) from operating activities



                   26 weeks to 27 March      26 weeks to 29 March
                          2004                       2003
                 Before   Effect  Total     Before  Effect
                 except       of           excepti      of
                  ional  excepti              onal excepti    Total
                  items     onal             items    onal
                           items                     items
                   GBPm     GBPm    GBPm     GBPm     GBPm     GBPm
                 (unaud  (unaudi (unaudi  (unaudi  (unaudi  (unaudi
                  ited)     ted)    ted)     ted)     ted)     ted)
  Operating       13.8       --     13.8     12.7    (6.0)      6.7
  profit/(loss)
  Depreciation     5.8       --      5.8      6.3       --      6.3
  Amortisation     6.0       --      6.0      6.8       --      6.8
  of goodwill
  Increase/      (3.4)       --    (3.4)    (0.6)      3.2      2.6
  (decrease) in
  provisions
  (Increase)/    (5.5)       --    (5.5)    (5.5)       --    (5.5)
  decrease in
  stock
  (Increase)/      9.5       --      9.5     14.4       --     14.4
  decrease in
  debtors
  Increase/      (5.0)       --    (5.0)   (10.2)      1.0    (9.2)
  (decrease) in
  creditors
  Net cash        21.2       --     21.2     23.9    (1.8)     22.1
  inflow/
  (outflow)
  from
  operating
  activities



                                 52 weeks to 27 September 2003
                                    Before        Effect of   Total
                               exceptional      exceptional
                                     items            items
                                      GBPm             GBPm    GBPm
  Operating profit/(loss)             47.0           (12.5)    34.5
  Depreciation                        12.4               --    12.4
  Amortisation of                     13.8               --    13.8
  goodwill
  Increase/(decrease) in             (2.8)              4.5     1.7
  provisions
  (Increase)/decrease in               2.6               --     2.6
  stock
  (Increase)/decrease in               7.5               --     7.5
  debtors
  Increase/(decrease) in             (0.5)              1.5     1.0
  creditors
  Net cash                            80.0            (6.5)    73.5
  inflow/(outflow) from
  operating activities


 (b) Reconciliation of net cash flow to movement in net debt




                              27 March       29 March  27 September
                                  2004           2003          2003
                                  GBPm           GBPm          GBPm
                           (unaudited)    (unaudited)
  Net debt at the start        (139.7)        (186.1)       (186.1)
  of period
  Increase/(decrease)           (25.3)         (14.9)           4.3
  in net cash in the
  period
  Net                             32.3           20.0          32.5
  (increase)/decrease
  in other loans
  Translation                     10.8             --           9.6
  differences
  Net debt at the end          (121.9)        (181.0)       (139.7)
  of the period

 (c) Reconciliation of net debt to balance sheet




                            27 March       29 March    27 September
                                2004           2003            2003
                                GBPm           GBPm            GBPm
                         (unaudited)    (unaudited)
  Cash at bank and in           50.9           58.7            77.7
  hand
  Short term                  (25.7)         (38.9)          (49.3)
  borrowing
  Long term borrowing        (140.0)        (191.2)         (160.2)
                             (114.8)        (171.4)         (131.8)
  Exclude deferred             (7.1)          (9.6)           (7.9)
  financing costs
                             (121.9)        (181.0)         (139.7)

Notes to the financial statements

1. Basis of Preparation

The accompanying condensed consolidated financial statements ("interim financial statements") have been prepared in accordance with accounting principles generally accepted in the United Kingdom ("UK GAAP"). The interim financial statements are unaudited but include all adjustments which management considers necessary for a fair presentation of the financial position of the Group (Enodis plc and subsidiary undertakings) for the 13 and 26 week periods ended 27 March 2004 and 29 March 2003 and the operating results and cash flows for the periods. Certain information and footnote disclosures normally included in statutory financial statements prepared in accordance with UK GAAP have been condensed or omitted. The results of operations for the 13 and 26 weeks ended 27 March 2004 may not necessarily be indicative of the operating results that may be achieved for the 53 week period ending 2 October 2004.

The quarterly and interim financial statements have been prepared on the basis of the accounting policies set out in the Group's financial statements for the period ended 27 September 2003, other than as noted below in respect of UITF Abstract 38 "Accounting for ESOP Trusts" ("UITF38").

During Q104, the Group adopted UITF38. Consequently the impairments booked against the Group's investment in own shares of GBP1.1m and GBP0.3m in FY01 and FY02 respectively, have been reversed and recorded in the profit and loss reserve. The original cost of investment has been reclassified from fixed asset investments to being a deduction in equity shareholders' funds. Comparative periods have been restated to reflect this accounting treatment. The Group's ESOP Trust holds 1,269,341 ordinary shares of Enodis plc at a cost of GBP2.4m. At 27 March 2004, the market value of the shares was GBP1.2m.

UK GAAP differs in certain significant respects from accounting principles generally accepted in the United States of America ("US GAAP"). The application of the latter would have affected the determination of profit/(loss) to the extent summarised in Note 8 to the interim financial statements.

These interim financial statements should be read in conjunction with the financial statements and the notes thereto included in the Group's latest Annual Report.

The accounts in this statement do not comprise full accounts within the meaning of section 240 of the Companies Act 1985. The figures for the 52 weeks to 27 September 2003 are based upon the 2003 Annual Report but do not comprise statutory accounts for that period. The audited financial statements have been delivered to the Registrar of Companies following approval at the Annual General Meeting of the Company on 11 February 2004. The Auditors made an unqualified report on those accounts and their report did not contain any statement under section 237 (2) or (3) of the Companies Act 1985. The figures for the 13 and 26 week periods to 27 March 2004 and 29 March 2003 have been extracted from underlying accounting records and have not been audited.

2. Turnover



                  26           26          13          13        52
                weeks       weeks       weeks       weeks     weeks
                   to          to          to          to        to
                   27          29          27          29        27
                March       March       March       March September
                 2004        2003        2004        2003      2003
                 GBPm        GBPm        GBPm        GBPm      GBPm
              (unaudi (unaudited) (unaudited) (unaudited)
                 ted)
  Food          179.3       196.3        88.8        96.2     408.4
  Service
  Equipment
  -- North
  America
  Food           67.7        65.9        33.9        33.9     144.5
  Service
  Equipment
  -- Europe/
  Asia
  Global        247.0       262.2       122.7       130.1     552.9
  Food
  Service
  Equipment

  Food           43.5        48.7        19.8        24.0     110.8
  Retail
  Equipment

  Food          290.5       310.9       142.5       154.1     663.7
  Equipment

  Property        0.3          --          --          --      15.7
                290.8       310.9       142.5       154.1     679.4

Notes to the financial statements (continued)

3. Operating profit/(loss)



                  26 weeks to 27 March       26 weeks to 29 March
                          2004                       2003
                Before   Except    Total   Before   Except    Total
                Except    ional            Except    ional
                 ional    items             ional    items
                 items                      items
                  GBPm     GBPm     GBPm     GBPm     GBPm     GBPm
               (unaudi  (unaudi  (unaudi  (unaudi  (unaudi  (unaudi
                  ted)     ted)     ted)     ted)     ted)     ted)
  Food            20.3       --     20.3     20.1    (1.4)     18.7
  Service
  Equipment
  -- North
  America
  Food             2.4       --      2.4      3.6    (0.2)      3.4
  Service
  Equipment
  -- Europe/Asia
  Global Food     22.7       --     22.7     23.7    (1.6)     22.1
  Service
  Equipment
  Food Retail      2.4       --      2.4    (0.1)       --    (0.1)
  Equipment
                  25.1       --     25.1     23.6    (1.6)     22.0
  Food           (6.0)       --    (6.0)    (6.8)       --    (6.8)
  Equipment
  goodwill
  amortisation

  Food            19.1       --     19.1     16.8    (1.6)     15.2
  Equipment
  Property       (0.9)       --    (0.9)       --    (2.5)    (2.5)
  Corporate      (4.4)       --    (4.4)    (4.1)    (1.9)    (6.0)
  costs
                  13.8       --     13.8     12.7    (6.0)      6.7




                  13 weeks to 27 March       13 weeks to 29 March
                          2004                       2003
                Before   Except    Total   Before   Except    Total
                Except    ional            except    Ional
                 ional    items             ional    items
                 items                      items
                  GBPm     GBPm     GBPm     GBPm     GBPm     GBPm
               (unaudi  (unaudi  (unaudi  (unaudi  (unaudi  (unaudi
                  ted)     ted)     ted)     ted)     ted)     ted)
  Food
  Service         10.7       --     10.7     10.7    (1.4)      9.3
  Equipment
  -- North
  America
  Food             1.3       --      1.3      2.0    (0.2)      1.8
  Service
  Equipment
  -- Europe/Asia
  Global Food     12.0       --     12.0     12.7    (1.6)     11.1
  Service
  Equipment
  Food Retail      1.1       --      1.1      0.7       --      0.7
  Equipment
                  13.1       --     13.1     13.4    (1.6)     11.8
  Food           (2.8)       --    (2.8)    (3.3)       --    (3.3)
  Equipment
  goodwill
  amortisation

  Food            10.3       --     10.3     10.1    (1.6)      8.5
  Equipment
  Property       (0.2)       --    (0.2)       --    (2.5)    (2.5)
  Corporate      (2.1)       --    (2.1)    (2.0)    (0.2)    (2.2)
  costs
                   8.0       --      8.0      8.1    (4.3)      3.8




                                   52 weeks to 27 September 2003
                                    Before    Exceptional     Total
                               exceptional          Items
                                     items
                                      GBPm           GBPm      GBPm
  Food Service Equipment --           50.7          (3.0)      47.7
  North America
  Food Service Equipment --           10.2          (1.7)       8.5
  Europe/Asia
  Global Food Service                 60.9          (4.7)      56.2
  Equipment
  Food Retail Equipment                4.0             --       4.0
                                      64.9          (4.7)      60.2
  Food Equipment goodwill           (13.8)             --    (13.8)
  amortisation
  Food Equipment                      51.1          (4.7)      46.4
  Property                             5.4          (3.3)       2.1
  Corporate costs                    (9.5)          (4.5)    (14.0)
                                      47.0         (12.5)      34.5

Notes to the financial statements (continued)

4. Exceptional items



  (a) Operating         26 weeks to    26 weeks to      52 weeks to
  exceptional items        27 March       29 March     27 September
                               2004           2003             2003
                               GBPm           GBPm             GBPm
                        (unaudited)    (unaudited)
  Restructuring                  --            1.8              6.1
  costs and cost
  reduction measures

  Vacant leasehold               --            2.5              3.3
  provisions
  Litigation costs               --            1.7              3.1
  Operating                      --            6.0             12.5
  exceptional items

2003

On 8 April 2003, the Group announced a restructuring and cost reduction programme including salaried headcount reduction and the relocation of the CEO's office to Tampa, Florida. Subsequently, further restructuring programmes were announced in Europe.

In addition, as a result of a slowdown in the property market, GBP3.3m was recognised in respect of vacant leasehold properties.

During 2003, the Group reassessed its accruals for legal costs for defending the claims in the Consolidated Industries litigation following an adverse summary judgement on certain of the claims totalling $8.6m, and provided GBP1.7m and GBP1.4m in Q103 and Q403 respectively. The Group continues to believe that the adverse decision is incorrect, and intends to appeal the decision. The Group's view of the outcome of the Consolidated Industries litigation remains unchanged.



  (b) Disposal of        26 weeks to    26 weeks to     52 weeks to
  businesses                27 March       29 March    27 September
                                2004           2003            2003
                                GBPm           GBPm            GBPm
                         (unaudited)    (unaudited)
  Profit/(loss) on               2.2            2.5             3.3
  disposals

2004

In November 2003 and in April 2004 respectively, the majority of warranties and indemnities that the Group gave at the time of the disposals of two of its subsidiaries expired. As a result, excess provisions of GBP0.9m and GBP1.3m have been credited to the profit and loss account in Q104 and Q204 respectively.

2003

In February 2003, the Group paid GBP1.3m to release it from the majority of the warranties and indemnities that were given at the time of the disposal of one of its subsidiaries. As a result, excess accruals of GBP2.5m, along with GBP0.8m from other disposals, were credited to the profit and loss account in Q103 and Q403 respectively.

Notes to the financial statements (continued)

5. Taxation



  (a) Analysis of       26 weeks to     26 weeks to     52 weeks to
  charge in period         27 March        29 March    27 September
                               2004            2003            2003
                               GBPm            GBPm            GBPm
                        (unaudited)     (unaudited)
  The tax charge for
  the current period
  comprised:
  UK taxation at 30%             --              --              --
  (2003:30%)
  Foreign                       1.9             1.4             7.4
  taxation -- current
              year
           -- prior year         --              --           (0.7)
                                1.9             1.4             6.7
  Deferred taxation              --              --             1.5
                                1.9             1.4             8.2
  Tax relief on                  --              --           (1.8)
  exceptional items
                                1.9             1.4             6.4

(b) The Group tax rate benefits from the effect of tax losses brought forward. A current tax charge arises principally because of profits arising in overseas countries where there are no available losses.

Notes to the financial statements (continued)

6. Earnings/(loss) per share



                      26        26        13        13           52
                   weeks     weeks     weeks     weeks        Weeks
                      to        to        to        to           to
                      27        29        27        29           27
                   March     March     March     March    September
                    2004      2003      2004      2003         2003
                    GBPm      GBPm      GBPm      GBPm         GBPm
                 (unaudi   (unaudi   (unaudi   (unaudi
                    ted)      ted)      ted)      ted)
  Retained           5.2     (3.4)       3.8     (3.4)          9.4
  profit/(loss)
  attributable
  to shareholders
                       m         m         m         m            m
  Basic            399.4     399.2     399.6     399.2        399.2
  weighted
  average
  number of
  shares
  Dilutive           2.0        --       3.0        --           --
  number of
  shares from
  executive
  share option
  schemes
  Diluted          401.4     399.2     402.6     399.2        399.2
  weighted
  average
  number of
  shares




                        26       26       13         13          52
                     weeks     weeks    weeks     weeks       weeks
                        to        to       to        to          to
                        27        29       27        29          27
                     March     March    March     March   September
                      2004      2003     2004      2003        2003
                     pence     pence    pence     pence       pence
                   (unaudi   (unaudi   (unaud   (unaudi
                      ted)      ted)    ited)      ted)
  Basic                1.3     (0.9)      1.0     (0.9)         2.4
  earnings/(loss)
  per share
  Effect per         (0.5)       0.9    (0.3)       1.2         1.8
  share of
  exceptional
  items
  Effect per           1.5       1.7      0.6       0.9         3.5
  share of
  goodwill
  amortisation
  Adjusted basic       2.3       1.7      1.3       1.2         7.7
  earnings/(loss)
  per share



  Diluted              1.3     (0.9)      1.0     (0.9)        2.4
  earnings/(loss) per
  share
  Effect per share of (0.5)      0.9    (0.3)       1.2        1.8
  exceptional items
  Effect per share of   1.5      1.7      0.6       0.9        3.5
  goodwill amortisation
  Adjusted diluted      2.3      1.7      1.3       1.2        7.7
  earnings/(loss) per
  share

Adjusted earnings per share before exceptional items (note 4) and goodwill amortisation are disclosed to reflect the underlying performance of the Group.

7. Foreign currency translation

The results of subsidiary companies reporting in currencies other than pounds sterling, principally US dollars, have been translated at the following rates:



                   26         26         13         13           52
                weeks      weeks      weeks      weeks        weeks
                   to         to         to         to           to
                  27          29         27         29           27
                March      March      March      March    September
                 2004       2003       2004       2003         2003
              (unaudi    (unaudi    (unaudi    (unaudi
                 ted)       ted)       ted)       ted)
  Average        1.78       1.58       1.83       1.60         1.60
  exchange
  rate
  GBP1=
  US$
  Closing        1.81       1.57       1.81       1.57         1.66
  exchange
  rate
  GBP1
  =US$

Notes to the financial statements (continued)

8. Supplementary information for US Investors

Reconciliation to generally accepted accounting principles in the United States of America

The consolidated financial statements have been prepared in accordance with UK GAAP, which differs from US GAAP. The following is a summary of adjustments to operating profit/(loss) and retained profit/(loss) for the period required when reconciling such amounts recorded in the consolidated financial statements to the corresponding amounts in accordance with US GAAP. This note does not include all disclosures required by US GAAP.



                                26 weeks to    26 weeks     52 weeks
                                                     to           to
                                   27 March    29 March 27 September
                                       2004        2003         2003
                                       GBPm        GBPm
                                (unaudited)  (unaudited)
                                              (restated)
  Retained                              5.2        (3.4)        9.4
  profit/(loss) in
  accordance with UK
  GAAP
  Items
  increasing/(decreasing)
  UK GAAP operating
  profit/(loss)(*):
  -- Goodwill                            6.0          6.8       13.5
  amortisation
  -- Pension costs                    (0.2)        (1.0)        2.2
  -- Leasing                          (0.1)        (0.1)      (0.1)
  transactions
  -- Share option plans                  --           --        0.1
  -- Restructuring                    (0.8)           --        0.8
  charges
  -- Derivative                         0.2          0.1        0.1
  instruments
  -- Long-lived assets                   --           --      (0.5)
  -- Loss contingencies                  --           --        1.8
  Items increasing/(decreasing) UK GAAP
  non-operating profit/(loss):
  -- Deferred taxation                  (4.2)       (1.8)     (36.9)

  -- Capitalised interest               0.4          0.2        0.4
  Retained profit/(loss) in             6.5          0.8      (9.2)
  accordance with US GAAP before
  cumulative effect of change in
  accounting principle
  Cumulative effect of change in         --       (84.9)     (84.9)
  accounting principle
  Retained profit/(loss) in             6.5       (84.1)     (94.1)
  accordance with US GAAP



  Retained profit/(loss) in accordance with US GAAP is represented
  by:
  Net profit/(loss) from continuing     4.3       (1.7)     (11.7)
  operations
  Gain on sale of discontinued          2.2         2.5        2.5
  operations
  Cumulative effect of change in         --      (84.9)     (84.9)
  accounting principle
  Retained profit/(loss) in accordance  6.5      (84.1)     (94.1)
  with US GAAP

(*) All adjustments exclude the effect of taxes, with all tax related adjustments included within the deferred taxation line item.

Description of differences

A discussion of the material variations in the accounting principles, practices and methods used in preparing the audited consolidated financial statements in accordance with UK GAAP from the principles, practices and methods generally accepted in the United States of America is provided in our Annual Report at 27 September 2003. Other than our adoption of UITF 38 (See Note 1), there have been no new material variations between UK GAAP and US GAAP accounting principles, practices and methods used in preparing these consolidated financial statements.

Notes to the financial statements (continued)

8. Supplementary information for US investors (continued) Adoption of new accounting standards

Effective from 29 September 2002, under US GAAP, the Group adopted the provisions of Statement of Financial Accounting Standards No. 142, "Goodwill and Other Intangible Assets" ("SFAS 142"). In accordance with SFAS 142, goodwill is no longer amortised but instead is subject to a transitional impairment test in the year of adoption as well as annual impairment tests. Using discounted cash flow valuation methods and also considering the Group's market capitalisation, the Group reviewed the fair values of each of its reporting units. As a result of the transitional impairment test, the Group recorded a goodwill impairment charge of GBP84.9 million in its Global Food Service Equipment segment. The amount was calculated in the fourth quarter of Fiscal 2003 and recorded as a cumulative effective of a change in accounting principle as at 29 September 2002, as required under SFAS 142.

Other unaudited financial information

(i) Reconciliation of like-for-like information for the 26 weeks to 27 March 2004



                     26     26     Effect    Like-for-    Like-for-
                  weeks  weeks         of         like         like
                     to     to    Foreign     29 March     increase/
                     27     29   Exchange         2003    (decrease)
                 March   March
                  2004    2003
  a) Turnover     GBPm    GBPm       GBPm        GBPm             %
  Food Service   179.3   196.3     (17.8)       178.5            --
  Equipment
  -- North
  America
  Food Service    67.7    65.9        1.8        67.7            --
  Equipment
  -- Europe/Asia
  Global Food    247.0   262.2     (16.0)       246.2            --
  Service
  Equipment
  Food Retail     43.5    48.7      (4.6)        44.1          (1)%
  Equipment
  Food           290.5   310.9     (20.6)       290.3            --
  Equipment
  b) Operating profit before exceptional items, goodwill
  amortisation, property and corporate costs
  Food Service    20.3    20.1      (1.8)        18.3           11%
  Equipment
  -- North
  America
  Food Service     2.4     3.6        0.1         3.7         (35)%
  Equipment
  -- Europe/Asia
  Global Food     22.7    23.7      (1.7)        22.0            3%
  Service
  Equipment
  Food Retail      2.4   (0.1)         --       (0.1)           n/m
  Equipment
  Food            25.1    23.6      (1.7)        21.9           15%
  Equipment

(ii) Reconciliation of like-for-like information for the 13 weeks to 27 March 2004



                    13      13     Effect   Like-for-     Like-for-
                 weeks   weeks         of        like          like
                    to      to    Foreign    29 March      increase/
                    27      29   Exchange        2003    (decrease)
                 March   March
                  2004    2003
  a) Turnover     GBPm    GBPm       GBPm        GBPm             %
  Food Service    88.8    96.2     (11.0)        85.2            4%
  Equipment
  -- North
  America
  Food Service    33.9    33.9        0.2        34.1          (1)%
  Equipment
  -- Europe/Asia
  Global Food    122.7   130.1     (10.8)       119.3            3%
  Service
  Equipment
  Food Retail     19.8    24.0      (2.8)        21.2          (7)%
  Equipment
  Food           142.5   154.1     (13.6)       140.5            1%
  Equipment
  b) Operating profit before exceptional items, goodwill
  amortisation, property and corporate costs
  Food Service    10.7    10.7      (1.4)         9.3           15%
  Equipment
  -- North
  America
  Food Service     1.3     2.0         --         2.0         (35)%
  Equipment
  -- Europe/Asia
  Global Food     12.0    12.7      (1.4)        11.3            6%
  Service
  Equipment
  Food Retail      1.1     0.7         --         0.7           57%
  Equipment
  Food            13.1    13.4      (1.4)        12.0            9%
  Equipment

Other unaudited financial information (continued)

(iii) Reconciliation of non-UK GAAP measures



                         26       26       13       13           52
                      weeks    weeks    weeks    weeks        weeks
                         to       to       to       to           to
                         27       29       27       29           27
                      March    March    March    March    September
                       2004     2003    2004      2003         2003
                       GBPm     GBPm     GBPm     GBPm         GBPm
  a) Adjusted
  operating
  profit/(loss)
  Operating            13.8      6.7      8.0      3.8         34.5
  profit/(loss)
  Add back:
  Goodwill              6.0      6.8      2.8      3.3         13.8
  amortisation
  Exceptional            --      6.0       --      4.3         12.5
  profit/(loss)
  Adjusted             19.8     19.5     10.8     11.4         60.8
  operating
  profit/(loss)



  b) Adjusted
  profit/(loss) before
  tax
  Profit/(loss) before       7.2    (2.0)      5.1    (1.8)    15.9
  tax
  Add back:
  Goodwill amortisation      6.0      6.8      2.8      3.3    13.8

  Operating exceptional    (2.2)      3.5    (1.3)      4.3     9.2
  profit/(loss)
  Adjusted                  11.0      8.3      6.6      5.8    38.9
  Profit/(loss) before
  tax


                     This information is provided by RNS
            The company news service from the London Stock Exchange


            

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