(INB) Interbulk Group

8 December 2011

INTERBULK GROUP PLC

PRELIMINARY RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2011

InterBulk Group plc ("InterBulk" or the "Group") (AIM:INB), a leading provider of intermodal logistics solutions to the chemical, polymer, food and mineral industries, announces its preliminary results for the year ended 30 September 2011.

Financial Highlights

·      Commercial successes and strong demand helped drive 10% revenue growth; the second year of double digit growth

·      Operating profit (before intangible amortisation and exceptional items) increased to £15.5m, despite high fuel prices holding back margins

·      Successful share placing in June and positive operating cash flow resulted in net debt reduction of £25.4m to £83.9m

·      Profit before tax (before intangible amortisation and exceptional items) tripled to £5.3m largely due to £3.1m lower net interest expense with lower swap rates throughout the year and one quarter's benefit following the share placing

·      EPS growth of 67% to 1.12 pence (before exceptional items and amortisation)

Operational Highlights

InterBulk has continued to focus on the delivery of the stated group strategy. Key operational highlights include:

David Rolph, InterBulk Chairman, commented:

"I am pleased to report the results of InterBulk Group plc for the year ended 30 September 2011 which continue the strong growth trend re-established last year, and show a threefold increase in profit before tax to £5.3m.

The most significant event in the year was the placing in June of 165 million ordinary shares at 11 pence per share to Sinotrans (HK) Logistics Limited, raising net proceeds of £17.4m. Working in alliance with Sinotrans, a leading logistics service provider in China, we have a great opportunity to drive forward our strategy in this important growth market.

The chemical industry is characterised by long term growth due to the extraordinary range of benefits it brings to consumers. Nevertheless, it is not insulated from the macro-economy and, after two years of rapid recovery and growth, the outlook, as for many sectors, may be affected by the sovereign debt crisis in Europe. There has been a slow down in the end demand for chemicals and polymers which has impacted our logistics activity levels since the beginning of October.

In mid-year our operating margins came under pressure due to sharp fuel cost increases. Improving the margin performance remains a key objective and we closed the year with a stronger last quarter. We aim to continue this trend but a demand slowdown could lead to intensified competition amongst service providers.

Both our financial and strategic positions have been considerably strengthened in the last year. We believe that our flexible business model combined with highly experienced staff, a lean cost base and a focused strategy will reduce the impact of any short-term volatility.

Considering the low market penetration of intermodal logistics in certain areas, the strategic growth opportunities remain in place, be they geographical, for example in China enhanced by the Sinotrans InterBulk Alliance, or in sectors such as food and minerals where we believe our intermodal solutions can bring benefits. Continued commercial progress in the medium term is therefore achievable."

For further information, please contact:

www.interbulkgroup.com

About InterBulk

InterBulk is a leading supplier of global intermodal logistics solutions for the movement of liquid and dry bulk materials. It provides environmentally friendly and cost effective door-to-door supply chain solutions that include intermodal transportation, temporary storage and material handling services. InterBulk is one of the world's largest operators of tankcontainers for the movement of liquids and Europe's leading provider of intermodal 'bag-in-box' containers for the movement of DryBulk products.

Chairman's Statement

I am pleased to report the results of InterBulk Group plc for the year ended 30 September 2011 which are in line with market expectations. Revenue grew by 10% to £300.4m, continuing the strong growth trend re-established last year, and profit before tax (before exceptional items and amortisation) increased almost threefold to £5.3m.

Global demand for chemicals and polymers remained strong and has underpinned the Group's revenue growth. However, the large increase in fuel prices squeezed margins especially during the middle part of our financial year, and though this can be passed on to customers over time, it has held back improvement in operating margin performance this year.

The most significant event in the year was the placing in June of 165 million ordinary shares at 11 pence per share to Sinotrans (HK) Logistics Limited, a wholly owned subsidiary of Sinotrans Limited, raising net proceeds of £17.4m. The Board's goal had been to find a way both to strengthen the Group's balance sheet and substantially enhance the delivery of its strategy for growth. Such a solution was secured and at a substantial premium to the Company's share price immediately prior to the announcement of the proposed placing. It also allowed the Group to repay approximately half of its most expensive debt and re-negotiate its remaining banking facilities. Together with Sinotrans, a leading logistics service provider in China, we have a great opportunity to drive forward our growth strategy in this important growth market.

InterBulk has a great team of people and I would like again to take this opportunity to thank each and every employee for their contribution to achieving these excellent results.

Financial Highlights

·           Commercial successes and strong demand helped drive 10% revenue growth; the second year of double digit growth

·           Operating profit (before intangible amortisation and exceptional items) increased to £15.5m, despite high fuel prices holding back margins

·           Successful share placing in June and positive operating cash flow resulted in net debt reduction of £25.4m to £83.9m

·           Profit before tax (before intangible amortisation and exceptional items) tripled to £5.3m largely due to £3.1m lower net interest expense with lower swap rates throughout the year and one quarter's benefit following the share placing

·           EPS growth of 67% to 1.12 pence (before exceptional items and amortisation)

Our Strategy

InterBulk is a leading provider of intermodal logistics solutions to the chemical, polymer, food and mineral industries. Our strategy remains unchanged and our teams are focused on specific action plans to achieve our stated objectives.

We have a well established network and a partnership approach with our customers in Europe, Asia and the Americas. We are recognised for excellent service and cost effective inventive solutions while achieving high standards of safety and environmental protection. We are building a high performance global team to reinforce this base and to:

·      expand our operations in the growth regions of China, the Middle East and Russia;

·      increase our inter-regional and export liquid bulk activity in the Americas and South East Asia;

·      establish solutions for deep-sea Dry Bulk and develop our terminal network;

·      grow our business in food and minerals;

·      promote the sustainability of intermodal transport and lead the development of the market;

·      create strategic alliances with logistics service providers in key markets; and

·      enhance our leading IT platform to maximise operational efficiency.

China is the largest and fastest growing chemical producer and consumer in the world. Sinotrans will be a strong partner for the development of all of our business activities in the Chinese and wider Asian markets. The newly formed Sinotrans InterBulk Alliance had its first commercial launch in China in September 2011 and the event was attended by more than 80 representatives of the chemical industry, a delegation from the Chinese authorities and the Dutch consul of China. Feedback from the launch has been positive and we have received a number of new business enquiries.

The Liquid Bulk business is already well established globally and we aim to take advantage of the high growth rates in the chemical sector in certain markets such as Russia, the Americas and Asia countering the weaker growth in the short to medium term in the established markets in Europe.

Our Dry Bulk business strategy aims to expand into other products than polymers and to introduce intermodal bulk solutions to markets outside Europe. These initiatives typically have a longer gestation as they require conversion of traditional transportation modes. Nevertheless, during the year, these two diversification initiatives have generated strong growth and now represent 16% of our Dry Bulk revenue. We expect this share to grow as there remain significant opportunities and we are increasing resource allocation accordingly.

Innovation helps us create more value for our customers. We describe InterBulk as "More than Transport", and during the year a number of new technical initiatives have delivered commercial success. Terminals help us create a more integrated Dry Bulk service and we have now had a full reporting year with the benefit of our UK site in Wilton, which is performing well. In addition, on Liquid Bulk, we have enhanced our IT software to support our third party fleet management solutions.

Funding

During the year we achieved a reduction in net debt of £25.4m or 23%. The Group had net debt (defined as bank loans, overdrafts and obligations under finance leases less cash and cash equivalents) at 30 September 2011 of £83.9m.

The successful placing in June 2011 of 165 million ordinary shares at 11 pence per share raised net proceeds of £17.4m and was used to repay approximately half of the most expensive tranche of the Group's debt, with the remaining reduction coming from strong operating cash flow.

Net finance expense (before exceptional items) recorded in the Group's Income Statement for the year fell to £10.2m; a reduction of £3.1m from last year. At the start of the year, interest rate swap arrangements expired which had previously fixed LIBOR rates well above recent low base rates. In addition, the £17.4m repayment of an element of the expensive mezzanine debt in June 2011 provided a further positive impact in the last quarter of the year.  We will see the full annual benefit of this loan repayment during the next 12 months, so a further material reduction of approximately £1.0m will be achieved in the next financial year.

Our Group bank facility expires on 30 June 2013. It is expected that we will refinance the bank debt on maturity and the Board is currently assessing options. The major reduction in net debt achieved this year combined with the growth prospects from delivery of our strategy supported by the alliance with Sinotrans should enable us to deliver a refinancing which can maximise shareholder return at an appropriate level of risk.

Board Composition

During the year we appointed Einar Tamimi to the Board as a non-executive director. He was nominated by Atorka Group following the resignation of Thordur Thordarson. In addition, on 1 September 2011, Hu Song joined the Board as the Sinotrans Limited nominated representative. Hu Song has taken up an executive position to develop InterBulk's business in China through the Sinotrans InterBulk Alliance. After the year end, on 14 October 2011, Bill Thomson stepped down from the Board. Bill was a founding director of InterBulk and was executive chairman up until December 2008. Since then he provided support to our strategic development in China. We are grateful for his substantial contribution over the years.

Outlook

The chemical industry is characterised by long term growth due to the extraordinary range of benefits it brings to consumers. Nevertheless, it is not insulated from the macro-economy and, after two years of rapid recovery and growth, the outlook, as for many sectors, may be affected by the sovereign debt crisis in Europe. There has been a slow down in the end demand for chemicals and polymers which has impacted our logistics activity levels since the beginning of October.

In mid-year our operating margins came under pressure due to sharp fuel cost increases. Improving the margin performance remains a key objective and we closed the year with a stronger last quarter. We aim to continue this trend but a demand slowdown could lead to intensified competition amongst service providers. 

Both our financial and strategic positions have been considerably strengthened in the last year. We believe that our flexible business model combined with highly experienced staff, a lean cost base and a focused strategy will reduce the impact of any short-term volatility.

Considering the low market penetration of intermodal in certain areas, the strategic growth opportunities remain in place, be they geographical, for example in China enhanced by the Sinotrans InterBulk Alliance, or in sectors such as food and minerals where we believe our intermodal solutions can bring benefits. Continued commercial progress in the medium term is therefore achievable.

Chief Executive's Review

Operational Highlights

Our target for the last financial year was to maintain the strong recovery in revenue growth achieved in the prior year and seek to improve the quality of the Group's margin performance. For the year overall, we achieved the expected financial results, although margin performance was temporarily held back by high fuel costs, with a typical lag effect on cost recovery via fuel escalation clauses or amendment to tendered rates.

Our vision and strategy remains unchanged which provides our team with certainty on operational execution and direction. Operational highlights for the year include:

The Market

The global chemical industry, which is our main customer base, has experienced good market conditions in 2010 and into 2011 although growth flattened off through the summer. The sovereign debt crisis in Europe, combined with falling consumer confidence has impacted activity levels since then. China and the Middle East will continue to be the locations of the major part of chemical industry investment and our growth strategy targets these geographies. Polymer production growth in the Middle East, with exports mainly to Asia and Europe, will impact our customer base. We will adapt our business as some traditional intra-European flows are replaced by imported goods for distribution to end customers and we believe such production shifts will make global chemical supply chains more complex.

Oil prices rose by approximately 40% in dollar terms during the 6 months to 31 March 2011. We have had to deal with the consequent impact on fuel related costs and we have worked hard to ensure they are passed through to customers and to recover the short term pressure on margins. The volatile oil prices also impact our customers' production cycles and end market expectations. This makes forecasting of requirements more challenging and we aim to deal with this by being as close to our customers as possible. We work with a regional organisation with local regional directors and managers who understand their home industry and establish close customer intimacy.

The rising demand for more sustainable transport is also driving the growth of intermodal solutions such as those provided by InterBulk, as both the chemical and logistics industry are calling for global carbon reduction initiatives. We work closely with the various organisations to lead the industry.

In Europe, as a result of these market dynamics, most of our customers promote a shift from long distance road transport to more energy-efficient (intermodal) road, rail and sea transport. Rail and sea, the two most energy-efficient modes, have a clear longer term advantage in this respect. Although EU bodies help to promote intermodal transport and rail infrastructure, the rail network is relatively small. The rail operators' community has been subject to consolidation and there are still some constraints in border crossing. Notwithstanding the challenges, with the inclusion of Eastern Europe in the intermodal portfolio, we expect a higher annual growth of intermodal solutions compared with traditional road transport.

In order to deal with the global production shift, the focus on reducing waste and unlocking value in the supply chain, the intermodality of the supply chain and the focus on sustainability, safety and security, we believe that our strategy to focus on integrating with our customers along the supply chain and to co-operate with logistics partners around the world is of key importance. Our strategic alliances with Sinotrans in Asia and with Norbert Dentressangle in Europe are examples of this successful strategy.

InterBulk has an outsourced business model such that all transportation and support services are bought in from logistic partners. This creates a flexible business model with a minimum of fixed costs, which is increasingly important in a volatile market.

Operational Performance

Liquid Bulk

The Liquid Bulk business has continued to deliver strong financial results with 7% growth in revenue compared with last year. Equipment utilisation remained high over the year.  As of 30 September 2011, the Group had an operating fleet of approximately 9,500 tank containers, an increase of 9% over the prior year. Margin pressure from cost base increases linked to fuel cost rises was a feature with margins at a low point at half year. Margin performance has recovered since then but the average result for the year is still slightly below prior year.

In Europe, the Group saw continued growth in the year, mainly intra-European in the first half and deep-sea later. The number of intra-European moves grew 7% overall and deep-sea moves by 10%. Our UK team had a particularly strong year with all areas being at record levels underpinned by notable business wins. We have seen continued strong growth to and from Russia and the Baltic states with revenue up 20% in these areas.

The Liquid Bulk business in the Americas increased the number of moves by 6%.  However, towards the end of the year there was some slow down in export activity with an increase in the number of tankcontainers being used for temporary product storage linked to a slowdown of imported product off take by receivers. Tankcontainers provide a flexible temporary storage solution for our customers.

In Asia we have seen a stable activity level with a consistent level of moves performed year on year but with an improvement in margin as shipping capacity has been added to the market and with a better mix of business between deep-sea and short-sea.

The tankcontainer liquid bulk business is global and the performance of the regions (Europe, Asia and the Americas) is strongly inter-dependent. We have an integrated tankcontainer fleet whereby we balance traffic flows by a pricing mechanism that compensates for fleet shortages and over capacity between the regions. Total freedom to utilise the Group's fleet between and within the regions is the key feature and although our business is controlled and reported by regions, our total global result remains the ultimate goal for the teams.

Dry Bulk

Last year the Dry Bulk business, which mainly serves the European polymer industry, had a welcome return to revenue growth and this has continued into the current financial year with a 14% year-on-year revenue growth. The Dry Bulk division, which has a predominantly European customer base, has secured additional business by winning key tenders and has seen gains in the year from better balanced traffic flows and introduction of other operational efficiencies. We have also seen some customers increasing the use of forward stock locations for which our intermodal containers provide a flexible solution.  Our utilisation rates improved in the year, allowing us to scale back our fleet reduction programme to close the year with approximately 9,800 specialist 30 foot Dry Bulk containers.  During the year we achieved improvement in each quarter in terms of profitability.

During the year we also started to reorganise some of our external facing organisation and functions. This includes a regional structure with localised teams to ensure we achieve the closest possible customer intimacy.

A key element of our strategy is to increase our European market share but we also have a desire to reduce our reliance on the European polymer market by diversifying both in terms of products we carry and geographic span. Food and minerals are the two main product sectors where our intermodal solutions have the greatest opportunity for providing efficient logistics solutions. These markets achieved 17% growth to approximately £15.5m of revenue in the year and we recognise that further growth potential exists. Dry Bulk activities outside Europe are very much on a project by project basis as typically this involves a conversion from packed goods and traditional road transport to both bulk and intermodal. The benefits offered by our solutions are clear, which is why the market potential is significant. We achieved £5.4m of revenue from this activity which is a 23% increase from prior year. This includes the start of InterBulk's ground-breaking new ISO-Silo technology which has been installed at the Bayer Material Science site in China.

Terminal operations are important to expand the scope and added value of our service offering. We currently operate seven inventory storage and material handling terminals in Europe which are connected to our customers' manufacturing plants and play a vital role in our ability to create value in the supply chain. We have now had a full reporting year with the benefit of our new UK site in Wilton which is performing well.  Current business development includes our first potential site in Eastern Europe which would be another strategic milestone for the Group.

Our ISO-Veyor technology, which provides a solution for materials with difficult flow characteristics, has established a presence in the movement of cement and associated products. However, with the continued weakness of the construction sector, we have looked to other markets and have had some recent commercial success in the upstream oilfield sector where our units have been successfully used as temporary storage and material transfer units for various well-drilling products. In October 2011, after the year-end, we also secured our largest ever capital sales order with a value of USD 2.6m for H Type ISO-veyors for delivery to Malaysia in the first half of the new financial year.  We will continue to market this innovative solution in specialist niches and with tailored solutions to meet individual customer or project requirements.

People

Our people are the bedrock of the Group and their continued commitment to the organisation has delivered positive results, excellent customer service and positioned the Group well for the future. We believe that good managers committed to the business, attract and retain good people. Through our managers and our focus on their leadership development, we have created high performing and effective teams.  We aim to ensure that our employees work within a fair and transparent structure, their expertise is put to good use and they develop in a Group that puts health, safety and environmental considerations at the forefront of everything we do.

During the year we conducted our first ever global employee opinion survey. This survey was well received by staff with an excellent completion ratio for the first such survey.  We were encouraged by the level of engagement across the globe and will continue to work on achieving the highest possible employee involvement and engagement.

Corporate Social Responsibility

The InterBulk Group passionately campaigns for 100% safe operations and protection of people and the environment. InterBulk is fully committed to sustainability and is a partner to the chemical industry Responsible Care™ charter. We take a lead, and commit resources together with the logistics and chemical industry associations on health and safety improvement initiatives that impact on business developments. Acting according to uncompromising levels of responsible care, hygiene and environmental standards to protect people and nature is a core value of the InterBulk Group.

All aspects of quality, health, safety, security, hygiene and environmental performance are considered using 10 key measures which are reviewed at each Board meeting. The Responsible Care principles are cascaded throughout the Company and promulgated along the logistics chain. We have seen good progress on our 10 key measures throughout the year and have taken learnings into next year's safety and quality improvement plan.  

Summary

We have experienced another year of double digit revenue growth with a robust operating performance. We continue to work hard to achieve high customer service levels and quality standards and are pleased to report another successful year in these areas.  We are excited by the prospects for our commercial alliance with Sinotrans, bringing together our respective resources and expertise with the scope to jointly develop and expand our logistics solutions offering for China and the wider Asian markets. We believe this will positively impact and transform our business in the region in the medium to longer term. 

Our market place continues to face uncertainty driven by macro-economic factors and volatile business confidence.  Our variable cost operating model provides us with flexibility to achieve growth as markets expand but also mitigate the impact if trade patterns change. Key trends in the Chemical sector support our intermodal strategy: longer and more complex supply chains, constraints on transportation infrastructure and greater emphasis on sustainability. We are focused solely on intermodal solutions and our strategy to diversify our business in cargo choice, geographic area and customer base provides a sound platform for the future.

Group Income Statement

For the year ended 30 September 2011

Group Statement of Comprehensive Income

For the year ended 30 September 2011

Group Balance Sheet

At 30 September 2011

Group Cash Flow Statement

For the year ended 30 September 2011

Notes to the Financial Statements

1.       Notes to the preliminary results

The financial information set out in the preliminary announcement does not constitute the Group's statutory accounts within the meaning of the Companies Act 2006 and has been extracted from the full accounts for the years ended 30 September 2011 and 30 September 2010 respectively.  A copy of the statutory accounts for the year ended 30 September 2010 has been delivered to the Registrar of Companies.  The auditors' report on the financial statements was unqualified and did not include a statement under section 498(2) and 498(3) of the Companies Act 2006.  The statutory financial statements for the year ended 30 September 2011 have been approved by the Directors on 8 December 2011  and will be delivered to the Registrar of Companies in due course.

These financial statements have been prepared in accordance with the accounting policies based on International Financial Reporting Standards ("IFRS") and IFRIC interpretations endorsed by the European Union (EU) and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS.  The financial statements have been prepared under the historical cost convention as modified by the revaluation of derivative financial instruments.

2.       Segment information

For management purposes the Group is reported in three operating units; Liquid Bulk, Dry Bulk and ISO-Veyor.  This follows also the intermodal technology which we utilise in the provision of our intermodal logistics solutions to customers.  These three divisions are treated as operating segments and reportable segments in accordance with IFRS 8.  The operating and reportable segments were determined based on reports reviewed by the Group Executive Directors who are considered to be the chief operating decision maker.

The Liquid Bulk segment provides intermodal logistics and storage solutions for the movement of liquid bulk materials utilising the fleet of tankcontainers. The Dry Bulk segment provides intermodal logistics and storage solutions for the movement of dry bulk materials utilising "bag in box" container technology.  The ISO-Veyor segment provides intermodal logistics and storage solutions for movement of dry bulk materials using our own patented container technology.  In this segment we also offer opportunities for customers to purchase or rent this container technology.  The ISO-Veyor segment is less than 10% of Group revenue, operating profit and assets, so is included in "others".

Geographical Information

Revenue by country has not been disclosed as the necessary information is not available and the cost to develop would be excessive. In addition, as a cross-border logistics group such disclosure would be misleading. However, disclosed below is the revenue split between the three key regions in which we operate based on location where the order is received and invoiced.

3.       Exceptional items

The exceptional gain in the year to 30 September 2011 of £471,000 recorded in the finance expense relates to the waiver of deferred finance fees in June 2011 which were previously due for payment at the expiry of the Group bank facility.  The expense related to this accrued liability was included as an exceptional charge in 2009 and, as a result, it is appropriate to record the waiver as an exceptional.

In the year to 30 September 2010 the exceptional item of £371,000 recorded in the finance expense relates to an unrealised non-cash gain relating to asset finance which is maintained in currencies other than sterling to match cash inflows.  This item has been consistently disclosed as an exceptional item.  However, since June 2010 the related asset finance has been designated as a hedge and since that date exchange gains and losses have been recorded within a separate component of equity, the cumulative exchange reserve.

4.      Finance expenses

5.      Taxation

The tax charge for the year was £1.5m (2010: £0.1m credit).  Our European businesses are subject to corporation tax rates of 26% to 30%, Americas 39% and Asia 17% to 25%.  The blend of profit before tax, with no significant differences in tax treatment, means that as in the prior year, 30% is considered a reasonable recurring effective tax rate on underlying profits. During the current year we have recorded a £0.1m (2010: £0.9m) credit within the tax charge recognising the finalisation of tax filing positions from the prior years.

6.      Earnings per ordinary share

The basic earnings per share is calculated by dividing the profit for the financial year attributable to shareholders by the weighted average number of shares in issue. In calculating the diluted profit per share, warrants and options outstanding have been taken into account.

InterBulk Group plc assesses the performance of the Group by adjusting earnings per share, calculated in accordance with IAS 33, to exclude exceptional items and intangible amortisation and believes that the exclusion of such items provides a better comparison of business performance.  The calculation of earnings per ordinary share on a basis which excluded exceptional items is based on the following adjusted earnings:

7.      Cash flow from operations

8.      Analysis of net debt

The structure of the Bank of Scotland loans consists of Term A £5.6m, Term B £47.7m and Mezzanine subordinated loan of £19.5m. Only the Term Loan A is repayable in quarterly instalments over the next 21 months with repayments in the next year of £2.4m and £3.2m in the final year. Term A and Term B have interest which is on a cash paid basis. The Mezzanine subordinated loan has no cash paid interest requirements with interest accrued into the principle value of the loan on a quarterly basis. The Term B and Mezzanine subordinated loan are both repayable on 30 June 2013.

The net debt at 30 September 2011 has decreased in the year by £25.4m.  The largest reduction in the year is due to the £17.4m repayment of the mezzanine debt. All scheduled loan and asset lease repayments which in combination total £9.3m have been made. Draw downs on lease finance to support incurred capital expenditure in the year has been limited to £2.6m plus £2.0m related to the refinance of some of the owned tank container fleet. In addition, the mezzanine loans rolled up interest of £4.4m has been accrued. The balance of the reduction consists of the positive net cash inflow.

The group bank facility was amended in June 2011. This included reclassification of the £5.1m mezzanine debt to a Term B loan which further enhances our interest savings, extension of facility by 9 months to 30 June 2013 and waiver of £0.5m of deferred fee owed. In addition, 3,028,920 warrants were cancelled.

9.      Availability of Accounts

Copies of this announcement will be available from 1 Redwood Crescent, East Kilbride, Glasgow, G74 5PA and on the Company's website, www.interbulkgroup.com. Copies of the full Report and Accounts for the year ended 30 September 2011 are being sent to shareholders.  Further copies will be available from 1 Redwood Crescent, East Kilbride, Glasgow, G74 5PA and on the Company's website www.interbulkgroup.com.