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James R. Knowles (Holdings) PLC

James R. Knowles (Holdings) PLC. A growing legal services, dispute resolution, loss adjusting and commercial and contractual advice consultancy group advising a broad range of companies both in the UK and overseas. INTERIM RESULTS FOR THE SIX MONTHS ENDING 31 JANUARY 2003. Overview.

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James R. Knowles (Holdings) PLC

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  1. James R. Knowles (Holdings) PLC A growing legal services, dispute resolution, loss adjusting and commercial and contractual advice consultancy group advising a broad range of companies both in the UK and overseas INTERIM RESULTS FOR THE SIX MONTHS ENDING 31 JANUARY 2003

  2. Overview • We are an international consultancy offering legal and technical advice to clients in the construction and engineering industries • Building upon our UK position we aim to become the international market leader • Establishment in North America and Australia gives true global access to all markets around the world • The current focus is to maximise profitability from all centres

  3. Interim Results • Turnover increased by 13% • Profit before tax and exceptionals up 107% to £528,000 before exceptionals • Interest cover 8x (2002: 6x) • Dividend maintained at 0.8p per share • EPS before exceptionals 1.4p (2002: 0.5p) • Exceptionals £325,000

  4. Exceptional Items • Exceptional items • Redundancies - £170,000 • Settlement of Canadian Dispute - £111,000 • Onerous leases - £8,000 • Discontinued operations - £36,000 • Prospects for remainder of year are good with no further exceptionals foreseen

  5. Interim results for the six months ended 31 Jan

  6. Segmental AnalysisTurnover %For the six months ended January 2003 2003 2002 Increasing geographical breadth of operations

  7. Financial Position - Highlights • Gearing (Debt/Equity) 36% (2002: 21%) • New bank facility in place • Increase in debtors by 11% • Turnover increased by 13% • Timing of significant invoices • UK invoice discounting discontinued • Debtor days – 51* days (2002: 49 days) * January days (31) are deducted from the normal calculation, as January invoicing was performed on the last working day of the month

  8. Balance SheetAs at 31 January

  9. Consolidated Cash Flow StatementHalf year to 31 January

  10. UK • Strong trading in all sectors • Maintaining position as market leaders in Adjudication • Growth in legal services • Benefits of office rationalisation beginning to flow through • Prospects for remainder of year are good

  11. Europe • Strong recovery compared with previous year performance • French office re organised • Madrid refocused on International market • Overall satisfactory improvement

  12. North America • Canadian companies performing well • BBCG acquisition already in profit • USA affected by delayed projects – now on stream • Turnover in excess of £1.5 million in half year • Prospects for remainder of year are good

  13. Asia and Australia • Performance in line with expectations despite difficult markets • Only Singapore is still in loss although this has reduced compared to last year • New offices in Australia show excellent early signs for future growth and profit

  14. Middle East • Difficult markets still but performance improved from last year • Effect of current war unpredictable but well positioned to respond to opportunities • Reasonable prospects for remainder of year

  15. Outlook • Global network largely established, focus now on profits • Newly established offices making contribution • Attracting international clients • Despite tough markets, profitability improving and prospects are good

  16. James R. Knowles (Holdings) PLC A growing legal services, dispute resolution, loss adjusting and commercial and contractual advice consultancy group advising a broad range of companies both in the UK and overseas

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