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Daejan Holdings PLC  -  DJAN   

Half-year Report

Released 07:00 23-Nov-2016

RNS Number : 8830P
Daejan Holdings PLC
23 November 2016
 

23 November 2016

 

 

DAEJAN HOLDINGS PLC

INTERIM RESULTS ANNOUNCEMENT for the half year ended 30 September 2016

 

The Board is pleased to present the Interim Statement for the half year ended 30 September 2016.

 

 

 

 

30 Sep 2016

 

 

30 Sep 2015

 

 

31 Mar 2016

 

£000

 

£000

 

£000

 

 

 

 

 

 

Profit before tax

65,112

 

58,863

 

173,242

 

 

 

 

 

 

Profit after tax

61,477

 

45,820

 

143,005

 

 

 

 

 

 

Basic and diluted earnings per share

£3.76

 

£2.81

 

£8.77

 

 

 

 

 

 

Equity shareholders' funds per share

£95.81

 

£85.17

 

£90.82

 

 

 

·    The profit before tax for the period was £65.1 million (2015: £58.9 million) after accounting for the net valuation gain on investment properties of £38.6 million (2015: £35.5 million).

·    The property portfolio has been valued by the Directors based on the recommendations of the Group's external advisers and continues to show modest growth in both the UK and USA.

·    We continue to see some increase in rental income in the UK and USA. The significant reduction in the sterling/dollar exchange rate in this period has resulted in USA reported rental income increasing by £2.4 million and has, on the balance sheet, produced an overall net translation gain of £20.0 million (2015: £3.7 million loss).

·    The tax charge in the period has benefited from a one-off adjustment to the cumulative deferred tax balance following a reduction in the rate of corporation tax.

·    My last annual report was written shortly after the decision had been taken for the UK to leave the European Union. Despite some positive short term indicators since that time, it is still far too soon to be able to form a balanced judgement as to what lies ahead for the UK economy as a whole and the property sector in particular. In the USA we now have the uncertainty of a new and largely unknown President whose impact on the USA economy and the property sector cannot be foreseen at this stage. Against this background we will continue to pursue our long term, low risk approach to creating growth in net asset value.

·    The principal risk factors affecting the remainder of the financial year continue to be exposure to movements in the valuation of the Group's investment properties and financial instruments, movements in the sterling/dollar currency rate of exchange and the incidence of voids and bad debts.

·    An interim dividend of 35p per share will be paid on 10 March 2017 to shareholders on the register on 10 February 2017.

 

B S E Freshwater

Chairman

23 November 2016

 

For further information please contact:

 

Mark Jenner

Nick Oborne

Company Secretary

Weber Shandwick Financial

Daejan Holdings PLC

 

Tel: 020 7836 1555

Tel: 020 7067 0700

 

 

 

 

Consolidated Income Statement for the six months ended 30 September 2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unaudited

 

Unaudited

 

Audited

 

 

 

 

 

 

 

 

Six months

 

Six months

 

Year

 

 

 

 

 

 

 

 

ended

 

ended

 

ended

 

 

 

 

 

 

 

 

30 Sep 2016

 

30 Sep 2015

 

31 Mar 2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

£000

 

£000

 

£000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total rental & related income from investment property

 

70,214

 

66,220

 

138,197

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property operating expenses

 

 

 

(38,021)

 

(35,282)

 

(70,008)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net rental & related income from investment property

 

 

 

32,193

 

30,938

 

68,189

 

 

 

 

 

 

 

 

Profit on disposal of investment property

7,265

 

3,879

 

11,725

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net valuation gains on investment property

 

38,611

 

35,513

 

117,947

 

 

 

 

 

 

 

 

 

 

 

 

Administrative expenses

 

 

 

 

(5,896)

 

(6,185)

 

(13,041)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net operating profit before net financing costs

 

72,173

 

64,145

 

184,820

 

 

 

 

 

 

 

 

 

Fair value (losses)/gains on derivative financial instruments

 

(630)

 

496

 

788

 

Fair value gains/(losses) on current investments

 

9

 

(10)

 

(10)

 

 

Other financial income

 

 

 

 

171

 

151

 

336

 

 

 

 

 

 

 

 

 

 

 

 

Financial expenses

 

 

 

 

(6,611)

 

(5,919)

 

(12,692)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net financing expense

 

 

 

 

(7,061)

 

(5,282)

 

(11,578)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Profit before taxation

 

65,112

 

58,863

 

173,242

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax

 

 

 

 

(3,635)

 

(13,043)

 

(30,237)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Profit for the period

 

 

 

 

61,477

 

45,820

 

       143,005

 

Attributable to:

 

 

 

 

 

 

 

 

 

 

 

Equity holders of the parent

 

 

 

61,284

 

45,727

 

142,900

 

Non-controlling interest

 

 

 

 

193

 

93

 

105

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Profit for the period

 

 

 

 

61,477

 

45,820

 

143,005

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted earnings per share

 

£3.76

 

£2.81

 

£8.77

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated Statement of Comprehensive Income for the six months ended 30 September 2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unaudited

 

Unaudited

 

Audited

 

 

 

 

 

 

 

Six Months

 

Six Months

 

Year

 

 

 

 

 

 

 

ended

 

ended

 

ended

 

 

 

 

 

 

 

30 Sep 2016

 

30 Sep 2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

£000

 

£000

 

£000

 

 

 

 

 

 

 

 

 

 

 

 

 

Profit for the period

61,477

 

45,820

 

143,005

 

 

Foreign exchange translation differences

20,021

 

(3,651)

 

5,649

 

 

 

 

 

 

 

 

Total comprehensive income for the period

81,498

 

42,169

 

148,654

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Attributable to:

 

 

 

 

 

 

 

Equity holders of the parent

81,297

 

42,077

 

148,547

 

Non-controlling interest

201

 

92

 

107

 

 

 

 

 

 

 

 

 

 

 

 

 

Total comprehensive income for the period

81,498

 

42,169

 

148,654

 

 

 

 

 

 

 

 

 

 

 

 

 

                                           

 

All other comprehensive income may be reclassified as profit and loss in the future.

 

 

Consolidated Statement of Changes in Equity for the six months ended 30 September 2016

 

 

 

 

 

 

Equity

Non-

 

 

Share

Share

Translation

Retained

shareholders'

controlling

Total

 

capital

premium

reserve

earnings

funds

interest

equity

 

 

 

 

 

 

 

 

 

£000

£000

£000

£000

£000

£000

£000

 

Balance at 1 April 2015

4,074

555

26,404

1,314,785

1,345,818

56

1,345,874

 

 

 

 

 

 

 

 

Profit for the period

-

-

-

142,900

142,900

105

143,005

 

 

 

 

 

 

 

 

Foreign exchange translation differences

-

-

5,647

-

5,647

2

5,649

 

Payments to non-controlling interest

-

-

-

-

-

(94)

(94)

 

 

 

 

 

 

 

 

Dividends to equity shareholders

-

-

-

(14,340)

(14,340)

-

(14,340)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at 1 April 2016

4,074

555

32,051

1,443,345

1,480,025

69

1,480,094

 

 

 

 

 

 

 

 

Profit for the period

-

-

-

61,284

61,284

193

61,477

 

 

 

 

 

 

 

 

Foreign exchange translation differences

-

-

20,013

-

20,013

8

20,021

 

Payments to non-controlling interest

-

-

-

-

-

(186)

(186)

 

 

 

 

 

 

 

 

Dividends to equity shareholders

-

-

-

-

-

-

-

 

 

 

 

 

 

 

 

Balance at 30 September 2016

4,074

555

52,064

1,504,629

1,561,322

84

1,561,406

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated Balance Sheet as at 30 September 2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unaudited

 

Unaudited

 

Audited

 

 

 

 

 

 

 

 

 

30 Sep 2016

 

30 Sep 2015

 

31 Mar 2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

£000

 

£000

 

£000

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment property

 

 

 

 

2,117,093

 

1,887,248

 

2,009,361

 

 

Deferred tax assets

 

 

 

 

539

 

692

 

571

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total non-current assets

 

 

 

 

2,117,632

 

1,887,940

 

2,009,932

 

 

Trade and other receivables

 

 

 

70,700

 

58,192

 

63,119

 

 

Current investments

 

 

 

 

 

145

 

165

 

159

 

 

Cash and cash equivalents

 

 

 

 

 

88,423

 

68,454

 

84,863

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total current assets

 

 

 

 

159,268

 

126,811

 

148,141

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

 

 

 

 

2,276,900

 

2,014,751

 

2,158,073

 

 

Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

Share capital

 

 

 

 

 

4,074

 

4,074

 

4,074

 

 

Share premium

 

 

 

 

555

 

555

 

555

 

 

Translation reserve

 

 

 

 

52,064

 

22,754

 

32,051

 

 

Retained earnings

 

 

 

 

1,504,629

 

1,360,512

 

1,443,345

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total equity attributable to equity

 

 

 

 

 

 

 

 

 

 

holders of the parent

 

 

 

 

1,561,322

 

1,387,895

 

1,480,025

 

 

Non-controlling interest

 

 

 

 

84

 

61

 

69

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total equity

 

 

 

 

 

1,561,406

 

1,387,956

 

1,480,094

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Loans and borrowings

 

 

330,216

 

282,161

 

306,412

 

 

Deferred tax liabilities

 

 

 

 

267,578

 

239,135

 

255,296

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total non-current liabilities

 

 

 

597,794

 

521,296

 

561,708

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans and borrowings

 

 

17,376

 

18,449

 

15,516

 

 

Trade and other payables

 

 

 

 

53,644

 

45,601

 

55,987

 

 

Current taxation

 

 

 

 

46,680

 

                 41,449

 

44,768

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total current liabilities

 

 

 

 

117,700

 

105,499

 

116,271

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities

 

 

 

 

 

715,494

 

626,795

 

677,979

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total equity and liabilities

 

 

 

 

2,276,900

 

2,014,751

 

2,158,073

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity shareholders' funds per share

 

 

 

 

£95.81

 

£85.17

 

£90.82

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

Consolidated Statement of Cash Flows for the six months ended 30 September 2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unaudited

 

 

Unaudited

 

 

Audited

 

 

 

 

 

 

 

Six months

 

 

Six months

 

 

Year

 

 

 

 

 

 

 

ended

 

 

ended

 

 

ended

 

 

 

 

 

 

 

30 Sep 2016

 

 

30 Sep 2015

 

 

31 Mar 2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

£000

£000

 

£000

£000

 

£000

£000

Cash flows from operating activities

 

 

 

 

 

 

 

 

Net cash generated from operations

13,486

 

 

21,897

 

 

61,529

 

Interest received

172

 

 

151

 

 

336

 

Interest paid

 

 

 

 

(6,603)

 

 

(5,817)

 

 

(12,598)

 

Payments to non-controlling interest

(186)

 

 

(87)

 

 

(94)

 

Tax (paid)/refund

(2,291)

 

 

1,684

 

 

(772)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash from operating activities

 

4,578

 

 

17,828

 

 

48,401

 

 

 

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

 

 

 

Acquisition and development of investment property

(16,212)

 

 

(6,891)

 

 

(26,939)

 

Proceeds from sale of investment property

7,848

 

 

5,465

 

 

12,807

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash absorbed by investing activities

 

(8,364)

 

 

(1,426)

 

 

(14,132)

 

 

 

 

 

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

 

 

 

 

 

Repayment of bank loans

(832)

 

 

(651)

 

 

(1,302)

 

New bank loans and overdrafts

-

 

 

-

 

 

-

 

Repayment of mortgages

(3,685)

 

 

(4,669)

 

 

(21,341)

 

New mortgages

7,546

 

 

5,694

 

 

34,379

 

Dividends paid

-

 

 

-

 

 

(14,340)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash generated from/(absorbed by) financing activities

 

3,029

 

 

  374

 

 

(2,604)

 

 

 

 

 

 

 

 

 

Net (decrease)/increase in cash and cash equivalents

 

(757)

 

 

16,776

 

 

31,665

 

 

 

 

 

 

 

 

Cash and cash equivalents brought forward

84,863

 

 

52,293

 

 

52,293

 

 

 

 

 

 

 

 

Effect of exchange rate fluctuations on cash held

4,317

 

 

(615)

 

 

905

 

 

 

 

 

 

 

 

Cash and cash equivalents

88,423

 

 

68,454

 

 

84,863

                                               

 

 

 

Notes to the Consolidated Interim Financial Statements for the six months ended 30 September 2016

 

1.   Basis of preparation  

This interim financial information has been prepared in accordance with International Accounting Standard (IAS) 34 Interim Financial Reporting, applying the accounting policies and presentation that were applied in the preparation of the Company's published consolidated financial statements for the year ended 31 March 2016. As required by the Listing Rules of the Financial Services Authority, the Directors have considered the result of the endorsement by the EU of new or changed International Financial Reporting Standards that are applicable or available for early adoption in the preparation of the Company's next consolidated financial statements for the year ending 31 March 2017 and concluded that they have no material effect on either the current or prior periods.

The Directors have reviewed the current and projected financial position of the Group and are satisfied that the Group has adequate resources to cover current liabilities.  Therefore, the Directors continue to adopt the going concern basis in preparing the half year report.

 

2.   Status of the interim financial information

The interim financial information in this statement has not been audited or reviewed by auditors pursuant to the Auditing Practices Board guidance on review of interim financial information and does not constitute statutory accounts, as defined in section 435 of the Companies Act 2006. The auditors' report on the statutory accounts for the year ended 31 March 2016 was unqualified and did not contain a statement under section 498 of the Companies Act 2006.  Statutory accounts for the year ended 31 March 2016 have been delivered to the Registrar of Companies.  The interim financial statements were approved by the Board of Directors on 22 November 2016. The preparation of the interim financial information requires management to make assumptions and estimates about future events which are uncertain, the actual outcome of which may result in a materially different outcome from that anticipated.

 

3.   Segmental Analysis

 

 

UK

USA

Eliminations

Total

For the six months ended 30 September 2016

£000

£000

£000

£000

Rental and related income

46,436

23,778

-

70,214

 

 

 

 

 

Property operating expenses

(25,131)

(12,890)

-

(38,021)

 

 

 

 

 

Profit/(loss) on disposal of property

7,502

(237)

-

7,265

 

 

 

 

 

Net valuation movements on property

36,731

1,880

-

38,611

 

 

 

 

 

Administrative expenses

(5,495)

(401)

-

(5,896)

 

 

 

 

 

Profit before finance costs

60,043

12,130

-

72,173

 

 

 

 

 

Net financing expense

(3,088)

(3,973)

-

(7,061)

 

 

 

 

 

Profit before taxation

56,955

8,157

-

65,112

 

 

 

 

 

Income tax charge

(1,292)

(2,343)

-

(3,635)

 

 

 

 

 

Profit for the period

55,663

5,814

-

61,477

 

 

 

 

 

Capital expenditure

13,273

2,939

-

16,212

As at 30 September 2016

 

 

 

 

Investment property

1,572,623

544,470

-

2,117,093

Other assets

94,583

76,601

(11,377)

159,807

Total segment assets

1,667,206

621,071

(11,377)

2,276,900

Total segment liabilities

(350,247)

(376,624)

11,377

(715,494)

Capital employed

1,316,959

244,447

-

1,561,406

 

 

 

UK

USA

Eliminations

Total

For the six months ended 30 September 2015

£000

£000

£000

£000

Rental and related income

46,465

19,755

-

66,220

 

 

 

 

 

Property operating expenses

(23,556)

(11,726)

-

(35,282)

 

 

 

 

 

Profit/(loss) on disposal of property

4,126

(247)

-

3,879

 

 

 

 

 

Net valuation movements on property

35,513

-

-

35,513

 

 

 

 

 

Administrative expenses

(5,807)

(378)

-

(6,185)

 

 

 

 

 

Profit before finance costs

56,741

7,404

-

64,145

 

 

 

 

 

Net financing expense

(2,058)

(3,224)

-

(5,282)

 

 

 

 

 

Profit before taxation

54,683

4,180

-

58,863

 

 

 

 

 

Income tax charge

(10,197)

(2,846)

-

(13,043)

 

 

 

 

 

Profit for the period

44,486

1,334

-

45,820

 

 

 

 

 

Capital expenditure

3,840

3,051

-

6,891

As at 30 September 2015

 

 

 

 

Investment property

1,476,441

410,807

-

1,887,248

Other assets

85,336

51,748

(9,581)

127,503

Total segment assets

1,561,777

462,555

(9,581)

2,014,751

Total segment liabilities

(351,740)

(284,636)

9,581

(626,795)

Capital employed

1,210,037

177,919

-

1,387,956

 

 

 

 

 

 

 

 

 

 

4.   Taxation

The tax charge in the interim statement has benefited from a one off credit of £7.7 million arising from the enactment of a reduction in the future UK corporation tax rate from 18% to 17% (effective 1 April 2020) which has reduced our cumulative net deferred tax liabilities. The tax charge for year ending 31 March 2016 benefited from a one off credit of £13.8 million arising from the enactment of a reduction in the future UK corporation tax rate from 20% to 18%.

 

5.   Dividends  

No dividends were paid in the six months ended 30 September 2016 (six months ended 30 September 2015: £Nil).

 

6.   Investment properties

The Directors have estimated the value of the investment properties at 30 September 2016 after consultation with the Group's advisers.  A full valuation of the Group's properties will be carried out by independent professional valuers at 31 March 2017.

 

7.   Financial Instruments - fair value disclosure

 

The Group seeks to reduce interest rate risk by fixing rates on the majority of its loans and borrowings, either through the use of fixed rate mortgage finance or through interest rate swaps.  The Group does not speculate in treasury products.

 

The Group does not hedge account and all its mortgages and interest rate swaps are initially recognised at fair value. Mortgages are subsequently recorded at amortised cost whilst interest rate swaps are subsequently recorded at fair value, with any movement being recorded in the consolidated income statement.  The fair values of all these financial instruments are determined by reference to observable inputs that are classified as Level 2 in the fair value hierarchy set out in International Financial Reporting Standard 13 Fair Value Measurement. Fair values have been determined by discounting expected future cash flows using market interest rates and yield curves over the remaining term of the instrument, as adjusted to reflect the credit risk attributable to the Group and, where relevant, its counterparty.

 

Fair value measurements are as follows:

 

 

Unaudited

30 Sep 2016

Unaudited

30 Sep 2015

Audited

31 Mar 2016

 

 

Book Value

Fair Value

Book Value

Fair Value

Book Value

Fair Value

 

£000

£000

£000

£000

£000

£000

 

 

 

 

 

 

 

Loans and borrowings

347,592

371,301

300,610

317,957

321,928

342,156

Interest rate swaps

3,800

3,800

3,462

3,462

3,170

3,170

 

 

 

 

 

 

 

 

351,392

375,101

304,072

321,419

325,098

345,326

 

 

 

 

 

 

 

Current

21,176

24,961

21,911

25,243

18,686

22,108

Non-current

330,216

350,140

282,161

296,176

306,412

323,218

 

 

 

 

 

 

 

 

351,392

375,101

304,072

321,419

325,098

345,326

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

In both 2016 and 2015 there were no non-recurring fair value measurements and there were no material differences between the fair value and carrying amounts of all the other financial assets of the Group.

 

8.   Related party transactions

Day-to-day management of the Group's properties in the UK is mainly carried out by Highdorn Co. Limited and by Freshwater Property Management Limited.  Mr BSE Freshwater and Mr SI Freshwater are directors of both companies.  They have no beneficial interest in the share capital of Highdorn Co. Limited.  Mr BSE Freshwater, Mr SI Freshwater and Mr D Davis are directors of the parent company of Freshwater Property Management Limited but have no beneficial interest in either company.  Mr RE Freshwater has a beneficial interest in a trust holding interests in shares in Highdorn Co. Limited.

In their capacity as managing agents, Highdorn Co. Limited and Freshwater Property Management Limited collect rents and incur direct property expenses on behalf of the Group.  At 30 September 2016, the aggregate net amounts due to the Group from Highdorn Co. Limited and Freshwater Property Management Limited in relation to such agency receipts and payments was £1.1 million (2015: £0.2 million due from the Group). These amounts are not secured and are payable on demand.  No guarantees have been given or received and the amounts are settled in cash.

The amounts paid by the Group during the period for the provision of property and other management services by Highdorn Co. Limited and Freshwater Property Management Limited were £3.9 million (six months ended 30 September 2015: £2.6 million).

The board considers that the Directors are the key management personnel of the Group and their remuneration is disclosed in the Daejan Holdings PLC Annual Report for 31 March 2016.

 

9.   Statement of Directors' responsibilities

The Directors confirm that this condensed set of financial statements has been prepared in accordance with IAS 34 as adopted by the European Union, and that the interim management report herein includes a fair review of the information required by DTR 4.2.7 and DTR 4.2.8.

The Directors of Daejan Holdings PLC are listed in the Daejan Holdings PLC Annual Report for
31 March 2016. A list of current Directors is maintained on the Daejan Holdings PLC website
www.daejanholdings.com.

 

B S E Freshwater

Chairman

23 November 2016

 

 


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