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Nexus Infrastructure PLC  -  NEXS   

Interim results for the six months ended 31 March

Released 07:00 30-May-2018

RNS Number : 6021P
Nexus Infrastructure PLC
30 May 2018
 

Date: 30 May 2018

Nexus Infrastructure plc ("Nexus")

Interim results for the six months ended 31 March 2018

 

Strong fundamentals

 

Nexus, a leading provider of essential infrastructure services to the UK housebuilding and commercial sectors, today announces its interim results for the six months ended 31 March 2018.

Highlights:

§ Group Revenue up 3.8% to £62.9m (H1 2017: £60.6m)

§ Operating profit up 14.6% to £3.5m (H1 2017: £3.1m)

§ Profit before tax up 15.3% to £3.4m (H1 2017 £3.0m)

§ Group Order book increased by 30% to £234.1m (H1 2017: £180.7m)

o Tamdown: Order book up 18% to £118.4m (H1 2017: £100.5m)

o TriConnex Order book up 44% to £115.7m (H1 2017: £80.2m)

Divisional performances:

·    Tamdown: Revenues up 2.4% to £47.9m (H1 2017: £46.8m)

o The gross margin for the period at 16.3% (H1 2017: 15.9%) is in line with margins recorded in the preceding financial years.

o Operating margin increased 110 bps to 5.2% (H1 2017: 4.1%), and operating profit increased by 30.4% to £2.5m (H1 2017: £1.9m)

 

·    TriConnex: Revenues up 8.4% to £15.0m (H1 2017 £13.9m)

o The gross margin for the period improved by 20 bps to 34.1% (H1 2017: 33.9%)

o Operating margin improved by 20bps to 12.9% (H1 2017: 12.7%)

Strong balance Sheet:

·    38.5% growth in net assets of £18.3m at 31 March 2018 (2017: £13.2m)

·    Net cash of £7.4m (2017: £10.3m)

·    A 4.8% increase in interim dividend declared of 2.2p per share (H1 2017: 2.1p per share)

eSmart Networks launch:

·   Launch of quality end to end solution to design, install and connect rapid electric vehicle charging points for a variety of customers such as charge point network operators, local authorities, vehicle OEMs, direct B2B and direct B2C.

·    Wholly owned division of Nexus with investment to date of £0.2m

·    Secured £0.5m of contracts for installation of rapid charging units in both the South East and the Midlands

Mike Morris, Chief Executive of Nexus, commented:

"We are reporting revenues and profits ahead of H1 last year and a current order book of £234.1m, which positions the Group well for future growth. Our recent trading statement identified some industry-driven timing issues from within the TriConnex business, which we are addressing.

The underlying demand factors in UK housebuilding are still strong and Nexus commands an established market position, from which we will continue to pursue our growth strategy.  Against this background, the Board is optimistic on the outlook for the business."

 

Enquiries:

 

Nexus Infrastructure plc

Michael Morris, Chief Executive Officer

Alan Martin, Chief Financial Officer

 

Tel: 01376 320856

Numis Securities Limited

(Nominated Adviser & Broker)

Oliver Hardy (Nomad)                  

Heraclis Economides     

Ben Stoop

 

Tel: 0207 260 1200

Financial Public Relations

Camarco

Ginny Pulbrook

Tom Huddart

 

                                                                               

Tel: 0203 757 4992

Notes to Editors:

 

Nexus is a leading provider of essential infrastructure services to the UK housebuilding and commercial sectors. The Group is comprised of: Tamdown, a provider of specialised infrastructure services; TriConnex which designs, installs and connects utility networks to properties on new residential and commercial developments; and eSmart Networks which focuses on EV and smart grid infrastructure.

 

Tamdown has a well-established market position having been in operation for over 40 years and currently counts amongst its customers nine of the top ten largest UK housebuilders. TriConnex was established in 2011 to take advantage of deregulation in the utilities market with the goal of being recognised as the UK's leading independent provider of utility connections to new developments.

eSmart Networks was set up in 2018 to focus on the opportunities within the electric vehicle charging market, along with battery storage and specialised distribution network works to enable smart grid solutions.
 

 

Business and Financial Review

I am pleased to announce the interim results for the six months ended 31 March 2018.  The Group has recorded revenue and profitability ahead of the performance in H1 2017 and has continued to successfully secure work, with the order book increasing to £234.1m, an increase of 30% year on year, all of which support the Company's ability to maintain its growth journey and progressive dividend policy.  During the period Nexus has invested in an electric vehicle charging start-up, eSmart Networks, which designs and installs rapid ev charging points.

Group revenue increased 3.8% to £62.9m (H1 2017: £60.6m), with group operating profits increasing by 14.6% to £3.5m (H1 2017: £3.1m), driven by improved profitability within Tamdown.

The Group's balance sheet remains strong with net assets standing at £18.3m at 31 March 2018 compared to £13.2m at 31 March 2017.  Included within the net assets balance is Cash and Cash Equivalents of £14.8m (H1 2017: £19.7m) and net cash was £7.4m (H1 2017: £10.3m).

Tamdown

Tamdown provides a range of specialised infrastructure and engineering services to the UK housebuilding sectors, with operations focused on the South East of England and London. 

Revenue for Tamdown increased by 2.4% to £47.9m (H1 2017: £46.8m).  Growth was limited as, in common with the rest of our industry, we experienced disruption from the poor weather in March, which impacted the phasing of some of our work.  Despite this short term disruption, the Board expects the outturn for Tamdown's operating profit for 2018 to be in line with its expectations and ahead of 2017.

The gross margin for the period at 16.3% (H1 2017: 15.9%) is in line with the overall margins recorded in the preceding financial years.

Operating margin increased 110 bps to 5.2% (H1 2017: 4.1%), and operating profit increased by 30.4% to £2.5m (H1 2017: £1.9m).

The market for Tamdown continues to be active and competitive, with the Company continuing to build on its strong market position with the order book increasing 17.8% year on year to £118.4m (H1 2017: £100.5m) and a 9.3% increase in the first half of the financial year.

Tamdown has an established market position, providing quality services to a broad range of UK housebuilders. The structural undersupply of the housing market continues, which provides confidence that our customers will continue to demand our services.

 

TriConnex

TriConnex designs, installs and connects gas, electricity, water and fibre networks on new residential and commercial developments, with operations in the South East, South Midlands and South West of England.

Revenue for TriConnex increased by 8.4% to £15.0m (H1 2017: £13.9m).  The gross margin for the period improved by 20 bps to 34.1% (H1 2017: 33.9%).

Operating profit increased by 9.8% to £1.9m (H1 2017: £1.8m) with the operating margin improving by 20 bps to 12.9%.

TriConnex has continued to be successful in securing orders, with the order book increasing by 44% year on year to £115.7m (H1 2017: £80.2m) and a 22.6% increase in the first half of the financial year.

As stated in the trading update in April 2018, despite the significant increase in the order book it is expected that the revenues and operating profit for 2018 will be in line with 2017, due to the conversion of orders into revenue taking longer than in previous years.  TriConnex is engaged at the very early stage of developments with its customers, and often secures contracts prior to land acquisition.  These contracts generally contribute to revenue over four to five years.  The increase in the order book illustrates that customers continue to be active, however schemes are taking longer to get to start on site, primarily due to the increase in pre-commencement conditions set by the local authorities slowing the preparation of sites prior to construction.  The increased order book provides good long term visibility, but the delays in getting on site have created a lag in the conversion of the order book into revenue and profits.

eSmart Networks

eSmart Networks, a wholly owned division of Nexus, has been created to take advantage of the significant expected growth in electric vehicles and thus the need for charging points to power them.  eSmart Networks will provide a quality end to end solution of design, installation and connection of rapid electric vehicle charging points for a variety of customers such as charge point network operators, local authorities, vehicles OEMs, direct B2B and direct B2C.  We consider that this market has considerable growth opportunity and is supported by Government with £400m to fund a national charging network and subsidise vehicle purchases.

The investment to date, consisting of administrative expenses, all of which have been expensed, totals £0.2m.  The Board expects the revenue contribution in H2 2018 to approach approximately £1.0m and the net start up investment to be £0.6m in the current financial year.

eSmart Networks has been successful in securing £0.5m of contracts for installation of rapid charging units in both the South East and the Midlands.

Dividend and Dividend timetable

In the light of these results and our confidence in the future, the Board is declaring an interim dividend of 2.2 pence per share, an increase of 4.8% over the prior year (H1 2017: 2.1 pence per share).

The interim dividend will be paid on 13 July 2018 to shareholders on the register at close of business on 15 June 2018.  The shares will go ex-dividend on 14 June 2018.

The Board aims to maintain a progressive dividend policy.

Financial Overview

Income statement

Group revenue increased 3.8% to £62.9m (H1 2017: £60.6m), with revenue growth in both Tamdown and TriConnex.

Group gross profit increased 6.5% to £12.9m (H1 2017: £12.1m), with the gross margin increasing 60 bps to 20.6% (H1 2017: 20.0%).

The Group's operating profit, even with the inclusion of the costs of eSmart Networks, increased 14.6% to £3.5m (H1 2017: £3.1m).  Net finance costs totalled £0.1m (H1 2017: £0.1m) resulting in profit before tax increase of 15.3% to £3.4m (H1 2017: £3.0m).

The tax charge for the period was £0.7m (H1 2017: £0.6m) reflecting an effective rate of 19.6% (H1 2017: 20%).  The profit after tax increased by £0.4m to £2.8m (H1 2017: £2.4m).

Balance Sheet and Cash Flow

The Group's balance sheet remains strong with net assets standing at £18.3m at 31 March 2018 compared to £13.2m at 31 March 2017.  Working capital grew by £5.2m since 31 March 2017, with inventories increasing £1.0m, receivables increasing £1.6m and payables decreasing £2.6m.  Included within the net assets balance is Cash and Cash Equivalents of £14.8m (H1 2017: £19.7m), with net cash totalling £7.4m (2017: £10.3m).

In line with the prior year, operating cash flow utilised £8.5m (H1 2017: £8.9m) of cash in the period.  The Board expects that working capital will reduce in H2 2018, as occurred in H2 2017, resulting in operating cash flows in H2 2018 being cash generative.   Dividends and other financing activities consumed £2.9m in the first half (H1 2017: £4.0m).

Risks and Uncertainties

The Group is subject to a number of risks and uncertainties as part of its activities.  The Board regularly considers these and seeks to ensure that appropriate processes are in place to identify, control and monitor these risks.  The Directors consider that the principal risks and uncertainties facing the Group are those outlined on pages 22 to 24 of the Report and Accounts for the year ended 30 September 2017.

Summary and Outlook

The Group is in a strong position to deliver growth.  The fundamental market drivers for our businesses are positive in both the short and medium term.  The order book has continued to grow to record levels in all businesses.  Against this background, the Board is optimistic on the outlook for the business and is confident the Group will deliver on its growth strategy.

 

Mike Morris

Chief Executive Officer

 

 

 

 

 

 

Condensed consolidated statement of total comprehensive income

For the six months to 31 March 2018

 

 

 

 

 

 

Note

Unaudited

Six months to

31 March 2018

£'000

Unaudited

Six months to

31 March 2017

£'000

Audited

Year ended

30 September 2017

£'000

 

 

 

 

 

Revenue

 

62,920

60,644

135,034

 

 

 

 

 

Cost of sales

 

(49,985)

(48,498)

(107,793)

 

 

 

 

 

Gross profit

 

12,935

12,146

27,241

 

 

 

 

 

Administrative expenses

 

(9,413)

(9,073)

(17,910)

 

 

 

 

 

Operating profit before exceptional items

 

3,522

3,073

9,331

Exceptional items

 

-

-

(1,714)

 

 

 

 

 

Operating profit

 

3,522

3,073

7,617

 

 

 

 

 

Finance income

 

17

50

70

Finance expense

 

(125)

(163)

(304)

 

 

 

 

 

Profit before tax

 

3,414

2,960

7,383

 

 

 

 

 

Taxation

3

(670)

(592)

(1,554)

 

 

 

 

 

Profit for the period

 

2,744

2,368

5,829

 

 

 

 

 

Earnings per share (pence per share)

 

 

 

 

Basic

5

7.20

6.27

15.40

Diluted

5

6.86

6.16

15.01

 

 

 

 

 

 

 

 

Condensed consolidated statement of financial position

at 31 March 2018

 

 

 

 

 

 

Note

Unaudited

Six months to

31 March 2018

£'000

Unaudited

Six months to

31 March 2017

£'000

Audited

Year ended

30 September 2017

£'000

Non-current assets

 

 

 

 

Property, plant and equipment

 

7,263

4,823

7,795

Goodwill

 

2,361

2,361

2,361

Other investments

 

55

60

55

Total non-current assets

 

9,679

7,244

10,211

 

 

 

 

 

Current assets

 

 

 

 

Inventories

 

2,501

1,519

924

Trade and other receivables

 

39,046

37,419

37,841

Cash and cash equivalents

 

14,818

19,663

27,066

Total current assets

 

56,365

58,601

65,831

Total assets

 

66,044

65,845

76,042

 

 

 

 

 

Current liabilities

 

 

 

 

Borrowings

6

2,000

2,000

2,000

Trade and other payables

 

39,753

42,297

49,909

Corporation tax

 

181

247

39

Total current liabilities

 

41,934

44,544

51,948

 

 

 

 

 

Non-current liabilities

 

 

 

 

Borrowings

6

5,400

7,400

6,400

Net obligations under finance lease/hire purchase agreements

 

358

597

619

Deferred tax liabilities

 

62

102

62

Total non-current liabilities

 

5,820

8,099

7,081

Total liabilities

 

47,754

52,643

59,029

 

 

 

 

 

Net assets

 

18,290

13,202

17,013

 

 

 

 

 

Equity attributable to equity holders of the Company

 

 

 

 

Share capital

 

762

755

762

Retained earnings

 

17,528

12,447

16,251

 

 

 

 

 

Total equity

 

18,290

13,202

17,013

 

 

 

 

 

 

Condensed consolidated statement of changes in equity

For the six months to 31 March 2018

 

 

Share capital

 

£'000

Retained earnings

 

£'000

Total

 

 

£'000

 

 

 

 

Equity at 1 October 2016 (Audited)

755

12,621

13,376

Transactions with owners

 

 

 

Dividend paid

-

(2,677)

(2,677)

Share-based payment charge

 

135

135

 

-

(2,542)

(2,542)

Total comprehensive income

 

 

 

Profit for the period

-

2,368

2,368

 

-

2,368

2,368

 

 

 

 

Equity at 31 March 2017 (Unaudited)

755

12,447

13,202

Transaction with owners

 

 

 

Dividend paid

-

(799)

(799)

Share-based payment charge

-

1,142

1,142

Issue of share capital

7

-

7

 

7

343

350

Total comprehensive income

 

 

 

Profit for the period

-

3,461

3,461

 

-

3,461

3,461

 

 

 

 

Equity at 30 September 2017 (Audited)

762

16,251

17,013

Transaction with owners

 

 

 

Dividend paid

-

(1,600)

(1,600)

Share-based payment charge

-

133

133

 

-

(1,467)

(1,467)

Total comprehensive income

 

 

 

Profit for the period

-

2,744

2,744

 

-

2,744

2,744

 

 

 

 

Equity at 31 March 2018 (Unaudited)

762

17,528

18,290

 

 

 

 

 

 

Condensed consolidated statement of cash flows

For the six months to 31 March 2018

 

 

Unaudited

Six months to

31 March 2018

£'000

Unaudited

Six months to

31 March 2017

£'000

Audited

Year ended

30 September 2017

£'000

 

 

 

 

Cash flow from operating activities

 

 

 

Profit before tax

3,414

2,960

7,383

 

 

 

 

Adjusted by:

 

 

 

(Profit)/loss on disposal of plant and equipment

(2)

(19)

20

Share-based payment charge

133

135

1,277

Loss on disposal of investment

-

-

5

Finance expense (net)

108

113

234

Depreciation of property, plant and equipment

672

652

1,400

Operating profit before working capital charges

4,325

3,841

10,319

 

 

 

 

Working capital adjustments:

 

 

 

Increase in trade and other receivables

(1,205)

(4,007)

(4,428)

Increase in inventories

(1,577)

(1,092)

(497)

Decrease in trade and other payables

(10,090)

(7,610)

(63)

 

 

 

 

Cash (utilised)/generated from operating activities

(8,547)

(8,868)

5,331

 

 

 

 

Interest paid

(125)

(166)

(304)

Taxation paid

(527)

(1,152)

(2,363)

 

 

 

 

Net cash flows from operating activities

(9,199)

(10,186)

2,664

 

 

 

 

Investing activities

 

 

 

Purchase of property, plant and equipment

(245)

(536)

(4,061)

Proceeds from disposal of plant and equipment

107

360

629

Interest received

17

50

70

Net cash used in investing activities

(121)

(126)

(3,362)

 

 

 

 

Cash flow from financing activities

 

 

 

Dividend payment

(1,600)

(2,677)

(3,476)

Repayment of loans

(1,000)

(1,000)

(2,000)

Repayment of finance leases/hire purchase agreements

(328)

(340)

(759)

Issue of share capital

-

-

7

Net cash used in financing activities

(2,928)

(4,017)

(6,228)

 

 

 

 

Net change in cash and cash equivalents

(12,248)

(14,329)

(6,926)

 

 

 

 

Cash and cash equivalents at the beginning of the period

27,066

33,992

33,992

 

 

 

 

Cash and cash equivalents at the end of the period

14,818

19,663

27,066

 

 

 

 

 

 

Notes to the condensed consolidated financial statements

For the six months to 31 March 2018

 

1. Basis of preparation and accounting policies

 

The interim report of the Group for the six months ended 31 March 2018 has been prepared in accordance with IAS 34 "Interim Financial Reporting" and International Financial Reporting Standards ("IFRS") as adopted for use in the European Union ("EU") and in accordance with the Disclosure and Transparency Rules of the Financial Conduct Authority.

 

The interim report does not constitute financial statements as defined in Section 434 of the Companies Act 2006 and is neither audited nor reviewed. It should be read in conjunction with the Report and Accounts for the year ended 30 September 2017, which is available on request from the Group's registered office, 1 Tamdown Way, Braintree, Essex, CM7 2QL, or can be downloaded from the website www.nexus-infrastructure.com.

 

The comparative information for the financial year ended 30 September 2017 does not constitute statutory accounts as defined in section 434 of the Companies Act 2006. A copy of the statutory accounts for that year has been reported on by the Company's auditor and delivered to the Registrar of Companies The report of the auditor was (i) unqualified, (ii) did not include a reference to any matters which the auditor drew attention by the way of emphasis without qualifying their report and (iii) did not contain statements under section 498 (2) or (3) of the Companies Act 2006.

 

The interim report has been prepared on the basis of the accounting policies as set out in the Report and Accounts for the year ended 30 September 2017. There have been no standard, amendments or interpretations issued which are relevant or effective in this interim report.

 

Going Concern

 

In determining the appropriate basis of preparation of the interim report, the Directors are required to consider whether the Group can continue in operational existence for the foreseeable future.

 

After making enquiries, the Directors have a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the interim report.

 

 

 

 

 

 

Notes to the condensed consolidated financial statements (continued)

For the six months to 31 March 2018

 

2. Segmental analysis

 

The Group is organised into the following three operating divisions under the control of the Executive Board, which is identified as the Chief Operating Decision Maker as defined under IFRS 8: Operating Segments:

·      Tamdown

·      TriConnex

·      eSmart Networks

 

All of the Groups operations are carried out entirely within the United Kingdom.

 

Segment information about the Group's operations is presented below:

 

 

Unaudited

Six months to

31 March 2018

£'000

Unaudited

Six months to

31 March 2017

£'000

Audited

Year ended

30 September 2017

£'000

Revenue

 

 

 

Tamdown

47,880

46,771

105,565

TriConnex

15,040

13,873

29,469

eSmart Networks

-

-

-

Total revenue

62,920

60,644

135,034

 

 

 

 

Gross profit

 

 

 

Tamdown

7,809

7,442

17,282

TriConnex

5,126

4,704

9,959

eSmart Networks

-

-

-

Total profit

12,935

12,146

27,241

 

 

 

 

Operating profit

 

 

 

Tamdown

2,505

1,921

7,210

TriConnex

1,942

1,768

3,490

eSmart Networks

(211)

-

-

Group administrative expenses

(714)

(616)

(1,369)

Operating profit before exceptional items

3,522

3,073

9,331

Exceptional items

-

-

(1,714)

Total operating profit

 

3,522

3,073

7,617

Net finance cost

(108)

(113)

(234)

Profit before tax

 

3,414

2,960

7,383

Taxation

 

(670)

(592)

(1,554)

Total comprehensive income for the period

2,744

2,368

5,829

 

 

 

 

 

 

Notes to the condensed consolidated financial statements (continued)

For the six months to 31 March 2018

 

2. Segmental analysis (continued)

 

Balance sheet analysis of business segments:

 

 

Unaudited 31 March 2018

 

Assets

£,000

Liabilities

£'000

Net Assets

£'000

Tamdown

30,631

21,912

8,719

TriConnex

15,014

18,124

(3,110)

Group

5,581

7,718

(2,137)

Net Cash

14,818

-

14,818

 

66,044

47,754

18,290

 

 

 

Unaudited 31 March 2017

 

Assets

£,000

Liabilities

£'000

Net Assets

£'000

Tamdown

29,454

25,306

4,148

TriConnex

14,193

17,828

(3,635)

Group

2,535

9,509

(6,974)

Net Cash

19,663

-

19,663

 

65,845

52,643

13,202

 

 

 

Audited 30 September 2017

 

Assets

£,000

Liabilities

£'000

Net Assets

£'000

Tamdown

28,255

29,817

(1,562)

TriConnex

15,125

20,193

(5,068)

Group

5,596

9,019

(3,423)

Net Cash

27,066

-

27,066

 

76,042

59,029

17,013

 

3. Taxation

 

Taxation has been calculated for the six months ended 31 March 2018 at the estimated effective tax rate of 20%.

 

4. Dividends

 

On the 9 March 2018 the Company paid a final dividend for the year ended 30 September 2017 of £1.6m

 

 

Unaudited

Six months to

31 March 2018

£'000

Unaudited

Six months to

31 March 2017

£'000

Audited

Year ended

30 September 2017

£'000

 

Amounts recognised as distributions to equity holders:

 

 

 

 

 

 

 

Final dividend for the year ended 30 September 2016 of 3.5 pence per share

-

2,677

2,677

Interim dividend for the year ended 30 September 2017 of 2.1 pence per share

-

-

799

Final dividend for the year ended 30 September 2017 of 4.2 pence per share

1,600

-

-

 

1,600

2,677

3,476

 

 

 

 

Notes to the condensed consolidated financial statements (continued)

For the six months to 31 March 2018

 

5. Earnings per share

 

The calculation of the basic and diluted earnings per share is based on the following date:

 

 

Unaudited

Six months to

31 March 2018

£'000

Unaudited

Six months to

31 March 2017

£'000

Audited

Year ended

30 September 2017

£'000

 

 

 

 

Profit for the period attributable to equity shareholders

2,744

2,368

5,829

 

 

 

 

Weighted average number of shares in issue for the year

38,117,850

37,757,850

37,844,645

 

Effect of dilutive potential ordinary shares:

 

 

 

Share options

1,898,036

694,750

999,124

 

 

 

 

Weighted average number of shares for the purpose of diluted earnings per share

40,015,886

38,452,600

38,843,769

 

 

 

 

Basic earnings per share (pence per share)

7.20

6.27

15.40

 

 

 

 

Diluted earnings per share (pence per share)

6.86

6.16

15.01

 

6. Borrowings

 

 

Unaudited

Six months to

31 March 2018

£'000

Unaudited

Six months to

31 March 2017

£'000

Audited

Year ended

30 September 2017

£'000

 

 

 

 

Current

2,000

2,000

2,000

 

 

 

 

Non-current

5,400

7,400

6,400

 

The Company entered into a £12.0m five-year facility with Allied Irish Bank in December 2015. The loan is secured over the whole of the Company's undertaking and assets and by way of cross guarantee from other Group undertakings. The loan carries interest at LIBOR plus between 2.25%.

 

7. Related party transactions

 

There have been no significant changes in the nature and amount of related party transactions since the last Report and Accounts as at, and for the year ended 30 September 2017.

 

Transactions between the Company and its subsidiaries, which are related parties, have been eliminated in full on consolidation.

 

 

 

 

 

Statement of Directors' responsibilities

 

The Directors confirm that, to the best of our knowledge:

 

·      the condensed set of financial statements has been prepared in accordance with IAS 34 "Interim Financial Reporting" as adopted by the European Union; and

·      the interim management report includes a fair review of the information required by DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year; and

·      the interim management report includes a fair review of the information required by DTR 4.2.8R of the Disclosure and Transparency Rules, being related party transactions that have taken place in the first six months of the financial year and that have materially affected the financial position or performance of the entity during that period; and any changes in the related party transactions described in the last annual Report and Accounts that could do so.

 

Signed on 29 May 2018 on behalf of the Board

 

 

 

 

Mike Morris                                                                          Alan Martin

Chief Executive Officer                                                        Chief Financial Officer


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Interim results for the six months ended 31 March - RNS