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Braime Group PLC   -  BMTO   

Interim Results for the six months ended 30 Jun 19

Released 12:10 19-Sep-2019

RNS Number : 9889M
Braime Group PLC
19 September 2019
 

Braime Group PLC

("Braime" or the "Company" and together with its subsidiaries the "Group")

 

Interim Results for the six months ended 30th June 2019

 

 

The Company presents its unaudited interims results for the six months ended 30 June 2019:

 

Performance

Group sales revenue for the first six months of 2019 is down 5.5% to £17.1m compared to £18.1m for the same period in 2018, while profit before tax fell to £1.1m compared to £1.2m for the same period in 2018.  Performance for the first half of the year is less than we had hoped for based on our growth in previous years, but it is better than we feared, given the current uncertainties in the global and local economic and political environment.  In particular, the USA operation, which is a very significant contributor to Group profitability, has seen a significant softening in the agricultural market, from customers, end users and equipment manufacturers, unprecedented in recent times, caused by the deterioration in US-Sino trade relations. 

 

Dividends

It is the Group's policy to maintain dividend growth, balanced alongside the Group's requirement for investment in capital to support long term growth.  The directors have decided to increase the interim dividend to 3.60p per share.  This dividend will be paid on 18th October 2019 to the Ordinary and 'A' Ordinary shareholders on the register on the 4th October 2019.  The associated ex-dividend date is 3rd October 2019.

 

Braime Pressings Limited

External sales revenue fell to £1.9m in the first 6 months of 2019, as compared to £2.6m for the same period last year, which had been boosted by an exceptional order, albeit with a low margin. We have continued to improve operating efficiencies and productivity and this has led to a rise in profit for the period to £116,000 from £62,000 for the equivalent period last year. We are continuing to look for further ways to improve efficiencies and we are pleased to report we have recently installed a 190KW solar PV on our property on Hunslet Road, Leeds. This will generate around 25% of our current electricity requirements, and is of course, good for the environment.

 

4B Division

Our distribution division's external sales revenue fell slightly to £15.2m compared to £15.3m for the same period last year.   Intercompany trading rose by 26.8% to £2.9m (£2.3m for the same period in 2018) buoyed up by Brexit preparations.  We are pleased to see strong growth in 4B Africa which is 28% above the same period last year. However, the African market is a relatively small proportion of our total market and cannot compensate for the lack of growth experienced elsewhere. Our new subsidiary in China has also been adversely affected by the US-Sino trade wars and will require time before it makes a positive contribution to the Group financially, but we believe it is strategically placed to provide significant long-term growth.  Profit for the division for the six-month period was £883,000 as compared to £1.0m for the same period last year.  This stems from new costs arising from additional depreciation due to our recent investment our new moulding facilities and the strengthening of some sectors of our management structure, necessary to maintain future growth.

 

Balance Sheet

Total net assets as at 30th June 2019 amount to £13.9m (30th June 2018 - £11.8m).  Inventory has increased by £2.0m when compared to 30th June 2018 and by £1.1m when compared to 31st December 2018, partly due to the Group's contingency planning for Brexit and the slower than expected sales, mentioned above.  Trade receivables are in line with the 2018 year end, and reduced compared to 30th June 2018.  The increase in long-term borrowings since June 2018 relates primarily to new loans taken up to fund our moulding plant in the USA in the second half of 2018.    

 

Included for the first time in the accounts are a new category of non-current assets called Right of Use (RoU) assets.   These arise from the new accounting standard for Leases, IFRS 16, which came into force on 1st January 2019.  The standard requires that certain leases, such as property rentals, which were previously accounted for as operating expenses in the profit and loss account, are now capitalised in the balance sheet as RoU assets and then depreciated.   However, the changes in the IFRS standard does not have any material impact on the reported operating profit of the Group, because the total cost of operating lease rentals of £103,000 is materially the same as the total depreciation charge on the RoU assets.

 

Cash flow

Net profit generated after tax was £756,000 compared to £822,000 for the same period last year.  However, our Brexit preparations have seen our inventories increase by £1.1m over the six-month period from 31st December 2018, and a corresponding decrease in our trade payables of £381,000.  We continue to invest in capital projects, this year adding three new presses in the UK, as well as items of new equipment in our overseas operations.  The Group is committed to making further substantial investments and cash flow is expected to remain tight in the second half of the year.  The Group continues to operate within its bank facility agreed with HSBC.

 

As the business continues to expand, the directors remain focused in ensuring that working capital requirements, particularly for stock, are carefully monitored and controlled.

 

Principal exchange rates

The Group reports its results in sterling, its presentational currency. The Group operates in six other currencies and the average of the principal exchange rates in use during the half year and as at the 30th June 2019 are shown in the table below, along with comparatives.

 

 

Currency

 

Symbol

Avg rate

HY 2019

Avg rate

HY 2018

Avg rate

FY 2018

Closing rate

30th Jun 2019

Closing rate

30th Jun 2018

Closing rate

31st Dec 2018

Australian Dollar

AUD

1.832

       1.788

       1.787

       1.814

       1.788

       1.809

Chinese Renminbi (Yuan)

CNY

8.770

8.743

8.700

8.711

8.731

8.676

Euro

EUR

1.148

     1.137

       1.130

       1.118

       1.131

       1.115

South African Rand

ZAR

18.319

   16.989

     17.627

     17.950

     18.105

     18.364

Thai Baht

THB

40.808

   43.604

     42.962

     39.069

     43.649

     41.301

United States Dollar

USD

1.297

     1.372

1.332

       1.273

       1.320

       1.277

 

Key performance indicators

The Group uses the following key performance indicators to assess the performance of the Group as a whole and of the individual businesses:

 

 

Key performance indicator

 

Note

 

Half year

2019 

 

Half year

2018 

 

Full year

2018 

Turnover growth

1

(5.5%)

16.3% 

13.6% 

Gross margin

2

45.4% 

45.9% 

48.4% 

Operating profit

3

£1.29m 

£1.18m 

£3.24m 

Stock days

4

165 days 

125 days 

141 days 

Debtor days

5

60 days 

62 days 

56 days 

 

Notes to KPI's

1.             Turnover growth

The Group aims to increase shareholder value by measuring the year on year growth in Group revenue. Revenues are down due to the current global economic climate.

 

2.             Gross margin

Gross profit (revenue less change in inventories and raw materials used) as a percentage of revenue is monitored to maximise profits available for reinvestment and distribution to shareholders.  Gross margin is in line with the same period last year.

 

3.             Operating profit

Sustainable growth in operating profit is a strategic priority to enable ongoing investment and increase shareholder value.  Despite the fall in revenues, operating profits have improved as a result of the efficient cost control over operating expenses.

 

4.             Stock days

The average value of inventories divided by raw materials and consumables used and changes in inventories of finished goods and work in progress expressed as a number of days is monitored to ensure the right level of stocks are held in order to meet customer demands whilst not carrying excessive amounts which impacts upon working capital requirements.  Stock days have increased in part due to contingency planning for Brexit and slower sales take up.

 

5.             Debtor days

The average value of trade receivables divided by revenue expressed as a number of days.  This is an important indicator of working capital requirements.  Debtor days still average within the standard payment terms of 60 days, and better than the same period last year.  Management remain focused on reducing this to improve cash.

 

Other metrics monitored weekly or monthly include quality measures (such as customer complaints), raw materials buying prices, capital expenditure, line utilisation, reportable accidents and near-misses.

 

Outlook for the second half of 2019

Last year's very positive economic environment boosted our growth, however this year, indications are that the second half of the year will remain very challenging. This is due to uncertainties surrounding the ongoing trade conflict between the US and China, and the escalating tariff war, which is not only affecting America and China but also reverberating around the global markets, so we do not currently anticipate repeating the strong results seen in the second half of last year.

 

Closer to home, Brexit remains frustratingly, an unknown quantity. We have prepared as well as any business can under the circumstances, but the actual impact is difficult to ascertain, not just with regards to trading but also to foreign currency fluctuations.  As much of our income derives from overseas earnings, a weak sterling will boost reported earnings when retranslated.  However, should sterling strengthen significantly, the converse would apply.  Depending on the form Brexit finally takes, as a major exporter, the actual event is likely to cause some degree of short-term disruption.  However, we consider that as the majority of our sales presence and projected growth is already outside the EU, the long-term effects are unlikely to be significant for the Group.

 

 

For further information please contact:

 

Nicholas Braime/Cielo Cartwright

0113 245 7491

 

W. H. Ireland Limited

Katy Mitchell

0113 394 6628

 

 

Braime Group PLC

Consolidated income statement for the six months

ended 30th June 2019

 

 

 

Note

Unaudited 
6 months to 

30th June 
2019 

Unaudited 
6 months to 

30th June 
2018 

Audited 

year to 

31st December 

2018 



£'000 

£'000 

£'000 






Revenue


17,077 

18,069 

35,718 






Changes in inventories of finished goods and work in progress


 

1,174 

 

558 

 

1,229 

Raw materials and consumables used


(10,501)

(10,332)

(19,677)

Employee benefits costs


(3,719)

(3,287)

(8,300)

Depreciation expense (see Note below)


(536)

(305)

(788)

Other expenses


(2,209)

(3,522)

(4,940)






Profit from operations


1,286 

1,181

3,242 






Finance costs


(216)

(19)

(227)

Finance income







Profit before tax


1,071 

1,162 

3,017 






Tax expense


(315)

(340)

(788)






Profit for the period


756 

822 

2,229 






Profit attributable to:





Owners of the parent


751 

830 

2,178 

Non-controlling interests


(8)

51 



756 

822 

2,229 






Basic and diluted earnings per share

2

52.49p 

57.08p 

154.79p 

 

Note: The Group has initially applied IFRS 16 at 1st January 2019 using the modified retrospective approach.  Under this approach, comparative information is not restated and the cumulative effect of initially applying IFRS 16 is recognised in retained earnings at the date of initial application.  The IFRS does not have any material impact on the reported operating profit of the Group, because the total cost of operating lease rentals of £103,000 is materially the same as the total depreciation charge on the Right of use (RoU) assets.

 

 

 

 

Braime Group PLC

Consolidated statement of comprehensive income for the six months

ended 30th June 2019

Unaudited 

6 months to 

 30th June 

2019 

Unaudited 

6 months to 

 30th June 

2018 

Audited 

year to 

31st December 

2018 


£'000 

£'000 

£'000 





Profit for the period

756 

822 

2,229 





Items that will not be reclassified subsequently to profit or loss




Net pension remeasurement gain on post-employment benefits

76 





Items that may be reclassified subsequently to profit or loss




Foreign exchange (losses)/gains on re-translation of overseas operations

(13)

85 

206 





Other comprehensive income for the period

(13)

85 

282 





Total comprehensive income for the period

743 

907 

2,511 





Total comprehensive income attributable to:




Owners of the parent

756 

918 

2,481 

Non-controlling interests

(13)

(11)

30 


743 

907 

2,511 

 

The foreign currency movements arise on the re-translation of overseas subsidiaries' opening balance sheets at closing rates.

 

Braime Group PLC

Consolidated balance sheet at 30th June 2019

Unaudited  

6 months to  

30th June  

2019  

Unaudited  

6 months to  

30th June  

2018  

Audited 

year to 31st 

December 

2018 


£'000  

£'000  

£'000  





Non-current assets




Property, plant and equipment

6,485 

5,921 

6,232 

Intangible assets

56 

71 

61  

Right of use assets (see Note below)

213 

-

-





Total non-current assets

6,754 

5,992 

6,293 





Current assets




Inventories

8,968 

6,989 

7,872 

Trade and other receivables

6,605 

7,512 

6,820 

Cash and cash equivalents

935 

938 

2,313 





Total current assets

16,508 

15,439 

17,005 





Total assets

23,262 

21,431 

23,298 





Current liabilities




Bank overdraft

508 

832 

Trade and other payables

4,881 

5,847 

5,493 

Other financial liabilities

2,219 

3,363 

1,870 

Corporation tax liability

331 

249 





Total current liabilities

7,609 

9,541 

8,444 





Non-current liabilities




Financial liabilities

1,449 

39 

1,256 

Deferred income tax liability

266 

71 

265 





Total non-current liabilities

1,715 

110 

1,521 





Total liabilities

9,324 

9,651 

9,965 





Total net assets

13,938 

11,780 

13,333 





Capital and reserves




Share capital

360 

360 

360 

Capital reserve

257 

257 

257 

Foreign exchange reserve

306 

162 

301 

Retained earnings

13,347 

11,361 

12,734 

Total equity attributable to the shareholders of the parent

company

 

14,270 

 

12,140 

 

13,652 

Non-controlling interests

(332)

(360)

(319)

Total equity

13,938 

11,780 

13,333 

 

Note: The Group has initially applied IFRS 16 at 1st January 2019 using the modified retrospective approach.  Under this approach, comparative information is not restated and the cumulative effect of initially applying IFRS 16 is recognised in retained earnings at the date of initial application. The impact of IFRS 16 on these accounts is to recognise £311,000 of opening net book value of Right of use (RoU) assets and £334,000 of lease liabilities.

 

 

Braime Group PLC

Consolidated cash flow statement for the six months

ended 30th June 2019

 

 

 

Note

Unaudited 

6 months to 

30th June 

2019 

Unaudited 

6 months to 

30th June 

2018 

Audited 

year to 

31st December 

2018 



£'000 

£'000 

£'000 

Operating activities





Net profit


756 

822 

2,229 






Adjustments for:





Depreciation


536 

305 

788 

Foreign exchange (losses)/gains


(17)

61 

158 

Finance income


(1)

(2)

Finance expense


216 

19 

227 

Gain on sale of plant, machinery and motor vehicles


 15 

Adjustment in respect of defined benefit scheme


158 

Income tax expense


315 

340 

788 

Income taxes paid


(243)

(216)

(871)

Operating activities before changes in working capital and provisions


 

1,562 

 

1,331 

 

3,490 






Increase in trade and other receivables


(107)

(1,602)

(580)

Increase in inventories


(1,096)

(558)

(1,441)

(Decrease)/increase in trade and other payables


(381)

1,817 

977 








(1,584)

(343)

(1,044)






Cash generated from operations


(22)

988 

2,446 






Investing activities





Purchases of property, plant, machinery and motor vehicles


 (679)

 (990)

 (1,767)

Sale of plant, machinery and motor vehicles


10 

32 

Interest received




(678)

(980)

(1,733)






Financing activities





Proceeds from long term borrowings


792 

Proceeds from new hire purchase borrowings


421 

Repayment of Right of use liability (see Note below)


(103)

-  

Repayment of borrowings


(199)

254 

(349)

Repayment of hire purchase creditors


(142)

(184)

(276)

Interest paid


(216)

(19)

(227)

Dividends paid


(115)

(102)

(153)



(354)

(51)

(213)

Decrease in cash and cash equivalents


(1,054)

(43)

500 

Cash and cash equivalents, beginning of period


1,481 

981 

981 

Cash and cash equivalents (including overdrafts), end of period

 

3

 

427 

 

938 

 

1,481 

 

Note:  Prior to the adoption of IFRS 16, repayment of lease liabilities were deemed operating as opposed to financing activities.

 

 

 

 

Share 

Capital 

 

 

 

Capital 

Reserve 

 

 

Foreign 

Exchange 

Reserve 

 

 

 

Retained 

Earnings 

 

 

 

 

Total 

 

 

 

Minority 

Interests 

 

 

 

Total 

Equity 

£'000 

£'000 

£'000 

£'000 

£'000 

£'000 

£'000 

Balance at 31st December

2018

 

360 

 

257 

 

301 

 

12,734 

 

13,652 

 

(319)

 

13,333 









Impact of change in accounting standard - IFRS 16

 

 

 

 

 (23)

 

 (23)

 

 

 (23)

 

360 

 

257 

 

301 

 

12,711 

 

13,629 

 

(319)

 

13,310 























Profit

751 

751 

756 























Foreign exchange gain/(loss)

on re-translation of overseas operations

 

 

 

 

 

 

 

 

 

 

 

 

(18)

 

 

(13)

Total other comprehensive

income








Total comprehensive

income

 

 

 

 

751 

 

756 

 

(13)

 

743 








Dividends

(115)

(115)

(115)

Total transactions with owners

(115)

(115)

(115)

Balance at 30th June 2019

360 

257 

306 

13,347 

14,270 

(332)

13,938 









 

 

 

 

 

Share 

Capital 

 

 

 

Capital 

Reserve 

 

 

Foreign 

Exchange 

Reserve 

 

 

 

Retained 

Earnings 

 

 

 

 

Total 

 

 

 

Minority 

Interests 

 

 

 

Total 

Equity 

£'000 

£'000 

£'000 

£'000 

£'000 

£'000 

£'000 

Balance at 1st January 2018

360 

257 

74 

10,633 

11,324 

 (349)

10,975 























Profit

830 

830 

(8)

822 























Foreign exchange losses on

re-translation of overseas

operations

 

 

 

 

 

 

88 

 

 

 

 

88 

 

 

(3)

 

 

85 

Total other comprehensive

income

 

 

 

88 

 

 

88 

 

(3)

 

85 

Total comprehensive

income

 

 

 

88 

 

830 

 

918 

 

(11)

 

907 








Dividends

(102)

(102)

(102)

Total transactions with owners

 (102)

 (102)

 (102)

Balance at 30th June 2018

360 

257 

162 

11,361 

12,140 

 (360)

11,780 









 

 

 

 

Share 

Capital 

 

 

 

Capital 

Reserve 

 

 

Foreign 

Exchange 

Reserve 

 

 

 

Retained 

Earnings 

 

 

 

 

Total 

 

 

 

Minority 

Interests 

 

 

 

Total 

Equity 

£'000 

£'000

£'000 

£'000 

£'000 

£'000 

£'000 

Balance at 1st January 2018

360 

257 

74 

10,633 

11,324 

 (349)

10,975 























Profit

2,178 

2,178 

51 

2,229 























Net pension remeasurement

gain recognised directly in

equity

 

 

 

 

 

 

 

 

76 

 

 

76 

 

 

 

 

76 

Foreign exchange gains on

re-translation of overseas

operations

 

 

 

 

 

 

227 

 

 

 

 

227 

 

 

(21)

 

 

206 

Total other comprehensive

income

 

 

 

227 

 

76 

 

303 

 

(21)

 

282 

Total comprehensive

income

 

 

 

227 

 

2,254 

 

2,481 

 

30 

 

2,511 








Dividends

(153)

(153)

(153)

Total transactions with owners

 (153)

 (153)

 (153)

Balance at 31st December

2018

 

360 

 

257 

 

301 

 

12,734 

 

13,652 

 

(319)

 

13,333 









1.      Accounting policies

Basis of preparation

The interim financial report has been prepared using accounting policies that are consistent with those used in the preparation of the full financial statements to 31st December 2018 and those which management expects to apply in the Group's full financial statements to 31st December 2019.

 

This interim financial report is unaudited.  The comparative financial information set out in this interim financial report does not constitute the Group's statutory accounts for the period ended 31st December 2018 but is derived from the accounts.  Statutory accounts for the period ended 31st December 2018 have been delivered to the Registrar of Companies.  The auditors have reported on those accounts.  Their audit report was unqualified and did not contain any statements under Section 498 of the Companies Act 2006.

 

The Group's condensed interim financial information has been prepared in accordance with International Financial Reporting Standards ('IFRS') as adopted for the use in the European Union and in accordance with IAS 34 'Interim Financial Reporting' and the accounting policies included in the Annual Report for the year ended 31st December 2018, which have been applied consistently throughout the current and preceding periods.  The Group has adopted the following new and amended standards as of 1st January 2019.

 

·        IFRS 16, 'Leases'; effective on or after 1st January 2019.

·        IFRIC Interpretation 23, 'Uncertainty over income tax treatments'; effective on or after 1st January 2019.

·        Amendments to IAS 28, 'Long-term interest in associates and joint ventures'; effective on or after 1st January 2019.

·        IFRS 17, 'Insurance contracts'; effective on or after 1st January 2019.

·        Amendments to IFRS 9, 'Prepayment features with negative compensation'; effective on or after 1st January 2019.

 

Other than in respect of the application of IFRS 16, the application and interpretations surrounding the other standards has not had a material impact on the Group's reported financial performance or position.

 

IFRS 16, 'Leases'.  This accounting standard became mandatory for financial years commencing on or after 1st January 2019.  Under the new standard, an asset (the right to use the leased item, known as Right of use (RoU) asset) and a financial liability to pay rentals are recognised in the balance sheet.  The Group currently leases properties, vehicles and software under a series of operating lease contracts which are impacted by the new standard.  These types of lease can no longer be recognised as operating leases and have been brought onto the Group's balance sheet from 1st January 2019.  The Group has elected to apply permitted 'practical expedients' with respect to the following types of leases: Short-term leases (leases of less than 12 months) and leases with less than 12 months remaining as at 1st January 2019 and leases for which the asset is of low value, have not been included within the scope of the new standard.

 

The adoption of IFRS 16 affects the reported balance sheet assets and liabilities only.  There is no material impact on the reported profit of the Group, as a result of the new standard.

 

2.      Earnings per share and dividends

        Both the basic and diluted earnings per share have been calculated using the net results attributable to shareholders of Braime Group PLC as the numerator.

 

        The weighted average number of outstanding shares used for basic earnings per share amounted to 1,440,000 (2018 - 1,440,000).  There are no potentially dilutive shares in issue.

 


6 months to 

30th June 

2019 


£'000 

Dividends paid on equity shares


Ordinary shares


Interim of 8.00p per share paid on 17th May 2019

38 



'A' Ordinary shares


Interim of 8.00p per share paid on 17th May 2019

77 

Total dividends paid

115 




Year to 

31st December 

2018 


£'000 

Dividends paid on equity shares


Ordinary shares


Interim of 7.10p per share paid on 18th May 2018

34 

Interim of 3.50p per share paid on 19th October 2018

17 


51 



'A' Ordinary shares


Interim of 7.10p per share paid on 18th May 2018

68 

Interim of 3.50p per share paid on 19th October 2018

34 


102 

Total dividends paid

153 

 

3.      Cash and cash equivalents


 Unaudited 

6 months to 

30th June 

2019 

 Unaudited 

6 months to 

30th June 

2018 

Audited 

year to 

  31st December 

2018 


£'000 

£'000 

£'000 

Cash at bank and in hand

935 

938 

2,313 

Bank overdrafts

(508)

(832)


427 

938 

1,481 

 

4.      Segmental information


 

 

Unaudited 6 months to 

30th June 2019 


Central 

Manufacturing

Distribution 

Total 


£'000 

£'000 

£'000 

£'000 






Revenue





External

1,913 

15,164 

17,077 

Inter company

997 

1,427 

2,877 

5,301 






Total

997 

3,340 

18,041 

22,378 






Profit





EBITDA

115 

133 

1,574 

1,822 

Finance costs

(110)

(9)

(97)

(216)

Finance income

Depreciation

(248)

(8)

(280)

(536)

Tax expense

(315)

(315)






(Loss)/profit for the period

(243)

116 

883 

756 






Assets





Total assets

5,668 

1,994 

15,600 

23,262 

Additions to non-current assets

560 

119 

679 

Liabilities





Total liabilities

1,332 

2,916 

5,076 

9,324 

 

In 2019, we revised PLC intercompany charges across the Group to align recharges with the business activity resulting in a larger recharge to 4B division.

 


Unaudited 6 months to 

 30th June 2018 


Central 

Manufacturing

Distribution 

Total 


£'000 

£'000 

£'000 

£'000 






Revenue





External

2,641 

15,428 

18,069 

Inter company

347 

1,589 

2,269 

4,205 






Total

347 

4,230 

17,697 

22,274 






Profit





EBITDA

(1)

76 

1,411 

1,486 

Finance costs

(38)

(14)

33 

(19)

Finance income

Depreciation

(228)

(77)

(305)

Tax expense

(340)

(340)






(Loss)/profit for the period

(267)

62 

1,027 

822 






Assets





Total assets

4,789 

2,331 

14,311 

21,431 

Additions to non-current assets

211 

769 

980 

Liabilities





Total liabilities

2,826 

3,653 

3,172 

9,651 

 


Audited year to 

31st December 2018 


Central 

Manufacturing

Distribution 

Total 


£'000 

£'000 

£'000 

£'000 






Revenue





External

4,291 

31,427 

35,718 

Inter company

695 

3,891 

6,452 

11,038 






Total

695 

8,182 

37,879 

46,756 






Profit





EBITDA

387 

187 

3,456 

4,030 

Finance costs

(116)

(36)

(75)

(227)

Finance income

Depreciation

(464)

(324)

(788)

Tax expense

(19)

(55)

(714)

(788)






(Loss)/profit for the period

(212)

96 

2,345 

2,229 






Assets





Total assets

5,009 

3,202 

15,087 

23,298 

Additions to non-current assets

650 

1,149 

1,799 

Liabilities





Total liabilities

3,713 

2,127 

4,125 

9,965 

For further information please contact:

 

 


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Interim Results for the six months ended 30 Jun 19 - RNS