Regulatory Story
Go to market news section View chart   Print
RNS
Daejan Holdings PLC   -  DJAN   

Interim Results

Released 07:00 27-Nov-2019

RNS Number : 7640U
Daejan Holdings PLC
27 November 2019
 

 

27 November 2019

 

DAEJAN HOLDINGS PLC

 

INTERIM RESULTS ANNOUNCEMENT for the half year ended

30 September 2019

 

The Board is pleased to present the Interim Statement for the half year ended
30 September 2019.

 

 

 

30 Sep

2019

 

 

30 Sep

2018

 

 

31 Mar

2019

 

£000

 

£000

 

£000

 

 

 

 

 

 

(Loss)/Profit before tax

(18,301)

 

61,100

 

137,832

 

 

 

 

 

 

(Loss)/Profit after tax

(11,271)

 

48,858

 

119,979

 

 

 

 

 

 

Basic and diluted earnings per share

£(0.70)

 

£2.99

 

£7.36

 

 

 

 

 

 

Equity shareholders' funds per share

£119.85

 

£115.77

 

£119.07

 

·         The loss before tax for the period was £18.3 million (2018: Profit £61.1 million) after accounting for the net valuation loss on investment properties of £43.3 million (2018: Gain £32.5 million).

·        The property portfolio has been valued by the Directors based on the recommendations of the Group's external advisers.

·           Before the impact of valuation movements both our UK and US businesses generated profits. Whilst the UK revaluation produced a surplus of £2.8m (2018: £32.5m), in the USA new rent regulations affecting our properties in New York state produced a downward movement which resulted in a reduction in the valuation of our US portfolio of £46.1m (2018: nil)

·         We continued to see strong increases in rental income in the UK and USA, primarily driven by the letting of completed development projects in the UK and property acquisitions in the USA.

·       Until there is greater clarity on the timing and terms of the UK's departure from the EU and the outcome of the UK general election in December, the high levels of political and economic uncertainty in the UK are expected to continue. The economic outlook for the USA remains more promising.

·       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, movements in the sterling/dollar exchange rate, incidence of voids and bad debts and adverse changes to the regulatory environment.

·           An interim dividend of 35p per share will be paid on 6 March 2020 to shareholders on the register on 7 February 2020.

 

B S E Freshwater

Chairman

27 November 2019

 

For further information please contact:

 

Mark Jenner

Nick Dibden

Company Secretary

Powerscourt

Daejan Holdings PLC

 

Tel: 020 7836 1555

Tel: 020 7250 1446

 

 

 

 

 

Consolidated Income Statement for the six months ended 30 September 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unaudited

 

Unaudited

 

Audited

 

 

 

 

 

 

 

 

Six months

 

Six months

 

Year

 

 

 

 

 

 

 

 

ended

 

ended

 

ended

 

 

 

 

 

 

 

 

30 Sep 2019

 

30 Sep 2018

 

31 Mar 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

£000

 

£000

 

£000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total rental & related income from investment property

 

82,998

 

73,966

 

156,161

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property operating expenses

 

 

 

(43,658)

 

(37,015)

 

(79,580)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net rental & related income from investment property

 

 

 

39,340

 

36,951

 

76,581

 

 

 

 

 

 

 

 

Profit on disposal of investment property

3,264

 

4,929

 

12,203

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net valuation (losses)/gains on investment property

 

(43,280)

 

32,521

 

83,928

 

 

 

 

 

 

 

 

 

 

 

 

Administrative expenses

 

 

 

 

(7,099)

 

(6,940)

 

(13,904)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net operating (loss)/profit before net financing costs

 

(7,775)

 

67,461

 

158,808

 

 

 

 

 

 

 

 

 

Fair value (losses)/gains on derivative financial instruments

 

(1,294)

 

840

 

(167)

 

 

Fair value losses on current investments

 

-

 

-

 

(5)

 

 

Other financial income

 

 

 

 

725

 

482

 

1,048

 

 

 

 

 

 

 

 

 

 

 

 

Financial expenses

 

 

 

 

(9,957)

 

(7,683)

 

(21,852)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net financing expense

 

 

 

 

(10,526)

 

(6,361)

 

(20,976)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Loss)/profit before taxation

 

(18,301)

 

61,100

 

137,832

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax

 

 

 

 

7,030

 

(12,242)

 

(17,853)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Loss)/profit for the period

 

 

 

 

(11,271)

 

48,858

 

       119,979

 

Attributable to:

 

 

 

 

 

 

 

 

 

 

 

Equity holders of the parent

 

 

 

(11,352)

 

48,789

 

119,893

 

Non-controlling interest

 

 

 

 

81

 

69

 

86

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Loss)/profit for the period

 

 

 

 

(11,271)

 

48,858

 

119,979

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted (loss)/earnings per share

 

£(0.70)

 

£2.99

 

£7.36

 

 

  

  

  

 

Consolidated Statement of Comprehensive Income for the six months ended 30 September 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unaudited

 

Unaudited

 

Audited

 

 

 

 

 

 

 

Six Months

 

Six Months

 

Year

 

 

 

 

 

 

 

ended

 

ended

 

ended

 

 

 

 

 

 

 

30 Sep 2019

 

30 Sep 2018

 

31 Mar 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

£000

 

£000

 

£000

 

 

 

 

 

 

 

 

 

 

 

 

 

(Loss)/profit for the period

(11,271)

 

48,858

 

119,979

 

 

Foreign exchange translation differences

24,029

 

24,830

 

24,350

 

 

 

 

 

 

 

 

Total comprehensive income for the period

12,758

 

73,688

 

144,329

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Attributable to:

 

 

 

 

 

 

 

Equity holders of the parent

12,667

 

73,612

 

144,236

 

Non-controlling interest

91

 

76

 

93

 

 

 

 

 

 

 

 

 

 

 

 

 

Total comprehensive income for the period

12,758

 

73,688

 

144,329

 

 

 

 

 

 

 

 

 

 

 

 

 

                                         

 

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 2019

 

 

 

 

 

Equity

Non-

 

 

Share

Share

Translation

Retained

shareholders'

controlling

Total

 

capital

premium

reserve

earnings

funds

interest

 

 

 

 

 

 

 

 

 

£000

£000

£000

£000

£000

£000

£000

 

Balance at 1 April 2018

4,074

555

31,384

1,776,889

1,812,902

91

1,812,993

 

 

 

 

 

 

 

 

Profit for the period

-

-

-

119,893

119,893

86

119,979

 

 

 

 

 

 

 

 

Foreign exchange translation differences

-

-

24,343

-

24,343

7

24,350

 

Payments to non-controlling interest

-

-

-

-

-

(17)

(17)

 

 

 

 

 

 

 

 

Dividends to equity shareholders

-

-

-

(16,784)

(16,784)

-

(16,784)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at 1 April 2019

4,074

555

55,727

1,879,998

1,940,354

167

1,940,521

 

 

 

 

 

 

 

 

(Loss)/profit for the period

-

-

-

(11,352)

(11,352)

81

(11,271)

 

 

 

 

 

 

 

 

Foreign exchange translation differences

-

-

24,019

-

24,019

10

24,029

 

Payments to non-controlling interest

-

-

-

-

-

(49)

(49)

 

 

 

 

 

 

 

 

Dividends to equity shareholders

-

-

-

-

-

-

-

 

 

 

 

 

 

 

 

Balance at 30 September 2019

4,074

555

79,746

1,868,646

1,953,021

209

1,953,230

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

 

 

Consolidated Balance Sheet as at 30 September 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unaudited

 

Unaudited

 

Audited

 

 

 

 

 

 

 

30 Sep 2019

 

30 Sep 2018

 

31 Mar 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

£000

 

£000

 

£000

Assets

 

 

 

 

 

 

 

 

 

 

 

Investment property

 

 

 

 

2,551,808

 

2,468,822

 

2,532,518

Deferred tax assets

 

 

 

 

446

 

54

 

226

 

 

 

 

 

 

 

 

 

 

 

 

Total non-current assets

 

 

 

 

2,552,254

 

2,468,876

 

2,532,744

 

Properties held for sale

 

 

 

70,139

 

-

 

70,997

Trade and other receivables

 

 

 

 

 

71,403

 

81,398

 

66,716

Current investments

 

 

 

 

 

147

 

154

 

151

Cash and cash equivalents

 

 

 

 

 

156,246

 

92,794

 

95,895

 

 

 

 

 

 

 

 

 

 

 

 

Total current assets

 

 

 

 

297,935

 

174,346

 

233,759

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

 

 

 

 

2,850,189

 

2,643,222

 

2,766,503

Equity

 

 

 

 

 

 

 

 

 

 

 

Share capital

 

 

 

 

 

4,074

 

4,074

 

4,074

Share premium

 

 

 

 

555

 

555

 

555

Translation reserve

 

 

 

 

79,746

 

56,207

 

55,727

Retained earnings

 

 

 

 

1,868,646

 

1,825,678

 

1,879,998

 

 

 

 

 

 

 

 

 

 

 

 

Total equity attributable to equity

 

 

 

 

 

 

 

 

holders of the parent

 

 

 

 

1,953,021

 

1,886,514

 

1,940,354

Non-controlling interest

 

 

 

 

209

 

156

 

167

 

 

 

 

 

 

 

 

 

 

 

 

Total equity

 

 

 

 

 

1,953,230

 

1,886,670

 

1,940,521

Liabilities

 

 

 

 

 

 

 

 

 

 

Lease obligations payable

 

 

6,886

 

-

 

-

Loans and borrowings

 

 

 

 

488,173

 

308,746

 

418,069

Deferred tax liabilities

 

 

 

 

291,374

 

287,981

 

293,431

 

 

 

 

 

 

 

 

 

 

 

 

Total non-current liabilities

 

 

 

786,433

 

596,727

 

711,500

 

 

 

 

 

 

 

 

 

 

 

Loans and borrowings

 

 

7,027

 

58,035

 

12,685

Trade and other payables

 

 

 

 

65,184

 

54,572

 

58,677

Current taxation

 

 

 

 

38,315

 

                 47,218

 

43,120

 

 

 

 

 

 

 

 

 

 

Total current liabilities

 

 

 

 

110,526

 

159,825

 

114,482

 

 

 

 

 

 

 

 

 

 

 

Total liabilities

 

 

 

 

 

896,959

 

756,552

 

825,982

 

 

 

 

 

 

 

 

 

 

Total equity and liabilities

 

 

 

 

2,850,189

 

2,643,222

 

2,766,503

 

 

 

 

 

 

 

 

 

 

Equity shareholders' funds per share

 

 

 

 

£119.85

 

£115.77

 

£119.07

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

   

 

 

Consolidated Statement of Cash Flows for the six months ended 30 September 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unaudited

 

 

Unaudited

 

 

Audited

 

 

 

 

 

 

 

Six months

 

 

Six months

 

 

Year

 

 

 

 

 

 

 

ended

 

 

ended

 

 

ended

 

 

 

 

 

 

 

30 Sep 2019

 

 

30 Sep 2018

 

 

31 Mar 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

£000

£000

 

£000

£000

 

£000

£000

Cash flows from operating activities

 

 

 

 

 

 

 

 

Net cash generated from operations

31,371

 

 

17,186

 

 

61,506

 

Interest received

721

 

 

481

 

 

1,048

 

Interest paid

 

 

 

 

(8,693)

 

 

(7,559)

 

 

(15,486)

 

Tax paid

(7,578)

 

 

(4,553)

 

 

(8,855)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash from operating activities

 

15,821

 

 

5,555

 

 

38,213

 

 

 

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

 

 

 

Acquisition and development of investment property

(10,308)

 

 

(21,725)

 

 

(108,463)

 

Proceeds from sale of investment property

5,182

 

 

6,286

 

 

16,098

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash absorbed by investing activities

 

(5,126)

 

 

(15,439)

 

 

(92,365)

 

 

 

 

 

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

 

 

 

 

 

Repayment of bank loans

(880)

 

 

(1,049)

 

 

(59,603)

 

New bank loans and overdrafts

30,000

 

 

-

 

 

60,000

 

Repayment of mortgages

(17,849)

 

 

(9,775)

 

 

(40,063)

 

New mortgages

34,326

 

 

9,737

 

 

102,814

 

Dividends paid

-

 

 

-

 

 

(16,784)

 

Payments to non-controlling interest

(49)

 

 

(11)

 

 

(17)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash generated from/(absorbed by) financing activities

 

45,548

 

 

  (1,098)

 

 

46,347

 

 

 

 

 

 

 

 

 

Net increase/(decrease) in cash and cash equivalents

 

56,243

 

 

(10,982)

 

 

(7,805)

 

 

 

 

 

 

 

 

Cash and cash equivalents brought forward

95,895

 

 

98,752

 

 

98,752

 

 

 

 

 

 

 

 

Effect of exchange rate fluctuations on cash held

4,108

 

 

5,024

 

 

4,948

 

 

 

 

 

 

 

 

Cash and cash equivalents

156,246

 

 

92,794

 

 

95,895

 

     

 

Notes to the Consolidated Interim Financial Statements for the six months ended 30 September 2019

1.         Basis of preparation 

           This interim financial information has been prepared in accordance with International Accounting Standard (IAS) 34 Interim Financial Reporting as adopted by the European Union. The accounting policies, methods of computation and presentation are consistent with those that were applied in the preparation of the Company's published consolidated financial statements for the year ended 31 March 2019 with the exception of the accounting policy for leases.

The Group has adopted IFRS 16 Leases for the first time. There have been no changes to the accounting policies where the Group is a lessor. Where the Group is a lessee, a right of use asset and lease liability have been recognised. Prior year figures have not been restated. The Group has recognised as liabilities amounts payable under the leases. The lease liability and corresponding right of use asset, which is included in investment property, of £6,903,000 recognised at 30 September 2019 represents the present value of the remaining minimum lease payments. In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date where the interest rate implicit in the lease is not readily determinable.

The Directors have considered the result of the endorsement by the EU of all other 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 ended 31 March 2020 and concluded that they have no material effect on either the current or prior periods.

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 2019 was unqualified and did not contain a statement under section 498 of the Companies Act 2006.  Statutory accounts for the year ended 31 March 2019 have been delivered to the Registrar of Companies.  The interim financial statements were approved by the Board of Directors on 26 November 2019. 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 2019

£000

£000

£000

£000

Rental and related income

50,986

32,012

-

82,998

 

 

 

 

 

Property operating expenses

(26,771)

(16,887)

-

(43,658)

 

 

 

 

 

Profit/(loss) on disposal of property

3,497

(233)

-

3,264

 

 

 

 

 

Net valuation movements on property

2,856

(46,136)

-

(43,280)

 

 

 

 

 

Administrative expenses

(6,447)

(652)

-

(7,099)

 

 

 

 

 

Profit/(loss) before finance costs

24,121

(31,896)

-

(7,775)

 

 

 

 

 

Net financing expense

(4,381)

(6,145)

-

(10,526)

 

 

 

 

 

Profit/(loss) before taxation

19,740

(38,041)

-

(18,301)

 

 

 

 

 

Income tax charge

(2,728)

9,758

-

7,030

 

 

 

 

 

Profit/(loss) for the period

17,012

(28,283)

-

(11,271)

 

 

 

 

 

Capital expenditure

6,899

3,330

-

10,229

As at 30 September 2019

 

 

 

 

Investment property

1,802,404

749,404

-

2,551,808

Other assets

189,532

121,437

(12,588)

298,381

Total segment assets

1,991,936

870,841

(12,588)

2,850,189

Total segment liabilities

(433,871)

(475,676)

12,588

(896,959)

Capital employed

1,558,065

395,165

-

1,953,230

 

 

 

UK

USA

Eliminations

Total

For the six months ended 30 September 2018

£000

£000

£000

£000

Rental and related income

47,822

26,144

-

73,966

 

 

 

 

 

Property operating expenses

(22,923)

(14,092)

-

(37,015)

 

 

 

 

 

Profit/(loss) on disposal of property

5,620

(691)

-

4,929

 

 

 

 

 

Net valuation movements on property

32,521

0

-

32,521

 

 

 

 

 

Administrative expenses

(6,468)

(472)

-

(6,940)

 

 

 

 

 

Profit before finance costs

56,572

10,889

-

67,461

 

 

 

 

 

Net financing expense

(2,876)

(3,485)

-

(6,361)

 

 

 

 

 

Profit before taxation

53,696

7,404

-

61,100

 

 

 

 

 

Income tax charge

(10,362)

(1,880)

-

(12,242)

 

 

 

 

 

Profit for the period

43,334

5,524

-

48,858

 

 

 

 

 

Capital expenditure

15,856

3,057

-

18,913

As at 30 September 2018

 

 

 

 

Investment property

1,831,882

636,940

-

2,468,822

Other assets

83,476

102,618

(11,694)

174,400

Total segment assets

1,915,358

739,558

(11,694)

2,643,222

Total segment liabilities

(389,979)

(378,267)

11,694

(756,552)

Capital employed

1,525,379

361,291

-

1,886,670

  

    

 

 

 

 

4.         Taxation

The tax charge in the interim statement is in line with the current UK and US statutory rates after removing prior year items.  The Group reached an agreement with HMRC to settle their enquiry into historical financing arrangements in November 2019. The Group made a payment of tax and associated interest on settlement in line with the accruals made at 31 March 2019.

5.         Dividends 

No dividends were paid in the six months ended 30 September 2019 (six months ended 30 September 2018: £Nil).

6.         Investment properties

The Directors have estimated the value of the investment properties at 30 September 2019 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 2020. Post period end we completed our sale of the Middlesex Street site to Unite which was shown in Properties held for sale at period end.

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 2019

Unaudited

30 Sep 2018

Audited

31 Mar 2019

 

 

Book Value

Fair Value

Book Value

Fair Value

Book Value

Fair Value

 

£000

£000

£000

£000

£000

£000

 

 

 

 

 

 

 

Loans and borrowings

495,200

531,808

366,781

371,328

430,754

450,770

Interest rate swaps

2,622

2,622

321

321

1,328

1,328

 

 

 

 

 

 

 

 

497,822

534,430

367,102

371,649

432,082

452,098

 

 

 

 

 

 

 

Current

9,649

13,554

58,356

58,639

14,013

15,927

Non-current

488,173

520,876

308,746

313,010

418,069

436,171

 

 

 

 

 

 

 

 

497,822

534,430

367,102

371,649

432,082

452,098

 

 

 

 

 

 

 

 

 

 

 

 

 

 

In both 2019 and 2018 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 CB Freshwater and Mr RE Freshwater have 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 2019, the aggregate net amounts due to Highdorn Co. Limited and Freshwater Property Management Limited from the Group in relation to such agency receipts and payments was £1.7 million (2018: Due from Highdorn/FPM £9.4 million). 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 charged 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 £1.9 million (six months ended 30 September 2018: £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 2019.

 

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 2019. A list of current Directors is maintained on the Daejan Holdings PLC website www.daejanholdings.com.

 

 

B S E Freshwater

Chairman

27 November 2019


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
IR CKADQFBDDPDB
Close


London Stock Exchange plc is not responsible for and does not check content on this Website. Website users are responsible for checking content. Any news item (including any prospectus) which is addressed solely to the persons and countries specified therein should not be relied upon other than by such persons and/or outside the specified countries. Terms and conditions, including restrictions on use and distribution apply.

 


Interim Results - RNS