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RNS

Half-year Report

Released 07:00 26-Jul-2018

RNS Number : 7825V
Scottish American Investment Co PLC
26 July 2018
 

RNS Announcement

 

The Scottish American Investment Company P.L.C. (SAINTS)

 

Legal Entity Identifier: 549300NF03XVC5IFB447

Regulated Information Classification: Interim Financial Report.

 

Results for the six months to 30 June 2018

 

The following is the unaudited Interim Financial Report for the six months to 30 June 2018.

 

Interim Management Report

 

The net asset value total return for the first six months of 2018 was 0.5% and the share price total return was 0.5%. The total return on global equities, as measured by the FTSE All World Index in sterling*, was 2.1%. Political and macro-economic concerns have had an impact on emerging market valuations during the period, and this held back the portfolio's total return.

Despite this volatility, earnings per share for the six months rose to 6.55p compared to 6.22p in the same period last year. All of SAINTS' primary asset classes contributed to the growth in earnings per share. The key driver of growth was the equity portfolio, which delivered strong growth in dividends. The bond portfolio produced a smaller increase in income, while the property portfolio delivered another period of robust rental growth.

A first interim dividend of 2.825p was paid at the end of May and a second interim dividend of 2.85p is payable at the end of August. The total amount of these dividends, 5.675p, is 3.7% higher than the amount paid for the corresponding period in 2017.  Inflation, as measured by CPI, was 2.4% over the year to end June 2018.

Over the six month period 2,420,000 shares (representing just over 1.8% of issued share capital at 1 January 2018) were issued at a premium to net asset value, with SAINTS' share price ending the period modestly above net asset value.

Operational updates from SAINTS' equity holdings have been generally encouraging. Particularly strong share price performance was delivered by Cochlear, the Australian hearing implant manufacturer, Pearson, the education company, and Kering, the owner of Gucci and other luxury goods brands, all of which generated total returns of over 25% during the six month period.

The Company remained fully invested over the period, during which modest net reductions were made to the property and fixed income portfolios and re-invested in equities. Annualised turnover during the period was around 14%, implying an average holding period of approximately seven years. This is consistent with our long-term, low turnover, stock-driven approach.

The Company's primary objective is to deliver real dividend growth over time, as it has done over the past. We remain confident of achieving this objective, given the solid growth prospects we see for the assets held across the portfolio.

 

The principal risks and uncertainties facing the Company are set out on the inside front cover of this report. Related party transaction disclosures are set out in note 10.

 

Baillie Gifford & Co

25 July 2018

 

*    See disclaimer at the end of this announcement.

Past performance is not a guide to future performance.

 

Responsibility Statement

 

 

We confirm that to the best of our knowledge:

a)   the condensed set of Financial Statements has been prepared in accordance with FRS 104 'Interim Financial Reporting';

b)   the Interim Management Report includes a fair review of the information required by Disclosure and Transparency Rules 4.2.7R (indication of important events during the first six months, their impact on the Financial Statements and a description of principal risks and uncertainties for the remaining six months of the year); and

c)   the Interim Financial Report includes a fair review of the information required by Disclosure and Transparency Rules 4.2.8R (disclosure of related party transactions and changes therein).

 

By order of the Board

Peter Moon

Chairman

25 July 2018

 

Income Statement (unaudited)

 

For the six months ended

30 June 2018

For the six months ended

30 June 2017

For the year ended

31 December 2017

(audited)

 

Revenue

£'000

Capital

£'000

Total

£'000

Revenue

£'000

Capital

£'000

Total

£'000

Revenue

£'000

Capital

£'000

Total

£'000

Gains on sales of investments - securities

10,722 

10,722 

15,355

15,355

38,496 

38,496 

(Losses)/gains on sales of investments - property

(63)

(63)

147

147

3,109 

3,109 

Changes in fair value of investments - securities

(20,077)

(20,077)

17,953

17,953

17,695 

17,695 

Changes in fair value of investments - property

2,441 

2,441 

1,136

1,136

1,736 

1,736 

Currency (losses)/gains

(45)

(45)

430

430

558 

558 

Income - dividends and interest

9,285 

9,285 

8,516 

-

8,516

15,327 

15,327 

Income - rent and other

2,617 

2,617 

2,488 

-

2,488

5,157 

5,157 

Management fees

(458)

(850)

(1,308)

(437)

(812)

(1,249)

(893)

(1,659)

(2,552)

Other administrative expenses

(682)

(682)

(563)

-

(563)

(1,086)

(1,086)

Net return before finance costs and taxation

10,762 

(7,872)

2,890 

10,004 

34,209

44,213

18,505 

59,935 

78,440 

Finance costs of borrowings

(993)

(1,844)

(2,837)

(1,000)

(1,858)

(2,858)

(2,001)

(3,715)

(5,716)

Net return on ordinary activities before taxation

9,769 

(9,716)

53 

9,004 

32,351

41,355

16,504 

56,220 

72,724 

Tax on ordinary activities

(804)

218 

(586)

(700)

216

(484)

(1,291)

515 

(776)

Net return on ordinary activities after taxation

8,965 

(9,498)

(533)

8,304 

32,567

40,871

15,213 

56,735 

71,948 

Net return per ordinary share (note 4)

6.55p

(6.94p)

(0.39p)

6.22p

24.39p

30.61p

11.33p

42.24p

53.57p

Note:

Dividends paid and payable per share

(note 5)

5.675p

 

 

5.475p

 

 

11.10p

 

 

 

The total column of this statement is the profit and loss account of the Company. The supplementary revenue and capital columns are prepared under guidance published by the Association of Investment Companies.

All revenue and capital items in the above statements derive from continuing operations.

A Statement of Comprehensive income is not required as all gains and losses of the Company have been reflected in the above statement.

 

Balance Sheet (unaudited)

 

 

At 30 June 2018

£'000

At 31 December 2017

(audited)

£'000

Fixed assets

 

 

Investments - securities

487,677 

495,645 

Investments - property

84,190 

84,950 

 

571,867 

580,595 

Current assets

 

 

Debtors

1,883 

1,222 

Cash and deposits

11,293 

2,894 

 

13,176 

4,116 

Creditors

 

 

Amounts falling due within one year

(3,506)

(3,345)

Net current assets

9,670 

771 

Total assets less current liabilities

581,537 

581,366 

Creditors

 

 

Debenture stock (note 7)

(83,065)

(83,428)

Net assets

498,472 

497,938 

Capital and reserves

 

 

Share capital

34,599 

33,994 

Share premium

18,946 

10,744 

Capital redemption reserve

22,781 

22,781 

Capital reserve

404,134 

413,632 

Revenue reserve

18,012 

16,787 

Shareholders' funds

498,472 

497,938 

Net asset value per ordinary share

(Debenture at fair value) (note 7)

351.7p

355.6p

Net asset value per ordinary share

(Debenture at book value)

360.2p

366.2p

Ordinary shares in issue (note 8)

138,395,943 

135,975,943 

 

 

 

Statement of Changes in Equity (unaudited)

 

 

For the six months ended 30 June 2018

 

Share
capital

£'000

 

Share

Premium

£'000

Capital redemption reserve

£'000

Capital reserve*

£'000

Revenue reserve

£'000

Shareholders'
funds

£'000

Shareholders' funds at 1 January 2018

33,994

10,744

22,781

413,632 

16,787 

497,938 

Shares issued

605

8,202

-

8,807 

Net return on ordinary activities after taxation

-

-

-

(9,498)

8,965 

(533)

Dividends paid (note 5)

-

-

-

(7,740)

(7,740)

Shareholders' funds at 30 June 2018

34,599

18,946

22,781

404,134 

18,012 

498,472 

 

 

For the six months ended 30 June 2017

 

Share
capital

£'000

 

Share

Premium

£'000

Capital redemption reserve

£'000

Capital reserve*

£'000

Revenue reserve

£'000

Shareholders'
funds

£'000

Shareholders' funds at 1 January 2017

33,349

2,131

22,781

356,897

16,352 

431,510

Shares issued

181

2,377

-

-

2,558

Net return on ordinary activities after taxation

-

-

-

32,567

8,304 

40,871

Dividends paid (note 5)

-

-

-

-

(7,279)

(7,279)

Shareholders' funds at 30 June 2017

33,530

4,508

22,781

389,464

17,377

467,660

*      The Capital Reserve balance at 30 June 2018 includes investment holding gains of £129,825,000 (30 June 2017 - gains of £147,118,000).

 

Condensed Cash Flow Statement (unaudited)

 

 

Six months to

30 June 2018

£'000

Six months to

30 June 2017

£'000

Cash flows from operating activities

 

 

Net return on ordinary activities before taxation

53 

41,355 

Net losses/(gains) on investments - securities

9,355 

(33,308)

Net gains on investments - property

(2,378)

(1,283)

Currency losses/(gains)

45 

(430)

Finance costs of borrowings

2,837 

2,858 

Overseas withholding tax

(586)

(512)

Changes in debtors and creditors

(500)

(1,190)

Other non-cash changes

(63)

Cash from operations

8,763 

7,493 

Interest paid

(3,200)

(3,200)

Net cash inflow from operating activities

5,563 

4,293 

Cash flows from investing activities

 

 

Acquisitions of Investments

(39,564)

(49,620)

Disposals of investments

41,378 

53,752 

Forward currency contracts

18 

Net cash inflow from investing activities

1,814 

4,150 

Equity dividends paid

(7,740)

(7,279)

Shares issued

8,807 

2,558 

Net cash inflow/(outflow) from financing activities

1,067 

(4,721)

Increase in cash and cash equivalents

8,444 

3,722 

Exchange movements

(45)

131 

Cash and cash equivalents at start of period*

2,894 

4,174 

Cash and cash equivalents at end of period*

11,293 

8,027 

 

 

 

*     Cash and cash equivalents represent cash at bank and short term money market deposits repayable on demand.

Performance Attribution (unaudited)

 

 

 

 

 

 

Portfolio Breakdown

Average allocation

Total return

SAINTS

%

Benchmark

%

SAINTS

%

Benchmark

%

Global equities

92.8 

100.0

0.0 

2.1

Bonds

5.8 

 

(4.2)

 

Direct property

16.8 

 

6.2 

 

Deposits

1.4 

 

0.0 

 

Debenture at book value

(16.8)

 

3.4 

 

Portfolio total return (debenture at book value)

 

 

0.1 

2.1

Other items*

 

 

(0.2)

 

Fund total return (debenture at book value)

 

 

(0.1)

 

Adjustment for change in fair value of debenture

 

 

0.6 

 

Fund total return (debenture at fair value)

 

 

0.5 

2.1

 

 

 

 

 

 

The above returns are calculated on a total return basis with net income reinvested.

Source: Baillie Gifford and relevant underlying index providers.

*      Includes Baillie Gifford and OLIM management fees.

See disclaimer at end of this announcement

Past performance is not a guide to future performance.

 

 

 

 

Twenty Largest Equity Holdings (unaudited)

 

 

Name

Business

Value at

 30 June

2018

£'000

% of
total assets*

Deutsche Boerse

Securities exchange owner/operator

12,868

2.2

Coca Cola

Beverage manufacturer

12,176

2.1

Anta Sports Products

Sportswear manufacturer and retailer

11,615

2.0

Johnson and Johnson

Pharmaceuticals and healthcare products

11,042

1.9

Prudential

Life insurer

10,615

1.8

CH Robinson

Delivery and logistics

10,543

1.8

Sonic Healthcare

Laboratory testing

10,189

1.8

Mircrosoft

Computer software

10,182

1.8

Hiscox

Property and casualty insurance

10,029

1.7

Analog Devices

Integrated circuits

9,899

1.7

Procter & Gamble

Household product manufacturer

9,494

1.6

Edenred

Voucher programme outsourcer

9,321

1.6

Fastenal

Distribution and sales of industrial supplies

9,285

1.6

Total

Integrated oil company

9,230

1.6

Experian

Credit scoring and marketing services

9,077

1.6

Wolters Kluwer

Information services and solutions provider

9,017

1.5

Partners Group

Asset management

8,896

1.5

AVI

Staple foods manufacturer

8,768

1.5

Admiral

Car insurance

8,520

1.5

Cochlear

Hearing aids

8,499

1.5

 

 

199,265

34.3

*      Before deduction of the debenture.

 

 

 

 

 

Notes to the Condensed Financial Statements (unaudited)

 

1.    

The condensed Financial Statements for the six months to 30 June 2018 comprise the statements set out on the previous pages together with the related notes below. They have been prepared in accordance with FRS 104 'Interim Financial Reporting' and the AIC's Statement of Recommended Practice issued in November 2014 and updated in February 2018 with consequential amendments and have not been audited or reviewed by the Auditor pursuant to the Auditing Practices Board Guidance 'Review of Interim Financial Information'. The Financial Statements for the six months to 30 June 2018 have been prepared on the basis of the same accounting policies as set out in the Company's Annual Report and Financial Statements at 31 December 2017.

Going Concern

Having considered the nature of the Company's principal risks and uncertainties, as set out in note 12, together with its current position, investment objective and policy, its assets and liabilities and projected income and expenditure, together with the Company's dividend policy, it is the Directors' opinion that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company's assets, the majority of which are investments in quoted securities which are readily realisable, exceed its liabilities significantly. All borrowings require the prior approval of the Board. Gearing levels and compliance with borrowing covenants are reviewed by the Board on a regular basis. The Company has no short term borrowings and the redemption date for the Company's debenture is April 2022. Accordingly, the Directors consider it appropriate to adopt the going concern basis of accounting in preparing these Financial Statements and confirm that they are not aware of any material uncertainties which may affect the Company's ability to continue to do so over a period of at least twelve months from the date of approval of these Financial Statements.

2.    

The financial information contained within this Interim Financial Report does not constitute statutory accounts as defined in sections 434 to 436 of the Companies Act 2006. The financial information for the year ended 31 December 2017 has been extracted from the statutory accounts which have been filed with the Registrar of Companies. The Auditor's Report on those accounts was not qualified, and did not contain statements under sections 498(2) or (3) of the Companies Act 2006.

3.    

Baillie Gifford & Co Limited, a wholly owned subsidiary of Baillie Gifford & Co, has been appointed by the Company as its Alternative Investment Fund Manager (AIFM) and Company Secretary. The investment management function has been delegated to Baillie Gifford & Co. The management agreement can be terminated on six months' notice. The annual fee is 0.45% of total assets less current liabilities, excluding the property portfolio, calculated on a quarterly basis.

As AIFM, Baillie Gifford & Co Limited has delegated the management of the property portfolio to OLIM Property Limited. OLIM receives an annual fee of 0.5% of the value of the property portfolio, subject to a minimum quarterly fee of £6,250. The agreement can be terminated on three months' notice.

4.    

Net return per ordinary share

Six months to

 30 June

 2018

£'000

Six months to

30 June

 2017

£'000

 

Revenue return on ordinary activities after taxation

8,965 

8,304

 

Capital return on ordinary activities after taxation

(9,498)

32,567

 

Total net return

(533)

40,871

 

Weighted average number of ordinary shares in issue

136,832,244 

133,512,793

 

Net return per ordinary share figures are based on the above totals of revenue and capital and the weighted average number of ordinary shares in issue during each period.

There are no dilutive or potentially dilutive shares in issue.

         

 

Notes to the Condensed Financial Statements (unaudited) (ctd)

 

 

   

5.    

Dividends

Six months to

 30 June

 2018

£'000

Six months to

30 June

 2017

£'000

Amounts recognised as distributions in the period:

 

 

Previous year's final of 2.825p (2017 - 2.725p), paid 12April 2018

3,848

3,635

First interim of 2.825p (2017 - 2.725p), paid 22 June 2018

3,892

3,644

 

7,740

7,279

 

 

 

 

 

Amounts paid and payable in respect of the period:

 

 

First interim of 2.825p (2017 - 2.725p), paid 22 June 2018

3,892

3,644

Second interim of 2.85p (2017 - 2.75p)

3,944

3,694

 

7,836

7,338

 

The second interim dividend was declared after the period end date and therefore has not been included as a liability in the Balance Sheet. It is payable on 21 September 2018 to shareholders on the register at the close of business on 17 August 2018.  The ex-dividend date is 16 August 2018. The Company's Registrars offer a Dividend Reinvestment Plan and the final date for elections for this dividend is 31 August 2018.

6.    

Fair Value Hierarchy

The fair value hierarchy used to analyse the basis on which the fair values of financial instruments held at fair value through the profit or loss account are measured is described below. Fair value measurements are categorised on the basis of the lowest level input that is significant to the fair value measurement.

Level 1 - using unadjusted quoted prices for identical instruments in an active market;

Level 2 - using inputs, other than quoted prices included within Level 1, that are directly or indirectly observable

               (based on market data); and

Level 3 - using inputs that are unobservable (for which market data is unavailable).

An analysis of the Company's financial asset investments based on the fair value hierarchy described above is shown below.

 

As at 30 June 2018

Level 1

£'000

Level 2

£'000

Level 3

£'000

Total

£'000

 

 

Securities

 

 

 

 

 

 

Listed equities/funds

462,164

-

265

462,429

 

 

Bonds

-

17,352

7,896

25,248

 

 

Property

 

 

 

 

 

 

Freehold

-

-

84,190

84,190

 

 

Total financial asset investments

462,164

17,352

92,351

571,867

 

                   
 

Notes to the Condensed Financial Statements (unaudited) (ctd)

 

 

As at 31 December 2017

Level 1

£'000

Level 2

£'000

Level 3

£'000

Total

£'000

 

Securities

 

 

 

 

 

Listed equities/funds

462,608

-

265

462,873

 

Bonds

-

20,642

12,130

32,772

 

Property

 

 

 

 

 

Freehold

-

-

84,950

84,950

 

Total financial asset investments

462,608

20,642

97,345

580,595

 

There have been no transfers between levels of the fair value hierarchy during the period. The fair value of listed investments is bid value or, in the case of holdings on certain recognised overseas exchanges, last traded price. They are categorised as Level 1 if they trade in an active market and Level 2 if they are traded on a market which is not considered to be active. The fair value of unlisted investments is determined using valuation techniques, determined by the Directors, based upon observable and/or non-observable data such as latest dealing prices, stockbroker valuations, net asset values and other information, as appropriate. The Company's holdings in unlisted investments are categorised as Level 3 as the valuation techniques applied include the use of non-observable data.

7.    

The market value of the 8% Debenture Stock 2022 at 30 June 2018 was £94.8m (31 December 2017 - £97.8m).

8.    

At 30 June 2018, the Company had the authority to buy back 20,397,783 ordinary shares, and to issue 11,187,592 ordinary shares without application of pre-emption rights, in accordance with the authorities granted at the AGM in April 2018. During the six months to 30 June 2018, 2,420,000 (31 December 2017 - 2,580,000) shares were issued at a premium to net asset value raising proceeds of £8,807,000 (31 December 2017 - £9,258,000). Between 1 July 2018 and 25 July 2018, the Company issued a further 160,000 shares at a premium to net asset value raising proceeds of £605,000. No shares were bought back (31 December 2017 - nil).

9.    

During the period, transaction costs on equity purchases amounted to £64,000 (30 June 2017 - £33,000) and on equity sales £15,000 (30 June 2017 - £15,000). Transaction costs on property purchases amounted to £51,000 (30 June 2017 - £1,101,000) and on property sales £57,000 (30 June 2017 - £57,000).

10. 

Related party transactions

There have been no transactions with related parties during the first six months of the current financial year that have materially affected the financial position or the performance of the Company during that period and there have been no changes in the related party transactions described in the last Annual Report and Financial Statements that could have had such an effect on the Company during that period.

11. 

The Interim Financial Report will be available on the SAINTS page of the Managers' website: www.saints-it.com on or around 10 August 2018.

12. 

Principal Risks and Uncertainties

The principal risks facing the Company are financial risk, investment strategy risk, regulatory risk, custody and depositary risk, operational risk, discount risk, leverage risk and political risk. An explanation of these risks and how they are managed is set out on pages 7 and 8 of the Company's Annual Report and Financial Statements for the year to 31 December 2017 which is available on the Company's website: www.saints-it.com. The principal risks and uncertainties have not changed since the publication of the Annual Report.

13. 

Glossary of Terms

Total Assets

Total assets less current liabilities, before deduction of all borrowings.

Net Asset Value

Net Asset Value (NAV) is the value of total assets less liabilities (including borrowings). The NAV per share is calculated by dividing this amount by the number of ordinary shares in issue.

Net Asset Value (Debentures at Fair Value)

Borrowings are valued at an estimate of their market worth.

Net Asset Value (Debentures at Book Value)

Borrowings are valued at adjusted net issue proceeds.

 

30 June 2018

31 December 2017

Shareholders' funds (debenture at book value)

£498,472 

£497,938 

Add: book value of debenture

£83,065 

£83,428 

Less: fair value of debenture

(£94,792)

(£97,832)

Shareholders' funds (debenture at fair value)

£486,745 

£483,534 

Shares in issue at year end

138,395,943 

135,975,943 

Net Asset Value per ordinary share (debenture at fair value)

351.7p

355.6p

Discount/Premium

As stockmarkets and share prices vary, an investment trust's share price is rarely the same as its NAV. When the share price is lower than the NAV per share it is said to be trading at a discount. The size of the discount is calculated by subtracting the share price from the NAV per share and is usually expressed as a percentage of the NAV per share. If the share price is higher than the NAV per share, this situation is called a premium.

Total Return

The total return is the return to shareholders after reinvesting the net dividend on the date that the share price goes ex-dividend.

Ongoing Charges

The total expenses (excluding borrowing costs) incurred by the Company as a percentage of the average net asset value (with debt at fair value).  The ongoing charges have been calculated on the basis prescribed by the Association of Investment Companies.

Gearing

At its simplest, gearing is borrowing. Just like any other public company, an investment trust can borrow money to invest in additional investments for its portfolio. The effect of the borrowing on the shareholders' assets is called 'gearing'. If the Company's assets grow, the shareholders' assets grow proportionately more because the debt remains the same. But if the value of the Company's assets falls, the situation is reversed. Gearing can therefore enhance performance in rising markets but can adversely impact performance in falling markets.

Gearing represents borrowings at book less cash and cash equivalents expressed as a percentage of shareholders' funds.

Potential gearing is the Company's borrowings expressed as a percentage of shareholders' funds.

Equity gearing is the Company's borrowings adjusted for cash, bonds and property expressed as a percentage of shareholders' funds.

 

Leverage

For the purposes of the Alternative Investment Fund Managers (AIFM) Directive, leverage is any method which increases the Company's exposure, including the borrowing of cash and the use of derivatives. It is expressed as ratio between the Company's exposure and its net asset value and can be calculated on a gross and a commitment method. Under the gross method, exposure represents the sum of the Company's positions after the deduction of sterling cash balances, without taking into account any hedging and netting arrangements. Under the commitment method, exposure is calculated without the deduction of sterling cash balances and after certain hedging and netting positions are offset against each other.

Active Share

Active share, a measure of how actively a portfolio is managed, is the percentage of the listed equity portfolio that differs from its comparative index. It is calculated by deducting from 100 the percentage of the portfolio that overlaps with the comparative index. An active share of 100 indicates no overlap with the index and an active share of zero indicates a portfolio that tracks the index.

‡    Neither the contents of the Managers' website nor the contents of any website accessible from hyperlinks on the Managers' website (or any other website) is incorporated into, or forms part of, this announcement.

None of the views expressed in this document should be construed as advice to buy or sell a particular investment.

 

SAINTS' objective is to deliver real dividend growth by increasing capital and growing income. Its policy is to invest mainly in equity markets, but other investments may be held from time to time including bonds, property and other asset classes.

 

Baillie Gifford & Co Limited, a wholly owned subsidiary of Baillie Gifford & Co, is appointed as investment managers and secretaries to SAINTS. Baillie Gifford & Co, the Edinburgh based fund management group has around £197 billion under management and advice as at 25 July 2018.

Past performance is not a guide to future performance. SAINTS is a listed UK company. As a result, the value of its shares and any income from those shares is not guaranteed and could go down as well as up. You may not get back the amount you invested. As SAINTS invests in overseas securities, changes in the rates of exchange may also cause the value of your investment (and any income it may pay) to go down or up. You can find up to date performance information about SAINTS on the SAINTS page of the Managers' website www.saints-it.com. Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.

 

For further information please contact:

James Budden, Baillie Gifford & Co

Tel: 0131 275 2816

Roland Cross, Director, Four Broadgate

Tel: 020 3697 4200 or 07831 401309

 

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FTSE Index data

 

FTSE International Limited ('FTSE') © FTSE 2018. 'FTSE®' is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data and no party may rely on any FTSE indices, ratings and/or data underlying data contained in this communication. No further distribution of FTSE Data is permitted without FTSE's express written consent. FTSE does not promote, sponsor or endorse the content of this communication.

 

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