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Sutton Harbour Holdings PLC   -  SUH   

Interim Results

Released 07:00 01-Dec-2015

RNS Number : 4361H
Sutton Harbour Holdings PLC
01 December 2015
 

 

                                                                            

 

1 December 2015

SUTTON HARBOUR HOLDINGS PLC ("the Group")

Interim results for the six month period to 30 September 2015

 

Sutton Harbour Holdings plc ("Sutton Harbour", "the Company"), the AIM listed marine and waterfront regeneration specialist, announces its interim results for the six month period to 30 September 2015. 

 

Financial Highlights

 

·      Profit before tax of £1.261m (2014: £0.661m);

·      Adjusted* profit before tax £0.249m (2014: £0.155m);

·      Net assets of £41.530m (31 March 2015: £40.459m);

·      Net assets per share 43.1p (31 March 2015: 42.0p);

·      Net debt £22.256m (31 March 2015: £21.458m).

 

*Excluding fair value adjustments

 

Operational Highlights

                                                                                 

·      Completion of further lettings around Sutton Harbour boosting occupancy rate to 96.2% (31 March 2015: 93.3%)

·      Grant supported infrastructure programme continuing with new chiller project completed November 2015

·      Confirmed that the 2016 Trans Atlantic Race departs from Plymouth and is to be hosted at Sutton Harbour for the second time

 

Graham Miller, Chairman, commented:

 

"The Group has successfully improved the profitability and sustainability of core activities.  The renewal of essential operational infrastructure has been, and will continue to be, a key part of this strategy.  The Group remains focused on work towards realisation of key inventory sites, including the former airport site and Sugar House to facilitate a planned reduction in debt in due course."

 

For further information, please contact:

 

 

Sutton Harbour Holdings plc

Jason Schofield - Chief Executive

Natasha Gadsdon - Finance Director

 

01752 204186

Arden Partners

James Felix

 

020 7614 5917

Yellow Jersey

Philip Ranger

07768 534641


 

Chairman and Chief Executive's Statement

 

Revenues and profitability from the core activities of: marine, real estate, and car parking have progressed satisfactorily in the first six months compared to the same period last year. In addition the Group reports the following highlights:

 

·      Completion of further lettings around Sutton Harbour boosting occupancy rate to 96.2% (31 March 2015: 93.3%)

·      Grant supported infrastructure programme continuing with new chiller project completed November 2015

·      Confirmed that the 2016 Trans Atlantic Race departs from Plymouth and is to be hosted at Sutton Harbour for the second time

 

Results and Financial Position

The Group reports profit before taxation of £1.261m (2014:£ 0.861m). Excluding fair value adjustments, the adjusted profit before taxation for the first six month period was £0.249m (2014: £0.155m). These results continue to show stable trading from established businesses, although finance charges have increased to £0.552m (2014: £0.524m) as the Group has drawn further on the bank debt facility to fund infrastructure improvements and pre-planning work for new projects.

 

As at 30 September 2015, net assets were £41.530m (43.1 pence per share), having increased from £40.459m (42.0 pence per share) at 31 March 2015. This increase of £1.071m over the six month period incorporates the results of the independent external valuation of property assets as at 30 September 2015 which gave rise to an overall £1.015m surplus (2014: £0.563m), of which £1.012m (2014: £0.506m) is attributable to the investment property portfolio.

 

During the first half year net bank debt increased from £21.411m to £21.806m. Overall bank and lease financing increased by £0.798m between 1 April 2015 and 30 September 2015 to fund capital investment, most notably the new ice plant, and the annual working capital peak in the Autumn.  As at 30 September 2015 gearing stood at 53.6% (31 March 2015: 53.0%).  The Group has confirmed banking facilities of £22.5m until October 2016, with positive re-financing discussions underway towards a new facility.

 

The Board does not recommend the payment of an interim dividend (2014: £nil).

 

Marine Businesses

The Plymouth Fisheries business at Sutton Harbour has traded well.  The new ice plant is now installed and providing the anticipated growth in revenues and improvement in quality of ice.

 

The occupancy of the Marina at Sutton Harbour is slightly less than last year after a major customer downscaled bulk berthing requirements at the start of the season.  At King Point Marina, occupancy has exceeded our expectations for the current season.

 

Real Estate

Occupancy has improved to 96.2% (31 March 2015: 93.3%) following the letting to Boston Tea Party.  Additionally, improving tenant covenant strength and the work to improve lease terms has assisted the increase in the investment portfolio valuation of £1.012m.

 

Car Parking

The car parks have achieved improved revenues of £0.279m (2014: £0.251m) and operating profit of £0.171m (2014: £0.159m) as a result of successfully adopting seasonal pricing strategies.

 

Regeneration

Throughout the first half year the Group has been working through the next stage of each of its principal regeneration projects as follows:

 

Former Airport Site

The Government's review of the former Plymouth airport, which was announced by the Chancellor in the March 2015 budget statement, is now expected to be published in the New Year. We have made various reports and documents available for scrutiny to the Department for Transport. The local planning authority's work on the new planning framework for Plymouth, the 'Plymouth Plan', is progressing and the Group continues to prepare and submit its detailed representations to the consultation process.  The airport closed in December 2011 after notice of closure on grounds of non-viability was ratified by Plymouth City Council at a full council meeting, and in the intervening four years the Company has worked in accordance with its contractual obligations to pursue best value for the site from alternative use.  Plymouth City Council, in its role as the local planning authority, however, continues to express its desire in the draft 'Plymouth Plan' to safeguard the former airport site for general aviation use.  The Company regards this draft policy as unsound as independent evidence repeatedly demonstrates unsuitability on environmental, physical and commercial grounds.  The Group anticipates that land use allocation of the Former Airport Site will be determined by an independent government 'examination in public' in due course as part of the statutory planning process. The City of Plymouth urgently needs to identify suitable, previously developed,  brownfield sites to address its chronic housing shortage with the Former Airport Site fitting this criteria and capable of delivering up to 10% of the new housing requirements together with much needed jobs.

 

The Group has recently published independently researched information to demonstrate the socio-economic benefits of developing the former airport site and a similar review of the 'Vision' framework for the significant contribution to the city and regional economy that development around Sutton Harbour could deliver. Realisation of the value carried in the Former Airport Site would accelerate the delivery of the development opportunities around the Harbour

 

Sugar House, East Quay

The Group is working on a new proposal comprising a mix of residential, student accommodation, car parking and commercial uses for this site. The most marketable and deliverable scheme will be formulated prior to approaching potential funding and delivery partners to optimise the risk/reward profile for the Group.

 

'The Boardwalk' at Vauxhall Quay

The Group previously reported that this 7,800 sq ft scheme has been granted planning consent.  Pre-construction works are currently in progress to test ground conditions and seabed ecology to gain the necessary additional statutory consents.  The Group has agreed heads of terms with potential occupiers on a pre-let basis.

 

Outlook

The Group has successfully improved the profitability and sustainability of core activities.  The renewal of essential operational infrastructure has been, and will continue to be, a key part of this strategy.  The Group remains focused on work towards realisation of key inventory sites, including the Former Airport Site and Sugar House to facilitate a planned reduction in debt in due course.

 

 

 

 

Graham S Miller                                 Jason W H Schofield

Chairman                                             Chief Executive

 

01 December 2015


 

Consolidated Statement of Comprehensive Income

 

 

 

 

Note

6 months to

30 September

2015

(unaudited)

£000

6 months to

30 September

2014

(unaudited)

£000

Year Ended

31 March

2015

(audited)

£000



Revenue

3

3,674

3,837

6,955






Cost of sales before impairment of assets


(2,209)

(2,513)

(4,528)

Impairment of assets


-

-

(403)

Cost of Sales


(2,209)

(2,513)

(4,931)






Gross Profit


1,465

1,324

2,024

Fair value adjustment on investment property


1,012

506

917






Administrative expenses


(664)

(645)

(1,153)

 

Operating profit from continuing operations

 

3

 

1,813

 

1,185

 

1,788






Financial income


-

-

1

Financial expense


(552)

(524)

(928)






Net financing costs


(552)

(524)

(927)











Profit before tax from continuing operations

3

1,261

661

861

Taxation charge on profit from continuing operations

4

(252)

(132)

(206)

Profit from continuing operations


1,009

529

655









Basic earnings per share

6

1.05p

0.55p

0.68p






Diluted earnings per share

6

1.05p

0.55p

0.68p

 

                        



6 months to

30 September

2015

(unaudited)

£000

6 months to

30 September

2014

(unaudited)

£000

Year Ended

31 March

2015

(audited)

£000




Profit from continuing operations


1,009

529

655





Other comprehensive income




Continuing operations:





   Revaluation of property, plant and equipment


3

57

1,271

   Deferred taxation on income and expenses recognised directly in the       consolidated statement of comprehensive income


 

-

 

-

 

-

   Effective portion of changes in fair value of cash flow hedges


59

29

(21)






Total other comprehensive income


62

86

1,250

Total comprehensive income for the period attributable to equity shareholders


 

1,071

 

615

 

1,905


 

Consolidated Balance Sheet

 

 

 

 

Note

As at

30 September

2015

(unaudited)

£000

As at

30 September

2014

(unaudited)

£000

As at

31 March

2015

(audited)

£000




Non-current assets





Property, plant and equipment

7

28,741

27,691

29,479

Investment property

7

18,530

16,055

16,605



47,271

43,746

46,084




Current assets





Inventories


20,012

19,809

19,894

Trade and other receivables


1,645

1,996

1,527

Cash and cash equivalents

8

154

166

239

Tax recoverable


26

-

17



21,837

21,971

21,677




Total assets

3

69,108

65,717

67,761






Current liabilities





Other interest-bearing loans and borrowings


-

-

-

Trade and other payables


1,126

1,809

1,241

Finance lease liabilities


103

19

19

Deferred income


981

907

1,504

Provisions

9

44

33

48



2,254

2,768

2,812




Non-current liabilities





Other interest-bearing loans and borrowings


21,960

21,245

21,650

Finance lease liabilities


347

38

28

Deferred government grants


1,018

767

994

Deferred tax liabilities


1,789

1,463

1,536

Provisions

9

116

164

129

Derivative financial instruments


94

103

153



25,324

23,780

24,490






Total liabilities

3

27,578

26,548

27,302




Net assets


41,530

39,169

40,459




Issued capital and reserves attributable to owners of the parent





Share capital                           


16,069

16,069

16,069

Share premium


5,368

5,368

5,368

Other reserves


14,600

13,374

14,538

Retained earnings


5,493

4,358

4,484

Total equity


41,530

39,169

40,459


 

Consolidated Statement of Changes in Equity

Share capital

Share premium

Revaluation reserve

Merger reserve

Hedging reserve

Retained earnings

TOTAL

 




       ----------Other Reserves----------






£000

£000

£000

£000

£000

£000

£000

 









 

Balance at 1 April 2014

16,069

5,368

9,549

3,871

(132)

3,829

38,554

 

Comprehensive income/(expense)








 

Profit for the period

-

-

-

-

-

529

529

 

Other comprehensive income/(expense)








 

Revaluation of property, plant and equipment

-

-

57

-

-

-

57

 

Effective portion of changes in fair value of cash flow hedges

 

-

 

-

 

-

 

-

 

29

 

-

 

29

 

Total other comprehensive income/(expense)  - period ended 30 September 2014

 

-

 

-

 

57

 

-

 

29

 

-

 

86

 

Total comprehensive income/(expense) - period ended 30 September 2014

 

-

 

-

 

57

 

-

 

29

 

529

 

615

 

Balance at 30 September 2014

16,069

5,368

9,606

3,871

(103)

4,358

39,169

 

Balance at 1 October 2014

16,069

5,368

9,606

3,871

(103)

4,358

39,169

 

Comprehensive income/(expense)








 

Profit for the period

-

-

-

-

-

126

126

 

Other comprehensive income/(expense)








 

Revaluation of property, plant and equipment

-

-

1,214

-

-

-

1,214

 

Deferred tax on revaluation of property, plant and equipment

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

Effective portion of changes in fair value of cash flow hedges

 

-

 

-

 

-

 

-

 

(50)

 

-

 

(50)

 

Total other comprehensive income/(expense)  - period ended 31 March 2015

 

-

 

-

 

1,214

 

-

 

(50)

 

-

 

1,164

 

Total comprehensive income/(expense) - period ended 31 March 2015

 

-

 

-

 

1,214

 

-

 

(50)

 

126

 

1,290

 

Balance at 31 March 2015

16,069

5,368

10,820

3,871

(153)

4,484

40,459

 

Balance at 1 April 2015

16,069

5,368

10,820

3,871

(153)

4,484

40,459

 

Comprehensive income/(expense)








 

Profit for the period

-

-

-

-


1,009

1,009

 

Other comprehensive income/(expense)








 

Revaluation of property, plant and equipment

-

-

3

-

-

-

3

 

Effective portion of changes in fair value of cash flow hedges

 

-

 

-

 

-

 

-

 

59

 

-

 

59

 

Total other comprehensive income/(expense)  - period ended 30 September 2015

 

-

 

-

 

3

 

-

 

59

 

-

 

62

 

Total comprehensive income/(expense) - period ended 30 September 2015

 

-

 

-

 

3

 

-

 

59

 

1,009

 

1,071

 

As at 30 September 2015

16,069

5,368

10,823

3,871

(94)

5,493

41,530

 

 


 

Consolidated Cash Flow Statement

Note

6 months to

30 September

2015

(unaudited)

£000

6 months to

30 September

2014

(unaudited)

£000

Year Ended

31 March

2015

(audited)

£000

 

Cash generated from continuing operating activities

 

 

10

 

 

17

 

 

85

 

 

1,205

Cash generated from total operating activities


 

17

 

85

 

1,205

 

Tax received


 

-

 

-

 

-

Net cash generated from/(used in) operating activities


 

17

 

85

 

1,205






Cash flows from investing activities





Proceeds from sale of property, plant and equipment


-

1

-

Expenditure on investment property


(5)

-

(167)

Expenditure on property, plant and equipment


(292)

(553)

(1,483)

Interest received



-

1

Net cash used in investing activities


 

(297)

 

(552)

 

(1,649)






Cash flows from financing activities





Interest paid


(553)

(524)

(1,050)

Loan drawdowns/(repayment of borrowings)


310

815

1,220

Finance lease receipts


403

57

-

Grants received


35

80

308

Net cash generated from financing activities


 

195

 

428

 

478

 

Net decrease in cash and cash equivalents


 

(85)

 

(39)

 

34

 

Cash and cash equivalents at beginning of period


 

239

 

205

 

205

 

Cash and cash equivalents at end of period

 

8

 

154

 

166

 

239

 


1.      General information

 

This consolidated interim financial information does not comprise statutory accounts within the meaning of section 434 of the Companies Act 2006.  Statutory accounts for the year ended 31 March 2014 were approved by the Board of Directors on 17 June 2014 and delivered to the Registrar of Companies. The report of the auditors on those accounts was unqualified and did not contain any statement under section 498 of the Companies Act 2006.

 

Copies of the Group's financial statements are available from the Company's registered office, Tin Quay House, Sutton Harbour, Plymouth, PL4 0RA and on the Company's website www.sutton-harbour.co.uk.

 

This consolidated interim financial information has not been audited.

 

 

2.      Basis of preparation

 

The consolidated interim financial information should be read in conjunction with the annual financial statements for the year ended 31 March 2015, which have been prepared in accordance with International Financial Reporting Standards (IFRS) and International Financial Reporting Interpretation Committee (IFRIC) interpretations as endorsed by the European Union, and those parts of the Companies Acts 2006 as applicable to companies reporting under IFRS.

 

Accounting policies

Except as described below, the accounting policies applied are consistent with those of the annual financial statements for the year ended 31 March 2015, as described in those annual financial statements.

Adoption of new International Financial Reporting Standards

The following new standards, amendments to standards or interpretations have been issued, but are not effective for the financial year beginning 1 April 2015 and have not been adopted early:

 

Clarification of Acceptable Methods of Depreciation and Amortisation (Amendments to IAS 16 and IAS 38): *1 January 2016

Amendment to IFRS 11 Joint Arrangements:  *1 January 2016

IFRS 15 Revenue from Contracts with Customers: *1 January 2017

IFRS 9 Financial Instruments: * 1 January 2018

 

* mandatory effective date is periods commencing on or after

 

Accounting estimates and judgements

The preparation of financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgements that are not readily apparent from other sources. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.

There have been no significant changes to estimates and judgements since the signing of the financial statements for the year ended 31 March 2015.



 

3.   Segment information

 

Management has determined the operating segments based on the reports reviewed by the Board of Directors that are used to make strategic decisions.

 

The Board of Directors considers the business from an operational perspective as having only one geographical segment, with all operations being carried out in the United Kingdom.

 

The Board of Directors considers the performance of the operating segments using operating profit. The segment information provided to the Board of Directors for the reportable segments for the period ended 30 September 2014 is as follows:

 

6 months to 30 September 2015

Marine

Real Estate

Car Parking

Regeneration

Total


£000

£000

£000

£000

£000

Revenue

2,617

778

279

-

3,674







Gross profit prior to non-recurring items






Non-recurring items:

742

616

171

(64)

1,465

Impairment of assets, onerous leases

-

-

-

-

-

Gross profit





1,465

Fair value adjustment on investment property

-

1,012

-

-

1,012







Unallocated:






Administrative expenses





(664)

Operating profit from continuing operations





1,813







Other gains and losses





-

Financial income





(552)

Financial expense






Profit before tax from continuing operations





1,261

Taxation





(252)

Profit for the year from continuing operations





1,009







Depreciation charge






Marine





112

Real Estate





-

Car Parking





3

Regeneration





-

Administration





8






123

 



 

3.  Segment Information (continued)

 

 

6 months to 30 September 2014

Marine

Real Estate

Car Parking

Regeneration

Total


£000

£000

£000

£000

£000

Revenue

2,773

813

251

-

3,837







Gross profit prior to non-recurring items

712

519

159

(66)

1,324

Non-recurring items:






Onerous leases

-

-

-

-

-

Gross profit

712

519

159

(66)

1,324

Fair value adjustment on investment property

-

506

-

-

506


712

1,025

159

(66)

1,830

Unallocated:






Administrative expenses





(645)

Operating profit from continuing operations





1,185







Other gains and losses






Financial income





-

Financial expense





(524)

Profit before tax from continuing operations





661

Taxation





(132)

Profit for the year from continuing operations





529







Depreciation charge






Marine





28

Real Estate





-

Car Parking





4

Regeneration





-

Administration





10






42

 



 

3.  Segment Information (continued)

 

 

Year ended 31 March 2015

Marine

Real Estate

Car Parking

Regeneration

Total


£000

£000

£000

£000

£000

Revenue

5,020

1,513

422

-

6,955







Gross profit prior to non-recurring items

1,445

971

240

(229)

2,427

Non-recurring items:






Impairment of assets

(303)

-

-

(100)

(403)

Gross profit

1,142

971

240

(329)

2,024

Fair value adjustment on investment property

-

864

53

-

917







Unallocated:






Administrative expenses





(1,153)

Operating profit from continuing operations





1,788







Other gains and losses






Financial income





1

Financial expense





(928)

Profit before tax from continuing operations





861

Taxation





(206)

Profit for the year from continuing operations





655







Depreciation charge






Marine





118

Real Estate





-

Car Parking





7

Regeneration





-

Administration





18






143

 

 


30 September 2015

30 September 2014

31 March 2015


£000

£000

£000

Segment assets:




Marine

25,623

24,763

26,348

Real estate

19,103

16,431

17,012

Car Parking

3,652

3,444

3,577

Regeneration

20,116

20,520

20,179

Total segment assets

68,494

65,158

67,116

Unallocated assets:




Property, plant and equipment

131

90

123

Trade & other receivables

329

303

283

Cash & cash equivalents

154

166

239

Total assets

69,108

65,717

67,761

 



 

3.  Segment Information (continued)

 


30 September 2015

30 September 2014

31 March 2015


£000

£000

£000

Segment liabilities:




Marine

1,575

1,741

2,058

Real estate

609

861

804

Car Parking

39

51

67

Regeneration

846

878

933

Total segment liabilities

3,069

3,531

3,862

Unallocated liabilities:




Bank overdraft & borrowings

22,410

21,245

21,650

Trade & other payables

215

205

101

Financial Derivatives

94

103

153

Tax payable

1

1

-

Deferred tax liabilities

1,789

1,463

1,536

Total liabilities

27,578

26,548

27,302

 

 

Unallocated assets included in total assets and unallocated liabilities included in total liabilities are not split between segments as these items are centrally managed.

 

4. Taxation

 

The Company has applied an effective tax rate of 20% (2014: 20%) based on management's best estimate of the tax rate expected for the full financial year and is reflected in a movement in deferred tax.

 

5. Dividends

 

The Board of Directors do not propose an interim dividend (2014: nil).

 

6. Earnings per share

 


6 months to

30 September

2015

(unaudited)

pence

6 months to

30 September

2014

(unaudited)

pence

Year Ended

31 March

2015

(audited)

pence

Continuing operations




Basic earnings per share

1.05

0.55

0.68

Diluted earnings per share

1.05

0.55*

0.68





 

Basic Earnings per Share:

Basic earnings per share have been calculated using the profit for the period of £1,009,000 (2014: profit £529,000, year ended 31 March 2015 profit £655,000). The average number of ordinary shares in issue, excluding those options granted under the SAYE scheme, of 96,277,086 (2014: 96,277,086; year ended 31 March 2015: 96,277,086) has been used in our calculation.

 

Diluted Earnings per Share:

Diluted earnings per share uses an average number of 96,277,086 (2014: 96,277,086; year ended 31 March 2015: 96,277,086) ordinary shares in issue, and takes account of the outstanding options under the SAYE scheme in accordance with IAS 33 'Earnings per share'.

 

* For the 6 months ended 30 September 2015, the year ended 31 March 2015, and the 6 months ended 30 September 2014, there is no adjustment for the effect of all dilutive potential ordinary shares because the exercise prices of the options are greater than the average market price of the shares during the year.

7. Property valuation

Freehold land and buildings and investment property have been independently valued by Jones Lang LaSalle as at 30 September 2015, in accordance with the Practice Statements in the Valuations Standards (The Red Book) published by the Royal Institution of Chartered Surveyors. 

 

A further valuation will be commissioned for the year ending 31 March 2015, as in previous years.

8. Cash and cash equivalents


As at

30 September 2015

(unaudited)

£000

As at

30 September 2014

(unaudited)

£000

As at

31 March 2015

(audited)

£000





Cash and cash equivalents per balance sheet and cash flow statement

154

166

239

 

9. Provisions

 

 


Onerous leases

Total


£000

£000




Balance at 1 April 2014

210

210

Provisions made during the year

-

-

Provisions utilised during the year

(13)

(13)

Balance at 30 September 2014

197

197




Provisions made during the year

-

-

Provisions utilised during the year

(20)

(20)

Balance at 31 March 2015

177

177




Provisions made during the year

-

-

Provisions utilised during the year

(17)

(17)

Balance at 30 September 2015

160

160




Current

44

44

Non-current

116

116


160

160

 



 

 

10. Cash flow statement

 


6 months to

30 September 2015

(unaudited)

£000

6 months to

30 September 2014

(unaudited)

£000

Year Ended

31 March 2015

(audited)

£000

Cash flows from operating activities



 

Profit for the period

1,009

529

655

Adjustments for:




Taxation

252

132

206

Financial income

-

-

(1)

Financial expense

552

524

928

Fair value adjustments on owner occupied and investment property

(1,012)

(506)

(864)

Revaluation of property, plant and equipment

-

-

(53)

Depreciation

123

42

143

Amortisation of grants

(8)

(2)

(4)

Impairment of development property

-

-

403

Loss on sale of property, plant and equipment

-

7

9

Cash generated from operations before changes in working capital and provisions

 

916

 

726

 

1,422

Increase in inventories

(118)

(121)

(207)

(Increase)/decrease in trade and other receivables

(126)

(424)

28

(Decrease)/increase in trade and other payables

(115)

440

(78)

(Decrease)/increase in deferred income

(523)

(523)

73

Decrease in provisions

(17)

(13)

(33)





Cash generated from operations

17

85

1,205

 

 

11.  Capital Commitments

 

At 30 September 2015 the Group was contractually committed to construct new and refurbished chillers at a further cost of £197,000.  Grant match funding of up to 50% is available to offset these costs.


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