TIDMCYAN
RNS Number : 8256Q
CyanConnode Holdings PLC
15 September 2017
CyanConnode Holdings plc
("CyanConnode" or the "Group")
Half yearly results for the six months ended 30 June 2017
CyanConnode (AIM:CYAN.L), the world leader in narrowband radio
mesh networks, announces its half yearly results for the six months
ended 30 June 2017.
Financial Highlights
-- New order wins of GBP7.6m, resulting in a period end order book of GBP20m
-- Revenue of GBP573,143 (H1 2016: GBP1,029,526)
o In line with management expectations as the revenue mix
transitioned from low-margin third party electricity meters,
delivered to a specific customer in India in the corresponding
period, towards the more regular revenue mix of hardware, software
and professional services
-- Operating loss of GBP4,785,258 (H1 2016: GBP2,858,715), driven by increased R&D investment
-- Basic and diluted loss per share of 0.03p (H1 2016: 0.04p)
-- Cash and cash equivalents at 30 June 2017 of GBP3,046,082 (H1 2016: GBP2,370,504)
Operational Highlights
-- Purchase order contract for Bangladesh won and subsequently extended
o Contract won for GBP4.2m and subsequently extended to GBP7.2m
for a total of 250,000 meters
o Order size highlights the Group's leading position
o Half the order is recurring software license revenue with a
ten year contract term
-- Follow on orders for a further 10,400 smart meters in India
o Further strengthening relationship with Tata Power Mumbai
("Tata Power")
o Demonstrating the success of the Group's scalable business
model
-- Contract win with Innologix India for the supply of GBP120,000 worth of software licenses
-- Pete Hutton (ex-ARM senior executive) appointed to the Board
-- New equity funding of GBP3.2m (gross) completed in April 2017
-- Purchase order for 100,000 software licenses from HM Power Sweden
Post Period Highlights
-- Board realigned with the Group focused on converting significant order book into deployment
-- Purchase order contract for Bangladesh further extended
o Additional extension of GBP7.4m for an additional 300,000
units
o Over half the order is recurring software license revenue with
a ten year contract term
o Total value of contract awards to date for Bangladesh comes to
GBP14.6m
-- Current order book stands at GBP28m in addition to the GBP24m
expected from the UK smart metering contract
o Deployment of the contracts in the existing order book will
result in significant revenue growth
o Software licenses account for 54% of the current order book -
reflecting growing value of high margin and recurring revenue
stream
-- GBP0.9m purchase order in India
o First contract award from new Tier 1 meter manufacturer
partner Genus Power Infrastructures Ltd in India
o First volume order from India for the Group's IPv6-based smart
metering solution, further expanding its product footprint
-- Anil Daulani hired as Managing Director India
-- New equity funding of GBP8.6m announced (subject to shareholder approval)
John Cronin, Executive Chairman, commented: "We are delighted
with the progress made during the period. The size and frequency of
contract wins with new and existing clients reflects the strength
of our operations and the value our partners see in our end to end
solutions. Following the successful integration of the acquired
Connode Sweden business, we have established and built a world
class development and delivery organisation. We believe that
deployments, which are set to commence during the second half, will
result in significant revenue growth as we focus on delivering
revenues and ultimately profitability.
"We have a strong and growing order book and the nature of our
model, focusing on hardware installations followed by the
commencement of long-term software license payments, provides high
levels of recurring revenues while also enabling further margin
improvements. These key fundamentals underpin our significant
confidence in our ability to deliver substantial continued growth
while there is significant scope for scalability within all the
markets we are operating in - with over 100 million potential
customers across Iran, Bangladesh and the UK, where customer
contracts are already in place, in addition to the huge growth
opportunity in India."
Certain information contained in this announcement would have
constituted inside information (as defined by Article 7 of
Regulation (EU) No 596/2014) prior to its release as part of this
announcement.
Enquiries:
CyanConnode Holdings plc Tel: +44 1223 225
060
John Cronin, Executive Chairman www.cyanconnode.com
FinnCap Ltd (Nomad and Broker) Tel: +44 20 7220
0500
Adrian Hargrave / Giles Rolls
(Corporate Finance)
Alice Lane (Corporate Broking)
Walbrook PR (Financial PR) Tel: +44 20 7933
8780
Paul Cornelius / Nick Rome cyanconnode@walbrookpr.com
CHAIRMAN'S STATEMENT
During the period, the Group made significant inroads into
executing on its model, further growing its order book and laying
down the foundations for increased levels of deployment, which will
underpin significant revenue growth in the coming months and years.
CyanConnode has developed its software solutions and expanded its
geographical presence, which is reflected in the progress made
during the first half of this year. This further highlights the
Group's ability to win contracts from both existing and new clients
and to further develop its ecosystem of partners. CyanConnode has
now established a model to benefit from increasing gross margins as
the products and services it provides evolves and the Group is
focused on delivery of its growing order book.
India
The follow-on orders received from Tata Power highlight the
strength of our solution. The additional orders for 10,400 units
for the implementation of CyanConnode's narrowband RF mesh Advanced
Metering Infrastructure ("AMI") solution brings the total Tata
Power orders to date to over 25,000. There is substantial scope to
further strengthen this relationship given that Tata Power
continues to expand and now has over 2.6 million consumer
customers, including over 670,000 in Mumbai.
The Group also received a purchase order for software licenses
from Innologix Consulting Pvt Ltd in India worth approximately
GBP120,000. The smart meters for the Innologix solution will use
CyanConnode's communications module. These will be sourced by
Innologix through one of the Group's existing local partners
together with the partner's smart meters. The purchase order is for
CyanConnode Head End Server software licenses, and includes an
annual maintenance contract, which will provide a recurring revenue
stream following successful installation of the software on the
Innologix cloud-based platform. This order further demonstrates the
value of CyanConnode's ecosystem of partners model, where local
in-country partners win business for their own solutions through
adding the CyanConnode's solution to their own products.
Since the beginning of the year, the size of the opportunity
pipeline in India has increased significantly with several tenders
now active for public utility projects each representing hundreds
of thousands of meters. Furthermore, the Government of India has
started the process of empaneling solution providers for the
rollout of millions of meters. CyanConnode has established a
leadership position in the India market and the Group is very well
positioned to win the communications solutions element of these
large tenders as India progresses towards the Government's target
of 35 million smart meters deployed by 2019.
In September 2017, Anil Daulani was appointed as Managing
Director India, with responsibility for managing the India
operation including sales, customer delivery, technical pre-sales
and support. Anil joined CyanConnode from Tech Mahindra, where he
held the position of Global Head & Vice President Utilities for
the last five years. Prior to joining Tech Mahindra, Anil led the
Indian utilities business initiatives for HCL Infosystems for seven
years. Anil is a highly experienced executive with knowledge of
both the energy sector and IT solutions and has established
strategic relationships with CEO/CXO officers at both public and
private utilities, resulting in over US$300 million contract
wins.
Rest of World
The Board is delighted by the size and scale of our initial and
subsequent follow-on order received from an Eastern European meter
manufacturer partner for a utility customer in Bangladesh during
the period. The initial order, worth GBP4.2m, was won in February
2017 and was the Group's first order for a utility customer in the
region. This purchase order was for the supply of CyanConnode's AMI
solution for a 150,000 unit smart metering deployment.
CyanConnode's hardware is being shipped to the partner's production
facility over the next 12-18 months for integration with its smart
meters, before then being shipped as a complete solution to the
utility customer site in Bangladesh.
This contract was then extended in June 2017 with the customer
increasing the number of units to 250,000 to meet increased
requirements - increasing the total value of the order to GBP7.2m.
The contract was further extended again in August 2017 with the
customer increasing the number of units by an additional 300,000 to
550,000 to meet additional requirements. This has ncreased the
total value of the order to GBP14.6m.
Following deployment, CyanConnode will provide its Head End
Server Software, which will be hosted by the energy management
systems customer, with annual software license income being
recognized over a ten year contractual period following successful
smart meter implementation. The recurring revenue software licenses
and annual maintenance contract, which represent over 50% of the
total purchase order value, will be paid annually in advance and
charged on a per meter per year basis.
During the period, the Group also received a purchase order for
100,000 software licenses from HM Power in Sweden. The purchase
order is expected to cover HM Power's initial requirements for
Omnimesh software licenses and will be invoiced as the licenses are
delivered to HM Power's utility customers, as part of the rollout
to replace existing smart meters in Sweden.
In the Queen's speech to the UK Parliament in June, the
Government's commitment to rollout smart metering was re-affirmed
including a statement that "smart meters are a vital upgrade to
energy infrastructure bringing our energy infrastructure into the
twenty first century". The communications infrastructure required
for the rollout of smart metering is now fully operational.
CyanConnode has been notified that Toshiba has delivered the
first narrowband RF mesh hubs to Telefonica and the current
expectation is that smart meters will be deployed in 2H 2017 in
modest volumes, but with a significant volume ramp up from Q1 2018
onwards.
Financial Review
For the six months ended 30 June 2017 revenue was GBP573,143 (H1
2016: GBP1,029,526). This reflects the transition in revenue mix
with the performance during the first half of last year weighted
towards the delivery of low-margin third party electricity meters
to Enzen Global Solutions Pvt Ltd. Given the focus on securing new
contracts and creating a long-term, visible order book during the
period, the performance was in line with expectations. In
particular, given that CyanConnode is developing high margin
opportunities focusing on the provision of the narrowband RF mesh
communications elements for each tender with local partners then
bringing together the complete end to end solution (including the
smart meters).
Added to this, the growing software element of new contracts -
now accounting for 53% of our substantial order book will further
enhance both margins, and crucially visibility, due to the
longevity of the relationships established.
Operating loss for the period was GBP4,785,258 (H1 2016
GBP2,858,715) and net loss after tax was GBP4,434,259 (H1 2016:
GBP2,530,201). The higher operating loss was as a result of
increased investment in both research and development as well as
expansion of the delivery team to convert the order book into
revenues and customer payments. During the first six months of
2017, the Group collected customer payments of GBP1.1m. Cash as at
30 June 2016 was GBP3,046,082 (H1 2016: GBP2,370,504).
In March 2017, CyanConnode raised GBP3.2 million via a placing
and subscription with existing and new investors to fund continued
development and investment with the focus on achieving large scale
commercialisation.
Board Changes
Pete Hutton joined the Board in April 2017, bringing a wealth of
experience from his tenure as a senior executive at ARM and within
the IoT sector. Given CyanConnode's strategy of developing its
licensing model the Board felt he was an ideal addition to help
move the Group forwards.
Post Period End
In July 2017, the Group announced a Board realignment to reflect
the Group's move into its delivery phase as it services its growing
order book. Harry Berry was named Chief Operating Officer, becoming
an Executive Director, having previously been a Non-Executive
Director. In addition, Simon Smith will now take on a Non-Executive
Director role with the day to day finance role being taken by David
Bland. Simon will continue to provide investor relations support
and will take over as Chair of the Audit Committee.
The Group has already had a good start to the second half of the
year with, in addition to the previously mentioned increase in the
Bangladesh related contract, a GBP0.9m purchase order from India.
Significantly this order was from Genus Power Infrastructures Ltd,
a Tier 1 meter provider with the largest installed base in India
and supplier to multiple utilities. Furthermore, this was the first
volume order from India for CyanConnode's IPv6 solution, reflecting
one of the key benefits of the Connode acquisition last year. Not
only has the acquisition of the standards-based software opened up
a range of new potential territories but it has also improved the
Group's ability to win new contracts within existing territories.
CyanConnode will supply its standards-based hardware, services and
Head End Software licenses to Genus. The software will be charged
on a per meter per year basis with an annual maintenance contract,
delivering a recurring revenue stream over the initial four-year
contract term.
The Group has also today separately announced new equity funding
of GBP8.6m, which is subject to shareholder approval in general
meeting.
Outlook
The Board is delighted with the progress made during the period.
The size and frequency of contract wins with new and existing
clients reflects the strength of our operations and solutions.
Having fully integrated Connode and its offerings and created a
roadmap for delivery the Board believe that deployments, which are
set to commence during the second half, will result in significant
revenue growth as we focus on delivering strong cash flows and
ultimately profitability.
The Group has a strong and growing order book and the nature of
its model, focusing on hardware installations followed by the
commencement of long-term software license payments, provides high
levels of visibility while also enabling further margin
improvements. These key fundamentals underpin the Board's
significant confidence in the Group's ability to deliver on
continued growth while there is significant scope for scalability
within all the markets we are operating in - with over 100 million
potential customers across Iran, Bangladesh and the UK, where
customer contracts are already in place, in addition to the huge
growth opportunity in India.
John Cronin
Executive Chairman
15 September 2017
Consolidated Income Statement
Six months ended 30 June 2017
Unaudited
Unaudited six
six months months
ended ended Year ended
30 June 30 June 31 December
2017 2016 2016
Notes GBP GBP GBP
Continuing operations
Revenue 573,143 1,029,526 1,823,129
Cost of sales (393,210) (903,292) (1,128,498)
Gross profit 179,933 126,234 694,631
------------------------------ --- ------ ------------ ------------ -------------
Other operating
costs (4,714,820) (2,970,881) (6,813,782)
Acquisition related
costs - - (1,564,102)
Amortisation / depreciation (250,371) (14,068) (255,963)
Total operating
costs (4,965,191) (2,984,949) (8,633,847)
------------------------------- ------ ------------ ------------ -------------
Operating loss (4,785,258) (2,858,715) (7,939,216)
Investment
revenue 3,053 3,457 7,290
Finance costs (2,054) (769) (4,525)
------------------------------ --- ------ ------------ ------------ -------------
Loss before tax (4,784,259) (2,856,027) (7,936,451)
Tax 350,000 325,826 819,212
Loss for the period (4,434,259) (2,530,201) (7,117,239)
Loss per share
(pence)
Basic 3 (0.03) (0.04) (0.07)
Diluted 3 (0.03) (0.04) (0.07)
Consolidated Statement of Comprehensive Income
Six months ended 30 June 2017
Unaudited Unaudited
six months six months Year
ended ended ended
30 June 30 June 31 December
2017 2016 2016
GBP GBP GBP
Loss for period (4,434,259) (2,530,201) (7,117,239)
Exchange differences on
translation of foreign
operations (70,256) (2,622) (30,963)
------------------------------ ------------ ------------ -------------
Total comprehensive income
for the period (4,504,515) (2,532,823) (7,148,202)
------------------------------ ------------ ------------ -------------
Consolidated Balance Sheet
At 30 June 2017
Unaudited Unaudited
30 June 30 June 31 December
2017 2016 2016
GBP GBP GBP
Non-current
assets
Intangible assets 5,679,312 - 5,889,656
Goodwill 1,930,229 - 1,930,229
Investments 119,158 36,393 41,515
Property, plant and
equipment 74,609 31,400 78,171
7,803,308 67,793 7,939,571
--- --- ----------------------------- ------------- ------------------------ --------------------
Current Assets
Inventories 369,670 386,841 340,178
Trade and other receivables 2,367,555 2,183,939 2,677,071
Cash and cash equivalents 3,046,082 2,370,504 3,892,505
--------------------------------------- ------------- ------------------------ --------------------
5,783,307 4,941,284 6,909,754
--- --- ----------------------------- ------------- ------------------------ --------------------
Total assets 13,586,615 5,009,077 14,849,325
---------------------------------- --- ------------- ------------------------ --------------------
Current liabilities
Trade and
other payables (1,715,954) (3,779,732) (2,205,302)
---------------------------------- --- ------------- ------------------------ --------------------
Total current
liabilities (1,715,954) (3,779,732) (2,205,302)
---------------------------------- --- ------------- ------------------------ --------------------
Net current
assets 4,067,353 1,161,552 4,704,452
---------------------------------- --- ------------- ------------------------ --------------------
Non current
liabilities
Deferred tax
liability (942,938) - (942,938)
---------------------------------- --- ------------- ------------------------ --------------------
Total non
current liabilities (942,938) - (942,938)
---------------------------------- --- ------------- ------------------------ --------------------
Total Liabilities (2,658,892) (3,779,732) (3,148,240)
---------------------------------- --- ------------- ------------------------ --------------------
Net assets 10,927,723 1,229,345 11,701,085
---------------------------------- --- ------------- ------------------------ --------------------
Equity
Share capital 1,788,584 711,831 1,579,123
Share premium account 56,085,561 38,613,736 52,831,234
Own shares
held (808,856) (808,856) (808,856)
Share option
reserve 894,103 624,411 626,738
Translation
reserve (246,880) (148,285) (176,624)
Retained loss (46,784,789) (37,763,492) (42,350,530)
--------------------------------------- ------------- ------------------------ --------------------
Total equity being
attributable to
owners of the Group 10,927,723 1,229,345 11,701,085
----------------------------------- ------------- ------------------------ --------------------
Consolidated Statement of Changes in Equity
At 30 June 2017
Own Share
Share Share shares Option Translation Retained Total
Capital Premium held Reserve Reserve Losses Equity
GBP GBP GBP GBP GBP GBP GBP
Balance at
30 June 2016 711,831 38,613,736 (808,856) 624,411 (148,285) (37,763,492) 1,229,345
---------- ----------- -------------------------- -------- ------------ ------------- ------------
Loss for
the period - - - - - (4,587,038) (4,587,038)
Other
comprehensive
income for
the period - - - - (28,339) - (28,339)
---------- ----------- -------------------------- -------- ------------ ------------- ------------
Total
comprehensive
income for
the period - - - - (28,339) (4,587,038) (4,615,377)
Issue of
share capital 867,292 14,217,498 - - - - 15,084,790
Credit to
equity for
share options - - - 2,327 - - 2,327
---------- ----------- -------------------------- -------- ------------ ------------- ------------
Balance at
31 December
2016 1,579,123 52,831,234 (808,856) 626,738 (176,624) (42,350,530) 11,701,085
---------- ----------- -------------------------- -------- ------------ ------------- ------------
Loss for
the period - - - - - (4,434,259) (4,434,259)
Other
comprehensive
income for
the period - - - - (70,256) - (70,256)
---------- ----------- -------------------------- -------- ------------ ------------- ------------
Total
comprehensive
income for
the period - - - - (70,256) (4,434,259) (4,504,515)
Issue of
share capital 209,461 3,254,327 - - - - 3,463,788
Share option
charge - - - 267,365 - - 267,365
Balance at
30 June 2017 1,788,584 56,085,561 (808,856) 894,103 (246,880) (46,784,789) 10,927,723
---------- ----------- -------------------------- -------- ------------ ------------- ------------
Consolidated Cash Flow Statement
Six months ended 30 June 2017
Notes Unaudited Unaudited Year ended
six six 31 December
months months 2016
ended ended
30 June 30 June
2017 2016
------------------------------- -------- ------------ ------------ --------------
GBP GBP GBP
------------------------------- -------- ------------ ------------ --------------
Net cash outflow from
operating activities 4 (4,196,168) (624,649) (7,061,808)
------------------------------- -------- ------------ ------------ --------------
Investing activities
------------------------------- -------- ------------ ------------ --------------
Acquisition of subsidiary - - (4,367,670)
------------------------------- -------- ------------ ------------ --------------
Interest received 3,053 3,457 7,289
------------------------------- --------
Purchases of property,
plant and equipment (37,222) (15,503) (80,289)
------------------------------- -------- ------------ ------------ --------------
Net cash used in investing
activities (34,169) (12,046) (4,440,670)
------------------------------- -------- ------------ ------------ --------------
Financing activities
------------------------------- -------- ------------ ------------ --------------
Interest paid (2,054) (769) (4,525)
------------------------------- -------- ------------ ------------ --------------
Proceeds on issue of shares 3,579,834 559,619 13,487,320
------------------------------- -------- --------------
Share issue costs (116,225) - (533,662)
------------------------------- -------- --------------
Purchases of bank securities (77,641) (10,086) (15,207)
------------------------------- -------- ------------ ------------ --------------
Net cash from financing
activities 3,383,914 548,764 12,933,926
------------------------------- -------- ------------ ------------ --------------
Net (decrease) / increase
in cash and cash equivalents (846,423) (87,931) 1,431,448
------------------------------- --------
Cash and cash equivalents
at beginning of period 3,892,505 2,461,057 2,461,057
------------------------------- --------
Effect of foreign exchange - (2,622) -
rate changes
------------------------------- -------- ------------ ------------ --------------
Cash and cash equivalents
at end of period 3,046,082 2,370,504 3,892,505
------------------------------- -------- ============ ============ ==============
Notes to the Accounts
Six months ended 30 June 2017
1. Basis of Preparation
The interim financial information has been prepared in
accordance with the IFRS accounting policies used in the statutory
financial statements for the year ended 31 December 2016.
These interim financial statements do not constitute statutory
financial statements within the meaning of section 435 of the
Companies Act 2006. Results for the six month periods ended 30 June
2017 and 30 June 2016 have not been audited. The results for the
year ended 31 December 2016 have been extracted from the statutory
financial statements of CyanConnode Holdings plc.
Statutory financial statements for the year ended 31 December
2016 are available on the Group's website www.cyanconnode.com and
have been filed with the Registrar of Companies. The Group's
auditor issued a report on those financial statements that was
unqualified and did not contain a statement under section 498(2) or
section 498(3) of the Companies Act 2006; however the auditor's
report was modified to emphasise the uncertainty around the Group's
ability to continue as a going concern.
2. Going Concern
To assess the ability of the Group to continue as a going
concern, the Directors have prepared a business plan and cash flow
forecast for the period to 31 December 2018 which, together,
represent the Directors' best estimate of the future development of
the Group. The forecast contains certain assumptions, the most
significant of which are the level and timing of sales and the
gross margin on those sales, together with the need to secure
additional finance before the end of the year. To address this
funding requirement, post period end the Group announced a new
equity funding of GBP8.6m (subject to shareholder approval). In
April 2017, the Group raised a further GBP3.2 million (gross) from
an equity placing and the net cash position as at 30 June 2017 was
GBP3 million. The Group has a well-established track record of
raising additional finance as required, with a supportive set of
key shareholders, and therefore the Directors believe that the
Group will be able to meet their liabilities as they fall due for
at least 12 months, however they have highlighted the risks that
the Group continues to face below.
The Directors have recognised that the Group is trading in four
emerging markets, namely India, Eastern Europe, China, and Iran as
well as revenues streams from the UK and Scandinavia. The emerging
markets have an inherent level of uncertainty associated with them
and this may result in the predicted level of sales not being
achieved and/or the timing of orders being delayed, as has been the
case for the Group in the past. This may impact both the Group's
ability to generate positive cashflow and to raise new finance
should it be required in the future.
The financial statements do not include the adjustments that
would result if the Group was unable to continue as a going
concern. In the event that the Group ceased to be a going concern,
the adjustments would include writing down the carrying value of
assets, including stocks, to their recoverable amount and providing
for any further liabilities that might arise.
Notwithstanding the material uncertainties described above, the
Directors have a reasonable expectation that the Group can continue
to meet their liabilities as they fall due, for a period of at
least 12 months from the date of approval of this report.
3. Loss per Share
Basic and diluted loss per ordinary share has been calculated by
dividing the loss after taxation for the periods as shown in the
table below.
Unaudited Unaudited
six months six months Year Ended
ended ended 31
30 June 30 June December
2017 2016 2016
Losses (GBP) 4,434,259 2,530,201 7,117,239
Weighted average number
of shares 16,294,821,638 6,955,337,610 10,934,000,217
------------------------- --------------- -------------- ---------------
IAS33 "Earnings per share" requires presentation
of diluted EPS when a company could be called
upon to issue shares that would decrease net
profit or increase net loss per share. For
a loss making company with outstanding share
options, net loss per share would only be increased
by the exercise of out of the money options.
Since it seems inappropriate to assume that
option holders would act irrationally and there
are no other diluting future share issues,
diluted EPS equals basic EPS.
---------------------------------------------------------------------------
4. Reconciliation of Operating Loss to Operating Cash Flows
Unaudited Unaudited
six months six months Year
ended ended ended
30 June 30 June 31 December
2017 2016 2016
GBP GBP GBP
Operating loss
for the period (4,785,258) (2,858,715) (7,939,216)
Adjustments
for:
Depreciation of property,
plant and equipment 41,011 14,069 45,619
Amortisation 210,344 - 210,344
Foreign exchange (70,483) - 47,870
Share-based payment expense - - 2,327
------------------------------------- ------------ ------------ -------------
Operating cash flows before
movements in working capital (4,604,386) (2,844,646) (7,633,056)
(Increase) / Decrease in
inventories (29,495) 200,643 247,307
Decrease / (Increase) in
receivables 676,881 (1,592,031) (1,713,013)
(Decrease) / Increase
in payables (489,168) 3,031,800 1,457,369
--------------------------------- --- ------------ ------------ -------------
Cash reduced by operations (4,446,168) (1,204,234) (7,641,393)
Income taxes received 250,000 579,585 579,585
Net cash outflow from
operating activities (4,196,168) (624,649) (7,061,808)
--------------------------------- --- ------------ ------------ -------------
5. Interim Results
The Group's Interim Results in word format are available for
download on the Group's website. The report will not be posted to
shareholders.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR DGGDCDGBBGRS
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