2nd Nov 2007 07:01
British Sky Broadcasting Group PLC02 November 2007 BRITISH SKY BROADCASTING GROUP PLC Interim Management Statement and Results for the three months ended 30 September 2007 Strong demand continues • New customer additions of 327,000 in the quarter • Net customer growth of 83,000 to 8.665 million • Strong growth in additional products from the previous quarter - Record Sky+ growth of 323,000 to 2.697 million, up 14% - HD growth of 66,000 to 358,000, up 23% - Multiroom growth of 68,000 to 1.411 million, up 5% - Sky Broadband growth of 223,000 to 939,000, up 31% - Sky Talk growth of 153,000 to 679,000, up 29% • Overall product sales of over 1.2 million, up 86% on the comparable period • Sky Broadband passed one million customers during October Strong top-line growth; profits reflect investment for future growth • Group revenue increased by 11% on the comparable period to £1,185 million • Gross margin increased by three percentage points on the comparable period to 66% • Adjusted operating profit of £150 million reflects very strong Sky+ customer growth • Reported operating profit of £143 million including a full first quarter's investment of £51 million in Sky Broadband and Talk and £6 million in Easynet Enterprise and a £7 million exceptional charge • Basic EPS of 4.8p (2007: 6.5p); adjusted EPS of 5.0p (2007: 6.4p)(1) (1) Comparative period adjusted earnings per share have been revised to take account of £3 million EDS litigation costs which were not disclosed as an exceptional item in the comparable period James Murdoch, Chief Executive said: "We've seen continued good demand from customers for our entire product range,with over one million product sales for the fourth consecutive quarter. Sky+has been exceptional, growing faster than ever before - and is now enjoyed byalmost one third of Sky TV customers. "We launched Sky Broadband in the belief that customers would respond to qualityand value, and they have. After just 14 months over one million customers havechosen Sky Broadband, and growth continues. "As expected, our financial performance reflected strong product sales, ourinvestment in high quality programming and a full quarter of investment in SkyBroadband and Talk. We expect that performance for the full year will be in linewith our plans." Enquiries: Analysts/Investors: Andrew Griffith Tel: 020 7705 3118Robert Kingston Tel: 020 7705 3726 E-mail: [email protected] Press: Matthew Anderson Tel: 020 7705 3267Robert Fraser Tel: 020 7705 3036 E-mail: [email protected] A conference call for U.K. and European analysts and investors will be held at8:00 a.m. (GMT) today. To register for this, please contact Silvana Marsh atFinsbury on +44 20 7251 3801. A live audiocast of this call and replay facilitywill be available on Sky's corporate website, http://www.sky.com/corporate. There will be a separate conference call for US analysts and investors at 10.00a.m. (EST) today. Details of this call have been sent to US institutions and canbe obtained from Dana Johnston at Taylor Rafferty on +1 212 889 4350. A liveaudiocast of this call and replay facility will be available on Sky's corporatewebsite, http://www.sky.com/corporate. Results highlights All financial results have been prepared in accordance with InternationalFinancial Reporting Standards ("IFRS"), including comparatives. Customer Metrics'000s 30-Sep-07 30-Jun-07 Net additions________________________________________________________________________________ Total customers(1)(2)(3) 8,665 8,582 83Additional products:Sky+(4) 2,697 2,374 323Multiroom(5) 1,411 1,343 68HD 358 292 66Broadband 939 716 223Telephony 679 526 153 Other KPI's:Churn for the quarter (annualised) 11.3% 12.1% n/aARPU £411 £412 n/a================================================================================ (1) Includes DTH customers in Republic of Ireland. (513,000 as at 30 September 2007, 497,000 as at 30 June 2007.) (2) DTH customers include only primary subscriptions to Sky (no additional Sky+ or Multiroom subscriptions are counted). This does not include Freesat customers who do not subscribe to an additional Sky service or churned customers viewing free-to-air channels. (3) DTH customers include customers taking Sky packages via DSL through Tiscali TV. (4) Sky+ includes HD households. (5) Multiroom includes households subscribing to more than one digibox. (No additional units are counted for the second or any subsequent Multiroom subscriptions within one household.) Financial Summary (unaudited)£'millions 3 months to 3 months to % movement Sep-07 Sep-06 ________________________________________________________________________________ Income statement:Revenue(6) 1,185 1,071 +11%Gross profit 782 678 +15%% Margin 66% 63%Operating profit(7) 143 180 -21%% Margin 12% 17%Exceptional items(8) (7) (3) n/mAdjusted operating profit 150 183 -18%Profit for the period 84 116 -28%Cash flow information:EBITDA 201 224 -10%Cash generated from operations 52 59 -12%Net debt(9) (2,018) (997) -102%================================================================================ Per share information 3 months to 3 months to(pence): Sep-07 Sep-06________________________________________________________________________________ EPS - basic 4.8 6.5EPS - adjusted(10) 5.0 6.4================================================================================ (6) Revenue includes £46 million from Sky Broadband and Talk and £40 million from Easynet Enterprise (7) Operating profit includes net operating losses of £51 million from Sky Broadband and Talk and £6 million from Easynet Enterprise and a £7 million exceptional charge (8) Exceptional items include amounts relating to EDS litigation costs (9) Cash, cash-equivalents, short-term deposits, borrowings and borrowings related financial instruments (10) Adjusted EPS excludes mark-to-market in derivative financial instruments that do not qualify for hedge accounting and an exceptional charge of £7 million (2007: £3 million) OVERVIEW We are pleased with the start that we have made to the year. In a highlycompetitive environment, we saw the highest first quarter new DTH customeradditions for four years, a further reduction in churn and record first quartertotal product sales. Sky Broadband passed the one million customer milestone inOctober. We continue to focus on the successful execution of our plans. Better choice, quality and value have continued to attract new customers and toincrease the numbers of products chosen by our existing customers. This quarterhas seen: • A near doubling of total product sales from last year to over 1.2 million; • Record quarterly Sky+ growth of 323,000; • Strong Multiroom and Sky HD customer growth; and • Sky as the fastest growing UK broadband and telephony provider Net DTH customer growth of 83,000 reflected good new DTH customer additions and,despite retail price changes, a further improvement in churn to 11.3%, thelowest for five quarters. Our financial performance for the quarter reflected strong top-line growth andour investment for future growth. Total revenue increased by 11% to £1,185million. Operating profit of £143 million included a full first quarter'sinvestment of £51 million in Sky Broadband and Sky Talk, and £6 million inEasynet Enterprise, as well as exceptional legal costs of £7 million. Excludingthese items, underlying operating profit of £207 million was strong. Asexpected, subscription revenue growth was offset by the impact of the newBarclays Premier League contract and the non-renewal of the agreement to supplyour basic channels by Virgin Media. Customer demand for Sky+ and Multiroomupgrade volumes was very strong, and while this incurred short term cost, itwill bring important future benefits through higher ARPU and reduced churn. Weexpect that the performance for the full year will be in line with our plans. OPERATIONAL REVIEW New DTH customers of 327,000 were the highest first quarter gross additions forfour years. Total product sales exceeded one million for the fourth consecutivequarter: 30% of Sky+ additions and 17% of HD additions were new Sky customers;39% of broadband additions were new Sky customers, up from 27% in the previousquarter. Despite retail price changes, DTH churn for the quarter (annualised) recordedits second consecutive decline to 11.3%, a reduction of 0.8 percentage pointsfrom the previous quarter, and is at its lowest level for five quarters. ARPU experienced a decline in line with our expectations, of £1 to £411, whichprimarily reflected the one-off loss of PremPlus revenues (£5). We expect ARPUto grow for the rest of the financial year, reflecting greater productpenetration, increased contributions from broadband and telephony and the fullbenefit of the retail price changes which were effective from 1 September 2007. Product penetration and customer mix continue to improve. The number ofadditional products chosen by our customers has almost doubled in the last 12months; and 488,000 customers now choose TV, Sky Broadband and Sky Talk, a 54%increase from last quarter. Sky+ households increased by a record 323,000, morethan double the comparable period's growth, to reach 2.697 million, 31%penetration of the base. Multiroom households' growth accelerated to 68,000 inthe quarter, now 16% of the base; and Sky HD also showed good growth, increasingby 23% to 358,000, 4% of the base. We provide the UK's most comprehensive highdefinition TV service and recently announced an agreement with Channel 4 tosimulcast its main channel in high definition from December. During the quarter we again improved the quality and flexibility of ourprogramming. In August we launched our coverage of the new Barclays PremierLeague season, and recorded our highest average audiences for a football seasonsince 2003/04. Sky Sports will show 92 live games, more than ever before, andalso broadcast them simultaneously via HD, broadband and mobile. We renewed ouragreement with the European Tour for exclusive live rights to the European PGATour and the Ryder Cup for a further four years. The new agreement means SkySports will show The Ryder Cup in 2008, 2010 and 2012 as well as 32 events fromThe European Tour, each season, until the end of 2012. Under a new contract withthe Rugby League World Cup organisers, Sky Sports will show the final fiveQualifiers this November then all 18 matches from next year's World Cup Finalsexclusively live. We have also secured the exclusive rights to show RickyHatton's WBC Welterweight title fight against Floyd Mayweather in December. In September we announced Sky One's Autumn season of programmes, headlined by 'Are You Smarter Than A 10-Year-Old' and 'Prison Break'. The new season includescompelling drama from the US, ground-breaking new UK formats and the return ofthe BAFTA award-winning series 'Ross Kemp on Gangs'. 90% of Sky One's new showswill be broadcast in high definition. Sky Broadband remained the UK's fastest growing broadband provider. Customernumbers increased by a further 31% to 939,000, 89% of whom were within ournetwork. Of these on-net customers, around 70% opted for a paid-for package. Theincrease in the proportion of on-net customers reflected bulk migrations ofcustomers within our network coverage area. During October we surpassed themilestone of one million broadband customers, reflecting our brand strength andspeed of execution in the sector. At the end of the quarter the Group also had afurther 30,000 customers registered to UK Online, Easynet's Broadband service,bringing the total number of broadband customers to 969,000 at the end of thequarter. Sky Talk also performed well. Customer numbers increased by a further 29% to679,000. We have more than tripled the Sky Talk customer base in 12 months. 52%of Sky Broadband customers at the end of September also chose a Sky Talkpackage. We have made further improvements to our customer experience, with particularfocus on our contact centres. We have changed the way we reward customer serviceagents by placing more emphasis on customer satisfaction, and have changed theteam structures to allow more time for leaders to coach our front line advisors.Systems development has improved the speed in which we answer calls, and ensuresmore customers get through first time to the advisors best equipped to solvetheir issues. We have continued to take a lead in the areas of environment and education.During the quarter, we confirmed that we have reduced our carbon footprint on alike for like basis by 8% since 2005/06, and by 27% since 2003/04 (figuresaudited by ERM). In addition, in partnership with Vauxhall, we have recentlycommenced a B30 bio-diesel trial for our van fleet. The B30 fuel is from asustainable source and it is anticipated that the trial will result in a 20%reduction in CO2 emissions per van. In addition 140 hybrid cars have replacedteam managers' vans in the fleet which will reduce CO2 emissions by more than30% per vehicle. We have also expanded Sky Learning, our service linking customers witheducational programmes and other material available through the Sky platform.Students, teachers and parents can now search for content relevant for 6 GCSEsubjects and 3 A Level subjects from the thousands of hours of programmingbroadcast every month. The Sky Learning service has been endorsed as animportant supplement to traditional classroom tools by the Innovation Unit atthe Department for Children, Schools and Families. In September, we published the Bigger Picture Review 2007 detailing progressover the past 12 months and setting targets for the year ahead. It is availableto view or download at www.Sky.com/responsibilities FINANCIAL SUMMARY Our financial performance for the quarter reflected strong top-line growth,investment for future growth and very strong existing customer demand foradditional products. Total revenue increased by 11% to £1,185 million withoperating profit at £143 million, although this increased to £150 million on anadjusted basis when excluding exceptional costs of £7 million. Revenue Group revenue showed strong growth, increasing by 11% on the comparable periodto £1,185 million (2007: £1,071 million). This included £46 million from SkyBroadband and Talk and £40 million from Easynet Enterprise. Retail subscription revenue increased by 12% on the comparable period to £898million (2007: £799 million), the highest growth rate for four years, reflectinga 5% increase in the average number of DTH customers, one month's benefits fromthe retail price changes announced on 1 September 2007 and increased broadbandand telephony customers. Customer growth more than offset a temporary reductionin ARPU, to £411, which principally reflected the one-time loss of PremPlusrevenues. Wholesale subscription revenue fell by £10 million to £43 million, withcontinued reductions in cable TV premium subscribers and the impact from thenon-renewal of the contract to supply Sky's basic channels by Virgin Media. Advertising revenue remained flat at £78 million. Growth in the overall TVadvertising sector offset the impact from the non-renewal of the contract tosupply Sky's basic channels by Virgin Media. We estimate that the non-renewal of the basic channels carriage agreement byVirgin Media will adversely impact operating profit by around £15 million foreach full quarter that the channels remain off their platform. Sky Bet revenue was £11 million, an increase of 10% on the comparable period,benefiting from consolidation of 365 Media Group plc and good growth in internetsports betting and TV games. Installation, hardware and service revenues increased by 46% to £73 million.This increase reflected good DTH customer growth, strong levels of customerupgrades to premium priced hardware and a full quarter's contribution from SkyBroadband. Gross margin Programming costs increased by £10 million on the comparable period to £403million. This reflected the new Barclays Premier League contract and increasedinvestment in Sky One. Despite this, gross margin for the Group increased bythree percentage points from the comparable period to 66%. Other operating costs Operating costs, excluding programming, increased by £141 million on thecomparable period to £639 million, reflecting a full quarter's consolidation ofSky Broadband and Talk. Marketing costs increased by £35 million on the comparable period to £196million, the majority of which was driven by the absolute increase in customernumbers, strong product upgrade volumes and higher above-the-line costs.Subscriber management costs increased by £35 million to £186 million, reflectinga full quarter of Sky Broadband and Talk investment and higher installation,hardware and service costs, although these are offset by their associatedrevenues. Administration and transmission costs increased by £35 million and £36million to £137 million and £120 million respectively, primarily due to a fullquarter's investment from Sky Broadband and Talk and higher depreciation fromour infrastructure investment programme. Administration costs also included the£7 million exceptional charge. Profit Reported operating profit of £143 million (2007: £180 million) included SkyBroadband and Talk losses of £51 million, Easynet Enterprise losses of £6million and an exceptional charge of £7 million. Group operating margin for thequarter was 12% on a reported basis and 19% on an underlying basis. After the Group's share of operating profits from joint ventures of £3 million(2007: £2 million) and a net interest charge of £25 million (2007: £16 million),which included a positive £2 million mark-to-market movement (2007: £7 million)on the value of non-IFRS hedge accounted derivatives, the Group made a profitbefore tax in the period of £121 million (2007: £166 million). The total tax charge for the period was £37 million (2007: £50 million), at aneffective rate of 31% (2007: 30%). Earnings The Group's profit for the period was £84 million (2007: £116 million),generating basic EPS of 4.8p (2007: 6.5p). Adjusted profit for the period was£87 million (2007: £113 million), generating adjusted earnings per share of 5.0pence compared to 6.4 pence in the comparable period. The share capital at theend of the quarter was 1,753 million. Exceptional items The Group reported an exceptional charge of £7 million within administrationexpenses (2007: £3 million) relating to costs from the Group's claim againstEDS, which provided services to the Group as part of the Group's investment inCRM systems software and infrastructure. We currently expect to incurexceptional costs of around £16 million during the financial year in respect ofthis claim. Cash flow Operating profit for the period was £143 million, generating reported EBITDA of£201 million. Following a seasonal working capital outflow of £149 million(2007: £165 million) principally due to the payment of sports rights, andinvestment in broadband and telephony, the Group recorded a cash inflow fromoperations of £52 million (2007: £59 million). After net acquisition spend of£59 million relating to the purchase of Amstrad plc, interest of £28 million,cash taxes of £37 million, capital expenditure of £80 million and other sundryitems, net debt as at 30 September 2007 was £2,018 million. Financial position The financial position of the Company remains strong. At 30 September 2007 theCompany had net debt of £2,018m, including cash and cash equivalents on thebalance sheet of £322m. CORPORATE On 31 July, the Group announced a recommended cash offer for Amstrad plc. Theoffer was 150 pence in cash for each Amstrad share, and also contained a loannote alternative, valuing Amstrad plc at approximately £125 million. On the 5September the offer was declared unconditional in all respects, and on 8 OctoberAmstrad plc was formally de-listed from the London Stock Exchange. Use of measures not defined under IFRS This press release contains certain information on the Group's financialposition, results and cash flows that have been derived from measures calculatedin accordance with IFRS. This information should not be read in isolation of therelated IFRS measures. Forward-looking statements This document contains certain forward-looking statements within the meaning ofthe United States Private Securities Litigation Reform Act of 1995 with respectto the Group's financial condition, results of operations and business, andmanagement's strategy, plans and objectives for the Group. These statementsinclude, without limitation, those that express forecasts, expectations andprojections with respect to the potential for growth of free-to-air and pay-TV,fixed line telephony, broadband and bandwidth requirements, advertising growth,DTH subscriber growth, Multiroom, Sky+ and other services penetration, churn,DTH and other revenue, profitability and margin growth, cash flow generation,programming and other costs, subscriber acquisition costs and marketingexpenditure, capital expenditure programmes and proposals for returning capitalto shareholders. These statements (and all other forward-looking statements contained in thisdocument) are not guarantees of future performance and are subject to risks,uncertainties and other factors, some of which are beyond the Group's control,are difficult to predict and could cause actual results to differ materiallyfrom those expressed or implied or forecast in the forward-lookingstatements. These factors include, but are not limited to, the fact that theGroup operates in a highly competitive environment, the effects of laws andgovernment regulation upon the Group's activities, its reliance on technology,which is subject to risk, change and development, failure of key suppliers, itsability to continue to obtain exclusive rights to movies, sports events andother programming content, risks inherent in the implementation of large-scalecapital expenditure projects, the Group's ability to continue to communicate andmarket its services effectively, and the risks associated with the Group'soperation of digital television transmission in the U.K. and Ireland. Information on some risks and uncertainties are described in the "Risk Factors"section of Sky's Annual Report for the year ended 30 June 2007. Copies of theAnnual Report are available on request from British Sky Broadcasting Group plc,Grant Way, Isleworth TW7 5QD or from the British Sky Broadcasting web page atwww.sky.com/corporate. All forward-looking statements in this document are basedon information known to the Group on the date hereof. The Group undertakesno obligation publicly to update or revise any forward-looking statements,whether as a result of new information, future events or otherwise. Appendix 1 - TV Subscriber and Market Data First quarter Fourth quarter First quarter as at 30 as at as at 30 September 30 June 30 September 2007 2007 2006 DTH homes(1)(2)(3) 8,665,000 8,582,000 8,258,000 Total TV homes in the U.K.and Ireland (4) 26,966,000 26,922,000 26,764,000 DTH homes as apercentage of total U.K. and Ireland TV homes 32% 32% 31% Cable - U.K. 3,428,000 3,411,000 3,251,000Cable - Ireland 592,000 593,000 606,000Total pay TV homes 12,685,000 12,586,000 12,115,000 Total pay TV homes as apercentage of total U.K. andIreland TV homes 47% 47% 45% Sky+ homes 2,697,000 2,374,000 1,692,000 Multiroom homes (5) 1,411,000 1,343,000 1,093,000 HD homes 358,000 292,000 96,000 DTT - U.K. (6) 10,279,000 9,811,000 7,646,000 (1) Includes DTH customers in Republic of Ireland of 513,000 as at 30 September 2007. (2) DTH customers includes only primary subscriptions to Sky (no additional Sky+ or Multiroom subscriptions are counted). This does not include Freesat customers who do not subscribe to an additional Sky service or churned customers viewing free-to-air channels. (3) DTH homes include subscribers taking Sky packages via DSL through Tiscali TV. (4) Total U.K. homes estimated by BARB and taken from the beginning of the month following the period end (latest figures as at 30 September 2007). Total Ireland homes estimated by Ireland's Central Statistics Office. (5) Multiroom includes households subscribing to more than one digibox. (No additional units are counted for the second or any subsequent Multiroom subscriptions.) (6) DTT homes estimated by BARB and taken from the beginning of the following month (latest figures as at 30 September 2007). These include Sky or Cable homes that already take multi-channel TV. Appendix 2 - Glossary ________________________________________________________________________________ Useful definitions Description________________________________________________________________________________ Adjusted earnings Adjusted profit divided by the weighted average number ofper share ordinary shares during the year.________________________________________________________________________________ Adjusted operating Operating profit before taking account of exceptionalprofit items.________________________________________________________________________________ Adjusted profit for Profit for the period adjusted to remove mark-to-marketthe period movements in derivative financial instruments that do not qualify for hedge accounting, exceptional items and any changes in the estimate of recoverable tax assets in respect of prior years.________________________________________________________________________________ ARPU Average Revenue Per User: the amount spent by the Group's residential subscribers in the quarter, divided by the average number of residential subscribers in the quarter, annualised.________________________________________________________________________________ Churn The rate at which subscribers relinquish their subscriptions, expressed as a percentage of total subscribers.________________________________________________________________________________ Customer A subscriber to a DTH service.________________________________________________________________________________ DTH Direct-to-home: the transmission of satellite services with a reception through a mini-dish.________________________________________________________________________________ EBITDA Earnings before interest, taxation, depreciation and amortisation is calculated as operating profit before depreciation and amortisation or impairment of goodwill and intangible assets.________________________________________________________________________________ Gross margin Revenue less programming expenses as a proportion of revenue.________________________________________________________________________________ Gross profit Revenue less programming expense.________________________________________________________________________________ HD High Definition.________________________________________________________________________________ Multiroom Installation of one or more additional set-top-boxes in the household of an existing DTH customer.________________________________________________________________________________ Net debt Cash, cash-equivalents, short-term deposits, borrowings and borrowings related derivative financial instruments.________________________________________________________________________________ On-net Customers subscribing to our unbundled broadband product.________________________________________________________________________________ Product Any service chosen by a Sky customer. These include DTH, Sky+, Multiroom, Sky HD, Sky Broadband and Sky Talk.________________________________________________________________________________ Sky Broadband and Talk Sky Broadband, Sky Talk and UK Online combined.________________________________________________________________________________ Sale A sale is a gross addition of any product.________________________________________________________________________________ Sky+ Sky's fully-integrated Personal Video Recorder (PVR) and satellite decoder.________________________________________________________________________________ Underlying Excluding contribution from Sky Broadband and Talk, Easynet Enterprise and exceptional items.________________________________________________________________________________ Viewing share Number of people viewing a channel as a percentage of total viewing audience.________________________________________________________________________________ Appendix 3 - Consolidated financial statementsConsolidated Income Statement for the three months ended 30 September 2007 2007/08 2006/07 Three months Three months ended ended 30 September 30 September £m £m Notes (unaudited) (unaudited) Revenue 1 1,185 1,071Operating expense 2 (1,042) (891) ___________________________________________________________________________| ||EBITDA 201 224 ||Depreciation and amortisation (58) (44)| |___________________________________________________________________________| Operating profit 143 180_____________________________________________________________________________ Share of results from jointventures and associates 3 2Investment income 15 14Finance costs (40) (30)Profit before tax 121 166_____________________________________________________________________________ Taxation (37) (50)Profit for the period 84 116_____________________________________________________________________________ Earnings per share from profit for the period (in pence)Basic 4.8p 6.5pDiluted 4.8p 6.5pAdjusted basic 5.0p 6.4pAdjusted diluted 5.0p 6.4p_____________________________________________________________________________ 1. Revenue 2007/08 2006/07 Three months Three months ended ended 30 September 30 September £m £m (unaudited) (unaudited) Retail subscription 898 799Wholesale subscription 43 53Advertising 78 78Sky Bet 11 10Installation, hardware and service 73 50Other 82 81 1,185 1,071________________________________________________________________________________ 2. Operating expense 2007/08 2006/07 Three months Three months ended ended 30 September 30 September £m £m (unaudited) (unaudited) Programming 403 393Transmission and related functions 120 84Marketing 196 161Subscriber management 186 151Administration 137 102 1,042 891________________________________________________________________________________ Appendix 4 - Re-analysis of reported revenue by category To provide a more relevant presentation, management has chosen to re-analyse therevenue categories from those previously reported. Other revenue now principallyincludes income from Easynet Enterprise, Sky Active and technical platformservice revenue. Three Three months to months to 30 September 30 2006 Separate September as Transfer of installation, 2006 previously Sky hardware Re- reported Active and service Other analysed £ million £ million £ million £ million £ million (unaudited) (unaudited) (unaudited) (unaudited) (unaudited)_____________________________________________________________________________________________ Retail Subscription 792 7 799Wholesale Subscription 53 53Advertising 78 78Sky Bet 10 10Sky Active 22 (22) -Installation, Hardware andService - 50 50Other 116 22 (50) (7) 81 1,071 - - - 1,071_____________________________________________________________________________________________ This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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