4th Apr 2007 07:01
IFG Group PLC04 April 2007 IFG GROUP PLC PRELIMINARY RESULTS FOR THE YEAR ENDED 31 DECEMBER 2006 Adjusted Adjusted Total Total measures measures IFRS IFRS 2006 2005 2006 2005 •'000 •'000 Notes •'000 •'000 Revenue n/a n/a 107,222 92,674 Operating profit 14,973 12,868 1 13,756 5,152 Profit before income tax 13,499 10,683 1 12,282 2,967 Adjusted earnings per ordinary share - in cent 16.88 12.58 2 n/a n/a Basic earnings per ordinary share - in cent n/a n/a 15.01 1.69 Group net debt 18,953 29,545 Dividend per ordinary share - in cent 3.30 3.00 Notes: 1. Adjusted profit and earnings per share are stated beforeexceptional items, amortisation of intangible assets and share based paymentcompensation. 2. Reconciliation of adjusted earnings: Year ended Year ended 31 Dec 2006 31 Dec 2005 Per share Earnings Per share Earnings cent •'000 cent •'000 Profit attributable to equity holders 15.01 9,743 1.69 1,098Exceptional adjustments (net of tax) (0.70) (452) 10.15 6,595Amortisation of intangible assets 0.61 394 0.16 101Share based payment compensation 1.96 1,275 0.58 378Adjusted earnings 16.88 10,960 12.58 8,172 Commenting on the results, Mark Bourke, Chief Executive, said: "2006 was a very positive year where performance was delivered by each divisionand the Group finances were efficiently re-structured. From this base and withour strong and focused management we are well positioned to take advantage ofthe significant opportunities in each of our core markets." For further information, please contact Mark Bourke on +353 1 275 2800, e-mail:[email protected] In 2006 the Group, on a sound financial footing and with an increasinglysimplified business, turned its attention to growth. It achieved significantresults in each of its divisions with consequent strong cash generation. Thiscalibre of performance can be delivered over the next few years. A restructure of the Group finances, to achieve a significant reduction offunding costs, complemented the growth achieved and will enhance future results. Towards the end of the year, the Group carried out a significant acquisition inits International Business which marks the continued execution of our strategy.There was no contribution to Group earnings from this business in 2006 but itwill enhance 2007 results. Adjusted profits before income tax for the year were €13.5 million on revenuesof €107.2 million (total profit before income tax of €12.3 million) after theitems noted below. This compares with €10.7 million and €92.7 millionrespectively in the previous year (total profit before income tax of €3.0million). Adjusted profits before income tax for the year as reflected are before: (i) Proceeds from the sale of Irish associates of €0.5m (ii) Non cash items including share option charges of €0.5 million and charges in relation to directors' Long Term Incentive Plan ('LTIP') of €0.8 million (iii) Amortisation of intangible assets of €0.4 million The net effect of these items is a charge before tax of €1.2 million. Adjusted earnings per ordinary share were 16.88 cent (2005: 12.58 cent). On atotal IFRS basis, basic earnings per ordinary share were 15.01 cent (2005:earnings 1.69 cent). Group Performance The performance of the Group in the twelve months split between its mainactivities was as follows: Total operating Total operating profit/(loss) profit/(loss) 2006 2005 •'000 •'000Trustee & Corporate ServicesInternational Trustee & Corporate Services 6,282 5,106 Financial Services & UnallocatedPensioneer Trustee - UK 3,573 3,220Financial Services - UK 1,445 872Mortgage and Title Insurance - Ireland 4,098 3,620Financial Services including Central Overhead - Ireland (425) 50 Adjusted operating profit 14,973 12,868 Exceptional items - Financial Services 452 (7,237)Share based payment compensation - Trustee & Corporate Services (96) (76) - Financial Services (1,179) (302)Amortisation of intangibles - Trustee & Corporate Services (271) - - Financial Services (123) (101) Total operating profit 13,756 5,152 Operating profit - Trustee & Corporate Services 5,915 5,030 - Financial Services & Unallocated 7,841 122 Total operating profit 13,756 5,152 Trustee & Corporate Services The International division continues to deliver exceptional results with anoperating profit of €6.3 million (2005: €5.1 million), an increase of 23%. Thisgrowth reflects an underlying organic performance of 19% growth when theacquisition of Bank of Scotland Trust Company (International) Limited in 2005and the continuing investment in IFG Spain are stripped out. In December 2006 the division made a significant acquisition in Jersey. LangtryTrust Company (Channel Islands) Limited ('Langtry') was purchased on 18 December2006. It adds further scale to IFG in Jersey and marks the continued executionof the International strategy set out in 2005. The division is continuing to develop in each of its locations - IOM, Jersey,Switzerland, Ireland and Cyprus. In the USA it is investing in the leisure basedtrustee services business with a strategic partner. The division's corporateadministration services capacity is also being expanded to include fundadministration. All of these activities will underpin the continued growth ofthe operation. Financial Services & Unallocated Pensioneer Trustee - UK Growth in the Pensioneer trustee business of 11% has accompanied a strong newbusiness take on, as our SIPP (self invested pension plan) portfolio grew by25%. The profit growth of 11% masks this strong performance as the businessabsorbed costs relating to an investment in new IT systems and those incurred inadvance of the new regulatory regime for SIPPs to be introduced in 2007. Although we expect continued organic growth, we also believe that regulationwill drive consolidation in this market place and that this may provide us withacquisition opportunities at prices where the expected return on capital meetsGroup requirements. Financial Services - UK The combined performance of the UK Financial Services business has again shown astep change improvement rising to €1.4 million from €0.9 million in 2005 and aloss of €1.5 million in 2004. This turnaround was achieved initially against adifficult backdrop of a poor market and a high level of complaints in relationto the legacy business of long departed advisors. The result is a highlysignificant achievement, as in addition to a much improved trading performancematerial legacy issues have been addressed and fully provided with the closureof the pension release business and the successful completion of the relatedpast business review. The performance of our fee based business, Saunderson House Limited, surpassedexpectations in 2006. This business is exceptionally well managed and is by farthe most significant contributor to the advisory profits. The growth achievedand the consistent organic expansion of the business is a rare feature in theindustry. Management believe that there is opportunity to expand into newmarkets (beyond the legal and accounting firms they have serviced to date) onrecruiting appropriate high quality staff. Following retirements, new managementis now in place in Siddalls (which deals with UK nationals going off shore) andentry into new geographies is being considered. Mortgage & Title Insurance - Ireland In Ireland, the Property Service Division grew its contribution to €4.1 million.This 13% growth was a credible performance and when augmented by thecontribution from our new joint venture in roll up mortgages increased to 18%.Lender cheque issues in our prime business were €1.55 billion, up from €1.44billion in 2005. The drivers of growth, particularly in the second half of 2006, were thenon-conforming lending business, with cheque issues up from €94 million in 2005to €224 million in 2006, and the new joint venture Seniors Money lifetimemortgage product for the over 60s (the contribution from the Seniors Moneybusiness is not consolidated as part of our operating profit due to beingaccounted for as a joint venture). Our prime business experienced a softening ofthe property market in the second half of 2006 and this has continued into thefirst quarter of 2007. This was expected, and we are adapting to the rapidlychanging market as we expand our network and introduce innovative products. The development of non-conforming and now roll up mortgages for the over 60s isbeing followed by property offerings, "pension wrapped" investments and a newrange of investment products suitable for the retail markets. Financial Services - Ireland Both the Group and Individual Advisory businesses performed well in 2006 anddelivered strong growth. In addition our specialist broking credit insurance andpolicy trading units also performed well, the former in a difficult market.These performance figures include central overhead and the settlement of €1.1million to the former CEO. Group Financing As at 31 December 2006 As at 31 December 2005 Core Investment Total Core Investment Total •'m •'m •'m •'m •'m •'m Total net bank commitment 16.1 2.9 19.0 26.6 3.0 29.6 Contingent consideration 10.3 - Total net commitment 29.3 29.6 The Group's operating cash generation was €14.5 million. Of this €4.0 millionwas reinvested in the International Business to fund the acquisition of LangtryTrust in Jersey. In conjunction, a share placing toward the year end raised afurther €7.6 million. During the year a total debt refinancing was carried out which significantlyreduced debt margins. Our primary bank debt of €20.9 million was refinancedreducing the margin from 1.75% to 1.50%. This will fall again to 0.95% in twelvemonths time. This refinancing replaces our previous facility from Ulster BankIreland Limited, with a club facility from Bank of Ireland Limited and Bank ofScotland (Ireland) Limited. In January 2007 we further reduced our debt costs byredeeming Stg£8.0 million bonds (€12.2 million) which carried a coupon of 8.1%. Dividends Your Board is recommending a final dividend of 2.25 cent per share which whenadded to the interim dividend already paid, makes a total of 3.30 cent pershare, an increase of 10% on the previous year. Subject to shareholder approval,the final dividend will be paid on 20 July 2007 to shareholders on the Registeron 6 July 2007. Consolidated Income StatementYear Ended 31 December 2006 2006 2005 Notes •'000 •'000 Revenue 3 107,222 92,674Cost of sales (4,662) (4,385) Gross profit 102,560 88,289 Operating expensesAdministrative expenses (89,256) (76,470)Other income 452 -Other expenses - (6,667) Total operating expenses (88,804) (83,137) Operating profit 3 13,756 5,152 Operating profit before exceptional items 13,304 12,389Exceptional items 4 452 (7,237)Operating profit 13,756 5,152 Finance income 1,225 996Finance costs (2,861) (3,287)Share of profit of associates and joint ventures 162 106 Profit before income tax 12,282 2,967Income tax expense 5 (1,367) (845) Profit for the year 10,915 2,122 Profit for year attributable to:Equity holders of the company 9,743 1,098Minority interest 1,172 1,024 10,915 2,122 Earnings per ordinary share (cent) Basic 6 15.01 1.69 Diluted 6 14.27 1.69 Consolidated Balance SheetAs at 31 December 2006 2006 2005 Notes •'000 •'000AssetsNon-current assetsProperty, plant & equipment 6,135 4,891Intangible assets 71,946 54,581Investments in associates and joint ventures 300 527Deferred income tax assets 1,481 1,347Available-for-sale financial assets 87 188Other receivables - 266Total non-current assets 79,949 61,800 Current AssetsTrade and other receivables 39,180 35,009Current income tax asset 62 320Cash and cash equivalents 8 26,715 17,281Total current assets 65,957 52,610 Total assets 3 145,906 114,410 LiabilitiesNon-current liabilitiesBorrowings 23,808 29,616Deferred income tax liabilities 2,425 543Retirement benefit obligations 687 912Provisions for other liabilities 6,698 893Other non-current liabilities 1,250 1,250Total non-current liabilities 34,868 33,214 Current liabilitiesTrade and other payables 40,361 38,334Current income tax liabilities 1,946 1,165Borrowings 21,860 17,210Provisions for other liabilities 6,680 2,187Total current liabilities 70,847 58,896 Total liabilities 3 105,715 92,110 Net assets 40,191 22,300 EquityCapital & reserves attributable to equity holders of the companyShare capital 8,239 7,828Share premium 52,300 44,861Other reserves 2,619 1,224Retained earnings and translation reserve (24,562) (32,887) 38,596 21,026Minority interest 1,595 1,274 Total equity 40,191 22,300 Consolidated Cash Flow StatementAs at 31 December 2006 2006 2005 Notes •'000 •'000 Cash flows from operating activitiesCash generated from operations 7 14,500 21,010Interest received 1,430 674Income taxes paid (1,378) (1,347) Net cash generated from operating activities 14,552 20,337 Cash flows from investing activitiesPurchase of property, plant and equipment (2,739) (1,306) Sale of property, plant and equipment 10 937 Purchase of subsidiary undertakings net of cash acquired (4,029) (6,251) Deferred consideration on prior year acquisitions - (2,687)Purchase of interest in joint venture (118) - Sale of available-for-sale financial assets 124 -Sale of interest in associates 960 - Net cash used in investing activities (5,792) (9,307) Cash flows from financing activitiesDividends paid (1,986) (1,663)Interest paid (2,793) (3,400)Dividends paid to minority interests (851) (1,123) Proceeds from issue of share capital 7,850 (5) Repayment of debt (20,950) (1,219)Proceeds from long-term borrowings 26,869 -Senior unsecured notes repaid (5,951) (5,860)Payment of finance lease liabilities (115) (182) Net cash generated / (used) in financing activities 2,073 (13,452) Net increase / (decrease) in cash and cash equivalents 10,833 (2,422) Cash and cash equivalents at the beginning of the year 14,336 16,307Effect of foreign exchange rate changes 252 451 Cash and cash equivalents at end of year 8 25,421 14,336 Cash and cash equivalents are comprised of cash and short term deposits net ofbank overdrafts that are repayable on demand. For the purpose of the cash flowstatement cash and cash equivalents include the following: 2006 2005 •'000 •'000 Cash and short term deposits 8 26,715 17,281Bank overdrafts 8 (1,294) (2,945) 25,421 14,336 Statement of Changes in Equity Attributable Minority Total Share Share Other Translation Retained to equity interest Equity capital premium reserves reserve earnings holders •'000 •'000 •'000 •'000 •'000 •'000 •'000 •'000At 1 January 2005 7,827 44,867 880 (6,278) (27,030) 20,266 1,373 21,639 Currency translation adjustments - - - 1,006 - 1,006 - 1,006Fair value movement on - - (34) - - (34) - (34)available-for-sale financial assetsNet (expense) / income recognised - - (34) 1,006 - 972 - 972directly in equityProfit for the year - - - - 1,098 1,098 1,024 2,122Total recognised (loss) / income - - (34) 1,006 1,098 2,070 1,024 3,094for 2005 Dividends - - - - (1,683) (1,683) (1,123) (2,806)Exercise of equity share options 1 6 - - - 7 - 7Share based payment compensation: Value of employee services - - 378 - - 378 - 378- share option plansBuy back of treasury shares - (12) - - - (12) - (12) 1 (6) 378 - (1,683) (1,310) (1,123) (2,433) At 31 December 2005 7,828 44,861 1,224 (5,272) (27,615) 21,026 1,274 22,300 Currency translation adjustments - - - 574 - 574 - 574Sale of available-for-sale - - 153 - - 153 - 153financial assetsNet income recognised directly in - - 153 574 - 727 - 727equityProfit for the year - - - - 9,743 9,743 1,172 10,915Total recognised income for 2006 - - 153 574 9,743 10,470 1,172 11,642 Dividends - - - - (1,992) (1,992) (851) (2,843)Issue of share capital 411 7,439 - - - 7,850 - 7,850Share based payment compensation: Value of employee services - - 468 - - 468 - 468- share option plans Value of employee services - - 774 - - 774 - 774- LTIP 411 7,439 1,242 - (1,992) 7,100 (851) 6,249 At 31 December 2006 8,239 52,300 2,619 (4,698) (19,864) 38,596 1,595 40,191 Notes to the preliminary results 1. General information IFG Group and its subsidiaries (together the Group) are engaged in the provisionof financial advisory services and international corporate and trustee services.The Company is a public company, incorporated and domiciled in the Republic ofIreland. The address of its registered office is IFG House, Booterstown Hall,Booterstown, County Dublin, Ireland. The financial statements have been approvedfor issue by the Board of Directors on 4 April 2007. 2. Basis of preparation of financial information under IFRS The consolidated financial statements of IFG Group plc are required to beprepared in accordance with EU endorsed International Financial ReportingStandards (IFRS), IFRIC interpretations and the Companies Acts 1963 to 2006applicable to companies reporting under IFRS. The preliminary results for the year to 31 December 2006 have been prepared inaccordance with the Listing Rules of the Irish Stock Exchange. The Group'sfinancial information has been prepared in accordance with the accountingpolicies used in the preparation of the Group financial statements. Thisrequires the use of certain critical accounting estimates. It also requiresmanagement to exercise its judgment in the process of applying the Group'saccounting policies. These assumptions affect the reported amounts of revenues,expenses, assets and liabilities, and the disclosure of contingent liabilitiesat the date of the financial statements. If in the future such estimates andassumptions, which are based on management's best judgement at the date of thefinancial statements, deviate from the actual outcome, the original estimatesand assumptions will be modified as appropriate in the year in which thecircumstances change. The financial information in this preliminary announcement is not the statutoryaccounts of the company, a copy of which is required to be annexed to thecompany's annual return to the Companies Registration Office in Ireland. A copyof the statutory accounts required to be annexed to the company's annual returnin respect of the year ended 31 December 2005 has in fact been so annexed. Acopy of the statutory accounts in respect of the year ended 31 December 2006will be annexed to the company's annual return for 2006. 3. Segment information Primary reporting format-business segments At 31 December 2006, the Group is organised on a worldwide basis into two mainbusiness segments: - Provision of financial services- Provision of corporate and trustee services incorporating back office services. The segment results for the year ended 31 December 2006 are as follows: Trustee & Unallocated Total Financial corporate services services •'000 •'000 •'000 •'000 Revenue 80,783 26,439 - 107,222 Operating profit / (loss) 9,078 5,915 (1,237) 13,756Finance costs (net) - - - (1,636)Share of profit/(loss) of associates and joint 172 - (10) 162ventures Profit before income tax 12,282Income tax expense (1,367)Profit for the year 10,915 The segment results for the year ended 31 December 2005 are as follows: Trustee & Unallocated Total Financial corporate services services •'000 •'000 •'000 •'000 Revenue 72,090 20,584 - 92,674 Operating profit / (loss) 631 5,030 (509) 5,152Finance costs (net) - - - (2,291)Share of profit of associates and joint ventures - - 106 106 Profit before income tax 2,967Income tax expense (845)Profit for the year 2,122 Other non-cash segment items included in the income statement are as follows: 2006 2005 Financial Trustee & Unallocated Total Financial Trustee & Unallocated Total services corporate services corporate services services •'000 •'000 •'000 •'000 •'000 •'000 •'000 •'000 Depreciation 750 590 218 1,558 685 474 210 1,369 Amortisation of intangibles 63 271 60 394 41 - 60 101 Impairment provision fordoubtful debts 214 118 - 332 110 284 - 394 Impairment of goodwill (note - - - - 4,619 - - 4,6194) The segment assets and liabilities at 31 December 2006 and capital expenditurefor the year then ended are as follows: 2006 2005 Financial Trustee & Unallocated Total Financial Trustee & Unallocated Total services corporate services corporate services services •'000 •'000 •'000 •'000 •'000 •'000 •'000 •'000 Assets 81,845 49,762 13,999 145,606 74,559 33,131 6,193 113,883Investment inequity method 291 - 9 300 - - 527 527associates 82,136 49,762 14,008 145,906 74,559 33,131 6,720 114,410 Liabilities (13,180) (31,864) (60,671) (105,715) (13,341) (23,247) (55,522) (92,110) Capital 2,444 17,409 60 19,913 962 6,518 16 7,496expenditure Segment assets consist primarily of property, plant & equipment, intangibleassets, trade receivables and cash. They exclude income tax, deferred tax andinvestments. Segment liabilities comprise operating liabilities. They excludeitems such as taxation and corporate borrowings. Capital expenditure comprised additions to property, plant and equipment andintangible assets, including additions resulting from acquisitions throughbusiness combinations. Secondary reporting format-geographical segments The Group's two main business segments operate in three main geographical areas. The home country of the company is Ireland. Revenue 2006 2005 •'000 •'000 Ireland 45,024 40,195UK 34,838 30,923IOM & Jersey 25,395 19,479Other countries 1,965 2,077 107,222 92,674Revenue is allocated based on the country where the customer is located.Total assets 2006 2005 •'000 •'000 Ireland 35,548 28,218UK 58,498 52,624IOM & Jersey 49,292 32,843Other countries 2,268 198 145,606 113,883Associates and joint ventures 300 527 145,906 114,410Total assets are allocated based on where the assets are located. Capital Expenditure 2006 2005 •'000 •'000 Ireland 1,091 623UK 1,258 327IOM & Jersey 17,404 6,512Other countries 160 34 19,913 7,496 Capital expenditure is allocated based on where the assets are located. 4. Exceptional items 2006 2005 •'000 •'000 Disposal of Irish associates (i) 452 135Goodwill impairment (ii) - (4,619)Pension release provision (iii) - (1,950)Pension funding (iv) - (570)Sale of investments (v) - (233) 452 (7,237) (i) Disposal of Irish associates 2006 On 27 January 2006, the Group disposed of its 25% interest in Rochford BradyOnline Services Limited, Lawlink Limited, Lawlink UK Limited and its 12.5%interest in Companies Information Direct Limited for €960,000. This resulted ina gain on disposal of €452,000. 2005 In December 2005 the Group disposed of its interest in an associate companyFIRSL Resources Limited for €150,000. This resulted in a gain on disposal of€135,000. (ii) Goodwill impairment In the year ended 31 December 2005 the goodwill carried in IFG FinancialServices UK Limited was deemed to be impaired, due to a reduction inprofitability, and was written off in full. An amount of €4,619,000 was chargedto the income statement. (iii)Pension release provision In the year ended 31 December 2003 an amount for €2,700,000 was provided tocover the cost of undertaking a review of past business practices at BerkeleyJacobs Financial Services Limited and possible redress following aninvestigation by the FSA. This provision was based on best estimates at thattime. During 2005 as the review progressed, greater clarity was achieved on thenumber of cases to be reviewed and the methodology to calculate the potentialredress. Arising from these developments, an additional amount of €1,950,000 wasprovided in 2005. (iv) Pension funding The executive directors received an aggregate payment of €570,000 in each of2003, 2004 and 2005. These payments were made as the directors' pensions weredeemed under-funded. (iv) Sale of investments During 2005, the Group disposed of quoted equities for an amount of €56,000.Their market value had fallen during the year and this resulted in anexceptional loss on disposal of €233,000. 5. Income tax expense 2006 2005 •'000 •'000The taxation charge/(credit) is based on profit on ordinary activities for the yearand comprises: Corporation taxIrish (at 12.5%):- current year 587 429- prior year 79 (39) UK and other (primarily at 30%):- current year 1,524 730- prior year (642) (538) 1,548 582Deferred taxationIrish:- current year (164) (183) UK and other:- current year (17) 446 1,367 845 6. Earnings per ordinary share 2006 2005BasicProfit after income tax and minority interest (•'000) 9,743 1,098 Weighted average number of ordinary shares in issue for the calculation of earnings per 64,895,171 64,958,171share Basic earnings per share (cent) 15.01 1.69 DilutedProfit after income tax and minority interest (•'000) 9,743 1,098 Weighted average number of ordinary shares in issue for the calculation of earnings per 64,895,171 64,958,171share Dilutive effect of share options and warrants 2,616,837 169,889Dilutive effect of long term incentive plan 750,000 - Weighted average number of ordinary shares for the calculation of diluted earnings per 68,262,008 65,128,060share Diluted earnings per share (cent) 14.27 1.69 The number of shares used in the calculation of basic earnings per share anddiluted earnings per share has been calculated in accordance with InternationalAccounting Standard No.33. Diluted earnings per share are based on the weighted average number of ordinaryshares used in the basic earnings per share calculation, with an adjustment toreflect: • the bonus element of the average number of options and warrants outstanding during the year. The bonus element arises when the exercise price is lower than the average market price during the year; and • the number of shares earned under the Long Term Incentive Plan ('LTIP'). In 2006, shares earned by some directors but not yet issued under the LTIP asapproved by the shareholders on 28 September 2006 amounts to 750,000 shares. 7. Cash generated from operations 2006 2005 •'000 •'000 Profit for the year 10,915 2,122Depreciation and amortisation 2,132 1,660Loss / (gain) on sale of fixed assets 8 (5)Finance costs 2,861 3,287Finance income (1,225) (996)Tax charge 1,367 845Group share of profit of associates and joint ventures (162) (106)Currency translation adjustment (51) 3Non-cash share based charges 1,275 378(Increase) / decrease in trade & other receivables (2,499) 1,126Profit on sale of investment in associates (452) -Loss on sale of available-for-sale financial assets 24 -Loan from / (to) associates and joint ventures 34 (7)Increase in trade & other payables 273 7,623Impairment of investments and goodwill - 4,852Decrease in inventories - 228 14,500 21,010 8. Analysis of net debt Opening Cash flow Acquisitions Other Closing balance and non cash balance disposals changes •'000 •'000 •'000 •'000 •'000 Cash 17,281 13,361 (4,240) 313 26,715Overdraft (2,945) 1,712 - (61) (1,294) 14,336 15,073 (4,240) 252 25,421 Loans due within one year (8,349) 417 - (4) (7,936)Loans due after one year (15,894) (5,971) (223) (5) (22,093)Senior unsecured notes due < 1 yr (5,837) - - (6,716) (12,553)Senior unsecured notes due > 1 yr (13,688) 5,951 - 6,136 (1,601)Finance leases (113) 115 (140) (53) (191) Total (29,545) 15,585 (4,603) (390) (18,953) 4 April, 2007 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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