8th Nov 2005 07:00
Comino Group PLC08 November 2005 COMINO GROUP PLC: INTERIM RESULTS 30 SEPTEMBER 2005 Significant improvement; Healthy order books and substantial opportunities for growth. Comino Group plc ("Comino"), the provider of service delivery solutions forLocal Government, Social Housing and Occupational Pensions, announces InterimResults for the six months ended 30 September 2005. The company has reported using the International Financial Reporting Standard(IFRS) and has restated comparatives. During the period, the company continuedto make general progress and also gained major contracts for Liverpool andManchester in Social Care and Social Housing respectively. In his Chairman's report, David Quysner said: "I am pleased to report that the interim results of Comino Group for the sixmonths ended 30 September 2005 show a significant improvement compared with thesame period last year. This is reflected in profits, operating profit margin andorder books." Financial Highlights • H1 turnover up 7% to £13.1m (2004: £12.2m) • Profit before tax up 65% to £1.40m (2004: £0.85m) • Order book 44% up compared with 2004 • Interim dividend of 3.0 pence per share (2004: 2.5p). • Cash balances at 30 September 2005 of £8.2m (2004: £7.3m). • Earnings per share 6.8p (2004: 4.1p). Operational Highlights • Major contract win in Social Care with Liverpool • Major contract win in Social Housing with Manchester • Continuing progress in extending Comino product "council-wide" • Comino Connect sales up 61% compared to the same period last year. Referring to the outlook for Comino, David Quysner, Chairman, said: "Order books are healthy and our major markets continue to provide significantopportunities for growth. Comino is well positioned both to complete the presentyear successfully and to build on its reputation for the provision of effectiveService Delivery Solutions." Comino plc Binns & Co PR Ltd Garth Selvey, Chief Executive Tel: 020 7786 9600 on the day Peter Binns, Paul McManusPaul Clifford, Finance Director Thereafter: 01628 525 433 Tel: 020 7786 9600 Mob: 07980 541 893 Editor's notes: Comino provides Service Delivery Solutions for Local Government, Social Housingand Occupational Pensions administration. Comino's products incorporateworkflow, computerised telephony and electronic document management. Comino hasits own technology in these areas and uses it to improve customer service andadministration performance generally across a customer base of some 400organisations. Case oriented workflow gives the user a complete picture together with access torelevant records and documents that allow timely decisions to be made. Businessprocess reengineering defines and optimises the flow of information and theresult is a more seamless and responsive organisation. Comino's operating companies are based near Maidenhead and in Leeds, Croydon andthe West Midlands. CHAIRMAN'S STATEMENT I am pleased to report that the interim results of Comino Group for the sixmonths ended 30 September 2005 show a significant improvement compared with thesame period last year. This is reflected in profits, operating profit margin andorder books. For the first time, these accounts are prepared in accordance with InternationalFinancial Reporting Standards (IFRS). Comparative periods are restated. Fulldetails of the transition to IFRS are given later in this report but theintroduction of IFRS for Comino results in no change to revenue recognition orcashflows and has a relatively minor effect otherwise. Profits Profit before tax for the six month period to 30 September 2005 was £1.40m(2004: £849,000) an increase of 65%. Last year included an exceptional charge of£407,000 relating to the settlement of a legal claim. If this were added backfor comparison purposes the increase would be 12%. Cash and Dividend At 30 September 2005, cash balances were £8.2m compared with £7.3m at the sametime last year. An interim dividend of 3.0 pence per share (2004: 2.5p) will bepaid on 26 January 2005. Turnover and Order Books Turnover for the half year was £13.1m (2004: £12.2m) an increase of 7%. Againsta continuing backdrop of strong recurring revenues, order intake for productsand services increased by 24% compared with the same period last year. Theclosing order book finished 44% higher leaving the group well positioned as itenters the second half. Operational Achievements Within Local Government, we continue to win business in established areas suchas Revenues & Benefits and Planning departments, adding 15 Local Authoritysystems in the first half of the financial year. There are now 120 users of ourRevenues & Benefits product and 35 users of our Planning system. Examples ofother departmental orders added in the half year period include workflowprocesses and electronic document management for Environmental Services, HumanResources, Payroll and Social Care. This time last year, Comino recognised that Social Care presented a majoropportunity and we have been making steady progress in this area. An earliercontract with Warrington, to implement Electronic Social Care Records, has beenfollowed with an £850,000 order from Liverpool City Council working inpartnership with BT. Liverpool is an existing user of our Universal Revenues &Benefits product and this new implementation will provide key processes forSocial Services. Other customers such as Chester le Street, East Devon and South Staffordshireare also extending the use of Comino products across the council. A major contract has been won in Social Housing with Manchester City Councilwith a first phase order value of £2m. Comino will deliver an integratedService Delivery Solution to help support the Council's ambitious plans forManchester's housing. Manchester is one of the largest orders that Comino has ever won. The contractserves to reinforce our housing product strategy and confirms its relevance toboth Local Authorities and Housing Associations. In Occupational Pensions, the upgrading of existing sites to the latest versionof the Universal Pension Management (UPM) product continues along with asignificant new installation at the Church of England Pensions Board. Thirdparty pensions administrators offering services based on UPM continue to win newbusiness. Turnover in Comino Connect has increased by 61% to £1.5m compared with the sameperiod last year. Some additional investment has held first half profits at thesame level as last year but the benefit of this investment should begin to showin the second half. The company continues to implement and manage solutions fortelephony, teleworking and fully integrated voice and data solutions. Outlook Order books are healthy and our major markets continue to provide significantopportunities for growth. Comino is well positioned both to complete the presentyear successfully and to build on its reputation for the provision of effectiveService Delivery Solutions. Staff & customers I would like to thank our employees for their continuing efforts and ourcustomers for their much appreciated business and support. David Quysner CHAIRMAN 7 November 2005 Consolidated Income Statement 6 months to 6 months to Year to 30 September 30 September 31 March 2005 2004 2005 £000 £000 £000 Revenue 13,061 12,229 25,533Cost of sales (2,502) (2,402) (5,012)Gross profit 10,559 9,827 20,521Operating costs before exceptional charge (9,342) (8,711) (18,082) 1,217 1,116 2,439Exceptional charge - settlement of claim 0 (407) (407)Operating profit 1,217 709 2,032Interest received 184 140 265Profit before income tax 1,401 849 2,297Income tax (420) (242) (712)Profit for the period 981 607 1,585 Attributable to:Equity holders of the parent 950 567 1,567Minority interest 31 40 18 981 607 1,585 Basic earnings per share 6.8p 4.1p 11.3pDiluted earnings per share 6.6p 4.0p 11.1p Consolidated Balance Sheet 30 September 30 September 31 March 2005 2004 2005 £000 £000 £000 Non- current assetsProperty, plant and equipment 2,638 2,687 2,693Intangible assets 2,788 2,715 2,838Deferred tax assets 250 271 252 5,676 5,673 5,783 Current assetsInventories 848 847 857Trade and other receivables 7,441 6,626 7,186Cash and cash equivalents 8,232 7,336 11,029 16,521 14,809 19,072 Current liabilitiesTrade and other payables (2,920) (3,471) (3,692)Current tax liabilities (1,422) (728) (2,079)Deferred income (7,086) (6,615) (8,691) (11,428) (10,814) (14,462) Net current assets 5,093 3,995 4,610 Net assets 10,769 9,668 10,393 EquityShare capital 699 694 697Share premium account 4,932 4,796 4,855Retained earnings 4,834 3,884 4,553Total shareholders' equity 10,465 9,374 10,105Minority interest 304 294 288Total equity 10,769 9,668 10,393 Consolidated Cash Flow Statement 6 months to 6 months to Year to 30 September 30 September 31 March 2005 2004 2005 £000 £000 £000 Cash flows from operating activitiesOperating profit 1,217 709 2,032Share based payments expense 29 1 18Depreciation 349 341 716Amortisation of intangible assets 50 50 100Loss on disposal of property, plant and 2 0 1 equipmentDecrease/(Increase) in inventories 9 5 (5)Decrease/(Increase) in trade and other receivables (255) 691 131(Decrease)/Increase in trade and other payables (1,605) (1,874) (349)(Decrease)/Increase in deferred income (1,538) (2,052) 24Cash (used in)/generated from operations (1,742) (2,129) 2,668Interest received 184 140 265Income tax paid (246) (282) (560)Net cash (used in)/generated from operating (1,804) (2,271) 2,373 activities Net cash used in investing activitiesPurchase of property, plant and equipment (296) (395) (778)Purchase of intangible assets (63) (126) (250)Purchase of subsidiary undertaking 0 0 (158) (359) (521) (1,186)Net cash used in financing activitiesIssue of share capital 79 0 62Dividends paid (713) (611) (959) (634) (611) (897) Net (decrease)/increase in cash and cash (2,797) (3,403) 290 equivalents Opening cash and cash equivalents 11,029 10,739 10,739 Closing cash and cash equivalents 8,232 7,336 11,029 Notes to the consolidated interim financial statements These consolidated interim financial statements of Comino Group plc ("theCompany") for the six months ended 30 September 2005 comprise the Company andits subsidiaries (together "the Group"). The consolidated interim financialstatements were authorised for issuance on 8 November 2005. The financialstatements are unaudited but have been reviewed by Grant Thornton UK LLP andtheir report is set out below. 1. Basis of preparation EU law (IAS Regulation EC 1606/2002) requires that the next annual consolidatedfinancial statements of the Group, for the year ending 31 March 2006, beprepared in accordance with International Financial Reporting Standards ("IFRS")adopted for use in the EU ("Adopted IFRS"). This interim financial information has been prepared on the basis of therecognition and measurement requirements of IFRS in issue that either areendorsed by the EU and effective (or available for early adoption) at 31 March2006 or are expected to be endorsed and effective (or available for earlyadoption) at 31 March 2006, the Group's first annual reporting date at which itis required to use Adopted IFRS. Based on these IFRS, the directors have madeassumptions about the accounting policies expected to be applied when the firstannual IFRS financial statements are prepared for the year ending 31 March 2006. The Adopted IFRS that will be effective (or available for early adoption) in theannual financial statements for the year ending 31 March 2006 are still subjectto change and to additional interpretations and therefore cannot be determinedwith certainty. Accordingly, the accounting policies for that annual period willbe reviewed to reflect such changes applicable as at the date of preparation ofthe annual financial statements for the year ending 31 March 2006. An explanation of how the transition to IFRS has affected the reported financialposition and financial performance of the Group is provided in note 8. This noteincludes reconciliations of equity and profit or loss for the comparativeperiods reported under UK Generally Accepted Accounting Practice ("UK GAAP") tothose reported for those periods under IFRS. The policies set out below have been consistently applied to all the periodspresented. The preparation of interim financial statements requires management to makejudgements, estimates and assumptions that affect the application of policiesand reported amounts of assets and liabilities, income and expenses. Actualresults may differ from these estimates. The comparative figures for the financial year ended 31 March 2005 have beenextracted from the Group's statutory accounts for that year and restated underIFRS. Those accounts, which were prepared under UK GAAP, have been reported onby the Group's auditors and delivered to the registrar of companies. The reportof the auditors was unqualified and did not contain statements under section 237(2) or (3) of the Companies Act 1985. 2. Accounting policies The transition to IFRS from UK GAAP has resulted in limited changes to theaccounting policies for the Group. The accounting policies under UK GAAP wereset out in the Annual Report and Financial Statements for the year ended 31March 2005. Significant changes resulting from the adoption of IFRS are detailedbelow. (a) Basis of consolidation The consolidated financial statements comprise the financial statements of theCompany and all its subsidiary undertakings as at 31 March each year. Thefinancial statements of the subsidiaries are prepared for the same reportingyear as the parent company, using consistent accounting policies, but inaccordance with UK GAAP. The results of subsidiary undertakings acquired duringthe period are included from the date of acquisition using the acquisitionmethod. Profits or losses on intra-group transactions are eliminated in full. On acquisition of a business or subsidiary all of theacquired assets and liabilities which exist at the date of acquisition arerecorded at their fair value. (b) Business combinations and goodwill As a matter of accounting policy, purchased goodwill first accounted for inaccounting periods ending before 23 December 1998 was eliminated from thefinancial statements by immediate write-off on acquisition against reserves.Such goodwill will be eliminated on the subsequent disposal of business to whichit relates. Goodwill recognised under UK GAAP prior to the date of transition to IFRS (1April 2004) is stated at net book value as at this date. Goodwill recognisedsubsequent to 1 April 2004 represents the excess of the fair value of theconsideration over the fair values of the identifiable assets acquired. Goodwillis reviewed for impairment, annually or more frequently if events or changes incircumstances indicate that the carrying value may be impaired. (c) Research and development Research expenditure is recognised as an expense as incurred. Costs incurred onthe development of new or substantially improved products are capitalised asintangible assets when it is probable that the project will be a success,considering its commercial and technological feasibility, resources areavailable to complete the development, and costs can be reliably measured. Theexpenditure capitalised are the direct labour costs together with other costswhich are directly attributable to the development of the product. Otherdevelopment expenditures are recognised as an expense as incurred. Productdevelopment costs previously recognised as an expense are not recognised as anasset in a subsequent period. Capitalised product development expenditure is stated at cost less accumulatedamortisation and impairment losses. Product development costs that have beencapitalised are amortised from the time of development on a straight-line basisover the expected useful life. (d) Share-based payments The Group operates share based incentive plans. No expense is recognised inrespect of share incentives granted before 7 November 2002. For share incentivesgranted after 7 November 2002 the fair value of the incentives granted isrecognised as an employee expense with a corresponding increase in equity. Thefair value is measured at grant date and spread over the period during which theemployees become unconditionally entitled to the incentives. The fair value ofthe incentives granted is measured using a Black-Scholes model. (e) Taxation Income tax on the profit or loss for the periods presented comprises current anddeferred tax. Current and deferred tax are recognised in the income statement,except when the tax relates to items charged or credited directly to equity, inwhich case the tax is also dealt with in equity. Current tax is the expected tax payable on the taxable income for the year,using tax rates enacted or substantially enacted at the balance sheet date, andany adjustment to tax payable in respect of previous periods. Deferred tax is recognised on all temporary differences where the transactionsor events that give the Group an obligation to pay more tax in the future, or aright to pay less tax in the future, have occurred by the balance sheet date.Deferred tax assets are recognised when it is more likely than not that theywill be recovered. Deferred tax is measured using rates of tax that have beenenacted or substantially enacted by the balance sheet date. (f) Cash and cash equivalents Cash and cash equivalents includes cash in hand, deposits held at call withbanks and other short-term highly liquid investments with original maturities ofthree months or less. (g) Employee benefits (other than share-based payments) Pensions costs charged against profits represent the amount of contributionspayable to schemes in respect of the accounting period. All schemes are definedcontribution schemes. A liability for short-term compensated absences, such as holiday, is recognisedfor the amount the Group may be required to pay as a result of the unusedentitlement that has accumulated at the balance sheet date. (h) Dividends Dividends to the Company's shareholders are recognised as a liability anddeducted from shareholders' equity in the period in which the shareholders'right to receive payment is established. 3. Segmental reporting 6 months to 6 months to Year to 30 September 2005 30 September 2004 31 March 2005 £000 £000 £000RevenueLocal Government 6,150 6,323 12,484Social Housing 4,236 3,980 8,741Occupational Pensions 1,103 857 1,991Comino software solutions 11,489 11,160 23,216ISP & network solutions 1,492 926 1,966Project costing 80 143 351 13,061 12,229 25,533 ResultComino software solutions 1,493 947 2,604ISP & network solutions 155 155 237Project costing (230) (136) (254) 1,418 966 2,587Unallocated corporate expenses (201) (257) (555) 1,217 709 2,032 The result of the Comino software solutions segment for the six months ended 30September 2004 and the year ended 31 March 2005 is after charging an exceptionalitem of £407,000. 4. Tax The charge for tax for the six months ended 30 September 2005 has beencalculated based on the anticipated effective tax rate for the financial year. 5. Dividends An interim dividend in respect of the year to 31 March 2006 of 3.0 pence pershare (2005: 2.5p) amounting to a total dividend of £419,000 (2005: £347,000),was declared by the directors at their meeting on 7 November 2005. This interimdividend will be payable on 26 January 2006 to shareholders on the register atthe close of business on 6 January 2006. These financial statements do notreflect this dividend payable. 6. Earnings per share The calculation of earnings per share for the six months ended 30 September 2005is based on the profit for the financial period of £950,000 (2004: £567,000) andon 13,963,386 (2004: 13,885,802) ordinary shares being the average number ofshares in issue during the period. The calculation of the diluted earnings pershare is based on the earnings per share, adjusted to allow for the issue ofshares and the post tax effects of dividends and interest, on the assumedconversion of all dilutive options and other dilutive potential ordinary shares.An adjusted earnings per share has been calculated in respect of the periods to30 September 2004 and 31 March 2005 and excludes the exceptional item of£407,000 less taxation. The adjusted earnings per share is 6.1p for the sixmonths to 30 September 2004 and 13.3p for the year to 31 March 2005. 7. Consolidated Statement of Changes in Shareholders' Equity Share Share Retained Total Minority Total capital premium earnings interest equity £000 £000 £000 £000 £000 £000 Balance at 1 April 2004 694 4,796 3,927 9,417 254 9,671Profit for the period 1,567 1,567 18 1,585Share-based payments expense 18 18 18Issue of share capital 3 59 62 62Minority interest in acquisition 16 16Dividends paid (959) (959) (959) Balance at 31 March 2005 697 4,855 4,553 10,105 288 10,393Profit for the period 950 950 31 981Share-based payments expense 29 29 29Issue of share capital 2 77 79 79Dividends paid (698) (698) (15) (713) Balance at 30 September 2005 699 4,932 4,834 10,465 304 10,769 8. Explanation of transition to IFRS As stated in note 1, these are the Group's first consolidated interim financialstatements prepared in accordance with IFRS. The accounting policies referred toin note 2 have been applied in preparing the consolidated interim financialstatements for the six months ended 30 September 2005, the comparativeinformation for the six months ended 30 September 2004, the financial statementsfor the year ended 31 March 2005 and the preparation of an opening IFRS balancesheet at 1 April 2004, the Group's date of transition to IFRS. In preparing its opening IFRS balance sheet, comparative information for the sixmonths ended 30 September 2004 and financial statements for the year ended 31March 2005, the Group has adjusted amounts reported previously in financialstatements prepared in accordance with UK GAAP. An explanation of how the transition from UK GAAP to IFRS has affected theGroup's financial position and financial performance is set out in the followingtables and notes. Equity as at 1 April 30 September 31 March 2004 2004 2005 Note £000 £000 £000Total equity under UK GAAP 9,146 9,152 9,395Intangible assets: goodwill a 175 358Dividend payable b 611 347 713Staff benefits: holiday pay c (123) (8) (112)Staff benefits_ change in deferred tax asset c 37 2 34Share-based payments: change in deferred tax asset d 5Total equity under IFRS 9,671 9,668 10,393 Profit for the period 6 months to Year to 30 September 31 March Note 2004 2005Profit for the period under UK GAAP 353 1,232Intangible assets: goodwill a 175 358Staff benefits: holiday pay c 115 11Staff benefits: change in deferred tax asset c (35) (3)Share-based payments d (1) (18)Share-based payments: change in deferred tax asset d 5Profit for the period under IFRS 607 1,585 a. Business combinations and goodwill; IFRS 3 The Group has taken the exemption in IFRS 1 for business combinations. As aresult, the net book value of the goodwill under UK GAAP at 1 April 2004 becamethe deemed cost of goodwill at the date of transition to IFRS. Under IFRS thisbalance is no longer to be amortised but is subject to impairment testingannually or more frequently if events or changes in circumstances indicate thatthe carrying value may be impaired. The impact of adopting IFRS is to reverse the amortisation charged throughoutthe year to 31 March 2005 and to increase the carrying value of goodwill in thebalance sheets dated 30 September 2004 and 31 March 2005. b. Dividends payable Under UK GAAP, dividends were recognised as an appropriation in the profit andloss account. An accrual was made for dividends that were proposed by directorsafter the balance sheet date but prior to the signing of the financialstatements and a corresponding expense was recognised. Under IFRS, dividends arenot recognised in the income statement but are disclosed as a component of themovement in shareholders' equity. A liability is recorded for a final dividendwhen the dividend is approved by the Company's shareholders and for an interimdividend when the right to receive payment is established. The impact of IFRS isto remove the accrual for the 2004 interim dividend and the 2005 final dividendfrom the respective balance sheets. c. Employee Benefits; IAS 19 Under UK GAAP, the Group made no provision for any short term compensatedabsences, such as holidays. IAS 19 requires that an asset or liability isrecorded at each balance sheet date in respect of any such liabilities. The impact of adopting IFRS is to expense a new cost in the income statementsand to create a liability for holiday pay in the balance sheet. d. Share-based payments; IFRS 2 The primary change is that IFRS 2 requires that the fair value for shareincentives to employees be estimated and charged to the profit and loss accountover the vesting period of the incentive. The standard also requires that thepotential tax benefit to the Group from share incentives being exercised in thefuture be recorded as a deferred tax asset. Tax charges and credits are onlyreflected in the income statement for incentives granted after 7 November 2002for which the fair value is charged to the profit and loss account. The Groupadopted the exemption in IFRS 1 which allows a first-time adopter to apply thenew standard only to share options and equity instruments granted after 7November 2002. The impact of adopting IFRS is to expense a new cost in the income statement. e. Research and development; IAS 38 Intangible Assets Under UK GAAP all expenditure on research and development was expensed asincurred. Under IFRS research expenditure is recognised as an expense asincurred but costs incurred on the development of new or substantially improvedproducts are capitalised as intangible assets when it is probable that theproject will be a success, considering its commercial and technologicalfeasibility, resources are available to complete the development and costs canbe reliably measured. Other development expenditure is recognised as an expenseas incurred. Capitalised product development expenditure is amortised over theexpected useful life. A deferred tax liability arises on the product developmentexpenditure that has been capitalised. To 30 September 2005, no developmentcosts have been capitalised, largely as Comino does not currently account forthe cost of the research phase separately from the costs of the developmentphase of producing new products. IAS 38 states that if the research phase of aproject to create an intangible asset cannot be distinguished from thedevelopment phase of the project, the company must treat all the expenditure asif it were incurred in the research phase only. 9. Circulation to shareholders Copies of this interim report will be sent to shareholders and copies will beavailable to the public at the Company's registered office: Comino House,Furlong Road, Bourne End, Bucks, SL8 5AQ. Independent Review Report to Comino Group plc INTRODUCTION We have been instructed by the company to review the financial information forthe six months ended 30 September 2005 which comprises the consolidated incomestatement, consolidated balance sheet, consolidated cashflow statement and therelated notes 1 to 9. We have read the other information contained in theinterim report which comprises only the chairman's statement and consideredwhether it contains any apparent misstatements or material inconsistencies withthe financial information. This report is made solely to the company's members, as a body, in accordancewith guidance contained in APB Bulletin 1999/4 "Review of Interim FinancialInformation". Our review work has been undertaken so that we might state to thecompany's members those matters we are required to state to them in a reviewreport and for no other purpose. To the fullest extent permitted by law, we donot accept or assume responsibility to anyone other than the company and thecompany's members as a body, for our review work, for this report, or for theconclusion we have formed. DIRECTORS' RESPONSIBILITIES The interim report including the financial information contained therein is theresponsibility of, and has been approved by, the directors. The directors areresponsible for preparing the interim report in accordance with the ListingRules of the Financial Services Authority. As disclosed in note 1, the next annual financial statements of the group willbe prepared in accordance with those International Financial Reporting Standardsadopted for use by the European Union. The accounting policies are consistent with those that the directors intend touse in the next annual financial statements. There is, however, a possibilitythat the directors may determine that some changes to these policies arenecessary when preparing the full annual financial statements for the first timein accordance with those IFRSs adopted for use by the European Union. REVIEW WORK PERFORMED We conducted our review in accordance with guidance contained in Bulletin 1999/4"Review of Interim Financial Information" issued by the Auditing Practices Boardfor use in the United Kingdom. A review consists principally of makingenquiries of management and applying analytical procedures to the financialinformation and underlying financial data and, based thereon, assessing whetherthe accounting policies and presentation have been consistently applied unlessotherwise disclosed. A review excludes audit procedures such as tests ofcontrols and verification of assets, liabilities and transactions. It issubstantially less in scope than an audit performed in accordance with UnitedKingdom auditing standards and therefore provides a lower level of assurancethan an audit. Accordingly, we do not express an audit opinion on the financialinformation. REVIEW CONCLUSION On the basis of our review we are not aware of any material modifications thatshould be made to the financial information as presented for the six monthsended 30 September 2005. GRANT THORNTON UK LLPREGISTERED AUDITORSCHARTERED ACCOUNTANTSLONDON7 November 2005 Note 1 The maintenance and integrity of the Comino Group plc website is the responsibility of the directors: the interim review does not involve consideration of these matters and, accordingly, the company's reporting accountants accept no responsibility for any changes that may have occurred to the interim report since it was initially presented on the website. 2 Legislation in the United Kingdom governing the preparation and dissemination of the interim report differs from legislation in other jurisdictions. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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