19th Jan 2005 07:00
Bespak PLC19 January 2005 For Immediate Release 19 January 2005 Bespak plc Interim results for the 26 weeks to 30 October 2004 Bespak (LSE: BPK), a leader in specialty medical devices, today announces itsinterim results for the 26 weeks to 30 October 2004 (2003: 26 weeks to 1November 2003). KEY POINTS • Profit before tax and exceptional items increased 16% to £5.7m (2003:£4.9m restated) despite a 4% decline in turnover to £38.9m (2003: £40.4m) • Earnings per share before exceptional items increased 20% to 15.6p (2003: 13.0p restated) • Exceptional cost of £3.9m (2003: £2.0m) - impairment incurred as a result of the decision to close the Group's US manufacturing facility • Closure of US manufacturing facility expected to improve on-going operating profit by approximately £0.7m annually after further estimated exceptional cash costs of £2m • After exceptional items, profit before tax declined to £1.8m (2003:£2.9m restated) and earnings per share declined to 1.1p (2003: 7.3p restated) • Interim dividend of 7.0p per share maintained (2003: 7.0p) • Balance sheet remains strong - net cash of £15.0m (2003: £8.4m) • Pfizer recently announced it is in the final stages of preparing an NDA for Exubera(R), for which Bespak manufactures the inhalation device. Mark Throdahl, Bespak's Chief Executive, commented: "The Group has performed very well in the first half. Closing the Cary facilityremoves an under-performing part of the business, and news about the Exubera(R)filing is encouraging. We are now turning our attention to acquiring specialtymedical businesses that play to our strengths and enable us to generate moreconsistent sales growth." For further information please call: Bespak plc Mark Throdahl - Chief Executive On 19.01.05: +44 (0) 20 7466 5000 Martin Hopcroft - Group Finance Director Thereafter: +44 (0) 20 1908 552 600 Buchanan Communications +44 (0) 20 7466 5000 Tim Thompson / Mark Court / Mary-Jane Johnson Bespak plc Interim results for the 26 weeks to 30 October 2004 Business Review In the 26 weeks to 30 October 2004, Bespak generated 16% growth in profit beforetax and exceptional items compared to the corresponding period last year. HFAvalve sales grew substantially, and the Company benefited from tightlycontrolled expenditure. In November, the Group announced it is to close itsmanufacturing facility in Cary, North Carolina, USA, which is expected toimprove on-going operating profit by approximately £0.7m annually. In lateNovember, Pfizer announced that it is in the final stages of preparing an NDA onExubera(R) inhaled insulin, for which Bespak manufactures the inhalation device. Sales of products and services decreased 4% to £38.3m (2003: £39.9m), reflectingthe normalisation of volumes in Device & Manufacturing Services and, includingsales of tooling and equipment, turnover decreased 4% to £38.9m (2003: £40.4m).Group operating profit before exceptional items increased 12% to £5.4m (2003:£4.8m restated). Expenses were tightly controlled in the first half, and theGroup's operating margin before exceptional items increased to 14% (2003: 12%restated). With increased interest rates on higher cash balances, profit beforetax and exceptional items increased 16% to £5.7m (2003: £4.9m restated).Earnings per share before exceptional items increased 20% to 15.6p (2003: 13.0prestated). An exceptional cost of £3.9m (2003: £2.0m) was incurred in the first half as aresult of the impairment of fixed assets following the decision to close Cary.We estimate that a further £2m of exceptional cash costs will be incurred duringthe period that Cary remains operational. After exceptional items, profit before tax declined to £1.8m (2003: £2.9mrestated) and earnings per share declined to 1.1p (2003: 7.3p restated). The Board is maintaining an interim dividend of 7.0p per share, which is payableon 18 February 2005 to those shareholders on the register on 28 January 2005.The Group's net cash position on 30 October 2004 was £15.0m (2003: £8.4m),reflecting lower capital spending after last year's completion of an investmentprogramme that refurbished much of our manufacturing base. Operational Review Respiratory Drug Delivery The Respiratory business designs, manufactures and sells metered dose inhalervalves, actuators and accessories to deliver respiratory drugs to the lung andnasal mucosa. Sales grew 10% to £19.4m (2003: £17.7m). We experienced strongHFA growth to customers in Europe and Asia. Bespak's valves for use with environmentally friendly HFA propellants continueto replace CFC-based formulations in Europe. The FDA has announced that bymid-2005 it will rule on the timing of the CFC marketing phase-out in the US.The impact on our US sales will depend on the rate of market share growth ofrecently filed and approved HFA formulations using our valve technology.Bespak's valves are actively under consideration by a number of current andprospective customers, and we believe we have won valve programmes fortwo-thirds of the HFA formulations approved around the world. In the past fewmonths, two new HFA formulations containing Bespak valves advanced toward marketlaunch. In November, Boehringer-Ingelheim announced FDA approval of Atrovent HFAand Ivax announced they have received an approvable letter on Albuterol HFA.Bespak's HFA sales were 43% of total valve sales (2003: 37%) in the period. This summer, the Group established a liaison office in India. Respiratory saleshave grown substantially in that region, and Bespak India will allow us to offerour customers superior commercial and technical support. We have decided to develop the capability to industrialise and manufacturerubber seals for our HFA valves. In the past, Bespak has been dependent onoutside suppliers of elastomers, despite the fact that these componentscontribute significantly to product performance and competitive advantage. Overthe past several years, we have invested in the development of proprietaryelastomers, whose supply and intellectual property can best be protected if wemanufacture these products ourselves. Based at King's Lynn, this verticalintegration programme will take some years to become fully operational. Expenseswill average £0.5m in each of the next three years, following which theprogramme will generate on-going cost savings as well as strategic benefits. Device & Manufacturing Services The DMS business provides a comprehensive range of device-related services topharmaceutical and drug delivery companies. Sales decreased 17% to £16.2m(2003: £19.4m), reflecting the normalisation of volumes of a majorcontract-manufactured product from last year's extraordinary levels and lowersales of US-manufactured products, partially offset by sales growth of InnovataBiomed's Clickhaler(TM), under license to several pharmaceutical companies inEurope and Japan. In conjunction with Nektar Therapeutics Inc., Bespak is developing themanufacturing process for the device that will deliver the world's first inhaledinsulin, Exubera(R). Nektar is developing the inhalation device and formulationprocess for Exubera(R) in collaboration with Pfizer, Inc., which is alsocollaborating with Sanofi-Aventis. The European regulatory filing for Exubera(R)was made in February 2004, and during an analyst briefing in late November,Pfizer said that it was in the final stages of preparing the US filing. Pfizerindicated that clinical studies show that Exubera(R) is at least equivalent toinjected insulin but is strongly preferred by patients. Pfizer said, "Whenapproved by regulators, Exubera(R) will be the most important advance in insulinadministration since injections were introduced 80 years ago." Bespak is preparing to manufacture registration lots of Intraject(TM) for Aradigm Corporation, a drug delivery company in Hayward, California. Intraject(TM) is the needle-free injector system acquired by Aradigm from Weston Medical in 2003. Having successfully completed final configuration and clinical verification, this product is now positioned for full-scale trials. Consumer Dispensers This business manufactures pumps for consumer household products, toiletries andfragrances. Sales were flat at £2.8m (2003: £2.8m), and development continueson new products. We have strengthened the management team associated with thisbusiness, recruiting a new general manager and adding commercial and technicalresources. Cary Closure Since the decision to close the Group's Cary facility was announced in November,we have been working with customers to ensure the orderly transfer of certainproduction over the next six months to our facilities in King's Lynn and MiltonKeynes. Bespak's sales to the US were £26m last year, of which £10m represented drugdelivery products produced in Cary. The other £16m were contributed by sales ofrespiratory products supplied from the UK and sold by the Group's US commercialfunction, which will be unaffected by the closure. Bespak will maintain acommercial presence in the US and aims to strengthen its position throughacquisitions in attractive segments of the US market. Growth Strategy Bespak's strategy is to capitalise on its leading position as a manufacturer ofspecialty medical devices by growing organically and by acquisition. We believethat the Group can secure a very strong position in MDI valves through itsresearch and development programmes, and we aim to develop several new valveplatforms by 2006 as well as to grow the business internationally. We plan tocapitalise on past successes in Device & Manufacturing Services by adding newprogrammes each year. Consumer Dispensers can be a valuable source of growth nottied to lengthy regulatory approvals. Our objective is to build a strong and consistent sales and earnings trackrecord by complementing organic growth with selective acquisitions that eitherinfill current businesses or take the Group into new, but related, productareas. The acquisition of businesses which manufacture specialty devices andother products specified by clinicians will reduce Bespak's current reliance oncomponents sold to pharmaceutical companies, which often entail long developmentprogrammes. Bespak anticipates that any acquisitions will initially be financedfrom the Group's cash resources. Outlook The Respiratory business will benefit from continuing growth in HFA valves, butthe timing and impact of the CFC phase-out in the US remains uncertain. The DMSbusiness's fortunes will be most heavily influenced by the approval of Exubera(R) although DMS will benefit from the growth of dry powder inhalers andneedle-free injectors. The closure of Cary is expected to improve operatingprofit by approximately £0.7m annually. In the second half, we will face the elimination of service income associatedwith the completion of the Exubera(R) programme and incur exceptional cash costsof approximately £2m associated with the closure of Cary. The elastomer vertical integration programme will incur short-term costs withbenefits accruing after several years, providing greater security of supply toour customer base. Like all companies with defined benefit pension schemes, Bespak faces the needto address its pension deficit, which was £12.7m under FRS 17 as at 1 May 2004.While it will have no impact in the second half, we are facing a steppedincrease, estimated to be £0.8m, in annual pension costs. We have exciting products in a number of areas and many initiatives underway.The Board has good reason to be optimistic about the Group's growth prospects. Mark C ThrodahlChief Executive19 January 2005 Consolidated Profit and Loss Account Unaudited Unaudited Unaudited Unaudited Audited 26 weeks to 26 weeks to 26 weeks to 26 weeks to 52 weeks to 30 October 30 October 30 October 1 November 1 May 2004 2004 2004 2003 2004 Before Exceptional Total Total Total exceptional items Restated Restated items (Note 1) (Note 1) Note £000 £000 £000 £000 £000 Sales of products and 38,344 - 38,344 39,931 80,754services Sales of tooling and 595 - 595 428 2,422equipment Turnover 2 38,939 - 38,939 40,359 83,176 Operating expenses 3 (33,570) (3,867) (37,437) (37,587) (74,681) Group operating profit 2 5,369 (3,867) 1,502 2,772 8,495 Share of joint ventures and (22) - (22) (69) (69)associates Total operating profit 5,347 (3,867) 1,480 2,703 8,426 Net interest receivable 4 362 - 362 191 432 Profit on ordinary 5,709 (3,867) 1,842 2,894 8,858activities before taxation Taxation 5 (1,536) - (1,536) (952) (2,488) Profit for the financial 4,173 (3,867) 306 1,942 6,370period Dividends 7 (1,875) (1,866) (5,111) Retained (loss)/profit (1,569) 76 1,259 Basic earnings per share before exceptional 15.6p 13.0p 30.9pitemsBasic loss per share on exceptional items (14.5p) (5.7p) (6.9p)Basic earnings per share (Note 6) 1.1p 7.3p 24.0p Diluted earnings per share before exceptional 15.4p 13.0p 30.7pitemsDiluted loss per share on exceptional items (14.3p) (5.7p) (6.9p)Diluted earnings per share (Note 6) 1.1p 7.3p 23.8p Dividends per share (Note 7) 7.0p 7.0p 19.1p Operating expenses include £2,029,000 for exceptional operating expenses in the26 weeks to 1 November 2003 and £2,465,000 for exceptional operating expenses inthe 52 weeks to 1 May 2004. All amounts relate to continuing operations. Consolidated Balance Sheet Unaudited Unaudited Audited 30 October 1 November 1 May 2004 2003 2004 Restated Restated (Note 1) (Note 1) Note £000 £000 £000 Fixed assetsTangible assets 53,359 63,219 60,479Investments 522 562 543 53,881 63,781 61,022 Current assetsStocks 4,982 4,684 5,996Debtors 8 11,962 11,821 10,615Short-term investments 19,246 16,743 17,739Cash at bank and in hand 1,868 928 2,231 38,058 34,176 36,581 Creditors: Amounts falling due within one year 9 (18,659) (24,627) (22,692) Net current assets 19,399 9,549 13,889 Total assets less current liabilities 73,280 73,330 74,911 Creditors: Amounts falling due after more than one year 9 (798) (795) (798) Provisions for liabilities and charges 10 (5,969) (6,061) (6,130) Net assets 66,513 66,474 67,983 Capital and reservesCalled up share capital 2,681 2,681 2,681Share premium account 23,051 23,054 23,052Profit and loss account 40,781 40,739 42,250 Equity shareholders' funds 66,513 66,474 67,983 Consolidated Cash Flow Statement Unaudited Unaudited Audited 26 weeks to 26 weeks to 52 weeks to 30 October 1 November 1 May 2004 2003 2004 Note £000 £000 £000 Net cash inflow from operating activities 11 7,505 5,668 13,215 Dividends received from associates - - 10 Returns on investment and servicing of financeInterest received 422 318 578 Interest paid (59) (144) (204) 363 174 374 TaxationUK corporation tax (1,133) (322) (1,568)Overseas tax 13 (26) (25) (1,120) (348) (1,593) Capital expenditure and financial instrumentsPayments to acquire tangible fixed assets (1,016) (3,430) (5,017)Receipts from sales of tangible fixed assets - 33 30 (1,016) (3,397) (4,987) Acquisitions and disposalsPurchase of fixed asset investments (8) (39) (56)Sale of fixed asset investments - - 128 (8) (39) 72 Equity dividends paid (3,237) (3,214) (5,086) Net cash inflow/(outflow) before management of liquid 2,487 (1,156) 2,005resources and financing Management of liquid resourcesIncrease in short-term investments (1,507) (378) (1,374) FinancingPayment for shares 10 289 766Net decrease in loans - (1,840) (1,754)Net cash inflow/(outflow) from financing 10 (1,551) (988) Increase/(decrease) in net cash 990 (3,085) (357) Reconciliation of net cash flow to movement in net fundsNet funds brought forward 12,320 8,820 8,820Net cash inflow/(outflow) before management of liquid 2,487 (1,156) 2,005resources and financingPayment for shares 10 289 766Exchange movements on foreign currency net cash 213 439 729Net funds carried forward 15,030 8,392 12,320 Statement of Total Recognised Gains and Losses Unaudited Unaudited Audited 26 weeks to 26 weeks to 52 weeks to 30 October 1 November 1 May 2004 2003 2004 Restated Restated (Note 1) (Note 1) Note £000 £000 £000 Profit for the financial period 306 1,942 6,370 Exchange movements on foreign currency net investments (39) (164) (315) Total recognised gains and losses for the period 267 1,778 6,055 Prior year adjustment 1 53 Total recognised gains and losses since last annual report 320 Reconciliation of Movements in Equity Shareholders' Funds Unaudited Unaudited Audited 26 weeks to 26 weeks to 52 weeks to 30 October 1 November 1 May 2004 2003 2004 Restated Restated (Note 1) (Note 1) Note £000 £000 £000 Equity shareholders' funds brought forward - as previously 68,251 67,033 67,033stated Prior year adjustment 1 (268) (760) (760) Equity shareholders' funds brought forward 67,983 66,273 66,273 Profit for the financial period 306 1,942 6,370 Dividends 7 (1,875) (1,866) (5,111) Exchange movements on foreign currency net investments (39) (164) (315) Issue of ordinary share capital - 46 44 Credit in respect of employee share schemes 128 - - Proceeds from sale of own shares for employee share options 10 243 722 Equity shareholders' funds carried forward 66,513 66,474 67,983 Notes to the Accounts 1. Basis of preparation and accounting policies The unaudited results for the 26 weeks to 30 October 2004 have been prepared in accordance with UK Generally Accepted Accounting Principles. The accounting policies applied are those set out in the Group's Annual Report and Accounts for the 52 weeks to 1 May 2004 except that, during the period, the Company adopted UITF 17 (revised) 'Employee share schemes' and UITF 38 'Accounting for ESOP trusts'. In accordance with the change in accounting policy, investments in the Company's own shares are now shown as a deduction from shareholders' funds rather than as fixed asset investments. The effect on the results for the 26 weeks to 30 October 2004 has been to increase profits by £25,000 and earnings per share by 0.1p and to decrease net assets by £104,000. The effect on the 26 weeks to 1 November 2003 has been to reduce profits by £197,000 and earnings per share by 0.7p and net assets by £714,000. The effect on the 52 weeks to 1 May 2004 has been to reduce profits by £230,000 and earnings per share by 0.8p and net assets by £268,000. The net adjustment of £53,000 disclosed in the statement of total recognised gains and losses represents the cumulative profit and loss movements on investment in own shares arising from the change in accounting policy. The restatement of investment in own shares as a deduction from the profit and loss reserve is not a recognised gain or loss. The charge for taxation on the profits for the 26 weeks to 30 October 2004 has been calculated by reference to the estimated effective tax rate for the 52 weeks to 30 April 2005. The consolidated profit and loss account and consolidated cash flow statement for the 52 weeks to, and the balance sheet at, 1 May 2004 are an abridged statement of the full Group Accounts for that period which have been delivered to the Registrar of Companies. The report of the Auditors on the Accounts for the 52 weeks to 1 May 2004 was unqualified and did not contain a statement under either section 237(2) or section 237(3) of the Companies Act 1985. 2. Segmental information 26 weeks to 26 weeks to 52 weeks toTurnover by business 30 October 1 November 1 May 2004 2003 2004 £000 £000 £000 Respiratory 19,367 17,651 37,240Device & Manufacturing Services 16,201 19,449 37,727Consumer Dispensers 2,776 2,831 5,787Sales of products and services 38,344 39,931 80,754Sales of tooling and equipment 595 428 2,422 38,939 40,359 83,176 26 weeks to 26 weeks to 52 weeks toTurnover by destination 30 October 1 November 1 May 2004 2003 2004 £000 £000 £000 United Kingdom 12,776 16,748 31,806United States of America 12,666 12,025 26,019Europe 9,722 8,581 18,619Rest of the World 3,775 3,005 6,732 38,939 40,359 83,176 26 weeks to 26 weeks to 52 weeks toTurnover by origin 30 October 1 November 1 May 2004 2003 2004 £000 £000 £000 United Kingdom 33,635 35,334 73,017United States of America 8,835 7,987 17,833Total sales 42,470 43,321 90,850Intra-group sales (3,531) (2,962) (7,674) 38,939 40,359 83,176 Notes to the Accounts 2. Segmental information (continued) 26 weeks to 26 weeks to 52 weeks toGroup operating profit by origin 30 October 1 November 1 May 2004 2003 2004 Restated Restated (Note 1) (Note 1) £000 £000 £000 United KingdomGroup operating profit before exceptional operating expenses 5,225 5,292 10,526Exceptional operating expenses - (1,749) (2,037) 5,225 3,543 8,489United States of AmericaGroup operating loss before exceptional operating expenses 144 (491) 434Exceptional operating expenses (3,867) (280) (428) (3,723) (771) 6GroupGroup operating profit before exceptional operating expenses 5,369 4,801 10,960Exceptional operating expenses (3,867) (2,029) (2,465) 1,502 2,772 8,495 30 October 1 November 1 MayNet operating assets by origin 2004 2003 2004 Restated Restated (Note 1) (Note 1) £000 £000 £000 United Kingdom 56,298 55,935 57,504United States of America 4,323 10,677 8,285Allocated net operating assets 60,621 66,612 65,789Unallocated net assets/(liabilities) 5,892 (138) 2,194 66,513 66,474 67,983 Average rate of exchange US $: £1 Sterling 1.81 1.63 1.71Closing rate of exchange US $ : £1 Sterling 1.83 1.69 1.77 3. Exceptional items 26 weeks to 26 weeks to 52 weeks to 30 October 1 November 1 May 2004 2003 2004 £000 £000 £000 Exceptional operating expenses before taxation (3,867) (2,029) (2,465)Taxation - 525 611Exceptional items after taxation (3,867) (1,504) (1,854) The exceptional operating expenses in the 26 weeks to 30 October 2004 comprisean impairment charge against the carrying value of the Group's fixed assets inthe United States, following the decision to close the manufacturing facility inNorth Carolina, and it is estimated that further exceptional cash costs will beincurred during the period that it remains operational, as detailed in theBusiness Review. The exceptional operating expenses in the prior year compriseemployee severance costs, curtailment of nasal formulation activities, and costsincurred with the profit forecast and bid approaches. Notes to the Accounts 4. Net interest receivable 26 weeks to 26 weeks to 52 weeks to 30 October 1 November 1 May 2004 2003 2004 £000 £000 £000 Interest receivable 445 284 599Interest payable (83) (94) (167)Share of associates - 1 - 362 191 432 5. Taxation 26 weeks to 26 weeks to 52 weeks to 30 October 1 November 1 May 2004 2003 2004 £000 £000 £000 Current taxation 1,633 1,112 2,492Deferred taxation (97) (140) (4)Share of associates - (20) - 1,536 952 2,488 6. Earnings per share 26 weeks to 26 weeks to 52 weeks to 30 October 1 November 1 May 2004 2003 2004 Restated Restated (Note 1) (Note 1) £000 £000 £000 Profit for the financial period before exceptional items 4,173 3,446 8,224Exceptional items after taxation (3,867) (1,504) (1,854)Profit for the financial period 306 1,942 6,370 Weighted average number of shares in issue (shares) 26,805,889 26,802,153 26,804,021Shares owned by Employee Share Ownership Trusts (shares) (42,664) (238,936) (156,045)Average number of shares in issue for basic earnings (shares) 26,763,225 26,563,217 26,647,976Dilutive impact of share options outstanding (shares) 255,674 95 136,407Diluted average number of shares in issue (shares) 27,018,899 26,563,312 26,784,383 Basic earnings per share before exceptional items 15.6p 13.0p 30.9pBasic loss per share on exceptional items (14.5p) (5.7p) (6.9p)Basic earnings per share 1.1p 7.3p 24.0p Diluted earnings per share before exceptional items 15.4p 13.0p 30.7pDiluted loss per share on exceptional items (14.3p) (5.7p) (6.9p)Diluted earnings per share 1.1p 7.3p 23.8p Notes to the Accounts 7. Dividends 26 weeks to 26 weeks to 52 weeks to 30 October 1 November 1 May 2004 2003 2004 £000 £000 £000 Interim dividend 1,875 1,866 1,874Final dividend - - 3,237 1,875 1,866 5,111 The interim dividend of 7.0p (2003: 7.0p) will be paid on 18 February 2005 toshareholders on the register on 28 January 2005. 8. Debtors 30 October 1 November 1 May 2004 2003 2004 £000 £000 £000 Debtors falling due within one year 10,979 11,259 9,851Debtors falling due after more than one year 983 562 764 11,962 11,821 10,615 9. Creditors 30 October 1 November 1 May 2004 2003 2004 £000 £000 £000Amounts falling due within one yearBank overdrafts & loans - unsecured 6,084 9,279 7,650Proposed dividend 1,875 1,864 3,237Corporate taxation 1,816 1,181 1,316Other creditors 8,884 12,303 10,489 18,659 24,627 22,692Amounts falling due after more than one yearOther creditors 798 795 798 798 795 798 10. Provisions for liabilities and charges 30 October 1 November 1 May 2004 2003 2004 £000 £000 £000 Deferred taxation 5,626 5,587 5,723Post retirement benefits 343 474 407 5,969 6,061 6,130 Notes to the Accounts 11. Cash flow from operating activities 26 weeks to 26 weeks to 52 weeks to 30 October 1 November 1 May 2004 2003 2004 Restated Restated (Note 1) (Note 1) £000 £000 £000 Group operating profit 1,502 2,772 8,495Depreciation 3,961 3,743 7,608Impairment charge (Note 3) 3,867 - -Loss/(profit) on sale of tangible fixed assets 72 (11) 65Profit on sale of fixed asset investments - (83) (80)Charge in respect of share options issued 128 - -Decrease/(increase) in stocks 978 (1,216) (2,580)(Increase)/decrease in debtors (1,473) 650 1,528Decrease in creditors (1,475) (140) (1,719)Decrease in provisions (55) (47) (102)Net cash inflow from operating activities 7,505 5,668 13,215 Operating cash flow includes an outflow in the 26 weeks to 1 November 2003 of£2,970,000 and an outflow in the 52 weeks to 1 May 2004 of £3,615,000 relatingto exceptional operating expenses. 12. Reconciliation of net cash flow to movement in net funds 2 May Cash Exchange 30 October 2004 flow Movements 2004 £000 £000 £000 £000 Cash at bank and in hand 2,231 (359) (4) 1,868Overdrafts and short-term loans (7,650) 1,349 217 (6,084)Net overdrafts and short-term loans (5,419) 990 213 (4,216)Short-term investments 17,739 1,507 - 19,246Net funds 12,320 2,497 213 15,030Financing items included in cash flow movementsPayment for shares (10)Net cash inflow before management of liquid resources 2,487and financing This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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