6th Mar 2007 07:01
Redrow PLC06 March 2007 Tuesday 6 March 2007 Redrow plc Interim results for the six months to 31 December 2006 • Profit before tax up 1.7% at £54.3m (H1 2005/06: £53.4m) • Basic earnings per share up 1.3% at 23.8p (H1 2005/06: 23.5p) • Dividend per share increased by over 80% to 7.8p (H1 2005/06: 4.3p) reflecting 20% underlying growth and a rebalance of the interim and final dividend • Current land bank up 15% in last 12 months representing in excess of four years supply • High quality forward land bank maintained with 25,000 plots under control • Balance sheet remains strong with gearing at 35% (Dec 2005: 24%) providing capacity for future growth • Sales in first 9 weeks of second half up 5% with 85% of targeted legal completions for 2006/07 sold • On track to deliver target of 500 Debut legal completions for the full year with further growth in 2007/08 Robert Jones, Chairman of Redrow plc, said: "The housing market, while stable, remains competitive. Interest rate rises havenot to date had a discernible impact on our sales performance. However, whilethe fundamental drivers of growth for our Industry remain sound, theinefficiency, and increasing complexity of the planning system constrains theability to open new outlets. Against this backdrop, Redrow's strategy is to optimise returns from ourexisting land bank which is enhancing in value in the current land marketconditions." Enquiries: Neil Fitzsimmons, Chief Executive Redrow plcDavid Arnold, Group Finance Director 01244 520044 Patrick Handley / Nina Coad / Jayne Rosefield Brunswick 0207 404 5959 There will be an analyst and investor meeting at 10.00 GMT. A live audio webcast and slide presentation of this event will be available at 10.00 GMT onwww.redrowplc.co.uk and www.cantos.com. You can also dial-in to hear the presentation live at 10.00 GMT on +44 (0) 207138 0816. Playback will be available online through www.redrowplc.co.uk from 14.00( GMT)or by phone until 19 March on the following dial-in number: +44 (0) 20 78061970; passcode 4263770#. CHAIRMAN'S INTERIM STATEMENT Introduction In the last six months we have progressed our strategy to deliver growth in themedium term. We have continued to develop the strength of our current land bankto provide a base to grow output of our Signature product. The current landbank for Signature product increased by 5% in the first half of the financialyear and has increased by over 15% in the last twelve months. We are on trackto deliver our target of 500 Debut legal completions in 2006/07 and havesufficient planning consents in place to further increase volumes in 2007/08.Finally, our existing mixed use and regeneration schemes are performing wellwith new sites coming on stream and further major projects being progressedthrough the pre-development phase will add value in the medium term. In the six months to December 2006, Redrow made a profit before tax of £54.3m(H1 2005/06: £53.4m) and earnings per share were 23.8p (H1 2005/06: 23.5p). InSeptember 2006, the Board proposed to increase the dividend per share in respectof the financial years to June 2007 and June 2008 by 20% per annum and toequalise the interim and final dividend by increasing the proportion of dividendpaid at the interim stage. Accordingly, an interim dividend of 7.8p will bepaid to shareholders on 4 May 2007, an increase of over 80% on the 4.3p in 2005/06. Financial Performance In the first half of the financial year, Redrow legally completed 2,214 newhomes, an increase of 7% on the corresponding period last year (H1 2005/06:2,077). Legal completions of Signature and In the City homes, the Group's coreproduct offerings, were in line with the previous year at 1,979 (H1 2005/06:1,972). We also significantly increased completions of Debut homes to 235 ascompared with 105 in the first half of last year as we doubled the number ofDebut outlets delivering legal completions in the period. Turnover in the Homes operations increased by 6.1% to £359.6m (H1 2005/06:£338.8m). This primarily reflected the volume growth achieved as the averageselling price in the six months to December 2006 was virtually unchanged at£162,400 (H1 2005/06: £163,100). This reflected a higher proportion of Debuthomes that increased to just over 10% of total legal completions. The averageselling price of a Signature home increased by 3% to £170,700 (H1 2005/06:£165,800) with the average size of property being similar to last year. In theCity homes achieved an average selling price of £182,500 (H1 2005/06: £189,500)which reflected a movement in product mix. Debut had an average selling price of£78,100 consistent with our objective to deliver an affordable open marketproduct (H1 2005/06: £77,900). We have previously indicated that gross margins would decline as the historicbenefit of significant sales price inflation unwound from the existing landbank. The gross margin in the Homes operations for the period was 22.8% (H1 05/06: 23.9%) which was virtually unchanged from the second half of last year.Planned land sales at two of our largest land holdings at Bracknell and BuckshawVillage have realised value during the period, generating profits on disposal of£5.2m. Our constant focus on cost control has limited overhead increases in our Homesbusiness to just over 3% representing 6.3% of turnover as compared with 6.5% inthe corresponding period last year. As in 2005/06, the anticipated improvementin overhead recovery in the second half should enable us to deliver operatingmargins for the full year in line with our expectations. The operating profitfor Homes in the six months ended December 2006 was £59.3m (H1 2005/06: £59.1m). Our mixed use activities performed ahead of expectation in the first half tomore than offset our continuing investment in developing Redrow Regenerationand, as a consequence, these combined operations made an operating profit of£2.2m in the first half (H1 2005/06: £Nil). We have increased our investment into land over the last twelve months. In June2006, we made a significant investment of £59m to secure Cheswick in NorthBristol, a prime mixed use site with outline planning consent for 1,250 plotsand 72,000 sq ft of commercial development which represents an importantopportunity to create value in the medium term. Principally as a result of thisinvestment, our interest charge increased to £6.9m as compared with £5.3m in thecorresponding period last year, and our return on capital employed was 17.8% (H12005/06: 20.4%). Our balance sheet remains strong, with net debt at £189.2mrepresenting gearing of only 35%, providing us with scope for further investmentin our business. Land and Planning We made significant progress in 2005/06 in increasing our current land bank. Themajor driver in this increase related to land controlled under contract thattotalled 4,250 plots as at June 2006 compared with only 1,500 plots at June2005. In the last six months we have further increased our land controlledunder contract to 4,350 plots. This portfolio of sites together with our highquality forward land bank will provide some excellent development sites in thecoming years. Our owned land bank with planning at December 2006 was 16,850 plots, nearly 12%higher than at December 2005. The average plot cost of our Homes' owned landbank was £33,300 (December 2005: £29,400) reflecting the higher proportion ofour land bank in the South and West of the UK as compared with 12 months ago tosupport growth in these areas in the future. Our land bank still retains itscompetitiveness within the Industry with a plot cost to selling price ratio of19.0% (December 2005: 17.3%). We entered the current financial year well placed in terms of sites owned withplanning which represented a very substantial element of our anticipated outputfor 2006/07. However, as we have consistently highlighted, the increasinglyinefficient and complex planning system continues to frustrate both theGovernment's and the Industry's objective of increasing the level of new homesprovided annually in the UK. Redrow is not immune to these issues and, duringthe first half of the financial year, we experienced delays both in the receiptof detailed planning consents on a number of sites which had an outline consentas at June 2006 and also the delivery of planning permissions on sitescontrolled under contract. This inevitably affected our sales performance in thelast six months and has also influenced our targeted legal completions in thecurrent financial year relative to our original expectations. We remain supportive of the Government's objective to deliver a more efficientplanning system but are concerned that the most recent proposed changes willlead to further delays as already hard pressed Local Authorities take on boardthe increased requirements placed upon them. This has implications for both thedelivery of growth in the short term and the competitiveness of the land market,especially for sites with planning. We continue to invest in new strategic forward land as well as promotingsignificant sites such as Cranbrook near Exeter, Monkton Heathfield near Tauntonand Upton near Northampton to provide higher margin opportunities for the future. We are also working jointly with BAE Systems to promote the major opportunity at Bishopton near Glasgow. As at December 2006, our forward land bank which is either allocated or whichhas a realistic opportunity to secure planning totalled 25,000 plots (December2005: 21,600 plots). We currently expect in excess of 25% of acquired land in2006/07 to be delivered through our long term approach to land acquisition andwe retain our policy of providing against all option payments and promotionalcosts associated with forward land options. Sales The housing market was relatively stable in the six months to December 2006 butremained competitive in many of the areas in which we operate with the Midlandsand North, in particular, not experiencing the stronger conditions thatdelivered house price growth in London and the South East. During the six months to December 2006 we sold 1,878 homes of our core productwhich was 3% ahead of the corresponding period last year. Within this weincreased sales of our Signature product by just under 8%, with sales of In theCity apartments reflecting the stage of developments in progress and a weakerdemand for this product in the market. Our forward sales for Signature at December 2006 were 1,250 which were over 12%higher than at December 2005 and represented approaching four months on anannualised basis. Forward sales of In the City apartments totalled 186(December 2005: 630) which, together with our first half legal completions,leaves us on track to deliver approximately 500 legal completions in the currentfinancial year. In the first 9 weeks of 2007, we have experienced sales running 5% ahead of thesame period last year for our core product and within this we have experienced apick up in sales on our In the City developments. We now have approaching 85%of our anticipated output of Signature and In the City homes sold for 2006/07which is at a similar level to last year. The interest rate rise in January 2007has so far not affected the market as regards sales rates or selling pricesthough we remain cautious regarding the impact on the housing market of furtherrate rises. Debut continues to appeal strongly to its target market and in the first half ofthe financial year we sold 189 Debut homes as compared with 96 in thecorresponding period last year. With forward sales of 189 homes as at the endof December 2006, we remain well placed to deliver our target of 500 Debutcompletions in 2006/07. Product and Design The housebuilding industry faces many new challenges in the coming years as theGovernment rightly sets targets to address issues connected with climate changeand sustainability. Redrow is working with other stakeholders to address thesechallenges to identify solutions to deliver these goals. The Industry is also being challenged by both Government and CABE to improve thequality of design. We are maintaining our focus on developing our coreSignature product range to deliver schemes of high quality urban design thatcreate a sense of place which can be recognised by our customers and deliveredin a cost efficient manner in terms of construction. We continue to target improvements in the delivery of customer service. In thesix months to December 2006, our customer surveys showed 80% of customers wereeither very satisfied or satisfied with their new Redrow home and 83% ofcustomers would recommend Redrow. Mixed Use and Regeneration Good progress has been made at Matrix Park, part of our mixed use scheme atBuckshaw Village, Chorley and we disposed of a completed 30,000 sq ft officebuilding on St David's Park in the first half of the financial year. We havenow commenced the first phase of the mixed use element of our developmentadjacent to Lichfield City Station. Interest across our portfolio of mixed useschemes, including the new scheme at Devonport, Plymouth, remains encouraging. Redrow Regeneration is making excellent progress on its first operational schemeat Barking. The first phase delivering 246 new homes, commencing in the summerof 2007, is on programme and we are making good progress with the planning onPhase 2. This development has won the prestigious MIPIM Architectural ReviewFuture Project Award. We continue to promote the regeneration of Watford Junction and Guildfordrailway stations in conjunction with Network Rail. These major complex schemesnecessarily have long timescales in their pre-development phases, however, webelieve schemes such as these offer attractive potential opportunities for thefuture and are consistent with our long term approach to the acquisition ofland. Board and Senior Management Changes In August 2005, Paul Pedley relinquished his position as Chief Executive andtook on a new role as Executive Deputy Chairman. Paul has been an integral partof Redrow for 22 years playing an important part in building the business to bethe successful public company it is today. Paul has advised the Board that hewishes to retire from Redrow on 30 September 2007 in order to allow him topursue and develop other interests. I would like to record our appreciation forthe distinguished service and commitment Paul has given to Redrow. With effect from 1 July 2007, David Campbell-Kelly, who is currently responsiblefor our Midlands Region, will succeed Barry Harvey as Northern RegionalChairman. Barry has been with Redrow for over twelve years and for the lastnine as a director of Redrow plc. The Board wishes to record its thanks toBarry who has played an important role in leading the continuing success of theNorthern Region and also for his overall contribution to Redrow during his timewith the company. I would like to take this opportunity to welcome Denise Jagger who was appointedto the Board on 17 January 2007 as an independent non executive director and welook forward to her contribution to the continuing success of Redrow in thecoming years. Prospects Redrow's long term approach to sourcing land and our high quality forward landbank, where we are able to add value through the pre-development phase, continueto be key elements in our land acquisition strategy. However, we have torecognise that these opportunities are taking longer to promote through thesystem before becoming sales outlets. This position appears to be mirroredacross the Industry as the premium for land that can be converted into an outletin a relatively short time scale is increasing and this may influence returns ina low house price inflation environment. We continue to promote Debut homes but the Government and many Local Authoritiesremain focused on providing social housing rather than allowing open marketsolutions to flourish. We already have planning consents in place that willenable us to deliver over 700 Debut homes in 2007/08 towards our target of 800homes. Disappointingly, new planning guidance appears to exclude low cost openmarket housing from the definition of Affordable Housing and, as a consequence,our ability to achieve our medium term volume ambitions for Debut will dependupon the response of Local Authorities to this new guidance when consideringfuture planning applications for Debut schemes. The positive response fromcustomers across all our Debut sites to date leaves us convinced about theappeal of the concept as it provides a high quality solution to the major issueof housing affordability and clearly enables first time buyers to gain afoothold on the housing ladder. In our January trading update, we highlighted that planning delays had impactedupon the number of outlets in the current financial year and our expectationsfor outlets in 2007/08. Land is the essential ingredient in the delivery ofsustainable and profitable growth in our Industry. Land is becoming moreexpensive to replenish in the prevailing competitive land market and in responseto this we have focused upon delivering an appropriate rate of sale to optimisereturns from our land bank. This strategy will maximise value in the medium termbut will result in reduced operating profit in the short term. Consistent withthis objective we are reducing our volume targets for the Signature product inthe current year by some 5%. However, as we progress our land held undercontract through the planning system we expect to operate from 6% more Signatureoutlets in 2007/08. We are proposing to rationalise our overhead structure to make our operationsmore cost efficient and are also reorganising executive responsibilities from 1July 2007. As a consequence, we anticipate overheads within our Homesoperations will be maintained at 2006/07 levels in 2007/08. We expect this willdeliver a benefit to operating margins of approximately 0.5% through improvedoverhead recovery against an increased level of turnover. We will retain theability to deliver growth particularly in the South East which is the areaidentified by the Government as the primary focus for increased housing numbers. Summary Redrow possesses a high quality current and forward land bank from which we cancontinue to create value for shareholders in the coming years. The prevailingland and planning environment only serves to enhance the value of our landholdings. We have a product range and skill base within our business tooptimise the inherent value that sits within this land bank. The fundamental drivers of growth for our Industry remain sound against abackdrop of a difficult planning environment in the short term. Redrow has thecapacity to grow the output of our Signature product in the medium term. We arealso expanding volumes from our Debut brand and are delivering incrementalincome from our mixed use and regeneration activities. Our objective at Redrow is to deliver profitable and sustainable growth. Thestrategies we are pursuing in the key aspects of our business support thisobjective which we consider will create value for shareholders in the mediumterm. Robert JonesChairman Consolidated Income Statement (Unaudited) 6 months ended 12 months ended 31 December 30 June 2006 2005 2006 Note £m £m £m Revenue 2 366.2 338.9 770.1Cost of sales (280.9) (257.4) (592.0)Gross profit 85.3 81.5 178.1 Administrative expenses (23.6) (22.4) (45.3)Operating profit before financing costs 2 61.7 59.1 132.8 Financial income 0.3 0.2 0.6Financial expenses (7.2) (5.5) (12.1)Net financing costs 2 (6.9) (5.3) (11.5) Share of loss of joint ventures afterinterest and taxation 2 (0.5) (0.4) (0.8) Profit before tax 2 54.3 53.4 120.5 Income tax expense 2, 3 (16.4) (16.1) (36.4) Profit for the period 2 37.9 37.3 84.1 Earnings per share Basic earnings per share 5 23.8p 23.5p 52.9pDiluted earnings per share 5 23.7p 23.4p 52.7p Consolidated Statement of Recognised Income and Expense (Unaudited) 6 months ended 12 months ended 31 December 30 June 2006 2005 2006 £m £m £m Effective portion of changes in fair value of interest ratecash flow hedges 0.4 0.1 0.6Deferred tax on change in fair value of interest rate cashflow hedges (0.1) (0.1) (0.2)Actuarial losses on defined benefit pension scheme (2.4) (2.0) (2.8)Deferred tax on actuarial losses taken directly to equity 0.7 0.6 0.8Net expense recognised directly in equity (1.4) (1.4) (1.6)Profit for the period 37.9 37.3 84.1Total recognised income and expense for the period 36.5 35.9 82.5 Reconciliation of Movements in Consolidated Equity (Unaudited) 6 months ended 12 months ended 31 December 30 June 2006 2005 2006 £m £m £m Profit for the period 37.9 37.3 84.1Dividends on equity shares (13.9) (11.5) (18.4)Other recognised income and expense relating to the period(net) (1.4) (1.4) (1.6)Shares issued 0.1 0.9 2.1Movement in LTSIP/SAYE (0.1) (0.6) (4.9)Net increase in equity 22.6 24.7 61.3Opening equity 513.8 452.5 452.5Closing equity 536.4 477.2 513.8 Consolidated Balance Sheet (Unaudited) As at As at 31 December 30 June 2006 2005 2006 Note £m £m £mAssets Intangible assets 0.3 0.2 0.4Plant, property and equipment 25.7 24.1 23.8Investments 2.5 2.4 2.4Deferred tax assets 3.6 8.6 5.0Derivative financial instruments 0.5 - 0.2Trade and other receivables 1.4 0.5 0.8Total non-current assets 34.0 35.8 32.6 Inventories 6 915.0 786.2 849.6Trade and other receivables 33.2 8.4 25.5Derivative financial instruments 0.3 - 0.2Cash and cash equivalents 8 3.6 0.1 24.5Total current assets 952.1 794.7 899.8Total assets 986.1 830.5 932.4 Equity Issued capital 16.0 15.9 16.0Share premium 56.3 55.1 56.2Hedge reserve 0.6 (0.1) 0.3Other reserves 7.9 7.9 7.9Retained earnings 455.6 398.4 433.4Total equity 536.4 477.2 513.8 Liabilities Bank overdrafts and loans 8 177.1 103.9 131.5Trade and other payables 7 37.3 32.5 41.9Derivative financial instruments - 0.1 -Deferred tax liabilities 1.5 1.9 1.6Retirement benefit obligations 2.6 10.5 8.6Long-term provisions 4.5 2.2 4.4Total non-current liabilities 223.0 151.1 188.0 Bank overdrafts and loans 8 15.7 12.3 22.8Trade and other payables 7 191.6 168.5 185.6Current income tax liabilities 19.4 21.4 22.2Total current liabilities 226.7 202.2 230.6 Total liabilities 449.7 353.3 418.6 Total equity and liabilities 986.1 830.5 932.4 Consolidated Cash Flow Statement (Unaudited) 6 months ended 12 months 31 December ended 30 June 2006 2005 2006 Note £m £m £m Cash flow from operating activities Operating profit before financing costs 61.7 59.1 132.8Depreciation 1.1 1.0 2.3Adjustment for non-cash items (3.5) (2.0) (7.4)Operating profit before changes in workingcapital and provisions 59.3 58.1 127.7(Increase)/decrease in trade and otherreceivables (8.3) 3.8 (13.6)Increase in inventories (65.4) (25.2) (88.6)Increase/(decrease) in trade and other payables 1.4 (17.6) 10.2(Decrease)/increase in retirement benefitprovision and other provisions (5.9) 2.7 3.0Cash generated from operations (18.9) 21.8 38.7 Interest paid (5.6) (3.9) (8.9)Tax paid (17.3) (18.5) (34.7) Net cash from operating activities (41.8) (0.6) (4.9) Cash flows from investing activities Acquisition of plant, property and equipment (2.9) (1.0) (2.2)Interest received 0.1 0.2 0.5Payments to joint ventures (0.4) (0.2) (0.6)Net cash from investing activities (3.2) (1.0) (2.3) Cash flows from financing activities Increase in bank borrowings 45.5 - 27.5Purchase of own shares (0.5) (0.6) (2.9)Dividends paid (13.9) (11.5) (18.4)Proceeds from issue of share capital 0.1 0.9 2.1Net cash from financing activities 31.2 (11.2) 8.3 (Decrease)/increase in net cash and cashequivalents (13.8) (12.8) 1.1 Net cash and cash equivalents at the beginningof the period 1.7 0.6 0.6Net cash and cash equivalents at the endof the period 8 (12.1) (12.2) 1.7 NOTES 1. The interim financial statements have been prepared using the accounting policies which the Group intend to adopt for the year ending 30 June 2007 and are in accordance with the IFRS that are either adopted by the European Union and effective, or are expected to be effective at 30 June 2007. The information for the year ended 30 June 2006 does not constitute statutory accounts within the meaning of section 240 Companies Act 1985. A copy of the statutory accounts, prepared under IFRS, which received an unqualified audit opinion, has been delivered to the Registrar of Companies. 2a. Segmental information - Income (Unaudited):- 12 months 6 months ended ended 31 December 30 June 2006 2005 2006 £m £m £mRevenueHomes 359.6 338.8 765.5Mixed Use & Regeneration 6.6 0.1 4.6 366.2 338.9 770.1Gross profit 82.0 81.1 177.8Overheads (22.7) (22.0) (44.0)Homes - operating profit 59.3 59.1 133.8Mixed Use & Regeneration - operating profit 2.2 - 0.7Framing Solutions - operating loss (0.4) (0.5) (0.8) 61.1 58.6 133.7Jersey provision - - (2.0) 61.1 58.6 131.7Add back share of joint venture operating losses 0.6 0.5 1.1Operating profit before financing costs 61.7 59.1 132.8 Net financing costs (6.9) (5.3) (11.5) 54.8 53.8 121.3 Share of loss of joint ventures after interest and taxation (0.5) (0.4) (0.8)Profit before tax 54.3 53.4 120.5 Income tax expense (16.4) (16.1) (36.4)Profit for the period 37.9 37.3 84.1 2b. Segmental information - Balance Sheet (Unaudited):- As at As at 31 December 30 June 2006 2005 2006 £m £m £mSegment assets Homes 955.4 814.3 884.9Mixed Use & Regeneration 28.4 14.5 23.0Framing Solutions - share of joint venture 1.8 1.8 1.6 985.6 830.6 909.5Elimination of inter-segment items (3.1) (0.2) (1.6) 982.5 830.4 907.9Cash and cash equivalents 3.6 0.1 24.5Consolidated total assets 986.1 830.5 932.4Segment liabilities Homes 254.9 235.5 254.8Mixed Use & Regeneration 5.1 1.8 11.1 260.0 237.3 265.9Elimination of inter-segment items (3.1) (0.2) (1.6) 256.9 237.1 264.3Borrowings 192.8 116.2 154.3Consolidated total liabilities 449.7 353.3 418.6 Total equity 536.4 477.2 513.8 3. The taxation charge reflects the estimated effective rate for the full year to 30 June 2007. 4. The final dividend for the year ended 30 June 2006 of 8.7p per share (2005: 7.2p) was approved by shareholders at the Annual General Meeting on 7 November 2006, paid on 17 November 2006 and a charge of £13.9m (2005: £11.5m) has been taken to reserves. The Directors have declared an interim dividend of 7.8p per share (2005: 4.3p) which was approved by the Board on 5 March 2007. This gives an interim dividend of £12.4m (2005: £6.9m) which will be paid on 4 May 2007 to shareholders whose names are on the Register of Members at the close of business on 16 March 2007. The shares will become ex-dividend on 14 March 2007. In accordance with IAS 10 "Events After The Balance Sheet Date" the interim dividend has not been included as a liability as at 31 December 2006. 5. The basic earnings per share calculation for the half year ended 31 December 2006 is based on the weighted average number of shares in issue during the period of 159.4m (2005:159.1m) excluding those held in trust under the Redrow Long Term Incentive Plan, which are treated as cancelled. The equivalent weighted average number of shares in issue for the year ended 30 June 2006 was 159.1m. Diluted earnings per share has been calculated after adjusting the weighted average number of shares in issue for all potentially dilutive shares held under unexercised options. 6. Inventories (Unaudited) As at 31 December 2006 2005 £m £mLand for development 576.5 453.6Work in progress 323.8 319.2Stock of showhomes 14.7 13.4 915.0 786.2 7. Land Creditors (Unaudited) (included in trade and other payables) As at 31 December 2006 2005 £m £mDue within one year 52.9 49.7Due in more than one year 37.3 32.5 90.2 82.2 8. Analysis of net debt (Unaudited) As at 31 December 2006 2005 £m £mCash and cash equivalents 3.6 0.1Bank overdrafts and loans- current liabilities (15.7) (12.3) (12.1) (12.2)- non-current liabilities (177.1) (103.9) (189.2) (116.1) 9. The Registrar is Computershare Investor Services PLC. Shareholder enquiries should be addressed to the Registrar at the following address: Registrars Department PO Box 82 The Pavilions Bridgwater Road Bristol BS99 7NH This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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