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Brickability Group Plc - Interim Results

25 Nov 2019 07:02

RNS Number : 4947U
Brickability Group PLC
25 November 2019
 

 

25 November 2019

 

Brickability Group plc

("the Group")

 

Interim Results for the six months ended 30 September 2019

 

Brickability Group plc, the leading construction materials distributor, today announces its unaudited Interim results for the six months ended 30 September 2019 showing steady delivery of the objectives it set out at IPO.

 

Financial Highlights:

 

·; Revenue increased by 19.8% to £97.9m (H1 18 : £81.7m)

·; Gross profit increased to £19.1m (H1 18 : £16.0m)

·; Profit before tax increased 33.4% to £6.8m (H1 18 : £5.1m)

·; Adjusted EBITDA* increased to £10.4m (H1 18 : £8.7m)

·; Maiden interim dividend declared of 0.87p per share

 

Operational Highlights:

 

·; Completion of successful IPO on AIM

·; New product ranges added to the Group offering in flooring, specialist brick, facades, and extended brick ranges

·; Four acquisitions made in-line with strategy: DSH Flooring, Bespoke Brick, LBT Facades and Brickmongers

·; Ongoing assessment of further acquisition opportunities to add to our distribution and product offering

·; Continued focus on improved efficiencies in the supply chain

·; Advanced preparations put in place for business continuity post EU withdrawal

 

Outlook

 

We are confident of building on a strong first half and the acquisitions made during the period are performing in line with expectations. We have a healthy acquisition pipeline, the outlook for our markets is positive and the board remains confident of meeting full year expectations.

 

Looking ahead, the longer-term outlook for our markets remains encouraging and we are pleased to see that all the main political parties have made substantial commitments to build more houses. Overall, the fundamentals for the housebuilding sector remain strong which gives us confidence that we will make further progress in the future.

 

John Richards, Chairman, said:

 

"This is a strong set of results with which to update the market in our first set of financials since our successful IPO in the summer. I'm pleased that we're delivering what we said we would. The housing market is generally robust across the UK and we're very well placed to service that. With a set of good acquisitions under our belt we've enhanced our geographic spread and expanded our product offering. This will put us in a good position for future growth and we'll be looking at further bolt-on opportunities to support that."

 

*Adjusted EBITDA is defined as earnings before interest, tax, depreciation, amortisation, exceptional and acquisition costs.

 

 

Enquiries:

 

Brickability Group PLC

John Richards, Chairman

Alan Simpson, Chief Executive officer

Stuart Overend, Chief Financial Officer

c/o Montfort Communications

Cenkos Securities (Nomad and Broker)

Max Hartley (Corporate Finance)

0207 397 8900

Julian Morse (Sales)

Montfort Communications (Financial PR)

0203 770 7916

James Olley

Woolf Thomson Jones

 

 

About Brickability

 

Brickability is a leading construction materials distributor, serving customers across the UK for over 25 years through its mainstream and local networks. The Company supplies over 300m bricks annually and already has 25 sites and sales offices, employing approximately 225 people throughout the UK. Across its three divisions, the Group supplies bricks, roofing, heating, flooring, doors and windows to meet UK housebuilder demand.

 

 

 

Brickability Group PLC

 

 

Chairman's Statement

 

Market conditions in new build housing remained stable throughout the period (with some regional variation) and I am delighted to report on a very active six months for the Brickability Group which included its successful admission to trading on AIM on 29 August 2019.

 

Following our successful IPO, the Group has been focused on maintaining and building on its excellent customer and supplier relationships. The Group has continued to pursue its stated aim of making bolt-on acquisitions that are aligned with the Group's strategy of adding to the Group's revenues while sharing the same route to market and enhancing our geographic spread of operations within the UK. During the period the Group has made four new acquisitions increasing our distribution and product offering.

 

I am also pleased to report that the acquisition pipeline remains strong and we are in discussions with a number of potential businesses that would both enhance and broaden the Group's operations.

 

It is our strong performance that underpins our first Interim Dividend payment to shareholders of 0.87p per share.

 

Alongside our focus on trading and acquisitions, we have also made great strides in developing and delivering Group-wide policies on Health and Safety, Compliance and Sustainability, as well as staff retention, training and development.

 

External consultants have worked hand in hand with our staff to develop uniform Health and Safety Standards, while the introduction of CSOP and LTIP schemes will assist both retention and recruitment of key staff. The Group is also very active in ensuring that we have first rate succession plans with options for filling key roles as and when required.

 

The majority of the products distributed by the Group are manufactured in the UK, while our towel radiators are primarily sourced from Turkey. We import bricks, windows and doors from E.U. countries and have in place detailed plans to continue to distribute and indeed transport these products whatever form Brexit may take.

 

This has been another successful period of growth for Brickability in which we have achieved the significant milestone of a public listing. I am extremely grateful to everyone in the business for their continued hard work and dedication.

 

 

John Richards

Chairman

25 November 2019

 

Brickability Group PLC

 

Chief Executive's Review

 

I am pleased to report increases in Group revenue, EBITDA, and profit for the period. This reflects a strong UK housing market into which the majority of our products are delivered.

 

Overall brick sales remain in-line with our expectations as housebuilders continue to demand traditional bricks and masonry. Our geographic coverage continues to grow alongside our supply base.

 

Sales from our Heating and Plumbing division remain strong with our customer list continuing to grow. Our products are mostly sourced from Turkey and are paid for in sterling. Additional staff have been employed to extend our offering into panel radiators and associated products.

 

Our flooring distribution business, DSH Flooring Limited, is growing quickly and while our geographic coverage is currently local in its spread, the increase in the business's revenue since acquisition in April is extremely encouraging and there are further opportunities to grow the business.

 

Timber window sales remain at expected levels, while the sourcing of a new supplier enables us to take advantage additional business. Internal door sales opportunities remain limited as we await the sourcing of further suppliers.

 

Roofing sales remain robust with order books stretching to over a year, with long-term supply agreements on major housing developments in place.

 

During the last six months, our acquisition strategy has added four businesses to the Group. DSH Flooring Limited was acquired in April, becoming our first business specialising in the distribution and fitting of flooring. May saw the acquisition of The Bespoke Brick Company Limited, our second specialist brick import distributor. LBT Brick & Facades Ltd and Brickmongers (Wessex) Limited were also acquired during this period, adding to our brick distribution coverage in the North West and South Coast respectively.

 

Acquisition opportunities exist in all of our product areas and indeed we are exploring some in new product types that enjoy the same route to market and end-use customer base that we believe would add to the Group's strengths.

 

Lastly, we were very pleased that during the period we supplied products that were used in the winning project of the 2019 Stirling Prize (Mikhail Riches' Goldsmith Street Social Housing, Norwich City Council).

 

We are confident of building on a strong first half and the acquisitions made during the period are performing in line with expectations. We have a healthy acquisition pipeline, the outlook for our markets is positive and the board remains confident of meeting full year expectations.

 

Looking ahead, the longer-term outlook for our markets remains encouraging and we are pleased to see that all the main political parties have made substantial commitments to build more houses. Overall, the fundamentals for the housebuilding sector remain strong which gives us confidence that we will make further progress in the future.

 

 

Alan J Simpson

Chief Executive

25 November 2019

Brickability Group PLC

 

Financial Review

Revenue and Gross Margin

 

The Group delivered £97.9m of revenue in the first six months of 2019 (H1 2018: £81.7m), representing a total increase of 19.8% (£16.2m). When the impact of acquisitions are excluded from revenue, like for like ("LFL") revenue growth was up 4.8%.

 

Gross margins across the Group remained stable at 19.5% (H1 2018: 19.5%). Gross Profit for the 6 months increased to £19.1m (H1 2018: £16.0).

 

Administrative expenses

 

There was an overall net increase in administrative expenses of £1.5m across the Group primarily relating to the additional overheads of acquired businesses and £0.1m additional central overhead.

 

Exceptional items

 

Exceptional income in the period of £1m relates to an insurance recovery under a keyman policy that paid out following medical diagnosis. The person concerned has made a full recovery.

 

The other exceptional costs relate to the IPO (£0.5m) and the release of the loan arrangement fee provision following the repayment of the term loan on listing (£0.3m).

 

EBITDA

 

The Group's adjusted EBITDA increased to £10.4m in the first six months of 2019, compared to £8.7m in the same period last year, reflecting the growth in the existing business and the four acquisitions.

Operating profit

 

The Group generated an operating profit for the period of £8.6m, compared to £7.0m in the prior period.

 

Interest expense fell slightly to £1.8m as the term loan was paid off with proceeds from the IPO in August 2019.

 

Earnings per share

 

Earnings per share for the first six months is calculated on an average of shares during the period which reflects both the pre IPO debt and loan note structure as well as the number of shares in issue pre IPO and is therefore not reflective of the expected earnings per share going forward.

 

Earnings per share based on the number of shares at the IPO was 2.23p per share.

 

Dividend

 

In keeping with the Group's stated strategy at IPO and encouraged by our strong first half performance, the Board has decided to declare a maiden interim dividend of 0.87p per share to shareholders on the register at 6 December 2019. The ex-date and payment date for the dividend will be 5 December and 20 December 2019 respectively.

 

Cashflow

 

The Group generated operating cash flow of £2.2m in the first six months of the year compared to £8.8m in the same period in 2018. The key reason for the large change in working capital was due to the change in timing of the payment to major suppliers (c£5m) from just after the month end to the month end and the increase in net current assets from the four acquisitions (c£2.2m). Importantly, the Group remains cash generative when adjusted for the year end creditor position. For the 18 months period ending 30 September, removing the timing difference of creditor payments at 31 March, the cash conversion was 92%.

 

Balance Sheet

 

The net bank debt position as at 30 September 2019 was £1.9m, a decrease of £17.9m from the 31 March 2019 position. This mid-year decrease was due to repayment of the term loan from proceeds of the IPO and £5.4m of investor loan notes of which repayment was delayed until after 30 September 2019.

 

Post balance sheet events

 

In October 2019, the remaining £5.4m of investor loan notes plus interest were repaid. Following this the Company has no outstanding loan notes. There are no other material post balance sheet events.

 

 

Stuart J Overend

Chief Financial Officer

25 November 2019

Condensed and Consolidated Income Statement

6 Months Ended 30 September 2019 (unaudited)

6 months

6 months

Year

Ended

Ended

Ended

30 Sept

2019

30 Sept 2018

31 March 2019

 £'000

 £'000

 £'000

Revenue

97,945

81,740

163,294

Cost of sales

(78,889)

(65,779)

(130,371)

Gross profit

19,056

15,962

32,923

Other operating income

4

97

96

Administrative expenses

(10,504)

(9,016)

(18,950)

Profit from operations

8,556

7,043

14,069

Analysed as:

Adjusted EBITDA

10,396

8,705

17,678

Intangible amortisation

(1,402)

(1,266)

(2,694)

Profit on sale of assets

2

-

47

Depreciation

(601)

(396)

(962)

Exceptional income

1,000

-

-

Exceptional costs - IPO

(522)

-

-

Exceptional costs - refinancing

(317)

-

-

Profit from operations

8,556

7,043

14,069

Finance expense

(1,772)

(1,949)

(4,172)

Finance income

39

4

31

Share of post-tax profits of equity accounted associates

25

29

13

Amounts written off investments

(40)

(23)

(49)

Profit before tax

6,808

5,104

9,892

Tax expense

(1,670)

(1,140)

(2,396)

Profit from continuing operations

5,138

3,964

7,496

 

*Adjusted EBITDA reflects earnings before interest, taxation, depreciation, exceptional items, acquisition costs and intangible amortisation.

 

 

 

 

Earnings per share

For the six months ended 30 September 2019 (unaudited)

 

6 months ended

6 months ended

Year ended 31

Note

30 September 2019

30 September 2018

March 2019

 

Basic earnings per share - pence

3

13.31

 

1,760.8

 

3,151

Diluted earnings per share - pence

3

12.98

1,760.8

3,151

Statement of Condensed and Consolidated Changes in Equity

6 Months Ended 30 September 2019 (unaudited)

 

Share capital

Share Premium

Capital Redemption Reserve

Merger Reserve

Retained earnings

Total equity

 £'000

 £'000

 £'000

 £'000

 £'000

 £'000

As at 31 March 2018

4

7,170

-

1,245

(294)

8,125

Profit for the year ended 31 March 2019

-

-

-

-

7,496

7,496

Issue of shares

-

1,800

-

-

-

1,800

Total contributions by and distributions to owners

-

1,800

-

-

7,496

9,296

As at 31 March 2019

4

8,970

-

1,245

7,202

17,421

Profit for the 6 months ended 30 September 2019

-

-

-

-

5,138

5,138

issue of shares

2,065

56,877

-

-

-

58,942

Company purchase of own shares

(2)

-

2

-

-

-

Reduction of share premium account

(13,000)

13,000

-

Issue costs of shares

(2,610)

(2,610)

Total contributions by and distributions to owners

2,063

41,267

2

-

18,138

61,470

At 30 September 2019

2,067

50,237

2

1,245

25,340

78,891

Comparative for 6 Months Ended 30 September 2018

As at 31 March 2018

4

7,170

-

1,245

(294)

8,125

Profit for the 6 months ended 30 September 2018

-

-

-

-

3,964

3,964

Total contributions by and distributions to owners

-

-

-

-

3,964

3,964

As at 30 September 2018

4

7,170

-

1,245

3,670

12,089

 

 

 

 

 

Condensed and Consolidated Balance Sheet

6 Months Ended 30 September 2019 (unaudited)

 

6 months

6 months

12 Months

Ended

Ended

Ended

30 Sept 2019

30 Sept 2018

31 March 2019

Assets

 £'000

 £'000

 £'000

Current assets

Inventories

7,364

4,501

5,422

Trade and other receivables

39,558

34,970

34,111

Cash and cash equivalents

18,089

10,256

17,001

65,011

49,727

56,534

Non-current assets

Property, plant and equipment

3,947

3,754

3,623

Right of use assets

2,868

1,443

1,595

Intangible assets

74,764

67,224

68,788

Investments in equity-accounted associates

1,207

621

1,239

Deferred tax assets

744

300

744

Trade and other receivables

155

-

155

83,685

73,342

76,144

Total assets

148,696

123,069

132,678

Liabilities

Current liabilities

Trade and other payables

(34,267)

(30,769)

(37,062)

Loans and borrowings

(5,510)

(4,270)

(3,085)

Lease liabilities

(666)

(345)

(378)

(40,443)

(35,384)

(40,525)

Non-current liabilities

Trade and other payables

(879)

(9,597)

(3,957)

Loans and borrowings

(20,000)

(58,013)

(62,977)

Lease liabilities

(2,217)

(1,107)

(1,227)

Derivative financial liabilities

(138)

-

(106)

Provisions

(1,801)

(2,338)

(1,975)

Deferred tax liability

(4,327)

(4,541)

(4,490)

(29,362)

(75,596)

(74,732)

Total liabilities

(69,805)

(110,980)

(115,257)

NET ASSETS

78,891

12,089

17,421

Issued capital and reserves attributable to

owners of the parent

Share capital

2,067

4

4

Share premium reserve

50,237

7,170

8,970

Capital redemption reserve

2

-

-

Merger reserve

1,245

1,245

1,245

Retained earnings

25,340

3,670

7,202

TOTAL EQUITY

78,891

12,089

17,421

 

 

 

 

 

 

Condensed and Consolidated Cash Flow Statement

6 Months Ended 30 September 2019 (unaudited)

 

6 Months

6 Months

12 Months

Ended

Ended

Ended

30 Sept 2019

30 Sept 2018

31 March 2019

£'000

£'000

£'000

Cash flows from operating activities

Profit from financial period/year

5,138

3,964

7,496

Adjustments for;

Exceptional income

(1,000)

-

-

Exceptional costs

839

-

-

Depreciation of property, plant & equipment

601

396

962

Amortisation of intangible assets

1,402

1,266

2,694

Amounts written back to investments

40

23

49

Share of profit of associates

(25)

(29)

(13)

Other interest receivable and similar income

(39)

(4)

(31)

Interest payable and similar expenses

1,772

1,949

4,172

(Gains)/loss on disposal of property, plant & equipment

(2)

-

(47)

Tax on profit

1,670

1,140

2,396

Changes in;

Inventories

(1,114)

731

(371)

Trade and other receivables

1,807

(7,017)

(5,041)

Trade and other payables

(8,851)

6,416

11,279

Cash generated from operations

2,238

8,835

23,545

Exceptional income

1,000

-

-

Interest paid

(3,567)

(510)

(1,488)

Interest received

39

4

31

Dividends received

18

18

36

Tax paid

(3,313)

(1,446)

(3,210)

Net cash from operating activities

(3,585)

6,901

18,914

Cash flows from investing activities

Purchase of property, plant & equipment

(444)

(467)

(1,243)

Proceeds from sale of property, plant & equipment

14

-

71

Purchase of intangible assets

-

-

(4)

Acquisition of subsidiaries

(7,271)

-

(2,644)

Acquisition of interests in associates and joint ventures

-

-

(194)

Net cash acquired with subsidiary undertakings

1,906

-

(4)

Payment of share transaction costs

(523)

-

-

Payment of exceptional IPO costs

(234)

-

-

Net cash used in investing activities

(6,552)

(467)

(4,018)

Cash flows from financing activities

Proceeds from issue of ordinary shares

43,923

-

1,500

Proceeds from borrowings

8,158

1,500

2,115

Payments from finance lease liabilities

(388)

(242)

(534)

Proceeds from loan notes issued

-

-

1,500

Repayment of loan notes

(9,113)

-

-

Repayment of bank borrowings and facilities

(25,158)

(1,053)

(3,158)

Repayment of deferred consideration and other loan

(6,197)

(1,729)

(4,664)

Net cash (used in)/from financing activities

11,225

(1,524)

(3,241)

Net increase in cash and cash equivalents

1,088

4,910

11,655

Cash and cash equivalents at beginning of year

17,001

5,346

5,346

Cash and cash equivalents at end of year

18,089

10,256

17,001

 

 

Notes to the Interim report

 

 

1. GENERAL INFORMATION

 

Brickability Group plc (the 'Company' or the 'Group') is a public company limited by shares incorporated in the United Kingdom under the Companies Act 2006 (registration number 11123804) and is registered in England and Wales. The registered address is c/o Brick-ability Ltd South Road, Bridgend Industrial Estate, Bridgend, United Kingdom, CF31 3XG.

Copies of this Interim Report may be obtained from the registered address or on the Corporate (Investor Relations) section of the Company's website at www.brickabilityplc.co.uk. 

Statement of compliance and basis of preparation

 

The condensed consolidated financial information presented in this Interim Report has been prepared in accordance with applicable IFRS including standards and interpretations issued by the International Accounting Standards Board as adopted by the EU and in accordance with Article 4 of the IAS Regulation. The financial information has been prepared using the historical cost convention and on a going concern basis.

The Annual Financial Report for the year ended 31 March 2019 was audited and has been filed with the Registrar of Companies. The Independent Auditors' Report on the Annual Report and Accounts for the year ended 31 March 2019 was not qualified and did not contain statements under s498(2) or (3) of the Companies Act 2006.

The financial information for the six months ended 30 September 2019 and 30 September 2018 is unaudited and has not been reviewed by the Company's auditors.

The Interim financial statements are presented in sterling and all values are rounded to the nearest hundred thousand pounds (£0.1m) except where otherwise indicated.

 

2. SEGMENTAL ANALYSIS

 

Brickability Group plc generates all of its revenues within the UK. Brickability Group plc generates revenue from the following activities:

 

- Revenue from the sale of superior quality building materials to all sectors of the construction industry including national house builders, developers, contractors, general builders and retail to the public;

- Revenue from the distribution of radiators and associated parts and accessories;

- Revenue from the supply of roofing construction services primarily within the residential construction sector;

 

Brickability Group plc therefore has three business segments, being Bricks, Heating Plumbing and Joinery ("HPJ"); and Roofing. The Group's segments are strategic business units that offer different products and services.

 

Segmental analysis

Segmental analysis

For the 6 months ended 30 September 2019

For the 6 months ended 30 September 2018

Bricks

HPJ

Roofing

Total

Bricks

HPJ

Roofing

Total

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

Revenue

75,123

13,052

9,770

97,945

Revenue

61,384

11,812

8,544

81,740

Segment EBITDA

6,450

2,980

1,917

11,347

Segment EBITDA

5,297

2,513

1,730

9,540

Central overheads

(951)

Central overheads

(835)

Group adjusted EBITDA

10,396

Group adjusted EBITDA

8,705

Depreciation and amortisation

(2,001)

Depreciation and amortisation

(1,662)

Exceptional income

1,000

Exceptional income

-

Exceptional costs

(839)

Exceptional costs

-

Net finance expense

(1,748)

Net finance expense

(1,939)

Profit before tax

6,808

Profit before tax

5,104

Segmental analysis

For the year ended 31 March 2019

Bricks

HPJ

Roofing

Total

£'000

£'000

£'000

£'000

Revenue

123,443

23,338

16,513

163,294

Segment EBITDA

10,754

4,887

3,947

19,588

Central overheads

(1,910)

Group adjusted EBITDA

17,678

Depreciation and amortisation

(3,609)

Net finance expense

(4,177)

Profit before tax

9,892

 

 

 

3. EARNINGS PER SHARE

 

Earnings per share for the first six months is calculated on an average of shares during the period which reflects both the pre IPO debt and loan note structure as well as the number of shares in issue pre IPO and is therefore not reflective of the expected earnings per share going forward.

 

Earnings per share based on the number of shares at the IPO was 2.23p per share. The number of shares in issue post the IPO on 29th August 2019 is 230,458,821.

 

6 months Ended

6 months Ended

 Year Ended

30 September 2019

30 September 2018

31 March 2019

Profit

Weighted average

Profit

Weighted average

Profit

Weighted average

£'000

number of shares

£'000

number of shares

£'000

number of shares

5,138

38,612,470

3,964

225,150

7,496

237,846

Profit per share

Pence : Basic

13.31

1,760.8

3151

Profit

Diluted average

Profit

Diluted average

Profit

Diluted average

£'000

number of shares

£'000

number of shares

£'000

number of shares

5,138

39,575,538

3,964

225,150

7,496

237,846

Profit per share

Pence : Basic

12.98

1,760.8

3151

 

 

 

4. DEFERRED CONSIDERATION

 

Future deferred consideration falls due as follows: £2.9m in the next 12 months and £1.1m after more than 12 months. Deferred consideration payments due in relation to PVH Holdings Limited and The Bespoke Brick Company Limited are linked to future profitability. Management has made an estimate of the deferred consideration due based on expected future profitability of these entities. There are no employment related obligations attached to future deferred consideration.

 

 

 

5. ACQUISITIONS

 

During the 6 months ended 30 September 2019 the Group acquired 100% of the issued share capital of the companies listed below. All of the companies are incorporated in the UK.

 

Sector

Acquisition date

Initial Cash consideration

Loan notes

Deferred consideration

Deferred contingent consideration

£'000

£'000

£'000

£'000

DSH Flooring Limited

HPJ

1 April 2019

300

-

-

-

LBT Brick & Facades Ltd

Bricks

15 May 2019

2,612

-

-

-

The Bespoke Brick Company Limited*

Bricks

17 May 2019

4,645

955

300

1,200

The Brick-Slip Business Limited

Bricks

17 May 2019

20

5

-

-

Brickmongers (Wessex) Limited

Bricks

1 July 2019

831

554

-

-

* Deferred consideration of £932K was paid during the 6 months ended 30 September 2019. The balance of £267K is due to be paid in December 2019. The contingent deferred consideration is dependent on the company meeting target EBITDA over the next 3 years. The consideration is payable in annual instalments of £300,000 in July 2020, July 2021 and July 2022.

 

The transactions have been accounted for by the acquisition method of accounting.

 

The provisional carrying amount of each class of assets before combination is set out below:

 

DSH Flooring Limited

LBT Brick and Facades Limited

The Bespoke Brick Company Limited

The Brick Slip Business Limited

Brickmongers (Wessex) Limited

Total

£'000

£'000

£'000

£'000

£'000

£'000

Property, plant and equipment

8

33

24

12

60

137

Inventories

183

-

658

-

433

1,274

Trade and other receivables

631

1,379

3,116

10

730

5,866

Cash & cash equivalents

(13)

696

701

24

497

1,906

Trade and other payables

(573)

(1,163)

(2,439)

(32)

(931)

(5,139)

Total identifiable assets

237

945

2,060

13

788

4,043

 

Due to the timing of the acquisitions, the acquisition accounting adjustments were not complete as at 30 September 2019, however, will be finalised prior to 31 March 2020.

 

 

6. DIVIDENDS

 

No dividends were paid during the period. However, the Company has declared an interim dividend for the 2019 year of 0.8678p per share and intends to pay this to shareholders on 20 December 2019 to shareholders on the register on 6 December 2019 (Ex dividend date 5th December 2019).

 

 

7. POST BALANCE SHEET EVENTS

In October 2019 £5.4m of investor loan notes plus interest where repaid and an additional £1.0m of keyman insurance was received. There were no other post balance sheet events.

 

- Ends -

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
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