Dillistone Regulatory News (DSG)

RNS Number : 3633K

Dillistone Group PLC

21 September 2016

 

 

 

Dillistone Group Plc

("Dillistone", the "Company" or the "Group")

Interim Results

 

Dillistone Group Plc, the AIM quoted supplier of software and services for the recruitment sector, is pleased to announce its interim results for the six months ended 30 June 2016.

 

Operational:

 

Dillistone Systems Division

 

· Encouraging success with FileFinder Anywhere

o New business orders in January - August already significantly ahead of the equivalent value for the whole of 2015

o May 2016 saw record month for implementations of FileFinder licences

o Launch of a standalone browser based app in March - a first for the mainstream executive search software sector

· Recurring revenues recovered from poor performance in 2015 and account for 71% of divisional revenue

 

Voyager Software Division

 

· Incoming new business order values already ahead of equivalent figure for the whole of 2015

· Infinity SaaS delivering increased recurring revenues which were up 6% and account for 70% of divisional revenue

· New product announcements expected in September 2016

 

Financial:

· Revenue up 2% to £4.811m

· Recurring revenues represent 70% of total revenue and cover 100% of administrative expenses excluding acquisition related items

· Profit for the period up 3% to £0.489m (2015: £0.476m)

· Adjusted EBITDA1 up 2% to £1.204m

· Basic EPS up 1% to 2.48p

· First half performance exceeded second half of 2015 as previously foreseen

· Cash balances of £1.611m at 30 June 2016 (2015: £1.335m) and debt of £0.242m (2015: £0.406m)

· 2% increase in interim dividend to 1.375p (2015: 1.35p)

· Expectation of revenue and profits growth for full year in line with expectations

 1 Adjusted EBITDA is adjusted operating profit with depreciation and amortisation added back.

 

Commenting on the results and prospects, Mike Love, Non-Executive Chairman, said:

 

"After a challenging 2015, we are very happy to deliver an encouraging set of results for the first half of the year, with the recently announced record implementations and orders expected to underpin future periods.

 

"Despite the uncertain economic horizons, we have delivered both revenue and profit after tax growth. Very significant increases in new business orders across the Group suggests that we are taking market share from our competitors and demonstrates the success of our ongoing product development strategy. The recent slide in the value of sterling is having a positive impact on revenues, partially offset by a negative effect on costs.

 

"We will continue to invest in our products, services and infrastructure across the Group as this is essential to delivering long term shareholder value and to strengthening Dillistone's position in its chosen markets.

 

"Our confidence in the future has allowed us to declare a 2% increase in our interim dividend."

 

 

Investor Access Event:

The Directors will be holding an Investor Access event for Private Investors, Private Client Investment Managers and Institutional Investors to introduce the Dillistone Group, review the Interim Results and expand on opportunities at 3.15pm on Monday 26 September 2016 at the Tower of London. Presentations will be given by the Directors of Dillistone and the Research Analyst from WH Ireland.

Investors will have access to the Directors and customers of Dillistone at a drinks reception to be held later that day at 4pm at the Tower of London in conjunction with the 2016 World Executive Search Congress, an annual event for the Executive Search industry hosted by Dillistone Systems, a division of Dillistone Group. In addition, guests will be offered the opportunity to visit the Crown Jewels as part of the visit to the historic site.

Those wishing to attend should contact Tom Cooper on tom.cooper@walbrookpr.com or 020 7933 8780 or 0797 122 1972 for further details.

 

Enquiries:

 

Dillistone Group Plc
Mike Love	Chairman	020 7749 6100
Jason Starr	Chief Executive	020 7749 6100
Julie Pomeroy	Finance Director	020 7749 6100
WH Ireland Limited (Nominated adviser)
Chris Fielding	Head of Corporate Finance	020 7220 1650
Walbrook PR
Tom Cooper / Paul Vann		020 7933 8780
		0797 122 1972
		tom.cooper@walbrookpr.com

 

 

Notes to Editors:

Dillistone Group Plc (www.dillistonegroup.com) is a leader in the supply and support of software and services to the recruitment industry. It has four trading businesses operating through two divisions: Dillistone Systems, which targets the executive search industry (www.dillistone.com); and Voyager Software, which targets other recruitment markets (www.voyagersoftware.com).

Dillistone has made three acquisitions: Voyager Software in September 2011, FCP Internet in July 2013 and ISV Software in September 2014. The Group operates under the FileFinder, Infinity, Evolve and ISV brands.

Dillistone was admitted to AIM, a market operated by the London Stock Exchange plc, in June 2006. The Group employs over 100 people globally with offices in London (head office) Basingstoke and Southampton, Frankfurt, New Jersey and Sydney.

 

 

 

 

 

Chairman's Statement

 

Our financial results show that the Group has made good progress in the first half. As expected, we have returned to revenue growth as our continued investment in product development is progressively delivering positive results. Investment in our products remains key to the future success of the business. We are increasingly selling SaaS based products which have less short term revenue impact but favour longer term recurring revenue. The advantage to this style of contract is recurring revenue visibility, albeit that it often appears that there is a delay in these new contracts reflecting in the Group's results.

 

We also continue to pursue growth through targeting complementary acquisitions. This is a strategy that has served us well in the past and which remains part of our core strategy at this time.

 

Revenues increased by 2% over the 6 months to June 2015 with recurring revenues up 4% and now representing 70% of total revenues. The growth in new business orders across both divisions in H1 has been very pleasing to see.

 

Profit after tax was up 3% to £0.489m (2015: £0.476m).

 

Divisional review

 

We are pleased to report a turnaround in the performance of our Dillistone Systems division. After a challenging 2015, we had stated that we faced a more competitive market than in previous years and, as a result, we felt it necessary to increase investment in the Division. It was our expectation that we would return to both revenue and profit growth in 2016. The performance in 2015 meant that we began the period with recurring revenues at a lower level that those seen at the same stage in the previous year, but over the reporting period we have wiped out this deficit. Despite economic turbulence, it remains our expectation that the Division will deliver growth in the full year.

 

Dillistone Systems (www.dillistone.com) reported revenues of £2.265m (2015: £2.306m) with recurring revenues up 2% to £1.614m and non recurring revenues down £0.072m in part due to the move in timing of the World Executive Search Congress which is being held in H2 2016 (in H1 2015).

 

The latest release of the FileFinder Anywhere platform has been extremely well received by both existing and new clients. Evidence of this can be seen in our record month of licence implementations in May and the contract that we announced post the period end with the global search firm Alexander Hughes International headquartered out of Paris for circa 200 new licences. By the end of August, we had won new business contracts worth significantly more than our total new business order book for the whole of 2015. Our challenge now is to implement the increased demand for our services while maintaining our performance standards.

 

As anticipated, Divisional profits are down by £0.063m in the period.

 

Voyager Software (www.voyagersoftware.com) has also enjoyed a good trading period with revenue 6% ahead of 2015 at £2.546m (2015: £2.400m). We are particularly pleased with the performance of our Infinity SaaS platform, launched a year ago, and the continued growth in our FCP Evolve Platform. The performance of both of these products gives us improved visibility over future revenues.

 

The Division continues to invest in product development and a series of product enhancements will be announced later this month. Divisional profits increased 5% to £0.412m in the period.

 

Financial Performance

 

Revenue in the six months ended 30 June 2016 increased by 2% to £4.811m (2015: £4.706m). Recurring revenues increased by 4% to £3.384m over the comparable period last year (2015: £3.257m) and represented 70% of total revenues (2015: 69%). Non recurring revenues were down at £1.129m (2015: £1.202m).

 

Cost of sales increased by 5% in H1 2016 mainly due to the continued roll out of third party data centres for hosting our cloud products. Administration expenses rose 3% in H1 2016, in part due to increased depreciation and amortisation charges, relating primarily to investment in product development. Excluding depreciation and amortisation, administrative expenses rose 2% over H1 2015. Administrative costs also include £0.189m (2015: £0.189m) relating to the amortisation of acquisition intangibles.

 

EBITDA grew 2% to £1.204m (2015: £1.185m). Total depreciation and amortisation, including amortisation of acquisition intangibles, increased to £0.656m (2015: £0.599m) resulting in profit before tax being down 5% to £0.538m (2015: £0.566m).

 

The tax charge fell to £0.049m in the period to 30 June 2016 (2015: £0.90m). This gave an effective global tax rate of 9.2% (2015: 15.9%). Excluding acquisition related items the tax rate was 11.34%. The 2015 and 2016 rates have been reduced by claims in the UK for research and development tax credits reflecting the continuing development of our products. The falling UK tax rates have also had a positive impact on the charge, which is offset by the higher rates of corporation tax payable in the US and Australia.

 

Basic EPS increased by 1% to 2.48p (2015: 2.45p).

 

Cash generated from operating activities remained strong at £1.347m (2015: £1.111m). Total cash flow in the 6 months ended 30 June 2016 showed a net cash outflow of £0.070m (2015: outflow £0.560m). The main elements of non-operating expenditure related to dividends paid in the period of £0.541m (2015: £0.528m) and investment in new product development of £0.539m (2015: £0.464m) and deferred and contingent consideration payments in respect of acquisitions £0.212m (2015: £0.666m). At 30 June 2016 we had cash reserves of £1.611m (2015: £1.335m) and £0.242m in borrowings (2015: £0.406m).

 

We continue to follow a progressive dividend policy and, reflecting this, the Board has declared an increase in the interim dividend for 2016 of 2%. Accordingly, a dividend of 1.375p per share (2015: 1.35p) will be paid on 17 November 2016 to holders on the register on 14 October 2016. Shares will trade ex-dividend from 13 October 2016.

 

Strategy

 

The Group remains committed to the continued investment in our core products as a means of delivering organic growth. It will also continue to target appropriate acquisitions in its current or related sectors.

 

Outlook

 

The Board is pleased to see that the Group's investment in the FileFinder Anywhere platform is starting to show real signs of success. Although economic turbulence has had some impact on the number and size of the opportunities available to us, our improved market position has seen an increase in both conversion rates and in average order values. The Dillistone Systems division plans to announce further improvements to the product suite in September 2016 and as a result expects to maintain its improved market performance.

 

Our Voyager Software division has shown growth at both the revenue and the pre-tax profit level, and we expect this to continue. Our Infinity SaaS product, launched in 2015, has proved increasingly popular, though this model does mean that revenue is not recognised as quickly as in the traditional licence sale but has longer term benefits. The Division also plans various product launches and upgrades in the remainder of 2016.

 

The last few months have seen some volatility in the recruitment market. This has led to a reduction in additional licence purchases amongst some of our existing client firms. This has been more than offset by growth in our new business sales and upgrades for existing clients and we expect this trend to continue. However, we would not be immune to a more significant economic slowdown. Nevertheless, with our recurring revenues covering our administrative expenses (excluding acquisition related items), the Group remains in a very solid position. As a result, in H2 of 2016 the Board expects the Group to make further progress and results are anticipated to be in line with market expectations with the Group delivering both revenue and operational profit growth in the full year.

 

The Board therefore remains confident in the future prospects of the Group and has declared an increase in the interim dividend to 1.375p per share.

 

Mike Love

Chairman

 

 

 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

 

	Note	6 Months ended 30 June		Year ended 31 Dec
		2016	2015	2015
		Unaudited	Unaudited	Audited
		£'000	£'000	£'000
Revenue	4	4,811	4,706	9,437
Cost of sales		(694)	(661)	(1,313)
Gross profit		4,117	4,045	8,124
Administrative expenses		(3,569)	(3,459)	(7,016)
Result from operating activities	4	548	586	1,108
Analysed as:
Result from operating activities before acquisition related items		737	775	1,424
Acquisition related items	5	(189)	(189)	(316)
Result after acquisition related items		548	586	1,108
Financial income		3	4	5
Financial cost		(13)	(24)	(41)
Profit before tax		538	566	1,072
Tax (expense)/income	6	(49)	(90)	140
Profit for the period		489	476	1,212
Other comprehensive income net of tax:
Currency translation differences		(4)	(14)	(27)
Total comprehensive income for period net of tax		485	462	1,185
Earnings per share (pence)
Basic	8	2.48	2.45	6.20
Diluted		2.46	2.34	6.00

 

 

 

 

 

 

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

 

			As at
	As at 30 June		31 Dec
	2016	2015	2015
	Unaudited	Unaudited	Audited
ASSETS	£'000	£'000	£'000
Non-current assets
Goodwill	3,415	3,415	3,415
Intangible assets	6,084	6,245	6,163
Property plant & equipment	259	295	257
	9,758	9,955	9,835
Current assets
Inventories	9	27	16
Trade and other receivables	1,961	1,839	1,736
Cash and cash equivalents	1,611	1,335	1,595
	3,581	3,201	3,347
Total assets	13,339	13,156	13,182
EQUITY AND LIABILITIES
Equity
Share capital	983	978	983
Share premium	1,631	1,553	1,631
Merger reserve	365	365	365
Retained earnings	3,956	3,462	4,008
Share option reserve	70	130	71
Translation reserve	97	114	101
Total equity	7,102	6,602	7,159
Liabilities
Non current liabilities
Trade and other payables	178	428	428
Borrowings	72	242	158
Deferred tax	980	1,139	1,006
Current liabilities
Trade and other payables	4,599	4,281	4,193
Borrowings	170	164	167
Current tax payable	238	300	71
Total liabilities	6,237	6,554	6,023
Total liabilities and equity	13,339	13,156	13,182

 

The interim report was approved by the Board of directors and authorised for issue on 20 September 2016. They were signed on its behalf by:

 

JS Starr J P Pomeroy 

 

 

 

 

 

 

 

 

CONSOLIDATED STATEMENT OF CASH FLOWS

			As at
	As at 30 June		31 Dec
	2016	2015	2015
	Unaudited	Unaudited	Audited
	£'000	£'000	£'000
Operating Activities
Profit before tax	538	566	1,072
Add taxation repaid/(paid)	96	(92)	(219)
Adjustment for
Financial income	(3)	(4)	(5)
Financial cost	13	24	41
Depreciation and amortisation	656	600	1,240
Share option expense	(1)	22	28
Other including foreign exchange adjustments arising from operations	(16)	(10)	(16)
Operating cash flows before movements in working capital	1,283	1,106	2,141
Increase in receivables	(155)	(83)	278
Decrease / (Increase) in inventories	8	14	25
Increase in payables	211	74	(307)
Net cash generated from operating activities	1,347	1,111	2,137
Investing Activities
Interest received	3	4	5
Finance cost	(5)	(7)	(13)
Purchases of property plant and equipment	(40)	(60)	(84)
Investment in development costs	(539)	(464)	(961)
Contingent consideration paid	(212)	(666)	(666)
Net cash used in investing activities	(793)	(1,193)	(1,719)
Financing Activities
Proceeds from issue of share capital	-	130	213
Bank loan repayments made	(83)	(80)	(162)
Dividends paid	(541)	(528)	(793)
Net cash used by financing activities	(624)	(478)	(742)
Net change in cash and cash equivalents	(70)	(560)	(324)
Cash and cash equivalents at beginning of the period	1,595	1,929	1,929
Effect of foreign exchange rate changes	86	(34)	(10)
Cash and cash equivalents at end of period	1,611	1,335	1,595

 

 

 

 

 

 

 

 

 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

 

	Share	Share	Merger	Retained	Share	Foreign		Total
	capital	premium	Reserve	earnings	option	exchange
	£'000	£'000	£'000	£'000	£'000	£'000		£'000
Balance at 31 December 2014	969	1,432	365	3,514	118	128		6,526
Comprehensive income
Profit for the 6 months ended 30 June 2015	-	-	-	476	-	-		476
Other comprehensive income
Exchange differences on translation of overseas operations	-	-	-	-	-	(14)		(14)
Total comprehensive income	-	-	-	476	-	(14)		462
Transactions with owners
Issue of share capital	9	121	-	-	-	-		130
Share option charge	-	-	-	-	12	-		12
Dividends paid	-	-	-	(528)	-	-		(528)
Balance at 30 June 2015	978	1,553	365	3,462	130	114		6,602
Comprehensive income
Profit for the 6 months ended 31 Dec 2015	-	-	-	736	-	-		736
								-
Other comprehensive income								-
Exchange differences on translation of overseas operations	-	-	-	-	-	(13)		(13)
Total comprehensive income	-	-	-	736	-	(13)		723
Transactions with owners
Issue of share capital	5	78						83
Share option charge	-	-	-	75	(59)	-		16
Dividends paid	-	-	-	(265)	-	-		(265)
Balance at 31 December 2015	983	1,631	365	4,008	71	101		7,159
Comprehensive income
Profit for the 6 months ended 30 June 2016	-	-	-	489	-	-		489
								-
Other comprehensive income								-
Exchange differences on translation of overseas operations	-	-	-	-	-	(4)		(4)
Total comprehensive income	-	-	-	489	-	(4)		485
Transactions with owners
Issue of share capital	-	-	-	-	-	-		-
Share option charge	-	-	-	-	(1)	-		(1)
Dividends paid	-	-	-	(541)	-	-		(541)
Balance at 30 June 2016	983	1,631	365	3,956	70	97		7,102

 

 

 

 

NOTES TO THE INTERIM

NOTES TO THE UNAUDITED INTERIM REPORT

CONSOLIDATED STATEMENT OF

1. Basis of Preparation

 

The financial information for the six months ended 30 June 2016 included in this condensed interim report comprises the consolidated statement of comprehensive income, the consolidated statement of financial position, the consolidated statement of cash flows, the consolidated statement of changes in equity and the related notes on pages 12 - 18.

 

These interim financial statements have not been audited nor have they been reviewed by the auditors under ISRE 2410 of the Auditing Practices Board. The financial information set out in this report does not constitute statutory accounts as defined by the Companies Act 2006. The comparative figures for the year ended 31 December 2015 were derived from the statutory accounts for that year which have been delivered to the Registrar of Companies. Those accounts received an unqualified audit report which did not contain statements under sections 498(2) or (3) (accounting records or returns inadequate, accounts not agreeing with records and returns or failure to obtain necessary information and explanations) of the Companies Act 2006.

 

The interim financial statements have been prepared on the basis of the accounting policies set out in the December 2015 financial statements of Dillistone Group Plc and on a going concern basis. They are presented in sterling which is also the functional currency of the parent company. They do not include all of the information required in annual financial statements in accordance with IFRS and should be read in conjunction with the consolidated financial statements of the Group for the year ended 31 December 2015.

 

Dillistone Group Plc is the Group's ultimate parent company. It is a public listed company and is domiciled in the United Kingdom. The address of its registered office and principal place of business is 50 Leman St, London, E1 8HQ. Dillistone Group Plc's shares are listed on the Alternative Investment Market (AIM).

 

2. Share Based Payments

 

The Company operates two share option schemes. The fair value of the options granted under these schemes is recognised as an employee expense with a corresponding increase in equity. The fair value is measured at grant date and spread over the period at the end of which the option holder may exercise the option. The fair value of the options granted is measured using the Black-Scholes model.

  

3 Reconciliation of adjusted operating profits to consolidated statement of comprehensive income

 

 

30 June 2016 and 30 June 2015

 

		Adjusted operating profits	Acquisition related items			Adjusted operating profits	Acquisition related items
		30 June 2016	2016*	30 June 2016		30 June 2015	2015*	30 June 2015
		£'000	£'000	£'000		£'000	£'000	£'000
Revenue		4,811	-	4,811		4,706	-	4,706
Cost of sales		(694)	-	(694)		(661)	-	(661)
Gross profit		4,117	0	4,117		4,045	-	4,045
Administrative expenses		(3,380)	(189)	(3,569)		(3,270)	(189)	(3,459)
Results from operating activities		737	(189)	548		775	(189)	586
Financial income		3	-	3		4	-	4
Financial cost		(5)	(8)	(13)		(7)	(17)	(24)
Profit before tax		735	(197)	538		772	(206)	566
Tax expense/(income)		(83)	34	(49)		(128)	38	(90)
Profit for the year		652	(163)	489		644	(168)	476
Other comprehensive income net of tax:
Currency translation differences		(4)	-	(4)		(14)	-	(14)
Total comprehensive income for the year net of tax		648	(163)	485		630	(168)	462

 

 

Earnings per share - from continuing activities

 

Basic			3.31p			2.48p		3.31p	2.45p
Diluted			3.28p				2.46p	3.16p		2.34p

 

* see accounts note 5

 

 

31 December 2015

 

		Adjusted operating profits	Acquisition related items
		31 December 2015	2015*		31 December 2015
		£'000	£'000		£'000
Revenue		9,437	-		9,437
Cost of sales		(1,313)	-		(1,313)
Gross profit		8,124	-		8,124
Administrative expenses		(6,700)	(316)		(7,016)
Results from operating activities		1,424	(316)		1,108
Financial income		5	-		5
Financial cost		(13)	(28)		(41)
Profit before tax		1,416	(344)		1,072
Tax income		3	137		140
Profit for the year		1,419	(207)		1,212
Other comprehensive income net of tax:
Currency translation differences		(27)	-		(27)
Total comprehensive income for the year net of tax		1,392	(207)		1,185

 

 

Earnings per share - from continuing activities

 

Basic	7.26p	6.20p
Diluted	7.02p	6.00p

 

 

* see accounts note 5

 

 

4. Segment reporting

 

			Year ended
	6 months ended 30 June			31 Dec
	2016	2015		2015
	£'000	£'000		£'000
Revenue
Dillistone Systems	2,265	2,306	4,620
Voyager Software	2,546	2,400	4,831
Inter-divisional	-	-	(14)
Total revenue	4,811	4,706	9,437

 

Results by division
					Year ended
	6 months ended 30 June					31 Dec
	2016		2015			2015
	£'000		£'000			£'000
Results from operating activities
Dillistone Systems		417	480		891
Voyager Software		412	392		629
		829	872		1,520
Central		(92)	(97)		(96)
Amortisation of acquisition intangibles and other items		(189)	(189)		(316)
Result from operating activities		548	586		1,108

 

Geographical segments
The following table provides an analysis of the Group's revenues by geographical market.
									Year ended
	6 months ended 30 June						31 Dec
	2016			2015				2015
	£'000			£'000				£'000
UK	3,938			3,805				7,642
US	679			676				1,381
Australia	194			225				414
	4,811			4,706				9,437

 

 

4. Segment reporting (continued)

Business Segment
The following table provides an analysis of the Group's revenues by products and services.
					Year ended
	6 months ended 30 June				31 Dec
	2016		2015		2015
	£'000		£'000		£'000
Recurring	3,384		3,257		6,606
Non recurring	1,129		1,202		2,333
Third party revenues	298		247		498
	4,811		4,706		9,437
Recurring income includes all support services, software as a service income (SaaS) and hosting income. Non-recurring income includes sales of new licenses, and income derived from installing those licenses including training, installation, and data translation. Third party revenues arise from the sale of third party software.

 

5 Acquisition related items

			Year ended
	6 months ended 30 June		31 Dec
	2016	2015	2015
	£'000	£'000	£'000
Estimated change in fair value of contingent consideration	-	-	(63)
Amortisation of acquisition intangibles	189	189	379
	189	189	316
Unwinding of discount on contingent consideration	8	17	28
Total	197	206	344

 

6 Tax

			Year ended
	6 months ended 30 June		31 Dec
	2016	2015	2015
	£'000	£'000	£'000
Current tax charge	73	103	191
Prior year adjustment - current tax	-	-	(185)
Deferred tax charge	10	25	(25)
Prior year adjustment - deferred tax	-	-	16
Deferred tax re acquisition intangibles	(34)	(38)	(137)
Total	49	90	(140)

 

The tax charge is impacted by the higher rates of corporation tax payable in the US and Australia offset by the R&D tax credits available to both Dillistone Systems and Voyager Software. Deferred tax has been provided at 18%.

 

7. Dividends

 

The Board has decided to pay an interim dividend of 1.375p per share (2015: 1.35p) on 17 November 2016 to holders on the register on 14 October 2016. Shares will trade ex-dividend from 13 October 2016.

 

8. Earnings per Share

			Year ended
	6 months ended 30 June		31 Dec
	2016	2015	2015
Basic earnings per share
Profit attributable to ordinary shareholders	£489,000	£476,000	£1,212,000
Weighted average number of shares	19,668,021	19,434,115	19,547,754
Basic earnings per share (pence)	2.48	2.45	6.20
Diluted earnings per share
Profit attributable to ordinary shareholders	£489,000	£476,000	£1,212,000
Diluted weighted average number of shares	19,857,686	20,337,715	20,209,339
Diluted earnings per share (pence)	2.46	2.34	6.00

 

9. Related party transactions

 

The Company has a related party relationship with its subsidiaries, its directors, and other employees of the Company with management responsibility. There were no transactions with these parties during the period outside the usual course of business.

 

There were no transactions with any other related parties.

 

 

 

 

 

 

This information is provided by RNS

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