Eco Animal Regulatory News (EAH)

3 Dec 2014 07:00

3rd December 2014

ECO Animal Health Group plc

(AIM: EAH)

Results for the six months ended 30 September 2014

ECO ANIMAL HEALTH REPORTS STRONG FIRST HALF PERFORMANCE

HIGHLIGHTS

Finance

11% increase in revenue to £17.0 million (2013: £15.3 million), equivalent to over 20% at constant exchange rates (CER) 13% increase in gross profit to £7.6 million (2013: £6.8 million) with gross profit margin increased to 45% 14% increase in EBITDA (earnings before interest, tax, depreciation, amortisation, share based payments and foreign exchange movements) to £3.4 million (2013: £3.0 million), equivalent to over 30% increase in EBITDA at CER Cash generation from operations up 20% to £1.8 million (2013: £1.5 million) Reintroduction of interim dividend of 1.75 pence per share Pre-tax profit up 102% to £2.0 million (2013: £1.0 million)

Operations

Improvement in product mix with a greater focus on higher margin business Demand for Aivlosin® continues to grow strongly with sales up 14% Strong performances in North America, China and Europe Further advance in Southeast Asian territories following recent acquisition

Peter Lawrence, Executive Chairman of ECO Animal Health Group plc, commented:

“The second half of the year has started well and is maintaining the momentum of the first six months. While the company continues to apply for further marketing authorisations, it is rewarding to see the results of our change of focus from gaining intellectual property to delivering profitable and growing sales of our licensed products.

As we expand sales into existing and newly licensed territories and grow market shares for our exciting range of veterinary pharmaceutical products, I look forward with confidence to ECO delivering an impressive performance when results for the full year are announced next summer.”

Contacts:
ECO Animal Health Group plc
Peter Lawrence		020 8336 6190
Spiro Financial
Anthony Spiro		020 8336 6196
Peel Hunt LLP (Nominated Adviser )
Dan Webster, Dan Harris, George Sellar		020 7418 8869

ECO Animal Health Group plc is a leader in the development, registration and marketing of pharmaceutical products for animals. Our products for these global growth markets promote well-being. Our financial goals are achieved through the careful and responsible application of science to generate value for our shareholders.

Chairman’s Statement

I am delighted to report that ECO Animal Health Group plc has delivered another strong performance in the six months ended 30 September 2014, building on the progress of previous years. These results demonstrate the global acceptance of our veterinary pharmaceutical products in general and of Aivlosin®, our patented macrolide antibiotic, in particular. Once again, these results have been achieved during a period of relative strength of sterling against the basket of currencies in which we trade.

Financial performance

Sales advanced by 10.7% to £17.0m (2013: £15.3m); this increase is 20% at constant exchange rates i.e. as if the 2013 sales are recalculated using the same average exchange rates as applied in 2014. Earnings before interest, tax, depreciation, amortisation, minority interests, share based payments and foreign exchange differences (EBITDA) increased by over 14% to £3.4m (2013: £3.0m); this increase becomes 30% at constant exchange rates. Our balance sheet remains strong and Group cash at the period end was £14.2m, this is after the payment of the dividend in August and includes cash generated from operations of some £1.8m (2013: £1.5m). Pre-tax profit more than doubled to £2.0 million (2013: £1.0 million).Earnings per share increased by 219% to 2.68 pence (2013: 0.84 pence).

The Board is pleased to declare an interim dividend of 1.75 pence per share to be paid on 7th April 2015 to shareholders on the register on 13th March 2015. The reintroduction of an interim dividend, which was last declared in 2008, reflects the Board’s confidence in the growth prospects of the company.

We have invested in working capital for the expansion of business in important new territories such as North America, Russia and South Korea and also in the development of new Aivlosin® indications and marketing authorisations (licences), as well as building our sales, marketing and technical capabilities around the globe. These investments, principally in skilled staff, while having a short term impact on EBITDA, are an investment in the future of ECO and reflect our confidence in the business.

Operations

Worldwide sales of Aivlosin® continue to grow and increased by 14% compared with the same period last year. In the USA and Canada, territories which account for more than one third of its potential world market, sales of Aivlosin® continue to build strongly. Aivlosin® was granted its first marketing authorisation in the USA in 2012 and it is very encouraging to see how rapidly and successfully sales for this flagship product are progressing in this key market.

In July, we reported that a temporary reduction in pig numbers in North America, as a result of Porcine Endemic Diarrhoea virus (PEDv) combined with increased consumer demand, had resulted in near record pork prices. It now appears that the incidence of the disease may have peaked and there are now two vaccines licensed against PEDv in the USA. These related events should allow greater access to pig producers by our salesforce, enabling us to build on our already excellent start.

While the licensing authorities around the world recommend the overall reduction of the use of growth promoting antibiotics, this direction of travel plays straight to the advantages of Aivlosin® which is a veterinary prescribed drug. It is used at low but efficacious dose rates for short durations of treatments and thus meets all the current guidelines for the judicious use of antimicrobials.

In October, after the period end, our joint venture partner in the USA (Pharmgate LLC) acquired a leading animal health business with a strong presence in the North American market. This purchase will result in a significant expansion of our sales force which will be able to offer a larger, complementary range of products to customers. We expect that this development will lead to a further increase in market share in North America.

In China, our subsidiary, Zhejiang ECO Biok Animal Health Products, which has recently celebrated its 10th anniversary, had another very successful six months with sales rising 9% in sterling, or 18% in local currency, compared with the same period in the previous year.

In July, we acquired the business of our long standing Southeast Asian distributor, based in Kuala Lumpur with representation throughout the region. This operation has performed well with sales up almost 60% in US dollars or 45% in sterling, compared with the same period in the previous year. ECO is currently undertaking a full strategic review of the opportunities offered by these important pig and poultry markets and is confident that with renewed focus and greater technical, sales and marketing support, the region will have a significant commercial impact on future results.

In Japan, the ongoing weakness of the yen during the period continued to affect our results. In Latin America, the uncertain economic and political situation, particularly in Argentina and Venezuela, had a similar effect. However there was a significant upturn in business in Mexico and a key tender was won in Brazil, which will have a positive impact during the year.

Sales in Europe were rewardingly strong, increasing by over 66%, compared with the equivalent period last year, although the economic climate remains difficult. This impressive performance reflects the benefits of our investment in the region.

Work is progressing well on the implementation of our supply chain strategy, which involves managing the stock to the levels required to support the ongoing expansion of our global business.

We continue to invest in our product development pipeline, with the aim of obtaining additional marketing authorisations for further disease indications in both our traditional pig and poultry sectors, as well as for new species.

Board

Julia Henderson, who is in her sixth year as a non-executive director, has decided to retire from the Board. I would like to thank Julia for her wise counsel which has been invaluable; her experience and common sense will be greatly missed. The process of identifying a suitable successor is well underway.

Outlook

The second half of the year has started well and is maintaining the momentum of the first six months. While the company continues to apply for further marketing authorisations, it is rewarding to see the results of our change of focus from gaining intellectual property to delivering profitable and growing sales of our licensed products.

As we expand sales for our exciting range of veterinary pharmaceutical products in both new and existing territories, I look forward with confidence to ECO delivering an impressive performance when results for the full year are announced next summer.

Peter A Lawrence

3 December 2014

CONSOLIDATED INCOME STATEMENT
FOR THE SIX MONTHS TO 30 SEPTEMBER 2014
						Six months			Six months			Year
						to			to			ended
						30.09.14			30.09.13			31.03.14
		Notes				(unaudited)			(unaudited)			(audited)
						£000			£000			£000
Revenue		3				16,959			15,311			31,865
Cost of sales						(9,333)			(8,542)			(17,726)
Gross Profit						7,626			6,769			14,139
Other operating income						138			101			324
Administrative expenses						(4,435)			(3,990)			(7,588)
Currency profits/(losses)						146			(436)			(264)
Amortisation of intangible assets						(1,236)			(1,131)			(2,336)
Share based payments						(162)			(162)			(307)
Profit from operating activities:						2,077			1,151			3,968
Net finance (expense)						(57)			(153)			(285)
Profit before income tax						2,020			998			3,683
Income tax (charge)						(199)			(263)			(602)
Profit for the period from continuing operations						1,821			735			3,081
Attributable to:
Owners						1,606			444			2,431
Minority interest						215			291			650
						1,821			735			3,081
BASIC EARNINGS PER SHARE		5				2.68p			0.84p			4.35p
FULLY DILUTED EARNINGS PER SHARE		5				2.66p			0.82p			4.30p
Earnings from continuing activities before
interest, taxation, depreciation, amortisation
and share based payments						3,554			2,534			6,784
Exclude foreign exchange differences						(146)			436			264
EBITDA						3,408			2,970			7,048
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS TO 30 SEPTEMBER 2014
				Six months				Six months					Year
				to				to					ended
				30.09.14				30.09.13					31.03.14
				(unaudited)				(unaudited)					(audited)
				£000				£000					£000
Profit for the period				1,821				735					3,081
Foreign currency translation differences				36				(383)					(651)
Defined benefit pension plan - actuarial gains				-				-					25
Revaluation of freehold property				-				-					-
Deferred tax on revaluation				-				-					10
Other comprehensive income for the period				36				(383)					(616)
Total comprehensive income for the period				1,857				352					2,465
Attributable to:
Owners				1,579				127					1,956
Minority interest				278				225					509
				1,857				352					2,465

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS TO 30 SEPTEMBER 2014
		Share		Share		Other		Revaluation		Treasury		Retained		Total		Minority		Total
		Capital		Premium		Reserves		Reserves		Reserve		Earnings				Interest		Equity
		Account		Account
		£000		£000		£000		£000		£000		£000		£000		£000		£000
At 1 April 2013		2,767		37,881		5,050		524		(5,218)		16,829		57,833		2,459		60,292
Total comprehensive income for the period:
Profit for the period		-		-		-		-		-		2,431		2,431		650		3,081
Other comprehensive income
Deferred taxation movements		-		-		-		10		-		-		10		-		10
Foreign currency translation differences		-		-		-		-		-		(511)		(511)		(141)		(652)
Actuarial gains on pension scheme assets		-		-		-		-		-		25		25		-		25
Total comprehensive income for the period		-		-		-		10		-		1,945		1,955		509		2,464
Transactions with owners
Arising on issue of shares in the period		356		12,298		-		-		-		-		12,654		-		12,654
Dividends		-		-		-		-		-		(2,110)		(2,110)		(799)		(2,909)
Transfer from special reserve to share premium		-		3,250		(3,250)		-		-		-		-		-		-
Share based payments		-		-		307		-		-		-		307		-		307
Transfer to retained earnings on option expiry		-		-		(291)		-		-		291		-		-		-
Total transactions with owners		356		15,548		(3,234)		-		-		(1,819)		10,851		(799)		10,052
At 31 March 2014		3,123		53,429		1,816		534		(5,218)		16,955		70,639		2,169		72,808
Total comprehensive income for the period:
Profit for the period		-		-		-		-		-		1,606		1,606		215		1,821
Other comprehensive income
Foreign currency translation differences		-		-		-		-		-		(27)		(27)		63		36
Total comprehensive income for the period		-		-		-		-		-		1,579		1,579		278		1,857
Transactions with owners
Share based payments		-		-		162		-		-		-		162		-		162
Transfer to retained earnings on option expiry		-		-		(38)		-		-		38		-		-		-
Dividends		-		-		-		-		-		(2,515)		(2,515)		-		(2,515)
Total transactions with owners		-		-		124		-		-		(2,477)		(2,353)		-		(2,353)
At 30 September 2014		3,123		53,429		1,940		534		(5,218)		16,057		69,865		2,447		72,312
Prior interim period
At 1 April 2013		2,767		37,881		5,050		524		(5,218)		16,829		57,833		2,459		60,292
Total comprehensive income for the period:
Profit for the period		-		-		-		-		-		444		444		291		735
Other comprehensive income
Foreign currency translation differences		-		-		-		-		-		(317)		(317)		(66)		(383)
Total comprehensive income for the period		-		-		-		-		-		127		127		225		352
Transactions with owners
Arising on issue of shares in the period		2		29		-		-		-		-		31		-		31
Share based payments		-		-		162		-		-		-		162		-		162
Transfer to retained earnings on option expiry		-		-		(290)		-		-		290		-		-		-
Dividends		-		-		-		-		-		-		-		(800)		(800)
Total transactions with owners		2		29		(128)		-		-		290		193		(800)		(607)
At 30 September 2013		2,769		37,910		4,922		524		(5,218)		17,246		58,153		1,884		60,037

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
							As at				As at				As at
							30.09.14				30.09.13				31.03.14
							(unaudited)				(unaudited)				(audited)
				Notes			£000				£000				£000
ASSETS
Non current assets
Goodwill and other intangibles				8			45,043				42,059				43,172
Property,plant and equipment				9			1,072				1,079				1,002
Investment property				10			147				150				148
Investments							9				9				9
							46,271				43,297				44,331
Current assets
Inventories							9,536				5,634				6,972
Trade and other receivables							9,407				9,579				9,869
Income tax recoverable							46				19				27
Other taxes and social security							477				180				304
Cash and cash equivalents							17,521				5,723				18,240
							36,987				21,135				35,412
Total assets							83,258				64,432				79,743
Current liabilities
Trade and other payables							(7,125)				(3,809)				(6,343)
Short term borrowings							(3,229)				-				-
Income tax							(119)				(100)				(206)
Other taxes and social security							(268)				(234)				(178)
Dividends							(37)				(32)				(31)
							(10,778)				(4,175)				(6,758)
Total assets less current liabilities							72,480				60,257				72,985
Non current liabilities
Deferred tax							(168)				(220)				(177)
							72,312				60,037				72,808
Equity
Capital and reserves
Called up share capital							3,123				2,769				3,123
Share premium							53,429				37,910				53,429
Treasury Reserve							(5,218)				(5,218)				(5,218)
Revaluation reserve							534				524				534
Other reserves							1,940				4,922				1,816
Retained earnings							16,057				17,246				16,955
							69,865				58,153				70,639
Minority interest							2,447				1,884				2,169
Total equity							72,312				60,037				72,808

CONSOLIDATED STATEMENT OF CASHFLOWS
		Six months to		Six months to		Year ended
		30.09.14		30.09.13		31.03.14
		(unaudited)		(unaudited)		(audited)
		£000		£000		£000
Profit before tax		2,020		998		3,683
Adjustment for:
Net finance costs		57		153		285
Depreciation of property plant and equipment and profits or losses on disposal.		79		90		173
Amortisation of intangible assets		1,236		1,131		2,336
Pension payments		0		0		(54)
Pension operating costs		0		0		4
Share based payments		162		162		307
Operating cash flow before movement in working capital		3,554		2,534		6,734
Change in inventories		(2,564)		792		(546)
Change in receivables		289		1,661		1,321
Change in payables		872		(3,131)		(653)
Cash generated from operations		2,151		1,856		6,856
Interest (paid)		(1)		(5)		(33)
Income tax (paid)		(314)		(345)		(619)
Net cash inflow from operating activities		1,836		1,506		6,204
Cash flows from investing activities
Purchase of property plant and equipment		(179)		(17)		(32)
Sale of motor vehicle		6		14		15
Costs of acquiring drug registrations and distribution rights		(3,107)		(2,021)		(4,340)
Interest received		33		0		58
Net cash (used in) investing activities		(3,247)		(2,024)		(4,299)
Cash flows from financing activities
Issue of shares		0		31		12,629
Dividends paid		(2,509)		(800)		(2,885)
Net cash (used in) financing activities		(2,509)		(769)		9,744
Net (decrease)/increase in cash and cash equivalents		(3,920)		(1,287)		11,649
Foreign exchange movements		(28)		(519)		(939)
Cash and cash equivalents at the beginning of the period		18,240		7,529		7,530
Cash and cash equivalents at the end of the period		14,292		5,723		18,240

NOTES TO THE PRELIMINARY RESULTS FOR THE SIX MONTHS TO 30 SEPTEMBER 2014

1. Basis of preparation

The financial information for the period to 30 September 2014 does not constitute statutory accounts as defined by Section 435 of the Companies Act 2006. It has been prepared in accordance with the accounting policies set out in, and is consistent with, the audited financial statements for the twelve months to 31 March 2014.

The Group applies revised IAS 1 “Presentation of Financial Statements (2007)”, which became effective as of 1 January 2009. As a result, the Group presents all non-owner changes in equity in consolidated statements of comprehensive income and all owner changes in equity in consolidated statements of changes in equity.

2. Statement of compliance

The interim financial statements do not include all of the information required for full annual financial statements and do not comply with all of the disclosure requirements in IAS 34 “Interim Financial Reporting”. Accordingly, whilst the interim statements have been prepared in accordance with IFRS, they cannot be construed as being in full compliance with IFRS and should be read in conjunction with the consolidated financial statements of the Group for the year ended 31 March 2014.

3. Revenue is derived from the Group’s animal pharmaceutical businesses.

4. Principal risks and uncertainties

These were set out on pages 58-60 of the notes to the consolidated financial statements for the year ended 31 March 2014. The key exposures are to foreign currency exchange rates, potential delays in obtaining marketing authorisations and single sources of supply for some raw materials and have remained unchanged since the year end.

5. Earnings per share

			Six months			Six months
			to			to			Year ended
			30.09.14			30.09.13			31.03.14
			(unaudited)			(unaudited)			(audited)
Weighted average number of shares in issue (000's)			59,871			52,759			55,871
Fully diluted weighted average number of shares in issue (000's)			60,312			53,860			56,562
Profit attributable to equity holders of the company (£'s)			1,605,999			442,842			2,431,143
Basic earnings per share (pence)			2.68			0.84			4.35
Fully diluted earnings per share (pence)			2.66			0.82			4.30
6. Dividends
			Six months			Six months
			to			to			Year ended
			30.09.14			30.09.13			31.03.14
			(unaudited)			(unaudited)			(audited)
			£000			£000			£000
Dividend in respect of the year ended 31 March 2013
55,376,006 shares at 4.0p per share.			-			-			2,213
Dividend in respect of the year ended 31 March 2014
62,474,231 shares at nil 4.2p per share.			2,634			-			-
Dividend waived by employee benefit trust			(119)			-			(103)
			2,515			-			2,110

7. Related party transactions

At the balance sheet date, ECO Animal Health Group plc owed P A Lawrence, a director of ECO Animal Health Group plc, and members of his family a balance amounting to £133,843 (30 September 2013: £101,901).

During the period the Group provided management services to Anpario plc and C-Corp Limited, companies in which P A Lawrence is a director and holds equity interests. Fees charged were: Anpario plc £16,250 (2013: £16,250) and C-Corp Limited £21,663 (2013: £21,699).

During the period the Group made sales to Zhejiang ECO Biok Animal Health Products Limited at an arm’s length basis to the value of £2,913,590 (Six months to 30 September 2013: £1,080,347). At the end of this period there was an intercompany balance owing from this company of £1,093,822 (30 September 2013: £515,298).

The Group also made sales on an arm’s length basis to ECO Animal Health do Brasil Comercio de Productos Veterinarios Ltda to the value of £1,584,059 (Six months to 30 September 2013 £1,110,482). At the end of the period there was an intercompany balance of £551,596 (30 September 2013: £551,596).

The Group also made sales on an arm’s length basis to ECO Animal Health Japan Inc (formerly ECOpharma Inc) to the value of £161,065 (30 September 2013: £407,745). At the end of the period there was an intercompany balance of £84,191 (30 September 2013: £135,007).

The Group also made sales on an arm’s length basis to ECO Animal Health de Mexico to the value of £62,941 (Six months to September 2013: 247,393). At the end of the period there was an inter-company balance of £814,965 (30 September 2013: £802,198).

The Group also made sales on an arm’s length basis to ECO Animal Health USA Corp to the value of £1,396,259 (six months to 30 September 2013: £502,576). At the end of the period there was an inter-company balance of £1,024,205 (30 September 2013: £723,780).

The Group also made sales on an arm’s length basis to Pharmgate Animal Health Canada Inc to the value of £889,821 (six months to September 2013: £200,137). At the end of the period there was an inter-company balance of £354,769 (30 September 2013: £61,900).

All of the transactions have been eliminated on consolidation, as well as the whole of the balances relating to the subsidiaries and the group’s share of the balances relating to the US and Canadian joint ventures. During the period ECO Animal Health Ltd and ECO Animal Health Group plc received no dividend (2013: £831,764) from Zhejiang ECO Biok Animal Health Products Limited.

8. Intangible non-current assets

				Distribution		Development
		Goodwill		Rights		Costs				Total
Cost		£000		£000		£000				£000
Cost at 1 April 2013		17,930		1,266		43,912				63,108
Additions		-		-		2,021				2,021
Cost at 30 September 2013		17,930		1,266		45,933				65,129
Additions		-		-		2,319				2,319
Cost at 31 March 2014		17,930		1,266		48,252				67,448
Additions		-		176		2,931				3,107
Cost at 30 September 2014		17,930		1,442		51,183				70,555
Amortisation
Amortisation at 1 April 2013		-		481		21,458				21,939
Charge for the period		-		31		1,100				1,131
Amortisation at 30 September 2013		-		512		22,558				23,070
Charge for the period		-		32		1,173				1,205
Foreign exchange movements		-		-		1				1
Amortisation at 31 March 2014		-		544		23,732				24,276
Charge for the period		-		35		1,201				1,236
Amortisation at 30 September 2014		-		579		24,933				25,512
Net book value at 30 September 2014		17,930		863		26,250				45,043
Net book value at 1 April 2014		17,930		722		24,520				43,172
Net book value at 30 September 2013		17,930		754		23,375				42,059
Net book value at 1 April 2013		17,930		785		22,454				41,169

9. Property, plant and equipment

Property, plant and equipment						Fixtures,
		Freehold		Plant and		fittings &		Motor
		Property		Machinery		equipment		Vehicles				Total
Cost		£000		£000		£000		£000				£000
Cost at 1 April 2013		650		1,266		649		102				2,667
Additions		-		12		5		-				17
Disposals		-		-		-		(27)				(27)
Foreign exchange movements		-		(41)		(1)		-				(42)
Cost at 30 September 2013		650		1,237		653		75				2,615
Additions		-		8		7		-				15
Disposals		-		-		(188)		-				(188)
Foreign exchange movements		-		(40)		-		-				(40)
Cost at 1 April 2014		650		1,205		472		75				2,402
Additions		-		58		93		27				178
Disposals		-		-		-		(11)				(11)
Foreign exchange movements		-		-		-		-				-
Cost at 30 September 2014		650		1,263		565		91				2,569
Depreciation
Depreciation at 1 April 2013		-		882		557		52				1,491
Charge for the period		5		58		17		8				88
Disposals		-		-		-		(13)				(13)
Foreign exchange movements		-		(30)		-		-				(30)
Depreciation at 30 September 2013		5		910		574		47				1,536
Charge for the period		4		55		15		8				82
Disposals		-		-		(188)		-				(188)
Revaluations		-		-		-		-				-
Foreign exchange movements		-		(31)		-		1				(30)
Depreciation at 1 April 2014		9		934		401		56				1,400
Charge for the period		5		52		18		9				84
Disposals		-		-		-		(11)				(11)
Foreign exchange movements		-		24		-		-				24
Depreciation at 30 September 2014		14		1,010		419		54				1,497
Net book value
Net book value at 30 September 2014		636		253		146		37				1,072
Net book value at 1 April 2014		641		271		71		19				1,002
Net book value at 30 September 2012		645		327		79		28				1,079
Net book value at 1 April 2012		650		384		92		50				1,176

10 Investment property

				Freehold
				Property				Total
Cost				£000				£000
Cost at 1 April 2013 through to 30 September 2014				157				157
Depreciation
Depreciation at 1 April 2013				5				5
Charge for the period ended 30 September 2013				2				2
Depreciation at 30 September 2013				7				7
Charge for the period ended 31 March 2014				1				1
Depreciation at 31 March 2014				8				8
Charge for the period ended 30 September 2014				2				2
Depreciation at 30 September 2014				10				10
Net book value
Net book value at 30 September 2014				147				147
Net book value at 31 March 2014				149				149
Net book value at 30 September 2013				150				150
Net book value at 1 April 2013				152				152

This financial information was approved by the board on 02 December 2014.

Copies of this interim report are being sent to all of the Company’s shareholders. Further copies can be obtained from the Company’s registered office at 78 Coombe Road, New Malden, Surrey KT3 4QS.

DIRECTORS AND OFFICERS		Peter Lawrence		(Chairman)
		Marc Loomes		(Chief Executive)
		Kevin Stockdale		(Finance Director)
		Julia Trouse		(Executive Director and Company secretary)
		Brett Clemo		(Executive Director)
		David Danson		(Non-Executive Director)
		Julia Henderson		(Non-Executive Director)
REGISTERED OFFICE		78 Coombe Road, New Malden, Surrey. KT3 4QS
		Tel: 020-8336-2900		Fax: 020-8336-0909
COMPANY NUMBER		01818170

Copyright Business Wire 2014