Eco Animal Regulatory News (EAH)

10 Dec 2013 07:00

10 December 2013

ECO Animal Health Group plc

(AIM: EAH)

Results for the six months ended 30 September 2013

HIGHLIGHTS

34% increase in gross profit to £6.8 million (2012: £5.1 million) EPS rises to 0.84 pence ( 2012: loss 0.16 pence ) Revenue up 34% to £15.3 million (2012: £11.5 million) Earnings before interest, tax, depreciation, amortisation, share based payments and foreign exchange movements, increased by 45% to £2.97 million (2012: £2.01 million) Gross profit margin maintained at 44%, reflecting the improvement in product mix with a greater focus on higher margin business Successful placing post year end raised £11.5 million net to fund growth Demand for Aivlosin® continues to grow strongly and now represents over 70% of total sales Strong performances from BRIC countries with continued progress in North America while Europe is recovering Further Aivlosin® marketing authorisation in Russia received after period end

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

“The second half of the year, which traditionally provides the majority of the contribution to our full year results, has started well. The recent granting of important new approvals has further strengthened the Company’s growth prospects and this will be boosted again when additional important marketing authorisations, currently still with the regulatory authorities, are granted. The Group is continuing to build on its exceptional, modern antimicrobial treatments and has already become a force in global animal health markets and this is expected to continue as we deliver further value to our shareholders.”

Contacts:

ECO Animal Health Group plc

Peter Lawrence 020 8336 6190

Spiro Financial

Anthony Spiro 020 8336 6196

Cenkos Securities plc (Nominated Adviser)

Stephen Keys 020 7397 8926

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 very pleased to report that ECO Animal Health Group has once again delivered a strong set of results for the six months ended 30 September 2013.

Demand for Aivlosin®, ECO’s patented macrolide antibiotic used for the treatment of a variety of economically important respiratory and enteric (gut) diseases in pigs and poultry, continues to grow strongly. Worldwide demand for animal health products for farmed animals is influenced by several factors ranging from levels of economic activity to outbreaks of disease. It is encouraging to report that in many of the markets we serve, conditions have begun to improve with pork and poultry prices rising and grain prices declining after years of difficult trading conditions for producers.

Financial

Gross profit increased by over 34 percent to a record £ 6.8 million (2012: £5.1 million). The impact of our strategy of focussing on higher margin business is being reflected positively in our financial performance as we progressively switch away from large volume sales of lower margin generic drugs to concentrate on more profitable lines. As a result, the higher margins enjoyed over recent trading periods have been maintained during these last six months.

Sales advanced strongly to £ 15.3 million for the period (2012: £11.4 million), an increase of over 33 per cent, of which the majority of this uplift was attributable to Aivlosin®, our patented antibiotic.

Earnings per share increased to 0.84 pence (2012: loss 0.16 pence) while earnings before interest, tax, depreciation, amortisation, share based payments and foreign exchange movements, amounted to almost £3.0 million (2012: £2.0 million). Our balance sheet remains strong with net cash at the period end of £ 5.7 million and this has increased to £17.6m as at the 6th of December, which includes the proceeds of the recent placing.

In early October, after the period end, the Company raised £11.5 million net of expenses by way of a placing new ordinary shares with a number of new and existing institutional investors. The lengthy cash cycle of the Company, due to supply chain complexity, means that as sales have expanded the working capital demands to finance debtors have increased; the Company also needed to build up sufficient stocks of Aivlosin® in strategic zones to cover up to six months of sales. The Company is grateful to all those who supported the placing so strongly.

Operations

Sales of Aivlosin® are building steadily in Canada and the USA following the successful launch in those major markets in 2012. We also experienced continued good growth from our Chinese subsidiary, Zhejiang ECO Biok Animal Health Products and a strong recovery in Brazil and India. Aivlosin® and the Ecomectin® range of antiparasitic formulations both performed well in Europe reflecting the benefits of a realigned distribution strategy and improved economic prospects in the region. It is also encouraging that the political and economic problems in South America that had negatively impacted on our performance last year appear to be receding and business in that region is back in line with our expectation.

Initial sales of the Aivlosin® premix formulation into Russia, an important pig producing country, have been promising. In early December we were pleased to announce that the Russian Authorities had granted a marketing authorisation for the water soluble granule formulation of Aivlosin® for use in pigs and poultry. Russia is the fourth largest poultry meat producer and seventh largest pork producing country in the world. It has seen annual double-digit growth in pork and poultry meat production in each of the last five years, driven by both domestic demand and import substitution, with accelerating adoption of large scale, intensive production techniques. In October we announced a positive opinion from the Committee for Medicinal Products for Veterinary Use (CVMP) of the European Medicines Agency (EMA) for the use of Aivlosin® 625 mg/g water soluble granules in turkeys. This positive opinion will allow for the medication of drinking water with Aivlosin® for the treatment of respiratory disease associated with Ornithobacterium rhinotracheale (ORT) in turkeys. Aivlosin® is the first antibiotic to be granted approval in Europe for this specific indication, an economically important respiratory disease. Europe has a 30 per cent share of global turkey meat production.

Our Aivlosin® product development and regulatory submissions work on additional disease indications for already approved species and also for new species continues. We are expecting further marketing authorisations to be granted over the coming months which will enlarge our target markets for Aivlosin®with dossiers having been recently submitted in North America and Korea.

As Aivlosin® now accounts for more than 70 per cent of our international sales, the Company needed to build up sufficient stocks in strategic zones to cover up to six months’ sales. The financial constraints imposed by this investment have been addressed by the recent share placing.

Outlook

The second half of the year, which traditionally provides the majority of the contribution to our full year results, has started well. The recent granting of important new approvals for Aivlosin® has further strengthened the Company’s growth prospects which will be boosted again when additional important marketing authorisations, currently still with the regulatory authorities, are granted. The Group is continuing to build on its exceptional, modern antimicrobial treatments and has already become a strong force in global animal health markets and this is expected to continue as we deliver further value to our shareholders.

Peter A Lawrence

Executive Chairman 9th December 2013

CONSOLIDATED INCOME STATEMENT
FOR THE SIX MONTHS TO 30 SEPTEMBER 2013
				Six months		Six months		Year ended
				to		to
				30.09.13		30.09.12		31.03.13
		Notes		(unaudited)		(unaudited)		(audited)
				£000		£000		£000
Revenue		3		15,311		11,455		28,986
Cost of sales				(8,542)		(6,400)		(15,883)
Gross Profit				6,769		5,055		13,103
Other operating income				101		89		179
Administrative expenses				(3,990)		(3,167)		(6,802)
Currency losses				(436)		(136)		(30)
Amortisation of intangible assets				(1,131)		(1,469)		(2,562)
Share based payments				(162)		(162)		(358)
Profit from operating activities:				1,151		210		3,530
Net finance (expense)/income				(153)		(78)		(214)
Profit before income tax				998		132		3,316
Income tax (charge)/credit				(263)		(11)		(192)
Profit for the period from continuing operations				735		121		3,124
Loss for the period on discontinued operations (net of tax)				-		-		(70)
Profit for the period				735		121		3,054
Attributable to:
Owners				444		(83)		2,617
Minority interest				291		204		437
				735		121		3,054
BASIC (LOSS)/EARNINGS PER SHARE		6		0.84p		(0.16)p		4.98p
FULLY DILUTED (LOSS)/EARNINGS PER SHARE		6		0.82p		(0.16)p		4.90p
Earnings from continuing activities before interest,
taxation, depreciation, amortisation, and share based payments.				2,534		1,900		6,640
Exclude foreign exchange differences				436		136		30
EBITDA (audit basis)				2,970		2,036		6,670
				=============		=============		=============

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS TO 30 SEPTEMBER 2013
								Six months				Six months				Year ended
								to				to
								30.09.13				30.09.12				31.03.13
								(unaudited)				(unaudited)				(audited)
								£000				£000				£000
Profit for the period								735				121				3,054
Foreign currency translation differences								(383)				(18)				247
Defined benefit pension plan – actuarial gains/(losses)								-				-				57
Revaluation of freehold property								-				-				28
Deferred tax on revaluation								-				-				(3)
Other comprehensive income for the period								(383)				(18)				329
								=========				=========				=========
Total comprehensive income for the period								352				103				3,383
								=========				=========				=========
Attributable to:
Owners								127				(73)				2,816
Minority interest								225				176				567
								352				103				3,383
								=========				========				=========
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS TO 30 SEPTEMBER 2013
		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 2012		2,756		37,607		4,774			499			(5,218)				15,938				56,356		1,892		58,248
Total comprehensive income for the period:
Profit for the period		-		-		-			-			-				2,617				2,617		437		3,054
Other comprehensive income
Revaluation of freehold property		-		-		-			28			-				-				28		-		28
Tax effect of revaluation of freehold property		-		-		-			(3)			-				-				(3)		-		(3)
Foreign currency translation differences		-		-		-			-			-				117				117		130		247
Actuarial gains on pension scheme assets		-		-		-			-			-				57				57		-		57
Total comprehensive income for the period		-		-		-			25			-				2,791				2,816		567		3,383

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS TO 30 SEPTEMBER 2013 CONTINUED.

				£000		£000			£000		£000				£000				£000		£000						£000		£000
Transactions with owners
Arising on issue of shares in the period				11		274			-		-				-				-		285						-		285
Dividends				-		-			-		-				-				(1,982)		(1,982)						-		(1,982)
Share based payments				-		-			358		-				-				-		358						-		358
Transfer to retained earnings on option expiry				-		-			(82)		-				-				(82)		-						-		-
Total transactions with owners				11		274			276		-				-				(1,900)		(1,339)						-		(1,339)
At 31 March 2013				2,767		37,881			5,050		524				(5,218)				16,829		57,833						2,459		60,292
Total comprehensive income for the period:
(Loss)/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
Prior interim period
At 1 April 2012				2,756		37,607			4,774		499				(5,218)				15,938		56,356						1,892		58,248
Total comprehensive income for the period:
Profit for the period				-		-			-		-				-				(83)		(83)						204		121
Other comprehensive income
Foreign currency translation differences				-		-			-		-				-				10		10						(28)		(18)
Total comprehensive income for the period				-		-			-		-				-				(73)		(73)						176		103
Transactions with owners
Share based payments				-		-			162		-				-				-		162						-		162
Total transactions with owners				-		-			162		-				-				-		162						-		162
At 30 September 2012				2,756		37,607			4,936		499				(5,218)				15,865		56,445						2,068		58,513
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
									As at				As at										As at
									30.09.13				30.09.12										31.03.13
									(unaudited)				(unaudited)										(audited)
		Notes							£000				£000										£000
ASSETS
Non current assets
Goodwill and other intangibles		9							42,059				40,056										41,169
Property, plant and equipment		10							1,079				1,179										1,176
Investment property		11							150				153										152
Investments									9				9										9
									43,297				41,397										42,506
Current assets
Inventories									5,634				6,176										6,426
Trade and other receivables									9,579				9,262										11,249
Income tax recoverable									19				17										23
Other taxes and social security									180				224										171
Cash and cash equivalents									5,723				8,033										9,664
									21,135				23,712										27,533
Total assets									64,432				65,109										70,039
Current liabilities
Trade and other payables									(3,809)				(5,384)										(6,916)
Short term borrowings									-				(746)										(2,135)
Income tax									(100)				(67)										(174)
Other taxes and social security									(234)				(130)										(258)
Dividends									(32)				(30)										(32)
									(4,175)				(6,357)										(9,515)
Total assets less current liabilities									60,257				58,752										60,524
Non current liabilities
Deferred tax									(220)				(239)										(232)
									60,037				58,513										60,292
Equity
Capital and reserves
Called up share capital									2,769				2,756										2,767
Share premium									37,910				37,607										37,881
Treasury Reserve									(5,218)				(5,218)										(5,218)
Revaluation reserve									524				499										524
Other reserves									4,922				4,936										5,050
Retained earnings									17,246				15,865										16,829
									58,153				56,445										57,833
Minority interest									1,884				2,068										2,459
Total equity									60,037				58,513										60,292
CONSOLIDATED STATEMENT OF CASH FLOWS
											Six months to						Six months to								Year ended
											30.09.13						30.09.12								31.03.13
											(unaudited)						(unaudited)								(audited)
											£000						£000								£000
Profit before tax											998						132								3,246
Adjustment for:
Net finance costs											153						78								214
Depreciation of plant and equipment											90						59								190
Amortisation of intangible assets											1,131						1,469								2,562
Pension payments											-						-								(60)
Pension operating costs											-						-								4
Share based payments											162						162								358
Operating cash flow before movement in working capital											2,534						1,900								6,514
Change in inventories											792						(1,759)								(2,009)
Change in receivables											1,661						1,562								(258)
Change in payables											(3,131)						(1,351)								311
Cash generated from operations											1,856						352								4,558
Interest paid											(5)						(3)								(39)
Income tax (paid)/received											(345)						(94)								(186)
Net cash inflow from operating activities											1,506						255								4,333
Cash flows from investing activities
Purchase of property plant and equipment											(17)						(14)								(39)
Sale of motor vehicle											14						-								-
Costs of acquiring drug registrations											(2,021)						(2,411)								(4,619)
Interest received											-						35								56
Net cash (used in) investing activities											(2,024)						(2,390)								(4,602)
Cash flows from financing activities
Issue of shares											31						-								245
Dividends paid											(800)						-								(1,942)
Net cash (used in) financing activities											(769)						-								(1,697)
Net (decrease) in cash and cash equivalents											(1,287)						(2,135)								(1,966)
Foreign exchange movements											(519)						(87)								(14)
Cash and cash equivalents at the beginning of the period											7,529						9,509								9,509
Cash and cash equivalents at the end of the period											5,723						7,287								7,529

NOTES TO THE PRELIMINARY RESULTS FOR THE SIX MONTHS TO 30 SEPTEMBER 2013

1. Basis of preparation

The financial information for the period to 30 September 2013 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 2013.

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 2013.

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

4. Change in accounting estimate

Following the receipt of the marketing authorisation for Water Soluble Aivlosin in the USA in July 2012, the directors changed their estimate of the useful life of Aivlosin drug registrations from ten to twenty years and have therefore amortised the remaining value of this asset over the extended remaining useful life with effect from 1st July 2012. Details of the effect of this change in an accounting estimate can be found in Note 2.9 of the consolidated financial statements of the Group for the year ended 31 March 2013.

5. Principal risks and uncertainties

These were set out on pages 59-62 of the notes to the consolidated financial statements for the year ended 31 March 2013. 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.

6. Earnings per share

		Six months to		Six months to		Year ended
		30.09.13		30.09.12		31.03.13
		(unaudited)		(unaudited)		(audited)
Weighted average number of shares in issue (000’s)		52,759		52,516		52,599
Fully diluted weighted average number of shares in issue (000’s)		53,860		53,278		53,388
Profit/(loss) attributable to equity holders of the company (£’s)		442,842		(83,572)		2,616,892
Basic earnings/(loss) per share (pence)		0.84		(0.16)		4.98
Fully diluted earnings/(loss) per share (pence)		0.82		(0.16)		4.90

7. Dividends

		Six months to		Six months to		Year ended
		30.09.13		30.09.12		31.03.13
		(unaudited)		(unaudited)		(audited)
		£000		£000		£000
Dividend in respect of the year ended 31 March 2013 55,376,006 (2012: 55,119,201) shares at nil (2012:
3.75p) per share Dividend waived by employee benefit trust		- -		- -		2,067 (84)
		-		-		1,983
		=========		=========		=========

An interim dividend of 4.0p per share was paid on 25 October 2013, amounting to £2,215,040. The Employee Benefit Trust waived dividends of £102,590 resulting in a net dividend figure of £2,112,450.

8. Related party transactions

At the period end, 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 £101,901 (30 September 2012: £9,457). 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 (2012: £13,000) and C-Corp Limited £21,699 (2012: £21,726).

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 £1,080,347 (Six months to 30 September 2012: £634,435). At the end of this period there was an intercompany balance owing from this company of £515,298 (30 September 2012: £591,033).

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 £1,110,482 (Six months to 30 September 2012 £1,098,457). At the end of the period there was an intercompany balance of £551,596 (30 September 2012: £1,983,522).

The Group also made sales on an arm’s length basis to ECOpharma Inc to the value of £407,745 (30 September 2012: £450,273). At the end of the period there was an intercompany balance of £135,007 (30 September 2012: £258,672).

The Group also made sales on an arm’s length basis to ECO Animal Health de Mexico to the value of £247,393 (Six months to September 2012: nil). At the end of the period there was an inter company balance of £802,198 (30 September 2012: £176,848)

The Group also made sales on an arm’s length basis to ECO Animal Health USA Corp to the value of £502,576 (six months to 30 September 2012: £281,899). At the end of the period there was an inter company balance of £723,780 (30 September 2012: £353,439).

The Group also made sales on an arm’s length basis to Pharmgate Animal Health Canada Inc to the value of £200,137 (six months to September 2012: £56,250). At the end of the period there was an inter company balance of £61,900 (30 September 2012: £44,982).

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 dividends of £831,764 (2012: £nil) from Zhejiang ECO Biok Animal Health Products Limited.

9. Intangible non current assets

				Distribution		Development
		Goodwill		Rights		Costs		Total
		£000		£000		£000		£000
Cost
Cost at 1 April 2012		17,930		1,035		39,524		58,489
Additions		-		-		2,411		2,411
Cost at 30 September 2012		17,930		1,035		41,935		60,900
Additions		-		231		1,977		2,208
Cost at 31 March 2013		17,930		1,266		43,912		63,108
Additions		-		-		2,021		2,021
Cost at 30 September 2012		17,930		1,266		45,933		65,129
Amortisation
Amortisation at 1 April 2012		-		422		18,958		19,380
Charge for the period		-		28		1,441		1,469
Foreign exchange movements		-		-		(5)		(5)
Amortisation at 30 September 2012		-		450		20,394		20,844
Charge for the period		-		31		1,063		1,094
Foreign exchange movements		-		-		1		1
Amortisation at 31 March 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
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
		========		========		========		========
Net book value at 30 September 2012		17,930		585		21,541		40,056
		========		========		========		========
Net book value at 1 April 2012		17,930		613		20,566		39,109
		========		========		========		========

10. Property, plant and equipment

			Fixtures	Motor
	Freehold	Plant and	fittings &	Vehicles
	property	machinery	equipment		Total
	£000	£000	£000	£000	£000
Cost
Cost at 1 April 2012	650	1,185	627	102	2,564
Additions	-	7	7	-	14
Foreign exchange movements	-	(14)	-	-	(14)
Cost at 30 September 2012	650	1,178	634	102	2,564
Additions	-	9	15	-	24
Foreign exchange movements	-	79	-	-	79
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
Depreciation
Depreciation at 1 April 2012	18	724	528	26	1,296
Charge for the period	5	16	21	15	57
Foreign exchange movements	-	32	-	-	32
Depreciation at 30 September 2012	23	772	549	41	1,385
Charge for the period	5	103	12	11	131
Revaluations	(28)	-	-	-	(28)
Foreign exchange movements	-	7	(4)	-	3
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
Net book value
Net book value at 30 September 2013	645	327	79	28	1,079
	========	========	========	=========	==========
Net book value at 1 April 2013	650	384	92	50	1,176
	========	========	========	=========	==========
Net book value at 30 September 2012	627	406	85	61	1,179
	========	========	========	=========	==========
Net book value at 1 April 2012	632	461	99	76	1,268
	========	========	========	=========	==========

11. Investment property

	Freehold Property	Total
Cost	£000	£000
Cost at 31 April through to 30 September 2013	157	157
	========	========
Depreciation
Depreciation at 1 April 2012	2	2
Charge for the period ended 30 September 2012	2	2
Depreciation at 30 September 2012	4	4
Charge for the period ended 31 March 2013	1	1
Depreciation at 31 March 2013	5	5
Charge for the period ended 30 September 2013	2	2
Depreciation at 30 September 2013	7	7
	========	========
Net book value
Net book value at 30 September 2013	150	150
	========	========
Net book value at 31 March 2013	152	152
	========	========
Net book value at 30 September 2012	153	153
	========	========
Net book value at 1 April 2012	155	155
	========	========

12. Post Balance Sheet Event

The Company placed 6,315,790 new ordinary shares at a price of 190p per share on 23rd October 2013, raising £11.5m net of expenses. A further 737,595 shares were also issued on the same date as the result of the exercise of employee options, raising a further £1.1m.

13. This financial information was approved by the board on 09 December 2013.

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 2013