IDH.L Regulatory News (IDH)

24 November 2017

Immunodiagnostic Systems Holdings PLC

Unaudited Interim Results for the six month period ended 30 September 2017

Summary of Group Results

* Like for like 'LFL' numbers have been restated to remove the impact of foreign exchange movements in the year by restating the H1 2017 and H1 2016 performance using the exchange rates during H1 2018.

** Before exceptional credit of £0.1m (H1 2017: cost of £1.3m; FY 2017: cost of £1.4m) - see reconciliation in the Financial Review section.

Key Business Developments H1 2018

In H1 2018 the rate of improvement in the Group's financial performance slowed versus recent H1 periods. In particular LFL Group revenue was down by 11% versus a decrease of 9% last year. The main driver for this decrease was the previously announced loss of the main customer in the Licensing and Technology business. On the positive side, Automated business revenue resumed growth at a rate of 8% LFL.

Adjusted EBITDA, our core metric for underlying profitability, dropped from £4.2m to £3.4m because the lost business was royalty income, and hence 100% gross margin.

The Operational KPIs show a slightly more positive picture:

a) Gross and net placement of new instruments in direct sales territories resumed their ascent, albeit at a relatively slow rate. Sales of instruments to our distributors has started to show growth;

b) The average number of assays on our instruments in direct sales territories increased by 0.5 to 4.3 year on year. We launched one new assay in the period which will contribute to driving the average number of assays up further;

c) In terms of overall efficiency, revenues per full time employee ("FTE") stagnated at £130,000 on an annualised basis.

As you will see in the Report of the CEO, most of these metrics have improved year on year, but not sequentially from H2 2017.

Operational KPIs

During October 2017, our CEO Regis Duval, informed the Board that he wished to step down for personal reasons. As a result he left the Group effective from 31 October 2017, with the CEO position being taken over by Jaap Stuut. Jaap has been with the Group since 2013, and was previously responsible for the global marketing and corporate development of the Company, as well as having the direct sales responsibility for the USA and Brazil.

Jaap Stuut, CEO of IDS, commented:

"Having worked at IDS for four years, I was pleased to be asked by the Board to take over as Group CEO. My focus in the coming months will be on the sales organisation in both our Automated and Manual businesses. I will strive to improve the quality and training of the sales team, as well as the tools available to enable them to successfully engage with both existing and new customers.

The first half results show that underlying revenues in the IDS business, excluding the Licensing and Technology segment, remain stable, however I am confident that we can improve on this performance moving forward, and I look forward to returning the business to growth."

Notes :

Immunodiagnostic Systems Holdings plc ("IDS", "the Group" or "the Company"), is a specialist in-vitro diagnostic solution provider to the clinical laboratory market and producer of manual and automated diagnostic testing kits and instruments for the clinical market.

For further information:

The information contained within this announcement may constitute inside information stipulated under the Market Abuse Regulation (Eu) No. 596/2014.

Report of the CEO/Operational Report

Overview

On a like for like basis ("LFL") revenue declined by 11% in H1 2018 versus H1 2017. The majority of this decline was driven by the loss of antibody royalty income from a major customer, as announced in the previous year. Laboratory business revenue (i.e. the Automated business plus the Manual business) grew by 1% versus the same period in the previous year on a like for like basis. Below is a discussion of the main developments and actions undertaken in our business units.

1. Automated Business

1.1 Revenue Performance

We were able to grow the segment by 8% on a LFL basis in H1 2018. Details of the movements within this business unit are shown below:

1.2 Sales Process

During the first half, our sales team in the USA has been increased from four people to six. We are confident that we have not only enlarged our team, but also improved the capabilities significantly. However, due to the extended sales process involved in placing an instrument, we do not expect to reap the benefits until the next financial year.

During the second half of the year, attention will turn to the sales team in Western Europe which now falls under my direct responsibility.

In addition to improving the efficacy and number of employees in the sales team, we are continuing to refine our sales process. As noted in our FY 2017 Annual Report, our CRM system is now fully embedded within our sales team and processes, and used by the team on a daily basis. Now the emphasis will be on improving our lead selection/qualification process to ensure we focus on opportunities where the customer is likely to find an IDS analyser and our niche assay portfolio a good complement to their existing workhorse analysers. Alternatively we will look for opportunities where we can be the workhorse - for example this could be the case in a Physician's Office Laboratory ("POL").

In addition to working with our direct sales representatives, we have recently started to develop sales traction in a number of countries via our distributor network. We have re-deployed senior resources within the organisation to focus on this area, and have recruited a number of new employees to strengthen the team managing our distributors. In H1 2018 the number of instrument placements with our distributors increased to 17 from 2 in H1 2017. The distribution channel is anticipated to be a key driver of growth going forwards.

1.3 Assay Development

In H1 2018 we released one new automated assay with a CE mark, IDS-iSYS Free Testosterone. This brings our fertility panel to three assays (the other two assays being 17 OH Progesterone and Total Testosterone).

In total we now have an assay menu of 20 assays in Europe and 10 in the USA. We continue to have four assays available for sale in China. We have a target to launch a further three assays during the second half of 2018, bringing the total launches for the financial year to four new assays with CE-mark.

During the period we have recruited a new R&D Director, who has taken responsibility for all assay R&D activities. Changes have been made to re-organise the R&D team. A layer of management has been redeployed, so now all project team leaders report directly to the R&D director, with the aim of making the team more agile and project focussed.

1.4 Assays per Instrument

Average assays being run on each instrument stands at 4.3, versus 3.9 at H1 2017. However this metric has remained static versus the position at 31 March 2017, and during H2 we will focus on returning this metric to growth. Maximising the number of assays running on each instrument is important both to short term revenue growth, and to improving the "stickiness" of the instrument within the laboratory.

1.5 Instrument Placements

An analysis of instrument placements and sales over the previous five half-year periods is set out below:

Direct instruments are those instruments which are sold or placed with reagent rental IDS end-user customers in the Group's core markets of the USA, Europe (excluding distributor territories of Spain and Italy) and Brazil.

Gross direct instrument placements improved to 18 in this half, from 15 in H1 2017. An improvement in the number of placements in Europe was offset by lower placements in the USA. Coupled with lower returns, all regions increased their installed base of analysers during the period.

Sales of instruments within our distribution network have improved significantly to 17 (H1 FY17: 2), reflecting our increased emphasis on this sales channel.

When looking at the two and a half years of placement history shown in the table above, the "big picture" emerging is that there is some improvement, albeit at a slow pace. At the current rate of growth we will take too long to return to the circa 100 gross new placements per annum the Group achieved four to five years ago. Secondly, the level of placements is below those achieved by our competitors when considered in relation to the size of our direct sales force: they equate to less than three gross new placements per annum. Thus the conclusion of the Board is that the company needs the CEO to focus his energy on improving sales team performance to best in class levels whilst also delivering the enhancements to the overall product offering to make us the "go to" provider of diagnostic equipment and assays in our chosen niche areas.

Average revenue per direct instrument ("ARPI") was £56,000 per annum (calculated on a rolling 12-month basis) (H1 2017: £52,000). The increase versus H1 2017 was mainly due to the impact of the weaker Pound Sterling which led to USD and Euro denominated iSYS revenue being worth more when converted into Pounds Sterling.

1.6 IDS-i10 analyser

The IDS-i10 analyser (formerly iSYS2) was presented to the market at the AACC conference in San Diego in September 2017. This device has a number of advantages when compared to the iSYS including a smaller footprint, the ability to connect to a laboratory track and a higher throughput. Importantly, it is more eco-friendly. The feedback we received was positive, with the enhancements appearing to meet customer wishes.

We are currently finalising the validation of the assays on the machine, and expect to make the first commercial sales of the IDS-i10 into the US market during the first half of calendar year 2018.

2. Manual Business

2.1 Revenue Performance

On a LFL basis, revenues in this business unit declined by 10% compared to the same period last year. Details of the movements within this business unit are shown below. We have not been able to compensate the migration of 25-OH Vitamin D to automated analysers with growth in our other assays. On the positive side the team at Diametra, the ELISA manufacturer IDS acquired in FY2015, did an outstanding job, returning to growth for the first time since acquisition.

2.2 Sales Organisation

The Business Unit Director for our Manual business joined in November 2017, and during the second half of this financial year he will focus on filling out the remaining roles in the Manual business unit's organisational structure, as well as developing the strategic direction of the business in terms of key geographical markets and product lines.

Emphasis will be on recruiting a team capable of expanding and managing the existing IDS internal sales organisation as well as the distributor network. The distributor network for Automated business tends to be different to that of Manual business, and we have therefore decided to give each business unit direct responsibility for its distributor network, rather than have a central group. We are confident that there is significant room for improvement once we have the team in place, as this area has not received the required attention for many years.

3. Licensing & Technology Business

3.1 Revenue Performance

On a LFL basis, revenues in this business unit declined by 71% compared to the same period last year. Details of the movements within this business unit are show below:

On a LFL basis, Biologicals/Antibody royalty income has decreased by 97% due to the loss of business from our major customer. Revenue during H1 2018 was only £69k, meaning that moving forward the overall group growth rate cannot be suppressed by further declines in this income stream.

Instrumentation and ancillary technology income relates to revenue generated by selling our IDS instruments and related consumables to partners on an OEM basis. A total of four instruments were sold to partners during H1 2018 (H1 2017: 15).

This reduction has arisen as during 2017 significant income was generated selling instruments to the new strategic partners, who are using these machines for R&D purposes. There has now been a dip in revenues while these partners complete their development work, and revenue will then increase once these partners are able to bring their products to market and hence will require instruments for operational purposes.

3.2 Main Actions Taken During the Reporting Period

Responsibility for our biological antibody portfolio has been given to the new head of our Manual business unit. We will be actively looking to commercialise this antibody portfolio, while remaining cognisant of the risk of creating additional competition for IDS's range of automated and manual assays.

During the period we have worked closely with the partners to whom we have sold our instrument technology to assist them in developing their product portfolios. This is a multi-year process, but once a partner's development cycle is complete we would expect to see growing revenues in this business unit as sales of analysers and ancillaries will increase upon commercialisation of our partners' products. During the period we advanced negotiations with a number of partners to allow IDS to sell their products on IDS's base of instruments.

4 Human Resources

4.1 Functional Organisation

As announced in the 2017 Annual Report, we commenced a process of transitioning our organisational structure from a geographical model to a functional one. This process was substantially completed during the first half of the year. During the coming months we aim to leverage this new structure to share best practices across sites, enhance decision making ability and eliminate duplication of resources. This efficiency will offset the additional resource being added to our sales and distributor management teams.

4.2 Engagement Survey

During February 2017, the Group performed a survey to measure and understand the levels of employee engagement in the business. The results of the survey clearly showed that we had work to do to increase the level of engagement to a level that would be expected in a successful business. As a management team, we understand the critical importance in having an engaged and motivated workforce to help complete the turnaround of IDS. Putting it simply, I want IDS to be an organisation where our existing team enjoy coming to work, and an environment that new recruits want to come to work in.

During the first half of FY 2018, a number of workshops and seminars were held with a large number of staff. As a result of these, action plans were developed to address specific issues raised in the survey.

In September 2017 the engagement survey was re-performed, and I am pleased to say the results had improved significantly since February 2017. However, we still have a long way to go to reach the levels of engagement we believe are required to make us a world class business. We will perform another survey in February 2018, and I will update you on the results of this in the 2018 Annual Report.

4.3 IDS Mission, Values and Behaviours

During the half we created a cross-functional team to review the mission and core values of IDS, and the behaviours we believe should underpin these values. This project is substantially complete, and we will introduce these behaviours and values to the business during the second half of FY 2018. They will be incorporated into our people processes, becoming the foundation by which we conduct our daily business, and will govern the type of people we recruit in the future.

Financial review

Group revenues were £18.7m, a decrease of 4% compared to the revenues of £19.5m recorded in H1 2017. LFL revenues fell by 11%. Revenues in our laboratory business, excluding the Technology Business, grew by 1% on a LFL basis (H1 2017: decline of 6%) as growth in our Automated business offset decline in our Manual business.

Adjusted EBITDA (before exceptional items) was £3.4m, a reduction of £0.8m compared to H1 2017, with the loss of antibody royalty income in the Licensing and Technology business adversely impacting EBITDA by £1.9m.

A. SUMMARY OF INCOME STATEMENT

Cost reclassification - operational overheads, premises costs and depreciation

A number of reclassifications have been carried out in H1 2018, to reallocate certain costs to the Income Statement line which better reflects the nature of the cost, thus ensuring that the Group's financial performance can be more easily benchmarked with its peer group. Firstly, fixed operational and production overheads, which were previously shown on the face of the income statement within general and administrative expenses have been moved to cost of sales.

In addition, premises costs and depreciation for land and buildings which were originally included within General & Administrative have now been adjusted to either fall in cost of sales or sales and marketing dependent on the business carried out at each territory. This does not impact the net assets or profit from operations of the Group for any of the periods reported. A table detailing the impact of this reclassification is set out in note 1.

Foreign Exchange

During the period, IDS revenues have benefitted by around £1.5m (or 8%) as a result of the devaluation of the Pound Sterling. In the period, 66% (H1 2017: 55%) of the Group's revenues were in Euros, and 23% (H1 2017: 34%) were denominated in US Dollars. These revenues are now worth more when converted into Pounds Sterling as a result of the weaker Pound.

Conversely IDS also has a significant cost base denominated in Euros and US Dollars, thus these costs have increased compared to H1 2017 when converted back into Pounds Sterling. The approximate net improvement in H1 2018 adjusted EBITDA as a result of the movements in exchange rates is £0.5m.

The average exchange rates used to translate Euros and US Dollars to Pounds Sterling are as follows:

Gross Profit

Gross profit was £9.2m (H1 2017: £10.2m) implying a gross margin of 49.3% (H1 2017: 52.2%). The decline in gross margin is due to the erosion of antibody royalty income, on which the Group recorded a 100% gross margin. Stripping out royalty income, gross margins improved by around 12%, mainly as a result of a favourable product mix and cost reduction initiatives.

Operating costs

The Group's total operating costs (before exceptional items) comprise:

Total spend on operating costs has increased by £0.2m, to £8.2m (H1 2017: £8.0m). LFL operating costs (on a constant scope and FX rate) decreased by £0.5m.

Sales and marketing costs reduced by £0.1m, driven by efficiency savings in the technical and field services teams. R&D costs remained constant however lower spending on instrument R&D was offset by higher spending on assay R&D. G&A expenses increased by £0.3m, mainly due to higher spend on recruitment costs related to key hires within the sales and R&D teams.

The Group continues to explore different avenues to drive efficiencies into our cost base. During H1 2018 we commenced the process to vacate our offices in Milan and Paris, and combine the functions performed in these offices into our Spello and Pouilly plants respectively. This process will be completed during the second half of FY 2018.

Exceptional items

During the year ended 31 March 2017 the Group initiated a number of restructuring projects designed to rationalise the cost base of the business. These projects were focussed on making the organisation more efficient, while retaining the skills and competencies we need to return the business to profitable growth.

Below is a summary of the exceptional items during the current and previous financial period:

In FY 2017, restructuring costs relate mainly to redundancy costs of £1.3m (recorded during H1 2017) and onerous lease costs of £0.3m (recorded during H2), offset by an impairment reversal of £0.2m as a result of the impairment review carried out at 31 March 2017.

In H1 2018, an exceptional credit of £0.1m was recorded, relating to the reversal of a portion of the onerous lease provision booked in H2 FY 2017.

Finance income/expense

Net finance income was £0.1m (H1 2017: expense £0.4m, FY 2017: expense £0.5m) and relates mainly to foreign exchange gains and losses on intercompany funding and cash balances.

Taxation

The Group's effective tax rate for the current period is based on an estimate of the rate for the full financial year and is -14% (H1 2017: -198%) giving a tax credit of £174k (H1 2017: credit of £985k). Before exceptional items, prior year adjustments and the effect of rate changes on deferred tax balances, the effective rate is -21% (H1 2017: -51%). The effective tax rate is reduced by 35% as a result of research and development tax relief claimed on eligible expenditure and patent box relief.

Earnings per share

Adjusted earnings per share is calculated using profit after tax adjusted to exclude the after tax effect of exceptional items. Basic earnings per share are 4.9p (H1 2017: 5.0p). Adjusted basic earnings per share are 4.5p (H1 2017: 9.3p). A reconciliation of these amounts is given in note 4.

Headcount

Compared to the 31 March 2017 headcount (on an FTE basis and including contractors) of 284 people, headcount has increased by 3 (30 September 2016: 302). The key drivers of the increase related to an increase in sales headcount in the USA, and the in-sourcing of software development for the IDS analysers. A summary of IDS headcount by function is given below:

Annualised revenue per employee for the six months period ending 30 September 2017 stagnated at £130,000 per FTE (H1 2017: £129,000).

B. SUMMARY OF BALANCE SHEET

The Group's net assets at 30 September 2017 are £57.2m (30 September 2016: £55.4m).

C. SUMMARY OF CASH FLOW STATEMENT

IDS generated net cash flows from operations of £1.3m (H1 2017: £3.7m). During the period the Group increased inventory levels by £1.1m, mainly as a result of increased holding of iSYS analysers and a build-up in materials related to the i10 analyser.

Net cash used in investing activities was £1.8m (H1 2017: £1.5m), resulting in free cash outflow of £0.5m (H1 2017: inflow of £2.2m).

Net cash used in financing activities was £1.4m (H1 2017: £0.4m), the increase being mainly due to the higher dividend paid.

Free cash flow to equity, comprising dividends, share buybacks and capital repayments of debt amounted to £1.2m (H1 2017: £0.4m).

As at 30 September 2017, the Group's cash and cash equivalents reduced to £29.7m compared to 31 March 2017 (30 September 2016: £28.7m; 31 March 2017: £31.5m), largely due to the payment of dividend relating to FY 2017 and the build-up in stocks of analysers.

D. OUTLOOK

Moving into the second half of financial year 2018 we anticipate that the various business units will continue on similar trajectories to those seen during H1 2018. However as noted in the 2017 Annual Report, it will be difficult to exceed FY 2017 comparable revenue numbers.

The work Jaap is undertaking within the sales organisation will bear fruit in the medium term, however due to the lengthy sales cycle for an analyser we do not expect to see an improvement in trajectory from these actions during this financial year.

We remain confident that the strategy we are pursuing, which remains unchanged with our new CEO, will deliver the return to growth that is desired by all the employees and shareholders of the Group.

Unaudited consolidated interim income statement

For the six month period to 30 September 2017

Unaudited interim statement of other comprehensive income

For the six month period to 30 September 2017

Unaudited consolidated interim balance sheet

As at 30 September 2017

Unaudited consolidated interim cash flow statement

For the six month period to 30 September 2017

Unaudited consolidated statement of changes in equity

Notes to the Interim Financial Statements

For the six month period to 30 September 2017

1 Basis of preparation

The unaudited condensed financial statements for the six months ended 30 September 2017 have been prepared in accordance with IAS 34, 'Interim Financial Reporting', as adopted by the European Union. They do not include all the information required for full annual financial statements and should be read in conjunction with the consolidated financial statements of the Group for the year ended 31 March 2017. The unaudited condensed financial information has been prepared using the same accounting policies and methods of computation used to prepare the Group's Annual Report for the year ended 31 March 2017 that are described on pages 48 to 56 of that report which can be found on the Group's website at www.idsplc.com. The annual financial statements of the Group are prepared in accordance with IFRS as adopted by the European Union.

There are no new standards or interpretations mandatory for the first time for the financial year ending 31 March 2017 that have a material effect on the half year results. The financial information for the six months ended 30 September 2017 is not reviewed by Ernst & Young LLP and accordingly no opinion has been given. The comparative financial information for the year ended 31 March 2017 has been extracted from the 2017 Annual Report & Accounts. The financial information contained in this interim report does not constitute statutory accounts as defined in section 435 of the Companies Act 2006 and does not reflect all of the information contained in the Group's Annual Report and financial statements. The annual financial statements for the year ended 31 March 2017, which were approved by the Board of Directors on 20 June 2017, received an unqualified audit report, did not contain a statement under section 498 (2) or (3) of the Companies Act 2006 and have been filed with the Registrar of Companies.

Change in accounting policy relating to presentation only: Operational overheads such as indirect salaries and consumables relating to production, premises costs and land and buildings depreciation previously shown below the gross profit line within operating costs have now been allocated to cost of sales or other operating cost categories better reflecting the nature of those costs. This reallocation also brings the Group's results in line with its peers. This change does not impact the Group profit. The changes made are highlighted in the table below:

2 Revenue and segmental information

An analysis of the Group's revenue is as follows:

Operating lease rental relates to contracts implicit in agreements for the placing of IDS-iSYS instruments with customers and the related sale of reagents.

The Group applies IFRS 8 Operating Segments. IFRS 8 provides segmental information for the Group on the basis of information reported internally to the chief operating decision-maker for decision-making purposes. The Group considers that the role of chief operating decision-maker is performed by the Board of Directors.

Following a significant restructuring of the Group that began in 2013/14 the business was directed and monitored on a functional basis.

Analysis of revenue is prepared and monitored on a geographical basis due to the organisation of the sales teams as well as by product type. However, earnings on a geographical basis are not considered the most appropriate measure of performance given the differing nature of operations across the different territories.

No further detailed segmental information is provided in this note, as there is only one operating segment. While the key decision makers review revenue based on the segments shown in Note 2, as a result of the structure of the business and the financial systems in place, operating profit cannot be determined for these revenue segments. Therefore the key decision makers only review the operating profit performance of the business as a whole.

All earnings, balance sheet and cash flow information received and reviewed by the Board of Directors is prepared at a Group level.

The Group determined that it had one operating segment as defined under IFRS 8, being the whole of the Group.

3 Exceptional items

The Group incurred a number of exceptional items during the current and previous financial periods:

In H1 2018, an exceptional credit of £0.1m was recorded, relating to the reversal of a portion of the onerous lease provision booked in H2 FY 2017.

In H1 2017, exceptional items relate to redundancy expenses driven by our cost reduction initiatives.

In the year ended 31 March 2017, the restructuring costs related mainly to redundancy costs of £1.2m and onerous lease costs of £0.4m, offset by an impairment reversal of £0.2m as a result of the impairment review carried out at 31 March 2017.

4 Earnings per share

Basic earnings per share is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period.

For diluted earnings per share, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all dilutive potential ordinary shares. The Group has dilutive potential ordinary shares relating to contingently issuable shares under the Group's share option scheme. At 30 September 2017, the performance criteria for the vesting of the awards under the option scheme had been met and consequently the shares in question are included in the diluted EPS calculation.

The calculations of earnings per share are based on the following profits and numbers of shares.

5 Taxation

The estimated tax rate for the year on profit before exceptional items of -21% (H1 2017: -35%) has been applied to the profit before exceptional items for the six months to 30 September 2017. This has been added to the tax charge on exceptional and other items relating solely to the first half year to determine the total tax charge for the six months ending 30 September 2017.

The Group's tax rate is substantially impacted by the claims for R&D relief in certain territories, leading to an overall negative effective rate.

6 Provisions

The retirement/ leavers provision relates to statutory requirements in France and Italy to pay amounts to retiring/ leaving employees under certain circumstances. There is no general assumption that employees will leave within the next 12 months.

The warranty provision relates to warranties given for the first year of operation of IDS-iSYS systems. This is reassessed each year. It is expected that these costs will be incurred in line with normal warranty terms of one year from the placements of the instrument.

The dilapidations provision relates to two leased buildings in Boldon, UK. At its earliest, one building will be required to be settled in July 2020, at the first break point in a 15-year lease signed in February 2015. Due to the advanced stage of negotiations with a replacement tenant for the surplus building, management feel there is a high degree of certainty over the dilapidation obligation required to be settled in this financial year. The discounted expected future cash flows to restore the buildings amounted to £479,000 at the balance sheet date.

The onerous lease provision relates to the unused proportion of the leased buildings in Boldon following the decision taken in the year ending 31 March 2016 to move automated immunoassay related activities to the Liege site. The discounted expected future lease payments to be paid up to July 2020 amounted to £184,000 at the balance sheet date, a reduction from the year ending 31 March 2017 expected future lease payments, as management are currently finalising the exit of the lease.

The remainder of this onerous lease provision relates to the unused proportion of the leased sales office in Paris following the restructure in IDS France in the year ending 31 March 2017. The expected future lease payments to be paid up to 31 July 2018 amounted to £106,000 at the balance sheet date.

The restructuring provision relates to expected redundancy and related costs arising as a result of our cost reduction projects and is expected to be settled during the next twelve months.

7 Share Capital

8 Financial assets and financial liabilities

The carrying value of the financial assets and liabilities are not materially different from their fair value.

9 Interim results

These results were approved by the Board of Directors on Friday 24 November 2017. Copies of this unaudited interim report will be available to the public from the Group's registered office and www.idsplc.com.