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Final Results

Thu, 18th Jun 2015 07:00

RNS Number : 4901Q
MS International PLC
18 June 2015

?

MS INTERNATIONAL plc

Results for the 52 weeks ended 2 May, 2015

Chairman's Statement

Results and review

I am pleased to announce that there has been a much improved performance by the Group during the second half of the year. Accordingly, for the 12 months to 2 May 2015, profit before tax was £1.54m (2014 - £2.93m) on revenue of £45.50m (2014 - £47.13m). Earnings per share were 8.20p (2014 - 14.6p).

Net cash and short term deposits increased once again to a record high of £17.15m (2014 - £14.29m) at year-end.

The Group's current order book remains very strong. While marginally lower at year-end than that the £46m reported for 2014, it has since increased following the award of a follow-on two year contract by the UK MoD for the maintenance and support of MSI-DS 30mm naval gun systems and associated ancillary equipment in the RN fleet. Although the exact value of that contract is confidential, I can reveal that it is in excess of £12m.

'Defence' the global equipment markets of which remain constrained, despite the incredibly high number of conflicts and threats to international stability that are erupting, or intensifying, around the world. Restricted financial budgets, political instability and tensions, are critical factors that continue to disrupt military procurement plans and planning. As a consequence 'Defence' revenue was 15% lower than the previous year. This, combined with the essential investment committed to a number of major 'in-house' research and development programmes for new products - aimed at broadening our product range and extending our market opportunities - resulted in a full year loss, albeit considerably reduced from that reported at the interim stage.

'Forgings' achieved advances in both revenue and profit over the previous year. The UK and USA operations performed extremely well and ahead of our expectations, reaping the benefit of operational improvements, supported by plant and equipment upgrades. The South America operation, although highly efficient, had to contend with the negative impact of a weakening market and currency, owing to the region's current fiscal difficulties.

'Petrol Station Superstructures' overall revenue was similar to that of the previous year, with an increase from the UK operation as a result of strong growth in the number of forecourt convenience stores completed in the period. Conversely there was a distinct reduction in activity of the Poland based business that traditionally services many of the East European countries. Political uncertainty in the region discouraged many customers and potential developers to commit to their plans for new petrol station construction projects and station upgrades.

Outlook

'Defence', we are predicting an improvement in the level of activity for our business in the second half of the current year, even though markets remain constrained. A very positive result from our substantial new product development programme is the winning of the first order for our new MSI-DS 20mm naval gun system. The requirement for three systems - received from a European shipbuilder - will be delivered in the current year and installed on new ships for an overseas navy. This is an important breakthrough for the Group, and is part of our commitment to broaden the range of our product offering directed at the growing international market for small naval vessels. We look forward to completing the development of other new products that will become available to market in the course of the next twelve months.

'Forgings', should maintain a relatively stable position. The division's short lead-time order books are highly sensitive to variations in demand and the prevailing economic conditions in its individual global markets. Currently, we are planning to expand our capacity and capability in the United States to accommodate opportunities in that market. Throughout the division, we remain firmly committed to ensuring that we maintain and develop highly efficient production equipment and systems.

'Petrol Station Superstructures' markets continue to transform with the major oil companies leading the way in withdrawing from front line retailing by disposing of parts of their estates to independent dealers, dealer groups and operators. We perceive this to be an opportunity to expand our position in the market through providing an enhanced service to customers not only in terms of new build but also in relation to station maintenance and upgrades.

Post year-end event; Acquisition

I am pleased, also, to announce that the Company has acquired the entire issued share capital of Petrol Sign B.V., a company based in the Netherlands. The consideration for the acquisition is €3.4 million on a cash and debt free basis and includes "normalised" working capital. The consideration has been satisfied from the Company's existing cash resources.

Petrol Sign designs, restyles, produces and installs the complete branding and signage appearance of petrol station superstructures and forecourts throughout many parts of Western Europe. The acquisition will enhance our ability to offer and include branding and signage services as an option to petrol station markets and customers and will become an integral part of the Groups 'Petrol Station Superstructures' division. The vendor and managing director of Petrol Sign will continue to be employed by the company as its managing director.

Further details relating to this acquisition are set out in a separate announcement.

All matters considered the Board recommends the payment of a maintained final dividend of 6.5p per share (2014 - 6.5p), making the total for the year of 8p (2014 - 8p). The final dividend is expected to be paid on 24 July 2015 to those shareholders on the register at the close of business on 26 June 2015.

Michael Bell

17 June 2015

Consolidated income statement

For the 52 weeks ended 2nd May, 2015

2015

2014

Total

Total

£000

£000

Revenue

45,503

47,130

Cost of sales

(34,763)

(34,266)

Gross profit

10,740

12,864

Distribution costs

(2,357)

(2,707)

Administrative expenses

(6,643)

(6,954)

(9,000)

(9,661)

Group operating profit

1,740

3,203

Finance revenue

70

48

Finance costs

(32)

(69)

Other finance costs - pensions

(237)

(254)

(199)

(275)

Profit before taxation

1,541

2,928

Taxation

(188)

(354)

Profit for the period attributable to equity holders of the parent

1,353

2,574

Earnings per share: basic and diluted

8.2p

14.6p

Consolidated and company statement of comprehensive income

For the 52 weeks ended 2nd May, 2015

Group

Company

2015

2014

2015

2014

Total

Total

Total

Total

£000

£000

£000

£000

Profit for the period attributable to equity holders of the parent

1,353

2,574

955

1,605

Exchange differences on retranslation of foreign operations

(106)

(244)

-

-

Net other comprehensive loss to be reclassified to profit or loss in subsequent periods

(106)

(244)

-

-

Remeasurement (losses)/gains on defined benefit pension scheme

(964)

952

(964)

952

Deferred taxation on remeasurement losses/gains on defined benefit scheme

193

(396)

193

(396)

Revaluation surplus on land and buildings

-

1,939

-

2,056

Deferred taxation on revaluation surplus on land and buildings

-

(446)

-

(473)

Net other comprehensive (loss)/ profit not being reclassified to profit or loss in subsequent periods

(771)

2,049

(771)

2,139

Total comprehensive income for the period attributable to equity holders of the parent

476

4,379

184

3,744

Consolidated and company statement of changes in equity

Issued capital

Capital redemption reserve

Other reserves

Revaluation reserve

Special reserve

Foreign exchange reserve

Treasury shares

Retained earnings

Total

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

(a) Group

At 27th April, 2013

1,840

901

2,815

2,532

1,629

61

(100)

19,376

29,054

Profit for the period

-

-

-

-

-

-

-

2,574

2,574

Other comprehensive income/(loss)

-

-

-

1,493

-

(244)

-

556

1,805

Total comprehensive income/(loss)

-

-

-

1,493

-

(244)

-

3,130

4,379

Dividends paid

-

-

-

-

-

-

-

(1,452)

(1,452)

Purchase of own shares

-

-

-

-

-

-

(2,959)

-

(2,959)

Change in taxation rates

-

-

-

121

-

-

-

-

121

At 3rd May, 2014

1,840

901

2,815

4,146

1,629

(183)

(3,059)

21,054

29,143

Profit for the period

-

-

-

-

-

-

-

1,353

1,353

Other comprehensive loss

-

-

-

-

-

(106)

-

(771)

(877)

Total comprehensive (loss)/income

-

-

-

-

-

(106)

-

582

476

Dividends paid

-

-

-

-

-

-

-

(1,320)

(1,320)

At 2nd May, 2015

1,840

901

2,815

4,146

1,629

(289)

(3,059)

20,316

28,299

(b) Company

At 27th April, 2013

1,840

901

1,565

2,532

1,629

-

(100)

17,670

26,037

Profit for the period

-

-

-

-

-

-

1,605

1,605

Other comprehensive income

-

-

-

1,583

-

-

-

556

2,139

Total comprehensive income

-

-

-

1,583

-

-

-

2,161

3,744

Dividends paid

-

-

-

-

-

-

-

(1,452)

(1,452)

Dividend received from subsidiary

-

-

-

-

-

-

-

311

311

Purchase of own shares

-

-

-

-

-

-

(2,959)

-

(2,959)

Change in taxation rates

-

-

-

125

-

-

-

-

125

At 3rd May, 2014

1,840

901

1,565

4,240

1,629

-

(3,059)

18,690

25,806

Profit for the period

-

-

-

-

-

-

-

955

955

Other comprehensive loss

-

-

-

-

-

-

-

(771)

(771)

Total comprehensive income

-

-

-

-

-

-

-

184

184

Dividends paid

-

-

-

-

-

-

-

(1,320)

(1,320)

At 2nd May, 2015

1,840

901

1,565

4,240

1,629

-

(3,059)

17,554

24,670

Consolidated statements of financial position

At 2nd May, 2015

Group

Company

2015

2014

2015

2014

£'000

£'000

£'000

£'000

ASSETS

Non-current assets

Property, plant and equipment

14,563

15,127

12,608

12,955

Intangible assets

3,818

4,135

13

21

Investments in subsidiaries

-

-

11,741

11,829

Deferred income tax asset

93

-

392

167

18,474

19,262

24,754

24,972

Current assets

Inventories

8,464

8,162

7,393

7,250

Trade and other receivables

9,454

8,260

9,252

8,276

Income tax receivable

40

51

-

-

Prepayments

590

447

495

363

Cash and short-term deposits

17,148

14,286

16,199

13,241

35,696

31,206

33,339

29,130

TOTAL ASSETS

54,170

50,468

58,093

54,102

EQUITY AND LIABILITIES

Equity

Equity share capital

1,840

1,840

1,840

1,840

Capital redemption reserve

901

901

901

901

Other reserve

2,815

2,815

1,565

1,565

Revaluation reserve

4,146

4,146

4,240

4,240

Special reserve

1,629

1,629

1,629

1,629

Currency translation reserve

(289)

(183)

-

-

Treasury shares

(3,059)

(3,059)

(3,059)

(3,059)

Retained earnings

20,316

21,054

17,554

18,690

28,299

29,143

24,670

25,806

Non-current liabilities

Defined benefit pension liability

6,877

5,889

6,877

5,889

Deferred income tax liability

-

211

-

-

6,877

6,100

6,877

5,889

Current liabilities

Trade and other payables

18,994

15,225

26,454

22,294

Income tax payable

-

-

92

113

18,994

15,225

26,546

22,407

TOTAL EQUITY AND LIABILITIES

54,170

50,468

58,093

54,102

Cash flow statements

For the 52 weeks ended 2nd May, 2015

Group

Company

2015

2014

2015

2014

£000

£000

£000

£000

Profit before taxation

1,541

2,928

943

1,709

Adjustments to reconcile profit before taxation to net cash in flow from operating activities

Depreciation charge

1,117

1,227

931

1,028

Amortisation charge

317

316

8

9

Impairment in investment in subsidiary undertaking

-

-

88

40

Administration expenses-pension fund

316

350

316

350

Profit on sale of fixed assets

(78)

(124)

(75)

(130)

Finance costs

199

275

178

236

Foreign exchange gains/(losses)

65

(136)

-

-

Increase in inventories

(302)

(1,626)

(143)

(1,594)

(Increase)/decrease in receivables

(1,194)

4,805

(976)

5,562

(Increase)/decrease in prepayments

(143)

73

(132)

56

Decrease in payables

(389)

(2,550)

(38)

(2,877)

Increase in progress payments

4,158

1,632

4,198

1,869

Pension fund payments

(529)

(529)

(529)

(529)

Cash generated from operating activities

5,078

6,641

4,769

5,729

Interest received/(paid)

38

(21)

59

18

Taxation paid

(288)

(708)

(41)

(257)

Net cash inflow from operating activities

4,828

5,912

4,787

5,490

Investing activities

Purchase of property, plant and equipment

(833)

(940)

(693)

(842)

Sale of property, plant and equipment

187

278

184

178

Net cash outflow from investing activities

(646)

(662)

(509)

(664)

Financing activities

Dividends paid

(1,320)

(1,452)

(1,320)

(1,452)

Dividend received from subsidiary

-

-

-

311

Purchase of own shares

-

(2,959)

-

(2,959)

Net cash outflow from financing activities

(1,320)

(4,411)

(1,320)

(4,100)

Increase in cash and cash equivalents

2,862

839

2,958

726

Opening cash and cash equivalents

14,286

13,447

13,241

12,515

Closing cash and cash equivalents

17,148

14,286

16,199

13,241

The financial information set out above does not constitute the Company's statutory accounts for the periods ended 2 May, 2015 or 3 May, 2014 but is derived from those accounts. Statutory accounts for 2014 have been delivered to the Registrar of Companies, and those for 2015 will be delivered following the Company's Annual General Meeting. The auditors have reported on those accounts; their reports were unqualified and did not contain a statement under section 498 (2) or (3) of the Companies Act 2006.

(1)

Segment information

The following table presents revenue and profit and certain assets and liability information regarding the Group's divisions for the periods ended 2nd May, 2015 and 3rd May, 2014. The reporting format is determined by the differences in manufacture and services provided by the Group. The Defence division is engaged in the design, manufacture and service of defence equipment. The Forgings division is engaged in the manufacture of forgings. The Petrol Station Superstructures division is engaged in the design and construction of petrol station superstructures.

Management monitors the operating results of its business units separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on operating profit or loss which in certain respects, as explained in the table below, is measured differently from operating profit or loss in the consolidated financial statements. Group financing (including finance costs and finance revenue) and income taxes are managed on a group basis and are not allocated to operating segments.

Defence

Forgings

Petrol Station

Total

Superstructures

2015

2014

2015

2014

2015

2014

2015

2014

£000

£000

£000

£000

£000

£000

£000

£000

Revenue

External

17,010

19,445

15,120

14,058

13,373

13,627

45,503

47,130

Total revenue

17,010

19,445

15,120

14,058

13,373

13,627

45,503

47,130

Segment result

(151)

926

1,036

591

855

1,686

1,740

3,203

Net finance costs

(199)

(275)

Profit before taxation

1,541

2,928

Taxation

(188)

(354)

Profit for the period

1,353

2,574

Segmental assets

28,460

24,619

6,299

6,658

5,209

6,341

39,968

37,618

Unallocated assets( see below)

14,202

12,850

Total assets

54,170

50,468

Segmental liabilities

14,407

10,234

1,609

2,763

2,045

3,778

18,061

16,775

Unallocated liabilities(see below)

7,810

4,550

Total liabilities

25,871

21,325

Capital expenditure

82

134

526

450

168

121

Depreciation

217

189

424

454

276

330

Unallocated assets includes certain fixed assets, intangible assets, current assets and deferred tax assets. Unallocated liabilities includes the defined pension benefit scheme liability and certain current liabilities.

Geographical analysis

The following table presents revenue and expenditure and certain assets and liabilities information by geographical segment for the periods ended 2nd May, 2015 and 3rd May, 2014. The Group's geographical segments are based on the location of the Group's assets. Revenue from external customers is based on the geographical location of its customers.

Europe

North America

Rest of the World

Total

2015

2014

2015

2014

2015

2014

2015

2014

£000

£000

£000

£000

£000

£000

£000

£000

Revenue

External

36,255

32,803

4,810

4,487

4,438

9,840

45,503

47,130

Non-current assets

18,174

19,026

192

61

108

175

18,474

19,262

Current assets

34,063

29,682

1,432

1,191

201

856

35,696

31,206

Liabilities

25,593

20,805

259

390

19

653

25,871

21,325

Capital expenditure

751

904

135

-

-

36

886

940

Information about major customers

2015

2014

Revenue from major customers arising from sales reported in the Defence segment:

£000

£000

Customer 1

10,715

Customer 1

10,796

(2)

Employee Information

2015

2014

Number

Number

The average number of employees, including executive directors, during the period was:

Production

210

199

Technical

65

62

Distribution

27

25

Administration

54

51

356

337

(a)

Staff costs

2015

2014

Their, including executive directors, employment costs were as follows:

£000

£000

Wages and salaries

11,967

11,162

Social Security costs

1,313

1,302

Other pension costs

506

408

13,786

12,872

2015

2014

(b)

Directors' emoluments

£000

£000

Aggregate directors' emoluments

1,141

1,112

(3)

Taxation

The charge for taxation comprises:

2015

2014

£000

£000

Current tax

United Kingdom corporation tax

19

236

Tax over provided in previous years

(5)

(32)

Foreign corporation tax

286

381

Group current tax

300

585

Deferred tax

Origination and reversal of temporary differences

(50)

(72)

Adjustments in respect of prior years

(62)

(67)

Impact of reduction in deferred tax rate to 20%

-

(92)

Group deferred tax

(112)

(231)

Tax on profit

188

354

Tax relating to items charged or credited to other comprehensive income

Deferred tax

Deferred tax on remeasurement gains/losses on pension scheme current year

(193)

219

Impact of reduction in deferred tax rate to 20%

-

177

Deferred taxation on revaluation surplus on land and buildings

-

446

Income tax in the statement of comprehensive income

(193)

842

(b)

Factors affecting the tax charge for the year

The tax assessed for the period differs to the standard rate of corporation tax in the UK (21%). The differences are explained below:

2015

2014

£000

£000

Profit before tax

1,541

2,928

Profit multiplied by standard rate of corporation tax of 21% (2014 - 23%)

324

673

Expenses not deductible for tax purposes

(62)

(128)

Adjustment in respect of prior periods

(74)

(99)

Impact of reduction in deferred tax rate to 20%

-

(92)

Total tax charge for the period

188

354

(4)

Earnings per share

The calculation of basic earnings per share is based on:

(a) Profit for the period attributable to equity holders of the parent of £1,353,000 (2014 - 2,574,000).

(b) 16,504,691 (2014 - 17,603,561) Ordinary shares, being the weighted average number of Ordinary shares in issue.

This represents 18,396,073 (2014 - 18,396,073) being the weighted average number of Ordinary shares in issue less 1,891,382 (2013 - less 792,512) being the weighted average number of shares both held within the ESOT 245,048 (2014 -245,048) and purchased by the Company 1,646,334 (2014 - 547,464).

(5)

Dividends paid and proposed

2015

2014

£000

£000

Declared and paid during the year

On Ordinary shares

Final dividend for 2014 : 6.50p (2013 - 6.50p)

1,073

1,180

Interim dividend for 2015 : 1.50p (2014 - 1.50p)

247

272

1,320

1,452

Proposed for approval by shareholders at the AGM

Final dividend for 2015: 6.50p (2014 - 6.50p)

1,073

1,073

(6)

Trade and other receivables

Group

Company

2015

2014

2015

2014

£000

£000

£000

£000

Trade receivables

7,772

5,572

6,646

4,326

Retentions on contracts

1,681

2,644

1,681

2,644

Amounts owed by subsidiary undertakings

-

-

924

1,264

Other receivables

1

44

1

42

9,454

8,260

9,252

8,276

Gross amounts due from customers for contract work - included above

491

821

224

200

The aggregate amount of costs incurred and recognised profits to date on contracts is £13,280,000 (2014 - £13,881,000).

(a) Trade receivables are denominated in the following currencies

Group

Company

2015

2014

2015

2014

£000

£000

£000

£000

Sterling

6,545

4,105

6,545

4,105

Euro

236

510

101

221

US dollar

643

245

-

-

Other currencies

348

712

-

-

7,772

5,572

6,646

4,326

Trade receivables are non-interest bearing and are generally on 30 days terms and are shown net of provision for impairment. The aged analysis of trade receivables not impaired is as follows:

Group

Total

Not past due

< 30 days

30-60 days

60-90 days

> 90 days

£000

£000

£000

£000

£000

£000

2015

7,772

6,328

1,224

98

105

17

2014

5,572

3,686

1,058

159

49

620

As at 2nd May, 2015 trade receivables at a nominal value of £52,000 (2014 - £184,000) were impaired and fully provided. Bad debts of £151,000 (2014 - £165,000) were recovered and bad debts of £42,000 (2014 - £21,000) were incurred.

Company

2015

6,646

5,604

905

57

80

-

2014

4,326

2,666

922

96

28

614

As at 2nd May, 2015 trade receivables at a nominal value of £39,000 (2014 - £168,000) were impaired and fully provided. Bad debts of £143,000 (2014 - £165,000) were recovered and bad debts of £15,000 (2014 - £5,000) were incurred.

(b) Retentions on contracts are denominated in the following currencies

Group

Company

2015

2014

2015

2014

£000

£000

£000

£000

Sterling

1,681

2,644

1,681

2,644

Euro

-

-

-

-

US dollar

-

-

-

-

Other currencies

-

-

-

-

1,681

2,644

1,681

2,644

Retentions on contracts are non interest bearing and represent amounts contractually retained by customers on completion of contracts for specific time periods as follows:

Group

Total

Up to 6 months

6 - 12 months

12 - 18 months

18 - 24 months

£000

£000

£000

£000

£000

2015

1,681

1,681

-

-

-

2014

2,644

2,644

-

-

-

Company

2015

1,681

1,681

-

-

-

2014

2,644

2,644

-

-

-

(7)

Cash

Group

Company

2015

2014

2015

2014

£000

£000

£000

£000

Cash at bank and in hand

9,884

4,786

8,935

3,741

Short term deposits

7,264

9,500

7,264

9,500

17,148

14,286

16,19

13,241

(8)

Reserves

Share Capital

The balance classified as share capital includes the nominal value on issue of the Company's equity share capital, comprising 10p Ordinary shares.

Capital redemption reserve

The balance classified as capital redemption reserve represents the nominal value of issued share capital of the Company, repurchased.

Other reserve

This is the revaluation reserve previously arising under UK GAAP which is now part of non-distributable retained reserves.

Revaluation reserve

The asset revaluation reserve is used to record increases in the fair value of land and buildings and decreases to the extent that such decrease relates to an increase on the same assets previously recognised in equity. This also includes the impact of the change in related deferred tax due to the change in corporation tax (21% to 20%).

Special reserve

The balance classified as special reserve represents the share premium on the issue of the Company's equity share capital.

Currency translation reserve

The foreign currency translation reserve is used to record exchange differences arising from the translation of the financial statements of foreign subsidiaries. It is also used to record the effect of hedging net investments in foreign operations.

Treasury Shares

2015

2014

£000

£000

Employee Share Ownership Trust

100

100

Shares in treasury (see below)

2,959

2,959

3,059

3,059

During 1991 the Company established an Employee Share Ownership Trust ("ESOT"). The trustee of the ESOT is Appleby Trust (Jersey) Ltd, an independent company registered in Jersey. The ESOT provides for the issue of options over Ordinary shares in the Company to Group employees, including executive directors, at the discretion of the Remuneration Committee.

The trust has purchased an aggregate 245,048 (2014 - 245,048) Ordinary shares, which represents 1.3% (2014 - 1.3%) of the issued share capital of the Company at an aggregate cost of £100,006. The market value of the shares at 2nd May, 2015 was £346,000 (2014 - £508,000). The Company has made payments of £Nil (2014 - £Nil) into the ESOT bank accounts during the period. No options over shares (2014 - Nil) have been granted during the period. Details of the outstanding share options, for Directors are included in the Directors' remuneration report.

The assets, liabilities, income and costs of the ESOT have been incorporated into the Company's financial statements. Total ESOT costs charged to the income statement in the period amounts to £4,000 (2014 - £4,000). During the period no options on shares were exercised (2014 - Nil) and no shares were purchased (2014 - Nil).

The Company made the following purchases of its own 10p Ordinary shares to be held in Treasury:

£000

11th December, 2013 1,000,000 shares from the Group's pension scheme.

1,722

30th January, 2014 646,334 shares

1,237

2,959

The preliminary announcement is prepared on the same basis as set out in the previous year's accounts. The Directors confirm to the best of their knowledge that:

(a) the financial statements, prepared in accordance with International Financial Reporting Standards, give a true and fair view of the assets, liabilities, financial position and profit or loss of the group and the undertakings included in the consolidation taken as a whole; and

(b) the Chairman's Statement includes a fair review of the development and performance of the business and the position of the group and the undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties that they face.

The preliminary announcement was approved by the Board on 17th June, 2015 and the above responsibility statement was signed on its behalf by Michael Bell, Executive Chairman and Michael O'Connell, Group Finance Director.

Copies of this announcement are available from the Company's registered office at MS INTERNATIONAL plc, Balby Carr Bank, Doncaster, DN4 8DH, England. The full Annual Report and Accounts will be posted to shareholders shortly and will be delivered to the Registrar of Companies after it has been laid before the Company in general meeting.

This information is provided by RNS
The company news service from the London Stock Exchange
END
FR SFIFMWFISEEM
Date   Source Headline
7th Jun 20177:00 amRNSFinal Results
10th Jan 20171:52 pmRNSDirector/PDMR Shareholding
19th Dec 20161:31 pmRNSDirector/PDMR Shareholding
8th Aug 20162:06 pmRNSDirector/PDMR Shareholding
19th Jul 20163:02 pmRNSDirector/PDMR Shareholding

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