NASA.L Regulatory News (NASA)

26 Mar 2007 07:01

Nasstar PLC26 March 2007 Nasstar Plc 26 March 2007 Nasstar Plc Final Results for the Year Ended 30 September 2006 Nasstar Plc ("Nasstar" or the "Company", AIM: NASA), the application serviceprovider ("ASP") that supplies software as a service has announced its auditedresults for the year ended 30 September 2006. These are the Company's maidenfull-year results since its admission to AIM in December 2005. Highlights • £525,000 (before expenses) raised via placing (£375,000) and AIM flotation (£150,000) • Positive sales growth with 26% growth in turnover to £556,000 (2005: £442,000) • Increase in hosted exchange users to 1,158 (2005: 419) • Introduction of a scalable infrastructure to service needs of new customers • Launch of new hosted desktop service • Post balance sheet acquisition of Network Support International Limited, trading as Virtual e-Mail • Post balance sheet fundraising of £500,000 • Post balance sheet appointment of Kevin Bird as Sales Director and a substantial increase in the sales team Commenting on the results, Charles Black, Nasstar's Chief Executive, said: "During the period under review Nasstar has achieved a number of key objectives.In December 2005 the Company was admitted to AIM with the intention of growingthe business both organically and through acquisition. I am pleased that we haveachieved both these objectives. In respect of organic growth, sales revenue from monthly software subscriptionsalmost doubled and the number of users of our core hosted exchange servicealmost trebled to 1,158 (2005: 419) during the period. However, we retained onlyone sales person during the period as our primary focus was establishing ascalable technical infrastructure capable of serving high numbers of newsubscribers. We therefore focussed significant resource in terms of both staffand hardware on establishing such an infrastructure. Having achieved thisobjective during the period the focus of the Company has since shifted to salesgrowth. After the period end we successfully raised a further £500,000 and completed theacquisition of Network Support International Limited (trading as Virtuale-Mail). Kevin Bird, the majority shareholder of Network Support InternationalLimited, agreed to join the Board as Sales Director and has established a largersales team. On a broader perspective the Board is very confident about the future prospectsof the Group. Software as a service is a fast growing market and our intentionis that Nasstar will continue to drive and shape what is still a relatively newand dynamic market." Note to Editors Nasstar was admitted to AIM in December 2005. The Company is an applicationservice provider ("ASP") supplying software as a service. Nasstar's servicesoperate in a similar way to a broadcasting service, distributing businesssoftware to end users over networks so that businesses can access their softwareon a subscription basis in the same way they subscribe for cable and satellitetelevision services or mobile phone services. This method of distributingsoftware has recently become known as Software-as-a-Service ("SaaS"). Nasstar's services are subscription based pay monthly services, and theCompany's software broadcasting approach provides a dynamically differentapproach to the traditional local-based installation and up-front payment ofbusiness software. Nasstar's services extend the now well established conceptsof secure online shopping and banking by providing secure online access tobusiness software and company data. Nasstar has two core subscription packages -Nasstar Mail and Nasstar Desktop. Nasstar Mail Nasstar Mail is a hosted exchange business email service which enables users toaccess their email, calendar and contacts from anywhere including using Windowsmobile smart phones or BlackBerry handheld devices. Nasstar Desktop Nasstar Desktop is the Company's complete SaaS subscription package whichenables a user to login over a secure connection (either from their usualdesktop PC or laptop, a thin client or through a web browser) and accessMicrosoft Office (including Word, Excel, PowerPoint and Outlook) and othersoftware applications such as accounts software. In addition a user has theirown 'My Documents' area and access to the company's shared data and files. As aresult, a user can access all of their business software and company documentsonline. All the software and data is hosted and backed up by Nasstar in its datacentre facility, which means there is no local based installation of softwareand no local data storage. For further information, please contact: Nasstar plc 0870 240 1634Charles Black, Chief Executive W.H. Ireland Limited 0121 616 2101Tim Cofman Chairman's Statement I am pleased to announce our first results since our admission to AIM. Duringthe period the Company has achieved the key objectives we set out to meet andthe results are in line with the Directors' expectations. The Company experienced solid organic growth with monthly sales almost doublingfrom the start of the period. This growth was achieved during a period when theCompany's primary objective was creating a scalable technical platform. Theprimary objective was completed successfully and now the Company has attainedthe technical capacity to cater for substantial future growth. Since the yearend the Company has shifted its focus to achieving strong sales growth and thisis being achieved. In December 2006 the Company raised £500,000 and acquired Network SupportInternational Limited trading as Virtual e-Mail. The acquisition hassignificantly increased the number of customers of our core hosted exchangeemail service and almost doubled the monthly sales revenue. The Directors areexcited about the future and are very confident about the prospects of theGroup. The Lord DaresburyChairman23 March 2007 Financial Turnover increased by 26% to £556,000 in line with the Directors' expectations.The increase in turnover was achieved at a time when the Company's primaryfocus was the creation of a scalable technical infrastructure. Operatingexpenses increased by 67% reflecting investment in operating capability and theadditional costs of being a quoted company. Subsequent to the year end, on the 8 December 2006, the Company announced thatit had issued 1,785,714 new Ordinary Shares at 28p to raise £500,000 andannounced that it had acquired the entire issued share capital of NetworkSupport International Limited, trading as Virtual Email, for an aggregateconsideration of £750,000. The consideration was satisfied by the payment of£250,000 in cash and by the issue of 1,785,714 new Ordinary Shares of 1p each inNasstar at 28p per share. The acquisition saw the number of hosted exchangeusers increase to approximately 3,100. Following the acquisition and the appointment of Kevin Bird as Sales Directorthe Company has expanded its sales force by recruiting three new sales staff. Dividends The Directors do not propose to pay a dividend for the period. Current Trading The acquisition of Network Support International Limited (trading as Virtuale-Mail) has significantly increased the customer base of our hosted exchangeemail service and monthly turnover has increased has almost doubled. Outlook The Company has taken a number of steps to promote future growth prospectsincluding; • A substantial increase in the sales team from one to five staff, including the appointment of Kevin Bird as Sales Director. • The development of an improved scalable platform for its Nasstar Desktop service, which will reduce operational costs and improve the speed of provisioning new customers. • The establishment of its own Core Network and membership of RIPE NCC. Consolidated Profit and Loss AccountFor the year ended 30 September 2006 2006 2005 Notes £000 £000 Turnover 2 556 442 Operating expenses (1,119) (670) ----- -----Operating loss 3 (563) (228) Interest payable and similar charges 4 (66) (44) ----- -----Loss on ordinary activities before taxation (629) (272) Tax on loss on ordinary activities 5 104 51 ----- -----Loss on ordinary activities after taxation 15 (525) (221) ----- -----Loss per shareBasic and diluted 6 (5.1)p (4.4)p ----- ----- All amounts derive from continuing operations. There are no recognised gains and losses other than those passing through theprofit and loss account. Balance SheetsAs at 30 September 2006 Group Company 2006 2005 2006 Notes £000 £000 £000 Fixed assetsTangible assets 7 140 164 -Investments 8 - - 156 ----- ----- ----- 140 164 156 ----- ----- -----Current assetsDebtors 10 321 121 10Cash at bank and in hand 48 37 - ----- ----- ----- 369 158 10 Creditors: amounts falling due withinone year 11 (453) (406) - ----- ----- -----Net current assets/(liabilities) (84) (248) 10 ----- ----- -----Total assets less current liabilities 56 (84) 166 Creditors: amounts falling due aftermore than one year 12 (20) (32) - ----- ----- ----- 36 (116) 166 ----- ----- ----- Capital and reservesCalled up share capital 14 109 57 109Share premium account 15 67 - 67Merger reserve 15 662 157 -Profit and loss account 15 (802) (330) (10) ----- ----- -----Shareholders' funds - equity interests 16 36 (116) 166 ----- ----- ----- Consolidated Cash Flow StatementFor the year ended 30 September 2006 2006 2005 Notes £000 £000 £000 £000Net cash inflow/(outflow) from 19operating activities (477) 84 Returns on investments and servicingof financeInterest paid (66) (44) ----- -----Net cash inflow/(outflow) from returns oninvestments and servicing of finance (66) (44) Capital expenditurePayments to acquire tangible assets (66) (57) ----- ----- Net cash inflow/(outflow) from (66) (57)capital expenditure ----- -----Net cash inflow/(outflow) beforemanagement of liquid resources andfinancing (609) (17) FinancingIssue of ordinary share capital 624 85Capital element of hire purchase (4) (7)contracts ----- ----- Net cash inflow from financing 620 78 ----- ----- Increase in cash in the year 19 11 61 ----- ----- Notes to the Consolidated Financial StatementsFor the year ended 30 September 2006 1 Accounting policies 1.1 Basis of preparation The financial statements have been prepared under the historical cost conventionand in accordance with applicable United Kingdom accounting standards, whichhave been applied consistently. The financial statements have been prepared onthe assumption that the Group is a going concern. The financial statements showa loss for the period of £525,000 and net current liabilities of £84,000. At thedate of the financial statements the Group's ability to continue as a goingconcern reflects the net funds available to the Group at the year end and theforecasts for the current financial period. On this basis, in the opinion of theDirectors, the financial statements have been properly prepared on theassumption that the Group is a going concern. 1.2 Basis of consolidation The consolidated profit and loss account and balance sheet include the financialstatements of the company and its subsidiary undertakings made up to 30September 2006. Acquisitions of subsidiaries are dealt with by the acquisition method ofaccounting except for those qualifying as group reconstructions where mergeraccounting is permitted. Merger with Nasstar (UK) Limited On 2 December 2005, Nasstar plc entered into an agreement with all theshareholders of Nasstar (UK) Limited to merge their respective businesses. Theconsideration for the purchase of the share capital of Nasstar (UK) Limited wassatisfied by the allotment and issue of 10,300,000 ordinary shares of 1 pennyeach in Nasstar plc, credited as fully paid. The financial statements have been prepared under the merger accounting rules(the pooling of interests method), as the combining entities within the groupwere controlled by the same parties both before and after the combination.Accordingly, the financial information for the current period and for the priorperiod has been presented as if Nasstar (UK) Limited had been owned by Nasstarplc throughout the current and comparative accounting periods. 1.3 Turnover Turnover represents amounts receivable for services net of VAT and tradediscounts. Revenue from service contracts is accrued evenly over the period ofthe contract except that set-up revenues are recognised over the length of theset-up period on a percentage to completion basis. Some contracts are financedby a process of invoice discounting with a finance house and in such cases anappropriate proportion of the funds received are carried forward to futureperiods in which the income is recognised. 1.4 Research and development Research expenditure is written off to the profit and loss account in the yearin which it is incurred. Development expenditure is written off in the same wayunless the directors are satisfied as to the technical, commercial and financialviability of individual projects. In this situation, the expenditure is deferredand amortised over the period during which the company is expected to benefit. 1.5 Tangible fixed assets and depreciation Tangible fixed assets are stated at cost less depreciation. Depreciation isprovided at rates calculated to write off the cost less estimated residual valueof each asset over its expected useful life, as follows: Computer equipment 33.3% on straight line basis Fixtures, fittings & equipment 25% on reducing balance basis Office equipment 25% on reducing balance basis 1.6 Leasing Rentals payable under operating leases are charged against income on a straightline basis over the lease term 1.7 Deferred taxation The company has adopted Financial Reporting Standard No.19 on deferred taxationwhich requires deferred tax to be provided in full in respect of taxationdeferred by timing differences between the treatment of certain items fortaxation and accounting purposes. Recognition of the deferred tax asset islimited to the extent that the company anticipates making sufficient taxableprofits in the future to absorb the reversal of the underlying timingdifferences. The deferred tax balance has not been discounted. 1.8 Share-based payments The group operates executive and employee share schemes. For all grants of shareoptions, the fair value as at the date of grant is calculated using an optionpricing model and the corresponding expense is recognised over the vestingperiod. The expense is recognised as a staff cost and the associated creditentry is made against equity. 2 Turnover The total turnover of the company for the year has been derived from itsprincipal activity wholly undertaken in the United Kingdom 3 Operating loss 2006 2005 £000 £000Operating loss is stated after charging:Depreciation of tangible assets 90 63Operating lease rentals 86 23Auditors' remuneration - audit services 10 5 - non-audit services - due diligence 10 18 ------- ------- 4 Interest payable and similar charges 2006 2005 £000 £000 On bank loans and overdrafts - 15Hire purchase interest 12 2Other finance costs 54 27 ----- ----- 66 44 ------- ------- 5 Taxation 2006 2005 £000 £000Domestic current year taxU.K. corporation tax - - ----- -----Current tax charge - - Deferred taxDeferred tax credit (104) (51) ----- ----- (104) (51) ------- -------Factors affecting the tax charge for the yearLoss on ordinary activities before taxation (529) (272) ------- -------Loss on ordinary activities before taxation multiplied bystandard rate of UK corporation tax of 19% (2005: 19%) (101) (52) ----- -----Effects of:Non deductible expenses 4 -Depreciation add back 17 12Capital allowances (10) (22)Losses carried forward 90 62 ----- ----- 101 52 ----- -----Current tax charge - - ------- ------- There is no provision for UK corporation tax due tax losses carried forward,subject to agreement with Inland Revenue. 6 Earnings per share The calculation of the basic loss per share is based on the loss attributable toordinary equity shareholders of £525,000 (2005: loss £221,000) divided by theweighted average of 10,367,361 (2005: 5,000,000) ordinary shares in issue. Due to the loss incurred in the year, there is no dilution effect from theissued share options. 7 Tangible fixed assets Group Computer Fixtures, Office Total equipment fittings & equipment equipment £000 £000 £000 £000CostAt 1 October 2005 270 11 11 292Additions 64 1 1 66 ----- ----- ----- -----At 30 September 2006 334 12 12 358 ----- ----- ----- -----DepreciationAt 1 October 2005 120 4 4 128Charge for the year 86 2 2 90 ----- ----- ----- -----At 30 September 2006 206 6 6 218 ----- ----- ----- -----Net book valueAt 30 September 2006 128 6 6 140 ----- ----- ----- -----At 30 September 2005 150 7 7 164 ----- ----- ----- ----- Included above are assets held under finance leases or hire purchase contractsas follows: Computer equipment £000Net book valueAt 30 September 2006 54 -------Depreciation charge for the yearAt 30 September 2006 26 ------- 8 Fixed asset investments Company Shares in group undertakings £000 CostAt 1 October 2005 -Additions 156 -----At 30 September 2006 156 ------- In the opinion of the directors, the aggregate value of the company's investmentin subsidiary undertakings is not less than the amount included in the balancesheet. At 30 September 2006 Nasstar plc owned 100% of the issued share capital inNasstar (UK) Limited, a company incorporated in England & Wales whose activitywas as an Application Service Provider. 9 Intangible fixed assets Software Group development £000CostAt 1 October 2005 & at 30 September 2006 25 -----AmortisationAt 1 October 2005 & at 30 September 2006 2525 -----Net book valueAt 30 September 2005 & at 30 September 2006 - ------- 10 Debtors Group Company 2006 2005 2006 £000 £000 £000 Trade debtors 72 33 -Other debtors 13 9 10Prepayments and accrued income 61 8 -Deferred tax asset 175 71 - ----- ----- ----- 321 121 10 ----- ----- ----- 11 Creditors: amounts falling due within one year Group Company 2006 2005 2006 £000 £000 £000 Net obligations under finance leases 27 19 -Trade creditors 99 52 -Taxation and social security costs 36 21 -Other creditors - - -Accruals and deferred income 291 314 - ----- ----- ----- 453 406 - ----- ----- ----- 12 Creditors: amounts falling due after more than one year Group Company 2006 2005 2006 £000 £000 £000 Net obligations under finance leases 20 32 - ----- ----- -----Net obligations under finance leasesRepayable within one year 40 30 -Repayable between one and five years 29 49 - ----- ----- ----- 69 79 -Finance charges and interest allocated to futureaccounting periods (22) (28) - ----- ----- ----- 47 51 -Included in liabilities falling due within oneyear (27) (19) - ----- ----- ----- 20 32 - ----- ----- ----- 13 Provisions for liabilities and charges The deferred tax asset (included in debtors, note 10) is made up as follows: Group Company £000 £000 Balance at 1 October 2005 71 -Profit and loss account 104 ----- -----Balance at 30 September 2006 175 ------- ------- Group Company 2006 2005 2006 £000 £000 £000 Tax losses available 169 101 -Accelerated capital allowances 10 (30) -Other timing differences (4) - - ----- ----- ----- 175 71 - ----- ----- ----- 14 Share capital Group Company 2006 2005 2006 £000 £000 £000Authorised1,000,000,000 Ordinary shares of 1p each 10,000 10,000 10,000 ----- ----- -----Allotted, called up and fully paid10,900,000 Ordinary shares of 1p each 109 57 109 ----- ----- -----Reported as at 1 October 2005 or onincorporation 57 50 -Issue of shares 52 7 109 ----- ----- -----Reported as at 30 September 2006 109 57 109 ----- ----- ----- On 10 November 2005 Nasstar (UK) Limited allotted 4,591,667 ordinary shares of1p at a premium of 11p for cash. The company was incorporated with a share capital of two ordinary shares of £1on 15 November 2005 as Nasstar plc. On 2 December 2005 the company passed aresolution to subdivide every one ordinary share of £1 (both issued andunissued) in the share capital of the company into 100 ordinary shares of onepenny each. On 2 December 2005 the shareholders of Nasstar (UK) Limited entered into a shareexchange agreement with Nasstar plc whereby they transferred their shares inNasstar (UK) Limited for shares in Nasstar plc, one for one. This resulted in10,299,800 ordinary shares of 1 penny each being issued at par. On 29 December 2005 the company issued a further 600,000 ordinary shares of 1pence each for cash consideration of 25 pence each. Following this issue ofshares the company placed its shares for trading on the AIM. The financial statements have been prepared under the merger accounting rules(the pooling of interests method), as the combining entities within the groupwere controlled by the same parties both before and after the combination.Accordingly, the financial information for the current period, and for the priorperiod, has been presented as if Nasstar (UK) Ltd had been owned by Nasstar plcthroughout the current and comparative accounting periods. Share option schemes The company has established a share option scheme, under the rules of which thenumber of shares under option at any one time will not exceed more than 12% ofthe company's issued share capital from time to time. EMI Options and Unapproved Options (together the "Options") have been grantedover 1,144,000 ordinary shares in aggregate to directors and staff under theschemes and representing approximately 10.5% of the issued share capital as at30 September 2006. There are no performance conditions required for the exerciseof the options in respect of the grants referred to in this paragraph.Additionally, On 20 December 2005 the Company entered into an option agreementwith W.H. Ireland pursuant to which the Company granted options to subscribe for52,000 Ordinary Shares in the Company. The said Options are exercisable at anytime from the grant for a period of five years at 12p per share. On 8 December 2005 the company granted 1,020,000 share options under the ShareOption Plan exercisable at 12 pence each. On the same date the company granted124,000 share options under the EMI Scheme exercisable at 24 pence each. All shares issued on exercise of option shall rank pari passu in all respectswith the company's existing shares, save that the shares issued will not rankfor any dividends or other distributions declared or recommended prior to thedate when the option is exercised. The options will each vest and thereby becomeexercisable on the second anniversary of the date of grant with no performanceconditions a requirement of exercise. All options will lapse on the tenthanniversary of grant. No options have been exercised or forfeited during the year and none havelapsed. 15 Statement of movements on reserves Share Profit and Merger premium loss reserve account accountGroup £000 £000 £000 Balance as at 1 October 2005 157 - (330)Retained loss for the year - - (525)Equity-settled share-based payments - - 53Premium on shares issued during the year 505 144 -Issue costs - (77) - ----- ----- -----Balance as at 30 September 2006 662 67 (802) ----- ----- ----- Share Profit and premium loss account accountCompany £000 £000 Balance as at 1 October 2005 - -Retained loss for the year - (63)Equity-settled share-based payments - 53Premium on shares issued during the year 144 -Issue costs (77) - ----- -----Balance as at 30 September 2006 67 (10) ----- ----- Company profit and loss account As permitted by section 230 of the Companies Act 1985, the company has notpresented its own profit and loss account. 16 Reconciliation of movements in shareholders' funds Group Company 2006 2005 2006 £000 £000 £000 Result for the financial year (525) (221) (63)Equity-settled share-based payments 53 - 53Proceeds from the issue of shares 701 85 253Issue costs (77) - (77) ----- ----- -----Net increase/(depletion) in shareholders' funds 152 (136) 166Opening shareholders' funds (116) 20 - ----- ----- -----Closing shareholders' funds 36 (116) 166 ----- ----- ----- 17 Financial commitments At 30 September 2006 the group had annual commitments under non-cancellableoperating leases as follows: Land and buildings Other 2006 2005 2006 2005Expiry date: £000 £000 £000 £000Within one year - - 8 -In two to five years 22 22 73 115In over five years - - - - ------- ------- ------- ------- 18 Financial instruments The Group's financial instruments comprise cash at bank and various items suchas trade debtors and creditors that arise directly from its operations. Themain purpose of these instruments is to raise finance for operations. The Grouphas not entered into derivatives transactions and does not trade in financialinstruments as a matter of policy. The main future risks arising from theGroup's financial instruments are interest rate risk and currency risk. Operations to date have been financed through the placing of shares, hirepurchase agreements and contracts paid in advance and it is Board policy to keepborrowings to a minimum. The company has no other long-term borrowings. The company continues to apply FRS 13 and has taken advantage of the exemptioncontained in the Standard in respect of short-term debtors and creditors. Interest rate risk profile of financial assets and liabilities Financial assets The only financial assets (other than short-term debtors) are cash at bank heldat variable interest rates. Amounts held at 30 September 2006 were £48,000 insterling. Financial liabilities, excluding non-debt current liabilities During the year to 30 September 2006 the Group incurred interest charges of£66,000 on hire purchase agreements and contracts paid in advance of £324,000. Currency risk In the opinion of the Directors the currency risk arising from overseas foreigncurrency held is minimal. In the opinion of the Directors there is no material difference between the bookand fair value of financial assets and liabilities. 19 Notes to the consolidated cash flow statement (a) Reconciliation of operating loss to net cash inflow/(outflow) fromoperating activities 2006 2005 £000 £000 Operating loss (563) (228)Depreciation of tangible assets 90 62Equity-settled share-based payments 53 -Amortisation of intangible assets - -Increase/(decrease) in debtors (96) 1Decrease in creditors 39 249 ---- -----Net cash inflow/(outflow) from operating activities (477) 84 ---- ----- (b) Analysis of net funds/(debt) 01.10.2005 Cash flow 30.09.2006 £000 £000 £000Net cashCash at bank and in hand 37 11 48Bank overdrafts - - - ----- ----- ----- 37 11 48Finance leases (51) 4 (47) ----- ----- -----Net funds/(debt) (14) 15 1 ----- ----- ----- (c) Reconciliation of net cash flow to movement in net funds 2006 2005 £000 £000Increase in cash in the year 11 61Cash outflow from decrease in debt and lease financing 4 7 ----- -----Change in net funds/debt resulting from cash flows 15 68New finance leases - (58) ----- -----Movement in net funds/debt 15 10Opening net debt (14) (24) ----- -----Closing net funds/(debt) 1 (14) ----- ----- 20 Directors' emoluments 2006 2005 £000 £000 Emoluments for qualifying services 244 148 ------- -------Fees to third parties 8 Nil ------- ------- Emoluments disclosed above include the following amounts paidto the highest paid director:Emoluments for qualifying services 124 148 ------- ------- Fees paid to third parties comprise amounts paid to Eclipse Information Systems,under an agreement to provide the group with the services of Mr. S. Johnstonfrom appointment to 31 December 2005. From 1 January 2006 Mr. Johnston providedhis services directly to the company and his remuneration is included within emoluments above. 21 Employees Number of employees The average monthly number of employees (including directors) during the yearwas: 2006 2005 Number Number Technical, sales and management 8 6 ----- ----- Employment costs 2006 2005 £000 £000 Wages and salaries 371 269Social security costs 30 31 ----- ----- 401 300 ----- ----- 22 Share-based payments Share options have been granted as set out in note 14. Inputs into the Black-Scholes option pricing model were as follows: 2006 2005Weighted average share price in pence 24 -Weighted average exercise price in pence 13.3 -Expected volatility 18% -Expected life in years 3.5 -Risk free rate 4.4% -Expected dividends None - Expected volatility was determined by calculating the volatility in the shareprice over the 12 months to 31 December 2006. 23 Post balance sheet events On 8 December 2006 the Company raised £500,000 and acquired Network SupportInternational Limited trading as Virtual e-Mail. The accounts for the period ended for the 30th September 2006 have been postedto shareholders and will be delivered to the Registrar of Companies after theyhave been laid before the company at the Annual General Meeting on the 27 April2007. Copies will also be available, from the company's website:www.nasstar.com or from Nasstar plc's registered office: 14-18 Old Street,London, EC1V 9BH This information is provided by RNS The company news service from the London Stock Exchange