StatPro Regulatory News (SOG)

31 Jul 2006 07:01

Statpro Group PLC31 July 2006 For release at 07.00 a.m. Monday, 31 July 2006 STATPRO GROUP PLC ("StatPro", the "Group", or the "Company") Interim results for the six months ended 30 June 2006 StatPro Group plc, the AIM listed provider of portfolio analytics solutions forthe global asset management industry, announces its interim results for the sixmonths ended 30 June 2006. Six months ended Six months ended Change 30 June 2006 30 June 2005Turnover £6.33 million £5.02 million +26%Profit before tax £0.82 million £0.55 million +48%Earnings per share - basic and diluted 2.0p 1.4p +43%Dividend per share (proposed interim) 0.3p n/a - Highlights: • Recurring annualised software revenue increased by 19% to £12.0 million since year end (Dec 2005: £10.1 million) • Recurring software revenue in the period of £5.37 million (2005: £4.22 million) represents 85% of total revenue (2005: 84%) • Increased operating cash inflow in period and successful share placing in May resulted in increase in net funds to £4.2 million (Dec 2005: £1.8 million) • Two acquisitions completed in the period expected to be earnings enhancing in full year • Interim dividend of 0.3p per ordinary share declared (2005: nil) Commenting on the results, Justin Wheatley, Chief Executive of StatPro said: "StatPro's prospects for the second half of 2006 are very positive based uponour current pipeline of business. There is strong demand for our risk and fixedincome products and generally the outlook is positive for all our products inall our territories. "Regulation, both existing and new, continues to drive growth in our markets. Byinvesting in powerful new software systems, such as StatPro's, our clients andprospects can mitigate risk on a cost effective and proportionate basis. "Given the operational gearing of the business we expect profit margins toimprove. Our medium term goal is to achieve at least 20% net operating margins." - Ends - For further information, please contact: StatPro Group plc www.statpro.comJustin Wheatley, Chief Executive On 31 July: 020 7360 4900Andrew Fabian, Finance Director Thereafter: 020 8410 9876 SmithfieldReg Hoare 020 7360 4900 Arbuthnot Securities LimitedTom Griffiths/Neil Kirton 020 7012 2000 A briefing for analysts will be held at 9.15 for 9.30am today at the offices of Smithfield, 10 Aldersgate Street, London, EC1A 4HJ High resolution images are available for the media to view and download free ofcharge from www.vismedia.co.uk About StatPro StatPro Group plc is a leading provider of portfolio analytics solutions for theglobal asset management industry. Over the past 12 years, StatPro has developedits products in close collaboration with international asset managers and canoffer sophisticated portfolio analytics tools for risk management, fixed incomeanalysis, performance measurement, attribution analysis, GIPS compliance andreporting. StatPro has around 250 client contracts in 25 countries, with 9offices worldwide. StatPro has grown its annualised recurring software revenuefrom less than £1 million in 1999 to £12 million today. CHIEF EXECUTIVE'S REVIEW StatPro Group plc is a leading provider of portfolio analytics solutions for theglobal asset management industry with around 250 client contracts in 25countries. StatPro now offers an integrated suite of six core products and hasgrown its annualised recurring software revenue from less than £1 million in1999 to £12.0 million today. StatPro listed on the London Stock Exchange in May2000 and was admitted to AIM in June 2003. The Company is headquartered inLondon and has 125 employees. Highlights StatPro achieved a solid performance in the first half of 2006 reflecting asignificant increase in new business, strong demand for our expanding range ofproducts and a positive market place. Revenue increased by 26% to £6.33 millionfrom £5.02 million in the comparable period in 2005 and earnings per share roseby 43% to 2.0p from 1.4p. At the heart of StatPro's business lies its strong recurring revenue model. Theannualised value of recurring revenue grew to £12.0 million at 30 June 2006(June 2005: £9.0 million) up from £10.1 million at 31 December 2005; of this£1.35 million resulted from net new contracts, £0.74 million was derived fromacquisitions during the period, and there was an adverse impact of £0.19 milliondue to currency movements (see table below). The increase in organic recurringrevenue since 30 June 2005 (i.e., excluding the recurring revenue acquired) isapproximately 23%. Acquisitions In the first half of the year StatPro made two acquisitions, both of which areexpected to be earnings enhancing this year. Alphai, an Australian business,based in Sydney has become the StatPro Australian office and will help thedistribution of all StatPro products in Australia and Asia. We are also usingAlphai's software as the platform for our planned application service provider("ASP") service. Integration of Alphai is focusing initially on the completionof existing development schedules and then later in the year on recruitment ofan expanded sales team to promote distribution in the region. Kizen, a South African company, builds on StatPro's existing strong presence inthat market where the Group now has combined annualised recurring revenues inexcess of £1.0 million. Kizen developed a compliance product that we believewill function well when integrated with our risk product (StatPro RiskManagement - "SRM") and will allow us to offer our clients faster, more seamlesscompliance processes. We are currently training our European sales and accountmanagement teams in its use and plan to launch the product in Europe inSeptember. In 2005, StatPro acquired Delve which had developed a reporting solution (nowmarketed as StatPro Enterprise Reporting) and this product has made excellentprogress with annual recurring revenue now standing at £0.47 million up from£0.17 million when we acquired the business. The Delve team is now completelyintegrated with the London team. Prospects for the product look good and furthersales are expected to be made during the second half. New Business Sales have been strong in all our regions and across all our products. Sales tonew clients have been encouraging with around two thirds of new business beingcontracted with new clients. Typically, new clients are contracting an averageof 2 products each with several contracting for all of the StatPro suite ofproducts. Sales in North America have improved markedly with new sales in the first halfof 2006 more than twice the whole of last year's achievement. The pipeline looksgood for this region and we expect a similar performance for the second half. The UK region has also performed well with new sales for the first half equal tothe level of new business achieved for the whole of last year. The pipeline alsolooks strong in the UK region with demand for our fixed income and risk productsbeing especially encouraging. Continental Europe has had another outstanding half year outperforming itsexcellent achievement for the first half last year and contributed nearly 45% ofall new business. Our risk product, SRM, continues to sell well and we now have 35 clients withannual contract values of £2.22 million up from £1.26 million at 30 June 2005.We now have 15 clients for our fixed income product contributing £0.63 millionin annual sales up from virtually nothing twelve months ago and £0.28 million atthe beginning of 2006. StatPro Performance & Attribution ("SPA") and StatProComposites are also selling well with 15 new contracts so far this year. Thesesales performances provide evidence that our strategy of acquiring products andthen investing in them is delivering growth. Regulation in the sector, in particular as a result of Sarbanes-Oxley and UCITSIII, is continuing to drive growth, with continued demand for our risk productand other analytics reporting. Strategy Our strategy remains to acquire new, but related, products to cross sell to ourexpanding client base. As our product offering grows, we hope to be seen as astrategic partner by our existing and prospective clients so that when they needportfolio analytic solutions they consider StatPro first. In addition to this we are seeking to expand our relationships with custodianbanks which are increasingly offering integrated outsourcing services to theirclients. StatPro now has eight custodian clients globally. Each contract isstructured around a minimum fee and a per portfolio fee that increases as thecustodian sells to more clients. In this way we can participate in theincreasingly significant outsourcing market. We anticipate winning furtherbusiness from custodians as our software offers a unique combination ofprecision and scalability, which is backed up by the expertise of our clientservices' support team. The Company has made seven acquisitions since 2000 (the year its shares werefirst listed). All of these acquisitions have been successfully integrated andare contributing to our strong performance. Our strategy remains to seek andevaluate further potential acquisitions that can enhance earnings through bothimprovements to our product portfolio and geographical expansion. Queen's Award The Company was delighted to have been awarded the Queen's Award for Enterprise(2006) in the International Trade category. The Award, announced on HerMajesty's eightieth birthday, recognises StatPro's continuous achievement ininternational trade, resulting in substantial overseas earnings with growth andcommercial success, sustained over a six year period since 1999. Dividend We paid our maiden dividend of 0.5p per share as a public company on 31 May 2006and now propose to pay a maiden interim dividend of 0.3p per share on 1 November2006 to shareholders on the register at the close of business on 6 October 2006.We intend to maintain a progressive dividend policy reflecting the balancebetween the investment needs of the business and the growth in underlying cashand earnings per share. Outlook StatPro's prospects for the second half of 2006 look positive based upon ourcurrent pipeline of business. There is clear and strong demand for our risk andfixed income products and generally the outlook is positive for all our productsin all our territories. Regulations, both existing and new, continue to drivedemand in our markets. By investing in powerful new software systems such asStatPro's our clients can mitigate risk on a cost effective and proportionatebasis. Given the operational gearing of the business we therefore expect profit marginsto improve. Our medium term goal is to achieve at least 20% net operatingmargins. I would like to thank all the staff of StatPro for their contribution to thesevery successful interim results and I look forward to reporting continuingimprovements on this success. Justin WheatleyChief Executive FINANCIAL REVIEW Overview New business achieved in the first half of 2006 was significantly ahead of thecomparative period. The combination of higher levels of new licences and a highretention rate resulted in revenue increasing by 26% over the comparable periodin 2005, including 3% from acquisitions. The Group increased its operatingprofit to £0.79 million (2005: £0.57 million) and increased the net fundsposition to £4.22 million at the end of June 2006 (June 2005: £1.71 million).Two acquisitions were completed in the period as described in the ChiefExecutive's review. The initial cash consideration amounted to £1.41 million(see note 4) of which £0.79 million (initial cash consideration net of cashacquired but before adjustment for net assets) was incurred in the first half.The initial share consideration amounted to £0.77 million, deferredconsideration is currently estimated at £2.00 million and goodwill arisingamounted to £3.58 million. Turnover Turnover increased by 26% to £6.33 million (2005: £5.02 million) including acontribution of £0.17 million from the two acquisitions in the second quarter of2006. The impact of exchange rates on turnover and profit were immaterial in theperiod. Software licence revenue grew by 27% and the level of professionalservices and other revenue increased by 20%. The split of revenue by type was as follows: Six months to Six months to Year to 30 June 30 June 31 December 2006 2005 2005 £ million £ million £ millionTurnoverSoftware licences 5.37 4.22 9.13Professional services and other revenue 0.96 0.80 1.66 _________ _________ _________ 6.33 5.02 10.79 A good level of new business was achieved in the first half in all the marketsin which we operate. Our risk and fixed income systems and our reportingsolution achieved the fastest growth rate. The value of the recurring revenuefor StatPro Risk Management systems increased to £2.22 million by the end ofJune 2006 from £1.60 million at the end of December 2005. StatPro Fixed Income("SFI"), which was formally launched in January 2006, increased recurringrevenue to £0.63 million by 30 June 2006 from £0.28 million at 31 December 2005. The StatPro Enterprise Reporting solution ("SER"), which was acquired with theDelve acquisition in July 2005, has increased recurring revenue to £0.47 millionfrom £0.27 million at the end of December 2005 and from £0.17 million onacquisition. The two acquisitions completed in the period (Alphai and Kizen)added £0.74 million of recurring revenue. The proportion by value of recurring software licences on multi-year contracts(licence agreements with more than one year remaining contractually committed)increased to 56% at the end of June 2006 on an underlying basis compared to 53%at the end of December 2005 and 51% at the end of June 2005. Including theimpact of the contracts acquired the level was 53%. The annual value of continuing recurring revenue, which is analysed below,increased to £12.0 million from £10.1 million at 31 December 2005, a growth of19%. Excluding acquisitions and at constant exchange rates the growth rate was13% in the six month period. Annualised value At 31 New Contracts Net impact of At Growth rate December contracted acquired with exchange 30 June (excluding 2005 revenue (net acquisitions rates 2006 contracts acquired of and at constant cancellations) exchange rates) £ million £ million £ million £ million £ million % Recurring revenuesSoftware licences 10.10 1.35 0.74 (0.19) 12.00 +13 Operating expenses Operating expenses (before amortisation of intangibles) amounted to £4.75million in the first half of 2006 (2005: £3.84 million). The growth in expensesarose mainly from a higher average level of employees (see below), andassociated travel and other employee costs. There were also additional costsassociated with third party data for risk and marketing as a result of ourincreased product offering. Development costs The Group continues to increase its investment in research and development, toensure we remain at the forefront of performance and risk analytics technology,including the development of an application service provider ("ASP") solution.Development costs are now capitalised under IFRS where recognition criteria aremet. As a result there is now an intangible asset of £2.93 million (includingacquired intangibles) recognised on the Group's balance sheet relating to thecarrying value of previous developments where the Board expects the benefits tobe recovered through incremental revenue from future sales (Dec 2005: £2.31million). Development expenditure is amortised over a three year period. Thecarrying values, which are analysed by product, are considered carefully by theBoard and if there has been any impairment in any development costs then thecarrying value is written down accordingly. Employees The average number of employees during the first six months of 2006 increased to114 (2005: 90). The number of employees has increased from 105 at the start ofthe period to a total of 125 employees, situated in nine offices (London, Paris,Milan, Frankfurt, Luxembourg, New York, San Francisco, Cape Town and Sydney) atthe end of June 2006. 11 employees joined with the acquisitions completed in theperiod. Interest Net interest income, arising from interest earned on cash and deposits lessinterest and fees accrued on bank loans and finance leases, amounted to £0.04million (2005: net interest expense £0.02 million) as a result of the increasein net cash during the period. Profit before tax The profit before tax increased by 48% to £0.82 million from £0.55 million. Taxation Tax amounting to £0.08 million (2005: £0.01 million) has been provided onprofits at a rate of approximately 10%, based on the current estimate of theeffective tax rate for the Group for the full year. The level of deferred taxasset amounted to £1.46 million (Dec 2005 - £1.52 million). Deferred taxamounting to £0.44 million at end June 2005 has been reclassified as currentdeferred tax for comparability purposes. Earnings per share Earnings per share (basic and diluted) increased by 43% to 2.0p (2005: 1.4p). Cash flow There was an improved cash inflow from operations before investment indevelopment activities during the first six months of 2006 amounting to £1.95million (2005: £1.14 million), which was enhanced by a favourable workingcapital inflow. The investment in development activities was £0.97 million(2005: £0.81 million). As a result, the cash inflow from operations afterinvestment in development activities increased to £0.98 million (2005: £0.33million) in the first six months of 2006 (see note 2). In the light of the various funding requirements pertaining to acquisitions andin order to strengthen the balance sheet the Company placed 3.25 million newordinary shares at 80p per share in May 2006 with new and existing institutionalinvestors. Net proceeds from the placing and the exercise of employee options inthe first half of 2006 amounted to a total of £2.50 million. Balance sheet The Group's net assets increased to £6.92 million at June 2006 (June 2005: £1.89million) from £3.03 million at 31 December 2005. Goodwill arising on the twoacquisitions in the period amounted to £3.58 million (see note 4). The level oftrade and other receivables, of which the major component is trade debtors, waslower than the level at the end of December 2005 but increased to £3.60 millionat the end of June 2006 compared to last year (June 2005: £2.15 million). Thecash balance at the end of June 2006 was £4.25 million (June 2005: £1.78million). The Group's net funds at 30 June 2006 amounted to £4.22 million (June2005: £1.71 million). The major component of creditors is deferred income, a non-cash liability, whichamounted to £6.76 million (June 2005: £5.10 million). The level of deferredcontingent consideration is estimated at £2.00 million for the two acquisitionsin the period taking the total deferred contingent consideration to £3.50million at the end of June 2006. Dividend StatPro has now generated operating cash for four years. Having initiated adividend payment policy in 2005, the directors intend to pay a maiden interimdividend of 0.3 pence per ordinary share (2005: nil) on 1 November 2006 toshareholders on the register at the close of business on 6 October 2006. TheBoard intends to maintain a progressive dividend policy reflecting the balancebetween the investment needs of the business and the growth in underlying cashand earnings per share. Andrew FabianFinance Director Group Income Statement Notes Unaudited Unaudited Year to Six months to Six months to 31 December 30 June 30 June 2005 2006 2005 £'000 £'000 £'000Group TurnoverContinuing operations 6,156 5,017 10,786Acquisitions 174 - - ______ ______ ______Total continuing operations 6,330 5,017 10,786 Operating expenses beforeamortisation of intangibles (4,751) (3,841) (7,969)Amortisation of intangibles (793) (602) (1,154) Operating expenses (5,544) (4,443) (9,123) ______ ______ ______Continuing operations 770 574 1,663Acquisitions 16 - - Operating profit 786 574 1,663 Interest receivable 44 10 18Interest payable (8) (30) (42) ______ ______ ______Profit before taxation 822 554 1,639 Taxation (84) (9) - ______ ______ ______Profit for the period 738 545 1,639 ______ ______ ______(Loss)/profit attributable tominority interests (7) 61 69Profit attributable to equityshareholders 745 484 1,570 ______ ______ ______ 738 545 1,639 ______ ______ ______Earnings per share fromcontinuing operations - basic 1 2.0p 1.4p 4.6p - diluted 1 2.0p 1.4p 4.5p Statement of Recognised Income and Expense Unaudited Unaudited Six months to Six months to Year to 30 June 30 June 31 December 2006 2005 2005 £'000 £'000 £'000Profit after tax 738 545 1,639Net exchange differences offset inreserves net of tax 28 11 (81) ______ ______ ______Total recognised gains and losses forthe period 766 556 1,558 ====== ====== ======Attributable to:Minority interests (7) 61 78Equity shareholders 773 495 1,480 Consolidated Balance Sheet Notes Unaudited Unaudited As at As at As at 30 June 30 June 31 December 2006 2005 2005 £'000 £'000 £'000 Non current assetsGoodwill 6,632 708 3,053Intangible assets 2,931 1,835 2,308Property, plant and equipment 528 468 466Other receivables 250 285 174Deferred tax assets 1,032 1,032 1,032 ______ ______ ______ 11,373 4,328 7,033 Current assetsTrade and other receivables 3,597 2,145 3,759Deferred tax assets 430 440 490Cash and cash equivalents 4,254 1,775 1,853 ______ ______ ______ 8,281 4,360 6,102 LiabilitiesCurrent liabilitiesFinancial liabilities - borrowings (35) (41) (35)Trade and other payables (2,397) (1,637) (1,987)Current tax liabilities (46) (5) (26)Deferred income (6,668) (5,035) (6,487)Provisions - contingent consideration (1,096) - - ______ ______ ______ (10,242) (6,718) (8,535) Net current liabilities (1,961) (2,358) (2,433) Non-current liabilitiesFinancial liabilities - borrowings - (22) -Deferred income (87) (63) (75)Provisions - contingent consideration (2,404) - (1,500) ______ ______ ______ (2,491) (85) (1,575) Net assets 6,921 1,885 3,025 ====== ====== ======Shareholders' equityOrdinary shares 393 350 350Share premium 3,362 903 891Other reserves 698 1,697 (90)Retained earnings 2,525 (893) 1,924 ______ ______ ______Total shareholders' equity 6,978 2,057 3,075Minority interest in equity (57) (172) (50) ______ ______ ______Total equity 6,921 1,885 3,025 ====== ====== ====== Consolidated Cash Flow Statement Unaudited Unaudited Six months to Six months to Year to 30 June 30 June 31 December 2006 2005 2005 £'000 £'000 £'000Cash flows from operating activitiesCash generated from operations 1,949 1,145 3,155Interest received 42 7 18Interest paid (9) (5) (13)Issue costs in respect of bank loan - (5) (5)Tax received/(paid) (34) (11) (31) ______ ______ ______Net cash from operating activities 1,948 1,131 3,124 Cash flows from investing activitiesAcquisition of subsidiaries (net ofcash acquired) (790) - (858)Investment in intangible assets -development costs (966) (813) (1,738)Proceeds from sale of property,plant and equipment - 22 22Purchase of property, plant andequipment (108) (87) (188) ______ ______ ______Net cash used in investingactivities (1,864) (878) (2,762) Cash flows from financing activitiesRepayment of bank loan - (1,200) (1,200)Proceeds from issue of ordinaryshares 2,499 564 551Capital element of finance leasepayments - (2) (2)Dividends paid to shareholders (180) - - ______ ______ ______Net cash from/(used) in financingactivities 2,319 (638) (651) ______ ______ ______ Effects of exchange rate changes (2) 11 (7) Net increase/(decrease) in cash andcash equivalents 2,401 (374) (296) ====== ====== ======Cash and cash equivalents at startof period 1,853 2,149 2,149 Cash and cash equivalents at end ofperiod 4,254 1,775 1,853 ====== ====== ====== Reconciliation of operating profit to net cash flow from operating activities Unaudited Unaudited Six months to Six months to Year to 30 June 2006 30 June 2005 31 December 2005 £'000 £'000 £'000 Operating profit 786 574 1,663Depreciation of tangiblefixed assets 110 103 202Amortisation of intangibles 793 602 1,154Decrease/(increase) indebtors 289 206 (1,254)Increase/(decrease) increditors (excluding deferredincome) 112 (86) 193(Decrease)/increase indeferred income (177) (276) 1,130Share based payments 36 23 59(Profit)/loss on disposal offixed asset - (1) 8 ______ ______ ______Net cash generated fromoperations 1,949 1,145 3,155 ====== ====== ====== Reconciliation of net cash flow to movement in net funds Unaudited Unaudited Six months to Six months to Year to 30 June 2006 30 June 2005 31 December 2005 £'000 £'000 £'000 Increase/(decrease) in cashand cash equivalents in theperiod 2,401 (374) (296)Movement of finance leases - (4) 2Bank loan repayment - 1,200 1,200Other non-cash movements - (8) 14 ______ ______ ______Movement in net funds 2,401 814 920Net funds at beginning ofperiod 1,818 898 898 ______ ______ ______Net funds at end of period 4,219 1,712 1,818 ====== ====== ====== Statement of changes in shareholders' equity Share Share premium Retained Other Minority Total capital account earnings reserves * interests £'000 £'000 £'000 £'000 £'000 £'000 At 1 January 2006 350 891 1,924 (90) (50) 3,025 Shares issued 43 2,471 - 760 - 3,274 Profit for the period - - 745 - (7) 738 Dividend - - (180) - - (180) Share based payments - - 36 - - 36 Exchange differences offset in reserves - - - 28 - 28 ______ ______ ______ ______ ______ ______At 30 June 2006 393 3,362 2,525 698 (57) 6,921 ====== ====== ====== ====== ====== ====== * Other reserves includes warrant reserve, merger reserve, translation reserve(previously reported in retained earnings) and (as at 30 June 2005 only)non-distributable reserve. Notes to the interim accounts 1. Basic earnings per share. Basic earnings per share has been calculated based on the profit after taxation and minority interests of £0.74 million (2005 - £0.48 million) and the weighted average number of shares of 36,393,436 (June 2005 - 33,407,258). The diluted earnings per share were 2.0p (2005: 1.4p) based on potentially dilutive shares outstanding amounting to 1,201,501 (2005: 453,970). 2. Cash generated from operations - reconciliation from statutory heading to business performance measure Unaudited Unaudited Six months to Six months to Year to 30 June 2006 30 June 2005 31 December 2005 £'000 £'000 £'000Cash generated from operations 1,949 1,145 2,717Investment in intangible assets - development costs (966) (813) (1,261) ______ ______ ______Cash generated from operations less internally generated intangible assets 983 332 1,456 ====== ====== ====== 3. Dividend. An interim dividend for 2006 amounting to 0.3 pence per ordinary share (2005: nil) will be paid on 1 November 2006 to shareholders on the register on 6 October 2006. A final dividend for 2005 amounting to 0.5 pence per ordinary share was paid on 31 May 2006 to shareholders on the register on 28 April 2006. Under IFRS dividends are accounted for when paid and not when proposed or declared. 4. Acquisitions. During the period the Company acquired the entire share capital of two companies, Alphai Pty Limited and Kizen (Pty) Limited. The provisional fair value details and goodwill arising on the acquisitions are as follows: Alphai Kizen Total £'000 £'000 £'000Share of net assets acquired 93 54 147Fair value adjustment 350 100 450Goodwill 2,120 1,459 3,579 ______ ______ ______ 2,563 1,613 4,176 Initial cash consideration including costs andadjustments for net assets acquired 793 613 1,406Initial share consideration 770 - 770Deferred consideration - provisional estimate 1,000 1,000 2,000 ______ ______ ______Total consideration including costs 2,563 1,613 4,176 The fair value adjustments relate to the intangible assets acquired such asacquired technology and client contracts. 5. The financial information set out in this interim statement has been prepared under IFRS on the basis of the accounting policies set out in the statutory accounts of StatPro Group plc for the year ended 31 December 2005. This report is not prepared in accordance with IAS34 which is currently not mandatory. This interim statement has not been audited but has been reviewed by the Company's auditors PricewaterhouseCoopers LLP. 6. The financial information does not constitute statutory accounts within the meaning of section 240 of the Companies Act 1985. Statutory accounts for StatPro Group plc for the year ended 31 December 2005 reported under IFRS, on which the auditors gave an unqualified opinion, have been delivered to the Registrar of Companies. 7. Copies of this statement will be posted to shareholders. Further copies are available free of charge on request from the Company Secretary at the Company's registered office, StatPro House, 81-87 Hartfield Road, London SW19 3TJ. This information is provided by RNS The company news service from the London Stock Exchange