Interim Results

RNS Number : 1379X
Bankers Investment Trust PLC
20 June 2008
 



Page 1 of 11

THE BANKERS INVESTMENT TRUST PLC

Unaudited Preliminary Results for the half year ended 30 April 2008


HIGHLIGHTS


*

Second interim dividend of 2.60p (2007: 2.52p) declared


*


Forecast minimum annual dividend of 11.06p, an increase of 8.0% for the current year


*

Outperformance of 3.8% as compared to the FTSE All-Share Index


*


Net asset value fell over the period by 6.5% (FTSE All-Share Index fell by 10.3%)


Extracts from the Interim Management Report:


Review of the period including material events and transactions

Following a period of turbulent stock markets and a global credit crunch, it may be surprising to find global indices relatively resilient. Our net asset value per share has fallen by 6.5% during the period compared with a fall of 10.3% for the FTSE All-Share Index. Overseas stocks, as measured by the FTSE World Index (ex UK), fell by 5.2% during the period. Many factors account for why share prices have not sunk further in the face of over $300bn of US mortgage debt write-offs and clear signs of slowing Western economic growth. Currently, the major influence on indices is the dominance of the mining and oil sectors. Strong demand for refined oil products, combined with supply shortages, has more than doubled the oil price over the past year. Similar supply constraints and strong demand explain the rises in metal and other commodity prices. Speculators have further exacerbated price trends creating huge windfall profits for oil and commodity producers. The portfolio's exposure to oil and mining is now over 20% and the appreciation of the oil related investments in particular has aided recent performanceour manager is watching this position carefully. 


In my last statement I mentioned both the threat and the opportunity arising from the weakness of sterling, which in practice has limited the fall in our net asset value. With the trade weighted value of sterling falling 9.4% over the past six months, this has helped when translating the portfolio's overseas investments back into sterling and benefited both the net asset value and also the revenue account. The economic exposure to non-sterling assets now amounts to 53% of the portfolio and has risen as we have switched investments overseas. Our expectation is that this percentage will increase further.


Economic growth has slowed in the US and consumer confidence has fallen sharply, resulting in a very rapid fall in US interest rates from 5.25% to 2%. The Fed appears to be choosing to ignore the current inflationary pressures and target a resumption of growth by improving liquidity in the financial system.  Progress is slowly being made and the debt markets have begun to re-openallowing companies access to credit. With the fall in value of the US dollar and a highly accommodating monetary policy, we have increased the US investments by 2% during the period. Much of this new investment has come from reducing the UK portfolio, where the underlying economy is similarly weak but there is little prospect of a big reduction in interest rates. 

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Page 2 of 11

THE BANKERS INVESTMENT TRUST PLC

Unaudited Preliminary Results for the half year ended 30 April 2008


The withdrawal of credit by many banks which started in the second half of 2007 impacted the fixed interest markets, pushing corporate bond spreads to levels not seen for 20 years. Certain investment funds were forced to liquidate investments, while rumours circulated about the stability of many financial institutions forcing yields on their debt ever higher. During this period many banks were only able to sell new tiers of their highest ranking debt, further depressing the prices of lower tiers of debt. We felt that an investment opportunity existed at that time to purchase financial bonds, while funding these purchases from our existing debt facilities. We have achieved a positive interest rate spread over our funding cost and we also consider there to be capital upside to the value of these bonds. During the period we invested £18m, approximately 2% of gross assets, predominantly into sterling corporate bonds from financial institutions. Subsequent rights issues in the sector should underpin the credit quality of these issues.


Stock selection within our geographic portfolios continues to produce positive performance, with the European performance noticeably improving during 2008. Geographical attribution has been more mixed, with the UK having lagged overseas markets. Japan has fallen far less than others and has been a notably strong performer recently. Much of its contribution has been through currency appreciation but few of the credit issues have affected Japan and the re-emergence of inflation is just what the domestic economy has been requiring for some years. There have been many false dawns with Japan but for the moment the contribution to performance is most welcome.


Revenue return and dividends

The revenue generated by the portfolio has continued to rise and is benefiting from the overall weakness of sterling. Also some UK companies peg their dividends to overseas currencies and we have already seen increased payouts from companies like BP and Royal Dutch Shell. Asian income continues to increase strongly, supported by earnings growth and a trend for not allowing cash to build up on balance sheets, as occurred in previous times of economic expansion. The outlook for income from Western banking shares is clouded; dividend cuts have started and more are likely. We have a fairly low exposure to such banks and a good proportion of that exposure is through their debt securities rather than their equity. This should provide for more security of income and will increase the revenue we generate. Overall dividend revenue is expected to grow at a slower rate over the next few years but we do not expect widespread dividend cuts, as dividend cover is high against historical records.


The revenue earnings per share was 15.6% higher than last year, at 5.62p per share. Based upon our current estimates we are on target to pay the forecast minimum total dividend per share of 11.06p for the current year, an increase of 8.0%. The second interim dividend of 2.60p per ordinary share will be paid on 29 August 2008.


Related party transactions 

Details of related party transactions are contained in the annual report. There have been no material transactions with our related parties during the six month period. 





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Page 3 of 11

THE BANKERS INVESTMENT TRUST PLC

Unaudited Preliminary Results for the half year ended 30 April 2008


Outlook (including principal risks and uncertainties) for the six months to 31 October 2008

Stock markets did rally from their low levels in mid March but optimism amongst investors is fragile. The worst of the credit crunch appears to be behind us, although the financial system is far from being back to normal. At least the path toward restored health is clearer, now that central banks have acted so decisively to increase liquidity. The key question is whether the current slowdown of economic growth in the US and Europe is going to accelerate and ultimately lead to a recession.  Share prices in sectors that reflect consumer spending have already fallen considerably and are discounting a slowdown, although perhaps not a recession. It is only the increases in oil and mining shares that have insulated stock markets from a sharper drop in value.


Inflationary pressures are being felt across the globe, especially in emerging markets where food is a large component of consumer spending. There is a risk that China and other Asian countries decide to address their domestic inflation by dampening demand with higher interest rates. Economic growth in these regions remains strong but it is being bought at a price. China is no longer the exporter of low inflation via ever cheaper goods but is now stoking inflation by its demand for raw materials.


We expect further depreciation of sterling in the coming year, possibly more against the US dollar than the euro. With house prices now falling in the UK and a highly indebted consumer, overseas investors are unlikely to favour UK investment, despite some appealing valuations. The gearing in the portfolio has risen in recent months, through the acquisition of various corporate bonds, but we do not expect any significant further increases in gearing unless there are clear signs of the US economy recovering.


Overall, there are still many headwinds for economies to weather, and little sign of inflation moderating. Stock markets, however, are forward looking and share prices already reflect a gloomy outlook. Share price valuations are discounting earnings downgrades and if the future is not as bad as expected then markets should recover. We feel it best to retain gearing at a low level but to be prepared to invest if shares get oversold.




For further information contact:                        


Alex Crooke

Fund Manager

The Bankers Investment Trust PLC

Telephone: 020 7818 4447


Richard Brewster

Chairman

The Bankers Investment Trust PLC

Telephone: 020 7065 0568

James de Sausmarez

Director of Investment Trusts

Henderson Global Investors

Telephone: 020 7818 3349

Sarah Gibbons-Cook 

Investor Relations and PR Manager 

Henderson Global Investors 

Telephone: 020 7818 3198






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Page 4 of 11


THE BANKERS INVESTMENT TRUST PLC

Unaudited Preliminary Results for the half year ended 30 April 2008




FINANCIAL HIGHLIGHTS





(Unaudited)


(Audited)





30 April


31 October


%



2008


2007


Change


Assets







Net asset value per ordinary share (with debt at book value) 

467.7p


500.1p


-6.5


Ordinary share mid-market price

413.3p


439.0p


-5.9


Discount (share price to net asset value)

11.6%


12.2%




Total assets less current liabilities (£'000)

£555,465


£596,020


-6.8
















Indices







FTSE All-Share Index

3,099.94


3,454.12


-10.3


S&P 500 Composite Index

1,385.59


1,549.38


-6.2

#

FTSE World Europe (ex UK) Index (£)

421.60


439.31


-4.0


TOPIX (Tokyo First Section Index)

1,358.65


1,620.07


-3.0

#

FTSE World (ex UK) Index (£)

323.80


341.41


-5.2


50/50 FTSE All-Share Index/







  FTSE World Index (ex UK) (£)

184.60


200.00

*

-7.7









# - £ adjusted







* - rebased as at 31 October 2007















(Unaudited)


(Unaudited)





Half year 

ended


Half year ended





30 April


30 April


%



2008


2007


Change


Revenue 







Gross revenue (£'000)

£8,178


£7,213


+13.4


Earnings per ordinary share

5.62p


4.86p


+15.6







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Page 5 of 11


THE BANKERS INVESTMENT TRUST PLC

Unaudited Preliminary Results for the half year ended 30 April 2008



CONSOLIDATED INCOME STATEMENT 

for the half year ended 30 April 2008 



(Unaudited)

Half year ended

30 April 2008

(Unaudited)

Half year ended 

30 April 2007

(Audited)

Year ended 

31 October 2007


Revenue

Capital


Revenue

Capital 


Revenue

Capital 



return

return

Total

return

return

Total

return

return

Total


£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000











(Losses)/gains on investments held at fair value through profit or loss



-



(37,108)



(37,108)



-



50,212



50,212



-



66,505



66,505

Investment income

7,885

-

7,885

7,014

-

7,014

15,943

-

15,943

Other operating income

293

-

293

199

-

199

494

-

494


---------

----------

----------

--------

--------

-------

---------

--------

---------

Total income

8,178

(37,108)

(28,930)

7,213

50,212

57,425

16,437

66,505

82,942


---------

----------

----------

--------

--------

-------

---------

--------

---------

Expenses










Management fees

(554)

(298)

(852)

(546)

(294)

(840)

(1,095)

(590)

(1,685)

Performance fee

-

-

-

-

(2,113)

(2,113)

-

(1,796)

(1,796)

Write back of VAT

-

-

-

-

-

-

476

502

978

Other expenses

(281)

-

(281)

(297)

-

(297)

(566)

-

(566)


---------

----------

----------

--------

--------

-------

---------

--------

---------

Profit/(loss) before finance costs and taxation


7,343


(37,406)


(30,063)


6,370


47,805


54,175


15,252


64,621


79,873











Finance costs

(357)

(834)

(1,191)

(343)

(800)

(1,143)

(699)

(1,632)

(2,331)


---------

----------

----------

--------

--------

-------

---------

--------

---------

Profit/(loss) before taxation


6,986


(38,240)


(31,254)


6,027


47,005


53,032


14,553


62,989


77,542











Taxation

(601)

371

(230)

(374)

165

(209)

(1,475)

897

(578)


---------

----------

----------

--------

--------

-------

---------

--------

---------

Profit/(loss) for the period

6,385

(37,869)

(31,484)

5,653

47,170

52,823

13,078

63,886

76,964


=====

======

======

=====

=====

=====

======

=====

======

Earnings/(loss) per ordinary share (note 2)


5.62p


(33.34p)


(27.72p)


4.86p


40.56p


45.42p


11.32p


55.29p


66.61p



The total columns of this statement represent the Group's Income Statement, prepared in accordance with IFRS. The revenue return and capital return columns are supplementary to this and are prepared under guidance published by the Association of Investment Companies. All items in the above statement derive from continuing operations.


All income is attributable to the equity shareholders of The Bankers Investment Trust PLC. There are no minority interests.



The accompanying condensed notes are an integral part of the financial statements.




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  Page 6 of 11

THE BANKERS INVESTMENT TRUST PLC

Unaudited Preliminary Results for the half year ended 30 April 2008


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

for the half year ended 30 April 2008


 Called up 

share capital


 Share premium 

account


Capital redemption 

reserve


Other capital 

reserves



Revenue reserve




Total

Half year ended 30 April 2008 (Unaudited)

 £'000 

 £'000 

 £'000 

 £'000 

 £'000 

 £'000 

Balance at 31 October 2007 

28,544

452

11,666

502,803

27,555

571,020

Buy back of 765,740 ordinary shares

(191)

-

191

(3,151)

-

(3,151)

Net (loss)/profit from ordinary activities after tax


-


-


-


(37,869)


6,385


(31,484)

Payment of 3rd interim dividend (2.60p) in respect of the year ended 31 October 2007


-


-


-


-


(2,969)


(2,969)

Payment of final dividend (2.60p) in respect of the year ended 31 October 2007


-


-


-


-


(2,951)


(2,951)


----------

----------

----------

----------

----------

----------

Balance at 30 April 2008

28,353

452

11,857

461,783

28,020

530,465


======

======

======

======

======

======



 Called up 

share capital

 

Share premium 

account


Capital redemption 

Reserve


Other capital 

reserves



Revenue reserve




Total

Half year ended 30 April 2007 (Unaudited)

 £'000 

 £'000 

 £'000 

 £'000 

 £'000 

 £'000 

Balance at 31 October 2006 

29,115

452

11,095

448,547

26,154

515,363

Buy back of 579,316 ordinary shares

(145)

-

145

(2,416)

-

(2,416)

Net profit from ordinary activities after tax

-

-

-

47,170

5,653

52,823

Payment of 3rd interim dividend (2.52p) in respect of the year ended 31 October 2006


-


-


-


-


(2,935)


(2,935)

Payment of final dividend (2.52p) in respect of the year ended 31 October 2006


-


-


-


-


(2,932)


(2,932)


----------

----------

----------

----------

----------

----------

Balance at 30 April 2007

28,970

452

11,240

493,301

25,940

559,903


======

======

======

======

======

======



 Called up 

share capital


 Share premium 

account


Capital redemption 

reserve


Other capital 

reserves



Revenue reserve




Total

Year ended 31 October 2007 (Audited)

 £'000 

 £'000 

 £'000 

 £'000 

 £'000 

 £'000 

Balance at 31 October 2006 

29,115

452

11,095

448,547

26,154

515,363

Buy back of 2,285,576 ordinary shares

(571)

-

571

(9,630)

-

(9,630)

Net profit from ordinary activities after tax

-

-

-

63,886

13,078

76,964

Payment of 3rd interim dividend (2.52p) in respect of the year ended 31 October 2006


-


-


-


-


(2,935)


(2,935)

Payment of final dividend (2.52p) in respect of the year ended 31 October 2006


-


-


-


-


(2,932)


(2,932)

Payment of 1st interim dividend (2.52p) in respect of the year ended 31 October 2007


-


-


-


-


(2,922)


(2,922)

Payment of 2nd interim dividend (2.52p) in respect of the year ended 31 October 2007


-


-


-


-


(2,888)


(2,888)


----------

----------

----------

----------

----------

----------

Balance at 31 October 2007

28,544

452

11,666

502,803

27,555

571,020


======

======

======

======

======

======


The accompanying condensed notes are an integral part of the financial statements.


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Page 7 of 11


THE BANKERS INVESTMENT TRUST PLC

Unaudited Preliminary Results for the half year ended 30 April 2008



CONSOLIDATED BALANCE SHEET

as at 30 April 2008


(Unaudited)

 30 April 2008

(Unaudited)

30 April 

                    2007

(Audited)

31 October 

                    2007


£'000 

  £'000  

 £'000 





Non-current assets




Investments held at fair value through profit or loss

566,283

576,330

582,724


----------

----------

----------





Current assets




Other receivables

8,006

4,066

5,575

Cash and cash equivalents

377

7,971

10,660


----------

----------

----------


8,383

12,037

16,235


----------

----------

----------

Total assets

574,666

588,367

598,959


----------

----------

----------

Current liabilities




Other payables

(7,193)

(3,464)

(2,939)

Bank loans and overdrafts

(12,008)

-

-


----------

----------

----------


(19,201)

(3,464)

(2,939)


----------

----------

----------

Net assets less current liabilities

555,465

584,903

596,020





Non-current liabilities




Debenture stocks

(25,000)

(25,000)

(25,000)


----------

----------

----------

Net assets

530,465

559,903

571,020


======

======

======





Equity attributable to equity shareholders




Called up share capital

28,353

28,970

28,544

Share premium account

452

452

452

Capital redemption reserve

11,857

11,240

11,666

Retained earnings:




  Other capital reserves

461,783

493,301

502,803

  Revenue reserve

28,020

25,940

27,555


----------

----------

----------

Total equity

530,465

559,903

571,020


======

======

======

Net asset value per ordinary share (note 3)

467.7p

483.2p

500.1p


======

======

======






The accompanying condensed notes are an integral part of the financial statements.




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  Page 8 of 11


THE BANKERS INVESTMENT TRUST PLC

Unaudited Preliminary Results for the half year ended 30 April 2008


CONSOLIDATED CASH FLOW STATEMENT

for the half year ended 30 April 2008




(Unaudited)

Half year ended

 30 April 

2008

(Unaudited)

Half year ended

30 April 

2007

(Audited)

Year 

ended

31 October 2007


£'000 

  £'000  

 £'000 





Net (loss)/profit before taxation

(31,254)

53,032

77,542

Add back interest paid

1,191

1,143

2,331

Less: losses/(gains) on investments held at fair value through profit or loss


37,108


(50,212)


(66,505)

Increase in accrued income

(2,558)

(2,435)

(912)

Decrease/(increase) in other receivables

1,137

(71)

(2,103)

(Decrease)/increase in other payables

(1,222)

1,995

825

Net (purchases)/sales of investments

(21,187)

11,477

21,816

Increase in sales settlement debtor

(928)

(409)

(1,327)

Increase in purchase settlement creditor

5,330

-

806

Scrip dividends included in investment income

-

-

(39)


----------

----------

----------





Net cash (outflow)/inflow from operating activities before interest and taxation


(12,383)


14,520


32,434





Interest paid

(1,178)

(1,144)

(2,332)

Taxation on investment income

(312)

(244)

(696)


----------

----------

----------





Net cash (outflow)/inflow from operating activities

(13,873)

13,132

29,406





Financing activities




Equity dividends paid

(5,920)

(5,867)

(11,677)

Purchase of ordinary shares

(3,018)

(2,178)

(9,553)

Drawdown of loans

11,000

-

-


----------

----------

----------





Net cash used in financing

2,062

(8,045)

(21,230)


----------

----------

----------





(Decrease)/increase in cash

(11,811)

5,087

8,176

Cash and cash equivalents at start of period

10,660

2,923

2,923

Realised profit/(loss) on foreign currency

520

(39)

(439)


----------

----------

----------

Cash and cash equivalents at end of period

(631)

7,971

10,660


======

======

======


The accompanying condensed notes are an integral part of the financial statements.




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  Page 9 of 11

THE BANKERS INVESTMENT TRUST PLC

Unaudited Preliminary Results for the half year ended 30 April 2008


NOTES:


1.

Accounting Policies


The condensed half year financial statements have been prepared on the basis of the accounting policies

set out in the Group's financial statements for the year ended 31 October 2007 and in accordance with

IAS 34. The tax charge is based on overseas tax suffered during the period.



2.

Earnings per Ordinary Share 


The earnings per ordinary share figure is based on the net loss for the half year of £31,484,000 (half year

ended 30 April 2007profit £52,823,000; year ended 31 October 2007profit £76,964,000) and

on 113,570,650 (half year ended 30 April 2007116,300,099; year ended 31 October 2007115,549,347)

ordinary shares, being the weighted average number of ordinary shares in issue during the period.




The return per share detailed above can be further analysed between revenue and capital, as below.




(Unaudited)

Half year ended 

30 April 2008

(Unaudited) Half year ended

30 April 2007

(Audited) 

Year ended 

31 October 2007



£'000

£'000

£'000







Net revenue profit

6,385

5,653

13,078


Net capital (loss)/profit 

(37,869)

47,170

63,886



----------

----------

----------


Net total (loss)/profit

(31,484)

52,823

76,964



======

======

======


Weighted average number of ordinary shares in issue during each period


113,570,650


116,300,099


115,549,347








Pence

Pence

Pence







Revenue earnings per ordinary share

5.62

4.86

11.32


Capital (loss)/earnings per ordinary share

(33.34)

40.56

55.29



----------

----------

----------


Total (loss)/earnings per ordinary share

(27.72)

45.42

66.61



======

======

======


3.

Net Asset Value per Ordinary Share


The net asset value per ordinary share is based on the net assets attributable to equity shareholders of

£530,465,000 (30 April 2007: £559,903,000; 31 October 2007: £571,020,000) and on 113,409,824 (30 April

2007115,881,824; 31 October 2007114,175,564), being the number of ordinary shares in issue at the

period end.



4.

Interim Dividend


The directors have declared a second interim dividend of 2.60p (20072.52p) net per ordinary share,

payable on 29 August 2008 to shareholders registered on 25 July 2008. The shares will be quoted ex-

dividend on 23 July 2008.  Based on the number of ordinary shares in issue at 19 June 2008 of

113,354,824 the cost of this dividend will be £2,947,000. A first interim dividend of 2.60p (20072.52p)

was paid on 30 May 2008 at a total cost of £2,949,000.






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  Page 10 of 11


THE BANKERS INVESTMENT TRUST PLC

Unaudited Preliminary Results for the half year ended 30 April 2008



5.

Comparative Information


The financial information contained in this half year report does not constitute statutory accounts as

defined in section 240 of the Companies Act 1985. The financial information for the half years ended 30

April 2008 and 2007 has not been audited or reviewed by the auditors. The information for the year

ended 31 October 2007 has been extracted from the latest published audited financial statements. The

audited financial statements for the year ended 31 October 2007 have been filed with the Registrar of

Companies. The report of the auditors on those financial statements contained no qualification or

statement under section 237(2) or (3) of the Companies Act 1985.



6.

Half Year Report


The half year report will be posted to shareholders in July and will be available on the Company's website

(www.bankersinvestmenttrust.com) and from the Registered Office at 4 Broadgate, London EC2M 2DA.

    




DIRECTORS' RESPONSIBILITY STATEMENT


The directors confirm that, to the best of their knowledge:



(a)

the condensed set of financial statements has been prepared in accordance with IAS 34;



(b)

the interim management report includes a fair review of the information required by Disclosure and

Transparency Rule 4.2.7R (indication of important events during the first six months of the year); and



(c)

the interim management report includes a fair review of the information required by Disclosure and

Transparency Rule 4.2.8R (disclosure of related party transactions and changes therein).

On behalf of The Bankers Investment Trust PLC

Richard Brewster, Chairman

19 June 2008






















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  Page 11 of 11

THE BANKERS INVESTMENT TRUST PLC

Unaudited Preliminary Results for the half year ended 30 April 2008


LARGEST INVESTMENTS 

at 30 April 2008


The 50 largest investments (convertibles and all classes of equity in any one company being treated as one investment) were as follows:


Market value

£'000



Market value

£'000

BP

26,334


Nestlé

4,335

Petroleo Brasileiros

11,020


Anglo American 

4,135

Royal Dutch Shell  

10,010


ENI

3,984

HSBC

9,850


British Energy

3,925

Vodafone 

9,280


Richemont

3,762

BG 

7,755


J Fisher & Sons

3,676

British American Tobacco 

7,721


AP Moller - Maersk

3,628

Barclays 

7,453


BT 

3,564

GlaxoSmithKline 

6,973


Reckitt Benckiser

3,526

Xstrata

6,906


BAE Systems

3,501

Catlin

6,842


Christian Dior

3,480

Hunting

6,675


Scottish & Southern Energy

3,480

Aviva

6,305


Petrofac

3,450

BHP Billiton

5,976


Singapore Telecommunications

3,409

Mitsubishi UFJ Financial 

5,888


Sodexho Alliance

3,403

Lloyds TSB 

5,709


Kühne + Nagel

3,387

Rolls-Royce

5,484


Dexia

3,372

Royal Bank of Scotland 

5,375


Asahi Kasei

3,349

Dana Petroleum

5,187


Jardine Lloyd Thompson

3,330

ICAP

4,893


National Grid 

3,320

Fresenius

4,703


Nintendo

3,266

Man 

4,691


Unibail-Rodamco

3,255

Intermediate Capital

4,621


Canon

3,191

High Tech Computer

4,485


QBE Insurance

3,129

Impala Platinum

4,469


HBOS

3,105


These investments total £272,567,000 which represents 48.1% of the portfolio.


GEOGRAPHICAL DISTRIBUTION




Valuation of investments

Currency exposure of operational assets


30 April

2008

%

31 October

2007

%

30 April

2008

%

31 October

2007

%

UK

49.9

51.9

47.0

50.6

Europe

13.2

15.0

13.5

15.3

North America

15.2

12.5

16.2

12.8

Japan

9.8

9.2

10.6

9.5

Pacific (ex Japan)

8.3

8.3

8.8

8.7

Emerging Markets

   3.6

   3.1

   3.9

   3.1


100.0

100.0

100.0

100.0


- ENDS -


This information is provided by RNS
The company news service from the London Stock Exchange
 
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