Final Results

Bellway PLC 17 October 2006 NATIONAL HOUSEBUILDER BELLWAY p.l.c. TODAY, TUESDAY 17 OCTOBER 2006, ANNOUNCE THEIR PRELIMINARY RESULTS FOR THE YEAR ENDED 31 JULY 2006. HIGHLIGHTS Year to 31 July 2006 2005 Increase Revenue - Â£m 1,240.2 1,178.1 5.3% Operating profit - Â£m 239.3 230.1 4.0% Profit before taxation - Â£m 220.7 213.8 3.2% Basic earnings per ordinary share - pence 137.5 133.1 3.3% Dividend per ordinary share - pence 34.5 31.25 10.4% Net asset value per ordinary share - pence 793 689 15.1% HOWARD DAWE, CHAIRMAN OF BELLWAY p.l.c. COMMENTING ON THE NEWCASTLE BASED HOUSEBUILDER'S ANNUAL RESULTS SAID 'I AM PLEASED TO REPORT THAT BELLWAY HAS EXTENDED ITS TRACK RECORD OF GROWTH....'. ON REVIEWING THE YEAR HE SAID 'THE PROFIT BEFORE TAX HAS INCREASED....TO Â£220.7 MILLION AND EARNINGS PER ORDINARY SHARE HAVE ADVANCED TO 137.5P.... BOTH OF WHICH ARE NEW RECORDS FOR THE GROUP'. COMMENTING ON CURRENT TRADING MR DAWE SAID 'ALTHOUGH SOME PARTS OF THE COUNTRY HAVE SHOWN RESILIENCE.....INCENTIVES ARE STILL REQUIRED TO CONCLUDE MOST TRANSACTIONS'. HE WAS DELIGHTED TO REPORT THAT 'ON 30 SEPTEMBER 2006 THE FORWARD ORDER BOOK STOOD AT Â£647 MILLION' AND 'INCLUDING COMPLETIONS TO DATE, WE HAVE SECURED AROUND 58% OF OUR PLANNED AND INCREASED OUTPUT FOR 2006/07'. IN CONCLUSION THE CHAIRMAN SAID 'WITH OUR EMPHASIS ON LOWER VALUE HOUSING, FORWARD SELLING, INCREASING VOLUMES AND TIGHT CONTROL OVER LAND BUYING, THE BOARD REMAINS CONFIDENT AS TO THE FUTURE PROSPECTS FOR THE GROUP'. 2006 2005 * Homes sold - no. 7,117 7,001 * Average selling price - Â£000 169.0 163.8 * Operating margin - % 19.3 19.5 * Return on average capital employed - % 23.4 27.0 * Land bank - plots with planning permission 22,600 22,500 * Net assets - Â£m 903.5 779.8 FOR FURTHER INFORMATION, PLEASE CONTACT JOHN WATSON, CHIEF EXECUTIVE OR ALISTAIR LEITCH, FINANCE DIRECTOR TUESDAY 17 OCTOBER - FRIDAY 20 OCTOBER J WATSON: 07855 337007 A LEITCH: 07855 337001 THEREAFTER: 0191 217 0717 BELLWAY p.l.c. CHAIRMAN'S STATEMENT I am pleased to report that Bellway has extended its track record of growth in volume, turnover and earnings to record levels over the last twelve months. Volume and turnover has grown for the fifteenth consecutive year and earnings per share have increased for the tenth consecutive year. I can confirm that these annual results have been prepared for the first time under International Financial Reporting Standards (IFRSs) and are summarised below. The number of homes sold in the year ended 31 July 2006 has increased from 7,001 to 7,117 and the average price of these homes has increased from Â£163,800 to Â£169,000. Total turnover for the Group advanced by 5.3% to Â£1,240 million from Â£1,178 million. Due to the increased volume and tight control of costs, the Group has been able to restrict the attrition on the operating margin from 19.5% to 19.3% resulting in operating profit increasing to Â£239.3 million compared with Â£230.1 million last year. Net financing costs have risen to Â£18.4 million from Â£16.4 million. The profit before tax has increased by 3.2% from Â£213.8 million to Â£220.7 million and earnings per ordinary share have advanced to 137.5p from 133.1p, both of which are new records for the Group. Shareholders' equity has risen by almost Â£124 million to Â£903.6 million, and net assets per ordinary share are now 793p, up from 689p at the same time last year, an increase of some 15%. Gearing at the year end was 19% with net borrowings of Â£173.7 million, down from Â£191.6 million at the same time last year. Dividend To reflect the Group's creditable performance, and as a show of confidence in future prospects, the Board has decided to recommend an increase in the total dividend payable per ordinary share by 10.4% from 31.25p to 34.5p which is covered just less than four times. This will result in a final dividend of 20.2p (18.25p - 2005) being paid on Monday 15 January 2007 to all ordinary shareholders on the Register of Members at the close of business on Friday 15 December 2006. Current Trading Although some parts of the country have shown resilience, notably in the North East, Scotland and the Thames Gateway, the rest of the country remains challenging and, as a consequence, incentives are still required to conclude most transactions. However, these incentives are being well controlled and closely managed by our divisions resulting in margins being held at satisfactory levels. To grow earnings in this market, and with build cost pressures, the Group intends to increase volumes this year from a greater number of outlets and divisions. The foundations of this growth are in place as the number of outlets has risen by 7% and the divisional network has been augmented by a new division operating in the South Midlands area, increasing the number of current operating divisions to eighteen. Our policy of forward selling, resulted in the Group's total order book having grown to Â£561 million as at 31 July 2006. Since 1 August 2006 through to 30 September 2006 reservations have been some 9% ahead of the same period last year and on 30 September the forward order book stood at Â£647 million. Including completions to date, we have secured around 58% of our planned and increased output for 2006/07. Land Land is the lifeblood of the industry and the procurement process remains as competitive and as difficult as ever. Plots with planning permission held at 31 July 2006 were 22,600, just ahead of last year's position. We are particularly pleased with the progress that has been made with our medium term land holdings, with plots pending planning permission having grown by 25% to 15,000 plots giving a total land bank of 37,600 plots, representing over five years supply. In addition, our City Solutions operation has been awarded preferred developer status for some 4,200 plots on regeneration schemes throughout the country. People These record results would not have been possible without the hard work, skill and commitment of all our employees, suppliers, sub-contractors and partners across the country and this is greatly appreciated by the Board. Future Prospects The current market, although stable, remains price competitive and is one in which Bellway has traditionally thrived. With our emphasis on lower value housing, forward selling, increasing volumes and tight control over land buying, the Board remains confident as to the future prospects for the Group. H C Dawe Chairman 16 October 2006 BELLWAY p.l.c. CHIEF EXECUTIVE'S OPERATING REVIEW Strategy I am delighted to report another year of significant progress with the number of homes sold increasing to 7,117 at an average selling price of Â£169,000. This has resulted in the revenue from the sale of homes reaching a new high of Â£1,203 million up from Â£1,147 million last year. Other turnover of Â£37 million was generated during the year which came mainly from land sales and the sales of commercial units taking the total turnover to a record high of Â£1,240 million. As long as the market remains competitive, the Group recognises that revenue growth must be generated primarily by increasing volume output. Our strategy therefore is to optimise and increase the divisional network and to improve the size and quality of the land bank. In addition we continue to focus on cost control in all aspects of the business. New Appointments With regard to our volume growth objectives, we have recently appointed two new regional chairmen, covering the north and south of the country, to oversee the day to day divisional operations. Land acquisition and financial control will remain at Head Office to ensure strong controls remain in place. This change to our structure is an important initiative in driving output in those divisions trading below optimum scale and also gives us the additional resource to establish future new divisions. Divisional Performance Northern Divisions During the year the northern divisions sold 3,764 homes, an increase from the previous year's 3,685 homes. Of this total, 221 homes were sold to housing associations compared to 196 the previous year. Overall the average selling price in the north fell slightly to Â£154,569 but, with the volumes increasing, turnover increased to Â£581.8 million. The West Lancashire division, which is now building on several sites in the Liverpool Pathfinder area, has successfully completed 600 homes in the year with an average selling price of only Â£136,000. The North East division has commenced two neighbourhood renewal schemes replacing areas of former local authority housing. We anticipate the average selling price of these 950 new homes to be in the region of Â£127,000. This is an extremely affordable price even for the North East and will help to grow volumes in future years. A new division was formed during the year to cover the South Midlands area. It is acquiring new land opportunities in the region as well as handling the Solihull regeneration project which has recently commenced. We will see production from the division in the 2006/07 financial year and it increases the number of trading divisions to 18. Southern Divisions The southern divisions sold 3,353 homes, an increase from the previous year's 3,316. Of this total, 569 homes were sold to housing associations compared to 632 the previous year. Overall the average selling price in the south increased to Â£185,200 and with volumes increasing, turnover lifted to Â£621.1 million, a 7.8% increase on the previous year. The South West division, only formed in 2004, increased output to 153 homes and is set to continue growing helped by further land acquisitions in Devon and Somerset. The Thames Gateway South division has established itself as a major provider of affordable homes in East London, with an overall average selling price of only Â£169,000. The division has recently completed a development of 214 apartments in the London Borough of Tower Hamlets and construction of a further 532 houses and apartments is on-going in Stepney, in the same borough. Demand for these competitively priced homes is proving to be particularly strong. The Thames Gateway North division which was only established in 2005 completed 42 homes in the period. It has been successful in acquiring several more sites and production levels will steadily increase in the coming years. Land Bank The divisional network must also be supported by an expanding land bank and in particular sales outlets. The Group presently has 22,600 plots owned with planning permission on the balance sheet, similar to last year's levels. However, the medium term land bank, which is typically held by the company pending the receipt of a planning permission, has increased significantly from 12,000 to 15,000 plots. These plots often take several years to convert into active sites but are a valuable source of land and often result in enhanced margins. A start will be made on a site next year near Bedford, an old RAF depot, which was acquired outright in 2001 and has now received planning permission for around 600 homes. In addition, the Group's long term strategic land contains the 4,200 plots being processed through the system by City Solutions. These plots together with approximately 2,900 acres of greenfield land, typically held under option, will further enhance Bellway's land bank and underpin our long term growth aspirations. City Solutions City Solutions, a procurement team, is taking advantage of the Government's regeneration initiatives and is focused on sourcing large scale regeneration opportunities where the operating margin is agreed in advance. Once a project reaches development stage it is handed over to a division. So far City Solutions has made its first contribution towards the land bank handing over 500 plots to divisions and currently it has preferred bidder status on the previously mentioned 4,200 plots in cities such as Leeds, Liverpool, Middlesbrough and Newport. These new opportunities will be a sizeable boost to our land bank. Design and Cost Control During the year the Group received awards from the Commission for Architecture and the Built Environment (CABE) for outstanding design. Whilst it is pleasing to receive such recognition, it is important to ensure that we complement good design with cost control. For example, with the new Part A building regulations imposing additional design criteria on buildings over four storeys and above, we have introduced more timber frame construction which represents a cost saving against concrete or steel construction. As a result, timber frame construction accounted for almost a third of output. This system brings a greater standardisation of floor design and has economy of scale benefits. As a highly insulated system, it helps to reduce CO(2) emissions, an item high on the Government's list of priorities, and as a consequence its use may well increase in the future. These measures, along with a greater use of standard material specifications, have helped to support the Group's operating margin. Environment Government statistics demonstrate that improvements in construction techniques and materials have all contributed to a new home being 40% more energy efficient today than it was five years ago. New building regulations and other Government initiatives will continue to improve the standard of new homes in the future. However, despite this, the effect of climate change cannot be underestimated as housing is a major contributor in the production of CO(2). In an effort to improve the environmental performance of our product, we are currently paying the energy bills and monitoring the performance of several homes recently constructed in the North West of England where more innovative methods of generating heat and power have been employed. The Group has also increased the number of 'Eco Homes' built during the year and our development at Broughton in Milton Keynes will see Bellway delivering our first site of 234 homes to 'Eco Homes Excellent' standard. To ensure the sustainability of raw materials, especially timber, this year we undertook a review of our major suppliers and introduced a new Group procurement policy. This is especially important considering the Group's increased use of timber frame techniques. Waste is a significant by-product of development and an area we are continuing to focus upon. In the year under review, 150 sites have segregated their waste, more importantly 4,708 tonnes of plasterboard have been recycled representing a substantial increase over the corresponding period last year. Throughout the course of the year the Group has agreed, pursuant to agreements under s106 of the Town and Country Planning Acts, to make payments which in total amount to over Â£5m for such items as education, highway and open space facilities. These payments provide benefits for the whole community following the granting of a planning permission. Customers There is a strong requirement to deliver a quality product combined with a level of service that satisfies customer demands. During the year the Group has undertaken a comprehensive review of its customer care procedures and also appointed an independent survey company. The latest figures from this survey show that over 75% of purchasers would recommend their friend to buy a new Bellway home. This, and future surveys, will be used to focus the Group's efforts to produce quality homes and satisfy customers on a consistent basis. Health and Safety A review of our health and safety systems was carried out during the course of the year by an independent firm of consultants. Recommendations from the review have been implemented resulting in the Group devoting more resources into this area of our business. In conjunction with the Health and Safety Executive, Bellway has been holding joint workshops throughout the Group to make both sub-contractors and employees aware of good practice with regard to manual handling. We have, as a result, made a number of changes to products being used on site and now insist on the use of mechanical lifting devices when handling heavy materials. I am pleased to report that the number of reportable accidents, namely those involving absence from work for over three days, has been reduced for the fourth consecutive year, a trend we hope can be maintained in the coming years by setting new targets and introducing initiatives on site to improve performance. Outlook Revenue growth in a low inflationary environment more than ever relies on increasing our volume output. The foundations for this growth are in place with the number of sales outlets increasing by around 7%, the divisional network has been expanded and the land bank is being further enhanced by future urban regeneration schemes. The cost base will benefit from more standardisation helping to reduce inherent cost pressures. Bellway's strategy remains unaltered and is supported by a strong order book which has grown to Â£647 million at the end of September. This places the Group in an excellent position to maintain its track record into the future. J K Watson Chief Executive 16 October 2006 BELLWAY p.l.c. CONSOLIDATED INCOME STATEMENT For the year ended 31 July 2006 Notes 2006 2005 Â£000 Â£000 Revenue 1,240,193 1,178,063 Cost of sales (947,921) (896,167) __________ __________ Gross profit 292,272 281,896 Administrative expenses (52,932) (51,784) __________ __________ Operating profit 239,340 230,112 Finance income 2 2,941 2,250 Finance expenses 2 (21,339) (18,627) Share of (losses) / profit of associates (233) 94 __________ __________ Profit before taxation 220,709 213,829 Income tax expense 3 (64,967) (64,667) __________ __________ Profit for the year (all attributable to equity holders of the parent) 155,742 149,162 Earnings per ordinary share - basic 5 137.5p 133.1p Earnings per ordinary share - diluted 5 136.2p 131.8p Statement of Recognised Income and Expense For the year ended 31 July 2006 Group 2006 2005 Â£000 Â£000 Actuarial losses on defined benefit pension scheme (2,203) (5,040) Tax on items taken directly to equity 661 1,512 __________ __________ Net expense recognised directly in equity (1,542) (3,528) Profit for the year 155,742 149,162 __________ __________ Total recognised income (all attributable to equity holders of the parent) 7 154,200 145,634 ====== ====== BELLWAY p.l.c. BALANCE SHEET At 31 July 2006 Consolidated 2006 2005 Notes Â£000 Â£000 ASSETS Non-current assets Property, plant and equipment 13,749 17,631 Investment property 1,713 - Investments in subsidiaries, associates and jointly controlled entities - 136 Other receivables 5,736 7,462 Deferred tax assets 10,174 11,475 ________ ________ 31,372 36,704 Current assets Inventories 1,433,999 1,283,222 Trade and other receivables 26,503 31,703 Cash and cash equivalents 2,329 66,441 ________ ________ 1,462,831 1,381,366 ________ ________ Total assets 1,494,203 1,418,070 ===== ===== LIABILITIES Non-current liabilities Interest bearing loans and borrowings 159,000 256,000 Retirement benefit obligations 11,716 12,084 Land payables 23,958 19,265 ________ ________ 194,674 287,349 Current liabilities Interest bearing loans and borrowings 17,024 2,000 Trade and other payables 349,995 316,591 Current tax liabilities 29,010 32,302 ________ ________ 396,029 350,893 ________ ________ Total liabilities 590,703 638,242 ===== ===== ________ ________ Net assets 903,500 779,828 ===== ===== EQUITY Issued capital 14,252 14,154 Share premium 111,903 108,886 Other reserves 1,492 1,492 Retained earnings 775,919 655,362 ________ ________ Total equity attributable to equity holders of the parent 903,566 779,894 Minority interest (66) (66) ________ ________ Total equity 7 903,500 779,828 ===== ===== Approved by the Board of Directors on 16 October 2006 and signed on its behalf by H C Dawe A M Leitch Director Director BELLWAY p.l.c. CASH FLOW STATEMENT For the year ended 31 July 2006 Consolidated Notes 2006 2005 Â£000 Â£000 Cash flows from operating activities Profit for the year 155,742 149,162 Depreciation charge 3,141 3,269 Profit on sale of property, plant and equipment (1,152) (189) Finance income (2,941) (2,250) Finance expenses 21,339 18,627 Dividends received - - Share based payment charge 2,550 1,575 Income tax expense 64,967 64,667 Increase in inventories (150,777) (227,574) Decrease / (increase) in trade and other receivables 6,895 (11,858) Increase in trade and other payables 32,243 9,249 ________ ________ Cash from operations 132,007 4,678 Interest paid (17,937) (15,374) Income tax paid (65,198) (68,062) ________ ________ Net cash inflow / (outflow) from operating activities 48,872 (78,758) Cash flows from investing activities Acquisition of property, plant and equipment (4,808) (5,153) Acquisition of investment property (1,713) - Proceeds from sale of property, plant and equipment 6,721 1,066 Interest received 2,962 2,267 Dividends received - - ________ ________ Net cash inflow / (outflow) from investing activities 3,162 (1,820) Cash flows from financing activities (Decrease) / increase in bank borrowings (97,000) 63,000 Proceeds from the issue of share capital on exercise of share options 3,115 4,540 Purchase of own shares by employee share option plans (403) (313) Dividends paid (36,882) (32,150) ________ ________ Net cash (outflow) / inflow from financing activities (131,170) 35,077 ________ ________ Net decrease in cash and cash equivalents (79,136) (45,501) Cash and cash equivalents at beginning of year 66,441 111,942 ________ ________ Cash and cash equivalents at end of year 6 (12,695) 66,441 ===== ===== BELLWAY p.l.c. NOTES TO THE FINANCIAL STATEMENTS 1 ACCOUNTING POLICIES The financial information has been prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union (EU) and effective (or available for early adoption) at 31 July 2006. Comparative information for the year ended 31 July 2005 has been stated on an IFRS basis. Full details of IFRS policies applied and reconciliations of comparative figures between UK GAAP and IFRSs are available in our announcement of restatement of financial information for 2005 issued on 31 March 2006. A copy of the announcement is available under the Investor Relations section of our website, www.bellway.co.uk 2 FINANCE INCOME AND EXPENSE 2006 2005 Â£000 Â£000 Interest income 2,941 2,250 ===== ===== Interest payable on bank loans and overdrafts 16,358 13,533 Interest on deferred term land payables 2,680 2,726 Interest element of movement in pension scheme deficit 305 339 Other interest expense 96 129 Preference dividends 1,900 1,900 ________ ________ Finance expenses 21,339 18,627 ===== ===== 3 TAXATION Taxation has been calculated at an effective rate of 29.5% of profit before tax (2005: 30.2%). 4 DIVIDENDS ON EQUITY SHARES 2006 2005 Â£000 Â£000 Amounts recognised as distributions to equity holders in the year : Final dividend for the year ended 31 July 2005 of 18.25p per share (2004: 15.7p) 20,657 17,594 Interim dividend for the year ended 31 July 2006 of 14.3p per share (2005: 13.0p) 16,232 14,599 ________ ________ 36,889 32,193 ===== ===== Proposed final dividend for the year ended 31 July 2006 of 20.2p per share (2005: 23,028 20,600 18.25p) The proposed final dividend is subject to approval by shareholders at the Annual General Meeting on 12 January 2007 and, in accordance with IAS 10, has not been included as a liability in these financial statements. 5 EARNINGS PER ORDINARY SHARE Basic earnings per ordinary share is calculated by dividing earnings by the weighted average number of ordinary shares in issue during the year (excluding the weighted average number of ordinary shares held by the employee share ownership plans which are treated as cancelled). Diluted earnings per ordinary share uses the same earnings figure as the basic calculation except that the weighted average number of shares has been adjusted to reflect the dilutive effect of outstanding share options allocated under employee share schemes where the market value exceeds the option price. It is assumed that all dilutive potential ordinary shares are converted at the beginning of the accounting period. Diluted earnings per ordinary share is calculated by dividing earnings by the diluted weighted average number of ordinary shares. Reconciliations of the earnings and weighted average number of shares used in the calculations are outlined below: Earnings Weighted Earnings Weighted average average number of number of ordinary ordinary shares shares 2006 2006 2005 2005 Â£000 Â£000 For basic earnings per ordinary share 155,742 113,248,814 149,162 112,054,913 Options and awards - 1,121,473 - 1,134,149 __________ __________ _________ __________ For diluted earnings per ordinary share 155,742 114,370,287 149,162 113,189,062 ====== ====== ====== ====== 6 ANALYSIS OF NET DEBT Group At 1 August Cash At 31 July 2005 Flows 2006 Â£000 Â£000 Â£000 Cash and cash equivalents 66,441 (64,112) 2,329 Bank overdrafts - (15,024) (15,024) ________ ________ ________ Net cash and cash equivalents 66,441 (79,136) (12,695) Bank loans (238,000) 97,000 (141,000) Preference shares redeemable after more than one year (20,000) - (20,000) ________ ________ ________ Net debt (191,559) 17,864 (173,695) ===== ===== ===== 7 RECONCILIATION OF MOVEMENTS IN CAPITAL AND RESERVES Group Attributable to equity holders of the parent Ordinary Share Other Retained Total Minority Total share premium reserves earnings interest equity capital Â£000 Â£000 Â£000 Â£000 Â£000 Â£000 Â£000 At 1 August 2004 14,008 104,492 1,492 540,754 660,746 (66) 660,680 Total recognised income and expense - - - 145,634 145,634 - 145,634 Dividends on equity shares - - - (32,193) (32,193) - (32,193) Shares issued 146 4,394 - - 4,540 - 4,540 Charge in relation to share options and - - - 1,480 1,480 - 1,480 tax thereon Exercise of share options / share - - - (313) (313) - (313) awards ________ ________ ________ ________ ________ ________ ________ At 31 July 2005 14,154 108,886 1,492 655,362 779,894 (66) 779,828 Total recognised income and expense - - - 154,200 154,200 - 154,200 Dividends on equity shares - - - (36,889) (36,889) - (36,889) Shares issued 98 3,017 - - 3,115 - 3,115 Charge in relation to share options and - - - 3,649 3,649 - 3,649 tax thereon Exercise of share options / share - - - (403) (403) - (403) awards ________ ________ ________ ________ ________ ________ ________ At 31 July 2006 14,252 111,903 1,492 775,919 903,566 (66) 903,500 ===== ===== ===== ===== ===== ===== ===== Within retained earnings are amounts relating to ordinary shares held by the employee share ownership plans. The number of shares held within these plans at 31 July 2006 was 441,439 (2005: 488,624) which are held within the financial statements at a value of Â£2,173,000 (2005: Â£2,175,000). 8 STATUTORY ACCOUNTS These financial statements do not constitute statutory accounts for the year ended 31 July 2006 or 2005 (as restated for IFRSs), which will be filed with the Registrar of Companies for the year ended 31 July 2006 following the Company's Annual General Meeting. The comparative information has been prepared on an IFRS basis. The comparative figures for the financial year ended 31 July 2005 are not the statutory accounts of the Group for that financial year. Those accounts, which were prepared under UK GAAP, have been reported on by the Company's auditors and delivered to the Registrar of Companies. The Report of the Auditors was unqualified and did not contain statements under Section 237 (2) or (3) of the Companies Act 1985. This information is provided by RNS The company news service from the London Stock Exchange

Companies

Bellway (BWY)

Friday, 20th December 2024

COMPANIES COVERED:

SRP NMT RPI

Serco extends Thursday’s gains as upbeat mood prevails and Raspberry Pi also advances off the back of stake building news, but Neometals under pressure as it plans cancellation of AIM listing to focus on ASX.

Full Archive

UK 100

Latest directors dealings

1 day ago The Renewables Infrastructure Group Limited
1 day ago The Renewables Infrastructure Group Limited
1 day ago Smurfit Westrock (DI)
1 day ago Menhaden Resource Efficiency
1 day ago BP

All directors dealings today