Final Results

RNS Number : 5371S

First Derivatives PLC

20 May 2009

 



20 May 2009

                          First Derivatives plc

                    (AIM:FDP.L, IEX:GYQ.I)

 Results for the twelve months ended 28 February 2009

The principal activities of First Derivatives plc ('First Derivatives', 'FDP' or the 'Company') are the provision of a range of software and support services to the investment banking market, the derivatives technology industry, the provision of its own range of Delta business applications and the provision of marketing services to the technology market.

Financial Highlights

• Turnover £17.548m (2008: £12.669m) +39%

• EBITDA £6.447m (2008: £5.561m) +16%

• Pre-tax profit before loss on currency translation £5.383m (2008: £4.745m on a similar basis) + 13%

• Diluted Earnings per share 22.2p (2008: 22.2p)

• Final dividend 6.65p per share (2008: 5.8p) +15%

Business Highlights

• Trading performance remains robust

• OEM agreement concluded with Kx Systems Inc.

• Strengthening of management team

• Acquisition of MRP during the year

• Acquisition of Hologram since year end

• Support through grant from Invest Northern Ireland of over £3 million

• Further sales and development of the Delta product suite

David Anderson, chairman of First Derivatives commented

'It is too early to predict the outcome for the current financial year. However, the pipeline of business from new and existing customers remains strong for capital markets consulting and the range of Delta software products and the Directors expect to be able to report further progress in the first half of the year.'

For further information please contact:

First Derivatives plc                      Tel: [phone]
Brian Conlon
Managing Director

www.firstderivatives.com

Charles Stanley Securities              Tel: [phone]
Nominated Advisor
Russell Cook
Carl Holmes

Goodbody Corporate Finance         Tel: [phone]
IEX Advisor
Diane Hodgson
Linda Hickey

Stakeholder Communications    
Carl Whyte                                   Tel: [phone]
Lisa Nugent                                  Tel: [phone]

Chairman's Statement 

Despite a turbulent market 2008/2009 was the thirteenth year of continuing growth for the Group. The pre-tax profit for the year before loss on currency translation was £5.383 million (2008: £4.745 million on a similar basis) an increase of 13%*. 

As noted above normalised pre-tax profit for the year was £5.383 million compared with £4.745 million in the previous year. Turnover for the year was £17.548 million up from £12.669 million.  Normalised earnings per share were 27.7p (2008: 23.5p) based on normalised post tax profit of £3,735,000, after allowing for currency translation and its taxation impact.  The Board is recommending a final dividend of 6.65p per share which, together with the interim dividend of 2.35p paid in October 2008, totals 9.0p and is covered approximately three times by earnings on a normalised basis. This will be paid on 06 July to those shareholders on the register on 05 June 2008. The shares will be marked ex-dividend on 03 June 2008.

In my interim statement I referred to the first substantial order for one of the Delta products. The Delta Suite is a high performance modular suite of Trading, Risk Management, Market data, CEP and Analysis applications. Since then significant resource has gone into further development and the sales pipeline continues to expand. In addition to further sales secured since the year end the group has obtained an order from a US hedge fund for in excess of £250,000 and we would expect to see further substantial orders during the current financial year. Sales continue to be on an annual recurring license basis. New sales of Partner products during the second half were boosted by a substantial order towards the year end. The pipeline remains healthy with a higher level of enquiries originating in North America than in Europe. At the end of January we announced an OEM License Agreement with our partners Kx Systems Inc. This agreement provides us with the flexibility needed in the development of our range of Delta software products, opening further market opportunities for the suite.

The demand for our capital market consultancy services has continued to expand in the second half of the year with new business wins in North America and Europe. Margins have been reduced on some of our existing client projects. However, a temporary customer paralysis in decision making on commitment to new projects which we experienced in the second half appears to be easing and we have embarked on a number of new projects since the year end including a significant contract for a new client in Canada.

Since its acquisition in September, Market Resource Partners ('MRP') has traded ahead of management expectations assisted by securing contracts for managing and executing technology sales programs for two of the world's largest US based technology companies announced in October. The outlook for MRP continues to be positive with further work being secured from large US based technology companies.

At the beginning of April this year the group announced the acquisition of Lepton Solutions Pty Ltd ('Hologram') an Australian based technology company. This acquisition expands the group's presence in the increasingly important Asia Pacific region increasing its ability to service its global client base. In addition the principals are leaders in the field of Risk Management and Stock Exchange Trading software which further enhances development expertise. The Hologram product base complements that of FDP and will slot seamlessly into the Delta product suite.

The group continues to strengthen its management team. Paul Kinney was appointed to the Board in May 2008, Graham Ferguson appointed in September and Kevin Cunningham in January this year. In addition there have been a number of key appointments below Board level both in Marketing and Human Resources. These appointments will enable the group to continue growing but have impacted on the overheads for the year, however the benefits should show through in future years.

At the end of January the Company announced it had secured support from Invest Northern Ireland (Northern Ireland's Economic Development Agency) towards the recruitment and training of additional staff. This commitment is for over £3 million and is to support the creation of new posts within the Company along with being focused toward the development of staff skills. The support is based on increase in the headcount level from the beginning of June 2008 but the financial benefits will not start to come through until the current financial year.

The group employee training program has continued to benefit and we continue to experience a low staff turnover. Employee numbers at the year end were 243 up from 118 at the end of the previous year. 

FDP has made one further acquisition of residential property during the year, which is used to accommodate staff on assignments in the major financial sectors. At the year end the Company owned 33 such properties with a book value of £16.9 million. Despite the global downturn in the property market the valuation of our property portfolio remains largely unchanged. These properties (mostly in prime residential areas in London and New York) are for the sole use of staff undertaking onsite assignments. The use of these properties, not only present significant operational savings but boost staff morale. The properties were valued at 28 February 2009 at £20.8 million a surplus of £3.9 million. Again this revaluation has not been incorporated into the financial statements.

On behalf of shareholders I would like to thank Brian Conlon and his staff members for their input in what has been another successful year.

It is too early to predict the outcome for the current financial year. However, the pipeline of business from new and existing customers remains strong for Delta software sales, our Capital Markets Consulting division and Technology Sales division and the Directors expect to be able to report further progress in the first half of the year.

David Anderson

Chairman

*    The economic climate has seen a significant currency fluctuation in Sterling. Pre-tax profit is stated after a loss on currency translation of £922,000 which has arisen from the necessity under accounting treatment to translate the group's Dollar loans at the exchange rate ruling on 28 February 2009 in comparison to the exchange rate on 1 March 2008. This treatment takes no account of the group's natural hedge to its Dollar loan when considering the Dollar assets carried at historical cost on the balance sheet

Chief Executive's Statement

The last 18 months has witnessed an unprecedented period of uncertainty and upheaval in the capital markets. Many of the organisations in our target market have failed or merged and have suffered unprecedented trading losses. Against this background I am pleased to report that FDP has had another successful year and we have continued to grow our operations.

Review of activities

First Derivatives provides consulting services to the capital markets and sells software and related services. We have a broad customer base and provided services last year to 48 different investment banks and hedge funds. Whilst London and New York continue to remain our primary centre of activities, we have also provided services during the last year to clients in financial centres such as Toronto, Chicago, Singapore, Hong Kong, Stockholm and Vienna. As a result of recent acquisitions and sales initiatives we have new branch offices in Philadelphia, New York, Shanghai, Adelaide and Sydney. 

Software division

The relative importance of our Software division continues to grow. We have significantly increased the size of our R&D team by recruiting technology experts, supplemented by experienced consultants with many years domain expertise. Our work in the field gives us a unique insight into the problems faced by our customers and the accompanying technological challenges. We are capitalising on this to build a suite of products under the Delta brand name. The Delta suite now contains a number of mature products with an installed user base of 15+ customers worldwide and we will continue to roll out new modules, many with applications beyond the banking sector in areas such as telecommunications, utilities and government. These products are sold on an annual licensing model and additional revenues accrue from implementation, training and support services.  

In tandem we are building a sales and marketing infrastructure to support the global rollout of these products. With the recent acquisitions of MRP and Hologram we now have a local presence in the world's major financial centres. In addition our sales bandwidth has increased significantly by the addition to our team of a number of experienced sales and marketing professionals with a proven track record in building technology companies. We continue to provide sales and marketing support to Kx Systems on a worldwide basis. Their products are used by some of the world's largest banks and Kx Systems lists organisations such as JP Morgan, Merrill Lynch, Lehman Brothers, Goldman Sachs, Deutsche Bank and Dresdner as users. We derive revenue from sales commission, support contracts, training and consulting.  

Consulting division 

First Derivatives provides highly skilled resources to the capital markets in the areas of consulting, support and development services. We have ongoing contracts with many of the leading global banks, supporting their activities across a range of asset classes including credit, interest rate, foreign exchange and equity cash and derivatives markets. We have worked in partnership with our customers to help them meet budget challenges during the new strained climate. Although we have experienced some margin erosion we have lost no significant contracts - indeed the compelling value of our offering has helped us win new business. Following the recent acquisitions our nearshore proposition is now even more attractive as we can now offer this on a global follow-the-sun model in three timezones .

Marketing division 

Our newly functioning Technology Sales division, operating under the MRP brand, has made significant progress. The division has secured contract wins and ongoing business with some of the world's largest hardware and software companies. The division has also been instrumental in generating business for other divisions.

Management and Personnel

During the past year we have made a number of key strategic hires to help drive the future strategic growth of the business. These include people with corporate finance, strategic consulting and business development backgrounds. The strengthening of our management team will enable us to sustain the Company's growth and to exploit ongoing opportunities.

We now employ almost 260 people. Our success in retaining staff means that the experience profile of our consultants continues to improve. Our Capital Markets Training Programme, implemented in late 2006 has been a resounding success and has helped to differentiate us from our competition. The majority of our staff who have been with us for two years or more are participating in our employee share option scheme.

Once again I would like to pay tribute to all First Derivatives employees who almost without exception are hard working, talented, flexible and dedicated. Our customer retention rates are evidence of this.

Financial Review

The group has reported revenues and profits significantly higher than last year. Normalised pre-tax Profit for the year was £5,383,000 (2008: £4,745,000) on turnover of £17,548,000 (2008: £12,669,000). Despite the challenges from the wider environment, our gross operating margins remained steady at 51%, a fall of only 2%. Our balance sheet is strong with a cash balances up to £1,299,000 and equity shareholders' funds of £11,271,000 (2008: £8,302,000), an increase of 36%. This, and our confidence in our ability to generate cash going forward, enables the Board to recommend a final dividend of 6.65p per share (2008: 5.8p) which means that we will have paid a total dividend of 9.0p (2008: 8.1p) per share for the full year.  

In August 2008 the group negotiated new loan facilities with its principal bank with a purpose of fixing its debt structure for a definitive period in these uncertain times while increasing headroom to allow capitalisation on opportunities that may arise. Our current debt levels primarily result from our decision to hold property for staff use, a strategy which we continuously review.  As at 28 February 2009 the group had £5.5 million of unutilised available facilities.

Outlook

We see the coming financial year as a period year of continuing our investment for growth.  As well as organic growth we will continue to pursue of acquisition opportunities where we see a strategic fit and have access to sources of finance to execute these.  Although the outlook for the banking sector is still uncertain we anticipate trading in line with market expectations. Looking further ahead we are confident that our global reach, expanding product base and long-term relationships with our consulting customers will leave us ideally placed to reap the benefit of any upswing. 

Brian Conlon

Chief Executive

Consolidated income statement

Year ended 28 February 2009

		2009		2008
	Note	£'000		£'000
Revenue	3	17,548		12,669
Cost of sales		(8,607)		(5,997)
Gross profit		8,941		6,672
Other operating income		159		151
Administrative expenses		(3,165)		(1,595)
Operating profit		5,935		5,228
Finance income		10		210
Finance expenses		(562)		(693)
Loss on foreign currency translation		(922)		(29)
Net financing expenses		(1,474)		(512)
Profit before taxation		4,461		4,716
Income tax expense		(1,390)		(1,662)
Profit for the year		3,071		3,054
Earnings per share		Pence		Pence
Basic	5a	22.8		23.3
Diluted	5b	22.2		22.2

  Consolidated balance sheet

Year ended 28 February 2009

		2009		2008
	Note	£'000		£'000
Non current assets
Property, plant and equipment	6	17,171		16,786
Intangible assets	7	10,513		125
Other financial assets		1,872		520
Deferred tax asset		177		541
Total non current assets		29,733		17,972
Current assets
Trade and other receivables		6,334		4,126
Cash and cash equivalents		1,299		396
Total current assets		7,633		4,522
Total assets		37,366		22,494
Current liabilities
Interest bearing borrowings		(989)		(1,834)
Trade and other payables		(4,134)		(2,453)
Current tax payable		(1,472)		(1,228)
Employee benefits		(833)		(625)
Contingent deferred consideration		(1,175)		-
Total current liabilities		(8,603)		(6,140)
Non-current liabilities
Interest bearing borrowings		(12,986)		(7,965)
Deferred tax liability		(87)		(87)
Contingent deferred consideration		(4,419)		-
Total non-current liabilities		(17,492)		(8,052)
Total liabilities		(26,095)		(14,192)
Net assets		11,271		8,302
Equity
Share capital		69		66
Share premium		2,274		1,278
Share option reserve		430		719
Fair value reserve		223		223
Currency translation adjustment reserve		244		-
Retained earnings		8,031		6,016
Total equity		11,271		8,302

Consolidated statement of changes in equity

Year ended 28 February 2009

	Share capital £000	Share premium £000	Share option reserve £000	Fair value reserve £000	Currency translation adjustment £000	Retained earnings £000	Total equity £000
Balance at 1 March 2007	65	1,020	535	190	-	3,616	5,426
Deferred tax on share options outstanding	-	-	(75)	-	-	-	(75)
Net change in fair value of available for sale assets	-	-	-	232	-	-	232
Net change in fair value of available for sale assets transferred to profit or loss	-	-	-	(199)	-	-	(199)
Total income and expense recognised directly in equity	-	-	(75)	33	-	-	(42)
Profit for the year	-	-	-	-	-	3,054	3,054
Total recognised income and expense	-	-	(75)	33	-	3,054	3,012
Shares issued	1	258	-	-	-	-	259
Share based payment charge	-	-	259	-	-	115	374
Dividends to equity holders	-	-	-	-	-	(769)	(769)
Balance at 29 February 2008	66	1,278	719	223	-	6,016	8,302
Balance at 1 March 2008	66	1,278	719	223	-	6,016	8,302
Deferred tax on share options outstanding	-	-	(308)	-	-	-	(308)
Net gains on net investment in foreign subsidiary	-	-	-	-	819	-	819
Net loss on hedge of movement in foreign subsidiary	-	-	-	-	(575)	-	(575)
Total income and expense recognised directly in equity	-	-	(308)	-	244	-	(64)
Profit for the year	-	-	-	-	-	3,071	3,071
Total recognised income and expense	-	-	(308)	-	244	3,071	3,007
Shares issued	3	996	(122)	-	-	-	877
Share based payment charge	-	-	183	-	-	-	183
Transfer on exercise or lapse	-	-	(42)	-	-	42	-
Dividends to equity holders	-	-	-	-	-	(1,098)	(1,098)
Balance at 28 February 2009	69	2,274	430	223	244	8,031	11,271

Consolidated cash flow statement

Year ended 28 February 2009

	2009		2008
	£'000		£'000
Cashflows from operating activities
Profit before taxation	4,461		4,716
Finance income	(10)		(210)
Finance expense	1,484		722
Operating profit	5,935		5,228
Depreciation	262		153
Amortisation of intangible assets	250		180
Equity settled share-based payment transactions	183		259
	6,630		5,820
Change in trade and other receivables	(1,625)		(1,588)
Change in trade and other payables	1,167		1,072
	6,172		5,304
Corporation tax paid	(1,100)		(1,279)
Net cash from operating activities	5,072		4,025
Cash flows from investing activities
Interest received	10		11
Acquisition of subsidiary	(2,773)		-
Acquisition of property, plant and equipment	(468)		(8,797)
Acquisition of other financial assets	(1,352)		-
Proceeds from sale of available for sale assets	-		220
Acquisition of intangible assets	(365)		(125)
Net cash used in investing activities	(4,948)		(8,691)
Cash flows from financing activities
Proceeds from issue of share capital	20		259
Receipt of new long term loan	10,193		6,001
Repayment of borrowings	(6,221)		(225)
Payment of finance lease liabilities	(90)		-
Interest paid	(528)		(560)
Dividends paid	(1,098)		(769)
Net cash from financing activities	2,276		4,706
Effects of exchange rate charges on cash and cash equivalents	(1,497)		-
Net increase in cash and cash equivalents	903		40
Cash and cash equivalents at 1 March 2008	396		356
Cash and cash equivalents at 28 February 2009	1,299		396

Notes

    1.    Basis of preparation

The consolidated financial statements consolidate those of the Company and its subsidiaries (together referred to as the 'group').

Both the consolidated financial statements and the Company financial statements have been prepared and approved by the directors in accordance with International Financial Reporting Standards as adopted by the EU ('EU IFRSs').

2.    Acquisition of subsidiary

On 1 September 2008 the group acquired 100% of the ordinary shares in Market Resource Partners LLC for an estimated £8,133,000 including contingent consideration, satisfied as detailed below.  The company specialises in lead generation in the technology sector.  In the 6 months to 28 February 2009 the subsidiary contributed revenue of £3,015,000 and profit after tax of £289,000 to the consolidated accounts for the year.  If the subsidiary had been acquired on 1 March 2009 it would have contributed revenue of £5,666,000 to the consolidated accounts.

The acquisition had the following effect on the group's assets and liabilities.

	Pre-acquisition carrying amounts	Fair value adjustments	Recognised values on acquisition
	£000	£000	£000
Acquiree's net assets at the acquisition date:		-
Property, plant and equipment	148	-	148
Intangible assets	380	2,576	2,956
Trade and other receivables	583	-	583
Cash and cash equivalents	(70)	-	(70)
Interest-bearing loans and borrowings	(204)	-	(204)
Trade and other payables	(722)	-	(722)
Net identifiable assets and liabilities	115	2,576	2,691
Goodwill on acquisition: Including cost of acquisition			5,442
			8,133
Consideration paid, satisfied as follows:
Cash			2,703
Shares issued			857
Contingent consideration			4,573
			8,133
Cash consideration paid			2,703
Overdraft (acquired)			70
Net cash outflow			2,773

3.    Segment reporting

Business segments

The group has three major categories of sales revenue which are largely delivered from the same cost base. In addition, the group is subject to similar business risks and benefits in all geographical locations in which the Company conducts its business. As such, the group is deemed to have one business and geographical segment. The group has disclosed below certain information on its three revenue streams and its revenue by geographical location.

The group's three revenue streams are separated as follows:

• Consulting division which provides services to capital markets

• Technology sales division which provides sales lead generation services to the technology sector

• Software division which develops and has an interest in intellectual property and provides related services.

Revenue by division

	Consulting division		Technology Sales  Division		Software division		Total
	2009 £'000	2008 £'000	2009 £'000	2008 £'000	2009 £'000	2008 £'000	2009 £'000	2008 £'000
Total Segment Revenue	8,950	6,465	3,015	-	5,583	6,204	17,548	12,669

Revenue by geographical location

	Europe		America		Australasia		Total
	2009 £000	2008 £000	2009 £000	2008 £000	2009 £000	2008 £000	2009 £000	2008 £000
Revenue from external customers	9,441	7,481	7,450	4,479	657	709	17,548	12,669

4.    Dividends

	2009	2008
	£'000	£'000
Final dividend relating to the prior year	776	468
Interim dividend paid	322	301
	1,098	769

The dividends recorded in each financial year represent the final dividend of the preceding financial year and the interim dividend of the current financial year.

The final dividend relating to the prior year amounted to 5.8 (previous year 3.6) pence per share and the interim dividend paid during the year amounted to 2.35 (previous year: 2.3) pence per share.

5.    (a) Earnings per ordinary share

Basic

The calculation of basic earnings per share is based on the profit attributable to ordinary shareholders of £3,071,000 (2008: £3,054,000). The weighted average number of ordinary shares for the year ended 28 February 2009 and ranking for dividend was 13,487,052 (2008: 13,088,749).

	2009	2008
	Pence  per share	Pence per share
Basic earnings per share	22.8	23.3

Weighted average number of ordinary shares

	2009	2008
	Number '000	Number '000
Issued ordinary shares at beginning of period	13,279	12,944
Effect of share options exercised	6	145
Effect of shares issued for purchase consideration	202	-
Weighted average number of ordinary shares at end of period	13,487	13,089

Diluted

The calculation of diluted earnings per share is based on the profit attributable to ordinary shareholders of £3,071,000 (2008: £3,054,000). The weighted average number of ordinary shares for the year ended 28 February 2009 and ranking for dividend was 13,849,132 (2008: 13,761,879).

	2009	2008
	Pence per share	Pence  per share
Diluted earnings per share	22.2	22.2

Weighted average number of ordinary shares (diluted)

	2009	2008
	Number	Number
Weighted average number of ordinary shares (basic)	13,487	13,089
Effect of share options in issue	356	673
Effect of shares to be issued for purchase consideration	6	-
Weighted average number of ordinary shares (diluted) at end of period	13,849	13,762

The average market value of the group's shares for purposes of calculating the dilutive effect of share options was based on quoted market prices for the period the options were outstanding.

The number of anti diluted share options in use at 28 February 2009 is 196,294 (2008: 29,942).

5.    (b) Adjusted earnings before tax per ordinary share

Adjusted earnings per share are based on profit before taxation of £4,461,000 (2008: £4,716,000). The number of shares used in this calculation is consistent with note 5(a) above.

	2009	2008
	Pence per share	Pence per share
Basic adjusted earnings per ordinary share	33.1	36.0
Diluted adjusted earnings before tax per ordinary share	32.2	34.3

Reconciliation from earnings per ordinary share to adjusted earnings per ordinary share.

	2009	2008
	Pence per share	Pence per share
Basic earnings per share	22.8	23.3
Impact of taxation charge	10.3	12.7
Adjusted basic earnings before tax per share	33.1	36.0
Diluted earnings per share	22.2	22.2
Impact of taxation charge	10.0	12.1
Adjusted diluted earnings before tax per share	32.2	34.3

Adjusted earnings per share has been presented to facilitate pre-tax comparison returns on comparable investments.

5.    (c) Normalised earnings per share

Normalised earnings per share are based on a normalised profit after taxation of £3,735,000 (2008: £3,075,000). Normalised profit after tax has been calculated by adjusting for the loss on foreign currency translation after tax effect which is £664,000 (£922,000 after tax of 28%). The number of shares used in this calculation is considerate with note 5 (a) above.

	2009	2008
	Pence per share	Pence per share
Basic normalised earnings per ordinary share	27.7	23.5
Diluted normalised earnings per ordinary share	26.9	22.3

6.    Property, plant and equipment

Group

	Land and buildings £'000	Plant and equipment £'000	Office furniture £'000	Total £'000
Cost
At 1 March 2008	17,042	224	40	17,306
Additions	360	93	15	468
Acquisition through business combinations	4	144	-	148
Exchange adjustments	1	33	-	34
At 28 February 2009	17,407	494	55	17,956
Depreciation
At 1 March 2008	279	216	25	520
Exchange adjustments	-	3	-	3
Charge for the year	199	54	9	262
At 28 February 2009	478	273	34	785
Net book value At 28 February 2009	16,929	221	21	17,171
At 1 March 2008	16,763	8	15	16,786

	Land and buildings £'000	Plant and equipment £'000	Office furniture £'000	Total £'000
Cost
At 1 March 2007	8,265	219	25	8,509
Additions	8,777	5	15	8,797
At 28 February 2008	17,042	224	40	17,306
Depreciation
At 1 March 2007	131	212	24	367
Charge for the year	148	4	1	153
At 28 February 2008	279	216	25	520
Net book value  At 28 February 2008	16,763	8	15	16,786
At 1 March 2007	8,134	7	1	8,142

7.    Intangible assets 

Group

	Customer lists £'000	Software £'000	Brand name £'000	Goodwill £'000	Developed software £'000	Total £'000
Cost
Balance at 1 March 2008	-	-	-	-	1,025	1,025
Capitalisation of employee costs	-	-	-	-	365	365
Additions	-	5	-	-	-	5
Acquisition through business combinations	1,724	1,089	143	5,442	-	8,398
Exchange adjustments	387	245	32	1,212	-	1,876
Balance at 28 February 2009	2,111	1,339	175	6,654	1,390	11,669
Amortisation and impairment losses
Balance at 1 March 2008	-	-	-	-	900	900
Exchange adjustment	-	6	-	-	-	6
Amortisation for the year	122	113	10	-	5	250
Balance at 28 February 2009	122	119	10	-	905	1,156
Carrying amounts At 28 February 2009	1,989	1,220	165	6,654	485	10,513
At 1 March 2008	-	-	-	-	125	125

8.    Report and accounts

Copies of the Annual Report will be available on the group's website, www.firstderivatives.com and from the group's headquarters at 3 Canal Quay, Newry, BT35 2BP.

 

END

 

 

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