Interim Results
Grainger Trust PLC
09 June 2005
FOR IMMEDIATE RELEASE
10th June 2005
GRAINGER TRUST plc:
INTERIM RESULTS FOR SIX MONTHS TO 31ST MARCH 2005
Grainger Trust plc is the UK's largest quoted residential investment company and
currently owns more than 12,000 flats and houses with an investment value of
some £1.34bn.
LAYING THE FOUNDATIONS FOR FUTURE GROWTH AND PROFITABILITY
HIGHLIGHTS
• Exciting period for company as foundations for future growth laid
through:
o Norwich Union Home Reversion distribution agreement - purchases could
reach £180m by December 2006
o £58.5m acquisition of City North increasing our market rented portfolio
to £230m
o Acquisition of 520 acres of land at West Waterlooville
o European joint venture created to develop homes in Baltic States
• £60.3m of residential sales with an average price of £149,000 - 6%
higher than in previous year
• Investment value of residential portfolio marginally higher at £1.344bn
• Reversionary surplus now stands at £560m up from £536m at September 2004
• Net Asset Value at 31 March 2005 slightly lower at 539p per share
against 547p at last year end - but no half year portfolio revaluation
• 'Grainger NAV' higher at 482p per share from 480p at September 2004
• Impact of high level of 'one-off' sales last year translates into lower
profits before tax and exceptionals of £21.8m against £35.1m last time
• Interim dividend more than doubled to 1.70p from 0.81p
'We are pleased to report on another exciting period for the Group. Much of our
activity in the early part of the year focussed on laying foundations for the
Group's future growth and profitability.
'At the start of the year we established objectives for our main business areas
and it gives us great satisfaction to report that we have made considerable
progress in achieving them. A particularly pleasing theme of these achievements
is our success in working with other partners, using their skills and resources
to complement our own, to mutual benefit,'
Robert Dickinson, Chairman.
GRAINGER TRUST plc:
INTERIM RESULTS FOR SIX MONTHS TO 31ST MARCH 2005
Chairman's Statement
We are pleased to report on another exciting period for the Group. Much of our
activity in the early part of the year focussed on laying foundations for the
Group's future growth and profitability.
At the start of the year we established objectives for our main business areas
and it gives us great satisfaction to report that we have made considerable
progress in achieving them. A particularly pleasing theme of these achievements
is our success in working with other partners, using their skills and resources
to complement our own, to mutual benefit.
Activities
Tenanted residential
Core regulated business
Objective: This is our core business. We will continue to pursue opportunities
to maintain our stock levels.
Achievement: We have completed or exchanged on the purchase of 289 regulated
tenancies for a total cost of £27.6m, including 83 units in a portfolio
acquisition, announced in January. Since the end of March we have entered into
partnership with Genesis Housing Group to buy approximately 200 regulated units,
as part of an acquisition of some 450 properties from the Church Commissioners.
Home reversions
Objective: To expand this business through acquisition and by entering into
agreements or joint ventures with sector leading partners.
Achievement: We have acquired or exchanged on 116 home reversions for a total
consideration of £8.5m and have spent a further £1.1m on incremental equity
shares. Shortly after the period end we announced that we have entered into a
distribution agreement with Norwich Union ('NU'), the market leading provider of
equity release products, whereby we will acquire newly originated home reversion
assets through their nationwide direct and IFA sales and distribution network.
Purchases through this source alone could reach £180m by December 2006.
Market rented properties and asset and property management activities
Objective: To build on our asset and property management skills and to take
advantage of opportunities in the residential fund arena.
Achievement: We continue to provide property and asset management services to
Schroders ResPUT which has recently announced a return of 8.6% for the year
ended 31 March 2005. Since the period end we have acquired City North Group plc,
a listed residential investor with some 350 market rented properties in the
Central London area. Together with our own portfolio, we now own approximately
£230m of market rented properties - a sufficiently large critical mass for us to
consider seriously how we might maximise value through the use of funds or third
party equity input. The acquisition has also significantly strengthened our
property management capabilities.
Development and trading
Land and regeneration
Objective: To seek opportunities to add value by developing green and brownfield
sites into residential or mixed use schemes
Achievement: In early April, we announced the acquisition of 520 acres near West
Waterlooville, Hampshire previously held under option. It is hoped that the
development of this land will produce a long term profit stream to provide a
solid underpinning for this business segment. We have also entered into a
three-way joint venture to develop the 30 acre former Smith's Dock on North
Tyneside - a major long term regeneration project.
Residential development
Objective: To use the group's asset base and expertise to undertake profitable
residential development in the South East region.
Achievement: We have completed sales activity at the Pimlico development and are
making good progress on our current sites in Clapham, Putney and Basingstoke
comprising a total of 151 units. We continue to work on obtaining planning
consent on three major schemes at Macaulay Road in Clapham and Barnsbury and
Hornsey Road sites in Islington.
Grainger Homes
Objective: To grow this business to a sustainable level of turnover and profit.
Achievement: We now have some 410 units in the development pipeline on sites
either under construction or which are unconditional. The division has
contributed £1.6m operating profit in the first six months.
Europe
Objective: To seek opportunities in Europe to reflect the business dynamics of
our existing development and tenanted residential portfolios in the UK.
Acheivement: We have created a Joint Venture with two leading European property
companies to develop residential property in the Baltic States. Firstly, NPC OU,
a development company connected to the Oberhaus Group, a leading Real Estate
services company in the Baltic States and Poland. Secondly, ImmoEast AG, one of
the largest listed Austrian property companies focused on Central Europe.
We believe the combination of Grainger's residential expertise together with
ImmoEast's experience in the EU accession countries and Oberhaus's local market
knowledge will give us competitive advantages in the region.
To date we have conditionally acquired one site in Tallinn, Estonia and have a
number of other sites in the pipeline.
In terms of tenanted residential we continue to explore opportunities in
Germany.
Results
The statutory profit and loss account shows that profit before tax and
exceptional items has decreased from £35.1m to £21.8m.
We noted in our statements on both the March and September 2004 results that
last year's exceptional trading performance would not be repeated this year.
Last year's figures were significantly enhanced by the sale of the final major
land development plots at Kennel Farm, Hampshire and by the one off-profits
arising on the disposal of much of our commercial portfolio - these both fell
into the six month period to 31 March 2004 and contributed profits of £10.8m and
£2.8m respectively. Consequently, our earnings before interest and tax have
fallen from £54.8m to £44.1m. Adjusting for these items shows an improvement in
EBIT performance from £41.2m to £44.1m.
Earnings per share before exceptional items were 10.5p (2004: 17.2p).
Dividends
At the year end we announced a step up increase in our dividends, a change in
phasing of payments and an intention to increase the amount payable by 10% per
annum. These combined factors have increased the interim dividend to 1.70p per
share (2004: 0.81p) which will be payable on 22 July 2005 to shareholders on the
register at the close of business on 1 July.
Performance
Tenanted Residential
The first six months of this year have seen a tightening in trading conditions.
Whilst our trading margins on sales have improved over last year, volumes are
down, reflecting both a slowdown in the sales process and the impact of a large
carry forward position in exchanged sales at the beginning of October 2003 when
we first consolidated the BPT portfolio. Given the general negative commentary
on the housing market, we are pleased that sales values in the period have
marginally (1.3%) exceeded September 2004 vacant possession values. This
reflects the robust trading nature of our core portfolio and the benefits of
having a geographically wide spread of assets, generally valued below the
volatile top end and new build sectors of the market.
In the six months to 31 March we sold 424 properties for £60.3m (2004: 676 for
£73.6m) generating trading profits of £29.6m (2004: £30.7m), and profits on
disposal of fixed assets of £0.7m (2004: £1.2m). The average sales value
achieved on normal sales (i.e vacant properties that were once tenanted)
amounted to £149,000, compared to £141,000 for the year ended 30 September 2004,
a rise of 6%.
Rents, net of expenses but including other income, increased to £10.3m from
£9.7m. Overall the tenanted residential division produced operating profits
(including profits on the sale of residential properties held as fixed assets)
3% lower than last year at £40.6m, compared to £41.7m.
The investment value of our tenanted residential portfolio at 31 March 2005 was
£1,344m (30 September 2004 £1,329m), computed by using September 2004 values and
adjusting them for purchases at cost and sales. The portfolio comprises:-
Vacant
No. of possession Investment
properties value £m value £m
Regulated 7,869 1,284 929
Home reversions 2,703 345 175
Assured 1,190 171 147
Vacant 400 63 56
Other interests 34 40 37
--- --- ---
31 March 2005 12,196 1,903 1,344
30 September 2004 12,041 1,865 1,329
The reversionary surplus (the excess of vacant possession value over investment
value) now stands at £560m (30 September 2004: £536m).
The short term trading outlook for this division will be dominated by the
current state of the housing market and this will continue to make it difficult
to achieve sales completions. It is our view that house prices between now and
the end of September will remain broadly unchanged.
In the medium to long term, however, we retain confidence in the tenanted
residential sector and we believe that the transactions we have already
undertaken this financial year will put us in a strong position to capitalise on
future opportunities.
Development and trading
Following last year's one-off disposal programme, the first six months of this
year have seen the division move to more normal levels of sales activity and
profitability.
In this period we continued to sell commercial properties, achieving sales value
of £14.0m and profits (including profits on sales of fixed assets) of £2.7m. The
Pimlico development, which is now fully sold, has produced further gains of
£0.8m and Kennel Farm, through overage payments and sales of small parcels of
land, has contributed £2.3m. Grainger Homes sold 47 units for £5.5m and
contributed £1.6m to operating profit.
In total, the development and trading division produced operating profits
(including profits on sales of fixed assets) of £7.5m (2004: £17.0m) and at the
period end the investment value of its portfolio (including investments in joint
ventures) stood at £109.7m (30 September 2004: £112.3m).
The purchase of land at West Waterlooville for an initial consideration of £12m,
as announced in April 2005, provides us with an opportunity to secure a long
term income stream, although we do not expect to see sales commence until year
ending 30 September 2007, caveated by the usual uncertainties surrounding the
planning process.
Financial Position
Net assets
At 31 March 2005 our net asset value per share ('NAV') stood at 539p (30
September 2004: 547p). The movement is as follows:-
£m p per share
NAV at 30 September 2004 678.3 547
Retained earnings 10.7 9
Surpluses eliminated on sale, other valuation (17.8) (14)
movements
Sundry other (2.2) (3)
--- ---
NAV at 31 March 2005 669.0 539
--- ---
We do not undertake a half year portfolio valuation because of the numbers of
properties involved. Consequently our market value balance sheet includes assets
at 30 September 2004 values, adjusted for sales and purchases. This tends to
depress our reported NAV as valuation surpluses on properties sold since the
last balance sheet date are eliminated. If our portfolio had shown the 1.3%
increase in value as evidenced by sales above September 2004 vacant possession
values then our NAV at 31 March 2005 would have been 553p per share.
Taking account of 168p per share contingent tax (30 September 2004: 175p) and
the effect of marking our long term debt and financial instruments to market of
3p per share, (30 September 2004: nil) restates our NAV to triple net of 368p
per share (30 September 2004: 372p).
However, we do not believe that triple net fully reflects the underlying value
of the Grainger business model. We therefore also disclose 'Grainger NAV', which
we feel improves comprehension of the value of the group's net asset base by
taking into account the discounted and taxed effect of the reversionary surplus
(the difference between tenanted and vacant possession values) within our core
tenanted residential portfolios. At 31 March 2005, Grainger NAV was 482p per
share (30 September 2004: 480p).
Financing
At 31 March 2005 our net debt amounted to £749.1m (30 September 2004: £695.9m).
The ratio of our net debt to property and investment assets owned (at market
value) was 50.9% (30 September 2004: 47.8%); expressed as gearing the relevant
figures were 112% and 103% respectively.
At the period end 78% (30 September 2004: 71%) of our debt was hedged or fixed
and the average interest rate was 6.1% (30 September 2004: 6.0%).
Recent activity (in particular, the acquisitions of West Waterlooville, City
North Group plc and the Genesis joint venture) together with the financial
commitments required for our agreement with Norwich Union have led us to seek
additional funding capacity. Accordingly, on 3rd June we signed a £400m increase
to our existing £900m syndicated bank facility. Major terms and covenants are as
before, but the interest margin on the additional funding has reduced,
reflecting the strength of our relationships with our banks and improved
conditions in the lending markets. The additional facility will provide us with
the financial platform on which to build our ambitious growth plans.
International Accounting Standards
Grainger will report under IFRS for the first time in the year ending 30
September 2006. We therefore benefit from more time than most to prepare and
have the advantage of watching the development of interpretation. Our research
continues and we currently expect the main changes in our reported results to
arise from differences between IFRS and UK GAAP with respect to valuation
movements, accounting for financial instruments, deferred tax and negative
goodwill. We are familiar with accounting for these requirements, since for
several years now we have used these concepts in our reconciliations of
statutory NAV to market value NAV and NNNAV. Our accounts will also be affected
by not providing for final dividends at the year end and by charging for the
cost of share-based incentive payments.
Prospects
We are committed to building a long term business that can withstand the effect
of short term market falls. To this end we are pleased with the acquisitions and
initiatives that we are able to report on. However, the recent slowdown in the
housing market has had some impact on Grainger's trading performance.
This is a interesting and challenging time, we believe that our core regulated
business will provide a good stream of profits for the foreseeable future. The
groundbreaking distribution arrangement with NU provides us with an excellent
opportunity to make significant progress in a potentially very large market. We
are pleased to note that the recent Queen's speech proposed legislation that
would regulate the home reversion market. This will place our product on a level
footing with other equity release products such as lifetime mortgages which have
been regulated since October 2004.
The build up of our market rented portfolio and property and asset management
capabilities will enable us to consider alternative methods of funding and
structuring such assets. Our development and trading division has a range of
good quality projects with the potential to make a significant contribution to
the Group's future profitability.
This is an interesting and challenging time for the residential development and
housebuilding industries with many changes proposed in the planning and
procurement of new buildings and communities. We believe that our thorough
understanding of the wider market, our long term outlook and our management
capabilities will give us an opportunity to play a part in the inception,
funding and development of the residential elements of large mixed use projects
and communities.
Despite having mentioned in the past that the proposed REIT legislation may not
suit all of Grainger's activities, we remain positive about the potential launch
of legislation in 2006. We have been very engaged in the recent consultation
process and have endorsed the industry response together with highlighting some
key criteria for the residential sector. We believe that if the Government adopt
a structure that recognises that the performance of the residential asset class
is dominated by capital appreciation, then REITs will enhance not only the
private rented sector but the critical key worker, shared equity and socially
rented sub-markets.
In the meantime, we will continue to invest in our in-house capabilities to
ensure we will be in a position to play a leading role in the creation and
management of residential REITS
We would like to take this opportunity to thank our staff for the expertise and
commitment they have demonstrated during this period.
.
Robert Dickinson
10 June 2005
Consolidated profit and loss account
Half year Half year Year
ended ended ended
Note 31 March 31 March 30 September
2005 2004 2004
For the half year ended 31 March £m £m £m
2005
Group turnover 99.9 121.9 217.4
Gross rentals 21.1 21.2 41.0
Trading profits 36.2 44.5 72.6
Other income 1.6 0.5 9.8
58.9 66.2 123.4
Less:
Property expenses (11.5) (11.5) (22.7)
Administration expenses (4.0) (3.9) (7.5)
Group operating profit 43.4 50.8 93.2
Net profit on disposal of
& provisions against fixed
assets 0.7 4.0 6.5
Profit on ordinary
activities before interest
and taxation 44.1 54.8 99.7
Net interest payable and similar
charges
- Group normal (22.3) (19.7) (40.1)
- Group exceptional - (3.7) (5.4)
(22.3) (23.4) (45.5)
Profit on ordinary
activities before taxation 21.8 31.4 54.2
Tax on profit on ordinary
activities 4 (8.9) (12.7) (21.2)
Profit on ordinary
activities after taxation 12.9 18.7 33.0
Dividends 5 (2.2) (1.0) (5.7)
Retained profit for the
period 10.7 17.7 27.3
Earnings per share 10.5p 15.1p 26.8p
________________________________________________________________________________
Diluted earnings per share 10.4p 15.0p 26.7p
________________________________________________________________________________
Basic earnings per share
before exceptional items 10.5p 17.2p 29.9p
________________________________________________________________________________
All results relate to continuing operations.
Statement of group total recognised gains and losses
Half year Half year Year
ended ended ended
31 March 31 March 30 September
2005 2004 2004
For the half year ended 31 March £m £m £m
2005
Profit for the period
attributable to shareholders 12.9 18.7 33.0
Taxation on realisation of
property revaluation gains of
previous years (0.2) (0.3) (0.4)
Unrealised surplus on
revaluation of properties 0.1 0.1 4.3
Total gains and losses
recognised since the last
annual report 12.8 18.5 36.9
Consolidated balance sheet
31 March 31 March 30 September
2005 2004 2004
As at 31 March 2005 Note £m £m £m
Fixed assets
Intangible assets (81.8) (90.8) (84.8)
Tangible assets 103.9 81.8 106.7
Investments 16.8 7.0 10.3
38.9 (2.0) 32.2
________________________________________________________________________________
Current assets
Stocks 950.8 862.8 918.6
Debtors: amounts falling due within
one year 6 6.9 14.0 10.6
Cash at bank and in hand 51.2 92.8 53.8
1,008.9 969.6 983.0
Creditors: amounts falling due within
one year
Short term borrowings 7 (30.6) (101.1) (31.8)
Other creditors 7 (49.2) (55.2) (77.2)
Net current assets 929.1 813.3 874.0
Total assets less current liabilities 968.0 811.3 906.2
Creditors: amounts falling due after
more than one year 7 (769.7) (635.0) (717.9)
Provisions for liabilities and charges (9.5) (11.7) (10.4)
Net assets 2 188.8 164.6 177.9
________________________________________________________________________________
Capital and reserves
Called-up share capital 6.2 6.2 6.2
Share premium account 21.6 21.5 21.5
Revaluation reserve 13.3 10.1 13.9
Capital redemption reserve 0.2 0.2 0.2
Profit and loss account 147.5 126.5 136.1
Equity shareholders' funds 188.8 164.5 177.9
Minority interests - equity - 0.1 -
Total capital employed 188.8 164.6 177.9
Consolidated cash flow statement
Half year Half year Year
ended ended ended
31 March 31 March 30 September
2005 2004 2004
For the half year ended 31 March 2005 £m £m £m
Net cash (outflow)/inflow from
operating activities (see below) (13.1) 48.9 56.7
Returns on investments and servicing of
finance
Interest received 1.0 1.6 3.3
Interest paid - normal (22.2) (21.1) (42.2)
- exceptional - (3.7) (5.4)
Dividends received 0.1 0.1 0.2
(21.1) (23.1) (44.1)
________________________________________________________________________________
Taxation
UK Corporation tax paid (8.8) (12.7) (24.1)
Capital expenditure and financial
investment
Purchase of fixed asset investments (6.5) (0.3) (4.5)
Purchase of tangible fixed assets (1.1) (0.3) (29.8)
Sale of fixed asset investments - - 1.2
Sale of tangible fixed assets 4.4 31.0 41.1
(3.2) 30.4 8.0
________________________________________________________________________________
Acquisitions and disposals
Purchase of subsidiaries (0.3) - (2.3)
Cash acquired on purchase of
subsidiaries - - 0.2
(0.3) - (2.1)
Equity dividends paid (4.7) (3.1) (4.2)
Cash (outflow)/inflow before
financing (51.2) 40.4 (9.8)
Financing
New loans raised 50.0 16.0 726.1
Repayment of loans (1.3) (45.4) (743.7)
Purchase of shares - - (0.6)
Issue of shares - 0.1 0.1
Net cash inflow/(outflow) from
financing 48.7 (29.3) (18.1)
(Decrease)/increase in cash in the
period (2.5) 11.1 (27.9)
________________________________________________________________________________
Half year Half year Year
ended ended ended
31 March 31 March 30 September
2005 2004 2004
£m £m £m
Reconciliation of operating profit to net
cash (outflow)/inflow from
operating activities
Operating profit 43.4 50.8 93.2
Depreciation 0.2 0.2 0.4
Movement in provisions for
liabilities and charges - - (0.2)
Amortisation of goodwill (2.8) (3.2) (6.1)
Decrease/(increase) in debtors 3.9 (4.4) (2.0)
(Decrease)/increase in creditors (26.0) (20.0) 1.7
(Increase)/decrease in stocks (31.8) 25.5 (30.3)
Net cash (outflow)/ inflow from
operating activities (13.1) 48.9 56.7
________________________________________________________________________________
Notes to the interim statement
1 The interim financial report has been prepared on the basis of the accounting
policies set out in the Group's 2004 annual report and accounts.
2 Net Asset Value (NAV) and NNNAV
£m
Market
Statutory Market value Contin- NNNAV
balance value balance gent balance
sheet adjustments sheet FRS13 tax Sheet
Properties 1,052.9 396.5 1,449.4 - - 1,449.4
Investments/other
assets 18.6 4.9 23.5 - - 23.5
Negative goodwill (81.8) 81.8 - - - -
Cash 51.2 - 51.2 - - 51.2
Total assets 1,040.9 483.2 1,524.1 - - 1,524.1
Borrowings (800.3) - (800.3) (9.4) - (809.7)
Net current
liabilities (42.3) (0.7) (43.0) - - (43.0)
Provisions/
contingent (9.5) - (9.5) 5.5 (208.1) (212.1)
tax
Minority interest - (2.3) (2.3) - - (2.3)
Total
liabilities/
minority (852.1) (3.0) (855.1) (3.9) (208.1) 1,067.1
interest
Net assets
attributable to
shareholders 188.8 480.2 669.0 (3.9) (208.1) 457.0
Net assets pence
per 152 387 539 (3) (168) 368
share
Net assets pence
per
share at 30 143 404 547 - (175) 372
September
2004
-
Properties are not revalued at the half year. The market value balance sheets
include properties at 30 September 2004 values, adjusted for sales and
purchases.
3 Earnings per share
The calculation of earnings per share is based on the following number of
shares:
31 March 31 March 30 September
2005 2004 2004
No. of No. of No. of
shares Shares shares
'000 '000 '000
Weighted average number of shares for
basic earnings per share 122,896 123,910 122,813
Weighted average number of shares for
diluted earnings per share 123,520 124,685 123,533
4 Taxation
Tax on profit on ordinary activities:
31 March 31 March 30 September
2005 2004 2004
£m £m £m
Normal 8.9 13.8 22.8
Exceptional - (1.1) (1.6)
8.9 12.7 21.2
________________________________________________________________________________
5 Dividends
Dividends on ordinary shares:
31 March 31 March 30 September
2005 2004 2004
£m £m £m
Interim of 1.70p per share (2004: 0.81p) 2.2 1.0 1.0
Final for year ended 30 September 2004
of 3.84p per share - - 4.7
2.2 1.0 5.7
________________________________________________________________________________
6 Debtors
31 March 31 March 30 September
2005 2004 2004
£m £m £m
Trade debtors 1.9 4.1 5.8
Other debtors 0.6 3.6 0.5
Prepayments and accrued income 3.0 3.7 2.9
Deferred tax 1.4 2.6 1.4
6.9 14.0 10.6
________________________________________________________________________________
7 Creditors
Amounts falling due within one year:
31 March 31 March 30 September
2005 2004 2004
£m £m £m
Mortgages and other loans - 3.5 -
Loan notes 30.6 39.1 31.8
Bank loans - 58.5 -
Deposits received 0.7 0.7 0.8
Trade creditors 9.8 4.8 22.2
Corporation tax payable 20.7 25.1 20.5
Other taxation and social security 1.3 1.3 3.2
Accruals and deferred income 14.5 22.3 25.8
Dividends payable 2.2 1.0 4.7
79.8 156.3 109.0
Amounts falling due after more than one
year
Mortgages and other loans - 405.2 -
Bank loans 769.7 229.8 717.9
769.7 635.0 717.9
________________________________________________________________________________
8 This announcement does not constitute statutory accounts within the meaning of
Section 240 of the Companies Act 1985. Statutory accounts for the year ended 30
September 2004 have been filed with the Registrar of Companies. The auditors
have reported on those accounts; their report was unqualified and did not
contain any statement under Section 237(2) or (3) of the Companies Act 1985.
9 Copies of this statement are being sent to all shareholders. Copies may be
obtained from the Company's registered office, Citygate, St. James' Boulevard,
Newcastle upon Tyne, NE1 4JE. Further details of this announcement can be found
on our website, www.graingertrust.co.uk.
10 The Board of Directors approved this interim statement on 10 June 2005. This
interim report has neither been audited nor reviewed by the auditors.
Contact:-
Grainger Trust plc Tel: 020 7795 4700
Tel: 0191 261 1819
Rupert Dickinson, Chief Executive
Andrew Cunningham, Deputy Chief Executive and Finance Director
Baron Phillips Associates Tel: 020 7920 3161
Baron Phillips Tel: 07050 124119
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