Interim Financial Report

RNS Number : 5994Y

Impellam Group plc

07 September 2009

 



7 September 2009

INTERIM FINANCIAL REPORT (UNAUDITED) FOR THE SIX MONTHS ENDED 30 JUNE 2009

Highlights **

Turnover down 2.8% to £500.9 million (June 2008: £515.5 million ^)

Gross profit down 11.4% to £83.6 million (June 2008: £94.5 million ^)

Fees from permanent placements down 50.9% to £7.9 million (June 2008: £15.9 million).  

Permanent fees now represent 9.4% of gross profit (June 2008: 17.0%)

Operating costs*** reduced by 14.1% to £77.1 million (June 2008: £89.8 million ^)

Conversion of gross profit into operating profit improved to 7.8% (June 2008: 5.0%)

Operating profit*** £6.5 million (June 2008: £4.7 million ^)

Operating profit £0.5 million (June 2008: loss £0.1 million ^)

Adjusted earnings per share of 10.3p (June 2008: 7.7p ^)***

Unadjusted loss per share of 3.2p (June 2008: 16.4p ^)

The Group generated £9.5 million of cash from operations (June 2008: £10.9 million) in the first six months

Debtor days have been well controlled at 35.5 days (December 2008: 38.3 days)

Net debt decreased by £4.8 million to £57.0 million as at 30 June 2009

** comparatives for June 2008 on a pro forma basis (see note 1-III)

*** before exceptional items, share option charges and the amortisation of intangible assets

^ after adjusting for provisions against revenues of Recruit Event Services Limited (see note 1 - IV)

Cheryl Jones, Chairman, commented:

'The marked contraction in economic activity in the two principal geographies in which the group operates required an acceleration of our strategic initiatives, the rationalisation of business activities and decisive reductions in the cost base of the Group. Accordingly, although volumes have reduced, group profitability in the six months to 30 June 2009 has improved when compared to the same period in 2008.'

For further information please contact:

Impellam Group plc
Cheryl Jones, Chairman	Tel: [phone]
Andrew Burchall, Group Finance Director	Tel: [phone]
Naomi Stuart, Marketing and Communications Manager	Tel: [phone]
Cenkos Securities plc (Nominated Advisor and Broker to Impellam)
Nicholas Wells	Tel: [phone]
Threadneedle Communications John Coles	Tel: [phone]

Interim management report 

Financial results for the six months to 30 June 2009

The table below sets out the results for the Group by segment for the first half of 2009 with pro forma comparisons against the same period in the prior year (see note 1 - III).

	Revenue			Gross profit				Operating profit
£’million	2009	2008	% change*		2009	2008	% change*		2009	2008
UK staffing – Commercial	196.4	215.9	(9.0)		28.4	38.2	(25.6)		1.6	1.4
UK staffing – Professional & Technical	86.8	88.7	(2.2)		14.3	17.5	(18.2)		1.2	1.8
UK staffing – Healthcare	80.8	64.7	24.9		13.0	10.0	30.0		4.5	2.2
US staffing	85.2	87.2	(26.4)		17.7	17.6	(24.1)		0.0	0.8
UK support services ^	51.7	59.0	(12.4)		10.2	11.2	(9.3)		0.4	1.2
	500.9	515.5	(2.8)		83.6	94.5	(11.4)		7.7	7.4
Central costs									(1.2)	(2.7)
Operating profit before amortisation of intangibles and exceptional items									6.5	4.7
Amortisation of intangibles									(1.7)	(0.7)
Exceptional items									(4.3)	(4.1)
Operating profit /(loss)									0.5	(0.1)

* measured in local currency

^ 2008 after adjusting for provisions against revenues of Recruit Event Services Limited (see note 1 - IV)

UK staffing - Commercial: turnover down 9.0% to £196.4 million and gross profit down by 25.6% to £28.4 million. Underlying operating profit of the segment rose to £1.6 million.

UK staffing - Professional & Technical: turnover down by 2.2% to £86.8 million with gross profit down by 18.2% to £14.3 million and a decrease in operating profit to £1.2 million.

UK staffing - Healthcare: turnover up by 24.9% to £80.8 million. Gross profit in this segment increased by 30.0% to £13.0 million and operating profit increased to £4.5 million.

US staffing: turnover fell by 26.4%* to £85.2 million, with gross profit reducing by 24.1%* at £17.7 million. Underlying operating profit of the segment was break-even.

UK support services: turnover down by 12.4% to £51.7 million. Gross profit decreased 9.3% to £10.2 million, although the gross margin percentage increased to 19.7% from 19.0%. Operating profit is down to £0.4 million.

Cash flow and net debt

The Group generated £9.5 million of cash from operations (June 2008: £10.9 million) in the first six months of the year. Net debt has reduced by £4.8 million to £57.0 million as at June 2009 (December 2008: £61.8 million). In addition, the Group has outstanding letters of credit drawn against its US borrowing facilities amounting to £4.7 million (December 2008: £6.1 million). 

Cheryl Jones

Chairman

Consolidated income statement

For the six months ended 30 June 2009

		Statutory	Pro forma
		2009	2008
			restated
	Notes	£m	£m
Continuing operations
Revenue	2	500.9	515.5
Cost of sales		(417.3)	(421.0)
		__________	__________
Gross profit		83.6	94.5
Administrative expenses		(83.1)	(94.6)
		__________	__________
Operating profit/(loss)	2	0.5	(0.1)
Operating profit before amortisation and exceptional items		6.5	4.7
Amortisation of customer relationships		(1.7)	(0.7)
Exceptional items	3	(4.3)	(4.1)
		__________	__________
Operating profit/(loss)		0.5	(0.1)
Finance income		0.5	0.3
Finance expense		(2.4)	(2.9)
Exceptional finance expense	3	-	(0.4)
		__________	__________
Loss before taxation		(1.4)	(3.1)
Taxation	4	-	(0.3)
		__________	__________
Loss for the period (attributable to equity shareholders)		(1.4)	(3.4)
		__________	__________

Earnings/(loss) per share (basic and diluted)	5	Pence	Pence
Unadjusted		(3.2)p	(16.4)p
		__________	__________
Adjusted		10.3p	7.7p
		__________	__________

Consolidated statement of comprehensive income

For the period ended 30 June 2009

		Statutory
		2009	2008
			restated
		£m	£m
Loss for the period		(1.4)	(2.0)
Other comprehensive income:
(Losses)/gains recognised directly in equity
Currency translation differences		(1.7)	(0.1)
Corporation tax related to currency translation differences		1.2	-
		__________	__________
Other comprehensive income for the year, net of tax		(0.5)	(0.1)
		__________	__________
Total comprehensive income for the year		(1.9)	(2.1)
		__________	__________

Consolidated condensed balance sheet

At 30 June 2009

		Statutory
		30 June 2009	31 December 2008
		£m	£m
Non-current assets
Property, plant and equipment		7.9	8.6
Goodwill		59.9	59.9
Other intangible assets		53.4	55.0
Deferred tax assets		4.3	4.3
Financial assets		4.2	4.8
		_________	_________
		129.7	132.6
		_________	_________
Current assets
Trade and other receivables		172.7	185.4
Cash and short-term deposits		8.9	11.3
		_________	_________
		181.6	196.7
		_________	_________
Total assets		311.3	329.3
		_________	_________
Current liabilities
Trade and other payables		141.6	147.5
Taxation liabilities		-	0.3
Bank overdrafts and other short-term borrowings		45.1	51.5
Derivative financial instruments		0.5	0.5
Provisions		4.7	6.3
		_________	_________
		191.9	206.1
		_________	_________
Net current liabilities		(10.3)	(9.4)
		_________	_________
Non-current liabilities
Long-term borrowings		20.8	21.6
Other payables due in greater than 1 year		0.6	2.0
Provisions		9.2	8.4
Deferred taxation liability		15.5	16.0
		_________	_________
		46.1	48.0
		_________	_________
Total liabilities		238.0	254.1
		_________	_________
Net assets		73.3	75.2
		_________	_________

Consolidated condensed balance sheet (continued)

At 30 June 2009

		Statutory
		30 June 2009	31 December 2008
		£m	£m
Equity
Issued share capital		0.4	0.4
Share premium		15.5	15.5
		_________	_________
		15.9	15.9
Other reserves		92.6	93.1
Retained deficit		(35.4)	(34.0)
		_________	_________
Total equity attributable to equity holders of the parent company		73.1	75.0
Minority interest		0.2	0.2
		_________	_________
Total equity		73.3	75.2
		_________	_________

Consolidated cash flow statement

For the six months ended 30 June 2009

		Statutory	Pro forma
		2009	2008
			restated
	Notes	£m	£m
Cash flows from operating activities
Cash generated by operations	6	9.5	10.9
Taxation refunded/(paid)		0.1	(0.3)
		________	________
Net cash generated by operating activities		9.6	10.6
		________	________
Cash flows from investing activities
Costs associated with acquisition of CSG		-	(2.0)
Purchase of property, plant and equipment (PPE)		(1.3)	(2.6)
Purchase of intangible assets		(0.5)	(0.8)
Net movement in other financial assets		(0.1)	-
Finance income received		0.5	0.4
		________	________
Net cash utilised on investing activities		(1.4)	(5.0)
		________	________
Cash flows from financing activities
Net movement in other long-term borrowings		(0.6)	(10.0)
Net movement in short-term borrowings		(9.4)	10.6
Capital element of finance lease payments		(0.2)	(0.2)
Finance expense paid		(2.3)	(2.7)
Dividend in specie via disposal of subsidiary		-	(4.0)
		________	________
Net cash outflow from financing activities		(12.5)	(6.3)
		________	________
Net decrease in cash and equivalents		(4.3)	(0.7)
Opening cash and cash equivalents		8.6	5.9
Foreign exchange loss on cash and cash equivalents		(1.5)	0.1
		________	________
Closing cash and cash equivalents		2.8	5.3
		________	________
		30 June 2009		30 June 2008
Cash and short term deposits		8.9		7.4
Bank overdrafts		(6.1)		(2.1)
		________		________
Cash and cash equivalents		2.8		5.3
		________		________

Consolidated statement of changes in equity

For the period ended 30 June 2009

		Statutory
		Total share capital and share premium	Other reserves	Retained deficit	Minority interest	Total equity
	Notes	£m	£m	£m	£m	£m
1 January 2009		15.9	93.1	(34.0)	0.2	75.2
		______	______	______	______	______
Currency translation differences (net of tax)		-	(0.5)	-	-	(0.5)
Loss for the period		-	-	(1.4)	-	(1.4)
		______	______	______	______	______
Total comprehensive income for the period ended 30 June 2009		-	(0.5)	(1.4)	-	(1.9)
		______	______	______	______	______
30 June 2009		15.9	92.6	(35.4)	0.2	73.3
		______	______	______	______	______

Notes to the interim financial statements

1. Basis of preparation

I. Statement of Compliance

The condensed interim financial statements presented in this financial report have been prepared in accordance with International Financial Reporting Standards (IFRS) and International Financial Reporting Interpretations Committee (IFRIC) interpretations that are expected to be applicable to the consolidated financial statements for the year ending 31 December 2009. As permitted, this interim report has been prepared in accordance with AIM Listing Rules and does not seek to comply with IAS 34 'Interim Financial Reporting'.

The standards are subject to ongoing review and endorsement by the European Union, or possible amendment by interpretive guidance from the International Accounting Standards Board (IASB), and are therefore still subject to change. Accordingly, the accounting policies and presentation will be determined finally only when the consolidated financial statements for the year ending 31 December 2009 are prepared.

II. Statutory information

With the exception of comparative income statement and cash flow information, the information presented herein is for the Group on a statutory basis.  

The statutory financial information, which is unaudited, for the six months to 30 June 2009 does not constitute the statutory accounts of the Group for the relevant period. The pro forma financial information for the six months to 30 June 2008 has been extracted from the statutory accounts of the Group and the underlying accounting records prepared in accordance with IFRS. 

The published annual report and accounts of Impellam Group plc for the period ended 31 December 2008 were reported on by the auditors without qualification or statement under section 237(2) or (3) of the Companies Act 1985 and have been delivered to the Registrar of Companies. 

III. Pro forma financial information

In order to enable a meaningful comparison, the comparative income statement and cash flow information included in this report for the period to 30 June 2008 has been included on a pro forma basis for the Group as if the merger of Carlisle Group Limited ('Carlisle') and The Corporate Services Group plc ('CSG') had taken place on 1 January 2007 rather than in May 2008. 

This treatment does not fully reflect the requirements of IAS 1, Presentation of Financial Statements - revised, IAS 27, Consolidated and Separate Financial Statements and IFRS 3, Business Combinations which would require presentation of the results of Impellam from the date of its incorporation (21 February 2008), Carlisle from 1 April 2008 and CSG from the date of acquisition by Impellam Group plc (7 May 2008) to 30 June 2008.  

The pro forma financial information, which is unaudited, has been prepared for illustrative purposes only, through the aggregation of statutory and internal management financial information of Carlisle and CSG which has otherwise been prepared in accordance with IFRS. It has not been designed to, and nor does it, give a presentation of the income statement and balance sheet of the Group that would have been reported in accordance with IFRS had the combination actually taken place in 2007.

IV. Restatement

The pro forma financial information has been restated from those originally reported in June 2008. As fully explained in the 2008 annual report and accounts, certain accounting irregularities were identified in one of the Group companies which resulted in provisions being made against revenues and associated billed and unbilled receivables. These adjustments have impacted the previously reported pro forma information for June 2008.

V. Accounting policies, new IFRS and interpretations

The accounting policies used in this report are consistent with those applied at December 2008 with the exception of the following new or revised IFRS publications that have been adopted in the period:

International Accounting Standards (IAS / IFRS)	Effective date
IAS 1 - Presentation of financial statements (revised)	1 January 2009
IFRS 8 - Operating segments	1 January 2009

No other new and/or revised IFRS and IFRIC publications, which came into force in the period have any impact on the Group.

 2. Segmental information

The Group is reporting under IFRS 8 for the first time. IFRS 8 - 'operating segments' requires that the Group firstly:

• identifies its 'Chief operating decision maker' ('CODM'), which has currently been assessed as the Group's Chairman, who reviews the Groups internal reporting in order to assess performance and allocate resources

and secondly:

• by reference to the information supplied to the CODM identify its operating segments and from these to identify its reportable segments. 

The Chairman receives reports and discusses performance with management of the following five reportable segments:

• UK commercial staffing

• UK professional and technical staffing

• UK healthcare staffing

• US commercial staffing

• UK support services

Statutory

Six months ended 30 June 2009

Continuing operations	UK staffing - Commercial	UK staffing -Professional & technical	UK staffing -  Healthcare	US staffing	UK support services	Group total
	£m	£m	£m	£m	£m	£m
Segment revenue	196.4	86.8	80.8	85.2	51.7	500.9
	_______	_______	_______	_______	_______	_______
Segment EBIT	1.6	1.2	4.5	-	0.4	7.7
	_______	_______	_______	_______	_______
Unallocated - Corporate cost						(1.2)
						_______
Operating profit before amortisation and exceptional items						6.5
Amortisation of customer relationships						(1.7)
Exceptional items						(4.3)
						_______
Operating profit before finance costs and taxation						0.5
Finance costs - net						(1.9)
						_______
Loss before taxation						(1.4)
Taxation						-
						_______
Loss for the period						(1.4)
						_______

Pro forma 

Six months ended 30 June 2008 - restated

Continuing operations	UK staffing -Commercial	UK staffing -Professional & technical	UK staffing - Healthcare	US staffing	UK support services	Group total
	£m	£m	£m	£m	£m	£m
Segment revenue	215.9	88.7	64.7	87.2	59.0	515.5
	_______	_______	_______	_______	_______	_______
Segment EBIT	1.4	1.8	2.2	0.8	1.2	7.4
	_______	_______	_______	_______	_______
Unallocated - Corporate cost						(2.7)
						_______
Operating profit before amortisation and exceptional items						4.7
Amortisation of customer relationships						(0.7)
Exceptional items						(4.1)
						_______
Operating loss before finance costs and taxation						(0.1)
Finance costs - net						(2.6)
Exceptional finance costs						(0.4)
						_______
Loss before taxation						(3.1)
Taxation						(0.3)
						_______
Loss for the period						(3.4)
						_______

3. Exceptional items

	Statutory	Pro forma
	2009	2008
	£m	£m
Restructuring and other costs	4.3	0.7
Cost associated with the merger	-	3.0
Loss on disposal of joint venture or subsidiary and impairment of  Investments	-	0.4
	____	____
Total exceptional items included in operating profit	4.3	4.1
Financing expenses written off on merger	-	0.4
	____	____
Total exceptional items before tax	4.3	4.5
Taxation	-	(0.2)
	____	____
Total exceptional items after tax	4.3	4.3
	____	____

Restructure costs relate to reorganisation and redundancy costs following a comprehensive review of structures in both the UK and US in response to the economic downturn; in 2008 certain rationalisation costs were incurred following the combination of the two businesses to form Impellam Group plc.

Costs associated with the merger relate to the various legal and professional costs incurred by both Carlisle Group Limited and The Corporate Services Group plc to effect the merger of the two businesses under the name of Impellam Group plc.

In May 2008 the Group sold its 50% interest in a loss making manned guarding security joint venture in Ireland, Carlisle Security Plus, for a nominal consideration to the joint venture partner.

The impairment of investment relates to the write down of the carrying value of the Group's investment in Clear Technology Inc, an unlisted US software development company.

Finance expenses written off relate to the costs associated with The Corporate Services Group plc's restructure of debt in 2007 which were being amortised over the period of the loans and which, on replacement by the new arrangements for Impellam Group plc, were accelerated and written off in full.

4. Taxation

Income tax expense is recognised based on management's best estimate of the effective annual income tax rate expected for the full financial year. 

5. Earnings/(loss) per share

Basic profit/loss per share amounts are calculated by dividing the profit for the year attributable to the equity holders of the Company by the weighted average number of ordinary shares outstanding during the period.

Diluted profit/loss per share amounts are calculated on the same basis, but after adjusting the denominator for the effects of dilutive options. The only potentially dilutive shares arise from the share options issued by the Group under its share-based compensation plans. As the Group has been loss-making, any share options in issue are considered to be 'anti-dilutive' and, as such, there is no effective change to the earnings per share figures in either period.

The weighted average number of shares has been calculated for the period from 1 January 2009 to 30 June 2009 and from incorporation to 30 June 2008. The number of shares so calculated is 44,998,882 (June 2008 20,757,580) excluding the shares owned by The Corporate Services Group Employee Share Trust.

The calculations of (loss)/earnings per share are based upon the following consolidated income statement data:

	Profit/(loss) for the period		Earnings/(loss) per share
	Statutory	Pro  forma	Statutory	Pro  forma
	2009	2008	2009	2008
		restated		restated
	£m	£m	Pence	Pence
Basic and diluted
Loss for the year	(1.4)	(3.4)	(3.2)	(16.4)
Exceptional items (net of tax)	4.3	4.3	9.6	20.7
Amortisation of intangible customer relationships	1.7	0.7	3.9	3.4
	_________	_________	_________	_________
Adjusted profit for the year	4.6	1.6	10.3	7.7
	_________	_________	_________	_________

6. Reconciliation of loss before tax to cash generated by operations

	Statutory	Pro forma
	2009	2008
		restated
	£m	£m
Loss before taxation	(1.4)	(3.1)
Adjustments for:
Net interest charge	1.9	2.6
Exceptional finance expenses	-	0.4
Depreciation and amortisation	4.0	3.1
Other items	-	0.5
	__________	__________
	4.5	3.5
Decrease in trade and other receivables	8.3	11.7
Decrease in trade and other payables	(3.1)	(3.8)
Decrease in provisions for liabilities and charges	(0.2)	(0.5)
	__________	__________
Cash generated by operations	9.5	10.9
	__________	__________

7. Additional cash flow information

	Statutory
	1 January 2009	Cash flow	Foreign exchange	Other non-cash changes	30 June 2009
	£m	£m	£m	£m	£m
Cash at bank and in hand	11.3	(0.9)	(1.5)	-	8.9
Overdrafts	(2.7)	(3.4)	-	-	(6.1)
	__________	__________	_________	__________	__________
	8.6	(4.3)	(1.5)	-	2.8
	__________	__________	_________	__________	__________
Guaranteed secured loan note	(19.9)	-	-	-	(19.9)
Bank loans	(2.7)	0.6	0.2	-	(1.9)
Finance leases	(0.5)	0.2	-	(0.1)	(0.4)
Revolving credit	(47.3)	9.4	0.3	-	(37.6)
	__________	__________	_________	__________	__________
	(70.4)	10.2	0.5	(0.1)	(59.8)
	__________	__________	_________	__________	__________
	(61.8)	5.9	(1.0)	(0.1)	(57.0)
	__________	__________	_________	__________	__________

8. Principal risks and uncertainties

Each business considers strategic, operational and financial risks and identifies actions to mitigate those risks on a regular basis and these risk profiles are communicated to the Group board at least annually. The principal risks and uncertainties for the six months remain as they were at December 2008 and are fully detailed in the annual report and accounts which are available for download on the website. 

Responsibility Statement

The Directors confirm that these condensed interim financial statements have been prepared in accordance with IFRS's as adopted by the European Union, with the exception of the matters noted in the basis of preparation (note 1); however, they have not been prepared in accordance with IAS 34. 

The Directors of Impellam Group plc are as listed in the 2008 annual report and accounts, with the exception of the resignation of Desmond Doyle on 14 May 2009. A list of current directors is maintained on the Impellam Group plc website: www.impellam.com.

By order of the Board,

Cheryl Jones                        Andrew Burchall

Chairman                        Group Finance Director

Independent review report to Impellam Group plc

Introduction

We have been engaged by the Company to review the interim financial information in the interim financial report for the six months ended 30 June 2009, which comprise the consolidated income statement, condensed statement of comprehensive income, consolidated condensed balance sheet, consolidated statement of changes in equity, consolidated cash flow statement and the related notes. We have read the other information contained in the interim financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the interim financial information.

Directors' responsibilities

The interim financial report is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the interim financial report in accordance with the AIM Rules for Companies which require that the financial information must be presented and prepared in a form consistent with that which will be adopted in the Company's annual financial statements.  

The interim financial report has been prepared in accordance with the basis set out in note 1. 

Our responsibility

Our responsibility is to express to the Company a conclusion on the interim financial information in the interim financial report based on our review. This report, including the conclusion, has been prepared for and only for the Company for the purpose of the AIM Rules for Companies and for no other purpose. We do not, in producing this report, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

Scope of review

We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410, 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity' issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.  

Emphasis of matter - basis of preparation adopted for pro forma financial information

In forming our review conclusion, which is not qualified, we have considered the adequacy of the disclosures regarding the basis of preparation set out in these condensed interim financial statements. The Company has presented as comparative information, pro forma results and cash flows for the enlarged Group assuming, for the purposes of the income statement and cash flows only, that the accounting period commenced on1 January 2008 and that the combined Impellam Group plc, Carlisle Group Ltd and The Corporate Services Group plc was accounted for using merger accounting as at 1 January 2007. This represents a departure from the requirements of IAS 1, Presentation of Financial Statements, IAS 27, Consolidated and Separate Financial Statements, and IFRS 3, Business Combination which would require presentation of the results of Impellam Group plc from the date of its incorporation, Carlisle Group Ltd from 1 April 2008 and The Corporate Services Group plc from the date of acquisition by Impellam Group plc (7 May 2008) to 30 June 2008. The Directors have disclosed the reasons for this departure from the requirements of IFRS in the basis of preparation within note 1.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the interim financial information in the interim financial report for the six months ended 30 June 2009 are not prepared, in all material respects, in accordance with the basis set out in note 1 and the AIM Rules for Companies.

PricewaterhouseCoopers LLP

Chartered Accountants

7 September 2009

St Albans

Notes:

• The maintenance and integrity of the Impellam Group plc website is the responsibility of the directors; the work carried out by the auditors does not involve consideration of these matters and, accordingly, the auditors accept no responsibility for any changes that may have occurred to the financial statements since they were initially presented on the website.

• Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

 

END

 

 

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