Interim Report and Accounts

RNS Number : 0817M

Jupiter Fund Management PLC

26 July 2017

 

Highlights

26 July 2017

·        81% of assets under management performing above median after all fees

·        Strong flow growth from our core mutual fund franchise, with net mutual fund inflows of £3.4bn

·        Assets under management increased to £46.9bn 

·        Profit before tax increased by 8% to £93.9m 

·        Underlying earnings per share increased by 16% to 16.7p (basic earnings per share up 10% to 16.8p)

·        Net management fees up 19% to £186.5m

·        Interim dividend per share increased by 51% to 6.8p.

			Six months ended 30 June 2017	Six months ended 30 June 2016	Year ended 31 December 2016
	Assets under management (£bn)		46.9	37.0	40.5
	Net inflows (£bn)		3.6	0.6	1.0
	Net management fees1 (£m)		186.5	156.5	330.2
	Profit before tax (£m)		93.9	86.6	171.4
	Underlying earnings per share1 (p)		16.7	14.4	29.4
	Interim dividend per share (p)		6.8	4.5	4.5
	Adjusted cost/income ratio1		54%	55%	55%

¹ The Group's use of alternative performance measures is explained on page 7.

Maarten Slendebroek, Chief Executive, commented:

"Jupiter has made significant progress in the first half of 2017 with healthy net inflows and continued strong investment outperformance after all fees underlining the ongoing success of our diversification strategy. Our culture of accountability, high performance and independent thinking gives us confidence in our ability to continue creating value for clients, growing AUM and delivering progressive returns for our shareholders over the cycle."

Analyst presentation

There will be an analyst presentation at 9.00am on 26 July 2017.

The presentation will be held at The Zig Zag Building, 70 Victoria Street, London, SW1E 6SQ and is also accessible via a live audiocast for those unable to attend in person. To attend the presentation, please contact Tom Blackwell at FTI Consulting on [phone] or at [e-mail]. Alternatively, sign up online to access the live audiocast using the following link:

https://secure.emincote.com/client/jupiter/jfm003.

The interim report and accounts will be available on the Group's website at:

https://www.jupiteram.com/Global/en/Investor-Relations/Reports-and-results.

For further information please contact:
	Investors	Media
Jupiter	Alex Sargent [phone]	Alicia Wyllie [phone]
	Investor relations [phone]
FTI Consulting	Tom Blackwell [phone]	Andrew Walton [phone]

Forward-looking statements

This announcement contains forward-looking statements with respect to the financial condition, results of operations and businesses of the Group. Such statements and forecasts involve risk and uncertainty because they relate to events and depend on circumstances in the future. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by forward-looking statements and forecasts. Forward-looking statements and forecasts are based on the Directors' current view and information known to them at the date of this announcement. The Directors do not make any undertaking to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Nothing in this announcement should be construed as a profit forecast.

Chief Executive's statement

Jupiter made significant progress in the first half of 2017 with a continuation of strong investment outperformance and the ongoing delivery of our diversification strategy supporting healthy net inflows across our distribution channels. This business momentum provides a stable platform from which we move into the second half of the year.

Net inflows during the six months to 30 June 2017 totalled £3.6bn, up substantially on the £0.6bn recorded in the first half of 2016. Mutual fund inflows of £3.4bn (H1 2016: £0.4bn) were driven by sales into our fixed income, absolute return and global emerging markets strategies. All our offices contributed positively to flows, with our newer offices in Italy and Spain delivering higher levels of flows than anticipated having only opened last year. It was also pleasing to see the UK return to net inflows after a difficult 2016.

These flows, together with market movements and alpha generation by our fund managers, resulted in a 16% increase in AUM to £46.9bn. With the Jupiter Absolute Return and Jupiter India unit trusts having attracted significant assets in the first half, 12 of our mutual funds are now over £1bn in size, together accounting for £33.4bn of our AUM.

Performance

Three year investment performance after all fees remains a key driver of flows. In the three years to 30 June 2017, 81% of AUM was above median after all fees. This compares well with an equivalent level of 75% recorded at the end of 2016.

Performance across our funds was recognised at the Investment Week Fund Manager of the Year Awards in June with the judges naming Jupiter Global Group of the Year 2017. The Jupiter Income Trust was also recognised, winning the award for Best UK Equity Income Fund while the Jupiter Absolute Return Fund was highly commended.

Business development

Our strategy of diversifying by client, product and geography has continued into 2017. We launched the Global Emerging Markets Corporate Bond Fund to our international clients in March while the Jupiter Emerging & Frontier Income Trust PLC was launched to UK clients in May. These launches in the equity and bond markets underline Jupiter's growing expertise and reputation in emerging markets which accounts for an increasing proportion of our AUM. 

We have also continued to invest in our people, expanding our fixed income and emerging market debt capabilities and adding to our distribution resources across a number of markets to ensure we can deliver both a high level of service to existing clients and attract new business.

Regulation

New regulation remains a significant focus for the asset management industry with MiFID II, SMR, and UCITS V all active work streams, not to mention developments arising out of Brexit and the FCA Asset Management Market Study. We are well prepared for these changes, investing appropriately in the necessary systems and resources to implement these requirements as well as ongoing investment in our fund management platform to enable future growth.

In February we announced changes to our unit trust pricing that will simplify our client proposition, choosing to switch from dual to single pricing, removing box profits from our income during 2018. Box profits in the current period were £7.2m, compared to £6.6m in the same period in 2016. We will also be taking research costs through our corporate accounts from the start of next year. The FCA published its final report on the asset management industry at the end of June and has made a number of proposals (some of which are subject to further consultation), including remedies to enhance governance and disclosure of fund objectives and charges. We welcome these developments and await further details from the FCA once its consultation period is completed.

Financial results

Net revenues during the first six months of 2017 totalled £195.4m, up 15% on the £170.0m reported in the first half of 2016. This reflects strong growth of 19% in management fees to £186.5m (H1 2016: £156.5m). Net initial charges accounted for £8.1m of revenues, of which box profits were £7.2m. This revenue line will cease in 2018 as part of the pricing changes we announced in February. Performance fees of £0.8m crystallised during the period against £5.7m in the first half of 2016, reflecting our guidance that these fees should not be considered a material feature of our revenues.

The net management fee margin dropped 2bps from 88bps to 86bps at the end of June 2017, a natural consequence of accelerating flows into our lower margin fixed income strategy. Longer term, we continue to expect margins to decline by 1-2 basis points a year.

Underlying profit before tax was £94.8m compared with £82.5m at the end of June 2016 while underlying earnings per share were 16.7p, 16% higher than the 14.4p recorded in the first half of 2016.

We continue to invest appropriately in our business as we grow, both to enable future growth and to ensure the range of new regulations being introduced across the asset management industry can be implemented effectively. Fixed costs as a proportion of revenues remain stable in this period of investment, totalling £63.3m (34% of net management fees) against £54.4m in the first half of 2016 (35% of net management fees). Transaction costs linked to AUM accounted for £13m of the total in the first half. As is usual for a business such as ours, we would expect our fixed costs to trend higher in the second half of 2017.

Variable staff costs are now tracking steady-state expectations with our variable compensation ratio hovering around 29%. Total variable staff costs were £38.0m in the first half of 2017 against £32.0m in the first half of 2016.

Jupiter's balance sheet remains resilient with an indicative surplus of £92m providing robust liquidity after providing for dividends.

Dividend

The strength of our balance sheet enables us to maintain our progressive dividend policy, which targets an ordinary pay out of 50% of our underlying earnings per share. The Board has previously signalled an intention to rebalance the total ordinary dividend towards the interim and the dividend of 6.8p (2016: 4.5p) we have announced today reflects that rebalancing as well as the growth in underlying earnings in the period.

Outlook

The past five years have seen significant change and growth in our business which have benefitted our clients, shareholders and employees. With a clear organic growth strategy and high levels of employee engagement enabling us to maintain a culture of accountability, high performance and independent thinking, we remain focused on our core objective of delivering active outperformance for our clients. This gives us confidence in our ability to continue delivering growth in AUM and earnings across the cycle regardless of market conditions and regulatory pressures, resulting in progressive returns for our shareholders.

Maarten Slendebroek

Chief Executive Officer

25 July 2017

Business review

Assets under management ("AUM") and flows

	Movement in AUM by product across the period
		31 December    2016  £m	Q1 net flows £m	Q2 net flows £m	Market movement £m	30 June  2017 £m
	Mutual funds	35,216	1,402	1,994	2,318	40,930
	Segregated mandates	4,244	(93)	190	367	4,708
	Investment trusts	1,083	(3)	75	114	1,269
	Total	40,543	1,306	2,259	2,799	46,907

AUM increased by 16% to £46.9bn as at 30 June 2017 (31 December 2016: £40.5bn) as a result of substantial net flows and strong market performance.

Organic flows into our core mutual fund franchise were £3.4bn in the period, with positive flows across all geographical regions. During the period, our fixed income offering produced strong flows, with business in our new branches in Italy and Spain demonstrating our growing international distribution capabilities. Emerging market and absolute return strategies also saw significant inflows. Market conditions were broadly favourable across the period, but occasionally volatile as a result of geopolitical uncertainty.

Investment performance

At 30 June 2017, 33 mutual funds, representing approximately 81% of mutual funds by AUM (31 December 2016: 25 mutual funds representing 75% of mutual fund AUM), delivered first and second quartile investment performance over the key three year investment period. Over one year, 34 mutual funds representing approximately 70% of mutual funds by AUM, delivered first and second quartile investment performance (31 December 2016: 24 mutual funds representing approximately 54% of mutual fund AUM). Prior year comparatives have been restated to reflect an update in our internal investment performance methodology which has also increased our AUM coverage of the measure.

Financial review

RESULTS FOR THE PERIOD

Net revenue	Six months ended 30 June 2017 £m		Six months ended 30 June 2016 £m		Year ended 31 December 2016 £m
Management fees	210.0		180.9		377.4
Fee expenses	(23.5)		(24.4)		(47.2)
Net management fees	186.5		156.5		330.2
Initial charges and commissions (excluding box profits)	1.7		3.0		5.4
Commission expenses	(0.8)		(1.8)		(3.2)
Net initial charges (excluding box profits)	0.9		1.2		2.2
Performance fees	0.8		5.7		6.2
Net revenue before box profits	188.2		163.4		338.6
Box profits	7.2		6.6		12.8
Total	195.4		170.0		351.4

Net revenue for the period was £195.4m (2016 H1: £170.0m), a 15% increase on 2016 H1. Net management fees remain the main component of net revenue (2017 H1: 95%, 2016 H1: 92%).

	Six months ended 30 June 2017		Six months ended 30 June 2016		Year ended 31 December 2016
Net management fees (£m)	186.5		156.5		330.2
Average AUM (£bn)	43.8		35.9		37.8
Net management fee margin (bps)	86		88		87

Net management fees increased to £186.5m (2016 H1: £156.5m) as a result of significant AUM growth and valuation appreciation.

The Group's net management fee margin for the period was 86 basis points, down by 1 basis point on the second half of 2016, due to substantial growth in our lower margin fixed income product range. We continue to expect net management fee margins to decline by 1-2 basis points a year for product mix reasons.

Net initial charges (before box profits) of £0.9m (2016 H1: £1.2m) decreased marginally. Performance fees of £0.8m (2016 H1: £5.7m) were earned in the period. 

Administrative expenses

	Six months ended 30 June 2017 £m		Six months ended 30 June 2016 £m		Year ended 31 December 2016 £m
Fixed staff costs	26.9		23.3		48.3
Other expenses	36.4		31.1		67.1
Total fixed costs	63.3		54.4		115.4
Variable staff costs	38.0		32.0		66.6
Underlying administrative expenses	101.3		86.4		182.0
Charge/(credit) for options over pre-Listing shares	0.2		(0.1)		0.1
Total administrative expenses	101.5		86.3		182.1

Underlying administrative expenses of £101.3m (2016 H1: £86.4m) were £14.9m higher than 2016 H1.  Total fixed costs of £63.3m (2016 H1: £54.4m) increased 16% primarily due to costs associated with the SICAV aggregate operating fee, which vary with higher dealing volumes and higher AUM, and investment in staff.

The increase in fixed staff costs of £3.6m relates to new hires in the fund management and distribution teams in the second half of 2016 and the first half of 2017 and other structural changes to our workforce.

	Six months ended 30 June 2017 £m		Six months ended 30 June 2016 £m		Year ended 31 December 2016 £m
Cash bonus	22.7		21.1		42.4
Deferred bonus	7.5		5.2		10.6
LTIP, SAYE and SIP	7.8		5.7		13.6
Total	38.0		32.0		66.6
Variable compensation ratio	29%		28%		28%
Total compensation ratio	33%		33%		33%

Cash bonus costs of £22.7m (2016 H1: £21.1m) increased by 8% as a result of higher levels of profitability, partially offset by lower levels of variable compensation directly linked to performance fees. Other variable compensation charges increased with higher earnings and as a result of the 14% increase in the Jupiter share price over the period, which has driven higher accruals for associated social security costs on all unexercised share awards.

Variable compensation as a proportion of operating earnings plus variable staff costs was flat at 29% (2016 H1: 28%) as increases in variable compensation were in line with increased profitability. We expect the variable compensation ratio to remain in the mid to high 20% range over the medium term. The equity-settled nature of previously awarded deferred bonus and LTIP schemes means that their costs are fixed at the time of grant and subsequently do not change if future earnings rise or fall, although social security costs vary with the Group's share price.

Other income statement movements

Amortisation of £1.5m (2016 H1: £1.6m) relates primarily to the Jupiter brand name which is now fully amortised.

Profit before tax (PBT)

PBT for the period increased by 8% to £93.9m (2016 H1: £86.6m) due to a 12% increase in operating earnings, partially offset by a reduction in other gains, which benefited from a one-off foreign exchange gain of £5.0m in 2016.

Tax

The effective tax rate was 19.8% (2016 H1: 20.4%, 2016: 20.5%) against a headline corporation tax rate of 19.25% (2016 H1: 20%, 2016: 20%).

Underlying PBT and underlying earnings per share (EPS)

Underlying PBT and underlying EPS are non-GAAP measures which the Board believes provide a useful representation of the Group's trading performance (see page 7).

Underlying EPS was up 16% on 2016 H1 at 16.7p (2016 H1: 14.4p).

	Six months ended 30 June 2017 £m		Six months ended 30 June 2016 £m		Year ended 31 December 2016 £m
Profit before tax	93.9		86.6		171.4
Adjustments:
Amortisation of acquired trade name	0.7		1.0		1.9
Charge/(credit) for options over pre-Listing shares	0.2		(0.1)		0.1
Realised foreign exchange gains on liquidation of subsidiaries	-		(5.0)		(5.0)
Underlying profit before tax	94.8		82.5		168.4
Tax at average statutory rate of 19.25%	(18.2)		(16.5)		(33.7)
(2016 H1: 20%, 2016: 20%)
Underlying profit after tax	76.6		66.0		134.7
Issued share capital (m)	457.7		457.7		457.7
Underlying EPS	16.7p		14.4p		29.4p
Basic EPS	16.8p		15.3p		30.3p
Diluted EPS	16.3p		14.9p		29.6p

CASH FLOW

The Group generated positive operating cash flows after tax in 2017 H1 of £78.2m (2016 H1: £56.5m). £101.7m was spent on final and special dividend payments to shareholders in respect of the previous year's profit and £13.2m of shares were purchased by the Employee Benefit Trust to avoid future dilution from compensation schemes. The net decrease in cash in the period was £38.8m.

ASSETS AND LIABILITIES

Balance sheet

At 30 June 2017, the Group held cash of £220.1m (31 December 2016: £258.9m), as trading profits were offset by the payment of the 2016 compensation round and the final and special dividends. As outlined in the Equity and Capital Management section, it remains our intention to return a high proportion of surplus cash to shareholders as it arises.

The Group has no debt (31 December 2016: £nil). The revolving credit facility of £50m was not drawn in the period.

Seed capital investments

We deploy seed capital into funds to assist us in building a track record from launch or to give small but strongly performing funds sufficient scale to attract external money. As at 30 June 2017, we had a total investment of £61.5m in our own funds (31 December 2016: £58.7m). This excludes £10.2m of investments in our own funds to hedge our obligation to settle amounts payable to employees in relation to Deferred Bonus Plan awards. These investments are shown on the Group's balance sheet under the appropriate heading for the relevant level of ownership in each fund. The Group only invests in liquid funds and chooses to hedge market and currency risk on the majority of its holdings of seed capital investments, with 90% of seed capital either hedged or invested in absolute return products. As a result, the value of these investments is stable and available to improve the Group's cash balances and liquidity if required. 

EQUITY AND CAPITAL MANAGEMENT

Total shareholders' equity increased by £17.2m to £582.7m between 30 June 2016 and 30 June 2017, with the continued profitability of the Group being substantially offset by distributions to shareholders, in line with the Group's dividend policy below. The Group maintains a comfortable surplus over its regulatory requirements.

Dividends

Jupiter has a progressive ordinary dividend policy, and our intention is for the ordinary dividend payout ratio to be around 50% across the cycle. The Board then expects to retain up to 10% of earnings for investment and growth; the remaining balance, after taking account of any specific events, will be returned to shareholders. In current market conditions, shareholders have indicated that their preferred method of capital return is a special dividend. It remains the Board's intention to operate the same approach for 2017.

The Board considers the dividend on a total basis, taking into account our resilient balance sheet and our long-term approach to running the business. In looking to maintain an appropriate balance between interim and full-year dividends, the Board has declared an increased interim dividend of 6.8p (2016 H1: 4.5p).

THE USE OF ALTERNATIVE PERFORMANCE MEASURES ("APMs")

The Group uses the following APMs:

APM	Definition	Reconciliation	Reason for use
Adjusted cost/income ratio	Administrative expenses divided by net management fees	Not applicable	C
Fixed costs	Costs other than variable staff costs	Page 5	C
Net management fee margin	Net management fees divided by average AUM	Page 4	A
Net management fees	Management fees less fee expenses	Page 4	A
Net revenue	Revenue less fee and commission expenses	Page 8	A
Operating earnings	Net revenue less administrative expenses	Page 8	A
Ordinary dividends per share	Interim and final dividends (does not include any "special" dividends)	Not applicable	B
Total compensation ratio	Total staff costs as a proportion of net revenue	Not applicable	C
Underlying administrative expenses	Administrative expenses excluding non-recurring items	Page 5	B
Underlying EPS	Underlying profit after tax divided by issued share capital	Page 6	B
Underlying profit before tax	Profit before tax excluding amortisation arising from acquisitions and non-recurring items*	Page 6	B
Variable compensation ratio	Variable staff costs as a proportion of operating earnings plus variable staff costs	Page 5	C

*Items that are non-recurring are those items of income or expenditure that are not expected to repeat over the business cycle. Where appropriate, such items may be recognised over multiple accounting periods.

A.    to draw out meaningful subtotals of revenues and earnings, together with ratios derived from such measures, commonly used by asset managers after taking into account items such as fees and commissions payable, without which a proportion of the revenues would not have been earned, and administrative expenses which often have a direct link to revenues through the use of compensation ratios to set remuneration. 

B.     to present users of the accounts with a clear view of what the Group considers to be the results of/distributions from its underlying operations, thereby enabling consistent period on period comparisons and making it easier for users of the accounts to identify trends.

C.     to provide additional information not required for disclosure under accounting standards. The information is given to assist users of the accounts in gauging the level of operational gearing and efficiency in the Group and in predicting future variable cost and therefore profit levels. 

All APMs relate to past performance.

Changes in the use of APMs

1.      In prior periods, the Group has used adjusted EBITDA as a measure of performance, principally to enable users of the accounts to better compare the earnings of the Group with those of its competitors. Being debt-free and having now fully amortised its trade name intangible assets, there are currently no material differences between Jupiter's underlying PBT and its EBITDA; additionally, amortisation charges going forward will principally relate to assets developed as part of the operating business and should be taken into consideration when measuring performance. For these reasons, EBITDA has been removed as a performance measure.

2.      Further to 1 above, EBITDA margin has been replaced by 'Adjusted cost/income ratio' to retain a metric that provides a measure of operational efficiency.

Section 1: Results for the period

Consolidated income statement for the period ended 30 June 2017

		Six months ended 30 June 2017		Six months ended 30 June 2016		Year ended 31 December 2016
	Notes	£m		£m		£m
Revenue	1.1	219.7		196.2		401.8
Fee and commission expenses	1.1	(24.3)		(26.2)		(50.4)
Net revenue	1.1	195.4		170.0		351.4
Administrative expenses		(101.5)		(86.3)		(182.1)
Operating earnings	1.3	93.9		83.7		169.3
Other gains	1.4	1.5		4.3		5.1
Amortisation of intangible assets	3.2	(1.5)		(1.6)		(3.3)
Operating profit		93.9		86.4		171.1
Finance income		0.1		0.3		0.5
Finance costs		(0.1)		(0.1)		(0.2)
Profit before taxation		93.9		86.6		171.4
Income tax expense	1.5	(18.6)		(17.7)		(35.1)
Profit for the period		75.3		68.9		136.3
Earnings per share
Basic	1.6	16.8p		15.3p		30.3p
Diluted	1.6	16.3p		14.9p		29.6p

 

Consolidated statement of comprehensive income for the period ended 30 June 2017

			Six months ended 30 June 2017		Six months ended 30 June 2016		Year ended 31 December 2016
		Notes	£m		£m		£m
	Profit for the period		75.3		68.9		136.3
	Items that may be reclassified subsequently to profit or loss
	Exchange movements on translation of subsidiary undertakings		(0.1)		0.4		0.5
	Items reclassified to the income statement
	Realised foreign exchange gains transferred to the income statement		-		(5.0)		(5.0)
	Other comprehensive income for the period net of tax		(0.1)		(4.6)		(4.5)
	Total comprehensive income for the period net of tax		75.2		64.3		131.8

Notes to the Group financial statements - Income statement

INTRODUCTION

Jupiter Fund Management plc (the Company) and its subsidiaries (together, the Group) offer a range of asset management products. Through its subsidiaries, the Group acts as an investment manager to authorised unit trusts, SICAVs, investment trust companies, pension funds and other specialist funds. The Group has offices in the United Kingdom, Germany, Singapore, Hong Kong, Switzerland, Austria, Sweden, Spain and Italy.

The Group's financial statements have been split into sections to assist with their navigation and align with the Financial review. The basis of preparation, accounting policies and principal risks and mitigations are within Section 5.

1.1 REVENUE

The Group's primary source of revenue is management fees. Management fees are based on an agreed percentage of the assets under management. Initial charges and commissions include fees based on a set percentage of certain flows to our funds and profits earned on dealing within the unit trust manager's box, known as box profits. Performance fees are earned from some funds when agreed performance conditions are met. Net revenue is stated after fee and commission expenses to intermediaries for ongoing services under distribution agreements.

	Six months ended 30 June 2017		Six months ended 30 June 2016		Year ended 31 December 2016
	£m		£m		£m
Management fees	210.0		180.9		377.4
Initial charges and commissions	8.9		9.6		18.2
Performance fees	0.8		5.7		6.2
Fee and commission expenses	(24.3)		(26.2)		(50.4)
Total net revenue	195.4		170.0		351.4

1.2 SEGMENTAL REPORTING

The Group offers a range of products and services through different distribution channels. All financial, business and strategic decisions are made centrally by the Board of Directors (the Board), which determines the key performance indicators of the Group. Information is reported to the chief operating decision maker, the Board, on a single segment basis. While the Group has the ability to analyse its underlying information in different ways, for example by product type, this information is only used to allocate resources and assess performance for the Group as a whole. On this basis, the Group considers itself to be a single-segment investment management business. 

1.3 OPERATING EARNINGS

Management monitors operating earnings, a non-GAAP measure, for the purpose of making decisions about resource allocation and performance assessment (see page 7).

1.4 OTHER GAINS

	Six months ended 30 June 2017		Six months ended 30 June 2016		Year ended 31 December 2016
	£m		£m		£m
Foreign exchange gains on liquidation of subsidiaries	-		5.0		5.0
Dividend income	0.2		0.3		0.5
Other	1.3		(1.0)		(0.4)
Total other gains	1.5		4.3		5.1

In 2016, the Group liquidated two of its overseas subsidiaries and cumulative foreign exchange gains of £5.0m relating to those subsidiaries was transferred from the foreign currency translation reserve, where it had previously been credited, to the income statement.

1.5 INCOME TAX EXPENSE

Analysis of charge in the period:

	Six months ended 30 June 2017		Six months ended 30 June 2016		Year ended 31 December 2016
	£m		£m		£m
Current tax - UK corporation tax
Tax on profits for the period	17.4		17.1		34.6
Adjustments in respect of prior periods	-		-		1.0
	17.4		17.1		35.6
Deferred tax
Origination and reversal of temporary differences	1.2		0.6		(0.3)
Adjustments in respect of prior periods	-		-		(0.2)
	1.2		0.6		(0.5)
Total income tax expense	18.6		17.7		35.1

The weighted average UK corporation tax rate for the period ended 30 June 2017 was 19.25% (2016 H1: 20%, 2016: 20%).

1.6 EARNINGS PER SHARE

Basic EPS is calculated by dividing the profit for the period by the weighted average number of ordinary shares outstanding during the period, less the weighted average number of own shares held. Own shares are shares held in an Employee Benefit Trust (EBT) for the benefit of employees under the vesting, lock-in and other incentive arrangements in place.

Diluted EPS is calculated by dividing the profit for the period by the weighted average number of ordinary shares outstanding during the period used in calculating basic EPS, plus the weighted average number of ordinary shares that would be issued on the conversion of all the dilutive potential ordinary shares into ordinary shares.

For the purposes of calculating EPS, the share capital of the parent is calculated as the weighted average number of ordinary shares in issue over the periods reported. The weighted average number of ordinary shares used in the calculation of EPS is as follows:

Weighted average number of shares		Six months ended 30 June 2017		Six months ended 30 June 2016		Year ended 31 December 2016
		Number		Number		Number
		m		m		m
Issued share capital		457.7		457.7		457.7
Less: own shares held		(9.0)		(8.2)		(8.4)
Weighted average number of ordinary shares for the purpose of basic EPS		448.7		449.5		449.3
Add back weighted average number of dilutive potential shares		11.3		12.1		10.5
Weighted average number of ordinary shares for the purpose of diluted EPS		460.0		461.6		459.8

Earnings per share		Six months ended 30 June 2017		Six months ended 30 June 2016		Year ended 31 December 2016
		p		p		p
Basic		16.8		15.3		30.3
Diluted		16.3		14.9		29.6

 

Section 2: Consolidated statement of cash flows

Consolidated statement of cash flows for the period ended 30 June 2017

		Six months ended 30 June 2017		Restated*  six months ended 30 June 2016		Year ended 31 December 2016
	Notes	£m		£m		£m
Cash flows from operating activities
Cash generated from operations	2.1	97.7		74.4		181.2
Income tax paid		(19.5)		(17.9)		(33.9)
Net cash inflows from operating activities		78.2		56.5		147.3
Cash flows from investing activities
Purchases of property, plant and equipment	3.3	(0.3)		(2.4)		(2.8)
Purchase of intangible assets	3.2	(2.3)		(0.3)		(0.9)
Purchase of financial assets at fair value through profit or     loss (FVTPL)	2.2	(21.2)		(19.1)		(34.7)
Proceeds from disposal of financial assets at FVTPL	2.2	20.0		15.7		29.9
Dividend income received		0.2		0.3		0.5
Finance income received		0.1		0.3		0.5
Net cash outflows from investing activities		(3.5)		(5.5)		(7.5)
Cash flows from financing activities
Dividends paid	4.3	(101.7)		(96.6)		(116.8)
Purchase of shares by EBT		(13.2)		(13.2)		(26.6)
Finance costs paid		(0.1)		(0.1)		(0.2)
Third-party subscriptions into consolidated funds	2.2	2.3		2.0		4.6
Third-party redemptions from consolidated funds	2.2	(0.7)		(0.3)		(1.2)
Distributions paid by consolidated funds		(0.1)		-		(0.1)
Net cash outflows from financing activities		(113.5)		(108.2)		(140.3)
Net decrease in cash and cash equivalents		(38.8)		(57.2)		(0.5)
Cash and cash equivalents at beginning of the period		258.9		259.4		259.4
Cash and cash equivalents at end of the period	3.5	220.1		202.2		258.9

*See Note 2.2. Cash flows relating to this period have been restated to align with the cash flow statement as presented in the Group's Annual Report and Accounts 2016. 

Notes to the Group financial statements - Consolidated statement of cash flows

2.1 CASH FLOWS GENERATED FROM OPERATING ACTIVITIES

		Six months ended 30 June 2017		Six months ended 30 June 2016		Year ended 31 December 2016
		£m		£m		£m
Operating profit		93.9		86.4		171.1
Adjustments for:
Amortisation of intangible assets		1.5		1.6		3.3
Depreciation of property, plant and equipment		1.1		1.1		2.2
Other non-cash gains		(3.3)		(6.0)		(14.6)
Share-based payments		9.6		8.9		18.1
Cash inflows on exercise of share options		0.3		0.1		0.4
Increase in trade and other receivables		(49.7)		(88.4)		(3.2)
Increase in trade and other payables		44.3		70.7		3.9
Cash generated from operations		97.7		74.4		181.2

2.2 RECONCILIATION OF CASHFLOWS FROM INVESTING AND FINANCING ACTIVITIES

Certain items within the consolidated statement of cash flows on page 12 have been restated to include gross cash flows within funds consolidated by the Group. There is no overall impact on the net movement in cash and cash equivalents:

		Six months ended 30 June 2016
		As previously  stated		Adjustment		Restated
		£m		£m		£m
Purchase of financial assets at FVTPL		(10.7)		(8.4)		(19.1)
Proceeds from disposal of financial assets at FVTPL		9.0		6.7		15.7
Net impact on cash outflows from investing activities		(1.7)		(1.7)		(3.4)
Third-party subscriptions into consolidated funds		-		2.0		2.0
Third-party redemptions from consolidated funds		-		(0.3)		(0.3)
Net impact on cash outflows from financing activities		-		1.7		1.7
Other net cash flow movements		(55.5)		-		(55.5)
Net movement in cash and cash equivalents		(57.2)		-		(57.2)

Section 3: Assets and liabilities

Consolidated balance sheet at 30 June 2017

		30 June 2017		30 June 2016		31 December 2016
	Notes	£m		£m		£m
Assets
Non-current assets
Goodwill	3.1	341.2		341.2		341.2
Intangible assets	3.2	4.8		5.0		4.0
Property, plant and equipment	3.3	8.1		9.6		8.8
Deferred tax assets		11.3		10.4		11.3
Trade and other receivables		0.9		1.6		1.2
		366.3		367.8		366.5
Current assets
Investments in associates	3.4	6.8		5.8		7.3
Financial assets at FVTPL	3.4	78.6		59.9		70.9
Trade and other receivables		147.4		182.2		97.4
Cash and cash equivalents	3.5	220.1		202.2		258.9
		452.9		450.1		434.5
Total assets		819.2		817.9		801.0
Equity attributable to shareholders
Share capital	4.1	9.2		9.2		9.2
Own share reserve	4.2	(0.2)		(0.2)		(0.2)
Other reserve	4.2	8.0		8.0		8.0
Foreign currency translation reserve	4.2	2.7		2.7		2.8
Retained earnings		563.0		545.8		590.6
Total equity		582.7		565.5		610.4
Liabilities
Non-current liabilities
Trade and other payables		7.4		7.7		8.2
Deferred tax liabilities		0.4		1.2		0.2
		7.8		8.9		8.4
Current liabilities
Financial liabilities at FVTPL	3.4	17.9		9.5		13.4
Trade and other payables		198.7		220.9		153.6
Current income tax liability		12.1		13.1		15.2
		228.7		243.5		182.2
Total liabilities		236.5		252.4		190.6
Total equity and liabilities		819.2		817.9		801.0

Notes to the Group financial statements - Assets and liabilities

3.1 GOODWILL

On 19 June 2007, the Group acquired the entire share capital of Knightsbridge Asset Management Limited (KAML), giving rise to a goodwill asset being recognised.

		30 June 2017		30 June 2016		31 December 2016
		£m		£m		£m
Goodwill		341.2		341.2		341.2
		341.2		341.2		341.2

The Group has determined that it is a single cash generating unit for the purpose of assessing the carrying value of goodwill. No additional goodwill was recognised in the period (2016 H1: £nil, 2016: £nil).

3.2 INTANGIBLE ASSETS

		30 June 2017		30 June 2016		31 December 2016
		£m		£m		£m
Trade name		-		1.8		0.7
Computer software		4.8		3.2		3.3
		4.8		5.0		4.0

The amortisation charge for the period was £1.5m (2016 H1: £1.6m, 2016: £3.3m). The trade name is now fully amortised. The Group acquired software during the period with a value of £2.3m (2016 H1: £0.3m, 2016: £0.9m).

3.3 PROPERTY, PLANT AND EQUIPMENT

The net book value of property, plant and equipment at 30 June 2017 was £8.1m (2016 H1: £9.6m, 2016: £8.8m). During the period, the Group acquired property, plant and equipment with a value of £0.3m (2016 H1: £2.4m, 2016: £2.8m).

3.4 FINANCIAL INSTRUMENTS HELD AT FAIR VALUE

As at 30 June 2017, the Group held the following classes of financial instruments measured at fair value, which arise from the Group's investments in seed capital (see note 5.1):

		30 June 2017		30 June 2016		31 December 2016
		£m		£m		£m
Investments in associates		6.8		5.8		7.3
Financial assets at FVTPL		78.6		59.9		70.9
Financial liabilities at FVTPL		(17.9)		(9.5)		(13.4)
		67.5		56.2		64.8

3.5 CASH AND CASH EQUIVALENTS

		30 June 2017		30 June 2016		31 December 2016
		£m		£m		£m
Cash at bank and in hand		183.2		124.9		128.4
Short-term deposits		30.0		68.0		124.0
Cash held by EBT and seed capital subsidiaries		6.9		9.3		6.5
		220.1		202.2		258.9

Section 4: Equity

Consolidated statement of changes in equity for the period ended 30 June 2017

	Share  capital	Own  share  reserve	Other   reserve	Foreign  currency  translation  reserve	Retained earnings	Total
	£m	£m	£m	£m	£m	£m
At 1 January 2016	9.2	(0.2)	8.0	7.3	578.6	602.9
Profit for the period	-	-	-	-	68.9	68.9
Exchange movements on translation of subsidiary undertakings	-	-	-	(4.6)	-	(4.6)
Other comprehensive income	-	-	-	(4.6)	-	(4.6)
Total comprehensive income	-	-	-	(4.6)	68.9	64.3
Vesting of ordinary shares and options	-	-	-	-	(0.2)	(0.2)
Dividends paid	-	-	-	-	(96.6)	(96.6)
Purchase of shares by EBT	-	-	-	-	(13.2)	(13.2)
Share-based payments	-	-	-	-	8.9	8.9
Current tax	-	-	-	-	0.9	0.9
Deferred tax	-	-	-	-	(1.5)	(1.5)
Total transactions with owners	-	-	-	-	(101.7)	(101.7)
Balance at 30 June 2016	9.2	(0.2)	8.0	2.7	545.8	565.5
Profit for the period	-	-	-	-	67.4	67.4
Exchange movements on translation of subsidiary undertakings	-	-	-	0.1	-	0.1
Other comprehensive income	-	-	-	0.1	-	0.1
Total comprehensive income	-	-	-	0.1	67.4	67.5
Vesting of ordinary shares and options	-	-	-	-	0.6	0.6
Dividends paid	-	-	-	-	(20.2)	(20.2)
Purchase of shares by EBT	-	-	-	-	(13.4)	(13.4)
Share-based payments	-	-	-	-	9.2	9.2
Current tax	-	-	-	-	0.5	0.5
Deferred tax	-	-	-	-	0.7	0.7
Total transactions with owners	-	-	-	-	(22.6)	(22.6)
Balance at 31 December 2016	9.2	(0.2)	8.0	2.8	590.6	610.4
Profit for the period	-	-	-	-	75.3	75.3
Exchange movements on translation of subsidiary undertakings	-	-	-	(0.1)	-	(0.1)
Other comprehensive income	-	-	-	(0.1)	-	(0.1)
Total comprehensive income	-	-	-	(0.1)	75.3	75.2
Vesting of ordinary shares and options	-	0.1	-	-	0.3	0.4
Dividends paid	-	-	-	-	(101.7)	(101.7)
Purchase of shares by EBT	-	(0.1)	-	-	(13.1)	(13.2)
Share-based payments	-	-	-	-	9.6	9.6
Current tax	-	-	-	-	1.0	1.0
Deferred tax	-	-	-	-	1.0	1.0
Total transactions with owners	-	-	-	-	(102.9)	(102.9)
Balance at 30 June 2017	9.2	(0.2)	8.0	2.7	563.0	582.7

Notes to the Group financial statements - Equity

4.1 SHARE CAPITAL

		30 June 2017		30 June 2016		31 December 2016
		£m		£m		£m
457.7m ordinary shares of 2p each		9.2		9.2		9.2
		9.2		9.2		9.2

4.2 RESERVES

(i) Own share reserve

At 30 June 2017, 7.7m (2016 H1: 7.6m, 2016: 9.5m) ordinary shares, with a par value of £0.2m (2016 H1: £0.2m, 2016: £0.2m), were held as own shares within the Group's EBT for the purpose of satisfying share option obligations to employees.

(ii) Other reserve

The other reserve of £8.0m (2016 H1: £8.0m, 2016: £8.0m) relates to the conversion of Tier 2 preference shares in 2010.

(iii) Foreign currency translation reserve

The foreign currency translation reserve is used to record exchange differences arising from the translation of the financial statements of foreign subsidiaries.  In 2016, £5.0m was transferred to the income statement following the liquidation of overseas subsidiaries.

4.3 DIVIDENDS

On 7 April 2017 the Group paid a final dividend for 2016 of 10.2p per ordinary share and a special dividend for 2016 of 12.5p per ordinary share. This amounted to a total payment of £101.7m after taking into account the £2.2m dividends waived on shares held in the EBT.

The Board has declared an interim dividend for the period of 6.8p per ordinary share. This dividend will be paid on 30 August 2017 to ordinary shareholders on the register at close of business on 4 August 2017.

Section 5: Other notes

Notes to the Group financial statements - Other

Within this Interim Report and Accounts, all current and comparative data covering periods to (or as at) 30 June are unaudited. Data given in respect of the year ended 31 December 2016 is audited.

5.1 BASIS OF PREPARATION

These condensed interim financial statements for the period ended 30 June 2017 have been prepared in accordance with the Disclosure and Transparency Rules of the Financial Conduct Authority and with IAS 34 Interim Financial Reporting, as adopted by the European Union. The condensed interim financial statements should be read in conjunction with the Group's annual financial statements for the year ended 31 December 2016, which have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union.

The condensed interim financial statements do not comprise statutory accounts within the meaning of section 434 of the Companies Act 2006. Statutory accounts for the year ended 31 December 2016 were approved by the Board on 23 February 2017 and delivered to the Registrar of Companies. The report of the auditors on those accounts was unqualified, did not contain an emphasis of matter paragraph and did not contain any statement under section 498 of the Companies Act 2006. The condensed interim financial statements have been reviewed, not audited.

The Group has access to the financial resources required to run the business efficiently and a strong gross cash position. The Group's forecasts and projections, which are subject to rigorous sensitivity analysis, show that the Group will be able to operate within its available resources even given the uncertainty inherent within future market levels and investment performance. As a consequence, the Directors have a reasonable expectation that the Group has adequate resources to continue operating for a period of at least 12 months from the balance sheet date. Accordingly, they continue to adopt the going concern basis of accounting in preparing these financial statements.

Changes in the composition of the Group

The Group is required to consolidate seed capital investments if it is deemed to control them. The funds consolidated by the Group in these financial statements are the same as those consolidated by the Group in the annual financial statements for 2016.

Forthcoming standards applicable to the Group

IFRS 9 Financial Instruments and IFRS 15 Revenue from Contracts with Customers will become applicable from 1 January 2018. The expected impact of these standards is being assessed and further quantitative information will be included within the Group's Annual Report and Accounts 2017.

5.2 ACCOUNTING POLICIES

The accounting policies applied are consistent with those described in the Group's annual financial statements for the year ended 31 December 2016.

5.3 FINANCIAL INSTRUMENTS

Financial instruments held at fair value are carried at a value which represents the price to exit the instruments at the balance sheet date. The fair value of financial instruments that are actively traded in organised financial markets is determined by reference to quoted market bid prices at the close of business on the balance sheet date. Where a quoted market price is not available, the Group establishes fair value using valuation techniques such as recent arm's length market transactions, reference to the current fair value of another instrument that is substantially the same, discounted cash flow analysis or other valuation models.

The Group used the following hierarchy for determining and disclosing the fair value of financial instruments:

·        Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.

·        Level 2: other techniques, for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly.

·        Level 3: techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data (unobservable inputs).

As at 30 June 2017, 30 June 2016 and 31 December 2016, materially all financial instruments held by the Group were classified as Level 1.

5.4 RELATED PARTY TRANSACTIONS

All related party transactions during the period are consistent with those disclosed in the Annual Report and Accounts for the year ended 31 December 2016 and have taken place on an arm's length basis. No new related parties or related party transactions that materially affect the financial position or performance of the Group existed during the period.

5.5 PRINCIPAL RISKS AND MITIGATIONS

The Board has ultimate responsibility for risk management across the Group and for determining an appropriate risk appetite, as well as the tolerances within which we must operate. This is defined as the amount and type of risk we are willing to accept in order to achieve our strategic and business objectives. By defining these, the Board demonstrates that it is aware of and, where appropriate, has taken steps to mitigate the impact of risks that may have a material impact on the Group.

On at least an annual basis, the Board formally considers its appetite for risk with particular regard to the Group's strategic plans, the wider business environment and the current and future condition of the Group's business and operations.

The Group has a comprehensive approach to identifying, monitoring, managing and mitigating risk through our Enterprise Risk Management framework. This framework clearly defines essential information about the Group's risks and provides a process for escalation through our governance structure, which enables continuous and robust oversight by the Board.

Brexit contingency planning

The potential impact of Brexit is being proactively managed by the progression of plans to establish a Management Company within the European Union and to ensure appropriate MiFID authorisation will be in place to cover potential passporting issues in the event of a hard Brexit.

Critical outsource partners

We perform oversight on our critical outsource providers based on key risk principles defined within our supplier management framework. This ensures an appropriate level of scrutiny is given to those suppliers and services that are critical to Jupiter. The redesign of the controls environment at both Jupiter and our third party provider to ensure compliance with the FRC's Client Assets (CASS) Assurance Standards has been completed.

Cyber security

We continue to invest in our IT infrastructure and employee training and awareness initiatives to ensure our resilience to a potential cyber-attack remains robust. This is complemented by the use of external cyber security specialists and our participation in industry and regulatory-led forums so we are aware and able to respond to the latest threats and industry trends. This defence in depth approach ensures we remain well positioned to mitigate the increasingly complex and sophisticated threat.

The principal risks to which the Group will be exposed in the second half of 2017 are substantially the same as those outlined in the Annual Report and Accounts for the year ended 31 December 2016, and are provided below.

STRATEGIC RISK	Current impact rating
·        Failure to deliver strategy           The risk of failure to achieve our strategic objectives which would impair our ability to deliver value to our stakeholders.	MEDIUM
·        Ability to attract and retain critical staff           The risk of failure to attract or retain the people critical to successfully executing our strategy, including continuing to deliver investment outperformance.	LOW
·        Changes in distribution trends           The risk of client demand switching to products we do not provide. The risk of critical distribution partner relationships no longer generating client demand or retaining clients.	LOW
INVESTMENT RISK
·        Sustained market declines           The risk of a severe market and economic downturn which affects all fund managers and all asset types across all geographic markets.	LOW
·        Sustained fund underperformance           There is a risk that our clients will not meet their investment objectives, due to poor relative performance by one or more of our funds.	LOW
OPERATIONAL RISK
·        Failure to enhance operating platform to support future business requirements           Failure to make the investment and changes required to maintain a scalable and robust operating platform fit for running and growing our business.	LOW
·        Operational control environment           We could suffer a material error executing a key business process, or from our systems or business premises being unavailable.	MEDIUM
·        Failure of critical outsource partner           The failure or non-performance of a third party provider who we rely on for business processing may lead to us failing to deliver the required service to our clients and/or regulatory non-compliance.	HIGH
·        Cyber crime           The risk that a successful cyber-attack or fraud attempt could result in the loss of clients' assets or data or cause significant disruption to key systems.	MEDIUM
REGULATORY RISK
·        Regulatory change           The risk that changes in regulation restrict or impact our ability to do business or that we fail to implement changes required to meet new regulatory requirements.	MEDIU

Section 6: Directors' responsibility statement

We confirm that to the best of our knowledge:

·      The condensed interim set of financial statements has been prepared in accordance with International Accounting Standard 34, 'Interim Financial Reporting' as adopted by the European Union and gives a true and fair view of the assets, liabilities, financial position and profits of the Group for the period ended 30 June 2017.

·      The interim report includes a fair review of the information required by:

a)     DTR 4.2.7R of the Guidance, being an indication of important events that have occurred during the first six months of the current financial year and their impact on the condensed set of financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year; and

b)     DTR 4.2.8R of the Guidance, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the Group during that period; and any changes in the related party transactions described in the last Annual Report and Accounts that could have a material effect on the financial position or performance of the Group in the past six months of the current financial year.

·      A list of the Directors of Jupiter Fund Management plc can be found in the Annual Report and Accounts for the year ended 31 December 2016. A current list of Directors is maintained on the website at www.jupiteram.com.

On behalf of the Board

Maarten Slendebroek

Chief Executive Officer

25 July 2017

Independent review report to Jupiter Fund Management plc

Report on the condensed consolidated interim financial statements

Our conclusion

We have reviewed Jupiter Fund Management plc's condensed consolidated interim financial statements (the 'interim financial statements') in the interim report and accounts of Jupiter Fund Management plc for the 6 month period ended 30 June 2017. Based on our review, nothing has come to our attention that causes us to believe that the interim financial statements are not prepared, in all material respects, in accordance with International Accounting Standard 34, 'Interim Financial Reporting', as adopted by the European Union and the Disclosure Rules and Transparency Rules of the United Kingdom's Financial Conduct Authority.

What we have reviewed

The interim financial statements comprise:

·        The consolidated balance sheet as at 30 June 2017;

·        The consolidated income statement and the consolidated statement of comprehensive income for the period then ended;

·        The consolidated statement of cash flows for the period then ended;

·        The consolidated statement of changes in equity for the period then ended; and

·        The explanatory notes to the interim financial statements.

The interim financial statements included in the interim report and accounts have been prepared in accordance with International Accounting Standard 34, 'Interim Financial Reporting', as adopted by the European Union and the Disclosure Rules and Transparency Rules of the United Kingdom's Financial Conduct Authority.

As disclosed in note 5.1 to the interim financial statements, the financial reporting framework that has been applied in the preparation of the full annual financial statements of the Group is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the European Union.

Responsibilities for the interim financial statements and the review

Our responsibilities and those of the directors

The interim report and accounts, including the interim financial statements, is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the interim report and accounts in accordance with the Disclosure Rules and Transparency Rules of the United Kingdom's Financial Conduct Authority.

Our responsibility is to express a conclusion on the interim financial statements in the interim report and accounts based on our review. This report, including the conclusion, has been prepared for and only for the company for the purpose of complying with the Disclosure Rules and Transparency Rules of the United Kingdom's Financial Conduct Authority and for no other purpose. We do not, in giving this conclusion, 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.

What a review of interim financial statements involves

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.

We have read the other information contained in the interim report and accounts and considered whether it contains any apparent misstatements or material inconsistencies with the information in the interim financial statements.

PricewaterhouseCoopers LLP

Chartered Accountants

London

25 July 2017

Notes

(a)    The maintenance and integrity of the Jupiter Fund Management 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.

(b)   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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