Half Yearly Report

RNS Number : 3548U
Law Debenture Corp PLC
29 July 2015
 



The Law Debenture Corporation p.l.c. and its subsidiaries

HALF YEARLY REPORT FOR THE SIX MONTHS TO 30 JUNE 2015 (unaudited)

 

 

The Directors recommend an interim dividend of 5.2p on the ordinary shares for the six months to 30 June 2015. The report including the unaudited results for the period was as follows:

 

 

Group summary

 

From its origins in 1889, Law Debenture has diversified to become a group with a unique range of activities in the financial and professional services sectors.  The group divides into two distinct complementary areas of business.

 

Investment trust

We are a global investment trust, listed on the London Stock Exchange.

 

Our portfolio of investments is managed by Henderson Global Investors Limited under a contract terminable by either side on six months' notice.

 

Our objective is to achieve long term capital growth in real terms and steadily increasing income.  The aim is to achieve a higher rate of total return than the FTSE Actuaries All-Share Index through investing in a portfolio diversified both geographically and by industry.

 

 

Independent fiduciary services

 

We are a leading provider of independent fiduciary services.  Our activities are corporate trusts, pension trusts, corporate services (including agent for service of process) whistle blowing services and governance services.  We have offices in London, Sunderland, New York, Delaware, Hong Kong, the Channel Islands and the Cayman Islands.

 

Companies, agencies, organisations and individuals throughout the world rely upon Law Debenture to carry out its duties with the independence and professionalism upon which its reputation is built.

 

 

Registered office

Fifth Floor

100 Wood Street

London EC2V 7EX

 

Telephone: 020 7606 5451

Facsimile:   020 7606 0643

 

(Registered in England No 30397)

 

 

 

Financial summary 

 


30 June

2015

30 June

2014

31 December

2014


Pence

 

Pence

 

Pence

 

Share price

510.50

518.50

530.00





NAV per share after proposed dividend

485.21

484.97

475.82





NAV per share after proposed dividend

with debt at fair value

476.80

478.12

465.62

 

Net revenue return per share:

 

- Investment trust

7.49

6.08

10.08

- Independent fiduciary services

3.26

3.23

6.87

Group net revenue return per share

10.75

9.31

16.95

Capital return per share

4.04

7.83

3.87

Dividends per share

5.20

4.70

           15.70





 


%



Ongoing charges 1

0.46



Gearing 1

         4.90



 

Ongoing charges are based on the costs of the investment trust and include the Henderson management fee of 0.30% of NAV for the investment trust. There is no performance element related to the fee.

1 Source AIC.

 

  Performance to 30 June 2015


6 months

     1 year

     5 years

     10 years


%

%

%

%






Share price total return 1

    (1.6)

1.5

116.7

177.2

NAV total return 1

3.8

3.1

102.9

183.2

FTSE All-Share Index total return

3.0

       2.6

       66.6

       97.7






1 Source AIC. NAV used to calculate total return has been adjusted to reflect the fair value of the debenture. The adjustment reduced the NAV at 30 June 2015 by 8.41p (31 December 2014: 10.20p: 30 June 2014: 6.85p).

 

Basis of preparation

 

The results for the period have been prepared in accordance with International Financial Reporting Standards (IAS 34 - Interim financial reporting). 

 

The financial resources available are expected to meet the needs of the group for the

foreseeable future. The financial statements have therefore been prepared on a going concern basis.

 

There have been no changes to the group's accounting policies during the period.

 

 

Half yearly management report

 

Performance

 

Our net asset value total return for the six months to 30 June 2015 was 3.8%, compared to a total return of 3.0% for the FTSE Actuaries All-Share Index. Net revenue per share was 10.75p, an increase of 15.5% over the corresponding period last year, as a result of a 23.2% increase in the investment trust and a 0.9% increase in independent fiduciary services. A major factor in the increase in investment trust revenue was a significant increase in special dividends.

 

Dividend

 

The board has declared an interim dividend of 5.2p (2014: 4.7p). The dividend will be paid on 11 September 2015 to holders on the record date of 13 August 2015.The current expectation of the directors is that the final dividend will be at least maintained.

 

Investment trust

 

It has been a subdued period for equity markets during which a generally good operating performance from the portfolio companies has been offset by concerns over macro-economic issues. Some of the best performing areas of the last few years such as capital goods' companies have experienced share price weakness as the strength of the global economic upswing has been questioned, while some of the weaker areas of recent times, for example, the Japanese stock market, have made good progress. This rotation is inevitable in stock markets but ultimately performance from equities is determined by the growth of earnings and dividends. Companies held in the portfolio, in aggregate, are generating strong free cashflow and are therefore paying down debt. This positions them well if there is economic turbulence.

 

The stocks that added the most value over the period included house-builders, Redrow and Bellway, and textile rental company, Johnson Service Group. One of the largest detractors was Velocys, which fell as a result of the fall in the oil price making the adoption of their gas to liquid technology less attractive than expected.

 

Outlook

 

The fall in the oil price has reduced inflation and it should boost economic activity. This will help investor confidence at a time when valuations of companies are reasonable and balance sheets are strong. We will retain a relatively long list of stocks to mitigate risk.

 

Independent fiduciary services

 

Revenue, net of cost of sales, which represents legal costs recharged to clients, increased by 1.4% over the corresponding period last year. Administration costs increased by 2.2% which included exit costs from our agency solutions business. Profit before tax fell by 1.0%.

 

 

 

 

Group income statement

for the six months ended 30 June 2015 (unaudited)


 

30 June 2015

 

 

 

30 June 2014










Revenue

£000

Capital

£000

Total

   £000


Revenue

£000

Capital

£000

     Total

  £000

UK dividends

8,042

-

8,042


7,497

-

7,497

UK special  dividends

1,643

-

1,643


631

-

631

Overseas dividends                                                                 

1,584

-

1,584


1,508

-

1,508

Overseas special dividends

183

-

183


8

-

8

Interest from securities

-

-

-


103

-

103


11,452

-

11,452


9,747

-

9,747

Interest income

40

-

40


34

-

34

Independent fiduciary services fees

14,878

-

14,878


15,345

-

15,345

Other income

139

-

139


49

-

49

Total income

26,509

-

26,509


25,175

-

25,175









Net gain on investments held at fair

value through profit or loss

-

4,978

4,978


-

9,388

           9,388









Gross income and capital gains

 26,509

4,978

31,487


 25,175

9,388

34,563









Cost of sales

(1,482)

-

(1,482)


(2,040)

-

(2,040)









Administrative expenses

(10,480)

   (209)

(10,689)


(10,226)

    (169)

(10,395)









Operating profit

14,547

4,769

19,316


12,909

9,219

22,128









Finance costs
















Interest payable

   (1,449)

-

(1,449)


   (1,434)

-

(1,434)









Profit before taxation

13,098

4,769

17,867


11,475

9,219

20,694









Taxation

      (414)

-

    (414)


      (507)

-

    (507)

















Profit for  period

    12,684

4,769

17,453


   10,968

 9,219

20,187









Return per ordinary share (pence)

  10.75

 4.04

  14.79


      9.31

  7.83

  17.14









Diluted return per ordinary share (pence)

  10.75

 4.04

  14.79


      9.30

  7.82

  17.12









 

 

 

Statement of comprehensive income

for the six months ended 30 June 2015 (unaudited)

 


30 June 2015


30 June 2014


Revenue

£000

Capital

£000

Total

£000


Revenue

£000

Capital

£000

Total

£000









 

Profit for the period

  12,684

 

   4,769

 

   17,453


10,968

9,219

 20,187









Foreign exchange on translation of  foreign operations

-

(57)

(57)


-

 (106)

   (106)

Total comprehensive income for the period

12,684

4,712

17,396


10,968

9,113

 20,081

 

 

 

Group statement of financial position

 

 


30 June 2015

(unaudited)

£000

30 June 2014

(unaudited)

£000

31 December 2014

(audited)

£000





Assets




Non current assets




Goodwill

2,208

2,143

2,215

Property, plant and equipment

88

159

131

Other intangible assets

30

122

45

Investments held at fair value through profit or
loss

606,802

601,266

600,894

Deferred tax assets

1,162

704

1,234

Total non current assets

610,290

604,394

604,519

Current assets




Trade and other receivables

8,842

8,850

7,491

Other accrued income and prepaid expenses

5,598

5,329

4,679

Cash and cash equivalents

50,630

49,136

50,321

Total current assets

65,070

63,315

62,491

Total assets

675,360

667,709

667,010

Current liabilities




Trade and other payables

16,296

14,385

13,012

Short term borrowing

27,601

25,248

26,548

Corporation tax payable

648

656

632

Other taxation including social security

677

636

613

Deferred income

4,098

4,270

4,027

Total current liabilities

49,320

45,195

44,832

Non current liabilities and deferred income




Long term borrowings

39,485

39,458

39,472

Retirement benefit obligations

2,890

729

3,250

Deferred income

4,829

5,546

5,245

Total non current liabilities

47,204

45,733

47,967

Total net assets

578,836

576,781

574,211

Equity




Called up share capital

5,916

5,908

5,916

Share premium

8,637

8,296

8,622

Capital redemption

8

8

8

Own shares

(1,493)

(1,712)

(1,686)

Capital reserves

529,038

528,921

524,269

Retained earnings

36,168

35,278

36,463

Translation reserve

562

82

619

Total equity 

578,836

576,781

574,211

 

        

 

 

 

Group statement of cash flows

For the six months ended 30 June 2015

 

 

 






30 June

2015 (unaudited)

30 June

2014 (unaudited)

  31 December

2014

(audited)


£000

£000

£000

Operating activities




Operating profit before interest payable and taxation

19,316

22,128

28,635

(Gains) on investments

(4,769)

(9,219)

(4,567)

Foreign exchange  gains/(losses)

7

24

(49)

Depreciation of property, plant and equipment

43

61

120

Amortisation of intangible assets

15

101

185

(Increase) in receivables

(2,270)

(2,429)

(420)

Increase in payables

3,016

2,217

291

Transfer from capital reserves

(19)

(14)

(389)

Normal pension contributions in excess of cost

(360)

(360)

(685)

Cash generated from operating activities

14,979

12,509

23,121

Taxation

(326)

(731)

(1,408)





Operating cash flow

14,653

11,778

21,713





Investing activities




Acquisition of property, plant and equipment

-

(13)

(40)

Expenditure on intangible assets

-

-

(10)

Purchase of investments

(26,691)

(28,665)

(54,894)

Sale of investments

25,706

31,864

53,997

Cash flow from investing activities

(985)

3,186

        (947)





Financing activities




Interest paid

(1,449)

(1,434)

(2,896)

Dividends paid

(12,979)

(12,368)

(17,911)

Proceeds of increase in share capital

15

13

  347

Purchase of own shares

193

(17)

9

Net cash flow from financing activities

(14,220)

(13,806)

(20,451)





Net (decrease)/increase in cash and cash equivalents

(552)

1,158

315





Cash and cash equivalents at beginning of period

23,773

22,895

22,895

Foreign exchange (losses)/gains on cash and cash equivalents

(192)

(165)

563

Cash and cash equivalents at  end of period

23,029

23,888

23,773





Cash and cash equivalents comprise








Cash and cash equivalents 

50,630

49,136

50,321

Short term borrowings 

(27,601)

(25,248)

   (26,548)


23,029

23,888

23,773





 

 

 

 

Group statement of changes in equity

 

 

 











Share capital

Own shares

Capital redemption

Translation reserve

Capital reserves

Retained earnings

Total


£000

£000

£000

£000

    £000

£000

£000

£000










Equity at 1 January 2015

5,916

8,622

(1,686)

8

619

524,269

36,463

574,211

Net profit

-

-

-

-

-

4,769

12,684

17,453

Other comprehensive income:









Foreign exchange

-

-

-

-

(57)

-

-

(57)

Total comprehensive income for the period

-

-

 

-

 

-

 

(57)

 

4,769

 

12,684

 

 17,396

Issue of shares

-

15

-

-

-

-

-

15

Movement in own shares

-

-

193

-

-

-

-

193

Dividend relating to 2014

-

-

-

-

-

-

(12,979)

(12,979)

Total equity at 30 June 2015

5,916

8,637

(1,493)

8

562

529,038

36,168

578,836



















 

 

 

Group segmental analysis

 

 


Investment trust

Independent fiduciary services

                    

                     Total


30 June 2015

30 June 2014

31 Dec 2014

30 June 2015

30 June 2014

31 Dec 2014

30 June 2015

30 June 2014

31 Dec 2014

     

     £000

£000

£000

£000

£000

       £000

£000

£000

£000

Revenue

 










Income

11,492

     9,781

16,916       

14,878

15,345

32,366

26,370

24,126

49,282











Other income

-

-

60

139

49

160

139

49

220

Cost of sales

-

-

-

 

(1,482)

 

(2,040)

 

 (5,291)

 

(1,482)

 

(2,040)

 

(5,291)

Administration costs

    (1,384)

  (1,329)

(2,606)

 

(9,096)

 

(8,897)

 

(17,625)

 

(10,480)

 

(10,226)

 

(20,231)


 10,108

   8,452

14,370

    4,439

    4,457

9,610

  14,547

   12,909

23,980

Interest (net)

(1,276)

(1,286)

(2,498)

    (173)

     (148)

(310)

  (1,449)

   (1,434)

(2,808)

Return, including profit on ordinary activities before taxation

8,832

7,166

11,872

 

 

4,266

 

 

4,309

 

 

9,300

 

 

13,098

 

 

11,475

 

 

 21,172

Taxation

-

-

-

 

(414)

 

(507)

 

(1,199)

  

     (414)

            (507)

 

 (1,199)

Return, including profit attributable to shareholders

 

 8,832

 

 7,166

 

11,872

   

3,852

 

 3,802

 

8,101

  

 12,684

 

 10,968

 

  19,973

 

Revenue return per ordinary share (pence)

   

 

   7.49

 

 

6.08

 

 

 10.08

  

 

  3.26

  

 

  3.23

 

 

6.87

  

 

   10.75

  

 

      9.31

 

 

   16.95

Assets

620,189

 

610,444

609,653

 

 

 

55,171

 

 

 

57,265

 

 

  

57,357

 

 

 

675,360

 

 

 

667,709

 

 

 

667,010

Liabilities

(61,216)

  (52,961)

(51,100)

(35,308)

(37,967)

(41,699)

(96,524)

(90,928)

(92,799)

Total net assets

558,973

557,483

558,553

   19,863

   19,298

15,658

578,836

576,781

574,211

 

The capital element of the income statement is wholly attributable to the investment trust.

 

 

 

 

 

Analysis of the investment portfolio

By geographical location














Valuation

31 December 2014

£000

 

 

Purchases

£000

      

Costs of acquisition

£000

 

Sales proceeds

£000

 

Appreciation/

(depreciation)

£000

Valuation 30 June 2015

£000

 

 

 

%

















United Kingdom

 

437,740

22,769

(72)

(25,157)

6,520

441,800

72.8

North America

 

56,129

-

-

          -

(4,085)

52,044

8.6

Europe

 

38,604

-

-

(549)

1,124

39,179

6.5

Japan

 

17,462

3,336

(2)

          -

2,537

23,333

3.8

Other Pacific

38,621

586

-

          -

143

39,350

6.5

 

Other

12,338

-

-

-

(1,242)

11,096

1.8

 


600,894

26,691

(74)

(25,706)

4,997

606,802

100.0

 

 

 

 

By Sector (excluding cash)




As at

30 June

2015

As at

31 December

2014


%

%

Oil & gas

8.2

8.7

Basic materials

7.4

8.0

Industrials

26.7

25.4

Consumer goods

10.0

11.3

Health care

7.8

8.0

Consumer services

8.8

8.3

Telecommunications

0.6

0.5

Utilities

2.5

2.9

Financials*

26.7

25.1

Technology

1.3

1.8





100.0

100.0

 

 

 

Investment portfolio valuation

as at 30 June 2015






UK unless otherwise stated.



Holdings in italics were acquired after 31 December 2014





 £'000

 %

Oil & gas



Oil & gas producers



BP

14,704

2.42

Royal Dutch Shell

10,842

1.79

Tullow Oil

3,056

0.50

Premier Oil

1,863

0.31

Total (Fra)

1,280

0.21

Indus Gas

782

0.13

Providence Resources

732

0.12

Xcite Energy

640

0.11





33,899

5.59




Oil equipment & services



Cape

6,312

1.04

Schlumberger (USA)

4,383

0.72

Gibson Energy (Can)

3,634

0.60

National Oilwell Varco (USA)

1,534

0.25

Now (USA)

158

0.03





16,021

2.64




Basic materials



Chemicals



Velocys

6,123

1.00

Croda

4,816

0.79

Elementis

2,225

0.37

Linde (Ger)

1,207

0.20

Brenntag (Ger)

962

0.16





15,333

2.52




Forestry & paper



Mondi

5,480

0.90





5,480

0.90




Mining



Rio Tinto

11,110

1.83

Glencore

6,382

1.05

BHP Billiton

6,245

1.03

South 32 (Aus.)

436

0.07

Lonmin

30

-





24,203

3.98




Industrials



Construction & materials



Marshalls

9,766

1.61

Balfour Beatty

4,264

0.70

Accsys Technologies

3,265

0.54





17,295

2.85

 

 



Aerospace & defence



Senior

16,510

2.72

BAE Systems

8,122

1.34

Rolls Royce

6,090

1.00

Lockheed Martin (USA)

5,318

0.88

Meggitt

4,664

0.77

Embraer(Bra)

3,242

0.53





43,946

7.24




General industrials



Smith(DS)

10,658

1.76





10,658

1.76




Electronic & electrical equipment


Morgan Advanced Materials

6,528

1.08

Applied Materials (USA)

6,104

1.01

Spectris

5,272

0.87

TT Electronics

2,106

0.35

XP Power

1,884

0.31

Legrand (Fra)

1,021

0.17

Philips Electronics (Net)

1,005

0.17





23,920

3.96




Industrial engineering



Hill & Smith

10,082

1.66

Deere (USA)

6,112

1.01

Cummins (USA)

5,838

0.96

Weir Group

4,240

0.70

Renold

3,754

0.62

Caterpillar (USA)

2,157

0.36

IMI

2,108

0.35

Severfield

571

0.09





34,862

5.75




Industrial transportation



AP Moller-Maersk (Den)

1,419

0.23

Wincanton

865

0.14

Goldenport

96

0.02





2,380

0.39




Support services



Johnson Service

7,305

1.20

Interserve

6,671

1.10

Carillion

3,755

0.62

Babcock

3,738

0.62

Deutsche Post (Ger)

2,344

0.39

Adecco (Swi)

1,566

0.26

SGS (Swi)

1,508

0.25

Sodexo (Fra)

1,474

0.24

Augean

539

0.09





28,900

4.77




Consumer goods



Automobiles & parts



GKN

15,128

2.49

Toyota Motor (Jap)

5,861

0.97





20,989

3.46




Beverages



Pernod-Ricard (Fra)

1,377

0.23





1,377

0.23




Food producers



Unilever

4,776

0.79

Nestlé (Swi)

3,660

0.60





8,436

1.39




Household goods & home construction


Bellway

10,665

1.76

Redrow

9,823

1.62

L'Oreal (Fra)

1,764

0.29





22,252

3.67




Tobacco



Imperial Tobacco

6,132

1.01

Swedish Match (Swe)

1,096

0.18





7,228

1.19







Health care



Health care equipment & services


Becton Dickinson (USA)

6,755

1.10

Smith & Nephew

5,048

0.83

Fresenius (Ger)

5,047

0.82

Spire Healthcare

4,984

0.82

Fresenius Medical Care (Ger)

2,055

0.34





23,889

3.91




Pharmaceuticals & biotechnology


GlaxoSmithKline

9,919

1.63

AstraZeneca

4,019

0.66

Novartis (Swi)

3,417

0.56

Pfizer (USA)

3,196

0.53

Roche (Swi)

2,053

0.34

Novo-Nordisk (Den)

1,177

0.19





23,781

3.91




Consumer services



Food & drug retailers



Tesco

3,719

0.61








3,719

0.61

 

 

 



General retailers



Dunelm

7,697

1.27

Findel

1,729

0.28

Auto Trader

1,429

0.24

Topps Tiles

1,078

0.18

Inditex (Spa)

1,062

0.18





12,995

2.15




Media



Reed Elsevier

7,763

1.28

Sky

5,698

0.94

Pearson

3,314

0.55

Daily Mail & General Trust

2,462

0.41





19,237

3.18




Travel & leisure



Carnival

6,496

1.07

International Consolidated Airlines

4,080

0.67

Betfair

3,765

0.62

Marstons

3,290

0.54





17,631

2.90




Telecommunications



Mobile telecommunications



Inmarsat

3,319

0.55





3,319

0.55




Utilities



Electricity



SSE

4,608

0.76

Greenko

2,790

0.46





7,398

1.22




Gas, water & multiutilities



National Grid

4,985

0.82

Severn Trent

2,081

0.34

Centrica

923

0.15





7,989

1.31




Financials



Banks



HSBC

10,547

1.74





10,547

1.74




Nonlife insurance



Amlin

11,662

1.92

Hiscox

7,890

1.30





19,552

3.22




Life insurance/assurance



Prudential

4,598

0.75

Aviva

3,865

0.64

Chesnara

3,250

0.54

Permanent TSB (Ire)

13

-





11,726

1.93




Real estate investments & services


St Modwen Properties

6,107

1.01





6,107

1.01




Real estate investment trusts



Mucklow (A&J) Group

4,020

0.66

Land Securities

3,872

0.64





7,892

1.30




Financial services



IP Group

10,258

1.69

Provident Financial

8,044

1.33

International Personal Finance

5,483

0.90

Oxford Sciences Innovation

3,333

0.55

(unlisted)



Deutsche Börse (Ger)

1,385

0.23





28,503

4.70




Equity investment instruments


Henderson Japan Capital Growth

17,472

2.88

Henderson Asia Pacific Capital Growth

13,443

2.22

Baillie Gifford Pacific

12,787

2.11

First State Asia Pacific

11,880

1.96

Templeton Emerging Markets Investment Trust

7,854

1.29

Herald Investment Trust

6,052

1.00

Better Capital (2012)

3,500

0.58

Foresight Solar

3,128

0.52

Scottish Oriental Smaller Company Trust

804

0.13





76,920

12.69




Technology



Software & computer services


Microsoft (USA)

5,614

0.92

Amadeus IT (Spa)

1,244

0.20





6,858

1.12




Technology hardware & equipment


Atmel (USA)

1,241

0.20





1,241

0.20

 

 

 

 

 

Principal risks and uncertainties

 

The principal risks of the Corporation relate to the investment activities and include market price risk, foreign currency risk, liquidity risk, interest rate risk and credit risk.  These are explained in the notes to the annual accounts for the year ended 31 December 2014.  In the view of the board these risks are as applicable to the remaining six months of the financial year as they were to the period under review.

 

The principal risks of the independent fiduciary services business arise during the course of defaults, potential defaults and restructurings where we have been appointed to provide services.  To mitigate these risks we work closely with our legal advisers and, where appropriate, financial advisers, both in the set up phase to ensure that we have as many protections as practicable, and at all other stages whether or not there is a danger of default.

 

Related party transactions

 

There have been no related party transactions during the period which have materially affected the financial position or performance of the group.  During the period transactions between the Corporation and its subsidiaries have been eliminated on consolidation.  Details of related party transactions are given in the notes to the annual accounts.

 

 

Directors' responsibility statement

 

We confirm that to the best of our knowledge:

 

·     the condensed set of financial statements has been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the EU;

 

·     the half yearly report includes a fair review of the information required by:

 

(a)        DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of important events that have occurred during the first six months of the 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 Disclosure and Transparency Rules, 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 entity during that period.

 

On behalf of the board

 

 

 

Christopher Smith

28 July 2015  

 

 

 

 

Notes

 

1.   The financial information presented herein does not amount to full statutory accounts within the meaning of Section 435 of the Companies Act 2006 and has neither been audited nor reviewed pursuant to guidance issued by the Auditing Practices Board. The annual report and financial statements for 2014 have been filed with the Registrar of Companies. The  independent  auditors'  report on the  annual  report and  financial  statements  for 2014 was unqualified, did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying the report, and did not contain a statement under section 498(2) or (3) of the Companies Act 2006.

 

2.   The calculations of NAV and earnings per share are based on:

           

NAV: shares at end of the period 118,030,510 (30 June 2014: 117,788,551) (31 December 2014:117,951,359). Income: average shares during the period 118,009,527 (30 June 2014: 117,781,948)(31 December 2014: 117,847,733).

 

3.   Listed investments are all traded on active markets and as defined by IFRS 7 are level 1 financial instruments. As such they are valued at unadjusted quoted bid prices.

    

    

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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