Interim Results
Numis Corporation PLC
07 May 2008
EMBARGOED FOR RELEASE 7:00 am Wednesday 7 May 2008
Numis Corporation Plc Interim Results
for the six months ended 31 March 2008
Numis Corporation Plc ('Numis') today announces interim results for the six
months ended 31 March 2008. Numis is the holding company of Numis Securities
Limited, the independent investment banking and broking business.
Financial Highlights and comparison with the same period last year
• Profit before tax £16.1m (2007: £18.1m)
• Profit after tax £14.8m (2007: £12.5m)
• Earnings per share 15.0p (2007: 12.4p)
• Interim dividend of 2.50p (2007: 2.00p)
• Total pro-forma revenue £40.2m (2007: £40.1m, see note 2)
Operational Highlights
• Voted Leading Brokerage Firm for UK Small Caps in The Thomson Extel 2007
survey (UK companies less than £1bn market cap)
• Institutional commission continues to grow
• Corporate client base increased to 112 (September 2007: 109)
• Funds raised during the period total £456m (2007: £383m)
• Rapidly increasing contribution from our New York office
• Strong balance sheet with net assets of £117.9m (September 2007:
£109.0m)
Commenting on the results, Oliver Hemsley, Chief Executive, said:
'Despite the extremely challenging market conditions we remain profitable and
continue to maintain a strong balance sheet. We are determined and committed to
growing the business in a counter-cyclical fashion and intend to exploit the
volatility in the market to attract clients and staff to Numis in order to
create long-term value for our shareholders'.
Contacts:
Oliver Hemsley, Chief Executive 020 7260 1256
Bill Trent, CFO 020 7260 1333
Brunswick:
Gill Ackers 020 7936 5382
Carole Cable 020 7396 7458
PricewaterhouseCoopers LLP (Nominated Adviser):
Simon Boadle 020 7583 5000
Jon Raggett 020 7583 5000
CHIEF EXECUTIVE'S STATEMENT
Despite extremely difficult and challenging market conditions we are pleased to
report that a creditable performance has delivered another profitable period for
Numis. For the six months ended 31 March 2008 total pro-forma revenue was £40.2m
(2007: £40.1m, see note 2) and profit before tax for the period was £16.1m
(2007: £18.1m). Profit after tax for the period rose to £14.8m (2007: £12.5m)
and earnings per share rose strongly to 15.0p (2007: 12.4p) while net assets
increased to £117.9m (September 2007: £109.0m). Cash balances total £67.7m
(September 2007: £78.4m).
There can be no doubt that the deterioration in capital markets activity
presents a challenging business environment. However, our secondary market
trading business continues to generate sustained levels of income, both in the
UK and US. Numis also continues to make good progress in building its business
and, whist maintaining an appropriate level of cost control, we have been
successful in recruiting some first class people. We are particularly pleased to
note the arrival of the first few members of our new Investment Trust team and
look forward to the development of a thriving new business in this sector.
Our overarching objective of becoming recognised as one of the leading
investment banking and broking businesses serving institutional investors and
companies listed in the UK is well founded and borne out by the recognition
received in the 2007 Thomson Extel survey where we were voted Leading Brokerage
Firm for UK Stocks of less than £1bn market capitalisation. We are also
maintaining our progress in larger stocks and now have 8 FTSE 250 corporate
clients, as well as having grown significant secondary market share in many
other FTSE 250 companies where we are not broker.
Our track record in investing in good quality opportunities continues to
generate value for shareholders. During the period we have crystallised a
significant profit through the IPO of Abbey Protection which generated a net
gain of £8.2m after adjusting for the impact of incentive payments.
Numis' focus on balance sheet strength and risk management allows us to provide
an excellent service to institutional and corporate clients during these
volatile market conditions. Whilst we have avoided any exposure to the sub-prime
or structured credit market, we are not immune from the challenging stock market
conditions, but we are well positioned and remain committed to building the
business during the downturn.
Corporate Broking and Advisory
The first six months of this financial year have clearly been affected by
subdued equity capital raising activity. Total equity money raised on the LSE
main and junior markets combined is 56% lower than the same period last year
whereas our clients raised a total of £456m (2007: £383m) through 14
transactions (2007: 20) and it is pleasing to note that approximately 87% (2007:
50%) of these funds were raised on behalf of existing clients, reflecting the
success of our corporate clientele, the quality of our service and the strength
of our relationships with them.
During this period our deal related fees and commissions have fallen by 33%,
reflecting the significantly greater proportion of activity undertaken for
existing clients and the lower commissions available on secondary issues.
Although we are disappointed by the decline in placing commissions, Numis'
ability to source mandates for private placements as well as for primary and
secondary market offerings has made a real difference to our performance. The
number of corporate clients for whom we act has risen over the year to 112
(March 2007: 104).
Research, Sales and Trading
Our research and execution services are recognised as being exceptional. In the
2007 Thomson Extel survey, Numis was rated as the top broker overall for stocks
of less than £1bn market capitalisation. Our research teams were placed 1st in 5
out of 14 research sectors, were ranked in the top 3 in 10 sectors and were
ranked 1st overall. Our highly rated independent analysts produce research for
over 330 companies and we have a recognised capability in 13 sectors, including
aerospace & defence, building & property, engineering, fast moving consumer
goods, media, metals & mining, new energy & emissions, non-life insurance,
retail, speciality financials and support services, technology and travel &
leisure.
Our execution services continue to make a major contribution to the development
of our reputation and the sustained performance of our institutional
commissions. Our execution business continues to be focused on client
facilitation, rather than generating proprietary trading profits and was
rewarded with a 1st place in the 2007 Thomson Extel survey for the second year
running. Having developed algorithmic and other electronic trading capabilities
during the course of last year we continue to invest in our execution business,
in particular access to markets providing significant liquidity other than the
LSE.
Sales & Trading is a competitive area with pressure on commission levels for
trades in liquid stocks from electronic trading. We continue to exploit the
market for independent and well researched ideas, combined with high quality
worked execution, and our electronic trading platform to help to improve
performance for our 450+ institutional investor clients across the UK, Europe
and the USA. Our New York office continues to grow its business and has
delivered a significant contribution to our institutional commissions.
Investment Business
Our ability to identify and invest in exceptional growth-equity opportunities as
a natural extension of our core business now provides a growing revenue stream
and generates value for our shareholders. During the period we have recorded a
significant profit through the IPO of Abbey Protection which generated a net
gain of £8.2m after an adjustment to reflect the related impact of incentive
payments. In addition we used the strength of our balance sheet to increase our
stake in Paternoster, the insurance company set up by Numis and Mark Wood to
purchase closed final salary pension schemes. We have also made an investment in
Randall & Quilter, the non-life run off insurance provider.
We are also particularly excited by our joint venture in fund management with
YouGov Plc and FOUR Capital Partners Ltd as we believe that this distinctive
approach will provide attractive investment opportunities to a broad range of
investors.
Dividend and Scrip Alternative
As part of the continuing rebalancing of our dividend, the Board has approved an
interim dividend of 2.50p per share (2007: 2.00p). The dividend will be payable
on 2 July 2008 to all shareholders on the register at 16 May 2008. Shareholders
will be offered the option to receive shares instead of a cash dividend, the
details of which will be explained in a circular to accompany our interim
report.
Outlook
Numis has a strong balance sheet, an enviable track record, committed staff
(almost 53% of shares are employee owned) and a hunger to build the business and
perform in both favourable and unfavourable market conditions. Although we are
not immune to a downturn, the deteriorating economic outlook in the UK provides
an excellent opportunity to advance our business. During the previous market
downturn earlier this decade, Numis grew counter-cyclically, increasing both the
number of corporate clients and staff. We will endeavour to use the strength of
our balance sheet and reputation to expand the business as others retrench.
Oliver Hemsley
Chief Executive
6 May 2008
Consolidated Income Statement
UNAUDITED FOR THE 6 MONTHS ENDED 31 MARCH 2008
6 months ended 6 months ended Year ended
31 March 2008 31 March 2007 30 September
2007
Unaudited Unaudited Audited
Continuing operations Notes £'000 £'000 £'000
------------------------ ----- ----------- ---------- -----------
Revenue 3 26,862 37,526 85,694
Other operating income 743 1,867 1,898
------------------------ ------ ----------- ---------- -----------
Total revenue 27,605 39,393 87,592
Administrative expenses 4 (26,568) (23,759) (54,097)
------------------------ ------ ----------- ---------- -----------
Operating profit 1,037 15,634 33,495
Analysed as:
Operating profit before
exceptional
non-recurring items 1,037 17,830 35,691
Exceptional
non-recurring items 5 - (2,196) (2,196)
------------------------ ------ ----------- ---------- -----------
Operating profit 1,037 15,634 33,495
Share of results of
associate 803 696 1,469
Profit on disposal of
associate 6 11,745 - -
Finance income 2,559 1,942 4,121
Finance costs (51) (204) (285)
------------------------ ------ ----------- ---------- -----------
Profit before tax 16,093 18,068 38,800
Taxation (1,289) (5,558) (11,169)
------------------------ ------ ----------- ---------- -----------
Profit after tax 14,804 12,510 27,631
------------------------ ------ ----------- ---------- -----------
Attributable to:
Equity holders of the
parent 14,804 12,510 27,631
------------------------ ------ ----------- ---------- -----------
Earnings per share 7
Basic 15.0p 12.4p 27.5p
Diluted 14.7p 12.1p 26.8p
Memo - dividends paid 8 (5,137) (3,842) (5,876)
------------------------ ------ ----------- ---------- -----------
Consolidated Balance Sheet
UNAUDITED AS AT 31 MARCH 2008
31 March 2008 31 March 2007 30 September
2007
Unaudited Unaudited Audited
Notes £'000 £'000 £'000
------------------------ ----- ----------- ---------- -----------
Non-current assets
Property, plant and
equipment 3,029 2,455 3,238
Intangible assets 326 466 382
Associate - 2,905 3,063
Derivative financial
instruments 2,011 1,606 1,071
Deferred tax 9a 1,348 3,340 1,840
------------------------- ------ ---------- ---------- -----------
6,714 10,772 9,594
Current assets
Trade and other
receivables 9b 97,848 134,763 155,355
Trading investments 9c 46,866 38,075 38,106
Stock borrowing
collateral 9d 5,865 27,574 8,605
Derivative financial
instruments 6,144 2,765 4,000
Cash and cash
equivalents 67,708 65,807 78,397
------------------------- ------ ---------- ---------- -----------
224,431 268,984 284,463
Current liabilities
Trade and other
payables 9b (104,884) (155,725) (169,089)
Financial liabilities (4,205) (7,821) (8,237)
Provisions (1,589) - (2,377)
Current income tax (1,448) (5,460) (3,391)
------------------------- ------ ---------- ---------- -----------
(112,126) (169,006) (183,094)
Net current assets 112,305 99,978 101,369
------------------------- ------ ---------- ---------- -----------
Non-current liabilities
Provisions (1,080) (4,471) (1,927)
------------------------- ------ ---------- ---------- -----------
Net assets 117,939 106,279 109,036
------------------------- ------ ---------- ---------- -----------
Equity
Share capital 5,368 5,313 5,324
Share premium account 24,365 21,690 22,376
Capital reserve 315 157 294
Retained profits 87,891 79,119 81,042
------------------------- ------ ---------- ---------- -----------
Equity attributable to
equity holders of the
parent 117,939 106,279 109,036
------------------------- ------ ---------- ---------- -----------
Consolidated Statement of Changes in Equity
UNAUDITED FOR THE 6 MONTHS ENDED 31 MARCH 2008
Share Share Capital Retained Total
capital premium reserve profits
£'000 £'000 £'000 £'000 £'000
-------------------- -------- -------- -------- -------- --------
Attributable to equity holders
of 5,295 20,727 68 67,481 93,571
the parent at 1 October 2006
New shares 18 963 - - 981
Profit after tax 12,510 12,510
Dividends paid (3,842) (3,842)
Items related to share based
payments 336 336
Exchange differences on
translation 89 - 89
of foreign operations
Movement in respect of
employee 2,634 2,634
share plans -------- -------- -------- -------- --------
--------------------
Attributable to equity holders
of 5,313 21,690 157 79,119 106,279
the parent at 31 March 2007 -------- -------- -------- -------- --------
--------------------
Attributable to equity
holders of 5,295 20,727 68 67,481 93,571
the parent at 1 October 2006
New shares 29 1,649 - - 1,678
Profit after tax 27,631 27,631
Dividends paid (5,876) (5,876)
Items related to share based
payments 100 100
Exchange differences on
translation 125 - 125
of foreign operations
Movement in respect of
employee 101 (8,118) (8,017)
share plans
Other (176) (176)
-------------------- -------- -------- -------- -------- --------
Attributable to equity
holders of 5,324 22,376 294 81,042 109,036
the parent at 30 September -------- -------- -------- -------- --------
2007
--------------------
Attributable to equity
holders of 5,324 22,376 294 81,042 109,036
the parent at 1 October 2007
New shares 44 1,989 - - 2,033
Profit after tax 14,804 14,804
Dividends paid (5,137) (5,137)
Items related to share based
payments (633) (633)
Exchange differences on
translation (28) - (28)
of foreign operations
Movement in respect of
employee 49 (2,185) (2,136)
share plans -------- -------- -------- -------- --------
--------------------
Attributable to equity
holders of 5,368 24,365 315 87,891 117,939
the parent at 31 March 2008 -------- -------- -------- -------- --------
--------------------
Consolidated Cash Flow Statement
UNAUDITED FOR THE 6 MONTHS ENDED 31 MARCH 2008
6 months ended 6 months ended Year ended
31 March 2008 31 March 2007 30 September
2007
Unaudited Unaudited Audited
Notes £'000 £'000 £'000
------------------------ ------ ----------- ---------- -----------
Cash flows from
operating activities 10 (10,531) (4,465) 26,024
Interest paid (51) (2) (285)
Taxation paid (3,374) (2,209) (9,140)
------------------------ ------ ----------- ---------- -----------
Net cash (used in) /
from operating
activities (13,956) (6,676) 16,599
Investing activities
Purchase of property,
plant and equipment (180) (1,976) (3,097)
Purchase of intangible
assets (69) (56) (197)
Interest received 2,242 1,942 4,121
Proceeds from disposal
of associate 7,170 - -
Dividends received from
associate 1,235 - 615
------------------------ ------ ----------- ---------- -----------
Net cash from / (used
in) investing activities 10,398 (90) 1,442
Financing activities
Movement in respect the
Employee Benefit Trust* (4,028) 535 (10,345)
Dividends paid (3,103) (2,861) (4,198)
------------------------ ------ ----------- ---------- -----------
Net cash used in
financing (7,131) (2,326) (14,543)
------------------------ ------ ----------- ---------- -----------
Net movement in cash
and cash equivalents (10,689) (9,092) 3,498
------------------------ ------ ----------- ---------- -----------
Opening cash and cash
equivalents 78,397 74,899 74,899
Net movement in cash
and cash equivalents (10,689) (9,092) 3,498
------------------------ ------ ----------- ---------- -----------
Closing cash and cash
equivalents 67,708 65,807 78,397
------------------------ ------ ----------- ---------- -----------
* In the six months to 31 March 2008 the Group effected purchases through the
Employee Benefit Trust of £4,283,000 and collected receipts
from employees of £240,000 in relation to future prospective Employee Benefit
Trust purchases. The total cash distribution to equity
holders of the parent in the six month period ending 31 March 2008 was
£9,420,000, being the dividend paid during the period plus the above
purchase of shares through the Employee Benefit Trust.
Notes to the Financial Statements
1. Basis of preparation
The consolidated financial information contained within these financial
statements is unaudited and does not constitute statutory accounts within the
meaning of Section 240 on the Companies Act 1985. The statutory accounts for the
year ended 30 September 2007, which were prepared in accordance with
International Financial Reporting Standards, as endorsed by the European Union
('IFRS'), and with those parts of the Companies Act 1985 applicable to companies
reporting under IFRS, have been delivered to the Registrar of Companies and
included the report of the auditors which was unqualified.
The preparation of the interim financial statements requires the use of
estimates and assumptions that affect the reported amounts of assets and
liabilities at the date of the financial statements and the reported amounts of
revenues and expenses during the reporting period. The significant judgements
and estimates applied by the Group in these interim financial statements have
been applied on a consistent basis with the statutory accounts for the year
ended 30 September 2007. Although these estimates are based on management's best
knowledge of the amount, event or actions, actual results ultimately may differ
from those of estimates.
The accounting policies applied in these interim financial statements are the
same as those published in the Group's statutory accounts for the year ended 30
September 2007 with the addition of the following new standards:
IFRS 7 'Financial Instruments : Disclosures' has been adopted by the Group,
however as these interim financial statements contain only condensed financial
statements full IFRS 7 disclosures are not required. The relevant IFRS 7
disclosures will be given in the Group's statutory accounts for the year ended
30 September 2008.
2. Additional segmental analysis
The analysis below sets out the revenue performance and net asset split between
our core investment banking & broking business and our investing activities in
accordance with the way in which these activities are reported internally to
management.
6 months ended 6 months ended Year ended
31 March 2008 31 March 2007 30 September
2007
Unaudited Unaudited Audited
£'000 £'000 £'000
--------------------------- --------- --------- ---------
Net institutional revenues 13,222 18,339 32,790
Total corporate
transaction revenues 11,607 17,220 49,074
Corporate retainers 2,033 1,967 3,830
--------------------------- --------- --------- ---------
Revenue from Investment
Banking & Broking (see
note 3) 26,862 37,526 85,694
Investment income 743 1,867 1,898
Share of associate 803 696 1,469
Profit on disposal of
associate 11,745 - -
------------------ --------- --------- ---------
Contribution from
Investing Activities 13,291 2,563 3,367
------------------ --------- --------- ---------
Total pro-forma revenue 40,153 40,089 89,061
---------------- --------- --------- ---------
Net Assets
Investing Activities 36,637 23,619 23,801
Investment Banking &
Broking 13,594 16,853 6,838
Cash 67,708 65,807 78,397
------------- --------- --------- ---------
Total net assets 117,939 106,279 109,036
------------- --------- --------- ---------
3. Revenue
6 months ended 6 months ended Year ended
31 March 2008 31 March 2007 30 September
2007
Unaudited Unaudited Audited
£'000 £'000 £'000
--------------------------- ----------- ----------- -----------
Net trading gains/(losses) (960) 5,294 5,145
Institutional commissions 14,182 13,045 27,645
Corporate retainers 2,033 1,967 3,830
Deal fees 2,910 7,049 15,461
Placing commissions 8,697 10,171 33,613
--------------------------- ----------- ----------- -----------
26,862 37,526 85,694
--------------------------- ----------- ----------- -----------
4. Administrative expenses
6 months ended 6 months ended Year ended
31 March 2008 31 March 2007 30 September
2007
Unaudited Unaudited Audited
£'000 £'000 £'000
--------------------------- ----------- ----------- -----------
Staff costs (excluding
incentive payments) 10,231 9,352 19,660
Non-staff costs 9,683 8,388 20,292
Incentive payments 6,654 6,019 14,145
--------------------------- ----------- ----------- -----------
26,568 23,759 54,097
--------------------------- ----------- ----------- -----------
In the 6 months ended 31 March 2007, bonuses were accrued at the rate of 30% of
profits before bonus, investment income and tax. In the 6 months ended 31 March
2008 they have been accrued at 30% of profits before bonus and tax to reflect
the development of investing activities as a separate line of business and
Numis' revised bonus policy.
5. Exceptional non-recurring items
6 months ended 6 months ended Year ended
31 March 2008 31 March 2007 30 September
2007
Unaudited Unaudited Audited
£'000 £'000 £'000
--------------------------- ----------- ----------- -----------
Non-recurring property
costs - (2,196) (2,196)
Non-recurring property costs comprise costs associated with the exit from our
previous principal office at 138 Cheapside, London EC2 in March 2007 and are
included within administrative expenses on the face of the consolidated income
statement.
6. Profit on disposal of associate
6 months ended 6 months ended Year ended
31 March 2008 31 March 2007 30 September
2007
Unaudited Unaudited Audited
£'000 £'000 £'000
--------------------------- ----------- ----------- -----------
Gain on disposal of
associate 11,781 - -
Disposal expenses
(comprising charges) (36) - -
--------------------------- ----------- ----------- -----------
11,745 - -
--------------------------- ----------- ----------- -----------
The profit on disposal of associate relates to the reduction of the Group's
holding in Abbey Protection Group Limited from 29.41% to 13.10% following the
IPO of Abbey Protection Group Limited on 29 November 2007. Gains and losses
arising on the reduced holding subsequent to the IPO are included within other
operating income on the face of the consolidated income statement. The gain on
disposal is exempt from tax under substantial shareholdings relief.
7. Earnings per share
Basic earnings per share is calculated on profit after tax of £14,804,000 (2007:
£12,510,000) and 98,794,084 (2007: 100,517,561) ordinary shares being the
weighted average number of ordinary shares in issue during the period. Diluted
earnings per share assumes that options outstanding at the end of the financial
period were exercised at the beginning of the period for options where the
exercise price was less than the average price of the shares during the period.
6 months ended 6 months ended Year ended
31 March 2008 31 March 2007 30 September
2007
Unaudited Unaudited Audited
£'000 £'000 £'000
--------------------------- ----------- ----------- -----------
Weighted average number of
ordinary shares in issue
during the period - basic 98,794 100,518 100,390
Effect of options over
ordinary shares 1,854 3,091 2,713
--------------------------- ----------- ----------- -----------
Diluted number of ordinary
shares 100,648 103,609 103,103
--------------------------- ----------- ----------- -----------
8. Dividends
6 months ended 6 months ended Year ended
31 March 2008 31 March 2007 30 September
2007
Unaudited Unaudited Audited
£'000 £'000 £'000
--------------------------- ---------- ----------- ------------
Final dividend year ended
30 September 2006 (3.75p) 3,842 3,842
Interim dividend year
ended 30 September 2007
(2.00p) 2,034
Final dividend year ended
30 September 2007 (5.00p) 5,137
--------------------------- ---------- ----------- ------------
Distribution to equity
holders of the parent 5,137 3,842 5,876
--------------------------- ---------- ----------- ------------
The board declares the payment of an interim dividend of 2.50p per share,
£2,482,000 (2007: 2.00p per share). The dividend will be payable on 2 July 2008
to all shareholders on the register on 16 May 2008. These financial statements
do not reflect this dividend payable.
9. Balance sheet items
(a) Deferred tax
Deferred tax is provided in full on all taxable and deductible temporary
differences at the balance sheet date between the tax bases of assets and
liabilities and their carrying amounts for financial reporting purposes. During
the period a reduction of £567,000 in the deferred tax asset balance recognised
at 30 September 2007 has arisen in respect of the tax impact of future potential
gains on outstanding unexercised options granted to directors and employees to
acquire ordinary shares in Numis Corporation plc.
(b) Trade and other receivables and Trade and other payables
Trade and other receivables and Trade and other payables principally comprise
amounts due from and due to clients, brokers and other counterparties. Such
amounts represent unsettled sold and unsettled purchased securities transactions
and are stated gross.
(c) Trading investments
In the six months to 31 March 2008 the Group acquired 4,000,000 shares in
Randall & Quilter, an AIM listed company, at the listing price of £1.25 per
share. In addition, the reduction of the Group's holding in Abbey Protection
Group Limited from 29.41% to 13.10% following the IPO of Abbey Protection Group
Limited on 29 November 2007 resulted in a residual holding of 13,101,834 shares
at that time at the listing price of 55p which are included within trading
investments.
(d) Stock borrowing collateral
The Group enters stock borrowing arrangements with certain institutions which
are entered into on a collateralised basis with securities or cash advanced or
received as collateral. Under such arrangements a security is purchased with a
commitment to return it at a future date at an agreed price. The securities
purchased are not recognised on the balance sheet and the transaction is treated
as a secured loan made for the purchase price. Where cash has been used to
effect the purchase, the purchase is recorded as stock borrowing collateral on
the balance sheet. The balance as at 31 March 2007 includes £19,631,000 related
to a specific individual transaction entered into on 28 March 2007 and settled
in full on 2 April 2007 at which time the level of collateral reduced to
£8,025,000.
10. Reconciliation of operating profit to net cash inflow from operating
activities
6 months ended 6 months ended Year ended
31 March 2008 31 March 2007 30 September
2007
Unaudited Unaudited Audited
£'000 £'000 £'000
--------------------------- ---------- ----------- ------------
Operating profit 1,037 15,634 33,495
Impairment of property,
plant and equipment - 511 553
Depreciation charge on
property, plant and
equipment 389 297 681
Amortisation of intangible
assets 125 105 229
Share based payments (1,635) 1,264 1,097
(Increase)/decrease in
current asset trading
investments (1,554) (11,482) (13,910)
Decrease/(increase) in
trade and other
receivables 59,118 15,202 (4,584)
Decrease/(increase) in
collateral 2,740 (19,515) (546)
(Decrease)/increase in
trade and other payables
and provisions (68,237) (4,782) 11,395
(Increase) in derivatives (3,084) (1,699) (2,399)
Other non-cash movements 570 - 13
--------------------------- ----------- ----------- ------------
Net cash from operating
activities (10,531) (4,465) 26,024
--------------------------- ----------- ----------- ------------
For the 6 months ended 31 March 2008 the movement in trade and other receivables
and trade and other payables and provisions is principally due to movements in
amounts due from and due to clients, brokers and other counterparties.
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