Preliminary Results
SMG PLC
03 April 2008
3 April 2008
SMG Prelim Results 2007 - A Transformational Year
Financial Highlights
2007 2006
Revenue - continuing £119m £126m
- discontinued £65m £65m
£184m £191m
Operating profit* - continuing £11m £16m
- discontinued £5m £2m
£16m £18m
Profit Before Tax * £4.4m £10.0m
Earnings per Share* 1.2pence 3.0pence
Net debt £47m £157m
*Pre exceptional items and IFRS5 benefits
Trading for 2007 has met Board expectations and the business is on track to meet
2008 targets.
Strategic and Operational Developments
•TV business restructured - £5m annualised cost saving achieved, audience
share and advertising outperforming peers
•Debt reduced to £47m (2006:£157m) through sale of Primesight and Rights
Issue
•Pension deficit decreased by 72% to £9.1m (2006: £32.8m)
•New strategy delivering double-digit growth YTD with Scottish advertisers
•Biggest ever commission in Content for 2008
•stv.tv relaunch underway, incorporating Brightcove video technology
Non core businesses
•Virgin Radio performing strongly with 87% increase in profit
•Virgin Radio and Pearl & Dean disposals continue
Richard Findlay, Chairman, commented: '2007 was a challenging year, but the
result has been a substantial transformation of the Company. The TV business has
been restructured and is outperforming the market. Virgin Radio's profit has
nearly doubled. The Primesight sale was a success in a difficult market and our
debt burden has been reduced by two thirds. Although the economic outlook is
challenging, the business is now robustly positioned for profitable growth.'
Rob Woodward, Chief Executive, said: 'In addition to the financial and operating
changes we executed, 2007 was also a successful year of commercial and creative
restructuring. Our viewer and advertising share in Scotland continues to
strengthen, our Content business has had its biggest-ever commission and we are
about to re-launch our Online business. Our turnaround plan is firmly on track,
and for 2008, we are focused on delivering the financial benefits of
restructuring and growth.'
3 April 2008
There will be a presentation for analysts at the offices of ABN AMRO, 250
Bishopsgate, London EC2 today at 9.30am.
An online video interview with CEO, Rob Woodward can be viewed at www.smg.plc.uk
in the Investor Section from 7am.
Investor and Analyst Enquiries
SMG plc
George Watt, Chief Financial Officer Tel: 020 7882 1199
Media Enquiries:
SMG plc
Debbie Johnston, Head of Communications Tel: 020 7882 1199
Brunswick Group LLP
James Hogan Tel: 020 7404 5959
Ash Spiegelberg
OPERATIONAL REVIEW
Overview
2007 has been a transformational year for the company. Much has happened in the
wider media industry and a number of important actions have been taken within
SMG to re-create a financially stable company able to more fully develop and
build on its broadcasting assets. Our turnaround plan, with the TV business at
the core, is founded on a three-pillar strategy of the sale of non-core assets;
restructuring and cost reduction; and revenue maximisation. Our key aim is to
provide a new platform for growing the business and building shareholder value.
Reducing debt was an immediate priority and the Board is pleased that this has
been achieved, primarily through the sale of Primesight and a successful Rights
Issue which raised a gross £95.1 million in December last year. This was
particularly well timed given the current environment. We also agreed a new 5-
year £90million loan facility, on standard banking terms, with HBOS.
The disposals of our other non-core businesses, Virgin Radio and Pearl & Dean
are ongoing and the Board is satisfied with the progress being made. Due to our
position of financial stability, we are not in a forced-seller position and the
Board will only dispose of these businesses at the right price for our
shareholders. Whilst they are non-core, we do have the option of retaining them
until the market conditions are more favourable.
Business Performance
The restructuring of the Group and the changes in strategic direction had some
impact on the results which cover the period 1 January to 31 December 2007 but
the full beneficial affects, particularly financial, will come through during
2008 and beyond. The sale of Primesight, a successful rights issue which raised
a gross £95.1m and refinancing of the Group's remaining debt into a new £90.0m,
five year bank facility gives the Group the financial stability and solid
platform necessary for growth.
Underlying trading performance excluding exceptional items (in £m) is shown
below.
Revenue Operating Profit
2007 2006 2007 2006
Television 119 126 11.1 15.8
----- ----- ------ ------
Radio 24 22 4.3 2.3
Cinema 22 20 (0.7) (4.2)
Outdoor (to Oct) 19 23 1.7 4.5
----- ----- ------ ------
Total 184 191 16.4 18.4
----- ----- ------ ------
Total revenue, which comprises both continuing and discontinued activities,
decreased by £7.2m to £184.0m (2006: £191.2m) due mainly to the sale of
Primesight in October. Excluding Primesight, revenue was down 2% with declines
in Broadcasting (£3.9m), mainly due to lower national airtime revenues, and
Content (£3.3m), due to lower secondary sales volume, offset by strong growth at
Virgin Radio - up £2.3m - and growth in Pearl & Dean (£1.5m) due to increased
screen numbers.
Group operating profit, which comprises both continuing and discontinued
activities before exceptional items and IFRS5, fell by £2.0m to £16.4m (2006:
£18.4m).
Television operating profits fell by £4.7m to £11.1m (2006: £15.8m) reflecting
the revenue decline in Broadcast and Content noted previously combined with the
Ventures business moving from a profit of £1.8m in 2006 to a loss of £1.0m in
2007. This reflected a significant decline in the profitability of the Setanta
contract. We are in discussions with Setanta about future work beyond the
existing contract which expires at the end of the 2007/2008 football season.
The result was also impacted by the sale of Primesight (£2.8m impact) and the
utilisation of the onerous contract provision in Pearl & Dean which saw the loss
in this business reduce from £4.2m last year to £0.7m in 2007. The other
discontinued activity of Virgin Radio saw an 87% increase in operating profit to
£4.3m (2006: £2.3m) reflecting strong revenue growth and lower AM license fees.
Net interest expenses increased by £3.6m to £12.0m (2006: £8.4m) due to higher
average debt levels and increased interest margins prior to rebanking. The IAS19
non-cash finance credit was broadly similar to the prior year at £2.8m. Interest
costs are expected to fall significantly in 2008 following the Primesight
disposal and rights issue proceeds.
Increased interest costs and the continuing effects of lower national ITV
airtime revenues due to the Contract Rights Renewal mechanism resulted in profit
before tax, exceptional items and IFRS5 benefits, declining to £4.4m (2006:
£10.0m). However, the cost saving actions and growth initiatives implemented in
2007, together with interest cost savings following the debt reduction during
the year, will contribute to turning around the financial performance of SMG in
2008.
Exceptional items resulted in a net charge of £91.9m (2006: £84.0m) with the
major items being the non-cash writedown to the carrying value of goodwill at
Virgin Radio (£49.2m) and the onerous contract provision related to the Vue
cinema advertising contract at Pearl & Dean (£15.4m).
In addition, there were a number of other items principally related to headcount
reductions following the restructuring of the television business, (£5.6m), ITV
Network stock writedowns (£2.2m), onerous property leases following the business
restructuring (£2.0m) and the loss on sale of Primesight (£5.7m) which reflects
the £5.0m contingent loan note not crystallising due to weak trading performance
in the final quarter of 2007. The non-contingent £5.0m loan note remains
payable. In addition there were significant costs related to the Group's high
debt levels and refinancing during the year (£11.4m). The statutory loss for the
year, after tax and exceptional items was £84.6m (2006: £74.5m).
EPS, pre-exceptional items and IFRS5 impacts decreased by 60% to 1.2p (2006:
3.0p). This decrease was slightly larger than the decline in profit before tax
on the same basis due to an increase in the Group's effective tax rate to 10%
(2006: 5%). The lower 2006 rate benefited from higher releases of prior year tax
provisions. EPS on a statutory basis, including exceptional items and IFRS5
benefits, was a loss of 25.0p (2006: 23.6p loss) with the IFRS5 benefit through
not depreciating assets which are held for sale amounting to £3.7m (EPS impact
1.0p).
Balance sheet movements mainly reflected the significant strategic restructuring
actions completed during the year - the sale of Primesight and the rights issue
- combined with the writedown to Virgin Radio goodwill. These resulted in
significant movements in the assets 'held for sale' category under IFRS5 and
also to the Group's share capital and share premium reserves.
The net IAS19 pension deficit decreased by 72% to £9.1m (2006: £32.8m)
reflecting an increase in the discount rate used to value the schemes'
liabilities and cash contributions made by the Group. Since the 10 year deficit
funding pattern was agreed with the schemes' trustees in January 2007, gross
payments of £9.7m have been made into the two pension schemes
- £5.8m in 2007 and a further £3.9m in Q1 2008. There have been no changes made
to mortality assumptions during the year and the next formal actuarial valuation
is due on 1 January 2009.
Net debt reduced by £110.2m in the year to £47.1m (2006: £157.3m) reflecting the
disposal proceeds from the sale of Primesight (£47.3m of net cash) and the
successful rights issue (£91.0m).
Working capital reduced in the continuing television business by £3.3m and
increased by £3.9m in discontinued activties, mainly due to their sales growth.
Capital expenditure fell significantly to £2.7m (2006: £9.7m). This reflected
the disposal of Primesight which incurred high levels of expenditure to fund
panel estate expansion and the prior year including the final expenditure on the
new television facility in Glasgow. Capital expenditure will continue at the
lower level seen during 2007 in 2008 and future years with the focus being on
investment behind new media activities. This all resulted in free cash flow
conversion rates of 111% for the Group as a whole and a very strong 130% in
television.
Other significant cash items in the year related to exceptional items such as
debt negotiation fees and re-organisation costs.
Dividend
The Board has previously decided that no dividends will be declared for 2007 and
that dividend payments will only recommence when there is further evidence of
the success of the Group's turnaround plan.
Cost Reduction
As targeted last summer we have achieved our cost reduction goals and reduced
costs by over £5.0m representing over 20% of our controllable cost base to
benefit 2007 and 2008.
Going forward we continue to target further efficiency savings as a way of
de-risking our 2008 plan and underpinning our 2009 performance. Beyond the £5.0m
savings already achieved, we have targeted other significant savings from the
£17m cost of our enabling functions. We have made strong progress and continue
to build a culture of responsibility throughout the business.
stv - the Turnaround Plan
In June, 2007 we announced the detail of a 100-day business review which set out
a cohesive and transparent turnaround plan for the TV business with twelve Key
Performance Indicators (KPIs) on which we would regularly report progress.
Revenue growth is key in our three business divisions - Broadcasting, Content
and Ventures - each of which is charged with exceeding their KPI targets. We are
making encouraging progress against all of our KPIs, as outlined below.
Division KPIs STATUS
Broadcasting 1. increase regional advertising market share from Outperforming
19% to 25% by 2010 (21% in 18 months) against
target
2. grow sponsorship revenues by 50% by 2010 (30% in On track to
18 months) achieve
target
3. increase margins through better cost control and Cost savings
commercial management from 10% to 14% by 2010 underpin
(11.0% in 18 months) targets
Content 4. grow produced hours from 45 hours to 130 hours by Exceeding
2010 (60 hours in 18 months) target for
2008
5. exploit the extensive content library to achieve On track to
60% growth by 2010 (40% in 18 months) achieve
target
6. grow rights exploitation business by 40% by 2010 On track to
achieve
target
7. maintain margins at 10% Well ahead of
target
Ventures 8. develop our online presence through stv.tv by On track to
delivering compelling online content to target achieve
200,000 visitors a day by 2010 (30,000 visitors a target
day in 18 months)
9. increase online advertising revenue to £2 million On track to
(£0.75 million in 18 months) achieve
target
10. focus on regional transaction based consumer Well on track
opportunities to build revenues of £2.5 million to achieve
in 2010 (£1.0 million in 18 months) target
11. expand into the Scottish classified advertising On track to
market to capture 3% of the total market in 2010 achieve
from a zero starting point (0.5% in 18 months) target
12. increase margins from 5% to 30% by 2010 (10% in On track to
18 months) achieve
target
Broadcasting - stv
stv continues to be the most popular peak-time broadcaster in Scotland with a
share of 26% versus BBC1 at 22%. In 2007, stv broadcast 49 of the top 50
commercial programmes in Scotland and our commercial impacts were up 1.5%,
outperforming the network at 1.1%. There has been notable success in ratings for
our news output, we've developed new programmes and taken control of the
schedule to ensure that we deliver content that our audiences want. We've also
taken steps to better serve local advertisers and strengthen our relationship
with ITV. At the heart of our broadcasting business is our unparalleled ability
in reaching Scottish audiences. It is this advantage that will form the
cornerstone of our growth plans.
Better serving our advertisers
In 2007, local sales were up 12%, on target and outperforming the market and
2008 has continued this positive trend. Increasing regional advertising share
and sponsorship is a priority for the sales team. The emphasis is on
performance, excellence in servicing agencies and clients and winning share from
competitors. Under new Commercial Director David Connolly's lead we are
improving commercial production quality and creativity introducing a new premium
audience airtime package for local advertisers. We have merged our commercial
production and local advertising sales teams so that responsibility for the
success of campaigns is in one place with a focus on increasing advertiser
loyalty and retention.
Better serving our audiences
News is at the heart of our identity and is pivotal in defining the relationship
with our audience. Our news programmes North Tonight and Scotland Today go from
strength to strength with annual audience ratings at 25%, up 2 share points or a
9% increase on 2006 against the network share of 19%. To build on the success of
these news programmes we introduced a new half hour daily news driven magazine
programme - the five thirty show - in January 2008. This, coupled with the main
news programme, ensures that we dedicate 13.5 hours of live Scottish news and
content every week day for our viewers across Scotland. The ratings have proved
it a success with an increase in audience share and regularly winning the slot
against Channel 4's Richard & Judy. The show also benefits from an integrated
online presence with a catch up service and extended interviews.
Content
Our aim in the Content business is to create and build new programmes brands,
enhance our relationship with commissioners and other broadcasters and deepen
our connection with talent, on and off screen. 2007 was a successful year in
terms of production hours. The current total of 72 hours is significantly ahead
of the 18 month KPI target. In drama, six new Taggarts and four new Rebus
episodes were commissioned and delivered during the year. In February 2008 we
secured our biggest ever commission from ITV to produce ten Taggart episodes for
delivery in 2008. This takes the total number of episodes to over one hundred in
the programme's 25th anniversary year.
We are continuing to develop our BAFTA winning drama Rebus brand and will unveil
our plans later in the year. The Ginger Productions team, based in London, had
commissions in 2007 from Living, ITV2 and Virgin 1 with offerings including Jack
Osbourne, Adrenaline Junkie and Take me to the Edge, with extreme adventurer Leo
Houlding.
We have also secured a collaborative agreement with Alexander McCall Smith to
bring his work to TV and we are also working with Channel 4 on a major drama
development working with an internationally renowned Holywood director. In
addition we are launching a £2.5m investment fund to work with Scottish talent
in order to help stimulate the Scottish production market and increase the
supply of high quality network projects.
Advertising funded programmes will be an important theme for the future. Our
first major fully funded regional programme - Postcode Challenge - launched in
November 2007 for a run of 40 shows. This weekly half-hour peak time, general
knowledge quiz show hosted by Carol Smillie is funded in partnership with the
Dutch organisation, The People's Postcode Lottery. This innovative, long-term
relationship where stv is the TV partner for a third party organisation is a
unique commercial partnership creating compelling content for our viewers and a
media platform for the launch of The People's Postcode Lottery in Scotland. The
show, which has had strong ratings in an important Monday evening slot, is
complemented by a website featuring exclusive film material. We are currently
discussing plans for 2008 with our partners.
We have also been working closely with GMS and are producing five new series for
the launch of the new Gaelic digital channel in 2008.
Our productions continue to sell well internationally, with Taggart, Rebus, Jack
Osbourne, Unsolved and Jetset popular around the world. We are seeking
opportunities for our back catalogue and recently sold 75 episodes of Scottish
favourite High Road to One Life as well as the complete Dr Finlay series. Also
in 2007, 27 back catalogue Taggart episodes were added to our deal with UKTV.
Ventures
Our ventures business manages all on-line activity and our resource based
solutions business. Our aim is to exploit our unrivalled regional position,
through the stv brand, to dominate the Scottish new media market. In 2007 we
refocused our on-line activity and concentrated on developing unique content for
on-line audiences. During the year we have been laying the foundations for rapid
growth in this area and will re-launch our on-line offerings later this year.
Unique users are steady at 8,000 a day, with noticeable increasing volumes when
we seed unique content. We expect to see this number increase once we relaunch
and remarket the site in the summer of 2008. Our recent development and
technical support deal with the US company Brightcove will be fundamental to the
relaunch and online offering of the site.
In January 2008, we appointed Alistair Brown as Head of New Media. Alistair led
the successful on-line development and launch of online services at
thelist.co.uk and scotsman.com. He will lead the commercialisation of the stv.tv
and drive our daily visitor numbers to 200,000 by 2010.
Unique user numbers are key to increasing advertising revenues from the website.
Alistair Brown and David Connolly, our Commercial Director are implementing a
strategy that will maximise our earnings through on-line banner and sponsorship
and video display advertising. Classified advertising is another area of revenue
potential. The Scottish classified market is worth around £200m and our aim is
to capture 3% of that by 2010. I will report on progress with this later in the
year.
Whilst many other PRTS offerings are under pressure, our onscreen weekly
interactive service Watch to Win has bucked the national trend due to the
simplified focus on scheduling, large cash prizes and regular seasonal
offerings. In on-line, our Bingo gaming site stv.tv/bingo, has performed well in
a highly competitive marketplace. The site was relaunched in August 2007 with an
onscreen and on-line advertising campaign featuring Scottish favourites The
Krankies. This has increased registration figures by 75%. Our price comparison
websites, peopleschampion.com and smartycars.com are part of our new media
offering and as we've said previously, both are currently under review.
Our solutions business continues to provide outside broadcast and post
production facilities to a number of clients. In 2007, the team won an EMMY for
the post production work carried out on 'Stephen Fry - The Secret Life of a
Manic Depressive'. We continue to work with sports broadcaster Setanta and are
currently in discussions about future work beyond the existing contract which
expires at the end of the 2007/08 football season.
Update on non-core businesses
Virgin Radio
In 2007, Virgin Radio saw an 87% increase in operating profit to £4.3m (2006:
£2.3m) due to revenue strength and a reduction in AM licence fees. Virgin Radio
has significantly outperformed the radio advertising market in the past three
years enjoying year-on-year revenue growth of 11% in 2007 against industry
growth of 3%.
Senior radio figure, Richard Huntingford was appointed Executive Chairman and
has full management responsibility for the business. Other senior Board
appointments included Rosemary Thorne as Senior Independent Director. Rosemary
has held Board positions at many FTSE 100 PLCs including Ladbrokes and J
Sainsbury. David Palmer was also appointed as Chief Financial Officer. The
management team has been strengthened more recently by the appointments of David
Lloyd former MD of LBC and Galaxy as Programme Director and Channel 4's Andy
Grumbridge as Head of Digital Media.
The disposal process of Virgin Radio is making good progress and we are pleased
with the level of interest in the business. We will keep shareholders updated on
this disposal process and as previously stated we are not in a forced seller
position and will only sell the business when it is appropriate to do so.
Pearl & Dean
Our cinema advertising business Pearl & Dean remains non-core and a sale process
continues. In 2007, Pearl & Dean saw revenue growth of £1.5m from a 4% increase
in admissions. The terms of our contract with our major exhibitor chain, Vue
Cinemas, remain onerous and resulted in an exceptional provision of £15.4m being
made in 2007 to provide against all future losses under the contract.
This remains a difficult business, however, the cinema advertising market is
currently in flux driven largely by our main competitor CSA. We believe that
these changes in the industry create a more positive environment for the
disposal of Pearl & Dean.
Primesight
In October, we disposed of Primesight with the proceeds of the sale included in
the 2007 accounts resulting in a significant reduction in our debt levels.
Trading Outlook 2008
Q1 Trading in each business - revenue growth YoY
Q1 2008 April 2008 YTD
stv airtime
regional +16% +8% +14%
national -3% -2% -2%
Radio +5% -5 to -10% +1% to -1%
Cinema -13% flat -11%
Our regional sales team have had a strong 2008 so far with expectations for
continued double digit growth going into April and May. National advertising is
down but remains a better performance than ITV1. The Board remains cautious for
the future, however, we have put in a de-risking process should the market
deteriorate. In Radio, we are already seeing a strong performance, however,
there is variability across the months and we expect the market to slow slightly
going into May. In Cinema, the Q1 revenues were down 13% with poor film products
during the first quarter. However, this quarter traditionally generates less
revenue and there are strong films expected for the busy summer market.
Although the media market continues to be challenging, the combination of our
strategy of putting stv at the heart of our Scottish-centric business and our
healthy balance sheet provide a sound foundation for our turnaround. We continue
to seek opportunities in the Scottish media sector to enhance our brand and
ensure that we reach our goal as the broadcaster of choice in Scotland. The
current regulatory initiatives combined with a renaissance of Scottish identity
provide both challenges and opportunities for our company.
We are doing what we set out to achieve and we are delivering. The company is in
a far stronger position than this time last year and we have created a strong
platform for growth.
Richard Findlay Rob Woodward
Chairman Chief Executive
3 April 2008
Consolidated income statement
for the year ended 31 December 2007
2007 2006
Note Underlying Exceptional Results for Underlying Exceptional Results for
results items year results items year
£m £m £m £m £m £m
CONTINUING OPERATIONS
Revenue 2 119.0 - 119.0 125.6 - 125.6
Net operating expenses before
exceptional costs (107.9) (107.9) (109.8) - (109.8)
Goodwill impairment 3 (0.6) (0.6) - - -
Cost of change 3 - (5.6) (5.6) - (2.6) (2.6)
Writedown of inventory 3 - (2.2) (2.2) - (6.5) (6.5)
Onerous lease contracts 3 - (2.0) (2.0)
-------- --------- -------- -------- -------- --------
Net operating expenses (107.9) (10.4) (118.3) (109.8) (9.1) (118.9)
-------- --------- -------- -------- -------- --------
Operating profit 11.1 (10.4) 0.7 15.8 (9.1) 6.7
Gain on disposal of investment 3 - - - - 0.4 0.4
Loss on disposal of property 3 - - - - (0.4) (0.4)
-------- --------- -------- -------- -------- --------
- - - - - -
-------- --------- -------- -------- -------- --------
Profit before financing 11.1 (10.4) 0.7 15.8 (9.1) 6.7
Interest income 0.9 - 0.9 0.2 - 0.2
Finance costs 4 (12.9) (11.4) (24.3) (8.6) - (8.6)
-------- --------- -------- -------- -------- --------
(Loss)/profit before tax (0.9) (21.8) (22.7) 7.4 (9.1) (1.7)
Tax credit 5 1.8 0.5 2.3 0.5 2.5 3.0
-------- --------- -------- -------- -------- --------
Profit/(loss) for the year from
continuing operations 0.9 (21.3) (20.4) 7.9 (6.6) 1.3
DISCONTINUED OPERATIONS
Profit/(loss) for the year
from discontinued operations 2,6 6.4 (70.6) (64.2) 1.6 (77.4) (75.8)
-------- --------- -------- -------- -------- --------
Profit/(loss) for the year 7.3 (91.9) (84.6) 9.5 (84.0) (74.5)
-------- --------- -------- -------- -------- --------
Attributable to:
Equity holders of the parent 7.5 (91.9) (84.4) 9.5 (84.0) (74.5)
Minority interest (0.2) - (0.2) - - -
-------- --------- -------- -------- -------- --------
7.3 (91.9) (84.6) 9.5 (84.0) (74.5)
-------- --------- -------- -------- -------- --------
Earnings per ordinary share
- basic and diluted 8 2.2p (25.0p) 3.0p (23.6p)
Earnings per ordinary
share from continuing operations
- basic and diluted 8 0.3p (6.0p) 2.5p 0.4p
Underlying (pre IFRS 5) Note
Operating profit 18 16.4 18.4
Profit before tax 18 4.4 10.0
Earnings per share - basic 18 1.2p 3.0p
Consolidated statement of recognised income and expense
for the year ended 31 December 2007
2007 2006
£m £m
Loss for the year (84.6) (74.5)
-------- --------
Actuarial gain recognised in the pension schemes 24.7 4.1
Deferred tax charge to equity (7.7) (1.2)
Cash flow hedges 0.3 0.8
-------- --------
Net profit recognised directly in equity 17.3 3.7
-------- --------
Total recognised expense for the year (67.3) (70.8)
-------- --------
Attributable to:
Equity holders of the parent (67.1) (70.8)
Minority interest (0.2) -
-------- --------
(67.3) (70.8)
-------- --------
Consolidated balance sheet
at 31 December 2007
Note 2007 2006
£m £m
ASSETS
Non-current assets
Goodwill and other intangible assets 9 8.3 113.5
Property, plant and equipment 10 15.3 18.2
Deferred tax asset 4.9 14.8
--------- --------
28.5 146.5
--------- --------
Current assets
Inventories 40.3 36.1
Trade and other receivables 35.7 42.6
Cash and cash equivalents 10.8 8.7
Short-term bank deposit 11 1.4 2.5
Derivative financial instruments - 0.3
--------- --------
88.2 90.2
--------- --------
Non-current assets classified as held for sale 6 79.6 76.7
--------- --------
Total assets 196.3 313.4
--------- --------
EQUITY
Capital and reserves attributable to the Company's
equity holders
Share capital 13 23.8 7.9
Share premium 13 136.3 60.2
Merger reserve 173.4 173.4
Equity reserve 2.5 2.5
Other reserve 13 1.2 3.2
Hedging reserve 13 - 0.3
Minority interest 13 (0.2) -
Retained earnings 13 (273.3) (202.0)
--------- --------
Total equity 63.7 45.5
--------- --------
LIABILITIES
Non-current liabilities
Borrowings 62.0 149.3
Trade and other payables 0.3 -
Provisions 2.2 -
Other financial liabilities - 1.1
Retirement benefit obligation 17 14.0 46.7
--------- --------
78.5 197.1
--------- --------
Current liabilities
Trade and other payables 30.7 35.6
Convertible unsecured loan stock 12 - 22.5
Current tax liabilities - 1.5
Provisions 3.9 1.4
--------- --------
34.6 61.0
--------- --------
Liabilities directly associated with total assets
classified as held for sale 6 19.5 9.8
Total liabilities 132.6 267.9
--------- --------
Total equity and liabilities 196.3 313.4
--------- --------
Consolidated cash flow statement
for the year ended 31 December 2007
Note 2007 2006
£m £m
OPERATING ACTIVITIES
Cash generated by operations 15 11.7 11.8
Taxes received/(paid) 0.6 (4.0)
Interest paid (30.0) (10.6)
Pension deficit funding (5.8) -
--------- --------
Net cash used by operating activities (23.5) (2.8)
--------- --------
INVESTING ACTIVITIES
Interest received 1.9 0.2
Disposal of discontinued operations 14 47.3 -
Purchase of property, plant and equipment (2.7) (9.7)
--------- --------
Net cash generated/(used) by investing
activities 46.5 (9.5)
--------- --------
FINANCING ACTIVITIES
Dividends paid (3.8) (5.3)
Net proceeds from rights issue 91.0 -
Repayment of existing borrowings (149.3) -
Repayment of CULS and loan notes (23.6) -
Net borrowings drawn 62.0 0.2
Net release of cash on deposit 1.1 2.5
--------- --------
Net cash used by financing activities (22.6) (2.6)
--------- --------
Movement in cash and cash equivalents 0.4 (14.9)
Net cash and cash equivalents at beginning of year 13.1 28.0
--------- --------
Net cash and cash equivalents at end of year 16 13.5 13.1
--------- --------
Reconciliation of movement in net debt
for the year ended 31 December 2007
Note 2007 2006
£m £m
Opening net debt (157.3) (139.1)
Movement in cash and cash equivalents in the year 0.4 (14.9)
Decrease/(increase) in debt financing 87.3 (0.2)
IFRS increase in CULS liability - (0.3)
Repayment of CULS and loan note liabilities 23.6 (0.3)
Net movement in Escrow cash (1.1) (2.5)
--------- --------
Closing net debt 16 (47.1) (157.3)
--------- --------
Notes to the preliminary announcement
for the year ended 31 December 2006
1. Basis of preparation
The financial information set out in the preliminary announcement does not
constitute the Group's statutory accounts within the meaning of Section 240 of
the Companies Act 1985 and has been extracted from the full accounts for the
years ended 31 December 2007 and 31 December 2006 respectively. The information
for the year ended 31 December 2006 does not constitute statutory accounts as
defined in section 240 of the Companies Act 1985. A copy of the statutory
accounts for that year has been delivered to the Registrar of Companies. The
auditors' report on the financial statements was unqualified and did not include
a statement under section 237(2) or (3) of the Companies Act 1985. The statutory
financial statements for the year ended 31 December 2007 have yet to be signed.
They will be finalised on the basis of the financial information presented by
the directors in this preliminary announcement and will be delivered to the
Registrar of Companies in due course. The accounting policies adopted in the
preparation of the preliminary announcement are consistent with those applied in
the preparation of the Group's statutory accounts for the year ended 31 December
2006.
2. Business segments
During the year, for management purposes the Group was organised into four
operating divisions - Television, Radio, Cinema and Outdoor. These divisions are
the basis on which the Group reports its primary segment information with the
exception of Television which is further broken down into Broadcasting, Content
and Venture segments.
Principal activities are as follows:
Television - the production and broadcasting of television programmes and
associated enterprises.
Radio - the operation of commercial radio in the UK.
Cinema - the provision of advertising space within cinema complexes.
Outdoor - the provision of advertising solutions across various outdoor media.
On 13 September 2006, the Group put its Outdoor and Cinema businesses up for
sale, followed by Radio on 12 April 2007. The completion of the Outdoor disposal
occurred on 30 October 2007. Radio and Cinema continue to meet all the
conditions to be classified as held for sale and are therefore classed as
discontinued operations.
Segment information about these businesses is presented as follows:
SEGMENT REVENUES
External sales
2007 2006
£m £m
Continuing operations
Broadcasting 95.3 99.2
Content 18.1 21.4
Ventures 5.6 5.0
-------- --------
Television 119.0 125.6
-------- --------
Discontinued operations
Radio 24.0 21.7
Cinema 22.1 20.6
Outdoor 18.9 23.3
-------- --------
65.0 65.6
-------- --------
-------- --------
184.0 191.2
-------- --------
Independent Television Commission ('ITC') qualifying revenue was £94.0m (2006:
£97.0m)
Turnover in 2007 includes £1.8m of revenues from sources outside the UK (2006:
£2.2m).
2. Business segments (cont'd)
SEGMENT RESULTS
Underlying
segment result Exceptional items Segment result
2007 2006 2007 2006 2007 2006
£m £m £m £m £m £m
Continuing operations
Broadcasting 9.0 10.0 (5.8) (5.9) 3.2 4.1
Content 3.1 4.0 (0.6) (0.7) 2.5 3.3
Ventures (1.0) 1.8 (3.2) (0.3) (4.2) 1.5
-------- -------- -------- -------- -------- --------
Television 11.1 15.8 (9.6) (6.9) 1.5 8.9
-------- -------- -------- --------
Cost of change costs
attributable to Group (0.8) (2.2)
-------- --------
Operating profit 0.7 6.7
Gain on disposal of
investment - 0.4
Loss on disposal of
property - (0.4)
Financing (12.0) (8.4)
Exceptional financing
costs (11.4) -
-------- --------
Loss before tax (22.7) (1.7)
Tax credit 2.3 3.0
-------- --------
(Loss)/profit
for the year from
continuing operations (20.4) 1.3
-------- --------
Discontinued operations
Radio 4.9 2.3 (49.2) (59.6) (44.3) (57.3)
Cinema (0.5) (4.2) (15.7) (18.0) (16.2) (22.2)
Outdoor 4.6 4.5 - - 4.6 4.5
-------- -------- -------- -------- -------- --------
9.0 2.6 (64.9) (77.6) (55.9) (75.0)
Attributable tax
(charge)/credit (2.6) (1.0) - 0.2 (2.6) (0.8)
-------- -------- -------- -------- -------- --------
6.4 1.6 (64.9) (77.4) (58.5) (75.8)
-------- -------- -------- --------
Loss on disposal of
discontinued operations (5.7) -
-------- --------
Loss for the year from
discontinued operations (64.2) (75.8)
-------- --------
Net loss attributable
to equity shareholders (84.6) (74.5)
-------- --------
Operating profit in 2007 includes £1.0m arising outside the UK (2006: £1.3m).
The above result of discontinued operations for 2007 includes an IFRS 5
adjustment relating to depreciation of £3.7m (2006: nil) which ceased to be
charged when the businesses were classified as held for sale.
In 2007, the exceptional items in Broadcasting relate to £2.2m for stock
writedown, £1.6m for cost of change provision and £2.0m of onerous lease
provisions (2006: £5.8m stock writedown and £0.1m cost of change provision), in
Content £0.6m for cost of change provision (2006: £0.7m stock writedown) and in
Ventures £2.6m cost of change provision and £0.6m for goodwill impairment (2006:
£0.3m cost of change provision).
The exceptional items in the Radio division in 2007 relate to a goodwill
impairment and asset writedown loss of £49.2m (2006: £0.8m Ofcom settlement and
goodwill impairment of £58.8m) and in the Cinema division the exceptional items
relate to the Vue onerous contract provision of £15.4m and cost of change
provision of £0.3m (2006: £18.0m goodwill impairment).
3. Exceptional items
i) Goodwill impairment
A goodwill impairment loss of £0.6m has been recognised in 2007 in
accordance with IAS36 on the carrying value of Peopleschampion.
ii) Cost of change
A provision of £5.6m has been provided in 2007 following the
announcement of restructuring plans principally across all areas of
the Group's Television business in relation to the execution of the
new turnaround strategy.
In 2006 a provision of £2.6m was made in relation to headcount
reductions in Television, following the move to Pacific Quay, Glasgow
and in corporate functions following the announcement of the Outdoor
and Cinema disposals.
iii) Writedown of inventory
During the year a stock writedown of £2.2m has been provided, £2.1m
relating to ITV1 network stock write offs and the remaining £0.1m
relates to regional drama stock.
A stock writedown of £6.5m was provided in 2006. £5.4m related to
network stock that had not been transmitted and would not be
transmitted on ITV1 in the future. £0.8m related to regional drama
stock following Ofcom's decision to reduce the future annual
commitment for regional transmission. The remaining £0.3m related to
a writedown of deficit funded stock following a review of the
future sales prospects for the deficit funded material.
iv) Onerous lease contracts
A provision of £2.0m has been provided in 2007 in respect of the
leases on two non-core properties.
v) Gain on disposal of investment
In 2006, the write back of a provision for legal and professional
fees relating to the sale of the Group's stake in Heart of Midlothian
plc resulted in a net gain of £0.4m.
vi) Loss on disposal of property
A net loss on disposal of £0.4m was recognised in 2006 following the
exit from the Group's Cowcaddens, Glasgow property.
vii) Financing costs
Exceptional fees and costs of £11.4m incurred as a result of the
amended banking agreement dated April 2007 and the costs of the CULS
replacement facility entered into in September 2007 were written off
in the period.
4. Finance costs
2007 2006
£m £m
Interest expense:
Bank borrowings 14.6 9.8
CULS and loan note interest 1.1 1.5
--------- ---------
15.7 11.3
Pension finance credit (2.8) (2.7)
--------- ---------
Finance costs excluding exceptional items 12.9 8.6
Exceptional financing costs (note 3) 11.4 -
--------- ---------
Finance costs 24.3 8.6
--------- ---------
5. Tax
2007 2006
£m £m
The credit for tax on continuing operations is as follows:
--------- ---------
Tax on profit on ordinary activities excluding exceptional
items at 10% (2006: 3%) (1.8) (0.5)
Tax effect of exceptional items (0.5) (2.5)
--------- ---------
(2.3) (3.0)
--------- ---------
The effective tax rate for the Group excluding exceptional items is 10% (2006:
5%). The tax charge is lower than the standard rate of 30% due to adjustments
for prior year provisions and certain tax planning initiatives.
6. Discontinued operations
On 30 October 2007, the disposal of the Group's Outdoor business, Primesight,
was completed.
2007 2006
£m £m
Post tax results from discontinued operations (see note 2) (64.2) (75.8)
---------- ----------
Exceptional items included within the results are as follows:
Cost of change provision
A provision of £0.3m has been provided in 2007 within Cinema division.
Onerous contract provision
A provision of £15.4m has been made to cover future losses expected from the Vue
contract within Cinema division.
Goodwill impairment and asset writedown
A further £49.2m goodwill impairment and asset writedown loss has been
recognised during the year on the carrying value of Virgin Radio to reflect the
current market value.
Goodwill impairment losses of £76.8m were recognised in 2006 in accordance with
IAS36 on the carrying value of Virgin Radio (£58.8m) and Pearl & Dean (£18.0m).
These writedowns were due to weaker trading performance experienced in both
businesses in 2006.
Loss on disposal of discontinued operations
On 30 October 2007, the Group completed the sale of its Outdoor business,
Primesight, to GMT Communications Partners ('GMT') for a gross consideration of
£62.0m. The consideration was made up of £52.0m cash and two £5.0m loan notes
payable at the earlier of five years from Completion or an exit from the
business by GMT. One of the loan notes was contingent on the 2007 results of
Primesight and as the performance triggers were not reached this amount will not
now be received. The remaining deferred loan note has a discounted value of
£3.6m resulting in a net consideration of £55.6m and a loss on disposal of
£5.7m.
Ofcom settlement
In previous years the Group believed that £0.8m of analogue licence fees had
been overpaid to Ofcom. During 2006 the Group decided to write this amount off
following a decision to accept the revised analogue licence terms.
Cash flows from discontinued operations
2007 2006
£m £m
Net cash flows from operating activities 3.9 6.0
Net cash flows from investing activities 1.2 1.9
---------- ----------
5.1 7.9
---------- ----------
The major classes of assets and liabilities comprising the operations classified
as held for sale are as follows:
2007
£m
Goodwill 55.8
Property, plant and equipment 3.6
Trade and other receivables 17.5
Cash and cash equivalents 2.7
----------
Total assets classified as held for sale 79.6
----------
Trade and other payables 9.2
Provisions for liabilities and charges 10.3
----------
Total liabilities associated with assets classified as held for sale 19.5
----------
Net assets of disposal group 60.1
----------
7. Dividends
2007 2006
£m £m
Amounts recognised as distributions to equity holders in
the period:
Final dividend for the year ended 31 December 2005 of 1.7p - 5.3
Interim dividend for the year ended 31 December 2006 of 1.2p 3.8 -
----- ---------
3.8 5.3
----- ---------
No dividend is proposed by the Board for the year ended 31 December 2007 (2006:
1.2p).
8. Earnings per share
2007 2006
Weighted Weighted
average average
number number
Earnings of Per share Earnings of Per share
£m shares (m) Pence £m shares (m) Pence
Basic underlying EPS
Earnings attributable to ordinary shareholders 7.5 337.4 2.2p 9.5 315.3 3.0p
------- -------- ------- ------- -------- --------
Earnings per share from continuing operations
Basic EPS 7.5 337.4 2.2p 9.5 315.3 3.0p
Pre tax (profit) from discontinued operations (9.0) (2.7p) (2.6) (0.8p)
Tax relating to discontinued operations 2.6 0.8p 1.0 0.3p
------- -------- ------- ------- -------- --------
Basic underlying EPS from continuing operations 1.1 337.4 0.3p 7.9 315.3 2.5p
------- -------- ------- ------- -------- --------
Basic EPS
Earnings attributable to ordinary shareholders
(including exceptional items) (84.4) 337.4 (25.0p) (74.5) 315.3 (23.6p)
------- -------- ------- ------- -------- --------
Earnings per share from continuing operations
Basic EPS (84.4) 337.4 (25.0p) (74.5) 315.3 (23.6p)
Pre tax loss/(profit)from discontinued operations 61.6 18.2p 75.0 23.8p
Tax relating to discontinued operations 2.6 0.8p 0.8 0.3p
------- -------- ------- ------- -------- --------
Basic EPS from continuing operations (20.2) 337.4 (6.0p) 1.3 315.3 0.4p
------- -------- ------- ------- -------- --------
Earnings per share from discontinued operations
Basic EPS
Pre tax(loss)/profit from discontinued operations (61.6) 337.4 (18.2p) (75.0) 315.3 (23.8p)
Tax relating to discontinued operations (2.6) (0.8p) (0.8) (0.3p)
------- -------- ------- ------- -------- --------
Basic EPS from discontinued operations (64.2) 337.4 (19.0p) (75.8) 315.3 (24.0p)
------- -------- ------- ------- -------- --------
There is no difference between basic and diluted EPS as there is no material
impact from dilutive share options.
9. Goodwill and other intangible assets
Goodwill Other Total
£m £m £m
Cost
At 1 January 2007 227.7 - 227.7
Additions - 0.4 0.4
Classified as held for sale (217.1) - (217.1)
--------- ---------- ---------
At 31 December 2007 10.6 0.4 11.0
--------- ---------- ---------
Accumulated amortisation
At 1 January 2007 114.2 - 114.2
Impairment writedown 49.8 - 49.8
Classified as held for sale (161.3) - (161.3)
--------- ---------- ---------
At 31 December 2007 2.7 - 2.7
--------- ---------- ---------
Net book amount at 31 December 2007 7.9 0.4 8.3
--------- ---------- ---------
Net book amount at 31 December 2006 113.5 - 113.5
--------- ---------- ---------
Goodwill comprises capitalised goodwill on acquisitions completed since 1
January 1998. Other intangible assets of £0.4m (2006: nil) relate to capitalised
software costs.
10. Property, plant and equipment
Plant,
Land and technical
buildings equipment
leasehold and other Total
£m £m £m
Cost
At 1 January 2007 2.5 53.6 56.1
Additions - 2.6 2.6
Disposals - 0.7 0.7
Classified as held for sale (2.1) (3.1) (5.2)
--------- ---------- ---------
At 31 December 2007 0.4 53.8 54.2
--------- ---------- ---------
Accumulated depreciation and impairment
At 1 January 2007 1.0 36.9 37.9
Charge for year 0.1 2.3 2.4
Disposals - 0.6 0.6
Classified as held for sale (1.0) (1.0) (2.0)
--------- ---------- ---------
At 31 December 2007 0.1 38.8 38.9
--------- ---------- ---------
Net book value at 31 December 2007 0.3 15.0 15.3
--------- ---------- ---------
Net book value at 31 December 2006 1.5 16.7 18.2
--------- ---------- ---------
Disposals relate to fair value adjustments held at Group in relation to
Primesight.
11. Short-term bank deposit
The short term bank deposit relates to £1.4m placed in Escrow for use by GMT in
relation to certain planning consents currently being sought by Primesight.
The remaining £2.5m placed in Escrow in respect of certain of SMG's pension
related indemnity obligations given under the sale and purchase agreement of the
Publishing division disposed of on 4 April 2003 was released during 2006.
12. Convertible unsecured loan stock
The CULS were repaid on 28 September 2007.
13. Statement of changes in shareholders' equity
Share Share Other Hedging Minority Retained
Capital Premium reserve reserve interest earnings
£m £m £m £m £m £m
1 January 2007 7.9 60.2 3.2 0.3 - (202.0)
Net loss - - - - - (84.6)
Dividends - - - - - (3.8)
Shares issued during the period 0.1 0.9 - - - -
Rights issue 15.8 75.2 - - - -
Movement in IFRS 2 reserve - - (2.0) - - -
Movement in own shares - - - - - (0.2)
Actuarial gain - - - - - 24.7
Deferred tax thereon - - - - - (7.7)
Movement in minority interest - - - - (0.2) -
Release of hedging reserve - - - (0.3) - 0.3
-------- ------- -------- ------- ------- --------
At 31 December 2007 23.8 136.3 1.2 - (0.2) (273.3)
-------- ------- -------- ------- ------- --------
There have been no movements in the merger reserve and equity reserve during the
year ended 31 December 2007.
On 19 December 2007, a two for one rights issue was completed resulting in the
issue of 633,850,240 ordinary shares of 2.5p each for a net consideration of
£91.0m (£95.1m gross).
14. Disposal of discontinued operations
As referred to in note 6, on 30 October 2007 the Group disposed of its interest
in Primesight.
The assets of Primesight at the date of disposal and at 31 December 2006 were as
follows:
30 October
2007 2006
£m £m
Property, plant and equipment 19.6 20.4
Inventories 0.2 0.2
Trade and other receivables 5.8 19.3
Cash and cash equivalents (0.3) 4.4
Trade and other payables (0.4) (8.3)
Tax liabilities (1.8) (1.5)
Attributable goodwill 32.4 32.4
Working capital adjustment agreed as part of disposal 1.1 -
--------- --------
56.6 66.9
--------
Disposal expenses 3.3
Loss on disposal (5.7)
---------
Total consideration 54.2
---------
Satisfied by:
Cash 52.0
Funds placed in Escrow (1.4)
Deferred consideration (discounted £5.0m deferred loan note) 3.6
---------
54.2
---------
Net cash inflow arising on disposal:
Cash consideration 47.3
---------
15. Cash flow from operating activities
2007 2006
£m £m
Continuing operations
Operating profit (before exceptional items) 11.1 15.8
Depreciation and other non-cash items 1.4 1.6
--------- --------
Operating cash flows before movements in working capital 12.5 17.4
Increase in inventories (5.6) (9.0)
Decrease/(increase) in trade and other receivables 6.5 (7.5)
Increase in trade and other payables 2.4 7.1
Cost of change costs (4.1) (4.1)
--------- --------
Cash generated by continuing operations 11.7 3.9
--------- --------
Discontinued operations
Operating profit (before exceptional items) 9.0 2.6
Depreciation and other non-cash items (5.1) 3.4
--------- --------
3.9
Operating cash flows before movements in working capital 6.0
(Increase)/decrease in trade and other receivables (2.2) 2.3
Decrease in trade and other payables (1.7) -
Cost of change and onerous contract costs - (0.4)
--------- --------
Cash flow for discontinued operations - 7.9
--------- --------
Cash generated by operations 11.7 11.8
--------- --------
16. Analysis of movements in net debt
At At
1 January Cash 31 December
2007 flow 2007
£m £m £m
Cash and cash equivalents 8.7 2.1 10.8
Cash and cash equivalents included in
the disposal groups held for sale (note 6) 4.4 (1.7) 2.7
---------- --------- ----------
13.1 0.4 13.5
Bank borrowings (149.3) 87.3 (62.0)
Short-term deposits 2.5 (1.1) 1.4
Convertible unsecured loan stock (22.5) 22.5 -
Unsecured loan notes (0.5) 0.5 -
Secured loan notes (0.6) 0.6 -
---------- --------- ----------
Net debt (157.3) 110.2 (47.1)
---------- --------- ----------
17. Retirement benefit schemes
The Group operates two defined benefit pension schemes. The schemes are trustee
administered and the schemes' assets are held independently of the Group's
finances. Pension costs are assessed in accordance with the advice of an
independent professionally qualified actuary.
The schemes are the Scottish and Grampian Television Retirement Benefit Scheme
and the Caledonian Publishing Pension Scheme. They are closed schemes and
therefore under the projected unit method the current service cost will increase
as the members of the scheme approach retirement.
A full actuarial valuation of the schemes was carried out at 1 January 2007 and
updated to 31 December 2007 by a qualified independent actuary. The major
assumptions used by the actuary were:
At 31 December At 31 December
2007 2006
Rate of increase in salaries 3.6% 3.3%
Rate of increase of pensions in payment 3.1% 2.8%
Discount rate 6.0% 5.1%
Inflation 3.1% 2.8%
Assumptions regarding future mortality experience are set based on advice,
published statistics and experience in each territory.
The average life expectancy in years of a pensioner retiring at age 65 on the
balance sheet date is as follows:
At 31 December At 31 December
2007 2006
Years Years
Male 15.0 15.0
Female 17.9 17.9
The fair value of the assets in the schemes, the present value of the
liabilities in the schemes and the expected rate of return at each balance sheet
date was:
At 31 December At 31 December At 31 December At 31 December
2007 2006 2005 2004
£m £m £m £m
Equities 143.2 145.9 146.2 131.8
Bonds 121.9 114.7 109.6 90.1
-------- -------- -------- --------
Fair value of
schemes' assets 265.1 260.6 255.8 221.9
Present value
of defined benefit
obligations (279.1) (307.3) (308.8) (322.1)
-------- -------- -------- --------
Deficit in the
schemes (14.0) (46.7) (53.0) (100.2)
-------- -------- -------- --------
Equities 8.0% 8.4% 8.0% 8.0%
Bonds 4.4%- 6.1% 4.6%-5.2% 4.1%-4.9% 4.5%-5.3%
A related offsetting deferred tax asset of £4.9m (2006: £13.9m) is shown under
non-current assets. Therefore the net pension scheme deficit amounts to £9.1m at
31 December 2007 (£32.8m at 31 December 2006).
18. Reconciliation of underlying results (pre IFRS 5)
Group underlying
Continuing Discontinued results
2007 2006 2007 2006 2007 2006
£m £m £m £m £m £m
Operating profit 11.1 15.8 5.3 2.6 16.4 18.4
(Loss)/profit before tax (0.9) 7.4 5.3 2.6 4.4 10.0
EPS is calculated based on profit adjusted for tax at 10% (2006: 5%) using the
weighted average number of shares in issue per note 8.
19. Mailing
A copy of the annual report is being sent to all shareholders on 16 April 2008
and will be available for inspection by members of the public at the Company's
registered office at Pacific Quay, Glasgow, G51 1PQ.
This information is provided by RNS
The company news service from the London Stock Exchange
Friday, 22nd November 2024
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