Half Year Results

RNS Number : 5183H

Treatt PLC

20 May 2014

 



TREATT PLC

HALF YEAR RESULTS ANNOUNCEMENT

SIX MONTHS ENDED 31 MARCH 2014

Adjusted earnings per share increased by 37% as the Group continues to make progress towards long-term objectives

Treatt PLC, the manufacturer and supplier of ingredient solutions for the flavour, fragrance and consumer goods industries announces today its half year results for the six months ended 31 March 2014.

HIGHLIGHTS of our half year:

·   Revenues for the six months up 11% to £37.1 million (H1 2013: £33.6 million)

·   Adjusted EBITDA¹ up 27% to £3.8m (H1 2013: £3.0m)

·   Adjusted profit before tax¹ rose by 39% to £2.8m (H1 2013: £2.0m)

·   Adjusted basic earnings per share¹ increased by 37% to 3.87p (H1 2013 restated²: 2.82p)

·   Interim dividend raised by 13% to 1.24p (2013 interim dividend restated²: 1.10p)

Commenting on the results, Group CEO Daemmon Reeve said:

"We continue to focus our efforts on long term success.  Our strategy is gaining good traction and, coupled with the effort and focus of our teams across the globe, the results are both translating into profits today and laying the groundwork for opportunities tomorrow."

¹ excluding exceptional items - see note 6

² restated following five for one sub-division of share capital - see note 9

Enquiries:

Treatt plc                             [phone]

Daemmon Reeve             Chief Executive Officer

Richard Hope                     Finance Director

Brokers                                               

Investec Investment Banking

Patrick Robb                      [phone]

Public relations

Davidson Ryan Dore

Lawrence Dore                 [phone]

CHAIRMAN'S STATEMENT

I am pleased to report that the Group has made a solid start to the year, reporting first half adjusted¹ EBITDA up by 27% to £3.8m (2013: £3.0m) and adjusted¹ profit before tax increasing by 39% to £2.8m (2013: £2.0m).  This has resulted in adjusted¹ earnings per share rising by 37% to 3.87 pence per share (2013 restated²: 2.82 pence per share).

There was an increase in net debt of £3.1m in the period (2013: £3.4m increase) which is accounted for by an increase in inventory values across the Group, partly as a result of higher prices for a number of key raw materials such as orange, lemon and lime oil, and also to support the increased order book.  It is usual for there to be a material cash outflow in the first half of the year and we remain comfortably within our borrowing facilities.

The Board has consequently declared an increase in the interim dividend of 13% to 1.24 pence per share (2013 restated²: 1.10 pence per share), being approximately one third of last year's total dividend.  The interim dividend will be payable on 17 October 2014 to all shareholders on the register at close of business on 12 September 2014.     

Whilst this is the second year in succession during which first half profits have grown materially year on year, it is important to emphasise that the Group's profits remain seasonally biased towards the second half.  The more important aspect of the first half has been the continuing focus of the Group on building stronger and deeper foundations for long term success.  This is being delivered through the on-going focus on product innovation, added-value manufacture and by partnering with those customers with whom we can develop significant, long-lasting relationships.  Earthoil, the Group's personal care division which specialises in organic and fair trade ingredients, has also continued to perform well.

As we adapt our business to execute the Group's long term strategic objectives, we are doing so whilst retaining and building on the core competencies which have served our business well for many years.  We have a long history of global procurement of our raw materials, which helps us to manage the impact of unseasonal weather patterns on crop yields. Over the first half of the year, for example, lemon crops in Argentina have been severely affected by unseasonal droughts and frosts.  The Group is also placing greater emphasis on new product development and technologies than it has done before. This has already resulted in encouraging new business wins, especially in our US markets where, for example, we are innovating to support the trend for vegetable-based and calorie-reduced beverages. These, together with other initiatives, will support the Group in one of its primary aims of moving up the value chain.

Our people who work across the globe take a strong pride in servicing our customers' needs and are ever mindful of how important this is for the Group in order to achieve long term sustainable growth in profits. It is they who make Treatt successful and I would just like to say thank you to our colleagues wherever they may be based in the world for their hard work and commitment over the last six months.

Prospects

The third quarter of the financial year has started steadily.  With order books up on prior year, the Board remains confident at this early stage of the second half that the Group will meet its expectations for the year ending 30 September 2014, whilst at the same time continuing to build the foundations for success over the decade to come.

Tim Jones

Chairman

19 May 2014

¹ excluding exceptional items - see note 6

² restated following five for one sub-division of share capital - see note 9

TREATT PLC
UNAUDITED HALF YEAR RESULTS
For the six months ended 31 March 2014
CONDENSED GROUP INCOME STATEMENT
										Six months ended			Year ended
										31 March	31 March		30 September
										2014	2013		2013
										(Unaudited)		(Unaudited)	(Audited)
								Notes		£'000	£'000		£'000
Revenue								5		37,106	33,572		74,097
Cost of sales										(28,691)	(25,967)		(56,510)
										______	______		______
Gross profit										8,415	7,605		17,587
Administrative expenses										(5,268)	(5,253)		(10,649)
										______	______		______
Operating profit										3,147	2,352		6,938
Loss on disposal of subsidiaries										-	(24)		(60)
Finance revenue										1	43		85
Finance costs										(352)	(363)		(736)
										______	______		______
Profit before taxation and exceptional items										2,796	2,008		6,227
Exceptional items								6		(236)	-		(1,093)
										______	______		______
Profit before taxation										2,560	2,008		5,134
Taxation								7		(809)	(566)		(1,655)
										______	______		______
Profit for the period attributable to owners of the Parent Company										1,751	1,442		3,479
										______	______		______
Earnings per share
		Basic							8	3.41p	2.82p1		6.80p1
		Diluted							8	3.39p	2.81p1		6.77p1
		Adjusted basic							8	3.87p	2.82p1		8.64p1
		Adjusted diluted							8	3.85p	2.81p1		8.60p1
All amounts relate to continuing operations
The notes on pages 10 to 14 form part of this half year results announcement 1 restated following five for one sub-division of share capital - see note 9

CONDENSED GROUP STATEMENT OF COMPREHENSIVE INCOME
					Six months ended					Year ended
					31 March			31 March		30 September
					2014			2013		2013
						(Unaudited)			(Unaudited)	(Audited)
					£'000			£'000		£'000
	Profit for the period				1,751			1,442		3,479
	Other comprehensive income/(expense):
	Items that may be reclassified subsequently to profit or loss:
	Currency translation differences on foreign currency net investments						(367)	681		(180)
	Current tax on foreign currency translation differences				3			4		30
	Fair value movement on cash flow hedge				(16)			84		546
	Deferred tax on fair value movement				(2)			(29)		(135)
					______			______		______
					(382)			740		261
					______			______		______
	Items that will not be reclassified subsequently to profit or loss:
	Actuarial loss on defined benefit pension scheme				(112)			(594)		(1,058)
	Current tax credit on actuarial loss				25			-		72
	Deferred tax credit on actuarial loss				-			131		158
					______			______		______
					(87)			(463)		(828)
					______			______		______
					______			______		______
	Other comprehensive (expense)/income for the period				(469)			277		(567)
					______			______		______
	Total comprehensive income for the period attributable    to owners of the Parent Company				1,282			1,719		2,912
					______			______		______

CONDENSED GROUP STATEMENT OF CHANGES IN EQUITY
	Share capital		Share premium	Own shares in share trust	Hedging reserve	Foreign exchange reserve	Retained earnings	Total equity
	£'000		£'000	£'000	£'000	£'000	£'000	£'000
1 October 2012		1,048	2,757	(736)	(1,033)	635	23,332	26,003
Net profit for the period		-	-	-	-	-	1,442	1,442
Exchange differences net of tax		-	-	-	-	681	4	685
Fair value movement on cash    flow hedge net of tax		-	-	-	84	-	(29)	55
Actuarial loss on defined benefit    pension scheme net of tax		-	-	-	-	-	(463)	(463)
Total comprehensive income		-	-	-	84	681	954	1,719
Transactions with owners:
Dividends		-	-	-	-	-	(1,585)	(1,585)
Share-based payments		-	-	-	-	-	11	11
1 April 2013		1,048	2,757	(736)	(949)	1,316	22,712	26,148
Net profit for the period		-	-	-	-	-	2,037	2,037
Exchange differences net of tax		-	-	-	-	(861)	26	(835)
Fair value movement on cash    flow hedge net of tax		-	-	-	462	-	(106)	356
Actuarial loss on defined benefit    pension scheme net of tax		-	-	-	-	-	(365)	(365)
Total comprehensive income		-	-	-	462	(861)	1,592	1,193
Transactions with owners:
Share-based payments		-	-	-	-	-	11	11
Movement in own shares in share trust		-	-	114	-	-	-	114
Loss on release of shares in    share trust		-	-	-	-	-	(23)	(23)
1 October 2013		1,048	2,757	(622)	(487)	455	24,292	27,443
Net profit for the period		-	-	-	-	-	1,751	1,751
Exchange differences net of tax		-	-	-	-	(367)	3	(364)
Fair value movement on cash    flow hedge net of tax		-	-	-	(16)	-	(2)	(18)
Actuarial loss on defined benefit    pension scheme net of tax		-	-	-	-	-	(87)	(87)
Total comprehensive income		-	-	-	(16)	(367)	1,665	1,282
Transactions with owners:
Dividends		-	-	-	-	-	(565)	(565)
Share-based payments		-	-	-	-	-	15	15
31 March 2014		1,048	2,757	(622)	(503)	88	25,407	28,175

CONDENSED GROUP BALANCE SHEET
						As at  31 March 2014	As at 31 March 2013	As at 30 September 2013
						(Unaudited)	(Unaudited)	(Audited)
						£'000	£'000	£'000
ASSETS
Non-current assets
	Goodwill					1,075	1,075	1,075
	Other intangible assets					627	763	684
	Property, plant and equipment					11,302	12,044	11,718
	Deferred tax assets					313	354	278
	Trade and other receivables					586	586	586
						______	______	______
						13,903	14,822	14, 341
						______	______	______
Current assets
	Inventories					27,127	24,884	23,669
	Trade and other receivables					16,234	14,028	13,207
	Current tax assets					20	3	128
	Derivative financial instruments					-	-	219
	Cash and cash equivalents					531	448	1,117
						______	______	______
						43,912	39,363	38,340
						______	______	______
Total assets						57,815	54,185	52,681
						______	______	______
LIABILITIES
Current liabilities
	Borrowings					(4,634)	(10,851)	(522)
	Provisions					(49)	-	(49)
	Trade and other payables					(13,028)	(7,155)	(11,292)
	Current tax liabilities					(920)	(173)	(621)
						______	______	______
						(18,631)	(18,179)	(12,484)
						______	______	______
Net current assets						25,281	21,184	25,856
						______	______	______
Non-current liabilities
	Deferred tax liabilities					(958)	(939)	(1,001)
	Borrowings					(7,262)	(5,926)	(8,889)
	Trade and other payables					(23)	(23)	(23)
	Post-employment benefits					(1,588)	(1,346)	(1,589)
	Derivative financial instruments					(503)	(949)	(577)
	Redeemable loan notes payable					(675)	(675)	(675)
						______	______	______
						(11,009)	(9,858)	(12,754)
						______	______	______
Total liabilities						(29,640)	(28,037)	(25,238)
						______	______	______
Net assets						28,175	26,148	27,443
						______	______	______

CONDENSED GROUP BALANCE SHEET (continued)
										As at  31 March 2014	As at 31 March 2013	As at 30 September 2013
								(Unaudited)			(Unaudited)	(Audited)
										£'000	£'000	£'000
EQUITY
	Share capital									1,048	1,048	1,048
	Share premium account									2,757	2,757	2,757
	Own shares in share trust									(622)	(736)	(622)
	Hedging reserve									(503)	(949)	(487)
	Foreign exchange reserve									88	1,316	455
	Retained earnings									25,407	22,712	24,292
										______	______	______
Total equity attributable to owners of the Parent Company										28,175	26,148	27,443
										______	______	______

CONDENSED GROUP STATEMENT OF CASH FLOWS
								Six months ended			Year ended
								31 March	31 March		30 September
								2014	2013		2013
							(Unaudited)		(Unaudited)		(Audited)
								£'000	£'000		£'000
Cash flow from operating activities
Profit before taxation								2,560	2,008		5,134
Adjusted for:
		Foreign exchange loss						-	358		-
		Depreciation of property, plant and equipment						614	600		1,219
		Amortisation of intangible assets						84	89		181
		Loss on disposal of property, plant and equipment						7	1		3
		Loss on disposal of subsidiaries						-	24		60
		Net finance costs						351	350		714
		Share-based payments						15	11		22
		Decrease/(increase) in fair value of derivatives						129	-		(129)
		Decrease in post-employment benefit obligation						(113)	(86)		(307)
								______	______		______
Operating cash flow before movements in working capital								3,647	3,355		6,897
Changes in working capital:
		Increase in inventories						(3,728)	(1,980)		(789)
		(Increase)/decrease in trade and other receivables						(3,141)	(99)		876
		Increase/(decrease) in trade and other payables, and provisions						1,844	(1,737)		2,266
								______	______		______
Cash generated from operations								(1,378)	(461)		9,250
		Taxation paid						(420)	(47)		(649)
								______	______		______
Net cash from operating activities								(1,798)	(508)		8,601
								______	______		______
Cash flow from investing activities
		Disposal of subsidiaries						-	(10)		(9)
		Proceeds on disposal of property, plant and equipment						-	-		2
		Purchase of property, plant and equipment						(385)	(735)		(1,433)
		Purchase of intangible assets						(28)	(134)		(147)
		Interest received						1	13		22
								______	______		______
								(412)	(866)		(1,565)
								______	______		______

CONDENSED GROUP STATEMENT OF CASH FLOWS (continued)
									Six months ended				Year ended
									31 March		31 March		30 September
									2014		2013		2013
										(Unaudited)		(Unaudited)	(Audited)
									£'000		£'000		£'000
Cash flow from financing activities
		(Decrease)/increase in bank loans							(363)		680		(2,223)
		Interest paid							(352)		(363)		(736)
		Dividends paid							(565)		(1,585)		(1,585)
		Net purchase of own shares by share trust							-		-		91
									______		______		______
									(1,280)		(1,268)		(4,453)
									______		______		______
Net (decrease)/increase in cash and cash equivalents									(3,490)		(2,642)		2,583
Cash and cash equivalents at beginning of period									1,095		(1,341)		(1,341)
Effect of foreign exchange rates									(15)		33		(147)
									______		______		______
Cash and cash equivalents at end of period									(2,410)		(3,950)		1,095
									______		______		______

Cash and cash equivalents comprise:
Cash and cash equivalents					531	448	1,117
Bank borrowings					(2,941)	(4,398)	(22)
					______	______	______
					(2,410)	(3,950)	1,095
					______	______	______
The notes on pages 10 to 14 form part of this half year results announcement

Responsibility statement

We confirm that to the best of our knowledge:

(a) the half year results announcement for the six months ended 31 March 2014 'the announcement' has been prepared in accordance with IAS 34

(b) the announcement includes a fair review of the information required by DTR 4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year)

(c) the announcement includes a fair review of the information required by DTR 4.2.8R (disclosure of related party transactions and changes therein).

By order of the Board

Finance Director

Richard Hope

19 May 2014

	NOTES TO THE UNAUDITED HALF YEAR RESULTS ANNOUNCEMENT
	1.      Basis of preparation
		The Group is required to prepare its half year results in accordance with accounting standards adopted for use in the European Union (International Financial Reporting Standards (IFRS)).  The Group has adopted the reporting requirements of IAS 34 'Interim Financial Reporting'.
		The consolidated half year results are prepared on the basis of all International Accounting Standards (IAS) and IFRS published by the International Accounting Standards Board (IASB) that are currently in issue. New interpretations may be issued by the International Financial Reporting Interpretations Committee (IFRIC) on existing standards and best practice continues to evolve. It is therefore possible that the accounting policies set out below may be updated by the time the Group prepares its full set of financial statements under IFRS for the year ending 30 September 2014.
		The information relating to the six months ended 31 March 2014 and 31 March 2013 is unaudited and does not constitute statutory accounts. The statutory accounts for the year ended 30 September 2013 have been reported on by the company's auditors and delivered to the Registrar of Companies. The report of the auditors was unqualified, did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report and did not contain a statement under section 498 of the Companies Act 2006.  These half year results for the six months ended 31 March 2014 have neither been audited nor formally reviewed by the Group's auditors.
	2.      Accounting policies
		These half year results have been prepared on the basis of the same accounting policies and presentation set out in the Group's 30 September 2013 annual report, other than for the adoption of IAS 19 (Revised) 'Employee Benefits'. There were no new standards and amendments to standards which are mandatory and relevant to the Group for the first time for the financial year ending 30 September 2014, including IAS 19 (Revised), which have had a material effect on these half year results.
	3.      Going concern
As at the date of this report, the Directors have a reasonable expectation that the Group has adequate resources to continue in business for the foreseeable future. Since the period end all the Group's expiring banking facilities have been renewed on existing or improved terms.  Accordingly, the half year results have been prepared on the going concern basis.
4.      Risks and uncertainties The operation of a public company involves a series of risks and uncertainties across a range of strategic, commercial, operational and financial areas. The principal risks and uncertainties that could have a material impact on the Group's performance over the remaining six months of this financial year (for example, causing actual results to differ materially from expected results or from those experienced previously) are the same as those detailed on page 17 of the 2013 Annual Report and Financial Statements.

NOTES TO THE HALF YEAR RESULTS ANNOUNCEMENT (continued)

5.      Segmental information

(a) Business segments IFRS 8 requires operating segments to be identified on the basis of internal financial information reported to the Chief Operating Decision Maker (CODM).  The Group's CODM has been identified as the Board of Directors who are primarily responsible for the allocation of resources to the segments and for assessing their performance.  The disclosure in the Group accounts of segmental information is consistent with the information used by the CODM in order to assess profit performance from the Group's operations.  The Group operates as one global business segment.  The Group is engaged in the manufacture and supply of ingredient solutions for the flavour, fragrance and consumer goods markets with manufacturing sites in the UK, US and Kenya.  Many of the Group's activities, including sales, purchasing, manufacturing, technical, IT and finance are now being managed globally on a Group basis.

(b) Geographical segments

The following table provides an analysis of the Group's revenue by geographical market:

				Six months ended		Year ended
				31 March	31 March	30 September
				2014	2013	2013
				(Unaudited)	(Unaudited)	(Audited)
				£'000	£'000	£'000
	United Kingdom			4,744	5,130	10,016
	Rest of Europe			10,928	8,763	19,837
	The Americas			13,136	11,548	26,661
	Rest of the World			8,298	8,131	17,583
				37,106	33,572	74,097
6.      Exceptional items
	The exceptional items referred to in the income statement can be categorised as follows: Six months ended Year ended 31 March 31 March 30 September 2014 2013 2013 (Unaudited) (Unaudited) (Audited) £'000 £'000 £'000 Legal and professional fees 236 - 634 Corporate finance advisory and other costs - - 459 236 - 1,093 The exceptional items in the year all relate to non-recurring items.  The legal and professional fees relate to the Earthoil earnout contract dispute.
7.      Taxation
	Taxation has been provided on pre-exceptional profits at 28.9% (six months ended 31 March 2013: 28.2%) which is the effective group rate currently anticipated for the financial year ending 30 September 2014.

NOTES TO THE HALF YEAR RESULTS ANNOUNCEMENT (continued)

8.      Earnings per share Basic earnings per share Basic earnings per share is based on the weighted average number of ordinary shares in issue and ranking for dividend during the year.  The weighted average number of shares excludes shares held by the Treatt Employee Benefit Trust (EBT). Six months ended Year ended 31 March 31 March 30 September 2014 2013 2013 (Unaudited) (Unaudited) (Audited) Earnings (£'000) 1,751 1,442 3,479 Weighted average number of ordinary shares in issue (No: '000) 51,323 51,1251 51,1421 Basic earnings per share (pence) 3.41p 2.82p1 6.80p1 Diluted earnings per share Diluted earnings per share is based on the weighted average number of ordinary shares in issue and ranking for dividend during the year, adjusted for the effect of all dilutive potential ordinary shares. The number of shares used to calculate earnings per share (EPS) have been derived as follows: Six months ended Year ended 31 March 31 March 30 September 2014 2013 Restated1 2013 Restated1 (Unaudited) (Unaudited) (Audited) No ('000) No ('000) No ('000) Weighted average number of shares 52,405 52,405 52,405 Weighted average number of shares held in the EBT (1,082) (1,281) (1,263) Weighted average number of shares used for calculating basic EPS 51,323 51,124 51,142 Executive share option schemes 39 - 9 Savings-related share options 233 126 223 Weighted average number of shares used for calculating diluted EPS 51,595 51,250 51,374 Diluted earnings per share (pence) 3.39p 2.81p 6.77p Adjusted earnings per share Adjusted earnings per share measures are calculated based on profits for the year attributable to owners of the Parent Company before exceptional items as follows: Six months ended Year ended 31 March 31 March 30 September 2014 2013 2013 (Unaudited) (Unaudited) (Audited) £'000 £'000 £'000 Earnings for calculating basic and diluted earnings per share 1,751 1,442 3,479 Adjusted for: Exceptional items (see note 6) 236 - 1,093 Taxation thereon - - (155) Earnings for calculating adjusted earnings per share 1,987 1,442 4,417 Adjusted basic earnings per share (pence) 3.87p 2.82p1 8.64p1 Adjusted diluted earnings per share (pence) 3.85p 2.81p1 8.60p1

¹ restated following five for one sub-division of share capital - see note 9

NOTES TO THE HALF YEAR RESULTS ANNOUNCEMENT (continued)
9.      Dividends
		Dividend per share for six months ended  31 March
		20142	20131	20121	2014	2013
		Pence	Pence Restated3	Pence Restated3
	Equity dividends on ordinary shares:
	Interim dividend	1.24p	1.10p	1.02p	565	521
	Final dividend	N/A	2.60p	2.08p	-	1,064
		N/A	3.70p	3.10p	565	1,585
	1 Accounted for in the subsequent year in accordance with IFRS. 2 The declared interim dividend for the year ended 30 September 2014 of 6.2 pence was approved by the Board on 16 May 2014 and in accordance with IFRS has not been included as a deduction from equity at 31 March 2014.  The dividend will be paid on 17 October 2014 to those shareholders on the register at 12 September 2014 and will, therefore, be accounted for in the results for the year ended 30 September 2015. 3 Following a resolution approved by shareholders on 16 May 2014, the share capital of the Company has been sub-divided on a five for one ratio (i.e. five new 2 pence ordinary shares replacing each existing 10 pence ordinary share) and accordingly, the above numbers have been restated on the basis of the new share capital.
10.    Contingent liabilities As disclosed in note 27 of the 2013 annual report and accounts, the sellers of the Earthoil Group, which was acquired by the Group in April 2008, have filed a claim in the Chancery Division of the High Court against the Group for £1.8m which has subsequently been extended to £2.3m.  Following the determination of some preliminary issues in hearings held in November 2013 and February 2014, certain points of law are to be determined by the Court of Appeal towards the end of 2014.  Thereafter, hearing of the substantive matters, in respect of the quantum of the claim,  will continue.  The costs of resolving the dispute currently total £883,000, of which the current year's costs of £236,000 have been included in exceptional items.  The total eventual legal and professional fees of the dispute are currently unknown, but are likely to exceed £1m.

11.    Related party transactions Treatt Plc, the Parent Company, entered into the following material transactions with related parties:
					31 March	31 March	30 September
					2014	2013	2013
					(Unaudited)	(Unaudited)	(Audited)
Interest received on loan notes from:
Earthoil Plantations Limited					7	7	14
Earthoil Kenya PTY EPZ Limited					3	3	6
Dividends received from:
R.C.Treatt & Co Limited					563	520	948
Treatt USA Inc					-	654	654
Redeemable loan notes receivable:
Earthoil Plantations Limited					950	950	950
Earthoil Kenya PTY EPZ Limited					400	400	400
Amounts owed to/(by) parent undertaking:
Earthoil Plantations Limited					1,009	127	157
R.C.Treatt & Co Limited					(997)	(524)	297

The redeemable loan notes are redeemable in full on 31 December 2015 or from 31 March 2009 on request from the issuer.  Interest is receivable at 1% above UK base rate.  Amounts owed to the Parent Company are unsecured and will be settled in cash.

CAUTIONARY STATEMENT ABOUT FORWARD-LOOKING STATEMENTS

This announcement contains forward-looking statements that are subject to risk factors associated with, among other things, the economic and business circumstances occurring from time to time in the countries, sectors and markets in which the Group operates.  It is believed that the expectations reflected in these statements are reasonable but they may be affected by a wide range of variables which could cause actual results to differ materially from those currently anticipated.  No assurances can be given that the forward-looking statements in this announcement will be realised. The forward-looking statements reflect the knowledge and information available at the date of preparation of this announcement and the Group undertakes no obligation to update these forward-looking statements.  Nothing in this announcement should be construed as a profit forecast.

 

END

 

 

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