Half-yearly Report

Arsenal Holdings plc Results for the six months ended 30 November 2014 ARSENAL ANNOUNCE HALF YEAR RESULTS * Turnover from football increased to Â£148.5 million (2013 - Â£135.9 million) with strong growth in commercial activity driven by the new kit partnership with PUMA. * Significant investment in the squad with a record level of expenditure on player acquisitions (Â£93.7 million) which has in turn resulted in a higher amortisation and higher wage costs in the profit and loss account. * Profit on sale of player registrations amounted to Â£26.7 million which was significantly higher than the prior period comparative (2013 - Â£6.1 million). * Minimal activity during this half year in the Property side of the Group. * Group recorded an overall profit before tax of Â£11.1 million (2013 - loss of Â£2.2 million). * The Group has no short-term debt and its cash reserves, excluding the balances designated as debt service reserves, amounted Â£138.8 million (2013 - Â£120.6 million). * The liabilities for player acquisitions are in part payable in instalments and transfer creditors rose to Â£82.8 million (2013 - Â£37.9 million). * Overall result for the year expected to be fully compliant with all of the requirements of both the Premier League and UEFA financial regulatory regimes. Commenting on the results for the six months, the Club's Chairman, Sir Chips Keswick, said: "Our commitment to investment in the squad was evidenced by a record level of expenditure on players joining the Club. Crucially, this investment remains at a level which is consistent with our principle of affordability and which is financially sustainable in accordance with the applicable regulatory regimes. On the field, the team has produced some strong results and the squad is looking fit and better balanced. However, we need to find our best form on a more consistent basis as we approach, what I hope will be, an exciting end to the season." CHAIRMAN'S STATEMENT We enter the final phase of this season in a strong position on and off the pitch. As you will see from the financial results, which are considered in more detail in the Financial Review section of this report, the Group has reported an overall profit for the half year. This has been made possible by our continued commercial momentum. The PUMA partnership has made a very strong start and we have also made further additions to our roster of Official and Regional partnerships. In addition, we have established a retail presence in Indonesia in partnership with MAP Active, an on-line store in China in association with Venue Retail International and continued to invest in our retail operations at home. On the field, the team has produced some strong results and the squad is looking fit and better balanced. However, we need to find our best form on a more consistent basis as we approach, what I hope will be, an exciting end to the season. It has been particularly rewarding to see the recent emergence into the first team squad of Francis Coquelin and Hector Bellerin. Francis is a great example to everyone of what can happen if you are patient and dedicated. He thoroughly deserves all the accolades currently heading in his direction. Hector is another young player who has shown tremendous application and effort and he is growing in confidence game by game. The progress of both players is testimony to the philosophy of the Board, our majority owner Stan Kroenke and manager ArsÃ¨ne Wenger. In an era when many are seeking short term results and instant action, we remain true to our principles of investing in the future by continuing to sign outstanding international talent while developing our own. We have assembled and developed a young squad, with many of the first team aged 25 years or under, secured to long term contracts which will allow them to grow together. In addition, we are excited by the prospects that a number of our younger players can make the step up to the First Team in the next couple of seasons. Our commitment to investment in the squad was evidenced by a record level of expenditure on players joining during the summer with the acquisitions of Calum Chambers, Mathieu Debuchy, David Ospina, Alexis Sanchez and Danny Welbeck. The recent acquisition of defender Gabriel from Villarreal will take our total transfer expenditure for the year to well in excess of Â£100 million. This substantial investment has inevitably led to increased amortisation and wage costs in our profit and loss account but, crucially, this remains at a level which is consistent with our principle of affordability and which is financially sustainable in accordance with the requirements of the applicable regulatory regimes. This season has seen the Club and the entire football family mark the centenary of the end of the First World War. There have been many poignant events across the country and I know our Under-19 squad was particularly moved by a visit to a war cemetery during their Champions Youth League trip to Brussels in the autumn. Our work through the Arsenal Foundation continues to thrive and once again players, staff and supporters showed their generosity towards our dedicated match-day in December, raising some Â£220,000. The money raised continues to help us deliver work that transforms young peoples' lives here in London and further afield and we are grateful for everyone's contribution. Making a difference in our community has always been central to what we stand for as a Club and 2015 marks the 30th anniversary of the formal establishment of our Arsenal in the Community programme. That team has been led for many years by our own Alan Sefton who was very deservedly awarded an MBE in the Queen's New Year's Honours list. We all send him our congratulations and look forward to seeing the team's work develop further as we move closer to opening a new Arsenal in the Community centre in the spring which will provide important facilities for us to develop activities for local people. FINANCIAL REVIEW The financial results for the six months ended 30 November 2014 show further growth in the Group's revenues driven by the commencement of our kit partnership with PUMA. The total turnover from football was Â£148.5 million compared with Â£135.9 million for the same period last year. These improved commercial revenues and the underlying strong financial position have allowed us to make further significant investments into the Club's playing resources. Additions to player registrations in the first half of the year were Â£93.7 million and these additions, together with certain contract extensions, have driven both a higher amortisation charge in the profit and loss account and a higher wage bill. The final main feature of the half year results is the gain of Â£26.7 million (2013 - Â£6.1 million) made from the sale of players and from realising the value of an option the Club held in relation to the registration of former player, Carlos Vela. The overall result for the period was a profit before tax of Â£11.1 million as compared to a loss of Â£2.2 million for the first half last year. 2014 2013 Â£m Â£m Turnover Football 148.5 135.9 Property development 0.3 2.0 Total turnover 148.8 137.9 Operating profits* Football* 21.9 22.2 Property development 0.1 0.7 Total operating profit* 22.0 22.9 Player trading 1.4 (12.6) Depreciation and (6.5) (6.4) amortisation of goodwill Joint venture 0.5 0.4 Net finance charges (6.3) (6.5) Profit / (loss) before tax 11.1 (2.2) *= operating profits before depreciation and player trading costs Broadcasting was again the largest source of income at Â£53.0 million (2013 - Â£ 52.0 million). The similar level of TV income is to be expected given we are in the second season of three for the current Premier League broadcasting contracts and the final year of the existing UEFA contracts. Looking beyond the current year, UEFA's successful marketing of Champions League broadcast and commercial rights for its next three year cycle (including BT's purchase of exclusive UK rights) should drive further growth in values for the participating English clubs from next season. The expected underlying revenue growth may be slightly offset by a weaker Euro. The Premier League has recently announced a significant uplift in the value achieved for the UK TV rights for the three seasons commencing 2016/17. The process of tendering the international rights has yet to fully commence. An investigation into the sale of live broadcast rights in the UK is currently being undertaken by OFCOM the outcome of which cannot be predicted at this early stage. Our combined Commercial and Retail revenues rose sharply and at Â£52.3 million (2013 - Â£38.4 million) fell only just below the total for broadcasting. Growth of 36% on top of 39% in the prior period demonstrates a significant step forward although, inevitably, this growth rate will now slow as we have our key partnerships with Emirates and PUMA in place for the medium term. Our new kit partnership with PUMA has made an excellent start with a really positive impact on our retail and licensing businesses. In addition, we benefited from a major re-fit of our flagship Armoury store which was completed to coincide with the launch of the new PUMA kits at the start of July. We can also report good progress in terms of secondary partnerships, adding Capital Bank and Markets.com to the seven new deals and renewals previously reported for 2014/15 and bringing the Club's total number of current partnerships up to 25. The previously reported new partnerships being with Vitality, Europcar, Cooper and Hansa (new deals) and BT, Citroen and Indesit (renewals) Match day revenue includes the match fees received in respect of our pre-season matches and overseas tours. Although there was time to stage another very successful and well attended Emirates Cup, last summer's World Cup meant the window for participating in pre-season activity was truncated, resulting in a single overseas fixture, against New York Red Bulls. As a consequence match day revenue was lower at Â£42.9 million (2013 - Â£45.0 million). Match day revenue remains weighted to the second half of the financial year and at 30 November we had played 11 (2013 - 11) of the 27 home fixtures we are so far certain of playing for the full season. Operating costs for the football side of the business were increased to Â£126.2 million (2013 - Â£113.2 million). Our new signings, together with certain player contract extensions, mean that higher football wage costs are the most significant factor behind this increase. It is worth repeating that having the resources to grow our wage bill in a rational and responsible manner actually represents a positive outcome in line with our objectives of achieving more on-field success for the Club. Outside player wage costs we also increased the level of expenditure in our football support and coaching staff and in certain other key areas such as youth development. Increased revenue activity, particularly within the retail business, has led to an up-lift to our direct costs of sales. In contrast to football, activity in the Group's property business was very quiet with revenue of Â£0.3 million (2013 - Â£2.0 million) and operating profit of Â£0.1 million (2013 - Â£0.7 million), mainly from the rental of certain retained commercial units, such as the gym at Highbury Square. The timing of sale for the remaining major property sites, on Hornsey Road and Holloway Road, is tied to the resolution of the underlying planning consents. Player trading, which resulted in a surplus of Â£1.4 million (2013 - deficit of Â£12.6 million), has, as usual, played a fairly key role in differentiating the overall financial result against its prior period comparative. Player sales, including Thomas Vermaelen, generated a profit of Â£26.7 million (2013 - Â£6.1 million); also included within this heading is the net proceeds of cancelling an option which the Club held to reacquire the registration of former player Carlos Vela. This was a substantially higher profit than that achieved in the prior period and was only partially offset by an increased charge for amortisation of player registrations, which amounted to Â£25.6 million (2013 - Â£ 19.3 million). The book value of player registrations (intangible fixed assets) has been increased significantly to Â£181.3 million, from Â£115.0 million as at 31 May 2014, mainly as a result of the player acquisitions to which we have already referred. In cash terms, as the liabilities for these acquisitions are in part payable in instalments, the net outlay on transfers for the period was Â£30.7 million (2013 - Â£12.7 million). This meant that the Group has actually slightly improved its already strong cash position with balances at 30 November amounting to Â£161.5 million (2013 - Â£143.5 million), inclusive of debt service reserve balances, which are not available for football purposes, of Â£22.8 million (2013 - Â£22.8 million). However, in contrast, the amount owing on transfers was increased to Â£82.8 million (2013 - Â£37.9 million). The Group enters into a number of transactions, relating mainly to its participation in European competition (UEFA Champions League distributions are paid in â‚¬) and player transfers, which create exposure to movements or volatility in foreign exchange, including â‚¬. The Group monitors this foreign exchange exposure on a continuous basis and will usually hedge any significant exposure in its currency receivables and payables. SUMMARY The Group's overall after tax profit for the six months was Â£10.1 million (2013 - profit of Â£2.8 million). As always, the actual outcome for the second half will be strongly influenced by the extent of progress in the knock-out competitions and final Premier League position. We expect the overall result for the year to be fully compliant with all of the requirements of both the Premier League and UEFA financial fair play rules. Looking ahead to next season we have recently announced that we will not be making any increase in ticket prices. This will be the sixth season since the move to Emirates Stadium that prices have been held. In closing I should thank everyone for their support so far this season. The atmosphere at Emirates Stadium has been terrific and the support at every away game has, as ever, been first class. Keep backing the team and enjoy the rest of the season. Sir Chips Keswick Chairman 27 February 2015 Arsenal Holdings Plc Consolidated profit and loss account For the six months ended 30 November 2014 Six months to 30 Year ended November 31 May Six months to 30 November 2014 2013 2014 Unaudited Unaudited Audited Operations excluding player Player trading trading Total Total Total Notes Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Turnover of the Group 149,959 258 150,217 139,149 304,267 including its share of joint ventures Share of turnover of (1,449) - (1,449) (1,214) (2,395) joint ventures ________ ________ _______ ________ ________ Group turnover 4 148,510 258 148,768 137,935 301,872 Operating expenses - other (132,935) - (132,935) (120,862) (251,736) - amortisation of player - (25,560) (25,560) (19,284) (40,072) registrations Total operating expenses (132,935) (25,560) (158,495) (140,146) (291,808) ________ ________ _______ ________ ________ Operating profit/(loss) 15,575 (25,302) (9,727) (2,211) 10,064 Share of operating 470 - 470 405 710 profit of joint venture Profit on disposal of - 26,740 26,740 6,120 6,912 player registrations ________ ________ _______ ________ ________ Profit on ordinary 16,045 1,438 17,483 4,314 17,686 activities before net finance charges ________ ________ Net finance charges (6,337) (6,490) (13,018) ________ ________ ________ Profit/(loss) on ordinary activities before taxation 11,146 (2,176) 4,668 Taxation (1,084) 4,988 2,603 ________ ________ ________ Profit after taxation retained for the financial period 10,062 2,812 7,271 ________ ________ ________ Earnings per share 5 Â£161.72 Â£45.20 Â£116.87 ________ ________ ________ All trading resulted from continuing operations. The accompanying notes are an integral part of these statements. Arsenal Holdings Plc Consolidated balance sheet At 30 November 2014 Notes 30 November 31 May 2014 2013 2014 Unaudited Unaudited Audited Â£'000 Â£'000 Â£'000 Fixed assets Goodwill 1,285 1,711 1,498 Tangible assets 419,931 418,826 421,402 Intangible assets 6 181,269 130,001 114,986 Investment in joint venture 3,943 3,340 3,571 ________ ________ ________ 606,428 553,878 541,457 ________ ________ ________ Current assets Stock - Development properties 9,843 12,467 9,849 Stock - Retail merchandise 4,169 2,426 4,935 Debtors - Due within one year 52,922 59,572 65,642 Debtors - Due after one year 10,624 9,741 4,861 Cash and short-term deposits 7 161,546 143,474 207,878 ________ ________ ________ 239,104 227,680 293,165 Creditors: Amounts falling due (198,146) (167,486) (203,032) within one year ________ ________ ________ Net current assets 40,958 60,194 90,133 ________ ________ ________ Total assets less current 647,386 614,072 631,590 liabilities Creditors: Amounts falling due after (274,346) (251,881) (266,478) more than one year Provisions for liabilities (52,355) (56,029) (54,494) ________ ________ ________ Net assets 320,685 306,162 310,618 ________ ________ ________ Capital and reserves Called up share capital 62 62 62 Share premium 29,997 29,997 29,997 Merger reserve 26,699 26,699 26,699 Profit and loss account 8 263,927 249,404 253,860 ________ ________ ________ Shareholders' funds 9 320,685 306,162 310,618 ________ ________ ________ The accompanying notes are an integral part of this consolidated balance sheet. Arsenal Holdings Plc Consolidated cash flow statement For the six months ended 30 November 2014 Six months to 30 November Year ended 31 May 2014 2013 2014 Unaudited Unaudited Audited Â£'000 Â£'000 Â£'000 Net cash inflow from operating activities 5,490 20,129 96,169 Player registrations (30,667) (12,728) (11,121) Returns on investment and servicing of (6,018) (6,227) (12,409) finance Taxation (996) 58 (2,445) Capital expenditure (6,867) (4,316) (8,873) ________ ________ ________ Cash (outflow)/inflow before financing (39,058) (3,084) 61,321 Financing (7,274) (6,899) (6,900) Management of liquid resources 42,689 24,283 (39,781) ________ ________ ________ Change in cash in the period (3,643) 14,300 14,640 Change in short-term deposits (42,689) (24,283) 39,781 ________ ________ ________ (Decrease)/increase in cash and short-term (46,332) (9,983) 54,421 deposits ________ ________ ________ Arsenal Holdings Plc Notes to the cash flow statement Six months to 30 November Year ended 31 May 2014 2013 2014 Unaudited Unaudited Audited Â£'000 Â£'000 Â£'000 a) Reconciliation of operating resultto net cash inflow/(outflow)from operating activities Operating (loss)/profit (9,727) (2,211) 10,064 Loss/(profit) on disposal of tangible fixed 297 (9) (140) assets Amortisation of goodwill 213 213 426 Depreciation (net of grant amortisation) 6,554 6,211 12,418 Amortisation of player registrations 25,560 19,284 40,072 Decrease/(increase) in stock 772 225 (2,472) Decrease in debtors 17,574 17,033 9,657 (Decrease)/increase in creditors (35,753) (20,617) 26,144 ________ ________ ________ Net cash inflow from operating activities 5,490 20,129 96,169 ________ ________ ________ b) Reconciliation of net cash flow to movement in net debt (Decrease)/increase in cash and short term (46,332) (9,983) 54,421 deposits Cash outflow from decrease in debt 7,274 6,899 6,900 ________ ________ ________ Change in net debt resulting from cash flows (39,058) (3,084) 61,321 Increase in debt resulting from non cash (337) (341) (677) changes Net debt at start of period (32,577) (93,221) (93,221) ________ ________ ________ Net debt at close of period (71,972) (96,646) (32,577) ________ ________ ________ c) Analysis of changes in net debt At 1 June Non cash Cash At 30 November 2014 changes flows 2014 Â£'000 Â£'000 Â£'000 Â£'000 Cash at bank and in hand 80,555 - (3,643) 76,912 Short-term deposits 127,323 - (42,689) 84,634 _______ _______ _______ _______ 207,878 - (46,332) 161,546 Debt due within one year ( (6,704) (7,678) 7,274 (7,108) bonds) Debt due after more than one (205,921) 7,530 - (198,391) year (bonds) Debt due after more than one year (debenture subscriptions) (27,830) (189) - (28,019) _______ _______ _______ _______ Net debt (32,577) (337) (39,058) (71,972) _______ _______ _______ _______ Non cash changes represent Â£288,000 in respect of the amortisation of costs of raising finance, Â£189,000 in respect of rolled up, unpaid debenture interest for the period less Â£140,000 in respect of amortisation of the premium on certain of the Group's interest rate swaps. d) Gross cash flows Six months to 30 November Year ended 31 May 2014 2013 2014 Unaudited Unaudited Audited Â£'000 Â£'000 Â£'000 Player registrations: Payments for purchase of players (48,568) (35,054) (40,419) Receipts from sale of players 17,901 22,326 29,298 _______ _______ _______ (30,667) (12,728) (11,121) _______ _______ _______ Returns on investment and servicing of finance: Interest received 540 418 862 Interest paid (6,558) (6,645) (13,271) _______ _______ _______ (6,018) (6,227) (12,409) _______ _______ _______ Capital expenditure: Payments to acquire tangible fixed assets (6,890) (4,326) (9,019) Receipts from sale of tangible fixed assets 23 10 146 _______ _______ _______ (6,867) (4,316) (8,873) _______ _______ _______ Financing: Repayment of borrowings (7,274) (6,899) (6,900) _______ _______ _______ Total debt repayment (7,274) (6,899) (6,900) _______ _______ _______ Arsenal Holdings Plc Notes to the interim accounts 30 November 2014 1 Basis of preparation of Group financial statements The Group financial statements consolidate the assets, liabilities and results of the company and its subsidiary undertakings made up to 30 November 2014. The Group has two classes of business - the principal activity of operating a professional football club and property development. The interim results have been prepared, in accordance with United Kingdom Generally Accepted Accounting Practice, on the same basis and using the same accounting policies as those used in the preparation of the full year's accounts to 31 May 2014. The status of the Group's financing arrangements is summarised in the Chairman's Statement. The directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future and the financial statements continue to be prepared on the going concern basis. 2 Significant accounting policies Income recognition Gate and other match day revenue is recognised over the period of the football season as games are played and events are staged. Sponsorship and similar commercial income is recognised over the duration of the respective contracts. The fixed element of broadcasting revenues is recognised over the duration of the football season whilst facility fees for live coverage or highlights are taken when earned at the point of broadcast. Merit awards are accounted for only when known at the end of the financial period. UEFA pool distributions relating to participation in the Champions League are spread over the matches played in the competition whilst distributions relating to match performance are taken when earned; these distributions are classified as broadcasting revenues. Fees receivable in respect of the loan of players are included in turnover over the period of the loan. Income from the sale of development properties is recognised on legal completion of the relevant sale contract. Where elements of the sale price are subject to retentions by the purchaser the retained element of the sale price is not recognised until such time as all of the conditions relating to the retention have been satisfied. Player registrations The costs associated with acquiring players' registrations or extending their contracts, including agents' fees, are capitalised and amortised, in equal instalments, over the period of the respective players' contracts. Where a contract life is renegotiated the unamortised costs, together with the new costs relating to the contract extension, are amortised over the term of the new contract. Where the acquisition of a player registration involves a non-cash consideration, such as an exchange for another player registration, the transaction is accounted for using an estimate of market value for the non-cash consideration. Under the conditions of certain transfer agreements or contract renegotiations, further fees will be payable in the event of the players concerned making a certain number of First Team appearances or on the occurrence of certain other specified future events. Liabilities in respect of these additional fees are accounted for, as provisions, when it becomes probable that the number of appearances will be achieved or the specified future events will occur. The additional costs are capitalised and amortised as set out above. 3 Segmental analysis Class of business Football Six months to 30 November Year ended 31 May 2014 2013 2014 Unaudited Unaudited Audited Â£'000 Â£'000 Â£'000 Turnover 148,498 135,958 298,658 _______ _______ _______ Profit/(loss) on ordinary activities before 10,780 (3,111) 3,817 taxation _______ _______ _______ Segment net assets 282,150 268,111 272,449 _______ _______ _______ Class of business Property development Six months to 30 November Year ended 31 May 2014 2013 2014 Unaudited Unaudited Audited Â£'000 Â£'000 Â£'000 Turnover 270 1,977 3,214 _______ _______ _______ Profit on ordinary activities before taxation 366 935 851 _______ _______ _______ Segment net assets 38,535 38,051 38,169 _______ _______ _______ Class of business Group Six months to 30 November Year ended 31 May 2014 2013 2014 Unaudited Unaudited Audited Â£'000 Â£'000 Â£'000 Turnover 148,768 137,935 301,872 _______ _______ _______ Profit/(loss) on ordinary activities before 11,146 (2,176) 4,668 taxation _______ _______ _______ Net assets 320,685 306,162 310,618 _______ _______ _______ 4 Turnover Six months to 30 November Year ended 31 May 2014 2013 2014 Unaudited Unaudited Audited Â£'000 Â£'000 Â£'000 Gate and other match day revenues 42,939 44,961 100,229 Player trading 258 540 513 Broadcasting 52,992 52,025 120,762 Retail and licensing income 14,212 10,389 17,938 Commercial 38,097 28,043 59,216 Property development 270 1,977 3,214 _______ _______ _______ 148,768 137,935 301,872 _______ _______ _______ 5 Earnings per share The calculation of earnings per share is based on the profit for the period divided by the weighted average number of ordinary shares in issue being 62,217 (period to 30 November 2013 - 62,217 shares and year to 31 May 2014 - 62,217 shares). 6 Intangible fixed assets Â£'000 Cost of player registrations At 1 June 2014 249,265 Additions 93,684 Disposals (34,101) _______ At 30 November 2014 308,848 _______ Amortisation of player registrations At 1 June 2014 134,279 Charge for the period 25,560 Disposals (32,260) _______ At 30 November 2014 127,579 _______ Net book amount At 30 November 2014 181,269 _______ At 31 May 2014 114,986 _______ 7 Cash at bank and in hand 30 November 31 May 2014 2013 2014 Unaudited Unaudited Audited Â£'000 Â£'000 Â£'000 Debt service reserve accounts 22,781 22,831 34,557 Other accounts 138,765 120,643 173,321 _______ _______ _______ 161,546 143,474 207,878 _______ _______ _______ The Group is required under the terms of its fixed and floating rate bonds to maintain specified amounts on bank deposit as security against future payments of interest and principal. Accordingly the use of these debt service reserve accounts is restricted to that purpose. Included in other accounts is a balance of Â£0.2 million (30 November 2013 Â£0.5 million and 31 May 2014 Â£0.3 million) which is held in connection with the site works at Queensland Road. The use of this deposit is restricted to that purpose and Newlon Housing Trust is a joint signatory. The Group uses short-term bank treasury deposits as a means of maximising the interest earned on its cash balances. 30 November 31 May 2014 2013 2014 Unaudited Unaudited Audited Â£'000 Â£'000 Â£'000 Cash at bank and in hand 76,912 80,215 80,555 Short-term deposits 84,634 63,259 127,323 _______ _______ _______ 161,546 143,474 207,878 _______ _______ _______ 8 Profit and loss account 30 November 31 May 2014 2013 2014 Unaudited Unaudited Audited Â£'000 Â£'000 Â£'000 At start of period 253,860 246,597 246,597 Profit for the period 10,062 2,812 7,271 Exchange difference 5 (5) (8) __________ __________ __________ Balance at end of period 263,927 249,404 253,860 __________ __________ __________ 9 Reconciliation of shareholders' funds 30 November 31 May 2014 2013 2014 Unaudited Unaudited Audited Â£'000 Â£'000 Â£'000 Opening shareholders' funds 310,618 303,355 303,355 Profit for the period 10,062 2,812 7,271 Exchange difference 5 (5) (8) __________ __________ __________ Closing shareholders' funds 320,685 306,162 310,618 __________ __________ __________ 10 Additional information a) The interim financial statements do not constitute statutory financial statements within the meaning of Section 435 of the Companies Act 2006. The financial information for the year ended 31 May 2014 has been extracted from the statutory accounts for the year then ended which have been filed with the Registrar of Companies. The audit report on these accounts was unqualified and did not contain any statements under Section 498 (2) or (3) Companies Act 2006. b) These results will be announced to ICAP Securities & Derivatives Exchange (ISDX Growth Market) on 27 February 2015 and posted to all shareholders on the register at 26 February 2015. Copies of this interim report will be available from the company's registered office at Highbury House, 75 Drayton Park, London N5 1BU. c) These interim results have been reviewed by the Group's auditors, Deloitte LLP, who have issued a review report on the results.

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