Annual Financial Report

RNS Number : 8609R

Schroder UK Growth Fund PLC

01 July 2015

 



1 July 2015

ANNUAL REPORT AND ACCOUNTS

Schroder UK Growth Fund plc (the "Company") hereby submits its annual financial report for the year ended 30 April 2015 as required by the UK Listing Authority's Disclosure and Transparency Rule 4.1. 

The Company's Annual Report and Accounts for the year ended 30 April 2015 are also being published in hard copy format and an electronic copy will shortly be available to download from the Company's website http://www.schroderukgrowthfund.com.  Please click on the following link to view the document:

The Company has submitted its Annual Report and Accounts to the National Storage Mechanism and it will shortly be available for inspection at www.hemscott.com/nsm.do.

Enquiries:

John Spedding

Schroder Investment Management Limited               

Tel: [phone]

Chairman's Statement

Performance

The year to 30 April 2015 has been one of further significant change for your Company with a new lead manager, a revised investment strategy and the transitioning of the portfolio to mirror the investment process utilised by the Schroder UK Alpha Plus Fund. Since reporting in my Statement in the Half Year Report and the introduction of the focus on long term earnings and valuations, performance has stabilised.

During the year to 30 April 2015, the Company's NAV returned 1.9%, while the share price returned -3.1%.  This compares with an equivalent return of 7.5% by the FTSE All-Share Index over the same period. 

Further comment on performance and investment policy may be found in the Manager's Review.

Earnings and Dividends

The Directors have declared a second interim dividend of 2.50p per share, making a total of 5.00p per share for the year, an increase of 11.1% over total ordinary dividends of 4.50p per share paid in respect of the previous year.  In addition, the Directors have again declared a special dividend of 1.00p for the year ended 30 April 2015, reflecting the exceptional boost to net income enjoyed in the period resulting from the fee waiver negotiated with Schroders.  Both the second interim dividend and the special dividend will be payable on 31 July 2015 to shareholders on the register on 10 July 2015.

Gearing Policy

During the year, the Company maintained its borrowing facility at £35 million. The net effective gearing level at the beginning of the year (which takes account not only of the borrowings but any cash held by the Manager) was 9.3%.

In September 2014, the Board decided to remove the gearing and the outstanding borrowings were subsequently repaid.  The gearing facility has remained undrawn since that time, and at the end of the year the net cash position was 3.6%.  Our Manager will utilise the Company's borrowing facility when suitable investment opportunities at appropriate valuations arise.

The Company's gearing will continue to operate within pre-agreed limits so that net effective gearing does not represent more than 20% of shareholders' funds. 

Discount Management Policy

In November 2006, the Board introduced a policy to seek to maintain the average discount of the Company's share price to its ex income NAV at no more than 5% over the long term. Since inception of the policy, the average discount has been 5.1%, and 5.5% and 5.4% respectively over the last three and five years.

The average discount in the year to 30 April 2015 was slightly higher than the long term average at 6.8%. Following the announcement of the resignation of the previous lead manager, and during the period in which the investment management arrangements were under review, the discount widened.  After the investment strategy was amended, the discount widened further, in line with peers, in the period leading up to the UK general election and stood at 8.4% at the end of the year. The discount has narrowed since the end of the year and currently stands at 7.6%.

Mindful of seeking to achieve the policy's 5% average discount over the long term, the Board will continue to be active in supporting its discount target in a number of ways; this includes the use of share buy-backs within certain parameters agreed by the Board. In this regard, since the end of the year, the Company has purchased a total of 240,000 Ordinary shares, which are currently held in Treasury.

The Directors are seeking authority from shareholders for a renewal of the required authorities to purchase shares for cancellation or to hold shares in Treasury for reissue at a premium to net asset value, to assist with achieving the target long-term discount level established by the formal discount management policy. From time to time, it will be necessary for the Board to review target levels should general market conditions dictate.

Outlook

The market has been moving sideways since the end of the financial year, with any optimism about UK corporate profits often punctured by poor international news, such as from Greece.  

The Manager's Review mentions that share valuations have moved into slightly expensive territory.  It is for this reason that the borrowing facility is not currently being utilised.  However, the Manager will re-introduce gearing when opportunities are presented. 

Annual General Meeting

The Annual General Meeting will be held at 12.00 noon on Wednesday 5 August 2015, and shareholders are encouraged to attend.  I hope as many of you as possible will be able to come along.  The meeting, as in previous years, will include a presentation by the Manager on the prospects for the UK market and the Company's investment strategy.

Alan Clifton

Chairman

30 June 2015

Manager's Review

Over the 12 months to 30 April 2015 the total return on the Company's net asset value was 1.9%, compared to the total return from the FTSE All Share index of 7.5% (source: Morningstar, Thomson Reuters).

Market Background

The UK stock market had two phases over the last financial year, drifting down until the autumn on what were largely global concerns before recovering to end the whole period up 7.5%. The early concerns - about global growth and geo-political events such as the tensions in Ukraine, the Middle East, and the Scottish independence vote - were offset by the European Central Bank beginning a full-blown quantitative easing drive and by domestic merger and acquisition activity. The outlook for the UK consumer has improved, in part due to the positive effect of weaker inflation on real wages as lower oil prices feed through to fuel prices, but the stock market's continuing preoccupation has remained the availability of government liquidity keeping interest rates down.

Within the market the most notable trend was the underperformance of oil and mining shares, two large components of the UK stock market that reacted to the sharp decline in commodity prices and the perception that economic growth forecasts worldwide were being downgraded. There was also underperformance from smaller-sized companies, as investors moved back to the perceived stability of large-caps. The outperforming sectors included financials (and particularly insurers), technology companies, and telecom companies.

Investment Process

The management of the portfolio changed during the year after the resignation from Schroders of the Company's former lead manager, Julie Dean. Following the review of investment management arrangements, Philip Matthews, a member of Schroders' Specialist UK Equity team, took responsibility for the portfolio on 30 October 2014. The portfolio was transitioned to mirror the investment process utilised by the Schroder UK Alpha Plus Fund. The Manager aims to deliver consistent returns to investors by investing in a focused portfolio of equities, predominantly in constituent companies of the FTSE 350 Index. A value-based approach is taken, assessing the relative quality, structural growth and cyclicality of the portfolio holdings. Gearing - the use of borrowing to amplify returns - will be used tactically when the Manager believes that investors are being well-rewarded for taking on incremental risk.

The Manager aims to add value by identifying appropriate investments through fundamental research, believing that, over time, the mis-pricing of stocks compared to their fair value will be recognised by the market. The Manager believes that valuation is the key determinant of future returns and the investment process seeks to identify companies that demonstrate the best combination of value and quality. 

Performance

The period saw the NAV produce a total return of -6.2% under the former lead manager and a total return of 8.7% for the period following Philip Matthews assuming responsibility. The benchmark index produced total returns of -1.6% and 9.2% over the same period (source: Morningstar, Thomson Reuters, six months to 31 October 2014 and to 30 April 2015).

The initial period of underperformance was influenced by the portfolio suffering from the market rotating away from smaller and cyclical companies. Examples include printing technology firm Xaar, which experienced pricing pressure from competitors in China; engineering turnaround specialist Melrose Industries; and online retailer N Brown. Other detractors included Thomas Cook and Rolls-Royce.

The change in investment process led to slightly more than half of the portfolio being changed after Schroders' re-appointment at the end of October, and relative performance stabilised subsequently.  The benefits of the new process's emphasis on value and quality was illustrated in the outperformance of holdings such as Sage Group, Balfour Beatty and ICAP. While holdings such as Drax and Ladbrokes underperformed, along with most of the commodity-related companies, we remain optimistic that these companies meet our requirement of strong business models, healthy balance sheets, and unrecognised potential on a two-to-three year view.

The portfolio's gearing was removed at the time of the Board's review of the investment management arrangements.  The use of the borrowing facility remains under consideration and will be redeployed when opportunities arise in the market.

Outlook

Share valuations have moved into slightly expensive territory. The relative argument underpinning these levels, however, remains intact as bond yields remain historically low. This valuation anomaly is one of the factors that should encourage greater levels of mergers and acquisitions; and the stimulatory effect of quantitative easing is expected to provide cyclical support to earnings. The prospects for the market's more domestically-focussed companies remain reasonably positive. Falling unemployment and real wage growth should support the British consumer. Interest rate rises, when they materialise, have been well telegraphed and are likely to be relatively small.

The market has placed certain companies, whose earning streams appear relatively resilient, on high multiples and we have chosen to avoid these. However, valuation dispersion also appears reasonably narrow and we are nervous that the trade-off for lower valuations could be at the expense of earnings quality.

Whilst economic themes affect individual companies, the Manager looks to identify companies that could do well regardless of the macro-economic outcome. There are self-help/recovery stories where the Manager thinks that management actions will be the greatest determinant of future returns, such as Tesco, Balfour Beatty, Aviva, and Just Retirement. The decision-process behind holdings like these, and any future use of gearing, will remain important factors in the portfolio's performance relative to its benchmark.

Schroder Investment Management Limited

30 June 2015

Securities shown are for illustrative purposes only and should not be viewed as a recommendation to buy or sell.

Principal risks and uncertainties

The Board is responsible for the Company's system of risk management and internal control and for reviewing its effectiveness. The Board has adopted a detailed matrix of principal risks identifying significant strategic, investment, financial, regulatory and service provider risks relevant to the Company's business as an investment company and has put in place an appropriate monitoring system. This system assists the Board in determining the nature and extent of the significant risks it is willing to take in achieving its strategic objectives. Both the principal risks and the monitoring system are subject to robust review at least annually. The last review took place in June 2015.

Risk assessment includes consideration of the scope and quality of the systems of internal control operating within key service providers, and ensures regular communication of the results of monitoring by such providers to the Board, the incidence of significant control failings or weaknesses that have been identified at any time and the extent to which they have resulted in unforeseen outcomes or contingencies that may have a material impact on the Company's performance or condition. No significant control failings or weaknesses were identified from the Board's on going risk assessment which has been in place throughout the financial year and up to the date of this report.

Although the Board believes that it has a robust framework of internal control in place this can provide only reasonable, and not absolute, assurance against material financial misstatement or loss and is designed to manage, not eliminate, risk.

A summary of the principal risks and uncertainties faced by the Company, and actions taken to mitigate these risks and uncertainties, is set out below.

Strategy and competitiveness risk

Over time, the Company's investment strategy and asset class may become out of favour with investors or fail to meet their investment objectives, or the Company's cost base could become uncompetitive, particularly in light of open ended alternatives. This may result in a wide discount of the share price to underlying asset value both in absolute terms and comparative to the peer group.

In order to mitigate this risk, the Directors periodically review whether the Company's investment remit remains appropriate and monitor the success of the Company in meeting its stated objectives at each Board meeting. The Manager monitors the share price relative to net asset value and the Directors review the marketing and distribution activity undertaken by the Manager and the Corporate Broker at each Board meeting. The discount control mechanism is utilised by the Board to support the promotion of the Company where deemed appropriate.

The level of fees charged by the Manager and the Company's other service providers is also monitored by the Board and the ongoing competitiveness of such fee levels is considered annually by the Management Engagement Committee and the Board.

Investment management risk

The Manager's investment strategy (for example in terms of asset allocation employed by the Manager or the level of gearing), if inappropriate, may result in the Company underperforming the market and peer group companies.

To mitigate this risk, the Board reviews at each Board meeting the Manager's compliance with the agreed investment restrictions, investment performance and risk against investment objectives and strategy; the portfolio's risk profile; and appropriate strategies to mitigate any negative impact of substantial changes in markets. The Board also receives an annual presentation from the Manager's internal audit function and conducts an annual review of the ongoing suitability of the Manager. During the year under review, the Board conducted a review of the Company's investment management arrangements following the departure of the lead portfolio manager. Details of this review, including the outcome, are set out in the Chairman's Statement on pages 5 and 6 of the 2015 Annual Report.

Financial risks

In pursuing the investment objective, the Company is exposed to the effect of market price fluctuations and interest rate movements. A significant fall in UK equity markets would have an adverse impact on the market value of the Company's underlying investments.

To mitigate this risk, the Directors consider the risk profile of the portfolio at each Board meeting and discuss appropriate strategies to mitigate any negative impact of substantial changes in markets with the Manager.

The Board also monitors the Manager's use of gearing and leverage in accordance with agreed guidelines and restrictions set out in the Company's investment policy. The Company utilises a credit facility, currently in the amount of £35 million, which increases the funds available for investment through borrowing. While this has the potential to enhance investment returns in rising markets, in falling markets the impact could be detrimental to performance.

To mitigate this risk, the Directors keep the Company's gearing under continual review and impose strict restrictions on borrowings. The Company's gearing continues to operate within pre-agreed limits so that it does not exceed 20% of shareholders' funds.

A full analysis of the market risks facing the Company is set out in note 21 on pages 48 to 51 of the 2015 Annual Report.

Accounting, legal and regulatory risk

In order to continue to qualify as an investment trust, the Company must comply with the requirements of Section 1158 of the Corporation Tax Act 2010. Should the Company not comply with these requirements, it might lose investment trust status and capital gains within the Company's portfolio could, as a result, be subject to Capital Gains Tax.

In addition, breaches of the UK Listing Rules, the Companies Acts or other regulations with which the Company is required to comply, could lead to a number of detrimental outcomes which could damage the Company's reputation including suspension from listing on the London Stock Exchange or a qualified audit report.

To mitigate these risks, the Board receives confirmation from the Manager and other key service providers at each Board meeting of compliance with relevant laws and regulations. Shareholder documents and announcements, including the Company's published Half Year and Annual Reports are subject to stringent review processes, and procedures are in place to protect the disclosure of inside information. During the year under review, the most significant change to legislation impacting the Company was the implementation of the AIFM Directive and the embedding of procedures to comply with the requirements of the legislation.

Custody and Depositary risk

Safe custody of the Company's assets may be compromised through control failures by the Depositary, including cyber hacking. To mitigate this risk, the Board receives quarterly reports from the Depositary confirming safe custody of the Company's assets, including cash, and portfolio holdings are independently reconciled by the Manager. In addition the existence of assets is subject to annual external audit and the Depositary's audited internal controls reports are reviewed by the Audit Committee and any concerns investigated.

Service provider risk

The Company has no employees and has delegated certain functions to a number of service providers, principally the Manager, Depositary and Registrar. Failure of controls and poor performance of the service providers, including the Manager, could lead to reputational damage or loss. The Board is therefore reliant on the effective operation of the systems of its service providers. To mitigate this risk, the Board considers regular reports from key service providers, monitors the quality of services provided and the Management Engagement Committee conducts an annual review of services to ensure that they remain appropriate. The Audit Committee also reviews annual audited internal controls reports from its key service providers, which includes confirmation of business continuity arrangements.

Statement of Directors' Responsibilities

The Directors are responsible for preparing the Annual Report, the Strategic Report, the Report of the Directors including the Corporate Governance Statement, the Remuneration Report and the financial statements in accordance with applicable law and regulations.

Company law requires the Directors to prepare financial statements for each financial year. Under that law they have prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the Directors are required to:

·      select suitable accounting policies and then apply them consistently;

·      make judgements and accounting estimates that are reasonable and prudent;

·      state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements respectively; and

·      prepare the financial statements on a going concern basis unless it is inappropriate to presume that the Company will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements and the Remuneration Report comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Each of the Directors, whose names and functions are set out in the inside front cover of the 2015 Annual Report, confirms that, to the best of their knowledge:

•    the financial statements, which have been prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), give a true and fair view of the assets, liabilities, financial position and net return of the Company;

•    the Strategic Report includes a fair review of the development and performance of the business and the position of the Company, together with a description of the principal risks and uncertainties that it faces; and

•    they consider that the Annual Report and Accounts, taken as a whole, is fair, balanced and understandable and provides the information necessary for shareholders to assess the Company's position, performance, business model and strategy.

Going Concern

Having assessed the principal risks and the other matters discussed in connection with the viability statement, the Directors consider it appropriate to adopt the going concern basis in preparing the accounts.

Income Statement

for the year ended 30 April 2015

			2015			2014
		Revenue	Capital	Total	Revenue	Capital	Total
	Note	£'000	£'000	£'000	£'000	£'000	£'000
(Losses)/gains on investments held at fair value through profit or loss		-	(3,593)	(3,593)	-	25,148	25,148
Income from investments	2	10,357	-	10,357	10,700	-	10,700
Other interest receivable and similar income	2	15	-	15	58	-	58
Gross return/(loss)		10,372	(3,593)	6,779	10,758	25,148	35,906
Investment management fee	3	(258)	(601)	(859)	(271)	(633)	(904)
Administrative expenses		(572)	-	(572)	(528)	-	(528)
Net return/(loss) before finance costs and taxation		9,542	(4,194)	5,348	9,959	24,515	34,474
Finance costs		(46)	(108)	(154)	(117)	(273)	(390)
Net return/(loss) on ordinary activities before taxation		9,496	(4,302)	5,194	9,842	24,242	34,084
Taxation on ordinary activities		(21)	-	(21)	1	-	1
Net return/(loss) on ordinary activities after taxation		9,475	(4,302)	5,173	9,843	24,242	34,085
Return/(loss) per share	5	5.89p	(2.67)p	3.22p	6.12p	15.06p	21.18p

Dividends declared in respect of the financial year ended 30 April 2015 amounted to 6.00p (2014: 5.50p) per share. Further information on dividends is given in note 8 on pages 44 and 45 of the 2015 Annual Report.

The "Total" column of this statement is the profit and loss account of the Company. The "Revenue" and "Capital" columns represent supplementary information prepared under guidance issued by The Association of Investment Companies. The Company has no recognised gains and losses other than those included in the results above and therefore no separate statement of total recognised gains and losses has been presented.

All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued in the year.

Reconciliation of Movements in Shareholders' Funds

for the year ended 30 April 2015

	Called-up		Capital	Share	Warrant
	share	Share	redemption	purchase	exercise	Capital	Revenue
	capital	premium	reserve	reserve	reserve	reserves	reserve	Total
	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000
At 30 April 2013	40,229	9,875	19,759	78,071	417	122,072	5,651	276,074
Net return on ordinary activities	-	-	-	-	-	24,242	9,843	34,085
Dividends paid in the year	-	-	-	-	-	-	(7,242)	(7,242)
At 30 April 2014	40,229	9,875	19,759	78,071	417	146,314	8,252	302,917
Net (loss)/return on ordinary activities	-	-	-	-	-	(4,302)	9,475	5,173
Dividends paid in the year	-	-	-	-	-	-	(9,253)	(9,253)
At 30 April 2015	40,229	9,875	19,759	78,071	417	142,012	8,474	298,837

Balance Sheet

at 30 April 2015

		2015	2014
	Note	£'000	£'000
Fixed assets
Investments held at fair value through profit or loss		286,576	322,497
Current assets
Debtors		1,741	17,002
Cash at bank and in hand		10,612	1,696
		12,353	18,698
Current liabilities
Creditors: amounts falling due within one year		(92)	(38,278)
Net current assets/(liabilities)		12,261	(19,580)
Net assets		298,837	302,917
Capital and reserves
Called-up share capital		40,229	40,229
Share premium		9,875	9,875
Capital redemption reserve		19,759	19,759
Share purchase reserve		78,071	78,071
Warrant exercise reserve		417	417
Capital reserves		142,012	146,314
Revenue reserve		8,474	8,252
Total equity shareholders' funds		298,837	302,917
Net asset value per share	6	185.71p	188.24p

Cash Flow Statement

for the year ended 30 April 2015

		2015	2014
	Note	£'000	£'000
Net cash inflow from operating activities	7	9,707	8,145
Servicing of finance
Interest paid		(162)	(394)
Net cash outflow from servicing of finance		(162)	(394)
Taxation
Overseas tax paid		(4)	(5)
Investment activities
Purchase of investments		(315,081)	(472,324)
Sales of investments		353,709	457,125
Net cash inflow/(outflow) from investment activities		38,628	(15,199)
Dividends paid		(9,253)	(7,242)
Net cash inflow/(outflow) before financing		38,916	(14,695)
Financing
Bank loan repaid		(30,000)	-
Net cash outflow from financing		(30,000)	-
Net cash inflow/(outflow) in the year		8,916	(14,695)

Notes to the Accounts

1.   Accounting Policies

The accounts are prepared in accordance with the Companies Act 2006, United Kingdom Generally Accepted Accounting Practice ("UK GAAP") and with the Statement of Recommended Practice "Financial Statements of Investment Trust Companies and Venture Capital Trusts" (the "SORP") issued by the Association of Investment Companies in January 2009. All of the Company's operations are of a continuing nature.

The accounts have been prepared on a going concern basis under the historical cost convention, as modified by the revaluation of investments at fair value.

The policies applied in these accounts are consistent with those applied in the preceding year.

2.   Income

		2015	2014
		£'000	£'000
Income from investments:
UK dividends		10,176	10,547
Property income dividends		57	56
Scrip dividends		124	97
		10,357	10,700
Other interest receivable and similar income
Deposit interest		4	21
Miscellaneous Income		6	-
Underwriting commission		5	37
		15	58
Total income		10,372	10,758

3.   Investment management fee

	2015			2014
	Revenue	Capital	Total	Revenue	Capital	Total
	£'000	£'000	£'000	£'000	£'000	£'000
Management fee	258	601	859	271	633	904

The basis for calculating the investment management fee is set out in the Report of the Directors on pages 21 and 22 of the 2015 Annual Report and details of all amounts payable to the Manager are given in note 18 on page 48 of the 2015 Annual Report.

4.   Dividends

(a) Dividends paid and declared

	2015	2014
	£'000	£'000
2014 second interim dividend of 2.25p (2013: 2.25p)	3,621	3,621
2014 special dividend of 1.00p (2013: nil)	1,609	-
2015 first interim dividend of 2.50p (2014: 2.25p)	4,023	3,621
Total dividends paid in the year	9,253	7,242

	2015	2014
	£'000	£'000
2015 second interim dividend declared of 2.50p (2014: 2.25p)	4,023	3,621
2015 special dividend declared of 1.00p (2014: 1.00p)	1,609	1,609
Total dividends declared	5,632	5,230

(b) Dividends for the purposes of Section 1158 of the Corporation Tax Act 2010 ("S1158")

The requirements of S1158 are considered on the basis of dividends declared in respect of the financial year as shown below. The revenue available for distribution by way of dividend for the year is £9,475,000 (2014: £9,843,000).

	2015	2014
	£'000	£'000
First interim dividend of 2.50p (2013: 2.25p)	4,023	3,621
Second interim dividend of 2.50p (2014: 2.25p)	4,023	3,621
Special dividend of 1.00p (2014: 1.00)	1,609	1,609
Total dividends of 6.00p (2014: 5.50p) per share	9,655	8,851

5.   Return per share

	2015	2014
	£'000	£'000
Revenue return	9,475	9,843
Capital (loss)/return	(4,302)	24,242
Total return	5,173	34,085
Weighted average number of shares in issue during the year	160,917,184	160,917,184
Revenue return per share	5.89p	6.12p
Capital (loss)/return per share	(2.67)p	15.06p
Total return per share	3.22p	21.18p

6.   Net asset value per share

	2015	2014
	£'000	£'000
Net assets attributable to Ordinary shareholders (£'000)	298,837	302,917
Ordinary shares in issue at the year end	160,917,184	160,917,184
Net asset value per share	185.71p	188.24p

7.  Reconciliation of total return on ordinary activities before finance costs and taxation to net cash inflow from operating activities

	2015	2014
	£'000	£'000
Total return on ordinary activities before finance costs and taxation	5,348	34,474
Capital loss/(return) on ordinary activities before finance costs and taxation	4,194	(24,515)
Scrip dividends received as income	(124)	(97)
Decrease/(increase) in accrued dividends and interest receivable	1,341	(1,053)
(Increase)/decrease in other debtors	(6)	4
Decrease in accrued expenses	(445)	(35)
Management fee allocated to capital	(601)	(633)
Net cash inflow from operating activities	9,707	8,145

8.  Status of announcement

2014 Financial Information

The figures and financial information for 2014 are extracted from the published Annual Report and Accounts for the year ended 30 April 2014 and do not constitute the statutory accounts for that year. The 2014 Annual Report and Accounts have been delivered to the Registrar of Companies and included the Report of the Independent Auditors which was unqualified and did not contain a statement under either section 498(2) or section 498(3) of the Companies Act 2006.

2015 Financial Information

The figures and financial information for 2015 are extracted from the Annual Report and Accounts for the year ended 30 April 2015 and do not constitute the statutory accounts for the year. The 2015 Annual Report and Accounts include the Report of the Independent Auditors which is unqualified and does not contain a statement under either section 498(2) or section 498(3) of the Companies Act 2006. The 2015 Annual Report and Accounts will be delivered to the Registrar of Companies in due course.

Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.

 

END

 

 

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