Final Results
Gaming VC Holdings S.A.
11 April 2006
Press Release 11 April 2006
Gaming VC Holdings S.A.
('Gaming VC' or 'the Group')
Preliminary Results
Gaming VC Holdings S.A., a leading European online casino provider, today
announces its unaudited Preliminary Results for the year ended 31 December 2005.
Financial Highlights
The Casino business was acquired by Gaming VC on 21 December 2004 so the
comparative 2004 figures only reflect 11 days trading.
• Recommended final dividend of 21p per share to be paid on 22 May 2006. Total
dividend for year of 42p per share represents yield of 9.7% on last night's
closing price.
• Turnover of €40.4 million (2004: €0.7 million)
• Gross margin 76% (2004: 79%)
• Operating profit of €13.4 million (2004: €0.4 million)
• Profit before tax of €12.8 million (2004: €0.3 million)
• Basic earnings per share of €0.41
• Average daily revenue €113k for 1Q 2006
Business Highlights
• Average 2% per month revenue growth since October 2005 achieved
• New registrations continue to increase: 14,700 Q1 06 (11,200 Q4 05; 8,450 Q3
05)
• New depositing player numbers tracking registrations
• German speaking markets show continued strong growth
• New technology has enabled greater customer differentiation and targeting
• Gaming VC does not accept wagers from residents of the USA
• Relative value of players acquired over last two quarters is on par with
players acquired in previous years (€60 revenue per month per player)
Commenting on these results, Steve Barlow, Chief Executive of Gaming VC, said:
'These results demonstrate Gaming VC's ability to deliver strong increases in
revenues as seen by the achievement of at least 2% per month revenue growth
since October 2005. Our cost base remains broadly fixed with incremental
revenues contributing directly to profits.
'The Group's focus on non-US markets has led to improved awareness of Gaming VC
amongst our peer group and shareholders. The Board anticipates that this
financial year will deliver another strong set of results, with the creation of
shareholder value a key objective for the Group.'
- Ends -
For further information:
Gaming VC Holdings S.A.
Steve Barlow, Chief Executive Tel: +44 (0) 20 7398 7700
investors@gamingvc.com www.gamingvc.com
Media enquiries:
Abchurch
Chris Lane / Katherine Murphy Tel: +44 (0) 20 7398 7700
katherine.murphy@abchurch-group.com www.abchurch-group.com
Chairman's statement
I am pleased to present Gaming VC's maiden set of preliminary results since our
admission to AIM in December 2004. These results are in line with market
expectations and I am pleased to say that we are delivering our target of 2%
average revenue growth per month.
The results for the year ended 31 December 2005 show an operating profit of
€13.4 million (2004: €0.4 million) and a net profit of €12.8 million (2004: €0.3
million). The Board has recommended a final dividend of 21p (gross) per share,
giving a total distribution of 42p for the year. Earnings per share on profit
after tax were €0.41 (2004: €0.02). The dividend will be paid on 22 May 2006 to
holders on the share register at 21 April 2006.
Gaming VC provides a proven business model and is a leading online gaming
operator in German speaking countries. Importantly, we do not accept wagers from
US customers and as such are not affected by current or potential prohibitive
legislation in that market. The Board is confident that this lack of exposure to
the United States significantly enhances the value of the Group relative to our
peer group. Our aim is to continue growing in our core German markets, where new
marketing initiatives have proven to be successful and we are continuing to
expand market share. We are also selectively looking at opportunities to
replicate this model in other geographic areas.
A key factor in Gaming VC's growth is its committed and experienced management
team. In January 2006, we welcomed Gerard Cassels to Gaming VC's management
commitee as Finance Director. Gerard brings a wealth of experience to the Group,
having held the position of Finance Director within several successful listed
companies in Europe.
Furthermore, the Board proposes that Adrian J R Smith is appointed as a
Non-Executive Director. Adrian is the CEO of the Woolton Group, and has
significant public company and corporate governance experience, having been the
Non-Executive Chairman of the Carter and Carter Group from 2002 through to its
flotation in 2005. In addition to his continued non-executive director position
at Carter and Carter plc, he serves on the board of Tutogen Medical Inc. in the
USA, and the Harbor Branch Oceanographic Institution. His management experience
includes Deloitte Touche Tohmatsu, Grant Thornton LLP and Arthur Andersen LLP,
as well as Procter and Gamble. It is expected that Adrian will be Chairman of
the Remuneration committee and will also sit on the other core governance
committees of Audit and Nomination.
Shareholders will be asked to confirm Gerard Cassels' and Adrian Smith's
appointments at the forthcoming AGM.
We are well positioned to maintain our growth in 2006 and are confident that our
efforts to build Gaming VC's presence in the online casino market will continue
to deliver positive results. Trading in 2006 to date has been comfortably in
line with management's expectations.
Nigel Blythe-Tinker
Chairman
Chief Executive's Statement
Over the past financial year we have established a robust operational framework
which will allow Gaming VC to move to the next stage of growth as we leverage
our position as a leading online Casino in German speaking markets. The strong
increase in revenues is a testament to the durability of our Casino business and
the strengths of our marketing strategy which both indicate future growth
opportunities. The German gaming market remains considerably buoyant and we are
consistently adding to our customer base.
The strategy going forward is to continue to build on the strongly cash
generative core business in German speaking markets, whilst looking selectively
at opportunities to enter other national markets with a Casino offering that is
custom tailored to each targeted country.
Casino
Gaming VC is now in a position where we have a reliable customer base that
provides the Group with good forward visibility of earnings. To further sustain
growth, we have developed a monthly direct mail campaign for customer
acquisition, in addition to the quarterly publication of our Casino Club
magazine. These new campaigns follow two high volume test direct mail campaigns
that we ran in July and August 2005. The combination of these two marketing
initiatives has resulted in strong customer acquisition and retention levels
that are among the highest in the industry with our average customer playing for
22 months.
This anchor marketing campaign has now been operating for 6 months and has
significantly improved the performance of the core business as shown below:
Q3 2005 Q4 2005 Q1 2006
New registrations 8,458 11,187 14,777
New depositing customers 4,663 5,245 7,428
Daily average revenue € 98,500 € 106,350 € 112,800
In addition, we have begun to add e-mail, banner and affiliate programmes to our
overall marketing strategy in support of our direct mail efforts, and we are
also working on the launch of new casino games, such as a football biased slot
game for the World Cup in June 2006.
New territories
One of our growth strategies is to examine opportunities to replicate our proven
business model in new geographical markets.
In Spain, additional marketing spend has been allocated to drive the customer
numbers needed to achieve critical mass. Spain was selected as the first test
market for a new casino as it was identified as a market that had no contentious
legislation for internet gaming, an appropriate level of internet infrastructure
and no current dominant market leader in the online gaming sector. An initial
broad media campaign to heighten customer awareness of the Casino Club brand was
launched in September 2005.
Encouragingly, visits to the Spanish site in September and October 2005 were
over 9,000 per day, with online channels showing good leads to the site.
However, the conversion of leads to paid play was significantly slower than
expected. Subsequent analysis identified areas of web navigation and Spanish
support services as contributing factors. These issues have now been addressed
with both site and customer support improvements. Phase two of the Spanish
marketing campaign, which entails a low additional cost, went live in March
2006.
Since February 2006, we have soft launched a second new casino in Russia in
conjunction with experienced local business people who have significant internet
and marketing experience. The new site (www.casino-club.ru) offers the usual
suite of casino games in both Euros and Roubles. Gaming VC's initial financial
investment in this new casino represents only a small part of our overall
marketing budget for 2006.
With both Spain and Russia, it is still too early to have statistically
meaningful operating data. Following a detailed operational review in 2005, we
now have sophisticated reactive feedback controls in place which are integral to
both trials. These give us instant and detailed market data which will ensure
that additional resources will only be committed where we have a strong degree
of confidence about the potential for significant upside.
Poker
Casino Club's online poker room completed a soft-launch in August 2005, and
underwent beta-level testing during the European summer holidays. A marketing
programme to promote this new product began in September 2005, including
promotion in Casino Club magazine to the existing German customer base, a direct
marketing campaign to new prospects and inclusion in the rollout of the Spanish
marketing campaign. Poker is now accounting for about 4% of our daily revenues.
With this offering, members of the Casino have the ability to play poker on our
website although we expect that growth in 2006 will come predominantly from the
Casino operation.
Group Financial Performance
The Casino business was acquired on 21 December 2004 so the comparative 2004
figures only reflect 11 days trading.
The total gross wagers placed were €1.6 billion (2004: €58 million) and net
revenues were €40.4 million (2004: €0.7 million). The gross profit for the
financial year ended 31 December 2005 was €30.8 million (2004: €0.5 million)
with the primary operating cost element for the Group being the turnkey online
casino services provided by Boss Media SA and its subsidiaries.
In the financial year there were no significant one-off jackpot winners in the
Group's slot machine games with associated 'progressive' jackpots. The total of
the available jackpots at the end of December 2005 was €1.7 million (2004: €0.9
million) with the largest available individual jackpot being €0.8 million (2004:
€0.4 million). Upon this jackpot becoming payable it will be a charge against
the relevant period's gross profit. The last major jackpot win was for €0.5
million in November 2004.
The Group operating profit for the financial year ended 31 December 2005 was
€13.4 million (2004: €0.4 million) after the deduction of distribution and
administrative expenses.
Distribution costs of €7.4 million (2004: nil) reflect the third party marketing
costs incurred by the Group to recruit active members to the Casino.
The marketing costs for 2005 include over €2 million that was related to the
initial launch of the Casino in Spain and nearly €3 million associated with the
launch and promotion of poker. Neither of these one-off expenses is expected to
be repeated in the ongoing operation of the business. The core marketing of the
Casino in 2006 is expected to account for circa €5 million out of a total
estimated marketing expenditure of €9 million. The balance will be spent testing
alternative marketing channels to direct mail and marketing in new territories
outside Germany and Austria.
The major items within the administrative expenses incurred during the financial
year are detailed below
2005 2004
€'000 €'000
Employment costs 2,378 26
Travel 1,121 59
Legal, accounting and tax 1,941 40
Re-organisation costs 545 0
Amortization of intangible assets 2,802 37
All other costs 1,207 1
--------- ---------
Total administrative expenses 9,994 161
--------- ---------
Employment costs are analysed in note 2 to the financial results.
The 2005 legal, accounting and tax costs included a one-off charge for a full
audit after 6 months trading which cost €0.2 million. This was needed to give
initial audited numbers as at the time of the IPO in December 2004, because
audited accounts for the business being acquired were not available. In
addition, given the Group's complex physical and legal structures, ongoing
professional advice costs are higher than for a business based in one domicile.
The re-organisation costs include the costs related to closure of the London
office, reductions in headcount and a €0.2 million settlement of contractual
obligations to Dr Willis on his standing down as an executive director of the
Group.
The amortization of intangible assets is detailed in note 5 to the financial
results. This is a non-cash charge primarily to reflect the reduction in
economic value over their useful lives of the intangible assets acquired on the
purchase of the Casino business in December 2004.
Net financing costs for the financial year ended 31 December 2005 of €0.6
million (2004: €0.007 million) are analysed in note 3 to the financial results.
The majority of Group revenues are in Euros, as are both the cost of sales and
marketing. Employment costs are primarily US Dollar denominated and most legal,
tax and accounting services are incurred in Sterling. Dividend payments are also
Sterling denominated.
The Group's operational structure, with the core business in Curacao, allows for
an effective global tax charge of €0.01 million. The Group periodically reviews
all of the relevant and controlling tax regulations to optimise the available
benefits. A Group effective tax charge of less than 2% of net profit is
envisaged to continue for the foreseeable future.
In the reporting period the Group generated €17 million (2004: consumed €0.2
million) from operating activities. After payment of the interim dividend of
€9.6 million during the year, the Group's closing cash balance at 31 December
2005 was €7.3 million (2004: €1.3 million). Due to the nature of the business
there are no significant working capital pressures on the Group during periods
of revenue growth. The Group had no significant capital expenditure during the
year and does not envisage any in 2006.
Dividends
We consider that the current dividend policy remains appropriate for the Group.
The core business is cash generative and not capital intensive and we will
continue to return excess capital to shareholders, as appropriate.
The Board recommends a final dividend of 21p (gross) (c €0.302) per share (2004:
nil), making a total distribution of 42p (c €0.604) for the year. This will be
paid on 22 May 2006 to shareholders on the register at the close of business on
21 April 2006.
While the total dividend for 2005 will be greater than the earnings per share in
the year, given the financial performance of the Group in 2005 and the strong
start to 2006, the Board considers the final dividend is merited. As at 31 March
2006 our cash balances were more than sufficient to cover the final dividend.
Outlook
Gaming VC has started 2006 in a strong position. We are exploring opportunities
to replicate our casino product in other markets on a selective basis, but we
will only commit meaningful resources after detailed feedback analysis and when
we have confidence about the upside potential. In the meantime, our leading
position in German speaking markets provides a very stable foundation,
especially as we see significant potential for further growth in these core
markets over the foreseeable future. We look forward to the remainder of the
current financial year with much confidence.
Steve Barlow
Chief Executive
Consolidated Income Statement Year ended 1 month
For the year ended 31 December 2005 31 December Period ended
2005 31 December
2004(*)
In thousands of euro Note
Revenue 1 40,443 670
Cost of Sales (9,677) (137)
----------------------------- -------- --------
Gross profit 30,766 533
Distribution expenses (7,410) -
Administrative expense (9,994) (161)
----------------------------- -------- --------
Operating profit before financing costs 13,362 372
Financial income 3 46 7
Financial expense 3 (601) -
----------------------------- -------- --------
Net financing costs (555) 7
----------------------------- -------- --------
Profit before Tax 12,807 379
Income tax expense 4 (13) (5)
----------------------------- -------- --------
Profit for the year/period 12,794 374
----------------------------- -------- --------
Basic earnings per share (euro) 6 0.41 0.024
----------------------------- -------- --------
Diluted earnings per share (euro) 6 0.41 0.024
----------------------------- -------- --------
Consolidated statement of recognised income and expense
For the year ended 31 December 2005
Year ended 1 month
31 December Period ended
2005 31 December
2004(*)
In thousands of euro
----------------------------- -------- --------
Profit and total recognised income and
expense for the year/period 12,794 374
----------------------------- -------- --------
(*) Prior period since incorporation on 30 November 2004
Consolidated Balance Sheet 31 December 31 December
As at 31 December 2005 2005 2004
In thousands of euro Note
Assets
Property, plant and equipment 46 -
Intangible assets 5 102,752 105,479
----------------------------- -------- --------
Total non-current assets 102,798 105,479
----------------------------- -------- --------
Trade receivables 2,151 620
Prepayments 531 132
Cash and cash equivalents 7,233 1,270
----------------------------- -------- --------
Total current assets 9,915 2,022
----------------------------- -------- --------
Total assets 112,713 107,501
----------------------------- -------- --------
Equity
Issued share capital 38,608 38,608
Share premium 67,522 67,522
Retained earnings 4,109 383
----------------------------- -------- --------
Total equity attributable to equity
holders of the parent 110,239 106,513
----------------------------- -------- --------
Liabilities
Trade and other payables 1,158 736
Accrued expenses 1,316 252
----------------------------- -------- --------
Total current liabilities 2,474 988
----------------------------- -------- --------
Total liabilities 2,474 988
----------------------------- -------- --------
Total equity and liabilities 112,713 107,501
----------------------------- -------- --------
Consolidated statement of cashflows
For the year ended 31 December 2005 Year ended 1 month
31 December Period ended
2005 31 December
2004 (*)
In thousands of euro Note
Cash flows from operating activities
Cash receipts from customers 38,911 50
Cash paid to suppliers and employees (21,966) (268)
----------------------------- -------- --------
Net cash from operating activities 16,945 (218)
----------------------------- -------- --------
Cash flows from investing activities
Interest received 46 -
Acquisition of business - (105,516)
Acquisition of property, plant and
equipment (67) -
Acquisition of intellectual property 5 (75) -
----------------------------- -------- --------
Net cash from investing activities (96) (105,516)
----------------------------- -------- --------
Cash flows from financing activities
Proceeds from the issue of share capital - 117,562
Payment of transaction costs (867) (10,565)
Dividend paid (9,559) -
----------------------------- -------- --------
Net cash from financing activities (10,426) 106,997
----------------------------- -------- --------
Net increase in cash and cash equivalents 6,423 1,263
Cash and cash equivalents at beginning of
the year/period 1,270 -
Effect of exchange rate fluctuations on
cash held 3 (460) 7
----------------------------- -------- --------
Cash and cash equivalents at end of the
year/period 7,233 1,270
----------------------------- -------- --------
(*) Prior period since incorporation on 30 November 2004
Notes to the consolidated financial statements
1 Segment reporting
Segment information is presented in respect of the Group's business and
geographical segments.
Business segments
Based on risks and returns the management considers that the primary reporting
format is by business segment. The directors consider that there currently is
only one business segment being the casino operation of games of chance.
Therefore the disclosures for the primary segment have already been given in
these financial statements. A second business segment of skill based games was
launched in the last quarter of the year. It only achieved revenue of €327,000
in the year which has been included in games of chance. It is expected to be
sufficiently material to be disclosed separately in the full year accounts for
2006.
Geographical segments
Within the year the core business activity has been concentrated in the German
language countries.
Development specifically tailored for other European language countries is
ongoing. Owing to current legislation in the US the company continues to block
access to its games to potential players located there.
Segment capital expenditure is the total cost incurred during the year to
acquire segment assets that are expected to be used for more than one year.
In presenting information on the basis of geographical segments, segment revenue
is based on the geographical location of customers. Segment assets are based on
the location of the assets themselves.
Geographical segments
Germany Austria Other Countries Consolidated
In
thousands 2005 2004 2005 2004 2005 2004 2005 2004
of euro
Revenue
from
games of 30,293 496 7,805 134 2,345 40 40,443 670
chance
------ ------ ------ ------ ------- ------- ------- ------- -------
Segment - - - - 112,713 107,501 112,713 107,501
assets
------ ------ ------ ------ ------- ------- ------- ------- -------
Capital
expenditure - - - - 142 105,516 142 105,516
2 Personnel expenses Year ended 1 month
31 December Period ended
2005 31 December
2004
In thousands of euro
Wages and salaries 1,713 15
Compulsory social security contributions 135 -
Contributions to defined contribution plans 39 1
Equity-settled transactions 491 9
--------------------------------- -------- --------
2,378 25
--------------------------------- -------- --------
3 Net financing costs Year ended 1 month
31 December Period ended
2005 31 December
2004
In thousands of euro
Interest income 46 -
Net foreign exchange gain through profit - 7
--------------------------------- -------- --------
Financial income 46 7
--------------------------------- -------- --------
Interest expense -
Interest expenses and bank charges (141) -
Net foreign exchange loss through profit (460)
--------------------------------- -------- --------
Financial expenses (601) -
--------------------------------- -------- --------
Net financing costs (555) 7
--------------------------------- -------- --------
4 Income tax expense Year ended 1 month
31 December Period ended
2005 31 December
2004
Recognised in the income statement
In thousands of euro
Current tax expense
Current year 13 5
Adjustments for prior period - -
--------------------------------- -------- --------
13 5
--------------------------------- -------- --------
Deferred tax expense
Origination and reversal of temporary differences - -
Reduction in tax rate - -
Benefits of tax losses recognises - -
--------------------------------- -------- --------
- -
--------------------------------- -------- --------
Total income tax expense in income statement 13 5
--------------------------------- -------- --------
Reconciliation of effective tax rate
In thousands of euro Year ended 1 month
31 December Period ended
2005 31 December
2004
Profit before tax 12,807 374
--------------------------------- -------- --------
Income tax using the domestic corporation
tax rate 2,818 82
Effect of tax rates in foreign jurisdictions
(Rates decreased) (2,805) (75)
Tax exempt revenues - (2)
--------------------------------- -------- --------
13 5
--------------------------------- -------- --------
5 Intangible assets Goodwill Trade-marks Software Consulting Magazine Total
licence
In thousands of euro
Cost
Balance at 30 - - - - - -
November 2004
Acquisitions
through
business
combinations 73,613 15,144 11,840 419 4,500 105,516
-------------- ------- ------ ------- -------- ------- -------
Balance at 31
December 2004 73,613 15,144 11,840 419 4,500 105,516
------------- ------- ------ ------- -------- ------- -------
Balance at 1
January 2005 73,613 15,144 11,840 419 4,500 105,516
------------- ------- ------ ------- -------- ------- -------
Other
acquisitions - - 75 - - 75
------------- ------- ------ ------- -------- ------- -------
At 31 December
2005 73,613 15,144 11,915 419 4,500 105,591
------------- ------- ------ ------- -------- ------- -------
Amortisation
Balance at 30 - - - - - -
November 2004
Amortisation
for the period - - 16 1 20 37
------------- ------- ------ ------- -------- ------- -------
Balance at 31
December 2004 - - 16 1 20 37
------------- ------- ------ ------- -------- ------- -------
Balance at 1
January 2005 - - 16 1 20 37
Amortisation
for the year - - 1,197 105 1,500 2,802
------------- ------- ------ ------- -------- ------- -------
At 31 December
2005 - - 1,213 106 1,520 2,839
------------- ------- ------ ------- -------- ------- -------
Carrying amounts
At 31 December
2004 73,613 15,144 11,824 418 4,480 105,479
------------- ------- ------ ------- -------- ------- -------
At 31 December
2005 73,613 15,144 10,702 313 2,980 102,752
------------- ------- ------ ------- -------- ------- -------
Valuation methodologies
The valuation methodology of each type of identifiable intangible asset is
detailed below.
Asset Valuation methodology
Magazine-related Cost
Consulting Income (cost saving)
Software licence Income (incremental value plus loss of profits)
Trade-marks Relief from royalty
Goodwill Residual balance
The valuation conclusions, for the assets acquired through business
combinations, were cross-checked relative to the overall consideration paid in
the transaction over net tangible assets, to ensure that the proportion of value
attributed to (i) each identifiable tangible asset: and (ii) to all of the
identified intangible assets combined in the total purchase price appears
reasonable.
In addition, the implied weighted average return on assets was reconciled with
the cost of capital derived for the business as a whole to check for the
reasonableness of values placed on intangible assets and the discount rates/
returns used.
Amortisation and impairment charge
The amortisation is recognised in the following line items in the income
statement:
Year ended 1 month
31 December Period ended
2005 31 December
2004
In thousands of euro
Administrative expenses 2,802 37
------------------------------- -------- ---------
Impairment tests for cash-generating units containing goodwill
The following units have significant carrying amounts of goodwill:
31 December 31 December
2005 2004
In thousands of euro
Casino operation: GVC Corporation II
B.V. 73,613 73,613
------------------------------- -------- ---------
All the intangible assets acquired in 2004 were valued at the year end and the
resultant goodwill was tested for reasonableness.
6 Earnings per share
The calculation of basic earnings per share at 31 December 2005 was based on the
profit attributable to ordinary shareholders of €12,793,954 (2004: €373,040) and
a weighted average number of ordinary shares outstanding during the year ended
31 December 2005 of 31,135,762 (2004: 15,555,381), calculated as follows:
Profit attributable to ordinary shareholders Year ended 1 month
31 December Period ended
2005 31 December
2004
In thousands of euro
Profit attributable to ordinary shareholders 12,794 374
------------------------------- -------- -----------
Weighted average number of ordinary shares Year ended 1 month
31 December Period ended
2005 31 December
2004
Issued ordinary shares beginning of the
year/period 31,135,762 25,000
Effect of shares issued in December 2004 - 15,555,381
------------------------------- ---------- ----------
Weighted average number of ordinary shares
at end of the year/period 31,135,762 15,580,381
------------------------------- ---------- ----------
Earnings per share Year ended 1 month
31 December Period ended
2005 31 December
2004
In euro
Basic earnings per share 0.411 0.024
------------------------------- ---------- ----------
Diluted earnings per share
The calculation of diluted earnings per share at 31 December 2005 was based on
the profit attributable to ordinary shareholders of €12,793,954 (2004: €373,040)
and a weighted average number of ordinary shares outstanding during the year
ended 31 December 2005 of 31,135,762 (2004: 15,555,381), calculated as follows:
Profit attributable to ordinary shareholders (diluted) Year ended 1 month
31 December Period ended
2005 31 December
2004
In thousands of euro
Profit attributable to ordinary shareholders
(diluted) 12,794 374
------------------------------- -------- ---------
Weighted average number of ordinary shares (diluted)
Year ended 1 month
31 December Period ended
2005 31 December
2004
Weighted average number of ordinary shares
at end of the year/period 31,135,762 15,580,381
Effect of share options on issue - -
------------------------------- ---------- ----------
Weighted average number of ordinary shares
(diluted) at end of year/period 31,135,762 15,580,381
------------------------------- ---------- ----------
Diluted earnings per share
Year ended 1 month
31 December Period ended
2005 31 December
2004
Diluted earnings per share 0.411 0.024
------------------------------- -------- ---------
This information is provided by RNS
The company news service from the London Stock Exchange
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