Interim Results

Flomerics Group PLC 19 September 2007 Flomerics Group plc ("Flomerics" or "the Company") (AIM: FLO) Half Year Highlights Flomerics Group plc, the global supplier of simulation software to the engineering and electronics industries, today announces its results for the six months ended 30 June 2007 â€¢ Turnover grew 23% to Â£7.0 million (2006: Â£5.7 million) â€¢ Turnover grew by 11% at constant exchange rates excluding the contribution from NIKA products â€¢ Adjusted loss before tax of Â£545,000 (2006: profit of Â£240,000)* â€¢ European turnover grew by 26% and turnover in Asia grew by 35% (without NIKA contribution and at constant rates) â€¢ Good progress with the Engineering Fluid Dynamics (EFD) product range in markets where it is was introduced earlier; 85% increase in number of new seats installed â€¢ New EFD customers include ZF, Mitsubishi, Panasonic and Schlumberger â€¢ Cash balance of Â£1.6 million (2006: Â£4.0 million) with Â£1.7 million expended on acquisitions since June 2006 and positive operating cash flow in the period. Commenting on the results, David Mann, Chairman of Flomerics plc, said: "We are confident that the acquisition of NIKA will prove to be a very good strategic development for Flomerics, as it has broadened and enhanced our range of world-leading products. Forecasting for the EFD product line in new territories remains difficult and we have scaled back our expectations for the short term. However we are confident that investments in the EFD sales channels will bring significant benefits in 2008." * Adjusted loss / profit is before amortisation of intangibles, capitalisation of development costs and share based payments. www.flomerics.com Flomerics Group +44 20 8487 3000 Gary Carter, Chief Executive Chris Ogle, Finance Director & Company Secretary Conduit PR +44 20 7429 6604 Christian Taylor-Wilkinson, Charlie Geller +44 7970 067320 Oriel Securities Limited +44 20 7710 7600 Andrew Edwards Chairman's Statement Overview In the first six months of the year, the Company has continued to grow the business from its established products (i.e. those products that predated the acquisition of NIKA). Good progress has been made following the integration of NIKA and we have seen strong sales in the regions where the acquired EFD product lines were introduced some time ago. The number of new seats of EFD software installed has increased by 85% compared with the same period last year. Significant investments were made in the period to introduce the EFD products into other markets, especially the US. The associated revenues are taking longer than expected to build up and as a result the Company has made a loss in the first half of the year. For the first time, the results have been stated under International Financial Reporting Standards (IFRS) and the comparative numbers for the prior year period and for the year ended 31 December 2006 have been restated accordingly. Results Turnover was Â£7.0 million (2006: Â£5.7 million) representing growth of 23%. This includes the contribution from the NIKA business. Turnover growth excluding the contribution from NIKA and at constant rates of exchange was 11%. The Company made a loss before taxation of Â£805,000 compared to a profit in the half year to 30 June 2006 of Â£138,000. These figures include adjustments made to comply with IFRS and FRS 20 on the amortisation of intangibles, the capitalisation of Development costs and charges for share-based payments. Without these adjustments, the result for the period was a loss of Â£545,000 (compared to an adjusted profit for the half year to 30 June 2006 of Â£240,000). The cash balance at 30 June 2007 was Â£1.6 million, compared with Â£4.0 million a year earlier. Since June 2006 Â£1.7 million of cash has been used to finance acquisitions (Â£1.3 million on NIKA and Â£0.4 million on the earnout relating to the 2005 acquisition of MicReD). There was a positive cash flow from operations in the period. In order to compare like-with-like, the comparisons made below with the same period last year are all at constant rates of exchange and are without the contribution from NIKA. We outlined our intention a year ago to increase sales productivity in Europe and this is on track. Asia-Pacific meanwhile continues to be a good source of growth and during this period revenues from China were particularly strong. European turnover grew by 26% and turnover in Asia-Pacific grew by 35%. Revenues from the US were down by 7%. As we stated in the Pre-Close Trading Update release on 13 July 2007, we have found the market in the US to be weaker this year and there has been a noticeable holding back by our customers on making investment decisions. By product, revenue from our electronics thermal line of business grew by 7% (2006: 10%), FLOVENT by 19% (2006: 6%) and the electromagnetics line of business by 13% (2005: 4%). MicReD contributed Â£240,000 to first half turnover (2005: Â£128,000). NIKA and EFD The number of new seats of EFD software installed in the first half of 2007 increased by 85% compared to the same period last year. The majority of these were in Germany and Japan, where the product was introduced some time ago. The number of new seats in Germany grew by 75% and there was a 50% increase in the number of new seats in Japan. In these regions, we saw orders from new customers including ZF, Rowenta, Mitsubishi and Panasonic and growth from existing customer including Toyota and Siemens. Sales elsewhere included Schlumberger, Taylor Made Marine, Bonas and Swegon in Europe and Harman Becker and Alpha Technologies Inc. in the USA. We have made a significant investment in marketing and sales for our EFD product range within new markets, especially the US. However it will take time to penetrate these markets, in part because of the slow-down in the US, and as a result, sales are below our ambitious plans. We now have sales resources in place to sell the EFD product line in the UK, US and Germany as well as through distributors, for example in Japan. The scope for the product is considerable and we plan to invest additional resources in these and other territories as sales build up. In October we will make the first release of a module of the EFD product focussing on electronics. This is a significant step forward and will allow some of our FLOTHERM customer base to benefit from the EFD features. The consideration for NIKA included an earnout element that was dependent on the total group after tax profit for 2007. As we have said above, the associated revenues from the acquisition are taking longer than expected to build up, and therefore it is not expected that any of the earnout will be paid. Outlook Experience over the first year since the acquisition of NIKA has confirmed the Board's view that it was a very good strategic development for Flomerics. The Company's range of world-leading products has been broadened and enhanced by the merger. As a result, the Board sees great potential for the Company to grow strongly from this foundation. We are confident that in due course this will bring returns to shareholders that will justify the dilution arising from the acquisition. Forecasting for the EFD product line in new territories remains difficult and we had to scale back our short term expectations earlier this year. However the Directors believe that there are good prospects for the Company to achieve growth in revenue and adjusted profit in this year's results and for investments in the EFD sales channels to bring significant benefits next year. Consolidated Income Statement (Unaudited) For the six months ended 30 June 2007 Six month Six month period ended period ended Year ended 30 June 30 June 31 December 2007 2006 2006 Unaudited Unaudited Unaudited Note Â£'000 Â£'000 Â£'000 Continuing operations: Revenue 2 6,952 5,677 14,221 Cost of sales (188) (159) (550) Gross profit 6,764 5,518 13,671 Administrative expenses (7,607) (5,418) (12,815) Other operating income 30 30 61 Operating (loss)/profit (813) 130 917 Investment revenues 24 54 101 Finance costs (16) (46) (164) (Loss)/profit before taxation (805) 138 854 Tax credit 3 42 79 78 (Loss)/profit for the period attributable (763) 217 932 to equity holders of the parent (Loss)/earnings per share (pence): 5 Basic (3.57) 1.45 5.16 Diluted (3.31) 1.38 4.06 The comparatives for the periods ended 30 June 2006 and 31 December 2006 have been restated as described in the transition to IFRS section. Consolidated Balance Sheet (Unaudited) At 30 June 2007 30 June 30 June 31 December 2007 2006 2006 Unaudited Unaudited Unaudited Â£'000 Â£'000 Â£'000 Non-current assets Investment property 1,185 1,195 1,189 Property, plant and equipment 555 424 520 Other intangible assets 3,941 214 4,141 Goodwill 7,259 1,353 7,266 Deferred tax asset 531 517 573 13,471 3,703 13,689 Current assets Inventories 33 51 33 Trade and other receivables 4,715 3,671 5,467 Cash and cash equivalents 1,640 3,976 2,339 6,388 7,698 7,839 Total assets 19,859 11,401 21,528 Current liabilities Trade and other payables (4,515) (3,876) (5,217) Current tax liabilities - - (14) Bank overdrafts and loans (71) (60) (71) Derivative financial instruments - (12) - (4,586) (3,948) (5,302) Non-current liabilities Bank loans (270) (350) (305) Deferred tax liability (865) - (950) (1,135) (350) (1,255) Total liabilities (5,721) (4,298) (6,557) Net assets 14,138 7,103 14,971 Equity Share capital 216 150 213 Shares to be issued 1,112 108 1,112 Share premium reserve 1,920 1,727 1,735 Merger reserve 7,185 892 7,185 Retained earnings 4,037 4,250 5,028 Currency translations (332) (24) (302) Total equity 14,138 7,103 14,971 The comparatives for the periods ended 30 June 2006 and 31 December 2006 have been restated as described in the transition to IFRS section. Consolidated Cash Flow Statement (Unaudited) For the six months ended 30 June 2007 Six month Six month period ended period ended Year ended 30 June 30 June 31 December 2007 2006 2006 Unaudited Unaudited Unaudited Â£'000 Â£'000 Â£'000 Cash flows from existing operating activities: (Loss)/profit for the period (763) 217 932 Depreciation of property, plant and equipment 207 166 252 Amortisation of other intangible assets 363 53 579 Loss on disposal of property, plant and equipment - - 2 Investment revenues (24) (54) (101) Finance costs 16 46 164 Income tax (42) (79) (78) Share-based payment expense 75 49 97 Operating cash (outflows)/inflows before movements in working (168) 398 1,847 capital Changes in operating assets and liabilities: Receivables 753 282 (1,081) Inventory - 8 30 Payables (292) (325) 89 Cash generated by operations 293 363 885 Income taxes paid (14) (30) (176) Finance costs (16) (46) (164) Net cash from operating activities 263 287 545 Cash flows from investing activities: Interest received 24 54 101 Proceeds on disposal of property, plant and equipment - - 5 Purchases of property, plant and equipment (227) (194) (512) Purchase of intangibles (179) - (77) Acquisition of subsidiary (net of cash acquired) (259) - (1,418) Net cash used in investing activities (641) (140) (1,901) Cash flows from financing activities: Proceeds from issue of shares (net of issue costs) 38 - - Dividends paid (295) (195) (195) Repayment of loans (35) (34) (68) Net cash used in financing activities (292) (229) (263) Net decrease in cash and cash equivalents (670) (82) (1,619) Cash and cash equivalents at the start of the year 2,339 4,081 4,081 Effect of foreign exchange rate changes (29) (23) (123) Cash and cash equivalents at end of year 1,640 3,976 2,339 Notes to the Unaudited Interim Report - 2007 1. Basis of presentation The accompanying unaudited interim consolidated financial statements of Flomerics Group plc ("the Group") have been prepared in conformity with recognition and measurement principles required by International Financial Reporting Standards ("IFRS"). From the year ending 31 December 2007 the Group will prepare its consolidated financial statements in accordance with IFRS as adopted by the European Union in order that the Group financial statements comply with the AIM rules. Previously, the group reported under UK Generally Accepted Accounting Practice ("UK GAAP"). The Group's date of transition to IFRS is 1 January 2006, which is the beginning of the comparative period for the 2006 financial year. Reconciliations have been produced to show the changes made to the statements previously reported under UK GAAP in arriving at the equivalent statements under IFRS. These reconciliations and the resulting restated comparatives have not been audited. UK GAAP accounts for the year ended 31 December 2006 have been filed with the Registrar of Companies and received an unqualified audit report that did not include references to any matters to which the auditors drew attention by way of emphasis without qualifying their report and did not contain statements under Section 237(2) or (3) of the Companies Act 1985. 2. Segmental information All of the Group's results and revenues are derived from its sole activity, that of providing virtual prototyping solutions to engineers and designers. Accordingly, the Group maintains only one reportable business segment, as is reflected in the reporting in these interim financial statements. Geographical segments The Group's operations are located in United States of America, Europe and Asia Pacific. The following table provides an analysis of the Group's sales by geographical market, irrespective of the origins of the service. Six month Six month Year ended period ended period ended 31 December 30 June 30 June 2006 2007 2006 Â£'000 Â£'000 Â£'000 United States of America 2,446 2,796 5,563 Europe 3,014 1,730 5,946 Asia Pacific 1,492 1,151 2,712 6,952 5,677 14,221 3. Income taxes As the Group made a loss in the period a current tax charge of Â£nil has been assumed. The credit in the period arises from movements in deferred tax. 4. Dividends Six month Six month Year ended period ended period ended 31 December 30 June 30 June 2006 2007 2006 Â£'000 Â£'000 Â£'000 Final dividend for the prior year recognised in the period 295 195 195 of 1.4p per share (2006 - 1.3p) 5. (Loss)/earnings per share (pence) Six month Six month Year ended period ended period ended 31 December 30 June 30 June 2007 2007 2007 (Loss)/earnings per share (pence) Basic (3.57) 1.45 5.16 Diluted (3.31) 1.38 4.06 The calculation of the basic and diluted (loss)/earnings per share is based on the following data: Â£'000 Â£'000 Â£'000 (Loss)/earnings (Loss)/earnings for the purposes of basic and diluted (763) 217 932 (loss)/earnings per share being net loss/(profit) attributable to equity holders of the parent Number Number Number Number of shares Weighted average number of ordinary shares for the 21,388 14,932 18,063 purposes of basic (loss)/earnings per share Effect of dilutive potential ordinary shares Share options 1,662 782 4,905 Weighted average number of ordinary shares for the 23,050 15,714 22,968 purposes of diluted (loss)/earnings per share The earnings per share calculation assumes that there are no further shares issued to the former shareholders of NIKA under the earnout arrangement. 6. Adjusted (loss)/profit The adjusted ( loss)/profit for the period and the prior year period is arrived at as follows: Six month Six month period ended period ended 30 June 30 June 2007 2006 Â£'000 Â£'000 (Loss)/profit before tax (805) 138 Share based payment 75 49 Amortisation of intangibles 337 - Capitalisation of reseach and development, net of (152) 53 amortisation Adjusted (loss) / profit (545) 240 Accounting policies Basis of preparation The preliminary balance sheets and income statements shown in the Transition to IFRS section have been prepared on the basis of IFRS expected to be in issue at 31 December 2007. The preliminary IFRS financial statements will form the basis of the comparative information in the first IFRS accounts and have been prepared on the basis of IFRS expected to be in issue at 31 December 2007 but are still subject to change. We will update the restated information for any such change in the 31 December 2007 financial statements. Whilst the financial information included in the transition to IFRS section has been prepared in accordance with IFRS's as adopted for use by the European Union, it does not constitute full IFRS compliant financial statements. In particular, the information contained in the transition to IFRS section indicates the quantitative adjustments that are expected to arise as a result of the transition to IFRS, but does not include all the primary statements that would be required under IFRS, nor does it include the disclosures that are required for IFRS compliant financial statements. The Group will comply with all these requirements when it prepares its first annual IFRS statements covering the year ending 31 December 2007. The preliminary IFRS financial statements have been prepared on an historical cost basis, except for the measurement of balances at fair value as disclosed in the accounting policies below. Interim financial statements As permitted, the Group has not adopted IAS 34 "Interim Financial Reporting". Therefore the disclosures presented do not comply in full with the requirements of that standard. First time adoption The Group has adopted IFRS from 1 January 2006 ('the date of transition'). Please refer to the transition to IFRS section for details on exemption balances on the transition. Basis of consolidation The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries) made up to 31 December each year. Control is achieved where the Company has the power to govern the financial and operating policies of an investee entity so as to obtain benefits from its activities. The Group income statement includes the results of subsidiaries acquired or disposed of during the year from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by the group. All intra-group transactions, balances, income and expenses are eliminated on consolidation. Business combinations The acquisition of subsidiaries, or trade and assets, is accounted for using the purchase method. The cost of the acquisition is measured at the aggregate of the fair values, at the date of exchange, of assets given, liabilities incurred or assumed, and equity instruments issued, or to be issued, by the Group in exchange for control of the acquiree, plus any costs directly attributable to the business combination. The acquiree's identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition under IFRS 3 are recognised at their fair value at the acquisition date, except for non-current assets (or disposal groups) that are classified as held for sale in accordance with IFRS 5 "Non Current Assets Held for Sale and Discontinued Operations", which are recognised and measured at fair value less costs to sell. Goodwill arising on acquisition is recognised as an asset and initially measured at cost, being the excess of the cost of the business combination over the Group's interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised. If, after reassessment, the Group's interest in the net fair value of the acquiree's identifiable assets, liabilities and contingent liabilities exceeds the cost of the business combination, the excess is recognised immediately in profit or loss. The Group has taken the exemption conferred in IFRS 1, "First-time Adoption of International Financial Reporting Standards", not to restate business combinations prior to the transition date of 1 January 2006 under IFRS 3. Property, plant and equipment Property, plant and equipment is stated at cost or deemed cost less accumulated depreciation and any impairment in value. Depreciation Depreciation is provided on all property, plant and equipment, other than freehold land, at rates calculated to write off the cost, less estimated residual value based on prices prevailing at the date of acquisition, of each asset evenly over its expected useful life, as follows: Computer hardware 20-33% per annum Fixtures and fittings 20-33% per annum The carrying values of property, plant and equipment are reviewed for impairment if events or changes in circumstances indicate the carrying value may not be recoverable. The asset's residual values, useful lives and methods are reviewed, and adjusted if appropriate, at each financial year end. Investment property Investment property, which is properly held to earn rentals is stated at its historic cost as the Group elected, under the transitional arrangements available under IFRS 1, to use the previous carrying value under UK GAAP as deemed cost in transition. The investment property is depreciated on a straightline basis of 2% per annum, however the land on which it is situated is not depreciated. Goodwill Goodwill represents the excess of the cost of acquisition over the Group's interest in the fair value of the identifiable assets and liabilities of a subsidiary, or acquired sole trade business at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less any accumulated impairment losses. Goodwill which is recognised as an asset is reviewed for impairment at least annually. Any impairment is recognised immediately in the Group income statement and is not subsequently reversed. For the purpose of impairment testing, goodwill is allocated to each of the Group's cash-generating units expected to benefit from the synergies of the combination. Cash-generating units to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognised for goodwill is not reversed in a subsequent period. On disposal of a subsidiary the attributable amount of goodwill is included in the determination of the profit or loss on disposal. Goodwill arising on acquisitions before the date of transition to IFRS has been retained at the previous UK GAAP amounts subject to being tested for impairment at that date and subsequently as required by the provisions of IAS 36 " impairment of assets". Intangible assets Intangible assets with a finite useful life are carried at cost less amortisation and any impairment losses. Intangible assets represent items which have been separately identified under IFRS 3 arising in business combinations, or meet the recognition criteria of IAS 38, "Intangible Assets". Impairment of tangible and intangible assets excluding goodwill At each balance sheet date, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised in the income statement as an expense immediately, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. Where an impairment loss subsequently reverses, the carrying amount of the asset (cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (cash-generating unit) in prior years. A reversal of an impairment loss is recognised as income immediately, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase. Amortisation of intangible assets acquired in a business combination is calculated over the following periods on a straight line basis: Customer relationships - 10% per annum Contract based assets - 50% per annum Completed technology - over a useful life of 7 years Non-competition agreement - 25% per annum Amortisation of other intangible assets (computer software) is calculated using the straight-line method to allocate the cost of the asset less its assessed realisable value over its estimated useful life, which equates to 33% to 50% per annum. Internally-generated intangible assets - research and development expenditure Expenditure on research activities is recognised as an expense in the period in which it is incurred. Any internally-generated intangible asset arising from the Group's development projects are recognised only if all of the following conditions are met: â€¢ an asset is created that can be identified; â€¢ it is possible that the asset created will generate future economic benefits; and â€¢ the development cost of the asset can be measured reliably. Internally-generated intangible assets are amortised on a straight-line basis over their useful lives of three years. Where no internally-generated intangible asset can be recognised, development expenditure is recognised as an expense in the period in which it is incurred. Financial instruments Financial assets and financial liabilities are recognised on the Group's balance sheet at fair value when the Group becomes a party to the contractual provisions of the instrument. Trade receivables Trade receivables represent amounts due from customers in the normal course of business. All other amounts which are not interest bearing are stated at their nominal value as reduced by appropriate allowances for estimated irrecoverable amounts, which are charged to the income statement. Cash and cash equivalents Cash and cash equivalents include cash at hand and deposits held at call with banks with original maturities of three months or less. Financial liabilities and equity instruments Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities. Bank Borrowings Interest-bearing bank loans and overdrafts are recorded at fair value, net of direct issue costs. Such bank borrowings are subsequently measured at amortised cost using the effective interest rate method, which ensures that any interest expense over the period to repayment is at a constant rate on the balance of the liability carried in the balance sheet. Finance charges are accounted for on an accruals basis in the income statement using the effective interest rate method and are added to the carrying amount of the instrument to the extent that they are not settled in the period in which they arise. Trade payables Trade payables are initially measured at fair value, and are subsequently measured at amortised cost, using the effective interest rate method. Equity instruments Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs. Derivative financial instruments The Group's activities expose it primarily to the financial risks of changes in foreign exchange rates. The Group occasionally uses forward exchange contracts to hedge these exposures. The Group does not use derivative financial instruments for speculative purposes. The Group has elected not to adopt the hedge accounting provisions of IAS 39. Derivative financial instruments are initially measured at fair value on the date that the contract is entered into and subsequently remeasured to fair value at each reporting date. The gains and losses on remeasurement are taken to the income statement and reported in administrative expenses. Dividends Dividends are provided for in the period in which they become a binding liability on the Group. Inventories Inventories are stated at the lower of cost and net realisable value. For inventories acquired for retail sale the cost represents the purchase price plus overheads directly related to bringing inventory to its present location and condition and is measured on a first in first out basis. Net realisable value represents the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. Where necessary allowance is made for obsolete, slow moving and damaged inventory. Employee share incentive plans The Group issues equity-settled share-based payments to certain employees (including directors). These payments are measured at fair value at the date of grant by use of the Black-Scholes pricing model. This fair value cost of equity-settled awards is recognised on a straight-line basis over the vesting period, based on the Group's estimate of shares that will eventually vest and adjusted for the effect of any non market-based vesting conditions. The expected life used in the model has been adjusted, based on management's best estimate, for the effects of non-transferability, exercise restrictions, and behavioural considerations. A corresponding credit is recorded in equity in the share option account. No cost is recognised for awards that do not ultimately vest. Leases Leases taken by the Group are assessed individually as to whether they are finance leases or operating leases. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases. Leases where the lessor retains substantially all the risks and benefits of ownership of the asset are classified as operating leases. Operating lease rental payments are recognised as an expense in the income statement on a straight-line basis over the lease term. The benefit of lease incentives is spread over the term of the lease. The Group currently has no material finance leases. Taxation The tax expense represents the sum of the current tax and deferred tax charges. The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Share capital and share premium There is one class of shares. When new shares are issued, they are recorded in share capital at their par value. The excess of the issue price over the par value is recorded in the share premium reserve. Incremental external costs directly attributable to the issue of new shares (other than in connection with a business combination) are recorded in equity as a deduction, net of tax, to the share premium reserve. Revenue recognition Revenue represents the amounts receivable, net of sales taxes, on the provision of the Group's software, maintenance, consultancy, and other services such as training and hardware. When a sale is made to a customer of the Group's software, the price normally includes the provision of maintenance (for a perpetual licence this is only for the first year). The maintenance element is deferred and is recognised over the period that the maintenance is provided. Appropriate amounts attributable to maintenance are deferred for each type of licence. The licence element of the sale is recognised as income when the following conditions have been satisfied: 1) The software has been provided to the customer in a form that enables the customer to utilise it; 2) There is evidence of a contractual relationship between the customer and the Group relating to the revenue in question; 3) The ongoing obligations of the Group to the customer, aside from the maintenance, are minimal; and 4) The amount payable by the customer is determinable and there is a reasonable expectation of payment. Revenue on the sale of hardware products is recognised when the risks and rewards of ownership have passed to the customer and the Group's work is substantially complete, which is usually upon delivery to the customer or his agent. Retirement benefit costs The Group operates a defined contribution pension scheme. The amount charged to the income statement in respect of pension costs and other post-retirement benefits is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the balance sheet. Operating profit Operating profit is stated before investment income and finance costs. Foreign exchange The individual financial statements of each group company are presented in the currency of the primary economic environment in which it operates (its functional currency). For the purpose of the consolidated financial statements, the result and the financial position of each group company are expressed in pounds sterling, which is the functional currency of the parent Company, and the presentation currency for the consolidated financial statements. Exchange differences arising on the settlement of monetary items, and on the retranslation of monetary items, are included in profit or loss for the period. Exchange differences arising on the retranslation of non-monetary items carried at fair value are included in profit or loss for the period except for differences arising on the retranslation of non-monetary items in respect of which gains and losses are recognised directly in equity. For such non-monetary items, any exchange component of that gain or loss is also recognised directly in equity. For the purpose of presenting consolidated financial statements, the assets and liabilities of the group's foreign operations are translated at exchange rates prevailing on the balance sheet date. Income and expense items are translated at the average exchange rates for the period, unless exchange rates fluctuate significantly during that period, in which case the exchange rates at the date of transactions are used. Exchange differences arising, if any, are classified as equity and transferred to the group's translation reserve. Such translation differences are recognised as income or an expenses in the period in which the operations is disposed of. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate. The group has elected to treat goodwill and fair value adjustments arising on acquisitions before the date of transition to IFRS as sterling denominated assets and liabilities. Transition to IFRS The following pages set out reconciliations of the UK GAAP balance sheet at 1 January 2006, 30 June 2006 and 31 December 2006 and the income statements for the periods 30 June 2006 and 31 December 2006. The principal accounting policy changes from UK GAAP that have had an impact on the balance sheet or income statement are set out as follows: IFRS 1 First time adoption of IFRS IFRS 1 permits a number of first time adoption exemptions and the Group has elected to take those relating to business combinations, fair value or revaluation as deemed cost and cumulative translation differences. These are explained in more detail below: Business combinations: The Group has elected not to apply IFRS 3, Business Combinations, retrospectively to combinations that took place prior to the transition date. Accordingly, the carrying value of goodwill recorded under UK GAAP has been fixed at the date of transition as deemed cost and will no longer be amortised. Fair value or revaluations as deemed cost: The Group has elected to adopt the cost model available under IAS 40, Investment Property. Accordingly, the net book value of the property at the date of transition will be deemed as cost under IFRS. Cumulative translation differences: Under IAS 21, some translation differences are required to be initially recognised as a separate component of equity that is only recognised in the income statement on the disposal of that foreign operation. The Group has elected not to comply with this requirement for cumulative translation differences that existed at the date of transition and accordingly, the cumulative translation differences for all foreign operations are deemed to be zero at the date of transition. The group has also elected to treat goodwill and fair value adjustments arising on acqusitions prior to 1 January 2006 as sterling denominated assets and liabilities. IAS 12 Income Taxes General IAS 12 takes a balance sheet approach to deferred tax whereby deferred tax is recognised in the balance sheet by applying the appropriate tax rate to the temporary differences arising between the carrying value of the assets and liabilities and their tax base. This contrasts with UK GAAP (FRS 19) which considered timing differences arising in the profit and loss account. Where the IFRS adjustments discussed in this document create a difference between the carrying amount of an asset or liability and the related tax base, and there are no initial recognition exemptions available under IAS 12, the Group has recorded a deferred tax liability or asset as required. The following table demonstrates how the asset and liabilities have arisen: Deferred tax asset/(liability) Â£'000 At date of transition: IAS 38 - capitalisation of research and development (40) Asset arising on fixed asset timing differences 428 Asset arising on short term timing differences 18 Asset arising on share based payment 14 Net deferred tax asset at 1 January 2006 420 At 30 June 2006: IAS 38 - capitalisation of research and development (24) Asset arising on fixed asset timing differences 501 Asset arising on share based payment 20 Asset arising on short term timing differences 20 Net deferred tax asset at 30 June 2006 517 At 31 December 2006: IAS 38 - capitalisation of research and development (31) Asset arising on fixed asset timing differences 574 Asset arising on short term timing differences 23 Asset arising on share based payment 7 Net deferred tax asset at 31 December 2006 573 Liability arising on NIKA intangibles at acquisition at 31 (950) December 2006 Deferred tax on business combinations IAS 12 requires that deferred tax is provided in full on differences between the carrying value of assets and liabilities acquired in a business combination and the related tax base, regardless of whether the business combination is accounted for under IFRS 3. In the specific case of business combinations, the initial recognition exemption available under IAS 12 not to recognise deferred tax on transactions which at the time of the transaction do not affect accounting profit or taxable profit is not available. The Group acquired NIKA GmbH (NIKA), in July 2006 in a transaction which was a business combination as defined by IFRS 3, "Business combinations". NIKA had at that date certain assets which did not qualify for tax deduction (non qualifying assets). Under UK GAAP these non qualifying assets do not result in a timing difference on which deferred tax is provided. Additionally, under IAS 12, in the normal course of events, the initial recognition exemption referred to above is available on these non qualifying assets. Accordingly, the Group has provided for deferred tax on the full difference between the carrying amount of these assets acquired by the Group in July 2006 and their tax base of Â£nil. The impact of this change for the Group was an increase to goodwill on acqusition of Â£1,051,000 and a corresponding deferred tax provision of Â£1,051,000. There was no impact on the income statement as a result of this change. This deferred tax provision will reduce as the carrying amount of the assets is amortised and as at 30 June 2007 the deferred tax liability was Â£865,000. IAS 19 Employee Benefits Holiday pay accrual IAS 19 requires an accrual to be made for earned but unpaid holiday pay. The Group's holiday year runs from January to December and holiday carryover is permitted. Accordingly, the requirement to record a holiday pay accrual has impacted negatively, the opening balance sheet as at 1 January 2006 by Â£79,000, the 30 June 2006 balance sheet by Â£94,000 and the 31 December 2006 balance sheet by Â£97,000, with the income statements for each period incurring a charge by the corresponding movement. Furthermore, an additional fair value adjustment of Â£68,000 in respect of holiday pay accruals was made as part of the NIKA acquisition and this has increased goodwill by an equal amount. IAS 21 The effect of changes in foreign exchange Under IAS 21, it is necessary to present foreign exchange differences arising from the retranslation of overseas subsidiaries into the presentation currency of the group from the transition date as a separate reserve in equity. Accordingly, such movements have been reclassified for the periods ended 30 June 2006 and 31 December 2006. Also, goodwill and fair value adjustments arising on acqusitions of a foreign entity are treated as assets and liabilities of that foreign entity and translated at the closing rate. As a result of this change, net assets at 31 December 2006 have been reduced by Â£162,000. IAS 38 Intangible Assets Capitalised software Under UK GAAP, all capitalised software development costs are included within tangible fixed assets. IAS 38 requires that where such costs are not an integral part of the associated hardware, they should be classified as intangible assets. Accordingly, certain items of property, plant and equipment have been reclassified to intangible assets at each reference date where they are items of software that meet the recognition criteria of IAS 38. There is no net impact on the income statement as a result of this reclassification, however, there has been a reclassification of the amounts recorded as depreciation on these assets to amortisation charges. The impact on the balance sheets at 1 January 2006 and 30 June 2006 has been an increase in Intangible Assets and a matching decrease in Property, plant and equipment of Â£135,000 and Â£135,000 respectively. Software had already been reclassified as an intangible asset in the 31 December 2006 financial statements and hence no adjustment has arisen. Intangible assets amortisation The Group has recognised additional intangible assets under IFRS 3 "Business Combinations", as discussed below. IAS 38 requires that amortisation is provided where an intangible asset has a finite life. The adjustment arising from this is discussed below in IFRS 3 "Business Combinations". Research and development expenditure Under UK GAAP, the Group took the option available under SSAP 13 to write off all expenditure as incurred. Under IAS 38 it is obligatory to capitalise when all of the criteria specified by the standard are met. Following a review of the development projects being conducted by the Group, the capitalisation of the qualifying expenditure has resulted in an increase in intangible assets at 1 January 2006 of Â£132,000, Â£79,000 at 30 June 2006 and Â£103,000 at 31 December 2006 with a corresponding reduction of administrative expenses in the income statement. As these development costs are now being capitalised a reduction in profits has been caused by the associated amortisation charge. IAS 39 Financial Instruments: Recognition and Measurement Forward exchange contract fair value IAS 39 requires all derivatives, including forward exchange contracts, to be initially recognised and subsequently re-measured at fair value. The Group had open forward foreign exchange contracts in place at 1 January 2006 and 30 June 2006. The Group had not adopted the hedging provisions of IAS 39 at this time and accordingly, changes in fair value are taken to the income statement in the period in which they arise. The impact of this change for the Group has been an increase in administrative costs of Â£12,000 in the six months to 30 June 2006 together with a corresponding creditor on the balance sheet, and a reduction in net assets of Â£29,000 in the opening balance sheet at 1 January 2006. IAS 40 Investment Property On reviewing the Group's UK GAAP accounting policies against IFRS, it was noted that the characteristics of a building owned by the Group meant it would more appropriately be classified as an investment property. The Group have chosen to adopt the cost measurement accounting policy as allowed by IAS 40 as a result. This new policy has had no impact in the income statement but does cause a reclassification in the balance sheet of Â£1,201,000 within non-current assets; the amounts for subsequent periods is reduced by the depreciation charge for that period. IFRS 3 Business Combinations Business combinations: Reversal of goodwill amortisation Under UK GAAP, the Company recognised goodwill as the difference between the fair value of assets and liabilities acquired and the fair value of consideration paid on all acquisitions of trade and assets and subsidiary companies. Goodwill was amortised over its useful economic life, generally being 20 years. IFRS 3 prohibits the amortisation of goodwill. The standard requires goodwill to be carried at cost with impairment reviews both annually and when there are indications that the carrying value may not be recoverable. Accordingly, amortisation charged in the financial year ended 31 December 2006 has been reversed, increasing operating profit by Â£644,000 for the year to 31 December 2006 and by Â£98,000 for the six months to 30 June 2006. Additionally, the accumulated amortisation at the transition date has been eliminated against the cost of goodwill. Further adjustments have been made to the goodwill balance resulting from the application of IFRS 3 to business combinations after the transition date as detailed below. Goodwill which is recognised as an asset is reviewed for impairment at least annually. Any impairment is recognised immediately in the Group income statement and is not subsequently reversed. In accordance with IFRS 1 and IAS 36, an impairment review on all assets was duly carried out at the transition date and subsequently in December 2006 and no impairment loss was identified. Business combinations: Intangible assets As accorded by the transitional arrangements of IFRS 1, the Group has chosen to apply IFRS 3 prospectively from the date of transition (1 January 2006) and not to restate previous business combinations. For qualifying business combinations, goodwill under IFRS 3 represents the excess of consideration over the fair values of acquired assets (including any separately identifiable and measurable intangible assets), liabilities and contingent liabilities. As noted above, the Group has not applied IFRS 3 to business combinations prior to the transition date of 1 January 2006. In the period subsequent to 1 January 2006, the Group acquired NIKA in July 2006. The Group has assessed this business combination under IFRS 3 and identified intangible assets relating to recurring customer relationships, a non-competition agreement, a contract based asset and completed technology which have been reclassified from goodwill to intangible assets. As required under IAS 38, these intangible assets are amortised over their finite lives (considered to be between 4 and 10 years) and subject to impairment reviews annually and before the end of the accounting period in which they were acquired. The impact of this change for the Group has been a reduction to goodwill of Â£4,205,000 and a corresponding increase in other intangible assets in the year to December 2006. The resulting amortisation charge arising on this reclassification is Â£338,000 with a corresponding reduction in intangible assets. Unaudited Reconciliations on transition from UK GAAP to IFRS The balance sheet reconciliations at 1 January 2006 (date of transition to IFRS) and at 31 December 2006 (date of last UK GAAP financial statements) and the reconciliation of profit for 2006, as required by IFRS 1 are shown below: 1. Unaudited balance sheet reconciliation at 1 January 2006 UK GAAP IAS 12 IAS 19 IAS 38 IAS 38 IAS 39 IAS40 IFRS (IFRS Income Holiday Reclassi- Capitali- Loss on Reclassi- format) taxes pay fication of sation of forward fication of accrual software development exchange investment costs contract properties Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Non-current assets Goodwill 1,353 - - - - - - 1,353 Other intangible assets - - - 135 132 - - 267 Property, plant and equipment 1,726 - - (135) - - (1,201) 390 Investment property - - - - - - 1,201 1,201 Deferred tax asset - 420 - - - - - 420 3,079 420 - - 132 - - 3,631 Current assets Inventories 59 - - - - - - 59 Trade and other receivables 3,953 - - - - - - 3,953 Cash and cash equivalents 4,081 - - - - - - 4,081 8,093 - - - - - - 8,093 Total assets 11,172 420 - - 132 - - 11,724 Current liabilities Trade and other payables (4,289) - (79) - - - - (4,368) Current tax liability (30) - - - - - - (30) Bank overdraft and loan (67) - - - - - - (67) Derivative financial liability - - - - - (29) - (29) (4,386) - (79) - - (29) - (4,494) Non-current liabilities Bank loans (377) - - - - - - (377) Total liabilities (4,763) - (79) - - (29) - (4,871) Net assets 6,409 420 (79) - 132 (29) - 6,853 UK GAAP IAS 12 IAS 19 IAS 38 IAS 38 IAS 39 IAS40 IFRS (IFRS Income Holiday Reclassi- Capitali- Loss on Reclassi- format) taxes pay fication of sation of forward fication of accrual software development exchange investment costs contract properties Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Equity Share capital 148 - - - - - - 148 Shares to be issued 33 - - - - - - 33 Share premium reserve 1,602 - - - - - - 1,602 Merger reserve 892 - - - - - - 892 Retained earnings 3,734 420 (79) - 132 (29) - 4,178 Currency translation - - - - - - - - 6,409 420 (79) - 132 (29) - 6,853 2. Unaudited balance sheet reconciliation at 30 June 2006 IAS 12 IAS 19 IAS 21 IAS 38 IAS 38 IAS 39 IAS 40 IFRS 3 IFRS UK GAAP Income Holiday Currency Reclassi- Capitali- Loss on Reconcili- Add (IFRS taxes pay trans- fication sation forward ation back format) accrual lation of of exchange of of differ- software develop- contract invest- goodwill ences ment ment amorti- expendi- property sation ture net of amorti- sation Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Non-current assets Goodwill 1,255 - - - - - - - 98 1,353 Other intangible assets - - - - 135 79 - - - 214 Property, plant and equipment 1,754 - - - (135) - - (1,195) - 424 Investment property - - - - - - - 1,195 - 1,195 Deferred tax asset - 517 - - - - - - - 517 3,009 517 - - - 79 - - 98 3,703 Current assets Inventories 51 - - - - - - - - 51 Trade and other receivables 3,671 - - - - - - - - 3,671 Cash and cash equivalents 3,976 - - - - - - - - 3,976 7,698 - - - - - - - - 7,698 Total assets 10,707 517 - - - 79 - - 98 11,401 Current liabilities Trade and other payables (3,782) - (94) - - - - - - (3,876) Current tax liability - - - - - - - - - - Bank overdraft and loan (60) - - - - - - - - (60) Derivative financial liability - - - - - - (12) - - (12) (3,842) - (94) - - - (12) - - (3,948) Non-current liabilities Bank loans (350) - - - - - - - - (350) Total liabilities (4,192) - (94) - - - (12) - - (4,298) Net assets 6,515 517 (94) - - 79 (12) - 98 7,103 IAS 12 IAS 19 IAS 21 IAS 38 IAS 38 IAS 39 IAS 40 IFRS 3 IFRS UK GAAP Income Holiday Currency Reclassi- Capitali- Loss on Reconcili- Add (IFRS taxes pay trans- fication sation forward ation back format) accrual lation of of exchange of of differ- software develop- contract invest- goodwill ence ment ment amorti- expendi- property sation ture net of amorti- sation Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Equity Share capital 150 - - - - - - - - 150 Shares to be issued on account 108 - - - - - - - - 108 Share premium reserve 1,727 - - - - - - - - 1,727 Merger reserve 892 - - - - - - - - 892 Retained earnings 3,638 517 (94) 24 - 79 (12) - 98 4,250 Currency translation - - - (24) - - - - - (24) 6,515 517 (94) - - 79 (12) - 98 7,103 3. Unaudited balance sheet reconciliation at 31 December 2006 IAS 12 IAS 19 IAS 21 IAS 38 IAS 38 IAS 40 IFRS3 IFRS3 IFRS UK GAAP Income Holiday Currency Capitali- Amorti- Reclassi- Reclassi- Add (IFRS Taxes pay trans- of sation fication fication back format) accrual lation develop- of other of of of differ- ment intan- invest- intan- good- ence costs, net gibles ment gibles will of identi- property identi- amorti- amorti- fied fied sation sation in NIKA in NIKA acquisi- acquisi- tion tion Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Non-current assets Goodwill 9,807 1,051 68 (99) - - - (4,205) 644 7,266 Other intangible assets 234 - - (63) 103 (338) - 4,205 - 4,141 Property, plant and equipment 1,709 - - - - - (1,189) - - 520 Investment property - - - - - - 1,189 - - 1,189 Deferred tax asset - 573 - - - - - - - 573 11,750 1,624 68 (162) 103 (338) - - 644 13,689 Current assets Inventories 33 - - - - - - 33 Trade and other receivables 5,467 - - - - - - - - 5,467 Cash and cash equivalents 2,339 - - - - - - - - 2,339 7,839 - - - - - - - - 7,839 Total assets 19,589 1,624 68 (162) 103 (338) - - 644 21,528 Current liabilities Trade and other payables (5,120) - (97) - - - - - - (5,217) Current tax liability (14) - - - - - - - - (14) Bank overdraft and loan (71) - - - - - - - - (71) (5,205) - (97) - - - - - - (5,302) Non-current liabilities Bank loans (305) - - - - - - - - (305) Deferred tax liability - (950) - - - - - - - (950) (305) (950) - - - - - - - (1,255) Total liabilities (5,510) (950) (97) - - - - - - (6,557) Net assets 14,079 674 (29) (162) 103 (338) - - 644 14,971 IAS 12 IAS 19 IAS 21 IAS 38 IAS 38 IAS 40 IFRS3 IFRS3 IFRS UK GAAP Income Holiday Currency Capitali- Amorti- Reclassi- Reclassi- Add (IFRS Taxes pay trans- of sation fication fication back format) accrual lation develop- of other of of of differ- ment intan- invest- intan- good- ence costs, net gibles ment gibles will of identi- property identi- amorti- amorti- fied fied sation sation in NIKA in NIKA acquisi- acquisi- tion tion Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Equity Share capital 213 - - - - - - - - 213 Shares to be issued 1,112 - - - - - - - - 1,112 Share premium reserve 1,735 - - - - - - - - 1,735 Merger reserve 7,185 - - - - - - - - 7,185 Retained earnings 3,834 674 (29) 140 103 (338) - - 644 5,028 Currency translation - - - (302) - - - - - (302) 14,079 674 (29) (162) 103 (338) - - 644 14,971 4. Unaudited income statement reconciliation for the six month period to 30 June 2006 UK GAAP IAS 12 IAS 19 IFRS 38 IAS 39 IFRS 3 IFRS Income Holiday pay Amortisation Write back Write back taxes accrual of of loss on of goodwill development exchange amortisation expenditure already recognised Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Continuing operations Revenue 5,677 - - - - - 5,677 Cost of sales (159) - - - - - (159) Gross profit 5,518 - - - - - 5,518 Administrative expenses (5,465) - (15) (53) 17 98 (5,418) Other operating income 30 - - - - - 30 Operating profit 83 - (15) (53) 17 98 130 Investment revenues 54 - - - - - 54 Finance costs (46) - - - - - (46) Profit before tax 91 - (15) (53) 17 98 138 Tax (18) 97 - - - - 79 Profit for the period 73 97 (15) (53) 17 98 217 5. Unaudited income statement reconciliation for the year to 31 December 2006 UK GAAP IAS 12 IAS 19 IFRS 38 IAS 38 IAS 39 IFRS 3 Write IFRS Add back back of Income Holiday Capitalisation Amortisation of loss goodwill taxes pay of development of on amortisation accrual expenditure intangible exchange net of fixed assets contract amortisation Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Continuing operations Revenue 14,221 - - - - - - 14,221 Cost of sales (550) - - - - - - (550) Gross profit 13,671 - - - - - - 13,671 Administrative expenses (13,171) - 50 (29) (338) 29 644 (12,815) Other operating income 61 - - - - - 61 Operating profit 561 - 50 (29) (338) 29 644 917 Investment revenues 101 - - - - - - 101 Finance costs (164) - - - - - - (164) Profit before tax 498 - 50 (29) (338) 29 644 854 Tax (160) 238 - - - - - 78 Profit for the period 338 238 50 (29) (338) 29 644 932 This information is provided by RNS The company news service from the London Stock Exchange

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