16 September 2008
THE MERCHANTS TRUST PLC
Half-yearly financial report
For the six months ended 31 July 2008
Highlights
Net dividends declared in the first six months of 2008/09 are 11.1p per share, an increase of 2.8%.
Ordinary shares yield 6.1% at 358.5p, compared with 4.4% on the FTSE 100 Index at the close of business on 15 September 2008.
The Net Asset Value per share fell by 13.2% compared with a fall of 11.2% in the FTSE 350 Higher Yield Index and 8.0% in the FTSE 100 Index. The Net Asset Value was adversely affected by the Trust's gearing over the period.
Interim management report
Net Revenue
In the first six months of the current year, net revenue has risen by 21.0% to 15.47p per share. As in previous years, we expect the increase in dividends from the company's portfolio to have been weighted towards the first half of the current financial year.
Interim dividends
The Board has declared a second quarterly dividend of 5.6p per share, payable on 13 November 2008 to shareholders on the register at close of business on 10 October 2008. This compares with 5.4p for the equivalent period last year, an increase of 3.7%. The total distribution declared for the first half of 2008/9 is 11.1p net, an increase of 2.8 % when compared with the same period last year.
Net asset value
The net asset value per ordinary share was 427.1p at 31 July 2008. This represents a decrease of 13.2% when compared with the equivalent figure at 31 January 2008 - the end of the last financial year. Before taking account of the impact of the Trust's borrowings, the underlying fall in the Trust's total assets, excluding expenses allocated to capital, was 9.4%. Over the same period the FTSE 100 Index fell by 8.0%, whilst the FTSE 350 Higher Yield Index fell by 11.2% (Capital Return).
Material events and transactions
In the six month period ended 31 July 2008 the following material events and transactions have taken place.
At the Annual General Meeting of the Company held on 13 May 2008, all the resolutions put to shareholders were passed. At the conclusion of the AGM, Sir Bob Reid retired from the Board.
The third quarterly dividend of 5.4p per share was paid on 13 February to shareholders on the register on 25 January 2008.
A final dividend of 5.4p per share was paid on 14 May 2008 to shareholders on the register on 11 April 2008. The total payment for the year ended 31 January 2008 was 21.6p.
There were no buy backs of shares and no related party transactions in the period.
Since the period end, the first quarterly dividend for the year ending 31 January 2009 of 5.5p per share was paid on 19 August 2008 to shareholders on the register on 18 July 2008.
Responsibility statement
The Directors confirm to the best of their knowledge that:
The half-yearly financial report was approved by the Board on 16 September 2008 and the above responsibility statement was signed on its behalf by the Chairman.
Principal Risks and Uncertainties
The principal risks and uncertainties facing the Company over the next six months are broadly unchanged from those described in the Annual Report for the year ended 31 January 2008. These are set out in the Business Review beginning on page 16 of that Report, together with commentary on the Board's approach to mitigating the risks and uncertainties, under the following headings: Investment Activity and Strategy; Portfolio and Market; Accounting, Legal and Regulatory; Corporate Governance and Shareholder Relations; Operational; and Financial.
Continuing stresses in the global financial system, and the resulting contraction in available credit, are likely to have a negative impact on economic growth in the short-term. The likely reduction in economic activity is expected to adversely affect the climate for business investment and consumer expenditure, which may have a negative impact on some companies in the portfolio and on valuations.
Prospects
The combination of the credit crunch and higher commodity costs threatens a serious slowdown or recession in many developed economies. Emerging market growth rates are also likely to slow. In the UK the outlook for consumer spending is weak and unemployment is rising, albeit from a low base. However the corporate sector generally has a strong financial position from which to weather the downturn.
Whilst the outlook for the economy is challenging, the stock market, acting as a discounting mechanism, has already moved to reflect much of the impending impact on corporate profits. It is also important to differentiate between the performance of the domestic economy and the impact on quoted companies. The FTSE 100 Index has a large exposure to industries ranging from oil and mining to pharmaceuticals and telecommunications that are relatively insulated from the pressures on UK consumers. Valuations in the market are more attractive than for some time, with many higher yielding companies, in particular, offering good long term value. Outside of the financial and consumer sectors, dividends should continue to grow. At the time of writing, the yield on the FTSE 100 Index is not far below the 10 year gilt yield, a level that has historically been supportive for equity investment.
Whilst we are maintaining a balanced portfolio approach with significant investments in many large, financially strong and relatively resilient businesses, we are able to use these positions selectively to finance purchases of more cyclical businesses if we can find really attractive opportunities. In particular, we are looking to invest in companies with strong, defendable business franchises, robust financial ratios and good long term prospects where the share price is already pricing in a severe slowdown, leaving significant upside potential.
The outlook will remain very uncertain until the capital and funding problems in the global banking system are resolved.
Hugh Stevenson
Chairman
155 Bishopsgate
London EC2M 3AD
THE MERCHANTS TRUST PLC
Twenty Largest Equity Holdings as at 31 July 2008
|
|
Valuation |
|
% of |
|
|
|
|
|
|
|
Total |
|
|
|
|
|
£'000s |
|
Assets* |
|
Sector |
|
Royal Dutch Shell |
|
47,134 |
|
8.53 |
|
Oil & Gas Producers |
|
GlaxoSmithKline |
|
44,441 |
|
8.04 |
|
Pharmaceuticals & Biotechnology |
|
BP |
|
41,304 |
|
7.48 |
|
Oil & Gas Producers |
|
Vodafone |
|
39,156 |
|
7.09 |
|
Mobile Telecommunications |
|
HSBC |
|
36,905 |
|
6.68 |
|
Banking |
|
HBOS |
|
23,359 |
|
4.23 |
|
Banking |
|
BAE Systems |
|
18,540 |
|
3.36 |
|
Aerospace & Defence |
|
Scottish & Southern Energy |
|
17,302 |
|
3.13 |
|
Electricity |
|
Aviva |
|
17,128 |
|
3.10 |
|
Life Insurance |
|
Rio Tinto |
|
16,284 |
|
2.95 |
|
Mining |
|
Anglo American |
|
15,458 |
|
2.80 |
|
Mining |
|
Reed Elsevier |
|
15,057 |
|
2.73 |
|
Media |
|
Royal Bank of Scotland |
|
14,724 |
|
2.66 |
|
Banking |
|
British American Tobacco |
|
14,611 |
|
2.64 |
|
Tobacco |
|
BT |
|
14,399 |
|
2.61 |
|
Fixed Line Telecommunications |
|
Centrica |
|
14,173 |
|
2.57 |
|
Gas, Water & Multiutilities |
|
National Grid |
|
11,915 |
|
2.16 |
|
Gas, Water & Multiutilities |
|
Compass Group |
|
10,241 |
|
1.85 |
|
Travel & Leisure |
|
Barclays |
|
10,208 |
|
1.85 |
|
Banking |
|
BHP Billiton |
|
9,718 |
|
1.76 |
|
Mining |
|
|
|
432,057 |
|
78.22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Total Assets include current liabilities |
Portfolio Analysis as at 31 July 2008
|
|
|
UK |
Other |
Total |
|
|
|
|
% |
% |
% |
|
Listed equities |
|
98.9 |
- |
98.9 |
||
Net current assets |
1.1 |
- |
1.1 |
|
||
Total Assets |
|
100.0 |
- |
100.0 |
||
|
|
|
|
|
|
THE MERCHANTS TRUST PLC
Summary of Unaudited Results
INCOME STATEMENT
For the six months ended 31 July 2008
|
2008 |
|||
|
Revenue |
Capital |
Total Return |
|
|
£'000s |
£'000s |
£'000s |
|
|
|
|
(Note 2) |
|
Net losses on investments at fair value |
- |
(68,062) |
(68,062) |
|
Income from investments |
18,209 |
- |
18,209 |
|
Other income |
148 |
- |
148 |
|
Investment management fee |
(376) |
(698) |
(1,074) |
|
Administration expenses |
(394) |
(1) |
(395) |
|
Net return before finance costs and taxation |
17,587 |
(68,761) |
(51,174) |
|
Finance costs: interest payable and similar charges |
(1,682) |
(3,083) |
(4,765) |
|
|
|
|
|
|
Net return on ordinary activities before taxation |
15,905 |
(71,844) |
(55,939) |
|
Taxation |
- |
- |
- |
|
|
|
|
|
|
Net return attributable to Ordinary Shareholders |
15,905 |
(71,844) |
(55,939) |
|
|
|
|
|
|
Net return per Ordinary Share (Note 1) |
|
|
|
|
(basic and diluted) |
15.47p |
(69.88)p |
(54.41)p |
|
|
|
|
|
|
|
|
|||
|
2008 |
|||
BALANCE SHEET |
£'000s |
|||
As at 31 July 2008 |
|
|||
Investments held at fair value through profit or loss |
546,500 |
|||
Net current assets |
6,015 |
|||
Total Assets Less Current Liabilities |
552,515 |
|||
Creditors - amounts falling due after one year |
(113,371) |
|||
Total Net Assets |
439,144 |
|||
|
|
|||
Called up Share Capital |
25,703 |
|||
Share Premium Account |
7,527 |
|||
Capital Redemption Reserve |
293 |
|||
Capital Reserves: Realised |
436,336 |
|||
Unrealised |
(60,177) |
|||
Revenue Reserve |
29,462 |
|||
Equity Shareholders' Funds |
439,144 |
|||
|
|
|||
Net Asset Value per Ordinary Share |
427.1p |
|||
|
|
The net asset value is based on 102,813,464 Ordinary Shares in issue at 31 July 2008.
THE MERCHANTS TRUST PLC
Summary of Unaudited Results
INCOME STATEMENT
For the six months ended 31 July 2007
|
2007 |
|||
|
Revenue |
Capital |
Total Return |
|
|
£'000s |
£'000s |
£'000s |
|
|
|
|
(Note 2) |
|
Net gains on investments at fair value |
- |
3,849 |
3,849 |
|
Income from investments |
15,560 |
- |
15,560 |
|
Other income |
228 |
- |
228 |
|
Investment management fee |
(517) |
(961) |
(1,478) |
|
Administration expenses |
(335) |
(1) |
(336) |
|
Net return before finance costs and taxation |
14,936 |
2,887 |
17,823 |
|
Finance costs: interest payable and similar charges |
(1,681) |
(3,081) |
(4,762) |
|
|
|
|
|
|
Net return on ordinary activities before taxation |
13,255 |
(194) |
13,061 |
|
Taxation |
- |
- |
- |
|
|
|
|
|
|
Net return attributable to Ordinary Shareholders |
13,255 |
(194) |
13,061 |
|
|
|
|
|
|
Net return per Ordinary Share (Note 1) |
|
|
|
|
(basic and diluted) |
12.78p |
(0.19)p |
12.59p |
|
|
|
|
|
|
|
|
|||
|
2007 |
|||
BALANCE SHEET |
£'000s |
|||
As at 31 July 2007 |
|
|||
Investments held at fair value through profit or loss |
696,876 |
|||
Net current assets |
5,808 |
|||
Total Assets Less Current Liabilities |
702,684 |
|||
Creditors - amounts falling due after one year |
(113,513) |
|||
Total Net Assets |
589,171 |
|||
|
|
|||
Called up Share Capital |
25,837 |
|||
Share Premium Account |
7,527 |
|||
Capital Redemption Reserve |
159 |
|||
Capital Reserves: Realised |
420,713 |
|||
Unrealised |
109,495 |
|||
Revenue Reserve |
25,440 |
|||
Equity Shareholders' Funds |
589,171 |
|||
|
|
|||
Net Asset Value per Ordinary Share |
570.1p |
|||
|
|
The net asset value is based on 103,346,877 Ordinary Shares in issue at 31 July 2007.
THE MERCHANTS TRUST PLC
INCOME STATEMENT
for the year ended 31 January 2008
|
2008 |
|||
|
Revenue |
Capital |
Total Return |
|
|
£'000s |
£'000s |
£'000s |
|
|
|
|
(Note 2) |
|
Net losses on investments at fair value |
- |
(72,107) |
(72,107) |
|
Income from investments |
28,121 |
- |
28,121 |
|
Other income |
374 |
- |
374 |
|
Investment management fee |
(899) |
(1,670) |
(2,569) |
|
Administration expenses |
(586) |
(2) |
(588) |
|
Net return before finance costs and taxation |
27,010 |
(73,779) |
(46,769) |
|
Finance costs: interest payable and similar charges |
(3,342) |
(6,117) |
(9,459) |
|
|
|
|
|
|
Net return on ordinary activities before taxation |
23,668 |
(79,896) |
(56,228) |
|
Taxation |
(18) |
- |
(18) |
|
|
|
|
|
|
Net return attributable to Ordinary Shareholders |
23,650 |
(79,896) |
(56,246) |
|
|
|
|
|
|
Net return per Ordinary Share (Note 1) |
|
|
|
|
(basic and diluted) |
22.86p |
(77.23)p |
(54.37)p |
|
|
|
|
|
|
|
|
|||
|
2008 |
|||
BALANCE SHEET |
£'000s |
|||
As at 31 January 2008 |
|
|||
Investments held at fair value through profit or loss |
608,451 |
|||
Net current assets |
11,150 |
|||
Total Assets Less Current Liabilities |
619,601 |
|||
Creditors - amounts falling due after one year |
(113,414) |
|||
|
506,187 |
|||
Total Net Assets |
|
|||
|
|
|||
Called up Share Capital |
25,703 |
|||
Share Premium Account |
7,527 |
|||
Capital Redemption Reserve |
293 |
|||
Capital Reserves: Realised |
431,359 |
|||
Unrealised |
16,644 |
|||
Revenue Reserve |
24,661 |
|||
Equity Shareholders' Funds |
506,187 |
|||
|
|
|||
Net Asset Value per Ordinary Share |
492.3p |
|||
|
|
|||
|
|
|||
|
|
|||
|
|
The net asset value is based on 102,813,464 Ordinary Shares in issue at 31 January 2008.
THE MERCHANTS TRUST PLC
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
|
Called Up Share Capital £'000s |
Share Premium Account £'000s |
Capital Redemption Reserve £'000s |
Capital Reserve Realised £'000s |
Capital Reserve Unrealised £'000s |
Revenue Reserve £'000s |
Total £'000s |
|
|
|
|
|
|
|
|
Six months ended 31 July 2008 |
|
|
|
|
|
|
|
Net Assets at 31 January 2008 |
25,703 |
7,527 |
293 |
431,359 |
16,644 |
24,661 |
506,187 |
|
|
|
|
|
|
|
|
Revenue Return |
- |
- |
- |
- |
- |
15,905 |
15,905 |
|
|
|
|
|
|
|
|
Dividends on Ordinary Shares |
- |
- |
- |
- |
- |
(11,104) |
(11,104) |
|
|
|
|
|
|
|
|
Capital Return |
- |
- |
- |
4,977 |
(76,821) |
- |
(71,844) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets at 31 July 2008 |
25,703 |
7,527 |
293 |
436,336 |
(60,177) |
29,462 |
439,144 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended 31 July 2007 |
|
|
|
|
|
|
|
Net Assets at 31 January 2007 |
25,940 |
7,527 |
56 |
401,296 |
131,247 |
22,769 |
588,835 |
|
|
|
|
|
|
|
|
Revenue Return |
- |
- |
- |
- |
- |
13,255 |
13,255 |
|
|
|
|
|
|
|
|
Dividends on Ordinary Shares |
- |
- |
- |
- |
- |
(10,584) |
(10,584) |
|
|
|
|
|
|
|
|
Capital Return |
- |
- |
- |
21,558 |
(21,752) |
- |
(194) |
|
|
|
|
|
|
|
|
Shares repurchased during the period |
(103) |
- |
103 |
(2,141) |
- |
- |
(2,141) |
|
|
|
|
|
|
|
|
Net Assets at 31 July 2007 |
25,837 |
7,527 |
159 |
420,713 |
109,495 |
25,440 |
589,171 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended 31 January 2008 |
|
|
|
|
|
|
|
Net Assets at 31 January 2007 |
25,940 |
7,527 |
56 |
401,296 |
131,247 |
22,769 |
588,835 |
|
|
|
|
|
|
|
|
Revenue Return |
- |
- |
- |
- |
- |
23,650 |
23,650 |
|
|
|
|
|
|
|
|
Dividends on Ordinary Shares |
- |
- |
- |
- |
- |
(21,758) |
(21,758) |
|
|
|
|
|
|
|
|
Capital Return |
- |
- |
- |
34,707 |
(114,603) |
- |
(79,896) |
|
|
|
|
|
|
|
|
Shares repurchased during the year |
(237) |
- |
237 |
(4,644) |
- |
- |
(4,644) |
|
|
|
|
|
|
|
|
Net Assets at 31 January 2008 |
25,703 |
7,527 |
293 |
431,359 |
16,644 |
24,661 |
506,187 |
THE MERCHANTS TRUST PLC
CASH FLOW STATEMENT
for the six months ended 31 July 2008 and comparative periods
|
Six Months to 31 July 2008
|
|
Six Months to 31 July 2007
|
|
Year to
31 January 2008
|
|||
|
£’000s
|
|
£’000s
|
|
£’000s
|
|||
|
|
|
|
|
|
|||
Net cash inflow from operating activities
|
15,496
|
|
13,820
|
|
33,678
|
|||
|
|
|
|
|
|
|||
Return on investment and servicing of finance
|
|
|
|
|
|
|||
Interest paid
|
(4,797)
|
|
(4,793)
|
|
(9,553)
|
|||
Dividends paid on Preference Stock
|
(21)
|
|
(21)
|
|
(43)
|
|||
Net cash outflow on servicing of finance
|
(4,818)
|
|
(4,814)
|
|
(9,596)
|
|||
|
|
|
|
|
|
|||
Capital expenditure and financial investment
|
|
|
|
|
|
|||
Purchase of fixed asset investments
|
(89,801)
|
|
(99,124)
|
|
(188,448)
|
|||
Sale of fixed asset investments
|
91,090
|
|
99,873
|
|
189,711
|
|||
Net cash inflow from capital expenditure and financial investment
|
1,289
|
|
749
|
|
1,263
|
|||
|
|
|
|
|
|
|||
Equity dividends paid
|
(11,104)
|
|
(10,584)
|
|
(21,758)
|
|||
Net cash inflow (outflow) before financing
|
863
|
|
(829)
|
|
3,587
|
|||
|
|
|
|
|
|
|||
Purchase of Ordinary Shares for cancellation
|
-
|
|
(2,144)
|
|
(4,644)
|
|||
Net cash outflow from financing
|
-
|
|
(2,144)
|
|
(4,644)
|
|||
Increase (Decrease) in cash
|
863
|
|
(2,973)
|
|
(1,057)
|
|||
|
|
|
|
|
|
|||
|
|
|
|
|
|
|||
Reconciliation of Return on Ordinary Activities before Taxation to Net Cash Flow from Operating Activities
|
|
|
|
|
|
|||
|
|
|
|
|
|
|||
Total return before finance costs and taxation
|
(51,174)
|
|
17,823
|
|
(46,769)
|
|||
Special dividends credited to capital
|
-
|
|
-
|
|
8,181
|
|||
Net losses (gains) on investments at fair value
|
68,062
|
|
(3,849)
|
|
72,107
|
|||
|
16,888
|
|
13,974
|
|
33,519
|
|||
(Increase) Decrease in debtors
|
(1,369)
|
|
(200)
|
|
224
|
|||
(Decrease) Increase in creditors
|
(23)
|
|
46
|
|
(65)
|
|||
Net cash inflow from operating activities
|
15,496
|
|
13,820
|
|
33,678
|
|||
|
|
|
|
|
|
|||
|
|
|
|
|
|
|||
Reconciliation of net cash flow to movement in net debt
|
|
|
|
|
|
|||
|
|
|
|
|
|
|||
Net cash inflow (outflow)
|
863
|
|
(2,973)
|
|
(1057)
|
|||
Decrease in long term loans
|
42
|
|
35
|
|
134
|
|||
Movement in net funds
|
905
|
|
(2,938)
|
|
923
|
|||
Net debt brought forward
|
(107,468)
|
|
(106,545)
|
|
(106,545)
|
|||
Net debt carried forward
|
(106,563)
|
|
(109,483)
|
|
(107,468)
|
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|
|
|
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|
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THE MERCHANTS TRUST PLC
NOTES
Note 1
The returns per Ordinary Share are based on a weighted average number of shares in issue during the period of 102,813,464 shares (31 July 2007 - 103,739,616 shares; 31 January 2008 - 103,451,633 shares).
Note 2
The total return column of this statement is the profit and loss account of the Company.
All revenue and capital items derive from continuing operations. No operations were acquired or discontinued in the period.
A Statement of Total Recognised Gains and Losses is not required as all gains and losses of the Company have been reflected in the Income Statement.
Included in the cost of investments are transaction costs on purchases which amounted to £520,561 (31 July 2007 - £611,882; 31 January 2008 - £1,176,671) and transaction costs on sales which amounted to £125,291 (31 July 2007 - £147,407; 31 January 2008 - £291,295).
Note 3
Investments are designated as held at fair value through profit or loss in accordance with FRS 26 'Financial Instruments : Recognition and Measurement'. Listed investments are valued at bid market prices.
Note 4
In accordance with FRS 21 'Events after the Balance Sheet Date', the final dividend payable on Ordinary Shares is recognised as a liability when approved by shareholders. Interim dividends are recognised only when paid.
Dividends paid on Ordinary Shares in respect of earnings for each period are as follows:
|
Six months to |
|
Six months to |
|
Year to |
|
31 July |
|
31 July |
|
31 January |
|
2008 |
|
2007 |
|
2008 |
|
£'000s |
|
£'000s |
|
£'000s |
|
|
|
|
|
|
First Interim dividend 5.40p paid 16 August 2007 |
- |
|
- |
|
5,597 |
Second Interim dividend 5.40p paid 15 November 2007 |
- |
|
- |
|
5,577 |
Third Interim dividend 5.40p paid 13 February 2008 (2007 - 5.10p) |
5,552 |
|
5,292 |
|
5,292 |
Final dividend 5.40p paid 14 May 2008 (2007 - 5.10p) |
5,552 |
|
5,292 |
|
5,292 |
|
11,104 |
|
10,584 |
|
21,758 |
Dividends payable at the period end are not recognised as a liability under FRS 21 'Events after the Balance Sheet Date'. Details of these dividends are set out below.
|
Six months to |
|
Six months to |
|
Year to |
|
31 July |
|
31 July |
|
31 January |
|
2008 |
|
2007 |
|
2008 |
|
£'000s |
|
£'000s |
|
£'000s |
|
|
|
|
|
|
Third Interim dividend 5.40p paid 13 February 2008 |
- |
|
- |
|
5,552 |
Final dividend 5.40p paid 14 May 2008 |
- |
|
- |
|
5,552 |
First Interim dividend 5.50p paid 19 August 2008 (2007 - 5.40p) |
5,654 |
|
5,603 |
|
- |
Second Interim dividend 5.60p payable 13 November 2008 (2007 - 5.40p) |
5,758 |
|
5,581 |
|
- |
|
11,412 |
|
11,184 |
|
11,104 |
The second interim dividend noted above is based on the number of shares at period end. However, the dividend subsequently paid will be based on the number of shares in issue on the record date and will reflect any purchase or cancellations of shares by the Company settled subsequent to the period end.
Note 5
The half-yearly report has been neither audited nor reviewed by the Company's auditors. The financial information for the year ended 31 January 2008 has been extracted from the statutory accounts for that year which have been delivered to the Registrar of Companies. The accounting policies and presentation are consistent with those applied in the latest published annual financial report. The auditors' report on those financial statements was unqualified and did not contain a statement under either Section 237(2) or Section 237(3) of the Companies Act 1985.
In accordance with recently introduced changes to the UK's disclosure requirements for listed companies, the Company is now required to make limited additional and updated disclosures, mainly relating to the first and third quarters of the financial year. These Interim Management Statements are released via the Regulatory News Service and posted on the Company's website www.merchantstrust.co.uk before 19 June and 19 December each year.
This half-yearly financial report, which will include a Fund Managers' Report, will be sent to Shareholders shortly and made available to the public at the Registered Office of the Company, 155 Bishopsgate, London, EC2M 3AD.
For further information, please contact:
RCM (UK) Limited
Simon White, Head of Investment Trusts
Tel: 020 7065 1539
or
RCM (UK) Limited
Simon Gergel, Fund Manager
Tel: 020 7065 1431