Annual Financial Report

RNS Number : 0663J

Securities Trust of Scotland PLC

06 June 2014

Securities Trust of Scotland plc (the "company")

Annual Financial Results

Year to 31 March 2014

The financial information set out below does not constitute the company's statutory accounts for the year ended 31 March 2014 or financial year ended 31 March 2013 but is derived from those accounts. Statutory accounts for 2013 have been delivered to the Registrar of Companies and those for 2014 will be delivered following the company's annual general meeting.

The auditor's have reported on those accounts; their report was unqualified, did not draw attention to any matters by way of emphasis without qualifying their report and did not contain statements under s498(2) or (3) Companies Act 2006.

A copy of the annual report and accounts has also been submitted to the National Storage Mechanism and will shortly be available for inspection at: www.Hemscott.com/nsm.do

The annual general meeting of the company will be held at 12.30pm on 24 July 2014, at Saltire Court, 20 Castle Terrace, Edinburgh, EH1 2ES. Full notice of the meeting can be found within the annual report and accounts.

The unedited full text of those parts of the annual report and accounts for the year ended 31 March 2014, which require to be published are set out on the following pages.

Financial Summary

Key data

	As at 31 March 2014	As at 31 March 2013
Net asset value per share (cum income)	141.60p	141.76p
Net asset value per share (ex income)	140.40p	140.60p
Share price	144.75p	146.25p
MSCI World High Dividend Yield index	665.22	653.69
Premium	2.22%	3.17%
Average premium*	2.85%	2.98%

Total returns‡

	Year ended 31 March 2014	Year ended 31 March 2013
Share price	2,2%	24.4%
Net Asset value per share	3.3%	23.8%
Benchmark†	5.8%	23.0%

Income

Year ended

31 March 2014

Year ended

31 March 2013

Revenue return per share

4.72p

4.71p

Dividend per share

4.80p

4.75p

Ongoing charges**

Year ended

31 March 2014

Year ended

28 February 2013

Ongoing charges

1.0%

* Average premium over 12 week period to 31 March (based on capital only net asset value).

‡ The combined effect of any dividend paid, together with the rise or fall in the share price, net asset or benchmark.

† MSCI World High Dividend Yield index.

** Ongoing charges (as a percentage of shareholders' funds) are calculated using average net assets over the year. The ongoing charges figure has been calculated in line with the AIC's recommended methodology.

Chairman's Statement

Welcome to your latest annual report, which covers the 12 months to 31 March 2014. As is outlined in the manager's review set out below, this was a volatile and eventful period for global equities. However, despite all the macroeconomic comment - much of it driven by the prospect of the US Federal Reserve withdrawing its massive stimulus programme - the company produced a positive total return for the year. It is disappointing to note that the company was unable to keep pace with its benchmark over the period. The board supports the research driven, long term approach adopted by the manager and remains confident that the manager's stock picking strategy will be rewarded over time.

The net asset value total return was 3.3% compared with the benchmark's return of 5.8%. The share price total return was 2.2%.

Revenues and dividends

The revenue return per share for the 12 months was 4.72p, a rise of 0.2% compared with the 12 months to 31 March 2013. This return was adversely affected by certain headwinds, notably currency. The company has paid three interim dividends of 1.15p share and the board has declared a fourth interim dividend of 1.35p per share, making a total of 4.80p over the year - an increase of 1.0% from the previous year. The fourth interim dividend will be paid on 4 July 2014 to shareholders on the register on 20 June 2014.

Borrowing

£10 million was drawn down for the full financial year and the loan facility was reduced from £14 million to £10 million with effect from 27 September 2013. The company maintained the level of gearing between 5.7% and 6.7% during the period - this allowed the manager to enhance returns for shareholders.

Share issues

The continued rising demand from investors is truly a sign of how much the company has achieved following the change to a global mandate in August 2011. We were pleased to receive shareholder approval in August 2013 to issue up to 100 million new shares and hope to sustain interest in the company through continued long term positive performance and strong returns. At the time of writing we have issued 9,150,000 new shares since August 2013.

Board

As you may have seen in our interim report, Charles Berry retired from the board during the summer of 2013 having served eight years on the board. I would like to thank Charles for his dedicated service to the board and wish him all the best for the future. Angus Gordon Lennox was appointed as a director on 1 November, and has already made a valuable contribution to our company. Prior to joining the board, Angus had over 20 years experience at Cazenove, latterly heading the Investment Companies Department.

Regulatory changes

The directors' report contained in the annual report contains a statement of regulatory changes which will affect the company in the future, the most notable of which being the implementation of the European Alternative Investment Fund Managers Directive.

Recognition

It was recently our pleasure to announce that the company has been included as one of Money Observer magazine's Rated Funds for 2014.

The publication has reviewed both open and closed-ended funds across a range of asset classes to identify consistent strong performers in each area. In selecting our company, Money Observer highlighted the rigorous fundamental research that is undertaken as part of the manager's stock-selection process.

The company also enjoys the unique distinction of being the only investment trust included in Money Observer's global equity income category.

Outlook

Political and macroeconomic events are likely to continue to exert a strong influence on the short-term direction of the world's equity markets in the months ahead. Nevertheless, the longer-term outlook for companies is encouraging. In general, they are in good financial shape, having cut costs and stored cash in the wake of the financial crisis. Whether companies use this cash to pay dividends and buy back shares or to reinvest in the business, either course bodes well for their shareholders, directly or indirectly. And despite the recent strong performance of stockmarkets, equities still look good value compared with other asset classes, especially given the healthy dividends on offer.

We firmly believe that the attractions of a global equity income portfolio remain compelling. We are confident that the manager's focus on the outlook for individual companies rather than for countries, sectors or the market as a whole is absolutely the right strategy - especially as the outlook for economies and markets around the world remains uncertain.

Keeping in touch

I would like to thank you again for your continued support. As ever, please feel free to contact me if you have any questions regarding your company. Contact details can be found at the back of the annual report. I would also encourage you to visit the company's website at www.securitiestrust.com, which is a comprehensive source of information.

Neil Donaldson

6 June 2014

Manager's Review

Market review

Equity markets performed well in the year ending 31 March 2014, albeit in a divergent and volatile manner. The MSCI World High Dividend Yield index, our benchmark, rose by 5.8% in sterling terms. This compares with the rise in the broader MSCI World and FTSE All-Share indices of 9.0% and 8.8% respectively. The strongest regions were Europe and North America; Asia and emerging markets were the weakest. By sector, healthcare and technology led the field and consumer staples and materials fared the worst.

As with the last fiscal year, a number of big macroeconomic concerns dominated market sentiment. Chief among these were the sovereign-debt crisis in the eurozone, the US debt situation, and the sustainability or otherwise of economic growth in the emerging-market economies. Just as important in investors' minds was the action of policy makers in response to these events. Confidence waxed and waned throughout the year according to a number of factors including speculation regarding the US Federal Reserve's timetable for withdrawal from quantitative easing (and the reaction to its eventual commencement), the European Central Bank's support of the eurozone and China's reaction to its credit-squeeze as well as its adoption of market reforms.

As can be witnessed by the market movement over the period, and indeed since the bull market started in March 2009, investors have clearly concluded that all is well with the global recovery. It has not been a smooth ride though. Much of the uncertainty throughout the year came from debate surrounding the Fed's 'tapering' of its asset purchases. In the end, the announcement came in its December meeting that reductions would start in January 2014; the programme is expected to finish by the end of 2014. This, in theory, will mark the beginning of interest rate rises. In Europe, the recovery gathered pace throughout the year, though it took a setback in the third quarter of 2013. By the end of 2013, factory activity in the eurozone rose at its fastest pace in two and a half years and the first quarter of 2014 saw the strongest expansion in purchasing managers' activity since early 2011. In China, concerns ebbed and flowed throughout the year about local government debt levels, various weak economic statistics and understanding how the authorities in Beijing would deal with the difficult challenge of sustaining economic growth, while avoiding a financial crisis.

Portfolio Review

Performance

For the full year we underperformed our benchmark. We performed well in Asia by avoiding Australian and Chinese banks which were weak. We performed poorly in North America where our energy names Kinder Morgan and Chevron were weak. By sector, we performed well in financials, utilities and industrials in both Asia and North America. The portfolio performed poorly in consumer discretionary and energy. No individual stocks impacted the portfolio by more than 0.5% over the year. Both our top and bottom ten contributors were spread across six different sectors and all regions. Our top performers included Lockheed Martin, Safran and PNC Financial - all three of which have been long-term holdings and all of which we sold during the period as they reached our target prices. Encouragingly, two of the top ten, BNP Paribas and SSE, are stocks we bought in recent months, with the latter only bought in January. Our weakest performers were Kinder Morgan, WorleyParsons and HSBC. Kinder Morgan has suffered throughout the year from a debate on how it defines capital expenditure - we have discussed this with the company and we are satisfied with its view. WorleyParsons, the Australian engineering consultancy, issued profit warnings last November and we sold the stock because of this. HSBC has been the most disappointing - suffering from its Asia exposure. We believe the growth opportunities that HSBC has in Latin America, Hong Kong and the rest of Asia Pacific is a key tenet to its investment thesis.

Activity

Key purchases in the year included Aurizon Holding Ltd and Hugo Boss.

Aurizon Holding Ltd is an Australian rail-freight operator. We believe the market is underestimating a number of positive factors: the volume growth as the rail- and port-network infrastructure is updated; the pricing improvement as legacy contracts (from when the company was publicly owned) roll-off; and the cost reduction and efficiency improvements now that the company is private. The key signposts will be evidence of volume and margin improvement, contract renewal announcements and rail-infrastructure projects being delivered on time.

Hugo Boss is a global premium and luxury apparel company. The company has delivered a combination of sustainable high returns with positive capital management - a combination that sits well with our mandate. Our investment thesis is predicated on the sustainability of its current business strategy, a growth strategy based on four pillars: maximising the brand attractiveness; growing the group's own retail business; improving operational processes; and leveraging the global growth potential.

Notable sales in the year included PNC Financial and Safran:

We sold our holding in PNC Financial, the US regional bank. As a consequence of strong performance, PNC Financial came close to our target price and saw its dividend yield drop to a prospective 2.2%. Despite the expected strong growth in the dividend, the yield is too low for our strategy.

We sold our holding in Safran, the French-quoted aircraft engine manufacturer. As with PNC Financial, after strong share-price performance the stock's prospective dividend yield fell to just above 2.0%. We upgraded our target price for Safran twice in 2013, and the stock went through our revised target price. The fundamentals for the company remain strong, but with consensus up, we felt that the risk/reward balance favoured moving on to another stock.

Outlook

The key positives for equity markets currently are their attractive yields relative to other asset classes (government bonds in the main), and the fact that global investors are sitting on high cash balances (the highest since July 2012), which is usually a strong contrarian buy signal. Valuations remain neutral for global high-yielding stocks (13.7x and 3.9% yield) versus their own history - though they remain cheap relative to the broader market (on 14.8x and yielding 2.5%) and have underperformed in both 2012 and 2013. Key for me is the state of the corporate sector. Here, balance sheets are strong but confidence, as measured by capital expenditure levels and M&A activity, remains low. The biggest change is that I have upgraded the macro environment from being a negative to being neutral in terms of its support for equity markets. This is based on a continued strengthening of the US economy, a reduction in fiscal tightening across most of the world and ongoing accommodative monetary policies.

This adds up to a view on equity markets that is more positive than neutral. However, the more than doubling of equity markets since 2009, the lack of corporate confidence and the legacy hangover of the global financial crisis temper a wholeheartedly positive outlook. As the IMF says, acute risks have decreased, but risks have not disappeared.

Alan Porter

6 June 2014

Portfolio Distribution as at 31 March

By region (excluding cash)	2014 %	2013 %
Developed Europe	52.2	49.3
North America	37.8	41.0
Developed Asia Pacific ex Japan	6.0	6.8
Japan	2.5	2.9
Global emerging markets	1.5	-
	100.0	100.0

By Sector (excluding cash)	2014 %	2013 %
Healthcare	20	19
Consumer goods	17	18
Financials	14	16
Oil & gas	14	12
Telecommunications	9	11
Consumer services	9	8
Industrials	6	9
Basic materials	5	4
Utilities	4	2
Technology	2	1
	100.0	100.0

By asset class (including cash and borrowings)	2014 %	2013 %
Equities	106	107
Less borrowings	(6)	(7)
	100	100

Largest 10 Holdings	31 March 2014 Market Value £000	31 March 2014 % of total portfolio	31 March 2013 Market Value £000	31 March 2013 % of total portfolio
Roche Holdings	10,977	6.1	5,138	3.1
Pfizer	9,957	5.6	8,173	5.0
Chevron	8,052	4.5	6,813	4.2
Total	7,659	4.3	5,487	3.4
AT & T	7,592	4.2	8,549	5.2
Sanofi	6,513	3.6	6,266	3.8
Royal Dutch Shell ('B' Shares)	5,978	3.3	5,748	3.5
AbbVie	5,904	3.3	3,534	2.2
British American Tobacco	5,764	3.2	4,852	3.0
HSBC Holdings	5,162	2.9	2,168	1.3

	Sector	Country	Market value £	% of total portfolio
Developed Europe			93,509,560	52.22
Roche Holdings	Healthcare	Switzerland	10,976,968	6.13
Total	Oil & gas	France	7,658,529	4.28
Sanofi	Healthcare	France	6,512,808	3.64
Royal Dutch Shell ('B' Shares)	Oil & gas	UK	5,977,590	3.34
British American Tobacco	Consumer goods	UK	5,764,247	3.22
HSBC Holdings	Financials	UK	5,162,384	2.88
BHP Billiton	Basic materials	UK	4,986,766	2.78
BASF	Basic materials	Germany	4,324,917	2.41
Telefonica	Telecommunications	Spain	3,799,536	2.12
Allianz	Financials	Germany	3,649,199	2.04
SSE	Utilities	UK	3,461,566	1.93
SCOR	Financials	France	3,293,887	1.84
Hugo Boss	Consumer goods	Germany	3,130,111	1.75
Telia Sonera	Telecommunications	Sweden	3,069,546	1.71
Eutelsat Communications	Consumer services	France	3,010,461	1.68
GlaxoSmithKline	Healthcare	UK	2,982,123	1.67
Modern Times Group ('B' Shares)	Consumer services	Sweden	2,710,807	1.51
British Sky Broadcasting Group	Consumer services	UK	2,641,414	1.47
Direct Line Insurance	Financials	UK	2,465,805	1.38
Prudential	Financials	UK	2,266,670	1.27
BNP Paribas	Financials	France	1,935,558	1.08
Schneider Electric	Industrials	France	1,907,921	1.07
Inmarsat	Telecommunications	UK	1,820,747	1.02
North America			67,761,35	37.85
Pfizer	Healthcare	United States	9,956,881	5.56
Chevron	Oil & gas	United States	8,051,950	4.50
AT & T	Telecommunications	United States	7,591,856	4.24
AbbVie	Healthcare	United States	5,904,147	3.30
Philip Morris International	Consumer goods	United States	5,028,634	2.81
McDonald's	Consumer goods	United States	4,778,946	2.67
Procter & Gamble	Consumer goods	United States	4,273,784	2.39
Kraft Foods Group Inc	Consumer goods	United States	4,098,979	2.29
Bank Of Montreal	Financials	Canada	3,640,018	2.03
Sempra Energy	Utilities	United States	3,319,840	1.85
Kinder Morgan	Oil & gas	United States	3,297,428	1.84
Paychex	Industrials	United States	3,137,858	1.75
Waste Management	Industrials	United States	2,984,157	1.67
Altria Group	Consumer goods	United States	1,696,879	0.95
Global emerging markets			2,612,732	1.46
Shin Corporation			2,612,732	1.46
Developed Asia Pacific ex Japan			10,720,616	5.99
Woolworths	Consumer services	Australia	3,376,123	1.89
Aurizon Holdings	Industrials	Australia	2,828,893	1.58
United Overseas Bank	Financials	Singapore	2,359,333	1.32
SJM Holdings	Consumer services	Hong Kong	2,156,267	1.20
Japan			4,442,253	2.48
Lawson	Consumer services	Japan	2,370,252	1.32
Nissan Motor	Consumer goods	Japan	2,072,001	1.16
Total portfolio			179,046,518	100.00

Principal risks and uncertainties

Risk and mitigation

The company's business model is longstanding and resilient to most of the short term uncertainties that it faces, which the board believes are effectively mitigated by its internal controls and the oversight of the investment manager, as described below. The principal risks and uncertainties are therefore largely longer term and driven by the inherent uncertainties of investing in global equity markets. The board believes that it is able to respond to these longer term risks and uncertainties with effective mitigation so that both the potential impact and the likelihood of these seriously affecting shareholders' interests are materially reduced.

The one new short term uncertainty is the potential impact on the company of Scottish independence which the board is closely monitoring. The board will act to protect shareholders' interests as necessary.

Risks are regularly monitored at board meetings and the board's planned mitigation measures are described below. The board also carries out a risk workshop as part of its annual strategy meeting. The board has identified the following principal risks to the company:

Loss of S1158-9 tax status - Loss of S1158-9 tax status would have serious consequences for the attractiveness of the company's shares. The board considers that, given the regular oversight of this risk carried out by the investment manager and reviewed by them, the likelihood of this risk occurring is minimal.

Failure to manage shareholder relations -The board recognises the importance of managing shareholder relations. At each meeting, the board reviews the list of key shareholders. The board also receives feedback from the investment manager based on the outcome of its meetings with shareholders. Shareholders are encouraged to give their views by using the email address noted on the back page of the annual report.

Long-term investment underperformance - The board manages the risk of investment underperformance by relying on good manager stock selection skills within a framework of diversification and other investment restrictions and guidelines. The board monitors the implementation and results of the investment process with the investment manager, who attends all board meetings, and reviews data that show statistical measures of the company's risk profile.

Foreign exchange risk - A significant proportion of the company's investment portfolio is invested in overseas securities and the balance sheet can be significantly affected by movements in foreign exchange rates. It is not the company's policy to hedge this risk on a continuing basis but the company may, from time to time, match specific overseas investment with foreign currency borrowings. The revenue account is subject to currency fluctuation arising on overseas income.

Maintaining market liquidity - In order to retain its place in the FTSE All-Share, the company must satisfy the liquidity test criteria set by the FTSE at each annual review. The liquidity of the company is monitored by the board, the manager and the company's broker with a report being reviewed at every board meeting. The board regularly discusses ways to improve the liquidity position of the company.

Directors' Responsibilities

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (UK Accounting Standards and applicable law). The financial statements are required by law to give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that year. In preparing these financial statements, the directors are required to:

· select suitable accounting policies and then apply them consistently;

· make judgements and estimates that are reasonable and prudent;

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

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

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

The financial statements are published on the www.securitiestrust.com website. The maintenance and integrity of the website is, so far as it relates to the company, the responsibility of Martin Currie.

Each of the directors confirms that, to the best of their knowledge, the financial statements have been prepared in accordance with the applicable set of accounting standards and give a true and fair view of the assets, liabilities, financial position and profit or loss of the company. Furthermore each director certifies that the strategic report, the report of the directors and the manager's review includes a fair review of the development and performance of the business and the position of the company, together with a description of the principal risks and uncertainties that the company faces.

Going concern status

The company's business activities, together with the factors likely to affect its future development, performance and position are set out in the chairman's statement, manager's review, strategic report and the report of the directors.

The financial position of the company as at 31 March 2014 is shown on the balance sheet set out below. The cash flows of the company are also set out below. Note 14 sets out the company's risk management policies, including those covering market net risk, liquidity risk and credit risk.

The company has a loan facility of £10,000,000 which expires on 26 September 2014, which was fully drawn down at the year-end date. The purpose of the facility is to enable the manager to enhance the return for shareholders by borrowing and investing where the return is expected to exceed the cost of borrowing. The company has adequate financial resources in the form of readily realisable listed securities and as a result the directors assess that the company is able to continue in operational existence without the facility.

In accordance with the Financial Reporting Council's guidance on going concern and liquidity risk issued in October 2009, the directors have undertaken a rigorous review of the company's ability to continue as a going concern. The company's assets consist of a diverse portfolio of listed equity shares which, in most circumstances, are realisable within a very short timescale. The directors are mindful of the principal risks and uncertainties disclosed above and have reviewed revenue forecasts and they believe that the company has adequate financial resources to continue its operational existence for the foreseeable future, and at least one year from the date of this annual report. Accordingly, the directors continue to adopt the going concern basis in preparing these accounts.

Neil Donaldson

Chairman

6 June 2014

Income Statement

		Year to 31 March 2014				Year to 31 March 2013
	Note	Revenue £000	Capital £000	Total £000	Revenue £000		Capital £000	Total £000
Gains on investments	8	-	287	287	-		23,978	23,978
Currency (losses)/gains		(52)	(32)	(84)	8		136	144
Income	3	7,214	-	7,214	6,340		-	6,340
Investment management fee		(332)	(617)	(949)	(271)		(503)	(774)
Other expenses	4	(551)	-	(551)	(525)		-	(525)
Net return before finance costs and taxation		6,279	(362)	5,917	5,552		23,611	29,163
Finance costs	5	(57)	(106)	(163)	(89)		(164)	(253)
Net return on ordinary activities before taxation		6,222	(468)	5,754	5,463		23,447	28,910
Taxation on ordinary activities	7	(723)	-	(723)	(557)		-	(557)
Net return attributable to ordinary redeemable shareholders		5,499	(468)	5,031	4,906		23,447	28,353
Net returns per ordinary redeemable share	2	4.72p	(0.37p)	4.32p	4.71p		22.50p	27.21p

The total columns of this statement are the income statement of the company.

The revenue and capital items are presented in accordance with The Association of Investment Companies (AIC) SORP 2009.

All revenue and capital items in the above statement derive from continuing operations.

No operations were acquired or discontinued in the year.

The notes form part of these financial statements.

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.

Balance sheet

		As at 31 March 2014		As at 31 March 2013
	Note	£000	£000	£000	£000
Non-current assets
Investments at fair value through profit or loss
Listed on Exchanges in the UK			37,529		29,447
Listed on Exchanges abroad			141,518		134,237
	8		179,047		163,684
Current Assets
Receivables	9	1,085		2,742
Cash at bank		3,401		2,275
		4,486		5,017
Creditors
Amounts falling due within one year	10	(10,362)		(12,260)
Net current liabilities			(5,876)		(7,243)
Net assets			173,171		156,441

Capital and reserves
Called up ordinary share capital	11		1,223		1,104
Capital redemption reserve			78		78
Share premium account			30,040		12,862
Special distributable capital reserve			109,299		109,359
Capital reserve	11		29,692		30,160
Revenue reserve			2,839		2,878
			173,171		156,441

Net asset value per ordinary redeemable share	2		141.60p		141.76p

The company is registered in Scotland, no 283272.

The aggregate amount of called up share capital as at 31 March 2014 is £1,222,991 (2013:£1,103,598).

The financial statements were approved by the board and signed on its behalf by Neil Donaldson, Chairman

Reconciliation of movement in shareholders' funds

Note

Called up ordinary share capital

£000

Capital redemption reserve

£000

Share premium account

£000

Special distributable

reserve

£000

Capital reserve

£000

Revenue reserve

£000

Total

£000

As at 31 March 2013

1,104

12,862

109,359

30,160

2,878

156,441

Return attributable to shareholders

(468)

5,499

5,031

Ordinary shares issued during the year

119

17,348

(60)

17,407

Cost of ordinary shares issued during the year

(170)

Dividends paid

(5,538)

Balance as at 31 March 2014

1,223

30,040

109,299

29,692

2,839

173,171

As at 31 March 2012

1,003

109,411

6,713

2,857

120,062

Return attributable to shareholders

23,447

4,906

28,353

Ordinary shares issued during the year

101

12,862

(52)

12,911

Dividends paid

(4,885)

Balance at 31 March 2013

1,104

12,862

109,359

30,160

2,878

156,441

Statement of cash flow

		Year to 31 March 2014		Year to 31 March 2013
	Note	£000	£000	£000	£000
Net cash inflow from operating activities	12		4,717		4,788
Servicing of finance
Finance costs			(164)		(251)
Taxation
Taxation suffered			(105)		(113)
Capital expenditure and financial investment
Capital dividend received		548		-
Payments to acquire investments		(73,452)		(61,430)
Receipts from disposal of investments		57,883		52,295
Net cash outflow from investing activities			(15,021)		(9,135)
Dividends paid			(5,538)		(4,885)
Net cash outflow before use of liquid resources and financing			(16,111)		(9,596)
Financing
Cost of ordinary shares issues during the year		(170)		-
Shares issued for cash		17,407		12,911
Net movement in short-term borrowings		-		(1,000)
Net cash inflow from financing			17,237		11,911
Increase in cash for the year			1,126		2,315
Reconciliation of net cash flow to movements in net debt
Increase in cash as above		1,126		2,315
Net movement in short-term borrowings		-		1,000
Change in net debt resulting from cash flows			1,126		3,315
Opening net debt			(7,725)		(11,040)
Closing net debt	13		(6,599)		(7,725)

1. Accounting policies

(a) The financial statements have been prepared on a going concern basis and in accordance with UK Generally Accepted Accounting Practice (UK GAAP) and the Statement of Recommended Practice for Financial Statements of Investment Trust Companies and Venture Capital Trusts' (SORP), issued in January 2009.

The disclosures on going concern set out above form part of the financial statements.

Dividends - In accordance with FRS 21: 'Events after the balance sheet date', dividends are included in the financial statements in the period in which they are paid.

Functional currency - In accordance with FRS 23: 'The effects of changes in foreign currency', the company is required to nominate a functional currency, being the currency in which the company predominately operates. The board has determined that sterling is the company's functional currency, which is also the currency in which these financial statements are prepared.

(b) Income from equity investments is determined on the date on which the investments are quoted ex-dividend, or where no ex-dividend date is quoted, when the company's right to receive payment is established. Income from fixed interest securities is recognised on an effective yield basis. UK dividends received are accounted for at the amount receivable and are not grossed up for any tax credit. Other income includes any taxes deducted at source. Gains and losses arising from the translation of income denominated in foreign currencies are recognised in the revenue reserve. Scrip dividends are treated as unfranked investment income; any excess in value of shares received over the amount of the cash dividend is recognised in capital reserve. Income from underwriting commission and traded options is recognised as earned.

(d) The management fee and interest costs are allocated 65% to capital and 35% to revenue in accordance with the board's expected long-term split of returns in the form of capital gains and income, respectively. All other expenses are wholly allocated to revenue.

(e) Gains and losses on the realisation of investments and changes in the fair value of investments which are readily convertible to cash, without accepting adverse terms, together with exchange adjustments to overseas currencies are taken to capital reserve.

(f) Transactions in foreign currencies are recorded in the operational currency of the company at the prevailing exchange rate on the date of the transaction and re-translated at the rates of exchange ruling on the balance sheet date. Investments are recognised initially as at the trade date of a transaction. Subsequent to this, the disposal of an investment is accounted for once again as at the trade date of a transaction.

(g) Revenue received and interest paid in foreign currencies are translated at the rates of exchange on the transaction date. Any exchange differences between the recognition and settlement both for revenue transactions are taken to the revenue account.

(h) The company's investments are classified as 'financial assets at fair value through profit or loss' and are valued at fair value. For listed investments this is deemed to be bid market prices. Gains and losses arising from changes in fair value are included in the capital return for the year.

(i) All financial assets and liabilities are recognised in the financial statements.

(j) Deferred tax is recorded in accordance with Financial Reporting Standard 19 (Deferred tax). Deferred tax is provided on all timing differences that have originated but not reversed by the balance sheet date. A deferred tax asset is only recognised to the extent that it is regarded as recoverable. Due to the company's status as an investment trust company, and the intention to continue meeting the conditions required to obtain approval in the foreseeable future, the company has not provided for deferred tax on any capital gains and losses arising on the revaluation or disposal of investments.

(k) Transaction costs incurred on the purchase and disposal of investments are recognised as a capital item in the income statement.

(l) The cost of share buybacks include the amount of consideration paid, including directly attributable and deducted from the special distributable reserve until the shares are cancelled.

	Year to 31 March 2014	Year to 31 March 2013
Returns and net asset value
Revenue return
Revenue return attributable to ordinary redeemable shareholders	£5,499,000	£4,906,000
Average number of shares in issue during the year	116,391,681	104,193,470
Revenue return per ordinary redeemable share	4.72p	4.71p
Capital return
Capital return attributable to ordinary redeemable shareholders	(£426,000)	£23,447,000
Average number of shares in issue during the year	116,391,681	104,193,470
Capital return per ordinary redeemable share	(0.40p)	22.50p
Total return
Total return per ordinary redeemable share	4.32p	27.21p
Net asset value per share
Net assets attributable to ordinary redeemable shareholders	£173,171,000	£156,441,000
Number of shares in issue at year end	122,299,148	110,359,771
Net asset value per ordinary redeemable share	141.60p	141.76p

	Year to 31 March 2014 £000	Year to 31 March 2013 £000
Income
From listed investments:
Franked income - equities	1,808	1,837
Unfranked income - equities	5,401	4,425
Unfranked income - fixed interest and convertibles	-	70
	7,209	6,332
Other income
Interest on deposits	5	8
	7,214	6,340
Total income comprises:
Dividends from investments	7,209	6,332
Interest	5	8
	7,214	6,340
Dividends from investment:
Listed in the UK	1,808	1,837
Listed overseas	5,401	4,495
	7,209	6,332

Capital dividend received

During the year ended 31 March 2014, the company received a capital dividend of £548,000 from Vodafone Group as shown in note 8. During the year ended 31 March 2013, there were no receipts of capital dividends.

	Year to 31 March 2014 £000	Year to 31 March 2013 £000
Other expenses
Bank Charges	15	6
Directors' fees	116	116
Employers' national insurance contributions	11	11
Irrecoverable VAT	12	25
Legal fees	17	11
Printing and postage	19	25
Registrar's fees	49	41
Savings plan administration and advertising	27	22
Secretarial fee	98	95
Other	171	151
	535	503
Auditors' remuneration:
- audit services	16	15
- non audit services*	-	7
	551	525

Details of the contract between the company and Martin Currie for the provision of the investment management and secretarial arrangements are provided in the annual report.

*Non audit fees of £22,500 were paid to the company auditor for acting as the reporting accountant and providing transaction support services to the company in regards to the preparation of a circular for the issue of new shares (2013: £nil). This fee is included in the share premium account and is included in the cost of ordinary shares issued during the year in the 'Reconciliation of Movements in Shareholders Funds'.

	Year to 31 March 2014			Year to 31 March 2013
	Revenue £000	Capital £000	Total £000	Revenue £000	Capital £000	Total £000
Finance costs
Interest payable on bank loans and overdrafts	57	106	163	89	164	253

	Year to 31 March 2014 £000	Year to 31 March 2013 £000
Dividends
Year ended 31 March 2012 - fourth interim dividend of 1.25p	-	1,253
Year ended 31 March 2013 - first interim dividend of 1.15p	-	1,173
Year ended 31 March 2013 - second interim dividend of 1.15p	-	1,202
Year ended 31 March 2013 - third interim dividend of 1.15p	-	1,257
Year ended 31 March 2013 - fourth interim dividend of 1.15p	1,447	-
Year ended 31 March 2014 - first interim dividend of 1.15p	1,301	-
Year ended 31 March 2014 - second interim dividend of 1.15p	1,388	-
Year ended 31 March 2014 - third interim dividend of 1.15p	1,402	-
	5,538	4,885

Set out below are the total dividends payable in respect of the period, which forms the basis on which the requirements of Sections 1158-1159 of the Corporation Tax Act 2010 are considered.

	Year to 31 March 2014 £000	Year to 31 March 2013 £000
First interim dividend of 1.15p for the year ended 31 March 2014 (2013: 1.15p)	1,301	1,173
Second interim dividend of 1.15p for the year ended 31 March 2014 (2013: 1.15p)	1,388	1,202
Third interim dividend of 1.15p for the year ended 31 March 2014 (2013: 1.15p)	1,402	1,257
Proposed fourth interim dividend of 1.35p for the year ended 31 March 2014 (2013: 1.30p)	1,651	1,435
	5,742	5,067

During the year the directors received dividends of 4.75p (2013: 4.70p) per share. Directors' shareholdings are disclosed in the annual report. The revenue reserves as at 31 March 2014 are £2,839,000, of this £1,651,000 will be used to fund the fourth interim dividend. At the AGM held on 16 May 2012, the board received shareholder approval to amend the articles of association of the company to enable dividends to be paid out of capital.

Year to

31 March 2014

£000

Year to

31 March 2013

£000

Taxation on ordinary activities

Foreign tax

723

557

In accordance with the SORP issued in 2009, the company has adopted the marginal method for allocating tax relief between income and capital. The revenue account tax charge for the year was lower than the standard rate of corporation tax in the UK for an investment trust company 23% (2013: 24%). The differences are explained below.

	Year to 31 March 2014 £000	Y ear to 31 March 2013 £000
Net return on ordinary activities before taxation	5,754	28,910
Corporation tax at standard rate of 23% (2013: 24%)	1,323	6,938
Effects of:
Gains on investments not taxable	(66)	(5,755)
UK dividends not taxable	(416)	(441)
Overseas dividends not taxable	(1,242)	(1,079)
Overseas tax suffered	723	557
Currency losses/(gains) not taxable	19	(35)
Excess management expenses not utilised	382	372
Current year tax charge	723	557

As of 1 April 2013, the UK Corporation tax rate fell from 24% to 23%.

At the year end, the company has, for taxation purposes only, accumulated unrelieved management expenses and loan relationship deficits of £10,735,000 (2013: £9,046,000). A deferred tax asset in respect of this has not been recognised and these expenses will only be utilised if the company has profits chargeable to corporation tax in the future.

During the year, as a result of the change in UK corporation tax from 23% to 21% and subsequent provision in the Finance Act 2013 to reduce the main rate of corporation tax to 20% for the financial year 2015, that was substantively enacted on 2 July 2013 and that will be effective from 1 April 2015, the unrecognised deferred tax asset has been remeasured at 20% to £2,147,000.

Further reductions to the main rate are proposed to reduce the rate by 1% to 20% by 1 April 2015. These changes had not been substantively enacted at the balance sheet date and, therefore, are not included in these financial statements.

	Year to 31 March 2014 £000	Year to 31 March 2013 £000
Investments at fair value through profit or loss
Opening valuation	163,684	130,626
Opening investment holding gains	(31,152)	(11,914)
Opening cost	132,532	118,712
Add: acquisitions at cost	72,169	62,713
Disposal proceeds	(56,545)	(53,633)
Less: net gain on disposal of investments	10,241	4,740
Disposals at cost	(46,304)	(48,893)
Closing cost	158,397	132,532
Add: investment holding gains	20,650	31,152
Closing valuation	179,047	163,684

There were no fixed interest securities as at 31 March 2014 (2013: £nil).

An analysis of the investment portfolio by sector, and a list of all the investments and their market value is set out above.

	Year to 31 March 2014 £000	Year to 31 March 2013 £000
Gains on investment
Net gain on disposal of investments	10,241	4,740
Movement in investment holdings unrealised (losses)/gains	(10,502)	19,238
Capital dividends received	548	-
	287	23,978

Transaction costs

During the year, expenses were incurred in acquiring or disposing of investments classified as fair value though profit or loss. These have been expensed through capital and are included within gains on investments in the income statement. The total costs were as follows:

	Year to 31 March 2014 £000	Year to 31 March 2013 £000
Acquisitions	196	151
Disposals	81	96
	277	247

	As at 31 March 2014 £000	As at 31 March 2013 £000
Receivables
Dividends receivable	819	597
Due from brokers	-	1,338
Tax recoverable	253	148
Prepayments and other debtors	13	659
	1,085	2,742

10.

	As at 31 March 2014 £000	As at 31 March 2013 £000
Creditors: amounts falling due within one year
Interest accrued	1	2
Due to brokers	-	1,283
Sterling bank revolving loan	10,000	10,000
Other creditors	361	975
	10,362	12,260

The company has a £10,000,000 revolving loan facility with State Street which expires on 26 September 2014. Under this agreement £10,000,000 was drawn at 31 March 2014 at a rate of 1.32369% with a maturity date of 27 June 2014.

The fair value of the sterling loan is not materially different from its carrying value. The interest rate is set at each roll-over date at LIBOR plus a margin.

11.

	Number of shares	As at 31 March 2014 £000	Number of shares	As at 31 March 2013 £000
Called up share capital
Ordinary shares of 1p
Ordinary shares in issue at the beginning of the year	110,359,771	1,104	100,259,771	1,003
Ordinary shares issued during the year	11,939,377	119	10,100,000	101
Ordinary shares in issue at the end of the year	122,299,148	1,223	110,359,771	1,104

There were no shares bought back during the year to 31 March 2014 (2013: nil). During the year, the company issued 11,939,377 shares (2013: 10,100,000) at an average price of 146.28p (2013: 127.38p) per share, the total proceeds were £17,407,000 (2013: £12,911,000). The share premium represents the surplus amount over the nominal value of the issued share capital excluding costs, with any related issuance cost allocated to the special distributable capital reserve.

The analysis of the capital reserve is as follows:

	Realised capital reserve £000	Investment holding gains £000	Total capital reserve £000
As at 31 March 2013	(992)	31,152	30,160
Gains on realisation of investments at fair value	10,241	-	10,241
Realised currency gains during the year	(32)	-	(32)
Movement in fair value gains	-	(10,502)	(10,502)
Capitalised expenses	(723)	-	(723)
Capital distributions	548	-	548
As at 31 March 2014	9,042	20,650	29,692

The above split in capital reserve is shown in accordance with provisions of the Statement of Recommended Practice 'Financial Statements of Investment Trust Companies and Venture Capital Trusts'.

12.

	Year to 31 March 2014 £000	Year to 31 March 2013 £000
Reconciliation of net return before finance costs and taxation to net cash inflow from operating activities
Net return before finance costs	5,917	29,163
Decrease/(increase) in accrued income and other debtors	424	(573)
(Decrease)/ increase in other creditors	(614)	733
Net gains on investments	(287)	(23,978)
Taxation withheld from income on investments	(723)	(557)
Net cash inflow from operating activities	4,717	4,788

13.

	As at 31 March 2013 £000	Cashflow £000	As at 31 March 2014 £000
Analysis of net debt
Cash at bank	2,275	1,126	3,401
Bank borrowings - sterling revolving loan	(10,000)	-	(10,000)
Net debt	(7,725)	1,126	(6,599)

14. Derivatives and other financial instruments

The company's financial instruments comprise securities and other investments, cash balances, loans and receivables and creditors that arise directly from its operations; for example, in respect of sales and purchases awaiting settlement, and debtors for accrued income. The company also has the ability to enter into derivative transactions in the form of forward foreign currency contracts, futures and options, for the purpose of managing currency and market risks arising from the company's activities.

The main risks the company faces from its financial instruments are (i) market price risk (comprising interest rate risk, currency risk and other price risk), (ii) liquidity risk and (iii) credit risk.

The board regularly reviews and agrees policies for managing each of these risks. The manager's policies for managing these risks are summarised below and have been applied throughout the year. The numerical disclosures exclude short-term receivables and creditors.

(i) Market price risk

The fair value or future cash flows of a financial instrument held by the company may fluctuate because of changes in market prices. This market risk comprises three elements - interest rate risk, currency risk and other price risk.

Interest rate risk

Interest rate movements may affect:

· the level of income receivable on cash deposits; and

· the level of interest payable on borrowings.

The possible effects on fair value and cash flows that could arise as a result of changes in interest rates are taken into account when making investment and borrowing decisions.

The board imposes borrowing limits to ensure gearing levels are appropriate to market conditions and reviews these on a regular basis. The company has a revolving loan with State Street Bank and Trust Company which provides flexibility to finance opportunities in the short term. Current guidelines state that the total borrowings will not exceed 15 per cent of the total assets of the company. Details of borrowings at 31 March 2014 are shown in note 10.

Interest risk profile

The interest rate risk profile of the portfolio of financial assets (comprising cash balances only) at the balance sheet date was as follows:

At 31 March 2014	Weighted average period for which rate is fixed Years	Weighted average interest rate %	Fixed rate £000	Floating rate £000	Non-interest bearing £000

Assets
Sterling - undated	-	0.27	-	3,401	179,047
				3,401	179,047
Liabilities
Bank loan - sterling	0.3	1.32	10,000	-	-

At 31 March 2013	Weighted average period for which rate is fixed Years	Weighted average interest rate %	Fixed rate £000	Floating rate £000	Non-interest bearing £000

Assets
Sterling - undated	-	0.30	-	2,275	163,684
			-	2,275	163,684
Liabilities
Bank loan - sterling	0.2	1.66	10,000	-	-

The weighted average interest rate is based on the current yield of each asset, weighted by its market value. The weighted average interest rate on the bank loan is based on the interest rate payable on each tranche drawn down, which is set at each tranche drawn down, weighted by its value. The maturity date of the company's loan is shown in note 10.

The floating rate assets consist of cash deposits on call earning interest at prevailing market rates.

The non-interest bearing assets represent the equity element of the portfolio.

Interest rate sensitivity

The sensitivity analysis below has been determined based on the exposure to interest rates at the balance sheet date and the stipulated change taking place at the beginning of the financial year and held constant throughout the reporting period in the case of instruments that have floating rates.

The following table illustrates the sensitivity of the return after taxation to an increase or decrease of 100 basis points in interest rates. This is mainly attributable to the company's exposure to the interest rate on its bank loan.

	Increase in rate £000	Year to 31 March 2014 Decrease in rate £000	Increase in rate £000	Year to 31 March 2013 Decrease in rate £000
Effect on revenue return	(35)	35	(35)	35
Effect on capital return	(65)	65	(65)	65
Effect on total return and on net assets	(100)	100	(100)	100

In the opinion of the directors, the above sensitivity analysis is not representative of the year as a whole, since exposure changes as investments are made, borrowings are drawn down and repaid throughout the year.

Foreign currency risk

A significant proportion of the company's investment portfolio is invested in overseas securities and the balance sheet can be significantly affected by movements in foreign exchange rates. It is not the company's policy to hedge this risk on a continuing basis but the company may, from time to time, match specific overseas investment with foreign currency borrowings.

The revenue account is subject to currency fluctuation arising on overseas income.

Foreign currency risk profile

Foreign currency risk exposure by currency of denomination:

	As at 31 March 2014			As at 31 March 2013
	Investments £000	Net monetary assets £000	Total currency exposure £000	Investments £000	Net monetary assets £000	Total currency exposure £000
US dollar	64,122	209	64,322	60,346	163	60,509
Euro currency	39,223	71	39,294	28,089	45	28,134
Swiss franc	10,977	182	11,159	18,063	41	18,104
Canadian dollar	3,640	-	3,640	6,763	5	6,768
Australian dollar	6,205	97	6,302	5,315	64	5,379
Japanese yen	4,442	63	4,505	4,740	42	4,782
Swedish krona	5,781	-	5,781	5,143	(711)	4,432
Hong Kong dollar	2,156	-	2,156	3,559	(1)	3,558
Singapore dollar	2,359	-	2,359	2,218	-	2,218
Thai baht	2,613	-	2,613	-	-	-
Total overseas investments	141,518	613	142,131	134,236	(352)	133,884
Pound Sterling	37,529	(6,489)	31,040	29,448	(6,891)	22,557
Total	179,047	(5,876)	173,171	163,684	(7,243)	156,441

The asset allocation between specific markets can vary from time to time based on the manager's opinion of the attractiveness of the individual markets.

A number of companies within the investment portfolio declare dividends payable in currencies other than sterling. The revenue account is therefore subject to currency fluctuations arising on such dividends.

Foreign currency sensitivity

There were minimal foreign currency denominated monetary item at the year end.

Other price risk

Other price risks (ie changes in market prices other than those arising from interest rate or currency risk) may affect the value of the quoted investments.

It is the board's policy to hold an appropriate spread of investments in the portfolio in order to reduce the risk arising from factors specific to a particular sector. The allocation of assets and the stock selection process, as detailed above, both act to reduce market risk. The manager actively monitors market prices throughout the year and reports to the board, which meets regularly in order to review investment strategy. The investments held by the company are listed on the London Stock Exchange.

Other price risk sensitivity

The following table illustrates the sensitivity of the return after taxation and the net asset value to an increase or decrease of 15% in the fair value of the company's equities. The calculations are based on the portfolio valuations, as at the respective balance sheet dates, and are not representative of the year as a whole.

	Year to 31 March 2014		Year to 31 March 2013
	Increase in rate £000	Decrease in rate £000	Increase in rate £000	Decrease in rate £000
Effect on revenue return	(56)	56	(26)	26
Effect on capital return	26,752	(26,752)	24,505	(24,505)
Effect on total return and on net assets	26,696	(26,696)	24,479	(24,479)

(ii) Liquidity risk

This is the risk that the company will encounter difficulty in meeting obligations associated with financial liabilities.

Liquidity risk is not considered to be significant as the company's assets comprise mainly readily realisable securities, which can be sold to meet funding commitments if necessary. Short-term flexibility is achieved through the use of loan and overdraft facilities (note 10).

The contractual maturities of the financial liabilities at the year end, based on the earliest date on which payment can be required are as follows:

	As at 31 March 2014			As at 31 March 2013
	Three months or less £000	More than three months £000	Total £000	Three months or less £000	More than three months £000	Total £000
Creditors: amounts falling due within one year
Interest accrued	1	-	1	2	-	2
Due to brokers	-	-	-	1,283	-	1,283
Sterling bank revolving loan	10,000	-	10,000	10,000	-	10,000
Other creditors	361	-	361	975	-	975
	10,362	-	10,362	12,260	-	12,260

(iii) Credit risk

This is the risk of failure of the counterparty to a transaction to discharge its obligations under that transaction that could result in the company suffering a loss.

The risk is not considered to be significant by the board, and is managed as follows:

· investment transactions are carried out with a large number of brokers, whose credit-standing is reviewed periodically by the manager, and limits are set on the amounts that may be due from any one broker; and

· cash is held only with reputable banks with high quality external credit ratings.

None of the company's financial assets is secured by collateral.

The maximum credit risk exposure as at 31 March 2014 was £4,486,000 (2013: £5,017,000). This was due to receivables and cash as per notes 9 and 13.

Fair values of financial assets and financial liabilities

All financial assets and liabilities of the company are included in the balance sheet at fair value or the balance sheet amount is a reasonable approximation of fair value.

15. Capital management policies and procedures

The company's capital management objectives are:

· to ensure that the company will be able to continue as a going concern; and

· to maximise the income and capital return to its equity shareholders through an appropriate balance of equity capital and debt.

The capital of the company consists of equity, comprising issued capital, reserves and retained earnings.

The board monitors and reviews the broad structure of the company's capital on an ongoing basis. This review includes the nature and planned level of gearing, which takes account of the manager's views on the market and the extent to which revenue in excess of that which is required to be distributed should be retained.

16. Fair value hierarchy

Under FRS 29 'Financial Instruments: Disclosures' an entity is required to classify fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy shall have the following levels:

· Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities;

· Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (ie as prices) or indirectly (ie derived from prices); and

· Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).

The financial assets and liabilities measured at fair value in the balance sheet are grouped into the fair value hierarchy as follows:

		As at 31 March 2014
	Note	Level 1 £000	Level 2 £000	Level 3 £000	Total £000
Fair assets at fair value through profit or loss
Quoted equities	(a)	179,047	-	-	179,047
Total		179,047	-	-	179,047

		As at 31 March 2013
	Note	Level 1 £000	Level 2 £000	Level 3 £000	Total £000
Fair assets at fair value through profit or loss
Quoted equities	(a)	163,684	-	-	163,684
Total		163,684	-	-	163,684

a) Quoted equities

The fair value of the company's investments in quoted equities has been determined by reference to their quoted bid prices at the reporting date. Quoted equities included in fair value level 1 are actively traded on recognised stock exchanges.

17. Post balance sheet events

On 6 June 2014 the board declared a fourth interim dividend of 1.35p per share.

Website

Securities Trust of Scotland Trust has its own dedicated website at www.securitiestrust.com. This offers shareholders, prospective investors and their advisers a wealth of information about the company. Updated daily, it includes the following: latest prices, performance data, portfolio information, the manager's latest views, latest monthly update, research, press releases and articles, and annual and half yearly reports.

This information is provided by RNS

The company news service from the London Stock Exchange

END

FR QKADKBBKDFAK