Interim Results
YouGov PLC
10 April 2007
10 April 2007
YouGov plc
Interim Results for the period ended 31 January 2007
Structured for further growth
Highlights
Financial highlights
* Strong focus on topline growth - turnover up 61% from £3.8 million to £6.1
million, mainly organic
* Operating profit up 57% from £1.4 million to £2.2 million
* Profit before tax up 64% from £1.4 million to £2.3 million (adjusted PBT
increased from £1.4m to £2.4m (71%) after allowing for amortisation and
exceptionals)
* Earnings per share have increased by 59% from 8.0 pence to 12.7 pence per
share (adjusted EPS increased from 8.0 pence to 13.9 pence (74%))
Operational highlights
* UK business has performed strongly growing revenue by 68% compared with
the same period last year
* YouGov Middle East has now been re-branded as YouGovSiraj following the
successful acquisition of Siraj and continues to show excellent revenue
growth rates of 53%
* Entered US market through acquisition of 32% stake in Polimetrix Inc in
December 2006
* Successful launch of YouGovHealthcare and its products PatientsOnline
and NHSOpinions
* Continued panel investment and growth in the UK panel (from 115,000 to
146,000)
* Investment in people with Group headcount increasing from 41 at 31 January
2006 to 76 at 31 January 2007
* Creation of Organisational Consulting department in January 2007 opens
up the Human Resources research and consulting market.
Commenting on the results Nadhim Zahawi, Co-Founder and CEO of YouGov said;
'YouGov's strong growth during the first half reflects the benefits of our
successful strategy of combining innovative product development with
geographical expansion and selective acquisitions. The UK business has continued
to deliver good organic growth. The integration of acquisitions is going well
with the benefits of the acquisition of Siraj coming through and our stake in
Polimetrix opening up the important US market.
The momentum seen in the year to date has continued to build in the second half.
All of our businesses are performing well and we have increased our investment
in people and infrastructure to ensure that we can capitalise on the
opportunities we have identified for new product development and international
expansion. Turning to the outlook, the Board is confident that 2007 will be
another successful year both financially and operationally.'
Enquiries:
YouGov plc Nadhim Zahawi (CEO) Tel: 020 7012 6000
Katherine Lee (CFO)
Numis Securities Limited Jag Mundi Tel: 020 7260 1000
David Poutney
Financial Dynamics Charles Palmer Tel: 020 7831 3113
Nicola Biles
CHAIRMAN'S STATEMENT
Introduction
YouGov's growth continued during the first half reflecting the benefits of its
successful strategy combining product development with geographical expansion
and selective acquisition. The UK business has continued to expand organically
whilst in the Middle East we are benefiting from the acquisition of Siraj at the
end of July 2006. We have also entered the important US market through the
purchase of a 32% stake in Polimetrix Inc in December 2006. Since the end of the
first half we have also set up a joint venture in the UK with Centaur plc giving
us a major presence in the marketing, legal, financial and engineering sectors.
Together with our focus on growing turnover, we have been actively investing in
our core assets - our people and our infrastructure. Staff numbers have
increased from a Group headcount of 59 at 31 July 2006 to 76 at 31 January 2007.
Recruitment has taken place across all divisions including our sales team, our
key accounts and insight teams and service delivery and operations. The UK
business relocated to new offices in mid-February 2007 and we are positive that
the new larger premises, which are four times larger than our previous office,
will be the base from which the company can continue to grow.
Financial performance
Turnover has increased by 61% to £6.1 million in the period (£3.8 million in the
six months to 31 January 2006). Profit before tax rose 64% to £2.3 million (£1.4
million in the six months to 31 January 2006) and earnings per share increased
from 8.0 pence to 12.7 pence. Cash generated by operations was £2.8 million
(£704k in the six months to 31 January 2006) mainly from organic growth.
The growth in the business has been driven by all areas of the business: The UK
has experienced 68% revenue growth to £3.2m (£1.9m for the same period last
year) whilst the Middle Eastern operation has seen a 53% increase in revenue to
£2.9m (£1.9m for the same period last year). Our joint venture, YouGovExecution
Limited has also contributed £93k in revenues in the period to 31 January 2007.
The growth in the UK demonstrates our ongoing commitment to delivering fast,
accurate market research through our omnibus and bespoke offerings. Our
syndicated product stream continues to do well; BrandIndex revenues are becoming
an ever more significant part (5%) of total revenues.
Growth in the Middle East combines the benefits of the successful acquisition of
Siraj in July 2006 and the organic growth of the underlying Middle East
business. Our portfolio of blue chip clients in the region continues to grow.
On 31 January 2007, YouGov Group's fixed assets totalled £5.4 million (£0.1
million at 31 January 2006). This includes intangible fixed assets of £3.6
million and £1.4 million representing our share of the net assets of our
associates and joint ventures. Tangible fixed assets stand at £0.4 million (£0.1
million at 31 January 2006) reflecting our ongoing investment in our
infrastructure. Current assets total £7.6 million (£6.8 million at 31 January
2006), including £4.3 million in cash or on deposit (£4.5 million at 31 January
2006). Current liabilities stood at £3.2 million (£1.9 million at 31 January
2006). Overall net assets stood at £9.4 million (£5.0 million at 31 January
2006).
The Directors are not recommending the payment of a dividend at this stage of
the Company's development, which is consistent with statements made at the time
of flotation and reflects the growth of the Company and the considerable
opportunities available.
The Board has a carefully defined plan to manage the implementation of
International Financial Reporting Standards (IFRS).
Review of operations
YouGov has clearly established its position as a full-service online research
agency with strong client relationships generating a high level of repeat
business.
UK
The strong organic growth in the UK has once again been driven by a combination
of increasing the amount of research provided to current clients and the winning
of new clients. Our top twenty customers continue to increase the amount they
spend with us whilst our client base for the six months to 31 January 2007 has
increased to 263 from 180 for the same period last year. The profile of our
customer base is also increasing as more household names choose to use our
products.
BrandIndex is twelve months older and has built up a client base of its own.
This has been aided by greater exposure through the products column in Marketing
Week. Since preliminary results we have appointed a BrandIndex Managing Director
to develop the product and drive revenue growth. Further development of the
product has led to a more user-friendly experience for the customer. Additional
functionality allows subscribers the ability to manipulate and adjust the output
reports and charts. BrandIndex attracts customers that include some of Britain's
largest and best known companies and these customers are presented with the
entire YouGov offering and frequently commission bespoke surveys from us.
Two examples of the work undertaken in the first half are Costa Coffee and P&O
Cruises. For Costa Coffee we provide a monthly survey which assesses customer
satisfaction levels for recent customers of Costa and their key competitors in
the sector. For P&O Cruises we provided a survey of more than 12,000 respondents
which measured the size of the cruise market within the UK holiday market and
detailed analyses of the key customers allowing P&O to strategically plan and
develop their business.
Panel and product development
YouGov continues to devote significant investment and resources to the
development of new products. We have recently created an Innovations Department
which will be the hub of this activity within the Company. We hope to be able to
launch the first of these products to the market in the second half of the
financial year.
We have also launched an Organisational Consulting Division which offers
research and consulting specifically to CEOs and HR Directors of large
organisations on employee engagement and leadership engagement.
YouGov, under its YouGovHealthcare brand, has also launched PatientsOnline and
NHSOpinions. PatientsOnline (in association with Patientline) offers a web based
survey platform that operates via patients bedside entertainment systems. The
survey platform is designed to collect patients' opinions, attitudes and
experiences during their hospital stay. NHSOpinions (in partnership with Brinc
Ltd, the UK's number one provider of NHS employee benefits through
NHSDiscounts.com) offers online surveys of staff working at all levels within
public healthcare and the NHS.
We have invested in our UK panel which has expanded from 115,000 active
panelists at 31 January 2006 to 146,000 at the end of January 2007. Panel churn
remains low and response rates remain high. We continue to invest in our other
panels worldwide. Primarily these are North America, Canada, Germany and the
Middle East.
International
Business continues to grow in the Middle East which is borne out by the results
posted for the first six months of the current financial year. As Siraj was
acquired in the financial year ended 31 July 2006 (30 July 2006) this is the
first full reporting period which includes trading from this acquisition. The
two businesses have successfully integrated and have been re-branded as
YouGovSiraj. To further increase our presence within the region we are committed
to establishing a base in Saudi Arabia. As always, the ad-hoc nature of a small
number of large contracts in the Middle Eastern business makes it difficult to
predict revenue and profitability into the next financial year at this time;
however, over the past 18 months, the record has been one of rapid expansion in
both turnover and profits as we win new clients.
In December 2006, YouGov announced a strategic investment in Polimetrix Inc, a
US based online political and social research agency. The initial investment of
£3.8 million was for a 32% stake in the business with the option to buy the
remaining outstanding shares and options within 30 months.
Under the agreement we will be able to sell Polimetrix's products
internationally (outside the US & Canada) whilst Polimetrix will be able to sell
our products within the US & Canada. We hope that there will be substantial
opportunity to market BrandIndex and other YouGov services in the region.
Market conditions
Worldwide online research spending reached $2.6 billion in 2006 (Europe $407
million, 15.5%) up from $2.1 billion in 2005 (Europe $263 million, 12.5%).
Inside Research forecast this to increase yet further in 2007 to $3.1 billion
(Europe $545 million, 17.3%). The UK remains the largest single market within
Europe.
Board changes
As announced at the time of the preliminary results in October 2006, I am
stepping down as Chairman. As of 26 April 2007 I will assume the role of
President of YouGov. Our new non-executive Chairman will be Roger Parry. Until
then Mr Parry will remain a non-executive director. Mr Parry began his career as
a journalist working at the BBC and ITV. He then went on to work at McKinsey
before moving to WCRS and Aegis Group plc. He was Chief Executive of More Group
plc when it was sold to Clear Channel and went on to become Chairman and CEO of
Clear Channel International.
The appointment of an independent non-executive Chairman is consistent with our
plans to ensure that the management structure will support our growth ambitions.
In doing so, we have confirmed our commitment to innovation by creating a Chief
Innovations Officer role for Stephan Shakespeare (previously Joint CEO). In
addition we have created an operational board which will free up the plc board
to focus on the strategic direction of the group. The operational board consists
of Nadhim Zahawi (CEO), Stephan Shakespeare (CIO), Katherine Lee (CFO), Panos
Manolopoulos (UK MD), Nassim Ghrayeb (YouGovSiraj CEO), Doug Rivers (President &
CEO, Polimetrix Inc), Andy Brown (Director of Organisational Consulting) and
myself.
I am certain that now is the right time to hand the Chairman's baton to Roger
Parry, whose skills and experience are ideally suited to the next stage in
YouGov's expansion. I will concentrate more on the development of YouGov's
polling work and methods, both in Britain and abroad - demands that have grown
considerably in recent times, and which show no signs of abating. Meanwhile, I
should like to thank YouGov's staff, our clients, our shareholders and our panel
members for their contribution to the Company's success, and to making my time
as Chairman so stimulating and enjoyable.
Current trading and outlook
The Group has delivered another strong performance during the first six months
of the year and the momentum has continued to build into the second half. All
businesses continue to perform well and we have increased our investment in
people and infrastructure to ensure that we can capitalize on the opportunities
we have identified for new product development and international expansion.
Turning to the outlook, the Board is confident that 2007 will be another
successful year both financially and operationally.
As the benefits of online research become increasingly recognised among our
clients so the opportunities for YouGov continue to grow. We relish the
challenges of this dynamic environment, and believe we are well-placed to
continue to deliver innovative research tools that meet our clients changing
needs. We are particularly excited about the imminent launch of BrandIndex in
America and later this year, the Gulf.
Consistent with this, since the period end, YouGov launched a 50:50 joint
venture with Centaur Media plc (one of the UK's largest independent business
publishing and information companies) on 1 March 2007. The joint venture, called
YouGovCentaur Limited, aims to develop specialist panels covering Centaur's key
markets, which include marketing, legal, financial services and engineering.
YouGov today announces two new developments. The Group has created YouGovStone,
a 51:49 joint venture in YouGov's favour, which will enhance YouGov's existing
'opinion former' offer through the addition of Carole Stone's network of leading
business executives, academics, politicians and media commentators. YouGov has
also agreed the terms of an exclusive deal with Susquehanna International Group
(SIG). SIG is a leading US financial institution focusing on trading, investment
banking, private equity, venture capital, institutional sales and research.
YouGov through Polimetrix, will provide SIG with access to American BrandIndex
subscription data, as well as a number of bespoke research projects with a view to
a long-term strategic relationship. This re-affirms the Board's view that the value
of real-time research insights is of increasing value to users of market research.
After a little over five years as Chairman, I am proud to hand over to Roger
Parry with the Company in rude health. In that time it has grown from a staff of
eight to a staff of 80; our annual sales back in 2001 are now achieved every
fortnight. YouGov's online research, which then was widely regarded with
scepticism is now generally accepted to offer speed, accuracy and excellent
value.
The interim report was approved by the Board on 10 April 2007.
YOUGOV PLC
CONSOLIDATED SUMMARISED PROFIT AND LOSS ACCOUNT
For the period ended 31 January 2007
Note 6 months 6 months 12 months
to 31/1/07 to 31/1/06 to 31/7/06
£'000 £'000 £'000
Turnover: group and share of joint 2 6,176 3,841 9,567
ventures
Less: share of joint ventures' (93) - (95)
turnover
Group turnover 6,083 3,841 9,472
Cost of sales (1,215) (926) (2,153)
Gross profit 4,868 2,915 7,319
Other operating charges (2,581) (1,551) (3,466)
Group operating profit before 2,287 1,364 3,853
amortisation of intangible fixed
assets
Amortisation of intangible fixed (114) - -
assets
Group operating profit 2,173 1,364 3,853
Share of operating profit in joint 18 - 9
venture
Share of operating loss in associate (38) - -
2 2,153 1,364 3,862
Interest receivable 110 84 192
Interest payable (1) - (1)
Share of interest receivable in joint 1 - -
venture
Share of interest receivable in 5 - -
associate
Profit on ordinary activities before 2,268 1,448 4,053
taxation
Tax on profit on ordinary activities 3 (231) (183) (542)
Share of tax on profit on ordinary (10) - -
activities of joint venture
Profit on ordinary activities after 2,027 1,265 3,511
taxation
Minority interests (324) (194) (521)
Profit retained and transferred to 1,703 1,071 2,990
reserves
Earnings per share
- basic 4 12.7 8.0 22.4
- diluted 12.1 7.6 21.1
YOUGOV PLC
CONSOLIDATED SUMMARISED BALANCE SHEET
At 31 January 2007
31/1/07 31/1/06 31/7/06
Note £'000 £'000 £'000
Fixed assets
Intangible assets
Goodwill 1,012 - 1,171
Tangible assets 372 107 158
Investment in joint venture
Share of gross assets 135 - 123
Share of gross liabilities (16) - (13)
119 - 110
Investment in associate 5 3,856 - -
5,359 107 1,439
Current assets
Debtors 3,302 2,288 3,699
Cash at bank and in hand 4,287 4,544 5,546
7,589 6,832 9,245
Creditors: amounts falling due within (3,167) (1,885) (2,796)
one year
Net current assets 4,422 4,947 6,449
Total assets less current liabilities 9,781 5,054 7,888
Creditors: amounts falling due after (347) - (365)
more than one year
Provisions for liabilities and (19) (11) (12)
charges
9,415 5,043 7,511
Capital and reserves
Called up share capital 134 134 134
Share premium account 2,987 2,941 2,943
Profit and loss account 5,264 1,772 3,691
Total attributable to equity 8,385 4,847 6,768
shareholders
Minority interests 1,030 196 743
Shareholders funds 9,415 5,043 7,511
YOUGOV PLC
CONSOLIDATED SUMMARISED CASH FLOW STATEMENT
At 31 January 2007
Note 6 months 6 months 12 months
to 31/1/07 to 31/1/ to 31/7/
06 06
£'000 £'000 £'000
Net cash inflow from operating 6 2,737 704 2,896
activities
Returns on investments and servicing
of finance
Interest received 114 73 181
Interest paid (1) - (1)
Net cash inflow from returns on 113 73 180
investments and servicing of finance
Taxation - - (318)
Capital expenditure and financial
investment
Purchase of intangible fixed assets (8) - (806)
Purchase of tangible fixed assets (256) (60) (133)
Cost of investment in joint venture - - (100)
Cost of investment in associate (3,889) - -
Net cash outflow from capital (4,153) (60) (1,039)
expenditure and financial investment
Financing
Issue of shares 1 1 1
Premium on issue of shares 50 30 30
Offset expense against share premium (7) - -
account
Net cash inflow from financing 44 31 31
(Decrease)/increase in cash 7 (1,259) 748 1,750
YOUGOV PLC
Other primary statements
For the period ended 31 January 2007
STATEMENT OF RECOGNISED GAINS AND LOSSES
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
6 months 6 months 12 months
to 31/1/07 to 31/1/06 to 31/7/06
£'000 £'000 £'000
Profit attributable to shareholders 1,703 1,265 2,990
Other recognised gains and losses relating (130) - -
to the period
Net issue of share capital 1 1 1
Premium on issue of share capital 50 30 30
Offset expense against share premium (7) - -
account
44 31 31
Net increase in shareholders' funds 1,617 1,296 3,021
Opening shareholders' funds 6,768 3,747 3,747
Closing shareholders' funds 8,385 5,043 6,768
YOUGOV PLC
NOTES TO THE INTERIM REPORT
For the period ended 31 January 2007
1 BASIS OF PREPARATION
The interim financial statements have been prepared in accordance with
applicable accounting standards and under the historical cost convention.
The interim financial information in this report has been neither audited nor
reviewed by the company's auditors.
The principal accounting policies of the Group, as set out in the 31 July 2006
annual report and financial statements have remained unchanged except for the
adoption of Financial Reporting Standard 20, ''share-based payments''. The
impact of this change in accounting policy has been reflected in the profit and
loss account and did not give rise to a material charge. A prior year adjustment
has not been made as the adjustment was not material. The change in policy did
not result in any change in shareholders equity.
Basis of consolidation
The group reports its interests using the acquisition method of consolidation
and combines all of the assets, liabilities, income and expense with the
equivalent items in the consolidated financial statements on a line by line
basis.
The minority interests in the net assets of the consolidated subsidiary are
identified separately from the Group's equity and consist of the amount of those
interests at the date of the original business combination plus their share of
changes in equity since that date.
A joint venture is a contractual arrangement whereby the Group and other parties
undertake an economic activity that is subject to joint control whereby the
strategic and operating policy decisions require the unanimous consent of the
parties sharing control. The arrangements the Group has entered in to involve
the establishment of a separate entity in which each venturer has an interest.
The group reports its interest using the gross equity method.
An Associate is an entity in which the Group has a participating interest. A
participating interest is defined as exercising significant influence and being
significantly involved in the direction of the investee through participation in
policy decisions which include but are not limited to strategy and the balance
between reinvestment and dividends. The group reports its interest using the
equity method.
2 SEGMENTAL REPORTING
The group only undertakes one class of business, that of market research.
The group only supplies two geographical segments that are deemed significant,
the UK and the Middle East.
Turnover by origin and destination are not materially different.
Turnover by origin 6 months 6 months 12 months
to 31/1/07 to 31/1/06 to 31/7/06
£'000 £'000 £'000
UK 3,216 1,941 4,849
Middle East 2,867 1,900 4,623
Share of turnover of joint venture 93 - 95
Group turnover 6,176 3,841 9,567
Operating profit 6 months 6 months 12 months
to 31/1/07 to 31/1/06 to 31/7/06
£'000 £'000 £'000
UK 1,147 638 1,898
Middle East 1,026 726 1,955
Share of operating profit
of joint venture 18 - 9
Share of operating loss of associate (38) - -
Group operating profit 2,153 1,364 3,862
Net assets 6 months 6 months 12 months
to 31/1/07 to 31/1/06 to 31/7/06
£'000 £'000 £'000
UK 1,569 3,935 4,809
Middle East 2,841 912 1,698
Middle East acquisition - - 151
Share of net assets of joint venture 119 - 110
Share of net assets of associate 3,856 - -
Group net assets 8,385 4,847 6,768
3 TAX ON PROFIT ON ORDINARY ACTIVITIES
6 months 6 months 12 months
to 31/1/07 to 31/1/06 to 31/7/06
£'000 £'000 £'000
The tax charge represents:
United Kingdom corporation tax at 30% (2006: 241 183 542
30%)
The tax assessed for the period is lower than the standard rate of
corporation tax in the UK 30% (2006: 30%). The differences are explained as
follows:
Profit on ordinary activities before tax 2,285 1,448 4,053
Profit on ordinary activities multiplied by 434 1,216
standard rate of corporation tax in the
period 686
Effects of:
Overseas earnings not assessable to UK (265) (710)
corporation tax
(433)
Adjustments to tax charge in respect of (15) 14 14
prior periods
Expenses not deductible for tax purposes 1 - 17
Depreciation in excess of capital allowances (5) - 4
Movement in deferred tax 7 - 1
241 183 542
4
earnings per share
The calculation of the basic earnings per share is based on the earnings
attributable to ordinary shareholders divided by the weighted average number of
shares in issue during the year. Shares held in employee share trusts are
treated as cancelled for the purposes of this calculation.
The calculation of diluted earnings per share is based on the basic earnings per
share, adjusted to allow for the issue of shares and the post tax effect of
dividends and/or interest, on the assumed conversion of all dilutive options and
other dilutive potential ordinary shares.
The adjusted earnings per share removes the effect of the amortisation of
goodwill, exceptional items and any related tax effects from the calculation as
follows:
6 months 6 months 12 months
to 31/1/07 to 31/1/06 to 31/7/06
£'000 £'000 £'000
Retained profit 1,703 1,071 2,990
Add: amortisation of goodwill 114 - -
Add: exceptional items 65 - -
Tax effect of the above adjustments (20) - -
Adjusted retained profit 1,862 1,071 2,990
Reconciliations of the earnings and weighted average number of shares used in
the calculations are set out below.
6 months 6 months 12 months
to 31/1/07 to 31/1/06 to 31/7/06
£'000 £'000 £'000
Weighted average number of shares
during the period:
- Basic 13,371,737 13,346,757 13,358,157
- Dilutive effect of share options 766,173 669,267 807,986
- Diluted 14,137,910 14,016,024 14,166,143
Basic earnings per share (in pence) 12.7 8.0 22.4
Adjusted basic earnings per share (in 13.9 8.0 22.4
pence)
Diluted earnings per share (in pence) 12.1 7.6 21.1
Adjusted diluted earnings per share 13.2 7.6 21.1
(in pence)
The adjustments have the following
effect:
Basic earnings per share 12.7 8.0 22.4
Amortisation of goodwill 0.9 - -
Exceptional items 0.5 - -
Tax effect of the above adjustments (0.2) - -
Adjusted earnings per share 13.9 8.0 22.4
Diluted earnings per share 12.1 7.6 21.1
Amortisation of goodwill 0.8 - -
Exceptional items 0.4 - -
Tax effect of the above adjustments (0.1) - -
Adjusted diluted earnings per share 13.2 7.6 21.1
5 INVESTMENT IN ASSOCIATE
Share of Goodwill Total
net
assets
£'000 £'000 £'000
Cost or valuation
At 1 August 2006 - - -
Additions 1,261 2,595 3,856
At 31 January 2007 1,261 2,595 3,856
Amounts written off
At 1 August 2006 - - -
Provided in the period - - -
At 31 January 2007 - - -
Net book amount at 31 January 2007 1,261 2,595 3,856
Net book amount at 1 August 2006 - - -
6 NET CASH INFLOW FROM OPERATING ACTIVITIES
6 months 6 months 12 months
to 31/1/07 to 31/1/06 to 31/7/06
£'000 £'000 £'000
Operating profit 2,173 1,364 3,862
Depreciation 40 15 38
Amortisation of goodwill 114 - -
Decrease/increase in debtors 465 (1,507) (2,930)
Increase in creditors 57 832 1,926
Exchange adjustments (112) - -
2,737 704 2,896
7 RECONILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS
6 months 6 months 12 months
to 31/1/07 to 31/1/06 to 31/7/06
£'000 £'000 £'000
(Decrease)/increase in cash in the period (1,259) 748 1,750
Movement in net cash in the period (1,259) 748 1,750
Net cash at beginning of the period 5,546 3,796 3,796
Net cash at end of the period 4,287 4,544 5,546
8 PUBLICATION OF NON-STATUTORY ACCOUNTS
The financial information set out in this interim report does not constitute
statutory accounts as defined in section 240 of the Companies Act 1985. The
figures for the year ended 31 July 2006 have been extracted from the statutory
financial statements which have been filed with the Registrar of Companies. The
auditors' report on those financial statements was unqualified and did not
contain a statement under Section 237(2) of the Companies Act 1985.
This information is provided by RNS
The company news service from the London Stock Exchange