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Brewin Dolphin Hldgs (BRW)

  Print          Annual reports

Wednesday 29 May, 2013

Brewin Dolphin Hldgs

Interim Financial Report

RNS Number : 7406F
Brewin Dolphin Holdings PLC
29 May 2013
 



 

 

29 May 2013

Brewin Dolphin Holdings PLC

 

Interim Financial Report

For the Half Year Ended 31 March 2013

 

Highlights

 

Total managed funds £28.1 billion at 31 March 2013 (30 September 2012: £25.9 billion, 31 March 2012: £25.7 billion).

 


Adjusted2 earnings per share:


-

Basic earnings per share 7.5p (31 March 2012: 5.8p) an increase of 29.3%.


-

Diluted earnings per share 7.1p (31 March 2012: 5.5p) an increase of 29.1%.

 

Total income £139.0 million (31 March 2012: £131.4 million) an increase of 5.8%.

 

Earnings per share:


-

Basic earnings per share 2.2p (31 March 2012: 3.7p).


-

Diluted earnings per share 2.1p (31 March 2012: 3.5p).

 

1 the March 2012 income figure has been adjusted to exclude shared revenue which prior to the Retail Distribution Review ("RDR") was recorded as income for Brewin Dolphin with a corresponding operating expense apportioning the income to external parties.

 

2 these figures have been adjusted to exclude redundancy costs, additional FSCS levy, onerous lease provision and amortisation of client relationships.

 

Declaration of Interim Dividend

The Board declares a maintained interim dividend of 3.55p per share. The interim dividend is payable on 28 June 2013 to shareholders on the register at the close of business on 14 June 2013 with an ex-dividend date of 12 June 2013.



David Nicol, Chief Executive said

 

"We are now two years into the transformation and growth strategy announced in 2011. We have made good progress against our stated objectives including delivering strong growth in funds under management.  Our strategy has two main objectives: continued strong growth and increased efficiency. These objectives are underpinned by a series of initiatives to transform the business which will improve efficiency, ensure it is best placed to meet regulatory demands, and at the same time continue to enhance client service and improve shareholder returns.

 

In a separate announcement today, we have announced the intention to raise up to circa £40 million via a placing. The new capital will provide us with additional investment capacity, enabling us to accelerate the implementation of our on-going strategy, capitalise on our competitive position and drive future growth in earnings and shareholder returns."

 

 

For further information

 

David Nicol, Chief Executive                                  

Brewin Dolphin Holdings PLC                                

020 7248 4400                                                        

 

Andrew Westenberger, Finance Director

Brewin Dolphin Holdings PLC

020 7248 4400

 

Andrew Hayes/Wendy Baker

Hudson Sandler

020 7796 4133

Interim Management Report

To the members of Brewin Dolphin Holdings PLC

 

Results and review of the past six months

Overall the Group has made significant progress against our stated objectives.  Underlying profit before tax (excluding redundancy costs, additional FSCS levy, onerous lease provision and amortisation of client relationships) grew strongly by 26% to £23.8 million (H1 2012: £18.9 million). The strong underlying profit growth was driven by increased income, 9% higher than the same period last year, together with improved efficiency as reflected in the increase in adjusted profit before tax margin to 17% from 15% in the previous period.

 

Profit before tax for the first half of 2013 was £6.9 million (H1 2012: £12.3 million), 44% lower than the same period last year. This decline resulted from both significant restructuring costs and material provisions for onerous leases which are explained below.

 


Unaudited 

26 weeks to 

31 March 

2013

Unaudited 

26 weeks to 

31 March 

2012

%

Change


 £'000

 £'000


Total income1

 138,983

 127,014

9%

Salaries

(53,436)

(47,050)

14%

Other operating costs2

(42,087)

(44,583)

-6%

Adjusted profit before profit share3

 43,460

 35,381

23%

Profit share

(20,091)

(16,463)

22%

Adjusted operating profit3

 23,369

 18,918

24%

Net finance income and other gains and losses

414

(17)


Adjusted profit before tax3

 23,783

 18,901

26%

Redundancy costs

(3,378)

(87)


Additional FSCS levy

(1,107)

 (553)


Onerous lease provision

(5,882)

-


Amortisation of client relationships

(6,494)

(5,954)


Profit before tax

 6,922

 12,307

-44%

Taxation

(1,656)

(3,533)


Profit after tax

 5,266

 8,774






Earnings per share




Basic earnings per share

2.2p

3.7p

-41%

Diluted earnings per share

2.1p

3.5p

-40%





Adjusted earnings per share 3




Basic earnings per share

7.5p

5.8p

29%

Diluted earnings per share

7.1p

5.5p

29%









1 March 2012 income figure has been adjusted to exclude shared revenue which prior to RDR was recorded as income for Brewin Dolphin with a corresponding operating expense apportioning the income to external parties.

2 March 2012 operating expenses have been amended in line with note 1 above.

3 these figures have been adjusted to exclude redundancy costs, additional FSCS levy, onerous lease provision and amortisation of client relationships.

 

Total managed funds were up 8.5% to £28.1 billion and discretionary funds up 12.1% to £20.4 billion at 31 March 2013.

 

 

Funds under management


Advisory

Discretionary

Total managed funds


£ billion

£ billion

£ billion

Value of funds at 30 September 2012

 7.7

 18.2

 25.9

Inflows

 0.2

 1.1

 1.3

Outflows

(0.4)

(0.5)

(0.9)

Transfers

(0.3)

 -

(0.3*)

Market movement

 0.5

 1.6

 2.1

Value of funds at 31 March 2013

 7.7

 20.4

 28.1

% increase in funds since 30 September 2012

nil

12.1%

8.5%

 

*£0.2m transferred to Execution Only service




 

Whilst average market levels were 4% higher than the same period last year, overall income growth exceeded that rise due primarily to the continued strong net inflow in funds under management as well as the on-going transitioning to a new national rate card.

 

This was offset by the reduction in net interest earned of £1.8 million as a result of declining margins on cash deposits and £6.0 million decline in trail income, following the planned move away from trail paying unit trusts as part of our RDR readiness.

 

A significant restructuring exercise of the head office functions was conducted towards the end of the period resulting in a £3 million redundancy cost which, together with redundancies earlier in the period, has resulted in an overall redundancy charge of £3.4 million. This is offset by an on-going staff cost saving of £6 million per annum.

 

An onerous lease provision of £5.9 million has been made in respect of surplus office space which the Group may not be able to sub-let in the short term.

 

Strategy

The Group is now two years into the transformation and growth strategy announced in 2011. The strategy has two main objectives: continued strong growth and increased efficiency. These objectives are underpinned by a series of initiatives to transform the business which will improve efficiency, ensure it is best placed to meet regulatory demands, and at the same time continue to enhance client service and improve shareholder returns.

 

Overall the business has made significant progress against the objectives set. Growth in funds under management and income has continued, reflecting the success in focusing on discretionary management services. The transfer to a new pricing structure is largely completed.

 

Efforts to improve efficiency have been focused on strengthening general cost discipline and implementing a new core software system to enable the rebasing of operational support and technology costs.

 

Work to design the new systems architecture has continued in the period and is now mostly complete. Although some delays have been encountered, the focus has been on ensuring that the design of the new systems is optimal. Implementation is due to commence in the final quarter of this financial year and to complete by the end of 2014. Although this is some nine months later than initially planned, the benefits of enhanced client service and greater efficiency through lower operating support costs will be greater than originally anticipated and will provide a solid base on which to build the business for continued growth. Benefits will begin to be materially achieved in the second half of 2014.

 

The target to increase margin to 20% is on track to be reached, with the full benefits coming through into the 2015 financial year.

 

Board

Andrew Westenberger was appointed as Finance Director on 1 January 2013, following the retirement of Robin Bayford. On 21 March 2013 Simon Miller was appointed Chairman, David Nicol Chief Executive and Stephen Ford an Executive Director, responsible for Investment Management.  At the same time, Jamie Matheson, Barry Howard, Henry Algeo, Ben Speke and Sarah Soar stepped down from the Board.

 

Dividend

A maintained interim dividend of 3.55p per share will be paid on 28 June 2013 to shareholders on the register on 14 June 2013.

 

Related party transactions

Related party transactions are disclosed in Note 3 to the condensed set of financial statements.

 

Going concern

As stated in Note 2 to the condensed set of financial statements, the directors are satisfied that the Group has sufficient resources to continue in operation for the foreseeable future, a period of time not less than 12 months from the date of this report. Accordingly, the directors continue to adopt a going concern basis in preparing the condensed financial statements.

 

Principal risks and uncertainties

Principal risks and uncertainties are covered in Note 4 to the condensed financial statements.

 

Outlook

Improved equity market sentiment and early signs of a return in broader economic confidence are resulting in increasingly positive trading conditions. The Group's strategy of continued growth in its client base, whilst focusing also on further improving efficiency and client service through disciplined investment, means that it is well placed to take advantage of this environment.

 

David Nicol

Chief Executive

28 May 2013



Condensed Consolidated Income Statement

for the 26 week period ended 31 March 2013

 



Unaudited

26 weeks to

31 March

2013

Unaudited

26 weeks to

31 March

2012

Audited

52 weeks to

30 September

2012


Note

£'000

£'000

£'000

Continuing operations





Revenue


 132,193

122,812

 253,112

Other operating income


 6,790

 8,566

 16,419

Total income

5

 138,983

131,378

 269,531






Staff costs


(73,527)

(63,513)

(133,242)

Redundancy costs


(3,378)

 (87)

 (570)

Additional FSCS levy


(1,107)

 (553)

 (553)

Onerous lease provision


(5,882)

-

-

Amortisation of intangible assets - client relationships

10

(6,494)

(5,954)

(11,871)

Other operating costs


(42,087)

(48,947)

(94,196)

Operating expenses


(132,475)

 (119,054)

(240,432)






Operating profit


 6,508

 12,324

 29,099

Finance income

6

612

554

 1,661

Other gains and losses


(13)

 (13)

(74)

Finance costs

6

 (185)

 (558)

 (803)

Profit before tax

5

 6,922

 12,307

 29,883

Tax

7

(1,656)

(3,533)

(8,389)

Profit for the period from continuing operations

 5,266

8,774

21,494






Discontinued operations





Loss for the period from discontinued operations

18

-

(3,172)

(3,092)

Profit for the period


 5,266

 5,602

 18,402






Attributable to:





Equity shareholders of the parent from continuing operations

 5,266

 5,602

 18,402



 5,266

 5,602

 18,402






Earnings per share










From continuing operations





Basic

8

2.2p

3.7p

9.1p

Diluted

8

2.1p

3.5p

8.6p






 

 



Condensed Consolidated Statement of Comprehensive Income

for the 26 week period ended 31 March 2013

 



Unaudited

26 weeks to

31 March 2013

Unaudited

26 weeks to

31 March 2012

Audited

52 weeks to

30 September 2012



£'000

£'000

£'000

Profit for the period


5,266

5,602

18,402

Items that will not be reclassified subsequently to profit and loss:





Actuarial loss on defined benefit pension scheme


(1,126)

(3,247)

(5,063)

Deferred tax credit on actuarial loss on defined benefit pension scheme


259

779

1,164



(867)

(2,468)

(3,899)

Items that may be reclassified subsequently to profit and loss:





Gain on revaluation of available-for-sale investments


875

-

-

Deferred tax (charge)/credit on revaluation of available-for-sale investments


(201)

112

167

Exchange differences on translation of foreign operations


163

 (66)

(196)



837

46

(29)

Other comprehensive income for the period

(30)

(2,422)

(3,928)

Total comprehensive income for the period

5,236

3,180

14,474






Attributable to:





Equity shareholders of the parent


5,236

3,180

14,474



5,236

3,180

14,474






 



Condensed Consolidated Statement of Changes in Equity

for the 26 week period ended 31 March 2013


 Attributable to the equity shareholders of the parent


 Called up share capital

 Share premium account

 Own shares

 Revaluation reserve

 Merger reserve

 Profit and loss account

 Total


 £'000

 £'000

 £'000

 £'000

 £'000

 £'000

 £'000









26 week period ended 31 March 2013








Balance at 30 September 2012

2,469

124,271

 (12,569)

4,285

22,950

 21,331

162,737

Profit for the period

 -

 -

 -

 -

 -

 5,266

5,266

Other comprehensive income for the period








Gain on revaluation of available-for-sale investments

 -

 -

 -

 875

 -

-

875

Deferred and current tax on other comprehensive income

 -

 -

 -

(201)

 -

259

58

Actuarial loss on defined benefit pension scheme

 -

 -

 -

 -

 -

(1,126)

 (1,126)

Exchange differences on translation of foreign operations

 -

 -

 -

 -

 -

163

163

Total comprehensive income for the period

 -

 -

 -

 674

 -

 4,562

5,236

Dividends

 -

 -

 -

 -

 -

(8,755)

 (8,755)

Issue of shares

44

7,872

 -

 -

 -

-

7,916

Own shares acquired in the period

 -

 -

 (102)

 -

 -

-

 (102)

Share-based payments

 -

 -

 -

 -

 -

 2,729

2,729

Current tax charge on share-based payments

 -

 -

 -

 -

 -

 1

1

Deferred tax charge on share-based payments

 -

 -

 -

 -

 -

 50

50

Balance at 31 March 2013

2,513

132,143

 (12,671)

4,959

22,950

 19,918

169,812









26 week period ended 31 March 2012








Balance at 30 September 2011

2,405

116,028

 (10,686)

4,118

22,950

 19,970

154,785

Profit for the period

 -

 -

 -

 -

 -

 5,602

5,602

Other comprehensive income for the period








Deferred and current tax on other comprehensive income

 -

 -

 -

 112

 -

779

891

Actuarial loss on defined benefit pension scheme

 -

 -

 -

 -

 -

(3,247)

 (3,247)

Exchange differences on translation of foreign operations

 -

 -

 -

 -

 -

(66)

 (66)

Total comprehensive income for the period

 -

 -

 -

 112

 -

 3,068

3,180

Dividends

 -

 -

 -

 -

 -

(8,412)

 (8,412)

Issue of shares

45

5,752

 -

 -

 -

-

5,797

Own shares acquired in the period

 -

 -

 (1,777)

 -

 -

-

 (1,777)

Share-based payments

 -

 -

 -

 -

 -

 1,332

1,332

Deferred tax credit on share-based payments

 -

 -

 -

 -

 -

138

138

Balance at 31 March 2012

2,450

121,780

 (12,463)

4,230

22,950

 16,096

155,043









52 week period ended 30 September 2012








Balance at 30 September 2011

2,405

116,028

 (10,686)

4,118

22,950

 19,970

154,785

Profit for the period

 -

 -

 -

 -

 -

 18,402

18,402

Other comprehensive income for the period








Deferred and current tax on other comprehensive income

 -

 -

 -

 167

 -

 1,164

1,331

Actuarial loss on defined benefit pension scheme

 -

 -

 -

 -

 -

(5,063)

 (5,063)

Exchange differences on translation of foreign operations

 -

 -

 -

 -

 -

 (196)

 (196)

Total comprehensive income for the period

 -

 -

 -

 167

 -

 14,307

14,474

Dividends

 -

 -

 -

 -

 -

(16,887)

 (16,887)

Issue of shares

64

8,243

 -

 -

 -

-

8,307

Own shares acquired in the period

 -

 -

 (1,891)

 -

 -

-

 (1,891)

Own shares disposed of on exercise of options

 -

 -

8

 -

 -

(8)

 -

Share-based payments

 -

 -

 -

 -

 -

 3,852

3,852

Current tax charge on share-based payments

 -

 -

 -

 -

 -

193

193

Deferred tax credit on share-based payments

 -

 -

 -

 -

 -

(96)

 (96)

Balance at 30 September 2012

2,469

124,271

 (12,569)

4,285

22,950

 21,331

162,737



Condensed Consolidated Balance Sheet

as at 31 March 2013



Unaudited

as at

31 March

2013

Unaudited

as at

31 March

2012

Audited

as at

30 September

2012


Note

£'000

£'000

£'000

ASSETS





Non-current assets





Intangible assets

10

     128,741

    111,306

    120,930

Property, plant and equipment

11

      14,758

     15,765

     15,951

Available-for-sale investments

12

       6,875

      6,074

      6,013

Other receivables


       2,248

      2,289

      2,215

Deferred tax asset


       1,254

      2,229

       860

Total non-current assets


     153,876

    137,663

    145,969

Current assets





Trading investments

12

        863

       812

       759

Trade and other receivables


     277,625

    305,918

    227,671

Cash and cash equivalents


      73,697

     64,663

     71,827

Total current assets


     352,185

    371,393

    300,257

Total assets


     506,061

    509,056

    446,226






LIABILITIES





Current liabilities





Bank overdrafts


        584

       401

       243

Trade and other payables


     298,347

    313,617

    248,555

Current tax liabilities


       1,868

      2,341

      2,249

Provisions

13

       3,535

      4,895

      1,887

Shares to be issued including premium

14

       2,636

      6,675

      5,858

Total current liabilities


     306,970

    327,929

    258,792

Net current assets


      45,215

     43,464

     41,465






Non-current liabilities





Retirement benefit obligation

15

       9,496

      9,224

      9,754

Deferred purchase consideration


       1,579

      1,611

      1,525

Provisions

13

       4,364

         -

         -

Shares to be issued including premium

14

      13,840

     15,249

     13,418

Total non-current liabilities


      29,279

     26,084

     24,697

Total liabilities


     336,249

    354,013

    283,489

Net assets


     169,812

    155,043

    162,737






EQUITY





Called up share capital

16

       2,513

      2,450

      2,469

Share premium account

16

     132,143

    121,780

    124,271

Own shares


     (12,671)

    (12,463)

    (12,569)

Revaluation reserve


       4,959

      4,230

      4,285

Merger reserve


      22,950

     22,950

     22,950

Profit and loss account


      19,918

     16,096

     21,331

Equity attributable to equity holders of the parent


     169,812

    155,043

    162,737

















Condensed Consolidated Cash Flow Statement

for the 26 week period ended 31 March 2013

 



Unaudited

26 weeks to

31 March

2013

Unaudited

26 weeks to 31 March 2012

Audited

 52 weeks to

30 September 2012


 Note

 £'000

 £'000

 £'000

 Net cash inflow/(outflow) from operating activities

17

      13,467

     (9,799)

     34,979






 Cash flows from investing activities





 Purchase of intangible assets - client relationships


      (3,079)

     (2,697)

     (6,878)

 Purchase of intangible assets - software


      (9,098)

     (2,713)

    (16,356)

 Purchases of property, plant and equipment

      11

      (1,708)

     (4,154)

     (7,412)

 Dividend received from available-for-sale investments


         - 

         -

       278

 Net cash used in investing activities


     (13,885)

     (9,564)

    (30,368)






 Cash flows from financing activities





 Dividends paid to equity shareholders


         - 

         -

    (16,887)

 Purchase of own shares


        (102)

     (1,777)

     (1,891)

 Proceeds on issue of shares


       2,049

       372

       721

 Net cash generated by/(used in) financing activities


       1,947

     (1,405)

    (18,057)






 Net increase/(decrease) in cash and cash equivalents


       1,529

    (20,768)

    (13,446)

 Cash and cash equivalents at the start of period


      71,584

     85,030

     85,030

 Cash and cash equivalents at the end of period


      73,113

     64,262

     71,584











Firm's cash


      45,739

42,775

48,003

Firm's overdraft


        (584)

       (401)

       (243)

Firm's net cash


      45,155

42,374

47,760

Client settlement cash


      27,958

     21,888

     23,824

Net cash and cash equivalents


      73,113

64,262

     71,584






Cash and cash equivalents shown in current assets


      73,697

64,663

71,827

Bank overdrafts


        (584)

       (401)

       (243)

Net cash and cash equivalents


      73,113

64,262

71,584






 

 

For the purposes of the cash flow statement, cash and cash equivalents include bank overdrafts.



Notes to the Condensed Set of Financial Statements

 

1.

General information

 

Brewin Dolphin Holdings PLC (the "Company") is a public limited company incorporated in the United Kingdom. The shares of the Company are listed on the London Stock Exchange. The address of its registered office is 12 Smithfield Street, London EC1A 9BD. This Interim Financial Report was approved for issue on 28 May 2013.

 

A copy of this Interim Financial Report including Condensed Financial Statements for the 26 week period ended 31 March 2013 is available at the Company's registered office and a copy will be posted to shareholders.

 

The information for the 52 week period ended 30 September 2012 does not constitute statutory accounts as defined in section 434 of the Companies Act 2006. A copy of the statutory accounts for that year has been delivered to the Registrar of Companies. The auditor reported on those accounts: their report was unqualified, did not draw attention to any matters by way of emphasis and did not contain a statement under section 498(2) or (3) of the Companies Act 2006.

 

2.

Accounting policies

 

Basis of preparation

The annual financial statements of Brewin Dolphin Holdings PLC are prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union.

 

The condensed set of financial statements included in this Interim Financial Report for the 26 week period ended 31 March 2013 should be read in conjunction with the annual audited financial statements of Brewin Dolphin Holdings PLC for the 52 week period ended 30 September 2012.

 

The condensed set of financial statements included in this Interim Financial Report has been prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting", as adopted by the European Union and the Interim Financial Report has been prepared in accordance with the Disclosure and Transparency Rules (DTR) of the Financial Services Authority.

 

Going concern

The Directors are satisfied that the Group has sufficient resources to continue in operation for the foreseeable future, a period of not less than 12 months from the date of this report. Accordingly they continue to adopt the going concern basis in preparing the condensed financial statements.

 

Changes in accounting policy and disclosure

The same accounting policies, presentation and methods of computation are followed in the condensed set of financial statements as applied in the Group's latest annual audited financial statements for the 52 week period ended 30 September 2012.

 

3.

Related party transactions

 

There have been no related party transactions that have taken place in the period that have materially affected the financial position or the performance of the Group during the period and no changes to related party transactions from those disclosed in the 2012 Annual Report and Accounts available via our website www.brewin.co.uk that could have a material effect on the financial position or the performance of the Group. Transactions between the Company and its subsidiaries have been eliminated on consolidation and are not disclosed. There were no other transactions with related parties which were not part of the Group during the period, with the exception of remuneration paid to key management personnel.


 

4.

Principal risks and uncertainties

 

The Directors consider that the nature of the principal risks and uncertainties which may have a material effect on the Group's performance during the remainder of its financial year remain unchanged from those identified on pages 26 and 27 of the 2012 Annual Report and Accounts available via our website www.brewin.co.uk.

 

The inherent risk to our business which has a direct impact on revenue, remains adverse movements in the market in the short term. The other major financial and non-financial risks identified in the 2012 Annual Report and Accounts were:

 

Risk Type

Risk

Earnings Risk

Loss of client facing staff

Legal and Regulatory Risk

Changing regulatory environment and regulatory breaches; poor advice/portfolio performance (including mis-selling)

Operational and IT risk

Business continuity; electronic dealing errors (e.g. fat fingers); project control; significant strategic change


 

5.

Segmental information

For management purposes the Group has one business stream: Investment Management. This forms the reportable segment of the Group for the period.

 

During the 52 week period ended 30 September 2012, the Group had one business stream from 2 February 2012: Investment Management. Prior to 2 February 2012, it had two business streams: Investment Management and Corporate Advisory and Broking which was discontinued (see Note 18).

 

The Group's operations are carried out in the United Kingdom, Channel Islands and the Republic of Ireland. Income generated in the Republic of Ireland is reported as part of the Investment Management business stream. All segment income relates to external clients.

 

The accounting policies of the operating segments are the same as those of the Group.

26 week period ended 31 March 2013

 

 

 






  Discretionary Portfolio Management

  Advisory Portfolio Management

 Total Investment Management


 £'000

 £'000

 £'000





 Total income

101,231

37,752

138,983





 Operating profit before redundancy costs, additional FSCS levy, onerous lease provision and amortisation of client relationships

17,021

6,348

23,369

 Redundancy costs



(3,378)

 Additional FSCS levy



(1,107)

 Onerous lease provision



(5,882)

 Amortisation of client relationships



(6,494)

 Operating profit



6,508

 Finance income (net)



427

 Other gains and losses



(13)

 Profit before tax



6,922

 




 Other Information:




 Capital expenditure



10,806

 Depreciation



2,895

 Amortisation of intangible asset - software



1,768

 Share-based payments



2,729

 




 Segment assets excluding current tax assets



506,061

 Segment liabilities excluding current tax liabilities



334,381

 



 

26 week period ended 31 March 2012









 Continuing operations

 Discontinued operations



 Discretionary Portfolio Management

 Advisory Portfolio Management

 Total Investment Management

 Corporate Advisory and Broking

 Group


 £'000

 £'000

 £'000

 £'000

 £'000







 Total income

91,913

39,465

 131,378

 1,088

 132,466







 Operating profit before redundancy costs, additional FSCS levy, onerous lease provision and amortisation of client relationships

13,235

5,683

 18,918

(2,054)

 16,864

 Redundancy costs



(87)

(47)

(134)

 Additional FSCS levy



(553)

-

(553)

 Amortisation of client relationships



(5,954)

-

(5,954)

 Operating profit



 12,324

(2,101)

 10,223

 Finance income (net)



(4)

-

(4)

 Other gains and losses



(13)

-

(13)

 Cost of separation



 -

(1,772)

(1,772)

 Profit/(loss) before tax



 12,307

(3,873)

 8,434







 Other Information:






 Capital expenditure



 6,867

-

 6,867

 Depreciation



 4,120

 40

 4,160

 Amortisation of intangible asset - software



 1,684

-

 1,684

 Share-based payments



 1,332

-

 1,332







 Segment assets excluding current tax
    assets



509,056

-

 509,056

 Segment liabilities excluding current tax
     liabilities



351,672

-

 351,672

 

 

52 week period ended 30 September 2012









 Continuing operations

 Discontinued operations



 Discretionary Portfolio Management

 Advisory Portfolio Management

 Total Investment Management

 Corporate Advisory and Broking

 Group


 £'000

 £'000

 £'000

 £'000

 £'000







 Total income

 191,460

78,071

 269,531

 1,235

 270,766







 Operating profit before redundancy costs, additional FSCS levy, onerous lease provision and amortisation of client relationships

29,901

12,192

 42,093

(2,317)

 39,776

 Additional FSCS levy



(553)

-

(553)

 Redundancy costs



(570)

(47)

(617)

 Amortisation of client relationships



(11,871)

-

(11,871)

 Operating profit/(loss)



 29,099

(2,364)

 26,735

 Finance income (net)



 858

-

 858

 Other gains and losses



(74)

-

(74)

 Costs of separation



 -

(1,143)

(1,143)

 Profit/(loss) before tax



 29,883

(3,507)

 26,376







 Other Information






 Capital expenditure



 23,768

-

 23,768

 Depreciation



 7,174

 40

 7,214

 Amortisation of intangible asset - software



 3,563

-

 3,563

 Share-based payments



 3,852

-

 3,852







 Segment assets excluding current tax assets



446,226

-

 446,226

    Segment liabilities excluding current tax liabilities

256,543

-

 256,543







 

 

6.

Finance income and costs

    






Unaudited

26 weeks to

31 March

2013

Unaudited

26 weeks to

31 March

2012

Audited

52 weeks to

30 September

2012


 £'000

 £'000

 £'000

Finance income




Dividends from available-for-sale investments

-

-

278

Interest on bank deposits

612

554

 1,383


612

554

 1,661





Finance costs




Finance cost of deferred consideration

62

164

192

Interest expense on defined pension obligation

116

373

581

Interest on bank overdrafts

 7

21

30


185

558

803

 

  

7.

Taxation

 

    


U.K.

Overseas tax

U.K. deferred tax



Current tax

Prior

 period

Current tax

Prior period

Current

year

Prior

period

Total


 £'000

 £'000

 £'000

 £'000

 £'000

 £'000

 £'000

Unaudited 26 weeks

to 31 March 2013






Continuing operations

 1,498

328

113

-

 (11)

 (272)

 1,656

Discontinued operations

-

-

-

-


-

-


 1,498

328

113

-

 (11)

 (272)

 1,656









Unaudited 26 weeks

to 31 March 2012






Continuing operations

 3,498

556

122

-

63

 (706)

 3,533

Discontinued operations

 (701)

-

-

-


-

 (701)


 2,797

556

122

-

63

 (706)

 2,832









Audited 52 weeks to

30 September 2012






Continuing operations

 6,650

554

261

-

 1,140

 (216)

 8,389

Discontinued operations

 (617)

-

-

-


202

 (415)


 6,033

554

261

-

 1,140

 (14)

 7,974

















 



 

8.

Earnings per share

 

The calculation of the basic and diluted earnings per share is based on the following data:


Unaudited

26 weeks to

31 March 2013

Unaudited

26 weeks to

31 March 2012

Audited

52 weeks

to

30 September 2012





Number of shares




Basic




Weighted average number of shares in issue in the period

241,421

235,712

236,921

Diluted




Weighted average number of options outstanding for the period

 11,570

 7,434

 7,996

Estimated weighted average number of shares earned under deferred consideration arrangements

 1,796

 6,328

 6,374

Diluted weighted average number of options and shares for the period

254,787

249,474

251,291









Earnings attributable to ordinary shareholders




Continuing operations





£'000

 £'000

£'000

Profit for the period from continuing operations

 5,266

 8,774

 21,494

Redundancy costs

 3,378

87

570

 less tax

 (794)

 (22)

 (143)

Additional FSCS levy

 1,107

553

553

 less tax

 (260)

 (138)

 (138)

Onerous lease provision

 5,882

-

-

 less tax

(1,382)

-

-

Amortisation of intangible assets - client relationships

 6,494

 5,954

 11,871

 less tax

(1,526)

(1,488)

(2,968)

Adjusted basic profit for the period and attributable earnings excluding redundancy costs, additional FSCS levy, onerous lease provision and amortisation of client relationships

 18,165

 13,720

 31,239









Profit for the period from continuing operations

 5,266

 8,774

 21,494

Finance costs of deferred consideration (Note a)

19

95

115

 less tax

(4)

 (24)

 (29)

Adjusted fully diluted profit for the period and attributable earnings

 5,281

 8,845

 21,580

Redundancy costs

 3,378

87

570

 less tax

 (794)

 (22)

 (143)

Additional FSCS levy

 1,107

553

553

 less tax

 (260)

 (138)

 (138)

Onerous lease provision

 5,882

-

-

 less tax

(1,382)

-

-

Amortisation of intangible assets - client relationships

 6,494

 5,954

 11,871

 less tax

(1,526)

(1,488)

(2,968)

Adjusted basic profit for the period and attributable earnings excluding redundancy costs, additional FSCS levy, onerous lease provision and amortisation of client relationships

 18,180

 13,791

 31,325





From continuing operations








Basic

2.2p

3.7p

9.1p

Diluted

2.1p

3.5p

8.6p









Basic

7.5p

5.8p

13.2p

Diluted

7.1p

5.5p

12.5p





a) Finance costs of deferred consideration are added back where the issue of shares is more dilutive than the interest cost saved.


Unaudited

26 weeks to

31 March 2013

Unaudited

26 weeks to

31 March 2012

Audited

52 weeks

to

30 September 2012

 

Earnings attributable to ordinary shareholders




Continuing and discontinued operations





£'000

£'000

£'000

Profit for the period from continuing and discontinued operations

 5,266

 5,602

 18,402

Redundancy costs

 3,378

134

617

 less tax

 (794)

 (34)

 (154)

Additional FSCS levy

 1,107

553

553

 less tax

 (260)

 (138)

 (138)

Onerous lease provision

 5,882

-

-

 less tax

(1,382)

-

-

Amortisation of intangible assets - client relationships

 6,494

 5,954

 11,871

 less tax

(1,526)

(1,488)

(2,968)

Adjusted basic profit for the period and attributable earnings excluding redundancy costs, additional FSCS levy, onerous lease provision and amortisation of client relationships

 18,165

 10,583

 28,183









Profit for the period

 5,266

 5,602

 18,402

Finance costs of deferred consideration (Note a above)

19

95

115

 less tax

(4)

 (24)

 (29)

Adjusted fully diluted profit for the period and attributable earnings

 5,281

 5,673

 18,488

Redundancy costs

 3,378

134

617

 less tax

 (794)

 (34)

 (154)

Additional FSCS levy

 1,107

553

553

 less tax

 (260)

 (138)

 (138)

Onerous lease provision

 5,882

-

-

 less tax

(1,382)

-

-

Amortisation of intangible assets - client relationships

 6,494

 5,954

 11,871

 less tax

(1,526)

(1,488)

(2,968)

Adjusted basic profit for the period and attributable earnings excluding redundancy costs, additional FSCS levy, onerous lease provision and amortisation of client relationships

 18,180

 10,654

 28,269





The denominators used are the same as those detailed above for both basic and diluted earnings from continuing operations





From continuing and discontinued operations




Basic

2.2p

2.4p

7.8p

Diluted

2.1p

2.3p

7.4p









From continuing and discontinued operations excluding redundancy costs, additional FSCS levy, onerous lease provision and amortisation of client relationships

Basic

7.5p

4.5p

11.9p

Diluted

7.1p

4.3p

11.2p





The denominators used are the same as those detailed above for both basic and diluted earnings from continuing operations





From discontinued operations




Basic

nil

(1.3p)

(1.3p)

Diluted

nil

(1.2p)

(1.2p)

 


 

9.

Dividends

      


Unaudited

26 weeks to

31 March

2013

Unaudited

26 weeks to

31 March

2012

Audited

52 weeks to

30 September 2012


£'000

£'000

£'000

Amounts recognised as distributions to equity shareholders in the period:








Final dividend paid 8 April 2013*, 3.6p per share (2012: 3.55p per share)

 8,755

 8,412

 8,412

Interim dividend paid 21 September 2012, 3.55p per share

-

-

 8,475


 8,755

 8,412

 16,887

* approved at Annual General Meeting on 22 February 2013




 

An interim dividend of 3.55p per share was declared by the Board on 28 May 2013 and has not been included as a liability as at 31 March 2013. This interim dividend will be paid on 28 June 2013 to shareholders on the register at the close of business on 14 June 2013 with an ex-dividend date of 12 June 2013.



 

10.

Intangible assets

 


 Goodwill

 Client relationships

 Software development

costs

 Purchased software

 Total


£'000

£'000

£'000

£'000

£'000

 Cost






 At 30 September 2011

48,637

90,485

1,134

13,083

153,339

 Additions

-

3,465

86

2,627

6,178

 Revaluation of shares to be issued and  deferred purchase consideration in respect of acquisitions in prior periods

-

(3,039)

-

-

(3,039)

 At 31 March 2012

48,637

90,911

1,220

15,710

156,478

 Additions

-

4,200

388

13,255

17,843

 Disposals

-

-

-

(90)

(90)

 Revaluation of shares to be issued and deferred purchase consideration in respect of acquisitions in prior periods

-

(421)

-

-

(421)

 At 30 September 2012

48,637

94,690

1,608

28,875

173,810

 Additions

-

4,330

517

8,581^

13,428

 Exchange differences

-

9

-

-

9

 Revaluation of shares to be issued and deferred purchase consideration in respect of acquisitions in prior periods

-

2,636

-

-

2,636

 At 31 March 2013

48,637

101,665

2,125

37,456

189,883

 ^ £8.5m relates to purchased software acquired in the period which is under development and not yet in use; in total there is £23.5m which is not yet in use.













 Accumulated amortisation and impairment





 At 30 September 2011

-

31,606

458

5,470

37,534

 Amortisation charge for the period

-

5,954

149

1,535

7,638

 Impairment losses for the period

-

-

-

-

-

 At 31 March 2012

-

37,560

607

7,005

45,172

 Amortisation charge for the period

-

5,917

155

1,724

7,796

 Eliminated on disposal

-

-

-

(88)

(88)

 Impairment losses for the period

-

-

-

-

-

 At 30 September 2012

-

43,477

762

8,641

52,880

 Amortisation charge for the period

-

6,414

156

1,612

8,182

 Impairment losses for the period

-

80

-

-

80

 At 31 March 2013

-

49,971

918

10,253

61,142













 Net book value

 At 30 September 2011

48,637

58,879

676

7,613

115,805

 At 31 March 2012

48,637

53,351

613

8,705

111,306

 At 30 September 2012

48,637

51,213

846

20,234

120,930

 At 31 March 2013

48,637

51,694

1,207

27,203

128,741







 



 

11.

Property, plant and equipment

                                               

During the period the Group spent £0.6 million (26 weeks to 30 March 2012: £1.2 million, 52 weeks to 30 September 2012: £1.6 million) on leasehold improvements, £0.8 million (26 weeks to 30 March 2012: £1.5 million, 52 weeks to 30 September 2012: £3.8 million) on computer equipment and £0.3 million (26 weeks to 30 March 2012: £1.4 million, 52 weeks to 30 September 2012: £2.0 million) on office equipment. The depreciation charge for the period was £2.9m (30 March 2012: £4.1m, 30 September 2012: £7.2m).

 

12.

Investments

 

Available-for-sale investments





Listed investments

Unlisted investments

Total


£'000

£'000

£'000

Fair value








At 31 March 2013

-

6,875

6,875

At 31 March 2012

74

6,000

6,074

At 30 September 2012

13

6,000

6,013





 

The unlisted available-for-sale investments are in Euroclear plc and N+1 Singer Limited (see note 18).

 

The holding in Euroclear plc is as a result of a £431,000 strategic investment in Crest, the London based settlement system. Crest was taken over by Euroclear plc and the resultant stake in Euroclear plc was 0.52% of its share capital or 19,899 ordinary shares. As at 30 September 2012 the Directors updated their valuation of the Group's holding in Euroclear plc; the valuation is £6 million (30 March 2012: £6 million, 30 September 2012: £6 million). This valuation takes into account a number of different valuation methods including dividend yield.

 

The N+1 Singer Limited is valued by the Directors at £875,000 (30 March 2012: n/a, 30 September 2012: £nil). This valuation takes into account a number of different valuation methods.

 

  

Trading investments





Listed investments

Unlisted investments

Total


£'000

£'000

£'000

Fair value








At 31 March 2013

863

-

863

At 31 March 2012

812

-

812

At 30 September 2012

759

-

759





Investments are measured at fair value which is determined directly by reference to published prices in an active market where available. 



 

13.

Provisions

 




Unaudited

as at

31 March 2013

Unaudited

as at

31 March 2012

Audited

as at

30 September 2012


Sundry claims and associated costs

Onerous leases

Total

Total

Total


£'000

£'000

£'000

£'000

£'000

At start of period

1,887

-

1,887

5,931

5,931

Additions

888

5,882

6,770

1,004

1,199

Utilisation of provision

(292)

-

(292)

(623)

(3,848)

Unused amounts reversed during the period

(466)

-

(466)

(1,417)

(1,395)

At end of period

2,017

5,882

7,899

4,895

1,887







Provisions






Included in current liabilities

2,017

1,518

3,535

4,895

1,887

Included in non-current liabilities

-

4,364

4,364

-

-


2,017

5,882

7,899

4,895

1,887

 

 

The timing of settlements in relation to sundry claims and associated costs cannot be accurately forecast; settlement of £0.3m (27 March 2012: £nil, 30 September 2012: £nil) has been made since the balance sheet date. The onerous lease provision of £5.9m is in respect of surplus office space which the Group may not be able to sublet in the short term.

 

14.

Shares to be issued including premium and other deferred purchase liabilities

The Group acquires investment businesses and teams of investment managers, bringing with them funds under management (the latter classified as the intangible asset client relationships) on deferred purchase terms based on the value of income introduced over, normally, a three year period. The payment is normally made in ordinary shares and these shares typically have to be held for a further three years. At the discretion of the Board these shares can be purchased in the market rather than issued. The estimated likely cost of these shares has been updated at the half year in light of actual results of previously acquired business teams and to include new acquisitions.

 

15.

Retirement benefit obligation

The main financial assumptions used in calculating the Group's retirement benefit obligation are as follows:

 


As at

31 March

2013

As at

31 March

2012

As at

30 September

2012

Discount rate

4.40%

4.70%

4.50%

Rate of inflation (RPI)

3.40%

4.70%

2.90%

Rate of inflation (CPI)

2.40%

2.35%

1.90%

Salary increases

3.40%

3.10%

2.90%

Rate of increase to pensions in payment

3.30%

3.10%

2.90%

Expected return on equities

6.50%

7.00%

6.40%

Expected return on bonds

3.50%

4.00%

3.40%

Expected return on other assets

0.50%

0.50%

0.50%






Average assumed life expectancies for members on retirement at age 65

Existing pensioners




   Males

88.8 years

87.5 years

88.7 years

   Females

90.0 years

89.0 years

89.9 years

Future pensioners




   Males

90.1 years

88.7 years

90.0 years

   Females

91.5 years

90.1 years

91.4 years

 

A full actuarial valuation was carried out as at 1 January 2012 and the results of this valuation have been updated to 31 March 2013 by a qualified independent actuary.



 

16.

Called up share capital

The following movements in share capital occurred during the period:

 


Date

No. of Fully Paid Shares

No. of Nil Paid Shares

Exercise/

Issue Price (pence)

Called up share capital

Share premium account

Total






£'000

£'000

£'000

At 30 September 2012


246,962,243

2,396,098


2,469

124,271

126,740

Settlement of deferred consideration

6 December 2012

3,079,997


190.5p

31

5,837

5,868

Issue of options

Various

895,291

-

37.5p-175.25p

9

1,382

1,391

Nil paid shares now paid up

Various

436,643

(436,643)

103.3p-217.5p

4

665

669

Cost of issue of shares


-

-



(12)

(12)

At 31 March 2013


251,374,174

1,959,455


2,513

132,143

134,656









 

17.

Note to the cash flow statement

 


Unaudited

26 weeks to

31 March

2013

Unaudited

26 weeks to

31 March

2012

Audited

52 weeks to

30 September 2012


£'000

£'000

£'000

Operating profit from continuing operations

6,508

12,324

29,099

Loss for the period from discontinued operations (note 18)

-

(3,873)

(3,507)

Adjustments for:




Depreciation of property, plant and equipment

2,895

4,160

7,214

Amortisation of intangible assets - client relationships

6,414

5,954

11,871

Amortisation of intangible assets - software

1,768

1,684

3,563

Loss on disposal of property, plant and equipment

6

98

105

Intangible asset impairment

80

-

-

Retirement benefit obligation

(1,384)

(1,124)

(2,410)

Share-based payment cost

2,729

1,334

3,852

Translation adjustments

163

(66)

(196)

Own shares disposed of on exercise of options

-

-

(8)

Unwind of discount of shares to be issued and deferred purchase consideration

62

164

192

Interest income

612

554

1,383

Interest expense

(185)

(558)

(803)

Operating cash flows before movements in working capital

19,668

20,651

50,355

Increase/(decrease) in payables and trading investments

46,212

35,480

(24,375)

(Increase)/decrease in receivables and trading investments

(50,091)

(63,375)

14,910

Cash generated/(used) by operating activities

15,789

(7,244)

40,890

 Tax paid

(2,322)

(2,555)

(5,911)

Net cash inflow/(outflow) from operating activities

13,467

(9,799)

34,979





Cash and cash equivalents comprise cash at bank and bank overdrafts.

 



 

18.

Discontinued Operations

 

The disposal of the Corporate Advisory and Broking division was completed on 1 February 2012. At this date, the Group received a 14% preferred interest in N+1 Brewin LLP. In July 2012, N+1 Brewin LLP merged with Singer Capital Markets Limited, the Group's holding is currently 5.6%.

 

This holding has been valued at £875,000, on a fair value basis (30 September 2012 £nil) (see note 12).

 

The Corporate Advisory and Broking Division represented a reportable segment of the Group until its disposal and the effect of the discontinued operation on segment results is disclosed in note 5.

 

The results of the discontinued operations, which have been included in the consolidated income statement, were as follows:

 

 


Unaudited

26 weeks to

31 March 2013

Unaudited

26 weeks to

31 March 2012

Audited

52 weeks to

30 September 2012


 £'000

 £'000

 £'000

Revenue

-

 1,088

 1,235

Expenses

-

(3,189)

(3,599)

Operating loss

-

(2,101)

(2,364)

Costs of separation

-

(1,772)

(1,143)

Loss before tax

-

(3,873)

(3,507)

Attributable tax

-

 701

 415

Net loss attributable to discontinued operations (attributable to the owners of the Company)

-

(3,172)

(3,092)





 

 

 

The division before its disposal contributed the following to the Group's net operating cash flows 26 weeks to 31 March 2012: £3.6 million outflow and 52 weeks to 30 September 2012: £3.5 million outflow to the Group's net operating cash flows.

 



 

Funds under management

(Unaudited)

 

 


At
31 March
2013

At
31 March
2012

At
30 September 2012


 £ billion

 £ billion

 £ billion

In Group's nominee or sponsored member

 20.0

 17.0

 17.9

Stock not held in Group's nominee

 0.4

 0.3

 0.3

Discretionary funds under management

 20.4

 17.3

 18.2





In Group's nominee or sponsored member

 6.8

 7.3

 6.7

Other funds where valuations are carried out but where the stock is not under the Group's control

 0.9

 1.1

 1.0

Advisory funds under management

 7.7

 8.4

 7.7





Managed funds

 28.1

 25.7

 25.9









In Group's nominee or sponsored member

 5.9

 5.0

 5.2

Stock not held in Group's nominee

 0.2

 0.3

 0.2

Execution only stock

 6.1

 5.3

 5.4





Total funds

 34.2

 31.0

 31.3





Stock




In Group's nominee or sponsored member

 32.7

 29.3

 29.8

Stock not held in Group's nominee

 1.5

 1.7

 1.5


 34.2

 31.0

 31.3





 
Cautionary statement

The Interim Management Report (the "IMR") for the 26 week period ended 31 March 2013 has been prepared solely to provide additional information to shareholders to assess the Group's strategies and the potential for those strategies to succeed. The IMR should not be relied on by any other party or for any other purpose.

 

The IMR contains certain forward-looking statements. These statements are made by the directors in good faith based on the information available to them up to the time of their approval of this report but such statements should be treated with caution due to the inherent uncertainties, including both economic and business risk factors, underlying any such forward-looking information.

Responsibility Statement

 

The Directors confirm that to the best of their knowledge:

 

a)

the condensed set of financial statements has been prepared in accordance with IAS 34 "Interim Financial Reporting";

 

b)

the interim management report includes a fair view of the information required by Disclosure and Transparency Rules (DTR) 4.2.7 R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year); and

 

c)

the interim management report includes a fair view of the information required by DTR 4.2.8 R (disclosures of related parties' transactions and changes therein).

 

 

By order of the Board

           

D Nicol

A Westenberger

Chief Executive                    

28 May 2013

Finance Director

 

 



Independent Review Report

Independent Review Report to Brewin Dolphin Holdings PLC

 

We have been engaged by the company to review the condensed set of financial statements in the half-yearly financial report for the 26 week period ended 31 March 2013 which comprise the condensed consolidated income statement, the condensed consolidated statement of comprehensive income, the condensed consolidated statement of changes in equity, the condensed consolidated balance sheet, the condensed consolidated cash flow statement and related notes 1 to 18. We have read the other information contained in the half-yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.

 

This report is made solely to the company in accordance with International Standard on Review Engagements (UK and Ireland) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Auditing Practices Board. Our work has been undertaken so that we might state to the company those matters we are required to state to it in an independent review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company, for our review work, for this report, or for the conclusions we have formed.

 

Directors' responsibilities

 

The half-yearly financial report is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the half-yearly financial report in accordance with the Disclosure and Transparency Rules of the United Kingdom's Financial Services Authority.

 

As disclosed in note 2, the annual financial statements of the company are prepared in accordance with IFRSs as adopted by the European Union. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with International Accounting Standard 34, "Interim Financial Reporting," as adopted by the European Union.

 

Our responsibility

 

Our responsibility is to express to the Company a conclusion on the condensed set of financial statements in the half-yearly financial report based on our review.

 

Scope of Review

 

We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

 

Conclusion

 

Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the 26 week period ended 31 March 2013 is not prepared, in all material respects, in accordance with International Accounting Standard 34 as adopted by the European Union and the Disclosure and Transparency Rules of the United Kingdom's Financial Services Authority.

 

 

 

 

 

Deloitte LLP

Chartered Accountants and Statutory Auditor

London, United Kingdom

28 May 2013

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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