RNS Number : 6259W
Business Systems Group Hldgs PLC
13 June 2008
BUSINESS SYSTEMS GROUP HOLDING PLC
PRELIMINARY RESULTS FOR THE TWELVE MONTHS ENDED 31 MARCH 2008
Business Systems Group Holding plc ('BSG' or the 'Group'), the managed services group which designs, deploys and operates IT solutions
for medium sized companies, today announces year end results for the twelve months ended 31 March 2008.
Highlights:
* Pre-tax profit of £925k from a loss of £252k in the prior year
* Cash balance up £1.1m to £9.3m at the year end from £8.2m a year before
* Contractual revenues up 18% to £8.4m at the year end from £7.1m a year before
* Final dividend of 0.4p per share
Contacts:
Business Systems Group Tel: 0207 880 8888
Nick Gerard, CEO
James Wheaton, FD
KBC Peel Hunt Tel: 0207 418 8900
Oliver Scott
Richard Kauffer
CHAIRMAN'S STATEMENT
I am pleased to present the first set of results for the Group since becoming non-executive Chairman. The results for the Group for the
year ended 31 March 2008 show a strong recovery into profit and growth in the Managed Services business.
Summary of results
* Pre-tax profit of £925k (£252k loss prior year).
* Earnings before interest, tax, depreciation and amortisation (EBITDA) was a profit of £1,108k (£204k loss prior year).
* Cash balance increased by £1.1m to £9.3m and no debt (£8.2m prior year).
* The annualised value of contractual revenues at the year end increased 18% from £7.1m at 31 March 2007 to £8.4m at 31 March 2008.
* Gross margin grew to 20.8% from 17.4%.
* Final dividend of 0.4p per share (2007: nil).
Contractual revenues
In the course of the year, we have grown the annualised value of contracts at the year end by £1.3m, or 18%, from £7.1m to £8.4m. This
remains the Group's most important key performance indicator ("KPI"), and is at the heart of the Group's strategy to create shareholder
value.
BSG's objective is to help dynamic organisations to align their IT services with their business requirements. This is achieved through
the ability of the Group's highly skilled work force to apply technology to take on services from a customer and deliver better service for
less cost. This enables the customer's IT department to concentrate on increasing competitive advantage rather than running utility
computing services.
Financial performance
The year showed a strong performance for the Group; it returned to operating profit in both halves, grew cash and widened margins. This
was as a result of the continued strong growth of the contractual elements of the business, as well as strong demand for application
development skills. The Hardware business now represents only 37% of gross profit, the lowest ever for the Group.
Dividend
Following the return to profit, the Board is recommending a final dividend of 0.4p per share (2007: nil). This represents approximately
33% of the Group's profit after tax for the year and follows the distribution policy set out by the Board in previous years. The final
dividend, if approved by shareholders, will be paid on 11 August 2008 to shareholders on the register as at 27 June 2008.
Current trading and outlook
The key objective of the coming year is to build sustainable profitability for the Group. This requires optimisation of our Hardware
Infrastructure business and increased focus on integrating our Solutions business into our Managed Services propositions. A further year of
strong growth in managed services will continue to underpin the future of the Group. The Board remains optimistic for the continued growth
of the Managed Services business; while harsher macro economic factors may negatively affect the market for projects and related hardware
requirements, these conditions create opportunities for our outsourcing services.
Vin Murria
Chairman
CONSOLIDATED INCOME STATEMENT
Year Year
ended ended
31 March 31 March
2008 2007
£'000 £'000
REVENUE 31,427 32,861
Cost of sales (24,891) (27,150)
GROSS PROFIT 6,536 5,711
Administrative expenses (6,120) (6,399)
OPERATING PROFIT/(LOSS) 416 (688)
Finance income 509 436
PROFIT/(LOSS) BEFORE TAXATION 925 (252)
Taxation - -
PROFIT/(LOSS) FOR THE YEAR 925 (252)
Basic earnings/(loss) per share 1.22p (0.33)p
Diluted earnings/(loss) per share 1.18p (0.33)p
All results are derived from continuing operations
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Capital Own Shares Held Retained EBT Reserve
£'000 £'000 Earnings £'000
£'000 Total
£'000
Balance at 1 April 2006 4,209 (114) 4,751 (190) 8,656
Changes in equity for 2007:
Loss for the year - - (252) - (252)
Total recognised income and - (252) - (252)
expense for the year
Purchase of own shares - (758) - - (758)
Dividends - - (234) - (234)
Share-based payment - - 11 - 11
Movement in reserves from EBT - - (21) 97 76
redemptions
Balance at 31 March 2007 4,209 (872) 4,255 (93) 7,499
Changes in equity for 2008:
Profit for the year - - 925 - 925
Total recognised income and - - 925 - 925
expense for the year
Share-based payment - - 13 - 13
Movement in reserves from EBT - - (40) 46 6
redemptions
Sale of own shares held - 123 (39) - 84
Balance at 31 March 2008 4,209 (749) 5,114 (47) 8,527
CONSOLIDATED BALANCE SHEET
2008 2007
£'000 £'000
NON-CURRENT ASSETS
Property, plant and equipment 1,534 1,235
1,534 1,235
CURRENT ASSETS
Inventories 95 141
Trade and other receivables 5,784 6,218
Cash and cash equivalents 9,331 8,244
15,210 14,603
CURRENT LIABILITIES
Trade and other payables (8,217) (8,189)
Provisions - (150)
NET CURRENT ASSETS 6,993 6,264
NET ASSETS 8,527 7,499
EQUITY
Share capital 4,209 4,209
Own shares held (749) (872)
Retained earnings 5,114 4,255
EBT reserve (47) (93)
TOTAL EQUITY 8,527 7,499
CONSOLIDATED CASH FLOW STATEMENT
Year Ended Year ended
31 March 31 March
2008 2007
£'000 £'000
Cash flows from operating activities 925 (252)
Profit/(loss) after taxation
Adjustments for:
Depreciation 692 484
Share-based payment 13 11
Interest income (509) (436)
Loss on disposal of equipment - 2
Decrease in provisions (150) (43)
Operating cash flows before movement in working 971 (234)
capital
Decrease/(increase) in inventories 46 (54)
Decrease/(Increase) in trade and other 434 (9)
receivables
Increase in trade payables 28 438
Cash generated from operations 1,479 141
Income taxes paid - -
Net cash inflow from operating activities 1,479 141
Cash flows from investing activities
Interest received 509 436
Proceeds on disposal of property, plant and - 3
equipment
Purchases of property, plant and equipment (991) (672)
Net cash used in investing activities (482) (233)
Cash flows from financing activities
Dividends paid - (234)
Purchase of own shares - (758)
Proceeds of sale of shares from EBT 6 76
Proceeds of sale of shares from treasury 84 -
Net cash generated/(used) in financing activities 90 (916)
Net increase/(decrease) in cash and cash 1,087 (1,008)
equivalents
Cash and cash equivalents at beginning of period 8,244 9,252
Cash and cash equivalents at end of period 9,331 8,244
General information
Business Systems Group Holdings plc is a company incorporated in the United Kingdom under the Companies Act 1985. The address of the
registered office is given in note 7.
2. ACCOUNTING POLICIES AND Basis of preparation
The financial information set out above does not constitute the Company's statutory account for the year ended 31 March 2008 or 2007,
but is derived from those accounts. Statutory accounts for 2007 have been delivered to the Registrars of Companies and those for 2008 will
be delivered following the Company's annual general meeting. The auditors have reported on those accounts; their reports were unqualified
and did not contain statements under s237(2) or (3) of Companies Act 1985.
This report has been prepared in accordance with IFRSs (International Financial Reporting Standards) adopted by the European Union and
International Financial Reporting Interpretations Committer (IFRIC) interpretations as at 31 March 2008. The information is extracted from
the first full financial statements prepared by the Group under IFRS and a full explanation of the transition is set out below. The
financial statements and statutory accounts for the year ended 31 March 2007 were prepared under UK GAAP (Generally Accepted Accounting
Practice) and have been filed with the Registrar of Companies.
These financial statements have been prepared under the historical cost convention.
The preparation of financial statements under IFRS requires the Board to make judgements, estimates and assumptions that affect the
application of accounting policies, the reported amounts of balance sheet items at the period end and the reported amount of revenue and
expense during the reporting period. The estimates and associated assumptions are based on historical experience and various other factors
that are believed to be reasonable under the circumstances, the results of which form the basis of making judgements that are not readily
apparent from other sources. However, the actual results may differ from these estimates. The estimates and underlying assumptions are
reviewed on an on-going basis.
The recognition of revenue and profit on projects which span the period end constitutes the main area of judgement exercised by the
Board in respect of the Group's results. The Board has relied on its experience and that of the teams involved and project management
methodologies used by the business to estimate the final outcome of each project, and to recognise the appropriate portion for the period.
Additionally the Board exercises judgement in assessing the extent to which a deferred tax asset is recognised at the year end, based on
the probability that future profit will be available to utilise the asset.
An explanation of how the transition from UK GAAP to IFRS has affected the Group's financial position, financial performance and cash
flows is set out below. Business Systems Group Holdings plc (BSG) has historically prepared its consolidated (the Group) financial
statements under UK GAAP. With effect from 1 April 2007 the Group is required to prepare its financial statements in accordance with IFRS.
As stated above, the Group's first annual financial statements under IFRS are for the year ended 31 March 2008, and the Group is required to
publish one year of comparative information, which results in a date of transition to IFRS of 1 April 2006.
At the date of authorisation of these financial statements, the following standards and interpretations, which have not been applied in
these financial statements, were in issue but not yet effective for the Group:
* IFRS8 "Operating Segments"
* IAS1 "Presentation of Financial Statements (revised)"
* IFRIC11 "IFRS2 - Group and Treasury Share transactions"
* IFRIC12 "Service concession agreements"
* IFRIC13 "Customer loyalty programmes"
* IFRIC 14 "The limit on a defined benefit asset, minimum funding requirements and their interaction"
The Directors anticipate that the adoption of these standards and interpretations in future periods will have no material impact on the
Group's financial statements except for additional disclosures when the standards come into effect after 1 April 2008.
IFRS does not affect the underlying business performance of BSG and has no impact on the cash generated from operations. There is
however a change in presentation and disclosure, along with a restatement of the results as explained in the table below. In summary, for
the year ended 31 March 2007, loss before tax is decreased by £10k.
Impact on comparative period:
Twelve months to 31 March 2007
£'000
Holiday pay accrual 10
Impact on profit before and afater tax 10
IFRS1 (First-time adoption of IFRS) permits companies adopting IFRS for the first time to take certain exemptions from the full
requirements of IFRS in the transition period. These financial statements have been prepared on the basis of taking the following
exemptions:
* Business combinations: BSG has taken the exemptions from restating business combinations occurring before the transition date, 1
April 2006.
* Fair value or revaluation as cost: BSG has not taken the option to restate items of property, plant and equipment to their fair
value at 1 April 2006, being the date of transition. For all items, BSG has elected to take their cost amount as shown previously under UK
GAAP as their deemed cost at the date of transition.
Other than the application of the new required format, there has been no change to the reported cash flows of the Group.
Presented in the following two tables are the reconciliations of UK GAAP to IFRS for all adjustments:
Holiday pay accrual (IAS19): As a result of specific guidance in IAS19, the Group has recognised an additional accrual for holiday pay.
The impact is to reduce net assets by £54k at 1 April 2006 and by £44k at 31 March 2007.
Provisions (IAS37): Provisions must be analysed between short and long-term. This is purely a balance sheet
re-classification.
Table 1: Reconciliation as at 1 April 2006
Balance Sheet Adjustment
GAAP Holiday pay Provision IFRS
£'000 £'000 £'000 £'000
Non-current Assets
Property, plant and equipment 1,052 1,052
1,052 1,052
Current Assets
Inventories 87 87
Trade and other receivables 6,209 6,209
Cash and cash equivalents 9,252 9,252
15,548 15,548
Current Liabilities
Trade and other liabilities (7,697) (54) (7,751)
Short-term provisions (108) (108)
Non-current Liabilities
Long-term provisions (193) (108) (85)
Net Assets 8,710 8,656
Equity
Share capital 4,209 4,209
Own shares held (114) (114)
Retained earnings 4,805 54 4,751
EBT reserve (190) (190)
Total Equity 8,710 0 0 8,656
Table 2: Reconciliations for the twelve months ended 31 March 2007
Balance Sheet Adjustment
As at 31 March 2007 GAAP Holiday pay Provision IFRS
£'000 £'000 £'000 £'000
Non-current Assets
Property, plant and equipment 1,235 1,235
1,235 1,235
Current Assets
Inventories 141 141
Trade and other receivables 6,218 6,218
Cash and cash equivalents 8,244 8,244
14,603 14,603
Current Liabilities
Trade and other liabilities (8,145) (44) (8,189)
Short-term provisions (150) (150)
Non-current Liabilities
Long-term provisions (150) 150 0
Net Assets 7,543 7,499
Equity
Share capital 4,209 4,209
Own shares held (872) (872)
Retained earnings 4,299 44 4,255
EBT reserve (93) (93)
Total Equity 7,543 0 0 7,499
INCOME STATEMENT
For the year ended 31 March 207
Revenue 32,861 32,861
Cost of sales (27,148) (2) (27,150)
Gross Profit 5,713 5,711
Administrative expenses (6,411) 12 (6,399)
Operating Profit/(loss) (698) (688)
Finance Income 436 436
Profit/(loss) before taxation (262) (252)
Taxes 0 0
Profit for the period (262) 10 0 (252)
Earnings per share (0.35)p
- Basic (0.35)p (0.33)p
- Diluted (0.33)p
Set out below are the accounting policies which the Group has adopted under IFRS, and they have been applied consistently to all periods
presented.
Basis of Consolidation
Subsidiaries are entities over which the Group has the power to govern the financial and operating policies so as to obtain financial
benefits from its activities.
The Group accounts incorporate the results of the Company and its subsidiaries, Business Systems Group Limited and Webgenerics Limited.
The principal activities of the Group are the provision of managed IT services to customers, and the design and deployment of IT
infrastructure solutions.
The share capital of all subsidiaries is wholly owned by Business Systems Group Holdings plc and are incorporated in Great Britain and
registered in England and Wales.
Subsidiaries are consolidated from the effective date of acquisition, using the purchase method of accounting. The purchase
consideration is allocated to each class of asset on the basis of fair value at the date of acquisition. Any excess purchase consideration
over the fair values of the identifiable assets acquired is recognised as goodwill. Any deficiency of the purchase consideration below the
fair values of the identifiable net assets acquired is credited to the income statement in the period of acquisition.
All transactions, balances, income and expenses between Group companies are eliminated in the consolidated financial statements.
Goodwill
Goodwill arising on consolidation represents the excess of the purchase consideration over the Group's interest in the fair value of the
identifiable assets and liabilities of the subsidiary entity at the date of acquisition. Goodwill is recognised as an asset and reviewed for
impairment at least annually. Any impairment is recognised immediately in the income statement and is not subsequently reversed.
Goodwill arising before the date of transition to IFRS has been retained at the previous UK GAAP amounts. Goodwill written off to
reserves under UK GAAP has not been reinstated.
Revenue recognition
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be
reliably measured. Revenue is measured by reference to the fair value of consideration received or receivable by the Group for goods
supplied and services provided, excluding VAT and trade discounts.
Revenue is recognised upon the performance of services or transfer of risk to the customer. Revenue from the sale of products is
recognised when the Group has transferred to the buyer the significant risks and rewards of ownership of the goods, which is generally when
the goods have been delivered.
Revenues from support agreements are recognised by reference to the stage of completion of the transaction at the balance sheet date.
The stage of completion of each transaction is measured by reference to the documented contract between the Group and the buyer.
Project based revenue reflects the value of work performed during the period. Profit is recognised on project based contracts, if the
final outcome can be assessed with reasonable certainty, by including in the income statement revenue and related costs as contract activity
progresses. Revenue is calculated as that proportion of total contract value which costs to the balance sheet date bear to total expected
costs for that contract.
Income not recognised in the income statement is included in the balance sheet as deferred income within accruals.
Property, Plant and Equipment
Property, plant and equipment are stated at cost less accumulated depreciation and any recognised impairment loss.
The cost of property, plant and equipment net of estimated residual value and impairment, is depreciated in equal annual instalments
over the estimated useful lives of the assets. The residual values of assets or group of like assets are reviewed annually.
The estimated useful lives of the assets are as follows:
* Plant and machinery 3 years
* Fixtures, fittings and equipment 4 years
* Motor vehicles 4 years
The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the
carrying amount of the asset and is recognised in income.
Financial Instruments
Financial assets and liabilities are recognised on the Group's balance sheet when the Group becomes a party to the contractual
provisions of the instrument. The Group's financial instruments comprise cash, trade receivables and trade payables. Derivative instruments
are not used by the Group and the Group does not enter into speculative derivative contracts.
Trade Receivables
Trade and other receivables are stated at their fair value, then amortised using the effective interest method if applicable, less
impairment losses. Provision against trade receivables is made when there is objective evidence that the Group will not be able to collect
all amounts due to it in accordance with the original term of those receivables. The amount of the write-down is determined as the
difference between the asset's carrying amount and the present value of estimated future cash flows.
Cash and Cash Equivalents
The Group manages its short-term liquidity through holding of cash and highly liquid interest bearing deposits. Only deposits which are
readily convertible into cash, and with no penalty of lost interest, are shown as cash and cash equivalents.
Trade payables
Trade and other payables are stated at fair value, then amortised using the effective interest method if applicable.
Financial liabilities and equity
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangement entered into. An
equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities.
Foreign Exchange
Transactions denominated in foreign currencies are translated into the functional currency at the rates ruling at the dates of the
transactions. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are retranslated at the rates
ruling at that date. These translation differences are dealt with in the income statement.
Taxation
The tax charge for the periods presented comprises current and deferred tax.
Current tax is tax currently payable based on taxable profit for the period.
Deferred income taxes are calculated using the liability method on temporary differences. Deferred tax is generally provided on the
difference between the carrying amounts of assets and liabilities and their tax bases. However, deferred tax is not provided on the initial
recognition of goodwill, nor on the initial recognition of an asset or liability unless the related transaction is a business combination or
affects tax or accounting profit. In addition, tax losses available to be carried forward as well as other income tax credits to the Group
are assessed for recognition as deferred tax assets.
Deferred tax liabilities are provided in full, with no discounting. Deferred tax assets are recognised to the extent that it is probable
that the underlying deductible temporary differences will be able to be offset against future taxable income. Current and deferred tax
assets and liabilities are calculated at tax rates that are expected to apply to their respective period of realisation, provided they are
enacted or substantively enacted at the balance sheet date.
Changes in deferred tax assets and liabilities are recognised as a component of tax expense in the income statement, except where they
relate to items that are charged or credited directly to equity, in which case the related deferred tax is also charged directly to equity.
Leases
Leases are classified as finance leases when the terms of the lease transfer substantially all the risks and rewards of ownership to the
Group. All other leases are classified as operating leases.
Operating leases and rentals paid under operating leases are charged to the income statement on a straight line basis over the shorter
of the period of the lease and the estimated useful economic lives of the assets. Lease incentives received or paid are recognised in the
income statement as an integral part of the total lease expense.
The Group has sub-let some office space in its London office. This income is credited to the income statement on a straight line basis
over the period of the lease. The sub-leases are co-terminus with the Group's lease on the building.
Finance Income and Finance Costs
Interest income and interest payable are recognised in the income statement as it accrues, using the effective interest method.
Dividends
Dividends are recorded in the financial statements in the period in which they are approved by the Company's shareholders.
Own Shares Held
The cost of own shares held in treasury is deducted from shareholders' equity until the shares are cancelled or sold. The gain or loss
on sale of any shares from treasury is taken directly to retained earnings.
Pension Costs
Payments made to defined contribution schemes are charged to the income statement as they accrue. Assets of the schemes are not included
within the financial statements of the Group.
Share-Based Compensation
All share-based payment arrangements granted after 7 November 2002 that had not vested prior to 1 January 2005 are recognised in the
financial statements. The Group issues equity settled share-based payments to most employees under the Group's share options scheme. The
share option scheme allows Group employees to acquire shares of the ultimate parent company, Business Systems Group Holdings plc, and these
awards are granted by this company.
The fair value of options granted is recognised as an employee expense with a corresponding increase in equity. The fair value is
measured at grant date and spread over the period during which the employees become unconditionally entitled the options. The fair value of
the options granted is measured using a Black-Scholes model, taking into account the terms and conditions upon which the options were
granted. The amount recognised as an expense is adjusted each year to reflect the actual number of share options that are expected to vest.
Employee Benefit Trust
The assets and liabilities of the Group's Employee Benefit Trust (EBT) are recognised in the financial statements where there is de
facto control of those assets and liabilities.
The cost of purchasing own shares held by the EBT are shown as a deduction against equity. The proceeds from the sale of own shares held
increase equity. Neither the purchase nor sale of own shares leads to a gain or loss being recognised in the income statement.
Provisions
Provision is made where the Group has a present legal or contractual obligation, which can be reliably estimated, as a result of past
events and it is probable that an outflow of economic benefit will be required to settle the obligation.
Inventories
Inventories are stated at the lower of cost and net realisable value. Cost comprises the purchase cost of materials, and is calculated
using the specific identification method. Net realisable value is based on estimated selling prices less all relevant marketing, selling
and distribution costs.
3. business segmentation
The Group's revenue and profit/(loss) for they year are derived entirely from its principal activity. For management purposes the
Group had three operating units during the period; Hardware, Managed Services and Solutions (application development). These units are the
primary segments of the Group.
Year ended Year ended
31 March 2008 31 March 2007
£'000 £'000
Revenue
Hardware 18,223 23,120
Managed Services 10,163 8,151
Solutions 3,041 1,590
Total 31,427 32,861
Gross Profit
Hardware 2,410 2,982
Managed Services 2,892 2,109
Solutions 1,234 620
Total 6,536 5,711
Operating Profit/(loss)
Hardware 1,151 1,461
Managed Services 1,297 685
Solutions 981 386
Central Costs (3,013) (3,220)
Operating profit/(loss) 416 (688)
Finance Income 509 436
Profit/(loss) for the year 925 (252)
The Group's operations are located in the United Kingdom. All Group sales originated in the United Kingdom.
The operations are integrated to such an extent that is not practical to disaggregate the assets and liabilities of the Group into
segments.
4. TAXATION
The Group has not incurred any taxation in the period due to the losses available for relief.
5. DIVIDENDS
Amounts recognised as distributions to equity holders in the period:
Year ended Year ended
31 March 31 March
2008 2007
£'000 £'000
Ordinary Shares
Dividend paid: nil per share (2007: 0.31p) - 234
The Board proposes a dividend in respect of the year ended 31 March 2008 of 0.4p per share.
6. EARNINGS/(LOSS) per ordinary share
Basic earnings per share is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of
ordinary shares in issue and ranking in full for dividend during the year. Shares held by the trustees of the employee share scheme and
which have not been allotted to staff rank for dividend only to the extent of 0.01p per share and have, therefore, been excluded from the
calculation of the weighted average number of shares, as have treasury shares.
Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares in issue on the assumption of
conversion of all dilutive potential ordinary shares. The Group has only one category of dilutive potential ordinary shares, those share
options granted under the Enterprise Management Incentive Plan. When a loss is incurred, since the conversion of potential Ordinary shares
to Ordinary shares would decrease net loss per share, options are not dilutive and therefore diluted and basic losses per share are the
same.
Year ended Year ended
31 March 31 March
2008 2007
Profit/(loss) for the financial period and basic
and diluted earnings attributable to ordinary 925 (252)
shareholders (£'000)
Weighted average number of ordinary shares ('000) 76,079 75,693
Effect of dilutive share options ('000) 1,985 2,167
Adjusted weighted average number of shares ('000) 78,064 77,860
Earnings/(loss) per share 1.22p (0.33)p
Diluted earnings/(loss) per share 1.18p (0.33)p
7. Copies of report
The annual report will be mailed to shareholders and copies will be available at the Company's registered office at 226-236 City Road,
London, EC1V 2TT and at the Company's website at www.bsg.co.uk .
8. annual general meeting
The Annual General Meeting of the Company will be held at 10.00am at BSG House, 226 - 236 City Road, London EC1V 2TT on 8 August 2008.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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