Countrywide PLC Half-year Report (2038M)

Share Name	Share Symbol	Market	Type	Share ISIN	Share Description
Countrywide Plc	LSE:CWD	London	Ordinary Share	GB00BK5V9445	ORD 1P

	Price Change	% Change	Share Price	Bid Price	Offer Price	High Price	Low Price	Open Price	Shares Traded	Last Trade
	0.00	0.00%	394.80	394.80	395.00				0.00	01:00:00

Industry Sector	Turnover	Profit	EPS - Basic	PE Ratio	Market Cap
	0	0		N/A	0

Countrywide (LSE:CWD)
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RNS Number : 2038M

Countrywide PLC

27 July 2017

PRESS RELEASE

27 July 2017 Countrywide plc

Interim Results for the six months ended 30 June 2017

Continuing to transform our business

Countrywide plc (LSE: CWD), the UK's largest integrated property services group, announces its results for the six months ended 30 June 2017.

Commenting on the Group's performance, Alison Platt, CEO said:

"We are building a stronger business for our future and remain on track with our goals to broaden our digital capability, reduce our operating cost base and strengthen our balance sheet. Based on our current performance and the outlook for housing transactions in the UK, we expect our results and our leverage for the full year to be within the range of market expectations.

"As anticipated, the first half of 2017 was tough for the Group compared to the same period last year given the high levels of housing transactions brought forward in time as a result of the stamp duty changes and the EU referendum. Our income versus the first six months of 2016 is down 10% and our adjusted EBITDA down 26%.

"We continue to serve our customers better, and this manifests strongly in our ability to win repeat business in lettings. Our digital proposition in sales is also proving to be an important element in bringing choice and attracting more applicants and vendors to our brands. At the same time our investment in a telephony sales channel in Financial Services is helping to grow our share of the mortgage market. Our Surveying business has grown its profitability and increased the amount of mortgage valuations it has undertaken for its lender clients this year. We are continuing to reshape our cost base, with total costs down GBP27 million from the six month period to 30 June 2016; we will continue to drive down cost and improve our productivity across the Group.

"Delivering for our customers and 'self-help' remains our mantra as we continue to build a stronger and more resilient business for the future."

FINANCIAL AND OPERATING HIGHLIGHTS

 
                           H1 2017     H1 2016 
 Total income             GBP333.0m   GBP370.3m 
-----------------------  ----------  ---------- 
 Adjusted EBITDA(1)       GBP28.1m    GBP37.9m 
-----------------------  ----------  ---------- 
 Operating profit          GBP6.5m    GBP28.3m 
-----------------------  ----------  ---------- 
 Basic (loss)/earnings 
  per share                (0.1)p       9.8p 
-----------------------  ----------  ---------- 
 Adjusted basic EPS(2)      3.0p        8.0p 
-----------------------  ----------  ----------

-- The overall market for housing transactions in the UK was down 7% (4) . Our sales market share held broadly flat at 4.9%(3) (2016: 5.1%) despite the effect of the on-going transformation of the business; we held or gained market share of listings in brands offering the digital proposition

   --      Growth in market share in mortgage distribution 
   --      Positive progress in surveying and conveyancing 
   --      Strong performance in B2B with income down 4%, EBITDA up 11%

-- Cost transformation delivering to plan with GBP19 million cost reduction; total costs down GBP27 million year on year

   --      Cash generated from operations of GBP11.8 million (2016: GBP1.6 million)

-- Net debt at 30 June 2017 GBP217 million (GBP248 million at 31 December 2016) as a result of placing in March 2017 and operating cash flow. The Group remains committed to reducing leverage

-- Dividend: we continue to invest in cost and growth initiatives to build a sustainable and profitable business for the long term and remain committed to reducing our leverage. With this in mind, the Board has decided not to pay an interim dividend, and will review the situation at the full year

(1) Earnings before interest, tax, depreciation, amortisation, exceptional items, employment-linked contingent consideration, share-based payments and share of profits from joint venture, referred to hereafter as 'EBITDA' (see note 8 for reconciliation)

(2) Before exceptional items, amortisation of acquired intangibles, employment-linked contingent consideration and share-based payments (net of taxation impact)

(3) Like for like performance adjusting for closed branches

(4) HMRC exchange data YTD June 2017

CHIEF EXECUTIVE'S REVIEW

During this half year we made good operational progress in building a stronger business, reshaping our network, becoming more multichannel in nature through investing in our digital platforms and building telephony channels in Financial Services. The Group grew its market share in mortgage distribution and held broadly flat market share in sales; whilst at the same time rolling out our digital fixed price cost proposition to 50% of our network. Our cost reduction plans are on track to deliver our full year targets.

As we said at the time of our share placing in March, our aim is to continue to invest for the future and at the same time reduce our leverage through better cost management and prudent use of cash.

Over the past six months, the Group has made further progress in continuing to transform Countrywide:

Customers are at the heart of our business: We have made real progress in extending our multichannel offering. On 31 July we will have completed the rollout of our digital fixed price proposition to 50% of our branches. This offer gives our customers the choice to transact digitally and at a fixed cost but with the assurance that they are able to upgrade to the full service proposition in branch without losing the money they have already paid. We have increased traffic to our estate agency websites, have been invited to carry out more market appraisals and have won more instructions. We have held or gained market share in the areas that have the new offering, and also learned that, even where our digital proposition is available, over 95% of customers still choose to take advantage of the services we offer in branch, confirming what we expected: that a combination of digital capability and local market expertise is what customers really want.

In Financial Services, since the start of the year we have invested in and launched our telephony mortgage channel and have a sixty strong team in place. We have also introduced new, bespoke technology to support our 560 mortgage advisors so they can provide a faster, better and more efficient service for our mortgage and remortgage customers. We recently won 'Best Broker Customer Service' at the What Mortgage Awards 2017 which is voted for by consumers.

B2B businesses: In Surveying we have rolled out new tablet hardware to our surveyors, as well as a new technology platform, and been recognised for our leadership in this area for the sector. We have also launched a new pilot for a customer portal in our Conveyancing business. We have also concluded the strategic review of Lambert Smith Hampton which will remain an important part of the Group.

Cost and operational progress: The cost reduction programme we set out in March is on plan, with the first two phases already delivered. We have reduced the layers of management between senior staff and our customers; and we have rationalised our branch network, delivering network efficiencies and cutting central costs. This has reduced the annual run rate of our cost base by a further GBP9 million in the first half year, taking the total savings to circa GBP19 million for phases one and two. We are working actively on plans to mitigate the impact of the removal of tenant fees expected in 2018, including further cost reduction. At the same time, we are firming up our plans for Phase Three and will focus on driving further digital penetration, reducing IT running costs, aligning support functions to maximise efficiency across the Group in 2018 and beyond.

Balance sheet and dividend: Earlier this year we raised GBP37 million in net proceeds through a share placing and made the decision not to pay a final dividend in 2016, as well as setting out a revised dividend policy. We have maintained tight control on capital expenditure and reduced our working capital outflow significantly. The market for housing transactions has been challenging and our expectation is that it will remain uncertain for some time. As a result the Board believes it is prudent to refrain from paying an interim dividend and will review the situation at the full year.

We are committed to reducing leverage to 1.5 to 2 times.

Outlook: We are building a stronger business for our future and remain on track with our goals to broaden our digital capability, reduce our operating cost base and strengthen our balance sheet. Based on our current performance and the outlook for housing transactions in the UK, we expect our results and our leverage for the full year to be within the range of market expectations.

Alison Platt

Chief executive officer

27 July 2017

For further information please contact:

   Alison Platt                   Chief executive officer 
   Jim Clarke                     Chief financial officer                        +44(0)7970 477299

Media Press office +44(0)7721 439043 press.office@countrywide.co.uk

   Nadia Mahmud            Head of communications                  +44(0)7950 312124 Nadia.Mahmud@countrywide.co.uk

SEGMENTAL RESULTS

 
                        Total income (unaudited)       Adjusted EBITDA(1) (unaudited) 
                     ------------------------------  ---------------------------------- 
                         2017        2016  Variance        2017         2016   Variance 
                      GBP'000     GBP'000         %     GBP'000      GBP'000          % 
-------------------  --------  ----------  --------  ----------  -----------  --------- 
Retail                105,932  126,546(5)       -16       9,221    12,927(5)        -29 
London                 75,002   85,809(5)       -13       3,392     9,824(5)        -65 
Financial Services     42,600      42,904        -1       8,626       10,121        -15 
B2B                   108,623  112,685(5)        -4      14,710    13,209(5)         11 
Central Services          805       2,312       -65     (7,885)      (8,222)          4 
-------------------  --------  ----------  --------  ----------  -----------  --------- 
Total Group           332,962     370,256       -10      28,064       37,859        -26 
-------------------  --------  ----------  --------  ----------  -----------  ---------

(5) Restated from prior year following internal restructuring of operations between Retail, London and B2B

SEGMENTAL VOLUMES

 
                                             Number       Number 
                                            H1 2017      H1 2016 
----------------------------------------  ---------  ----------- 
 House sales exchanged 
  - Retail                                   20,693    25,573(5) 
  - London                                    4,351     5,702(5) 
  - B2B                                       2,056        2,665 
----------------------------------------  ---------  ----------- 
 Group total                                 27,100       33,940 
----------------------------------------  ---------  ----------- 
 Properties under management 
  - Retail residential                       63,940    65,675(5) 
  - London residential                       25,952    24,350(5) 
  - B2B corporate                            30,172       32,794 
----------------------------------------  ---------  ----------- 
 Group total                                120,064   122,819(5) 
----------------------------------------  ---------  ----------- 
 
 Mortgages arranged, number                  43,461       42,944 
 Mortgages arranged, value                 GBP7.9bn     GBP7.4bn 
 Total valuations and surveys completed     181,415   190,141(5) 
 Conveyances completed (excluding third 
  party)                                     13,312       15,551 
----------------------------------------  ---------  -----------

OPERATING REVIEW

Retail

In sales, the market for UK housing transactions declined 7% during the six months to June 2017 following the peak of the market in the first six months of 2016 leading up to the introduction of higher stamp duty. Against this comparable time period, our exchanged income reduced by 16% and EBITDA declined 29%, with a resilient performance in our lettings business with income and properties under management down only 2%.

Our Retail business has been focused on increasing its multichannel digital offering, and we will achieve the rollout of our digital sales product to 50% of our branch network with the launch in Slater Hogg & Howison on 31 July. The proposition has been received positively by both our colleagues and customers and was supported by our largest investment in colleague training to date. We prioritised our largest volume brands for rollout and went live in our largest national brand, Bairstow Eves, in March which provided us with a strong hybrid brand presence in the London market. Each launch has been supported by a cohesive marketing campaign. Additionally, for Bairstow Eves we widened promotional activity to include targeted advertisement on TV and the London Underground network, which has proven impactful in driving customer awareness, and generating leads and traffic. We have held or gained market share in the areas that have the new offering, and also learned that, even where our digital proposition is available, over 95% of customers still choose to take advantage of the services we offer in branch, confirming what we expected: that a combination of digital capability and local market expertise is what customers really want.

The Retail business continues to drive out cost whilst at the same time improving customer satisfaction; with GBP8.0m reduction in operating expense in H1 2017 compared to H1 2016. During this half year, we have reduced the number of management layers, and have rationalised the number of Property Management Centres, decreasing the number from over 90 to 55 sites. This, along with the full implementation of Fixflo within property management, has helped us provide a higher level of service to our landlords and tenants, driving our landlord retention up by 4.5%. Our overall rents achieved remain flat year on year; with modest growth in Scotland and the South East.

The ongoing dedication of our colleagues to providing exceptional customer service was independently recognised as we were rewarded with both the Best Large Agency Group and Lettings Agency Group awards as this year's ESTAs, which are based solely on customer feedback.

London

The London housing market continues to experience low levels of activity owing to political and economic uncertainty, particularly in relation to Brexit, which is felt more acutely in the capital. This, combined with the effects of stamp duty changes affecting homes over GBP1 million and on second homes, means the market for housing transactions in London continued to decline in the six months to June 2017.

We are also seeing increased differences between vendors and buyers on price expectations while both groups wait to see how the political situation unfolds. We estimate that the supply of properties listed in London has fallen around 13% in the first half of 2017 compared to 2016.

As a result of market conditions our exchanged income fell GBP9.4 million compared to the six months in 2016, primarily due to 20% reduction in exchanged volumes on a like for like basis. Our average fee increased by 1%, in part due to the average house price increase of 5%.

We maintained our strong position in the London Lettings market, which continues to hold up well, and we have seen good revenue growth of 7% net of closed branches. Our landlord base grew by 5% over the period.

The multichannel digital rollout to Bairstow Eves extends to 48 of our Greater London branches and the early results are encouraging.

In common with the Retail business, our London cost reduction programme delivered a 2% reduction in staff cost in the period.

Financial Services

Due to the significant spike in activity observed ahead of March 2016, prior to changes in stamp duty on second-hand homes and tax treatment on buy to let investments, alongside weaker market conditions, gross mortgage lending was down on the period by approximately 3%.

Despite the challenging market our Financial Services division delivered revenues flat on the same period last year. Our mortgage completions for the first half of 2017 stand at GBP7.9 billion of gross distribution, 6% up versus last year. Investment that we have put into our financial services business to launch and grow our telephony sales channel, coupled with a change in sales mix, means our earnings are lower compared with the first half of 2016.

The Buy to Let Business continues to report a strong performance achieving 14% higher growth in gross distribution year on year, coupled with a good performance from Mortgage Intelligence, at 5% higher growth. Our core sales force encountered weaker trading conditions (12% lower gross distribution) as a result of challenges in the wider residential property market. Maintaining our strategy on increasing business resilience by improving our organic performance is continuing to yield further strong improvements in our remortgage conversion rates, and we have successfully written mortgages for 27% (2016: 24%) of our remortgage customers.

In relation to our wider financial services proposition, we renewed our long-standing relationship with our significant partner, Aviva, to supply customers with market-leading protection products. Our commitment to investing in and developing our people means we have focused on developing an extensive protection training programme for our sales force to support the renewal. Further, to accompany the renewal of our arrangement with Aviva we anticipate the launch of a new suite of protection products in early H2 2017.

Overall revenue was broadly flat at GBP42.6m (2016: GBP42.9m) and EBITDA of GBP8.6 million was slightly lower (2016: GBP10.1m). Profitability was impacted by investment in headcount as part of strategic development, the sales mix of mortgage volumes and a lower level of insurance profit share.

We anticipate a broadly flat mortgage market year on year, with a mix which reflects the overall market for housing transactions. We expect demand for remortgaging to remain robust and rates to remain competitive. Our continued focus on delivering better service to our customers, coupled with a choice of channels through which to transact, leaves us well placed for the rest of the year.

B2B

Our B2B businesses posted a strong profitability for the six months to June 2017 with an EBITDA increase of 11%.

The financial performance of the surveying business reflects strong and sustained growth in what continues to be a healthy sector, delivering a robust level of instructions throughout the first six months, coupled with an improving average fee per survey. The first half of the year also saw good contract wins which will help underpin H2 as well as future year instructions.

We have continued to invest in digital capability, improving the technological infrastructure for our surveyors. In H1 we successfully rolled out new tablet hardware as well as a new technology platform with no disruption to customer service. This gives us a strong footing and the opportunity to remain at the forefront of changes in the valuation industry, which was recognised at the Mortgage Finance Gazette Awards where we won the category for Best Use of Technology.

Our people continue to be externally recognised and our managing director was awarded Surveying Leader of the Year at the British Mortgage Awards. Countrywide was named Best Surveyor Provider at the What Mortgage Awards.

Going into the second half of the year the surveying sector is expected to continue to flourish and the business is focused on servicing its lender partners. We anticipate that this should provide a solid platform for a strong set of financial results at the end of the year.

The conveyancing business EBITDA grew 30% compared to the prior year despite difficult market conditions with completions down on 2016 levels by 14%. This reflects strong operational improvement and robust cost management decisions, including the closure of the Bridgend legal centre in Q1 which delivered over GBP450,000 of cost savings in the first six months of 2017.

The overall Group focus on further improving our customer engagement and digital capability continues within the conveyancing business, which has placed strong emphasis on customer satisfaction (delivering a greatly improved net promoter score +10 in H1 2016 to +33 in H1 2017), and introduced a new customer portal into pilot phase in Q2.

In further recognition of our colleagues within the B2B division, our people picked up the Conveyancer of the Year at the Modern Law Conveyancing Awards. Looking forward, the business is focussing on building lawyer capacity with an apprenticeship programme expected to start in Q3.

Other B2B businesses (Countrywide Residential Development Solutions (CRDS) and Asset Management) continued to make further operational and financial progress, with significant instruction wins in Q2 in CRDS in the SME sector, which is also where we anticipate the greatest future new homes growth. This, alongside savings delivered from robust cost-based decisions, provides confidence in a strong second half of the year for the business.

In Lambert Smith Hampton, our commercial business delivered flat revenue year on year and EBITDA down 8%. Our strong pipeline of both transactional and consultancy work means our teams are positioned well for the second half of the year. Following a strategic review, we are pleased to confirm that our commercial business, Lambert Smith Hampton, will remain an important part of the Group. We believe there are opportunities to further develop the business; our combined expertise and strength in the commercial and residential sectors, along with our national and local reach, will enable us to maximise future opportunities across the Group.

Financial summary

The Group's EBITDA margin in the period was 8.4% (H1 2016: 10.2%).

Amortisation of acquired intangibles has decreased to GBP2.9 million (H1 2016: GBP5.9 million) reflecting the reduction in charge relating to intangibles recognised in 2007, when the Group was taken private, reaching full amortisation.

Contingent consideration of GBP1.1 million (H1 2016: GBP3.0 million) has been incurred in respect of post-combination employment expenses, accruing in respect of specific agreements with remaining periods of up to four years.

People-related restructuring costs of GBP2.7 million, classified as exceptional costs, have been incurred as a result of our ongoing review and rationalisation of the business. In contrast, H1 2016 reported GBP12.6 million exceptional income arising from the disposal of Zoopla shares (GBP13.2 million) net of acquisition costs (GBP0.6 million).

Cash generated from operations increased by GBP10.2 million to GBP11.8 million for the period (2016: GBP1.6 million), aided by effective management of working capital accompanied by a reduction in payments on unwind of legacy professional indemnity claims. Capital expenditure has been focused on planned branch refurbishments and development of software, specifically new technology platforms to deliver online offerings to our customers.

At 30 June 2017, the Group had net assets of GBP518.0 million (31 December 2016: GBP479.5 million) and net debt (including finance lease liabilities) of GBP217 million (31 December 2016: GBP248 million) with a net debt/equity ratio of 30% (31 December 2016: 34%).

We continue to invest in cost and growth initiatives to build a sustainable and profitable business for the long term and remain committed to reducing our leverage. With this in mind, the Board has decided not to pay an interim dividend (2016: 5.0 pence) and will review the situation at the full year.

The Board's assessment in relation to going concern is included in note 3 to the financial information.

PRINCIPAL RISKS AND UNCERTAINTIES

There are a number of risks and uncertainties facing the business in the second half of the financial year. The Board has reconsidered the risks and uncertainties, which remain unchanged from the year end, listed below:

   --    exposure to UK housing market trends; 
   --    potential loss of a major business partner or contract; 
   --    resilience of IT infrastructure and arrangements for protection of data; 
   --    professional indemnity exposure; 
   --    attracting, developing and retaining excellent people; 
   --    financial misstatement or fraud; 
   --    increasing competition in the evolving markets that we operate in; and 
   --    changing regulatory environment.

These risks and uncertainties and mitigating factors are described in more detail on pages 19 to 21 of the Countrywide plc financial statements for the year ended 31 December 2016 (a copy of which is available on the Group's website).

FORWARD LOOKING STATEMENTS

This report may contain certain 'forward-looking statements' with respect to some of the Group's plans and its current goals and expectations relating to its future financial condition, performance, results, strategy and objectives. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. These statements are based on current plans, estimates and projections, and therefore you should not place undue reliance on them. By their nature, all forward-looking statements involve risk and uncertainty. A number of important factors could cause the Group's actual future financial condition or performance or other indicated results to differ materially from those indicated in any forward-looking statement. We refer you to the Group's financial statements which can be downloaded from the Group's website: www.countrywide.co.uk/investor-relations. These documents contain and identify important factors that could cause the actual results to differ materially from those indicated in any forward-looking statement.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors confirm that this condensed consolidated interim financial report has been prepared in accordance with International Accounting Standard 34 'Interim financial reporting', as adopted by the European Union and that the interim report includes a fair review of the information required by DTR 4.2.7 and DTR 4.2.8, namely:

-- an indication of important events that have occurred during the first six months and their impact on the condensed set of financial statements, and a description of the principal risks and uncertainties for the remaining six months of the financial year; and

-- material related party transactions in the first six months and any material changes in the related party transactions described in the last annual report.

During the period, Natalie Ceeney was appointed to the Board as an independent non-executive director on 28 April 2017. In addition, Himanshu Raja has joined the company and will succeed to the executive director role of chief financial officer following the departure of Jim Clarke on 1 August 2017.

The directors of Countrywide plc are listed in the company's annual report for the year ended 31 December 2016. A list of the current directors is maintained on the Countrywide plc investor relations website: www.countrywide.co.uk/investor-relations/board-of-directors.

On behalf of the Board

   Alison Platt                                    Jim Clarke 
   Chief executive officer                Chief financial officer 
   27 July 2017                                  27 July 2017

Condensed consolidated interim income statement

For the six months ended 30 June 2017

 
                                           2017 (unaudited)                                    2016 (unaudited) 
                        ------------------------------------------------------  ----------------------------------------------- 
                          Pre-exceptional        Exceptional                      Pre-exceptional        Exceptional 
                                   items,             items,                               items,             items, 
                            amortisation,      amortisation,                        amortisation,      amortisation, 
                        employment-linked  employment-linked                    employment-linked  employment-linked 
                               contingent         contingent                           contingent         contingent 
                            consideration      consideration                        consideration      consideration 
                          and share-based    and share-based                      and share-based    and share-based 
                                 payments           payments             Total           payments           payments      Total 
                  Note            GBP'000            GBP'000           GBP'000            GBP'000            GBP'000    GBP'000 
----------------  ----  -----------------  -----------------  ----------------  -----------------  -----------------  --------- 
Revenue                           326,968                  -           326,968            359,850                  -    359,850 
Other income                        5,994                  -             5,994             10,406                  -     10,406 
----------------  ----  -----------------  -----------------  ----------------  -----------------  -----------------  --------- 
                     8            332,962                  -           332,962            370,256                  -    370,256 
----------------  ----  -----------------  -----------------  ----------------  -----------------  -----------------  --------- 
Employee benefit 
 costs                          (191,694)            (2,332)         (194,026)          (211,499)            (4,164)  (215,663) 
Other operating 
 costs                          (113,204)                  -         (113,204)          (120,898)                  -  (120,898) 
Depreciation and 
 amortisation       13           (13,637)            (2,898)          (16,535)           (12,023)            (5,938)   (17,961) 
Group operating 
 profit/(loss) 
 before 
 exceptional 
 items                             14,427            (5,230)             9,197             25,836           (10,102)     15,734 
----------------  ----  -----------------  -----------------  ----------------  -----------------  -----------------  --------- 
Exceptional 
 income              9                  -                  -                 -                  -             13,164     13,164 
Exceptional 
 costs               9                  -            (2,706)           (2,706)                  -              (573)      (573) 
----------------  ----  -----------------  -----------------  ----------------  -----------------  -----------------  --------- 
Operating 
 profit/(loss)       8             14,427            (7,936)             6,491             25,836              2,489     28,325 
Finance costs 
 (net)                            (6,044)                  -           (6,044)            (4,040)                  -    (4,040) 
Profit/(loss) 
 before 
 taxation                           8,383            (7,936)               447             21,796              2,489     24,285 
Taxation            10            (1,442)                711             (731)            (4,246)              1,344    (2,902) 
----------------  ----  -----------------  -----------------  ----------------  -----------------  -----------------  --------- 
Profit/(loss) 
 for 
 the period                         6,941            (7,225)             (284)             17,550              3,833     21,383 
----------------  ----  -----------------  -----------------  ----------------  -----------------  -----------------  --------- 
Attributable to: 
Owners of the 
 parent                             6,941            (7,225)             (284)             17,449              3,833     21,282 
Non-controlling 
 interests                              -                  -                 -                101                  -        101 
----------------  ----  -----------------  -----------------  ----------------  -----------------  -----------------  --------- 
Profit/(loss) 
 attributable 
 for the period                     6,941            (7,225)             (284)             17,550              3,833     21,383 
----------------  ----  -----------------  -----------------  ----------------  -----------------  -----------------  --------- 
Earnings per share 
attributable 
to owners of the 
parent 
Basic 
 (loss)/earnings 
 per share          12                                                 (0.12)p                                            9.77p 
----------------  ----  -----------------  -----------------  ----------------  -----------------  -----------------  --------- 
Diluted 
 (loss)/earnings 
 per share          12                                                 (0.12)p                                            9.76p 
----------------  ----  -----------------  -----------------  ----------------  -----------------  -----------------  ---------