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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Mulberry Group Plc | LSE:MUL | London | Ordinary Share | GB0006094303 | ORD 5P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 14.50 | 14.08% | 117.50 | 110.00 | 125.00 | 117.50 | 115.00 | 115.00 | 1,210 | 08:00:30 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Apparel & Accessories, Nec | 159.13M | 13.24M | 0.2204 | 5.33 | 70.59M |
From Apr 2019 to Apr 2024
TIDMMUL
RNS Number : 3329B
Mulberry Group PLC
16 June 2016
MULBERRY GROUP PLC ("Mulberry" or the "Group")
PRELIMINARY RESULTS FOR THE YEARED 31 MARCH 2016
Mulberry Group plc, the English luxury brand, announces its results for the year ended 31 March 2016.
FINANCIAL HIGHLIGHTS
-- Profit before tax of GBP6.2 million (2015: GBP1.9 million) -- Total revenue up 5% to GBP155.9 million (2015: GBP148.7 million)
-- Retail sales up 8% to GBP118.7 million (2015: GBP109.9 million), with like-for-like sales up 8%
-- Wholesale sales GBP37.2 million (2015: GBP38.8 million) -- Profit after tax of GBP2.7 million (2015: loss after tax of GBP1.4 million) -- Earnings per share of 4.5p (2015: loss per share of 2.3p) -- Proposed dividend of 5.0p per share (2015: 5.0p per share)
OPERATING HIGHLIGHTS
-- Continued strength of Digital business with sales up 19% to GBP21.4 million for the year, accounting for 14% of Group sales (2015: 12%)
-- First Mulberry collection from Johnny Coca, Creative Director, presented at London Fashion Week during February 2016
-- Production efficiencies generated from UK factories which produce c. 50% of handbags
-- License agreement signed to manufacture and co-distribute Mulberry ready-to-wear and shoes from Autumn Winter 2016
-- Significant investment in product design, new creative talent and omni-channel
CURRENT TRADING AND OUTLOOK
-- Total Retail sales for the 11 weeks to 11 June up 9% (like-for-like up 4%) -- Continued investment planned in product design and omni-channel infrastructure
-- New Autumn Winter 2016 collection rollout to Retail and Wholesale channels will be completed by August 2016
THIERRY ANDRETTA, CHIEF EXECUTIVE OFFICER, COMMENTED:
"Mulberry has made significant progress during the last financial year with solid growth achieved in revenues and profit. The first collection introduced by our new Creative Director, Johnny Coca, has been well received by both the UK and international press and partners. Our UK manufacturing base, which produces c. 50% of our bags, has remained a core strength and point of distinction.
We have built a strong foundation for future growth as a result of the investment made in product design and development as well as our omni-channel infrastructure. Looking forward, we will invest further in developing exciting new product, whilst continuing to engage with our core UK and growing international customer base."
FOR FURTHER DETAILS PLEASE CONTACT:
Bell Pottinger 020 3772 2561 / 07977 Daniel de Belder 927142 Mulberry Investor Relations Allegra Perry 020 7605 6795 Altium Sam Fuller / Tim Richardson 020 7484 4040 Barclays Nicola Tennent / Thomas Dugarin 020 3134 9801
BUSINESS REVIEW
The Group delivered improved results for the year to 31 March 2016. Profit before tax was GBP6.2 million (2015: GBP1.9 million), driven by growth in Retail sales.
Revenue
Retail sales were up 8% to GBP118.7 million for the year (2015: GBP109.9 million) with like-for-like sales up 8%.
-- UK Retail sales (including Digital) were up 9% (like-for-like up 9%) for the year to GBP97.4 million (2015: GBP89.2 million);
-- International Retail sales (including Digital) were up 3% (like-for-like up 2%) for the year to GBP21.3 million (2015: GBP20.7 million);
-- Digital sales were up 19% to GBP21.4 million for the year, accounting for 14% of Group sales (2015: 12%);
-- During the year, the Paris flagship store opened, replacing the previous, smaller one in Paris, and three stores were closed in the US (San Francisco, Short Hills, New York Bleecker Street); and
-- There were 67 directly-operated stores as of 31 March 2016 (2015: 70 stores).
Wholesale sales for the year were GBP37.2 million (2015: GBP38.8 million).
-- The Wholesale sales trend reflects challenging local market conditions in Asia, as well as action taken to improve the quality and image of the brand's wholesale distribution network; and
-- The franchise store network at the year end had a total of 55 stores in Asia, Europe and the Middle East (2015: 54 stores).
Financial
Gross margin for the year to 31 March 2016 was 62.0% (2015: 60.5%). This reflects positive efficiency improvements achieved in the Group's UK factories, an increased proportion of sales generated through the Retail network (76% vs 74% last year), partially offset by higher product development costs from launching the new collections.
Operating expenses for the year increased by GBP3.4 million to GBP92.0 million (2015: GBP88.6 million). This was primarily due to increased retail costs of GBP1.8 million, increased product development costs of GBP1.0 million and increased senior management costs of GBP0.9 million.
Net exceptional costs totalled GBP0.6 million. This reflects a profit of GBP1.0 million relating to the sale of two stores in the US, offset by GBP1.6 million non-cash impairments relating to three international stores (2015: GBP2.7 million impairment charge relating to five international stores).
On an adjusted* basis, profit before tax was GBP6.8 million (2015: GBP4.5 million). Profit before tax was GBP6.2 million (2015: GBP1.9 million).
The Group incurred a tax charge of GBP3.5 million (2015: GBP3.3 million) giving a 56.8% effective tax rate for the year. This high effective tax rate is largely due to tax losses in overseas subsidiaries which cannot be offset against UK taxable profits.
The Group generated a profit after tax of GBP2.7 million (2015: loss after tax of GBP1.4 million) resulting in earnings per share for the year of 4.5p (2015: loss per share of 2.3p). Adjusted* earnings per share was 5.4p (2015: 2.1p).
Capital and investment expenditure for the period was GBP5.7 million, of which GBP3.4 million related to stores and GBP1.4 million to investment in Digital and IT systems.
Inventories increased to GBP44.4 million at 31 March 2016 from GBP39.4 million at the start of the period due to growth of the business. The Group had cash of GBP14.0 million at 31 March 2016 (2015: GBP9.9 million) and no debt.
* Adjusted to add back exceptional items as shown in the Group's Consolidated Income Statement below
Dividend
The Board of Mulberry seeks to balance paying dividends to shareholders with investing in the business. The Board remains confident of the medium term outlook and is recommending the payment of a dividend of 5.0p per ordinary share (2015: 5.0p) which will be paid on 24 November 2016 to shareholders on the register at 28 October 2016.
STRATEGY
The Board's long term objective is to grow Mulberry as a global luxury brand and thereby create shareholder value. The main KPI in the medium term is revenue growth both for the Retail and Wholesale channels. In relation to Retail, this includes both total and like-for-like sales growth, the latter being defined as the year-on-year change in sales from stores which have been trading both during the current and previous periods.
1. Product:
Leather goods currently account for around 90% of sales and will remain the core commercial focus of the Group. The Group plans to reinforce Mulberry as a lifestyle brand by applying the same brand principles to all categories while introducing more seasonal product to drive sales in both the UK and international markets. The style and price point of shoes and ready-to-wear collections have been aligned with bags in order to make those collections more relevant to the Group's core customers. As previously announced, the Group recently signed a license agreement for the manufacture and co-distribution of shoes and ready-to-wear from Autumn Winter 2016. This will enable Mulberry to retain design control over the categories whilst delivering quality product and achieving the target price range.
The Group remains committed to its core GBP500 - GBP995 price bracket in bags. A key strategy is to shorten the lead-time between showing new collections and making them available to customers. Product designs produced under the creative direction of Johnny Coca will continue to follow core brand values whilst introducing a greater level of novelty in the range of bags over coming seasons.
2. Brand:
Mulberry will continue to invest in building the brand globally via a dynamic marketing and communication strategy, engaging with new and loyal customers as well as continuing to enhance the understanding of the brand in new and emerging markets. The Group aims to connect with its customers via the increased use of digital and social media. Digital media spend is expected to remain the majority of the total media spend going forward. On a regional basis, marketing activities remain carefully tailored.
The brand's British DNA is emphasised as a point of distinction. The objective is to convey a recognisable brand identity and attitude with a uniquely Mulberry interpretation of British values, humour, pride and lifestyle while embodying a multicultural perspective.
3. Omni-channel:
The Group will continue to strengthen its position in the UK and expand internationally through its omni-channel strategy with well situated stores complemented by a strong digital presence. In coming years, the customer experience will be further enhanced through local fulfilment and omni-channel services in priority international markets.
There has been a significant investment in the Mulberry store network over recent years and approximately 30% of the stores are less than four years old. In the short to medium term, the Group plans to open fewer stores and strategically refine the store network while focusing upon improving the range of omni-channel services to match rapidly evolving customer buying behaviour. Approximately 50% of the Group's Digital sales are now executed on mobile phones and tablets whilst over two thirds of site traffic comes over these devices.
4. Operations:
The Group continues to invest in its operational capability to maintain a high quality, scalable platform for the business.
The Group's two factories in Somerset manufacture approximately 50% of its bags, reinforcing the authenticity of the Mulberry brand and, at a practical level, contributing to the attainment of high product quality standards. Looking forward, the Group is committed to its "Made in England" strategy and intends to maintain its UK production of handbags at approximately 50%. Since the UK factories are already approaching full capacity, this is likely to involve opening further new factories in the UK as the Group's revenues increase.
The Group has followed a sustained strategy of investing in IT and Digital infrastructure in order to drive customer insight and best-in-class service. One of the key areas of development has been CRM which is enabling the Group to understand its main customer segments and create an improved customer experience across all touch points.
CURRENT TRADING AND OUTLOOK
Group sales are expected to continue to grow during the year to 31 March 2017 as the new collection, produced under the creative direction of Johnny Coca, reaches the market. The Digital and omni-channel sales channels are expected to continue to grow in importance within the business.
Current trading
The first 11 weeks' trading of the current financial year covers the end of the Spring Summer 2016 season, during which few products were introduced ahead of the launch of Johnny Coca's first Mulberry collection, Autumn Winter 2016. The rollout of the full Autumn Winter 2016 collection will be complete by August 2016.
Total Retail sales for the 11 weeks to 11 June 2016 were up 9% relative to the same period last year (like-for-like retail sales up 4%).
Hot Features
Premium
Retail total sales Retail like-for-like
sales*
------------------------------------ ------------------------------------
26 weeks 52 weeks 11weeks 26 weeks 52 weeks 11 weeks
to to to to to to
This year 30-Sep-15# 31-Mar-16 11-June-16 30-Sep-15# 31-Mar-16 11-June-16
vs. last
year (%)
UK Retail** +12% +9% +13% +14% +9% +4%
International
Retail** +12% +3% -5% -3% +2% +4%
----------- ---------- ----------- ----------- ---------- -----------
Total retail +12% +8% +9% +10% +8% +4%
----------- ---------- ----------- ----------- ---------- -----------
* Like-for-like defined as the year-on-year change in sales from stores
which have been trading both during the current and previous periods
** Regional splits include Digital sales. Digital sales rose 20% in the
26 weeks to 30 Sep 2015. +19% in the 52 weeks to 31 March 2016 and
+26% in the 11 weeks to 11 June 2016
# Retail sales for the 26 weeks to 30 Sep 15 have been previously reported
Outlook
Investment in product will remain a strategic priority for the Group which is expected to enhance opportunities for growth over the medium term. Following the arrival of Johnny Coca, there has been significant investment in building the creative team and in refreshing the collections with new designs. This process will continue and will contribute to an increase in overheads for the year. At the same time, the elevated number of new product introductions during the year is likely to affect factory efficiency.
The Group will focus on improving productivity in existing stores with limited new store openings. The Group is continuing to enhance the systems which underpin the omni-channel offering in the UK as well as rolling out the omni-channel services to key international markets during this financial year. Omni-channel has been rolled out to France, Germany and the Netherlands during April, with plans to launch these services and local fulfilment in the US during summer 2016.
On 29 April 2016, the Group assumed control of the Mulberry store in Sydney, Australia from its long-standing distribution partner, Club 21. As a result, Mulberry now directly manages its sales and limited wholesale operation in Australia. This is an important step in a relatively small but promising international market where Mulberry is well-positioned and has significant growth potential.
The Wholesale business is expected to remain steady during the current financial year.
Capital expenditure for the year to 31 March 2017 is expected to be in the region of GBP6.0 million (2016: GBP6.3 million), of which the majority will be on stores.
The Directors have reviewed the financial projections for the future in the light of current trading and considered the capital expenditure commitments and expected cash flows compared to available borrowing facilities. As a consequence, the Directors have a reasonable expectation that the Group will have sufficient financial resources to continue its current operations for the foreseeable future and the Directors have continued to adopt the going concern basis in preparing the financial statements.
Group income statement
Year ended 31 March 2016
Note 2016 2015
GBP'000 GBP'000
Revenue 155,867 148,680
Cost of sales (59,300) (58,745)
(___________) (___________)
Gross profit 96,567 89,935
Other operating
expenses (90,346) (85,932)
Exceptional operating
expenses 3 (1,615) (2,662)
Operating expenses (91,961) (88,594)
Other operating
income 426 359
Exceptional operating 1,078 -
income
Other operating
income 1,504 359
(___________) (___________)
Operating profit 6,110 1,700
Share of results
of associate 169 190
Finance income 4 17
Finance expense (66) (46)
(___________) (___________)
Profit before tax 6,217 1,861
Tax (3,532) (3,253)
(___________) (___________)
Profit/(loss) for
the year 2,685 (1,392)
(___________) (___________)
Attributable to:
Equity holders of
the parent 2,685 (1,392)
(___________) (___________)
Basic earnings/(loss)
per share 5 4.5p (2.3p)
Diluted earnings/(loss)
per share 5 4.5p (2.3p)
All activities arise from continuing operations.
Reconciliation of
adjusted profit
before tax:
2016 2015
GBP'000 GBP'000
Profit before tax 6,217 1,861
Exceptional items:
Impairment relating
to retail assets 1,615 2,662
Profit on disposal (1,078) -
of retail stores
(___________) (___________)
Adjusted profit 6,754 4,523
before tax - non-GAAP
measure
(___________) (___________)
Adjusted earnings
per share - non-GAAP
measure
Adjusted basic earnings
per share 5 5.4p 2.1p
Adjusted diluted
earnings per share 5 5.4p 2.1p
------------------------- --------------- ---------------
Group statement of comprehensive income
Year ended 31 March 2016
2016 2015
GBP'000 GBP'000
Profit/(loss) for the
year 2,685 (1,392)
Items that may be reclassified
subsequently to profit
or loss:
Exchange differences
on translation of foreign
operations 1,330 (1,084)
Tax impact arising on
above exchange differences (276) (137)
(__________)
Total comprehensive income/(expense)
for the year 3,739 (2,613)
(__________) (__________)
Attributable to:
Equity holders of the
parent 3,739 (2,613)
(__________) (__________)
Group balance sheet
At 31 March 2016
2016 2015
GBP'000 GBP'000
Non-current assets
Intangible assets 11,088 12,713
Property, plant and
equipment 28,143 33,289
Interests in associates 206 93
Deferred tax asset 1,467 1,260
(__________) (__________)
40,904 47,355
(__________) (__________)
Current assets
Inventories 44,378 39,379
Trade and other receivables 10,767 13,260
Cash and cash equivalents 14,014 9,900
(__________) (__________)
69,159 62,539
(__________) (__________)
Total assets 110,063 109,894
(__________) (__________)
Current liabilities
Trade and other payables (27,805) (28,733)
Current tax liabilities (2,342) (2,472)
(__________) (__________)
Total liabilities (30,147) (31,205)
(__________) (__________)
Net assets 79,916 78,689
(__________) (__________)
Equity
Share capital 3,000 3,000
Share premium account 11,961 11,961
Own share reserve (1,474) (1,601)
Capital redemption
reserve 154 154
Special reserve - 1,467
Foreign exchange reserve (379) (1,433)
Retained earnings 66,654 65,141
(__________) (__________)
Total equity 79,916 78,689
(__________) (__________)
Consolidated statement of changes in equity
Year ended 31 March 2016
Equity attributable to equity holders
of the parent
Share Own Foreign
Share premium share Capital Special exchange Retained
Capital account reserve reserve reserve reserve earnings Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at
1 April 2014 3,000 11,961 (1,676) 154 1,467 (212) 69,264 83,958
Total comprehensive
expense for
the year - - - - - (1,221) (1,392) (2,613)
Charge for
employee share-based
payments - - - - - - 136 136
Exercise of
share options - - - - - - 99 99
Own shares - - 75 - - - - 75
Ordinary dividends
paid - - - - - - (2,966) (2,966)
As at 31 March
2015 3,000 11,961 (1,601) 154 1,467 (1,433) 65,141 78,689
Total comprehensive
income for
the year - - - - - 1,054 2,685 3,739
Charge for
employee share-based
payments - - - - - - 478 478
Exercise of
share options - - - - - - (149) (149)
Own shares - - 127 - - - - 127
Ordinary dividends
paid - - - - - - (2,968) (2,968)
Redemption
of reserve - - - - (1,467) - 1,467 -
As at 31 March
2016 3,000 11,961 (1,474) 154 - (379) 66,654 79,916
========== ========= ========= ========== ========== ========== =========== ========
* The special reserve was created as part of a capital restructuring of the Group during 2004. It was released to retained earnings during the year.
Group cash flow statement
Year ended 31 March 2016
2016 2015
GBP'000 GBP'000
Operating profit for the
year 6,110 1,700
Adjustments for:
Depreciation and impairment
of property, plant and
equipment 8,442 10,300
Amortisation of intangible
assets 1,949 2,028
(Profit)/loss on disposal
of property, plant and
equipment (1,316) 8
Effects of foreign exchange (120) 204
Share-based payments charge 478 155
(__________) (__________)
Operating cash flows before
movements in working capital 15,543 14,395
Increase in inventories (4,485) (5,595)
Decrease in receivables 2,574 106
(Decrease)/increase in
payables (1,041) 838
(__________) (__________)
Cash generated from operations 12,591 9,744
Corporation taxes paid (4,145) (2,103)
Interest paid (66) (46)
(__________) (__________)
Net cash inflow from operating
activities 8,380 7,595
(__________) (__________)
Investing activities:
Interest received 4 17
Dividend received from 167 -
associate
Purchases of property,
plant and equipment (5,050) (10,057)
Proceeds from disposal
of property, plant and
equipment 4,460 157
Acquisition of intangible
fixed assets (855) (8,130)
(__________) (__________)
Net cash used in investing
activities (1,274) (18,013)
(__________) (__________)
Financing activities:
Dividends paid (2,968) (2,966)
Settlement of share awards (24) (130)
(__________) (__________)
Net cash used in financing
activities (2,992) (3,096)
(__________) (__________)
Net increase/(decrease)
in cash and cash equivalents 4,114 (13,514)
Cash and cash equivalents
at beginning of year 9,900 23,414
(__________) (__________)
Cash and cash equivalents
at end of year 14,014 9,900
(__________) (__________)
Notes
1. Basis of preparation
The financial information in this announcement, which was approved by the Board of Directors on 15 June 2016, does not constitute the Company's statutory accounts for the years ended 31 March 2016 or 2015, but is derived from those accounts.
Statutory accounts for the year ended 31 March 2015 have been delivered to the Registrar of Companies and those for the year ended 31 March 2016 have been approved and will be delivered to the Registrar of Companies following the Company's Annual General Meeting. The auditors have reported on those accounts, their reports were unqualified and did not draw attention to any matters by way of emphasis without qualifying their reports and did not contain any statement under section 498 (2) or (3) of the Companies Act 2006.
Whilst the financial information included in this preliminary announcement has been completed in accordance with International Financial Reporting Standards (IFRS), this announcement itself does not contain sufficient information to comply with IFRS.
2. Accounting policies
During the current year there were no new and revised Standards and Interpretations adopted.
At 31 March 2016, the following new and revised Standards, interpretations and amendments which may be relevant to the financial statements and which have not been applied in these financial statements were in issue but not yet effective and in some cases had not yet been adopted by the EU:
-- Amendments to IAS 16: Property, Plant and Equipment and IAS 38: Intangible assets; -- IFRS 9: Financial Instruments; -- IFRS 15: Revenue from Contracts with Customers; and -- IFRS 16: Leases.
This standard sets out the principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. It replaces IAS 17 Leases and IFRIC 4 Determining whether an arrangement contains a lease. The most significant changes are in relation to lessee accounting. Under the new standard, the concept of assessing a lease contract as either operating or financing is replaced by a single lessee accounting model. Under this new model, substantially all lease contracts will result in a lessee acquiring a right-to-use asset and obtaining financing. The lessee will be required to recognise a corresponding asset and liability. The asset will be depreciated over the term of the lease and the interest on the financing liability will be charged over the same period. The standard is effective for annual periods beginning on or after 1 January 2019, however it is not currently endorsed by the European Union. Adopting this new standard will result in a fundamental change to the Group's balance sheet, with right-to-use assets and accompanying financing liabilities for the Group's retail stores, warehouses and offices being recognised for the first time. The Income Statement will also be impacted, with rent expense relating to operating leases being replaced by a depreciation charge arising from the right-to-use assets and interest charges arising from lease financing. The full impact of these changes will be quantified closer to the date of adoption.
Except for IFRS 16, the Directors do not expect that the adoption of the Standards listed above will have a material impact on the financial statements of the Group in future periods. Beyond the information above, it is not practicable to provide a reasonable estimate of the effect of these Standards until a detailed review has been completed.
3. Exceptional expenses
The exceptional operating expenses for the year include;
-- An impairment charge of GBP1,221,000 relating to the retail assets of two international stores. These stores are relatively new and trading at a loss. They are in developing markets which will benefit from the new creative direction of the Group and in which the omni-channel strategy has not yet been rolled out. In view of the uncertainty over future trading, provision has been made.
-- An impairment charge of GBP394,000 for the contribution towards the opening of the flagship store for a franchise partner in prior years and where the store has now been closed.
The exceptional operating expenses for the prior year included:
-- An impairment charge of GBP2,662,000 relating to the retail assets of five international stores;
4. Dividends
The dividends approved and paid during the year are as follows:
2016 2015
GBP'000 GBP'000
Dividend for the year ended 31 March 2015
of 5p (2014: 5p) per share paid in November
2015 2,968 2,966
========= =========
Proposed dividend for the year ended 31
March 2016 of 5p per share (2015: 5p) 2,968 2,966
========= =========
The proposed dividend is subject to approval by shareholders at the Annual General Meeting and has not been included as a liability in these financial statements.
5. Earnings per share ('EPS')
2016 2015
Pence Pence
Basic earnings/(loss) per share 4.5 (2.3)
Diluted earnings/(loss) per share 4.5 (2.3)
Adjusted basic earnings per share 5.4 2.1
Adjusted diluted earnings per
share 5.4 2.1
Earnings per share is calculated based on the following data:
2016 2015
GBP'000 GBP'000
Profit/(loss) for the year for
basic and diluted earnings per
share 2,685 (1,392)
Adjustments to exclude exceptional
items:
Impairment relating to retail
assets 1,615 2,662
Profit on disposal of retail (1,078) -
stores
Adjusted profit for the year for
basic and diluted earnings per
share 3,222 1,270
========= =========
2016 2015
Million Million
Weighted average number of ordinary
shares for the purpose of basic EPS 59.3 59.3
Effect of dilutive potential ordinary
shares: share options 0.5 0.6
Weighted average number of ordinary
shares for the purpose of diluted
EPS 59.8 59.9
========= =========
The weighted average number of ordinary shares in issue during the year excludes those held by the Mulberry Group Plc Employee Share Trust.
6. Subsequent events
On 29 April 2016 the Group acquired the Mulberry store and related assets in Sydney, Australia from its long-standing distribution partner, Club 21 Australia Pty Limited. The stock was bought at cost (GBP0.3m), and the lease and employee contracts were transferred to the new subsidiary, Mulberry Company (Australia) Pty Limited.
7. Information
Copies of the Annual Report and financial statements will be posted to shareholders. Further copies can be obtained from Mulberry Group plc's registered office at The Rookery, Chilcompton, Bath, Somerset, BA3 4EH. Copies of this announcement are available for a period of one month from the date hereof from the Company's registered office, and from the Company's nominated adviser, Altium Capital Limited, 1 Southampton Street, London WC2R 0LR.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR DMGMVNKGGVZM
(END) Dow Jones Newswires
June 16, 2016 02:00 ET (06:00 GMT)
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