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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Norcon | LSE:NCON | London | Ordinary Share | IM00B2R5KD48 | 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% | 22.50 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From May 2019 to May 2024
TIDMNCON
RNS Number : 6509V
Norcon PLC
19 April 2016
19 April 2016
Norcon plc
("Norcon", the "Group" or the "Company")
FINAL RESULTS
For the twelve months ended 31 December 2015
Norcon plc (LSE/AIM: NCON), the global communications network specialist, is pleased to announce audited results for the year ended 31 December 2015. Annual revenues, are in line with last year, however the Board is pleased to report that these have generated higher profitability due to the positive impact of the transition plan that concluded in 2014. The Group has continued to diversify into new markets and expanded its portfolio of services across Project Management and Engineering Solutions.
The Group now believes it has a firm platform for future growth. The business is now spread across new markets and offers a wider portfolio of services compared to the legacy business and is growing the customer base. We are now well positioned, on a stronger platform and able to offer customers key differentiators and value-add solutions through a variety of engagement models.
FINANCIAL HIGHLIGHTS
Trading has been in line with the Directors' expectations for the year:
-- Revenue of US$43.4m (FY 2014: US$43.5m) -- Operating profit of US$1.1m (FY 2014: US$0.3m) -- Profit before tax of US$1.0m (FY 2014: loss of US$0.3m) -- Profit after tax of US$0.4m (FY 2014: loss of US$1.5m) -- Available cash at year-end US$8.0m of which unrestricted balance is US$5.5m -- Pro forma profit per share on a basic basis of US$0.01 (FY 2014: loss per share of US$0.03)
OPERATIONAL HIGHLIGHTS
-- Business in North America has maintained its market position to date, under tougher market conditions.
-- Portfolio of service solutions is delivering more profitable projects. -- Defence services continue to expand in the Middle East -- New projects secured in the Asian Market
OUTLOOK
Our new solutions portfolio continues to deliver encouraging results. The interaction between our engineering solutions and our deployment services are showing clear end-to-end capability with enhanced profitability.
We will continue to pursue new markets and engage with new customers. The Directors expect 2016 to continue the growth in margins, as experienced in 2015, as a result of the transition plan which successfully concluded in 2014.
Commenting on the results Norcon Chairman, Trond Tostrup, said:
"The tide has eventually turned and we begin to reap the rewards of the hard work and efforts during the last challenging years and we have now achieved an optimized corporate structure and a leaner cost base.
Our equity ratio, strong cash position and backlog bode well for the future and we look forward to the rest of 2016 and beyond with optimism."
For further information, please contact:
Hot Features
Premium
Norcon plc
Trond Tostrup, Chairman +47 901 69369
Arne Dag Aanensen, Chief Financial Officer +357 9901 5433
finnCap
+44 (0) 20 7220
Corporate Finance - Stuart Andrews or Carl Holmes 0500
About Norcon:
Established in 1957, Norcon (LSE/AIM: NCON) has been a trusted consultant and project manager for more than half a century to the private sector and government agencies. These organisations rely on Norcon to select, implement and maintain a communication infrastructure that not only matches, but also supports the critical needs of their operations. Norcon's strength lies in its understanding of complex communication networks and their design.
www.norconplc.com
CHAIRMAN'S STATEMENT
It feels like the tide has eventually turned, and I am pleased to inform you, that following our three-year plan to transition the Company to a wider and more geographically spread client base, we made a profit after tax in 2015, albeit a relatively modest one. We begin to reap the rewards of the hard work and efforts during the last challenging years and we have now a better corporate structure and a leaner cost base.
The Middle East is still our main market place and your Board has therefore discussed possible impacts or implications caused by the substantial drop in oil prices. We can report that we have so far not observed any such negative impact to the Group's business, however a continued low oil price we anticipate may eventually have a possible negative effect on the Company.
The last decades have witnessed a tremendous growth in information technology bringing diversified innovative applications to the global market. Our new solutions portfolio continues to deliver encouraging results, and the interaction between engineering solutions and deployment services has proven profitable.
Our equity ratio, strong cash position and backlog bode well for the future, and we look forward to the rest of 2016 and beyond with optimism.
We continue to benefit from a highly dedicated and capable team which I believe is our greatest asset.
I thank every one of my Norcon colleagues for their commitment, enthusiasm and efforts throughout the past year.
Trond Tostrup
Executive chairman
Financial Review
We are pleased to release our audited numbers for the full year 2015.
Summary
Revenue in 2015 remained steady compared to 2014, while managing to improve our operating margins and ended the year with a strong net asset position of US$19.9m.
Revenue for 2015 totalled US$43.4m (FY 2014: US$43.5m). 2015 resulted in growth in the Group's traditional legacy market but also showed encouraging results in new markets.
EBIT for 2015 was US$1.1m (FY 2014: US$0.2m).
Profit after tax of US$0.4m for 2015 compared to a loss for 2014 of US$1.5m is an encouraging result. The underlying tax rates in the respective jurisdictions are detailed in the notes to the accounts.
Pro forma basic profit per share was US$0.01 for the full year compared to a loss per share of US$0.03 in 2014. The weighted average number of shares in 2015 was 49,299,608, compared to, 49,091,775 in 2014 respectively.
Costs
Cost of sales totalled US$36.6m for the year compared to US$37.4m in 2014. Our margins are improved compared to 2014 where we benefitted from both our cost cutting program but also improved margins.
Other operating costs, including net, operating and administration expenses totalled US$5.7m for the year, down from US$5.8m in 2014.
Net other costs decreased to US$0.1m from US$0.6m.
Taxation
Accrued taxes amounted to US$0.6m during 2015 (FY 2014: US$1.1m). The underlying tax rates in the countries in which we operate are detailed in the notes to the accounts.
Foreign Exchange
The Company is continuing its policy of denominating revenue and expenses either in the local currency if pegged to the US dollar or in US dollars to the extent feasible. Foreign exchange translation gains and losses in the period are shown in the accounts. 2015 gives a small gain compared to loss in 2014.
Cash Flow
Cash flow continued to be positive for the year as a whole. Our unrestricted cash position for 2015 is US$5.5m compared to US$6.2m in 2014. 2015 showed a decrease in net cash flows from operating activities going from US$3.3m in 2014 to US$0.5m.
Balance Sheet
The balance sheet of the Company is strong.
As at 31 December 2015, available cash was US$8m (FY 2014: US$7,2m) with unrestricted cash of US$5.5m (FY 2014: US$6.2m).
The Company remains in a net asset position, with net assets increasing to US$19.9m in 2015 (FY 2014: US$19.4m).
Total trade and other receivables remained at the same level in 2015 US$25.9m compared to US$26.0m for 2014. Trade and unbilled receivable balances increased year on year to a total of US$18.1m from a total of US$17.6m in 2014. Work in Process (unbilled receivables) increased to US$8.7m in 2015 compared to US$6.0m in 2014. Retentions receivable decreased to US$0.4m from US$0.5m in 2014.
Trade payables have increased from US$3.3m as at year-end 2014 compared to US$3.6m in the current year.
In non-current liabilities, the accrual related to employees' terminal benefits increased from US$8.4m to US$9.2m in 2014. Out of the total liability to employees' terminal benefits, advances have been made with US$4.1m compared to US$4.2m in 2015.
Retained earnings and other reserves totalled US$18.5m as at the end of 2014 compared to US$18.8m as at the end of the 2015. Share capital remains at US$0.9m.
International Financial Reporting Standards (IFRS)
The Consolidated Financial Statements of Norcon and its branches and subsidiary companies have been audited by PKF Savvides & Co Ltd., the Company's auditor. These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union (EU) under the historical cost convention.
Arne Dag Aanensen
Chief Financial Officer
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
Year ended 31 December 2015
2015 2014
US$ US$
Revenue 43.437.478 43.458.997
Cost of sales (36.583.719) (37.390.488)
Gross Profit 6.853.759 6.068.509
Other income 1.015 1.885
Profit from investing activities 5.968 31.829
Administration expenses (5.713.471) (5.798.596)
Operating profit 1.147.271 303.627
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Finance costs (127.726) (610.743) Profit / (Loss) before tax 1.019.545 (307.116) Tax (634.466) (1.149.491) Net profit / (loss) for the year 385.079 (1.456.607) Other comprehensive income Items that may be classified subsequently to profit or loss: Exchange difference arising on the translation and consolidation of foreign companies financial statements (32.462) (50.471) Total comprehensive income / (loss) for the year 352.617 (1.507.078) Attributable to: Equity holders of the parent 301.794 (1.436.921) Non--controlling interests 83.285 (19.686) Net Profit / (loss) for the year 385.079 (1.456.607) Basic profit / (loss) per share attributable to equity holders of the parent (cent) 0.61 (2,93) Diluted profit / (loss) per share attributable to equity holders of the parent (cent) 0.61 (2,93)
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31 December 2015
2015 2014
US$ US$
ASSETS
Non--current assets
Property, plant and equipment 89.078 95.107
Investments in associated undertakings 555.217 555.217
---------- ----------
644.295 650.324
---------- ----------
Current assets
Trade and other receivables 25.901.977 26.000.455
Short term deposits 2.491.263 996.289
Cash at bank and in hand 5.521.868 6.214.004
---------- ----------
33.915.108 33.210.748
---------- ----------
Total assets 34.559.403 33.861.072
========== ==========
EQUITY AND LIABILITIES
Equity
Share capital 945.588 945.588
Other reserves 14.797.841 14.750.287
Retained earnings 4.049.552 3.712.505
---------- ----------
19.792.981 19.408.380
Non--controlling interests 70.784 (12.501)
---------- ----------
Total equity 19.863.765 19.395.879
---------- ----------
Non--current liabilities
Employees' terminal benefits 9.246.896 8.394.984
---------- ----------
9.246.896 8.394.984
---------- ----------
Current liabilities
Trade and other payables 3.624.452 3.258.614
Borrowings - 1.049.801
Current tax liabilities 1.824.290 1.761.794
---------- ----------
5.448.742 6.070.209
---------- ----------
Total liabilities 14.695.638 14.465.193
---------- ----------
Total equity and liabilities 34.559.403 33.861.072
========== ==========
CONSOLIDATED STATEMENT OF CASH FLOWS
Year ended 31 December 2015
2015 2014
US$ US$
CASH FLOWS FROM OPERATING ACTIVITIES
Profit / (loss) before tax 1.019.545 (307.116)
Adjustments for:
Depreciation of property, plant and equipment 47.308 63.014
Exchange difference arising on the translation
of non-current assets in foreign currencies 655 694
Exchange difference arising on the translation
and consolidation of foreign companies'
financial statements (32.462) (50.471)
Gain from the sale of property, plant and
equipment (1.015) (1.885)
Employees terminal benefits 851.912 856.617
Interest income (5.968) (31.829)
Expenses recognised in profit and loss and
other comprehensive income in respect of
equity-settled share-based payments 115.269 -
Interest expense 58.574 153.126
----------- -----------
Cash flows from operations before working
capital changes 2.053.818 682.150
Decrease in trade and other receivables 98.478 10.326.575
Increase/(Decrease) in trade and other payables 365.838 (6.308.816)
Increase in short term deposits (1.494.974) (996.289)
----------- -----------
Cash generated from operations 1.023.160 3.703.620
Tax paid (571.970) (446.376)
----------- -----------
Net cash generated from operating activities 451.190 3.257.244
----------- -----------
CASH FLOWS FROM INVESTING ACTIVITIES
Payment for purchase of property, plant
and equipment (42.254) (29.896)
Proceeds from disposal of property, plant
and equipment 1.335 4,180
Interest received 5.968 31.829
----------- -----------
Net cash flows (used in) / generated from
investing activities (34.951) 6.113
----------- -----------
CASH FLOWS FROM FINANCING ACTIVITIES
Repayments of borrowings (71.936) (3.677.159)
Interest paid (58.574) (153.126)
Proceeds from issue of share capital - 8.488
----------- -----------
Net cash flows used in financing activities (130.510) (3.821.797)
----------- -----------
Net increase/(decrease) in cash and cash
equivalents 285.729 (558.440)
Cash and cash equivalents:
At beginning of the year 5.236.139 5.794.579
At end of the year 5.521.868 5.236.139
=========== ===========
Selected notes to the accounts
1. Incorporation and principal activities
Country of incorporation
The Company NORCON PLC (the "Company") was incorporated in the Isle of Man on 2 June 2008, as a company limited by shares under the Isle of Man companies act 2006. On the 28 July 2008, the company became public and its shares were admitted to trading on the AIM market of the London Stock Exchange. Its registered office is at Fort Anne, Douglas, IM1 5PD, Isle of Man.
Principal activities
The principal activities of the Group, which are unchanged from last year, are the provision of project management and outsourcing services as well as consulting engineers. The Group comprises of the holding company Norcon PLC, registered in the Isle of Man, the subsidiary company Norconsult Telematics Limited, registered in Cyprus (which includes branches/operations in Saudi Arabia, U.A.E. Abu Dhabi, Kuwait, Indonesia and Malaysia) and its subsidiary companies Norconsult Telematics and Company LLC registered in the Sultanate of Oman, Norconsult Telematics AS registered in Norway, the group of Norcon Global Management & Consulting Ltd registered in Cyprus and its subsidiary undertakings Norcon Global Management & Consulting Inc and Norcon Global Management and Consulting LLC registered in the state of Delaware, USA, Norconsult Telematics Integrated Solution Co. Ltd registered in the Republic of Sudan (dormant), Norconsult Telematics Ltd registered in Southern Sudan (dormant), Norconsult Telematics Ltd UK registered in the United Kingdom and the associate company Norconsult Telematics (Saudi) Ltd registered in the Kingdom of Saudi Arabia(under liquidation).
In 2015 the Group has operated in the following countries: Saudi Arabia, Indonesia, Kuwait, UAE Abu Dhabi, Philippines, Myanmar, Oman, Malaysia, Qatar, United Kingdom, Thailand and the United States of America.
2. Accounting policies
The principal accounting policies adopted in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to all years presented in these consolidated financial statements unless otherwise stated.
Going Concern Basis
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From the liquidity perspective, based on management analysis and cash flow forecasts, the Group's management is confident that the Group has adequate access to liquidity sources for the carrying years (exceeding beyond 12 months) and that no going concern issues are seen, as of the date of approval of these financial statements.
Basis of preparation
The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union (EU). The consolidated financial statements have been prepared under the historical cost convention.
The preparation of financial statements in conformity with IFRSs requires the use of certain critical accounting estimates and requires Management to exercise its judgment in the process of applying the Group's accounting policies. It also requires the use of assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although these estimates are based on Management's best knowledge of current events and actions, actual results may ultimately differ from those estimates.
Adoption of new and revised IFRSs
During the current period the Group adopted all the new and revised IFRSs and International Accounting Standards (IAS), which are relevant to its operations and are effective for accounting periods beginning on 1 January 2015. This adoption did not have a material effect on the accounting policies of the Group.
At the date of authorization of these financial statements some Standards were in issue but not yet effective. The Board of Directors expects that the adoption of these Standards in future periods will not have a material effect on the consolidated financial statements of the Group.
Comparatives
Where necessary, comparative figures have been adjusted to conform to changes in presentation in the current year.
3. Segmental analysis
The consolidated entity operates in one business segment (telecommunications, IT and defence systems consulting) for primary reporting and four geographical segments for secondary reporting being as follows: United States of America, Europe, Middle East and Asia.
2015 United States Middle
Europe of America East Asia Total
US$ US$ US$ US$ US$
Results
Income/(loss) for the
year 1.878.905) 101.757 1.760.506 401.721 385.079
=========== ============= ============ =========== ============
Assets and Liabilities
Segment assets 2.595.911 1.231.174 29.834.432 897.883 34.559.400
Segment liabilities (3.801.719) (272.297) (8.963.668) (1.657.951) (14.695.635)
=========== ============= ============ =========== ============
Other segment information
Acquisition/(disposal)
of fixed assets 1.721 (709) 29.516 1.036 31.564
Depreciation 8.229 1.321 29.242 8.516 47.308
Net cash flow 476.909 118.483 (1.220.259) 589.876 (34.991)
=========== ============= ============ =========== ============
2014 United States Middle
Europe of America East Asia Total
US$ US$ US$ US$ US$
Results
(Loss)/income for the
year (1.515.218) 47.808 (331.451) 342.254 (1.456.607)
=========== ============= ============ =========== ============
Assets and Liabilities
Segment assets 1.926.436 1.242.829 26.762.690 3.929.117 33.861.072
Segment liabilities (1.115.831) (283.040) (10.189.659) (2.876.663) (14.465.193)
=========== ============= ============ =========== ============
Other segment information
Acquisition/(disposal)
of fixed assets 16.223 909 (46.569) 2.975 (26.462)
Depreciation 5.643 1.895 47.375 8.101 63.014
Net cash flow (1.516.875) 118.217 1.831.023 5.484 437.849
=========== ============= ============ =========== ============
4. Tax
2015 2014
US$ US$
Overseas tax 632.730 1.140.368
Defence contribution -- current year 1.736 9.123
------- ---------
Charge for the year 634.466 1.149.491
======= =========
The tax on the Group's results before tax differs from the theoretical amount that would arise using the applicable tax rates as follows:
2015 2014
US$ US$
Profit/(loss) before tax 1.019.545 (301.116)
========= =========
Tax calculated at the applicable tax rates 127.443 (38.390)
Tax effect of expenses not deductible for tax
purposes - 38.290
Tax effect of allowances and income not subject
to tax (127.443) -
Defence contribution current year 1.736 9.123
Overseas tax in excess of credit claim used
during the year 632.730 1.440.368
--------- ---------
Tax charge 634.466 1.149.491
========= =========
Corporation tax by country of operations: 2015 2014
US$ US$
Corporation tax for Saudi Arabia (old) 358.747 312.484
Corporation tax for Saudi Arabia (new) 4.671 -
Corporation tax for Kuwait 338.886 285.253
Corporation tax for South East Asia (143.376) 473.897
Corporation tax for Malaysia - 666
Corporation tax for Norway 21.399 21.125
Corporation tax for Norcon Global Management
& Consulting 52.403 46.943
----------- ----------
632.730 1.140.368
=========== ==========
The corporation tax rate is 12.5%. The Board of Directors has decided to register the company as a Cyprus tax resident, as it is deemed that the management and control of the company is exercised in Cyprus. The tax computation has therefore been prepared under Cyprus tax law.
Under certain conditions interest income may be subject to defence contribution at the rate of 30%. In such cases this interest will be exempt from corporation tax. In certain cases, dividends received from abroad may be subject to defence contribution at the rate of 20% for the tax years 2012 and 2013 and 17% for 2014 and thereafter
Income tax on the Saudi Arabia branches have been provided for on the estimated taxable profit at 20% (2014: 20%). Income tax returns have been filed with the Department of Zakat and Income tax (the DZIT) up to 2014.The income taxes due have been settled accordingly. Income tax assessments have been agreed with the DZIT for all years up to 2012.The assessment for the year 2013 and 2014 have not yet been raised by the DZIT, yet.
Income tax on the Kuwait branch has been provided for on the estimated taxable profit at 15% (2014: 15%).
Income tax on the SE Asia Operations branch has been provided for on the estimated taxable profit at 25% plus 20% on the profit after tax -- repatriation of profits (2014: 25% plus 20% on the profit after tax -- repatriation of profits).
Income tax of the Malaysia branch has been provided for on the estimated taxable profit at 25% (2014:25%).
The subsidiary company in Norway is subject to 27% tax of its income (2014: 27%).
The subsidiary company in Oman is subject to income tax at the rate of 12% on taxable income in excess of RO30.000.
The subsidiary company in United Kingdom is subject to an average rate of 20.25% (2014: 21.49%) income tax on its taxable income.
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5. Loss per share attributable to equity holders of the parent
2015 2014
Profit / (loss) attributable to shareholders
(US$) 301.794 (1.436.921)
---------- ------------
Weighted average number of ordinary shares
in issue during the year 49.299.608 49.091.775
---------- ------------
Basic earnings per share (cent) 0,61 (2,93)
========== ============
2015 2014
US$ US$
Profit / (loss) attributable to shareholders
(US$) 301.794 (1.436.921)
---------- ------------
Ordinary shares issued 49.607.075 49.091.775
---------- ------------
Diluted earnings per share (cent) 0,61 (2,93)
========== ============
6. Dividends
The Board of Directors does not recommend the payment of a dividend for the year 2015.
Dividends are subject to a deduction of special contribution for defence at 20% for the tax years 2012 and 2013 and 17% for 2014 and thereafter for individual shareholders that are resident in Cyprus. Dividends payable to non--residents of Cyprus are not subject to such a deduction.
7. Trade and other receivables
2015 2014
US$ US$
Trade receivables 9.374.658 11.663.684
Retentions receivable 384.658 462.093
Unbilled receivables 8.694.210 5.984.700
Deposits and prepayments 529.816 902.226
Advances to subcontractors 2.469.273 2.403.044
Other receivables 4.424.769 4.565.135
Refundable VAT 24.593 19.573
---------- ----------
25.901.977 26.000.455
========== ==========
As at 31 December, the ageing of trade receivables is as follows:
2015 2014
US$ US$
Up to 30 days 1.690.062 7.772.635
31--60 days 2.797.246 537.065
61-- 90 days 182.718 1.829.090
91-- 120 days 1.915.912 937.974
More than 120 days 2.788.720 586.920
---------- ----------
9.374.658 11.663.684
============================== ==========
Of the Unbilled receivables as at 31(st) December 2015, the amount of US$6.101.370 has been invoiced and US$ 1.058.458 has been settled as of the date of the statements.
The fair values of trade and other receivables due within one year approximate to their carrying amounts as presented above.
8. Trade and other payables
2015 2014
US$ US$
Trade payables 173.120 390.746
Accruals 2.358.279 1.742.814
Other creditors 1.093.053 1.125.054
--------- ---------
3.624.452 3.258.614
========= =========
The fair values of trade and other payables due within one year approximate to their carrying amounts as presented above.
9. Contingent liabilities
The bankers of the Saudi Arabia branch have given bank guarantees to the equivalent of US$ 436.106 (2014: US$nil) in the normal course of the branch's business.
Letters of guarantee (Performance Bonds) for the Group's operations in UAE Abu Dhabi amounting to US$2.602.200 (2014:US$2.602.200) were in issue as at 31st December 2015. An amount of US$650.550 (2014:US$650.550) (which represents 25% of the performance bond) is blocked from the branch's bank balances as security for the issue of this performance bond with the remaining balance being secured by the issue of a corporate guarantee from the branch's ultimate holding company Norcon Plc. In addition, a letter of guarantee for AED50.000 for the registration of the Norconsult Abu Dhabi branch was in issue as at 31st December 2015 (2014:AED50.000).
An amount of US$ 10.052 (RO3.860) is blocked as guarantee for a tender bond given by the company's subsidiary Norconsult Telematics and company LLC. Tender bond expired in 2016 and funds blocked for the guarantee have been released.
The company has provided a corporate guarantee of US$750.000 to its subsidiary company Norconsult Telematics Limited in favour of Societe Generale Bank-- Cyprus Limited as a security among others for credit facilities provided by the bank to the subsidiary.
10. Events after the reporting period
On 17 February 2016, the company Norconsult Telematics Holding Ltd and Mr. Trond Tostrup executive chairman purchased 1.000.000 and 140.000 ordinary shares of 1 pence each respectively in Norcon Plc. Currently, Norconsult Telematics Holding Ltd holds 55.11% while Mr. Trond Tostrup holds 1.04% of the company's issued share capital and voting rights, respectively.
The Group is in the process of registering a branch in The Philippines.
11. Annual accounts
Annual accounts for the year ended 31 December 2015 will be sent to shareholders shortly and will be available to view from the Company's website, www.norconplc.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR SFWFSUFMSESL
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