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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Park Grp. | LSE:PKG | London | Ordinary Share | GB0006710643 | ORD 2P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 79.00 | 76.50 | 81.50 | 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
TIDMPKG
RNS Number : 3584Q
Park Group PLC
29 November 2016
PARK GROUP PLC
('Park' or 'the Company' or 'the Group')
INTERIM RESULTS FOR THE SIX MONTHS TO 30 SEPTEMBER 2016
29 November 2016
Park Group is the UK's leading multi-retailer, gift voucher and prepaid gift card business focussed on the corporate and consumer markets. Park's business is generally seasonal and the first half of the year is traditionally loss making with the bulk of annual revenues generated in the second half.
Hot Features
Premium
Year
Summary Half Year Half Year to
to 30.09.16 to 30.09.15 31.03.16
GBP'000 GBP'000 GBP'000
Customer billings 98,273 92,795 385,031
------------- ------------- -----------
Revenue 72,446 72,083 302,545
Operating (loss)/profit (1,585) (2,170) 10,400
(Loss)/profit before
taxation (760) (1,404) 11,857
(Loss)/profit for the
period (608) (1,123) 9,688
Dividend per share 0.95p 0.85p 2.75p
(Loss)/earnings per
share (0.33)p (0.62)p 5.28p
Key points: Financial
-- Billings increased 5.9 per cent to GBP98.3m (2015 - GBP92.8m) -- Seasonal pre-tax loss reduced to GBP0.8m (2015 - loss GBP1.4m) -- Interest receipts rose by 7.7 per cent -- Dividend raised 11.8 per cent to 0.95 p per share (2015 - 0.85 p per share) -- Cash balances peaked at record GBP217m (2015 - GBP206m)
Key points: Operations
-- Further good growth across the Group -- Corporate billings grew 4.0 per cent at GBP68.7m (2015 - GBP66.0m) -- Consumer billings increased 10.5 per cent to GBP29.6m (2015 - GBP26.8m) -- Order books running well ahead of comparable period last year -- New products making a significant impact
-- Fisher Moy International Limited, acquired after period end, expected to be earnings enhancing in first full year of ownership
Laura Carstensen, non-executive Chairman, commented:
"The second half has started well and trading is in line with expectations. With record cash balances, a debt free balance sheet and order books again ahead of the comparable period last year, we are confident in our positive outlook for the business."
Enquiries:
Park Group plc Arden Partners Tavistock
plc
Chris Houghton Steve Douglas Jeremy Carey
Martin Stewart Benjamin Cryer Andrew Dunn
Tel: 0151 653 1700 Tel: 020 7614 Tel: 020 7920
5917 3150
INTERIM STATEMENT 2016
I am pleased to report that Park Group has delivered another solid performance, with the results for the six months to 30 September 2016 once again showing maintained momentum from previous financial periods.
Park's proactive strategy of investing to expand marketing and product development is driving this consistent performance, allowing us to deliver constantly updated, innovative products and services that resonate well with our corporate and consumer customers. Alongside our commitment to the highest standards in customer service, innovation is equally ingrained in our business and we will remain agile in these fields to enable us to continue to deliver the quality products and services that our diversifying customer base has come to expect from us.
Financial highlights
The seasonality of Park's business means that the first half of the year, although always extremely busy and important in terms of securing orders, is traditionally loss making. The period ended well, with order books across the Group ahead of the same period last year. Over 85 per cent of sales to consumers are dispatched and invoiced in the October to December period, principally from orders taken in the first few months of the calendar year.
The financial performance in the first half of the year delivered further growth in billings and revenue in both the consumer and corporate sides of our business. In the six months to 30 September 2016 total billings grew 5.9 per cent to GBP98.3m (H1 2015 - GBP92.8m) while revenue increased 0.5 per cent to GBP72.4m (H1 2015 - GBP72.1m).
The operating loss for the first half reduced to GBP1.6m (H1 2015 - loss GBP2.2m) while interest receipts advanced 7.7 per cent to GBP0.83m (H1 2015 - GBP0.77m) reflecting higher cash balances. The pre-tax loss reduced to GBP0.8m (H1 2015 - loss GBP1.4m). Total cash balances including cash held in trust at 30 September were GBP198.7m (H1 2015 - GBP178.9m). This increase is due to the cash retention from prior year profits and improved working capital arising from increased levels of trading. Balances continued to rise after the period end, peaking at a record GBP217m (2015 - GBP206m) at the beginning of November.
The board has declared an increased interim dividend of 0.95 p per share (H1 2015 - 0.85 p per share). The dividend will be paid on 6 April 2017 to shareholders on the register on 3 March 2017.
Acquisition
In October, soon after the period end, Park completed the cash purchase of Fisher Moy International Limited (FMI), a specialist in corporate employee and customer engagement products and programmes. The acquisition is expected to be earnings enhancing in the first full year of ownership. FMI, a business we have worked with many times in the past and know well, will enhance further Park's position as a leading provider of reward and incentivisation programmes to the corporate market. In turn, its status as part of Park Group is also expected to assist FMI in targeting increasingly larger businesses.
The integration of the business into Park Group is progressing well and its performance is consistent with management expectations.
We continue to monitor our sectors closely for appropriate acquisition opportunities which can enhance our customer offering or technological capabilities.
Operations
The corporate business made further good progress supplying a wide range of gift cards, vouchers and digital reward products, as well as bespoke online systems enabling businesses to motivate and incentivise their employees and customers. Billings in the first half of the year were 4.0 per cent above the prior year at GBP68.7m (H1 2015 - GBP66.0m). Growth was achieved from new client wins, product innovation and the strength and breadth of the existing customer base. Our corporate business reached over 28,000 businesses last year in the circa GBP5bn voucher and gift card market (Source: UK Gift Card and Voucher Association).
A feature of the first half performance was the ongoing strong demand from the incentive sector, where Park's products continue to secure new business and increase market share. In previous years, our results have been negatively affected by exposure to the credit sector and we have sought to mitigate this effect by successfully building sales in other sectors. Due to this altered focus, sales to the credit sector now represent less than one per cent of our total business and no longer influence Park's overall performance.
In June, we launched 'Evolve', offering instant rewards through a branded on-line platform. This innovative and cost-effective digital product allows corporate users to create and control web and smart device based programmes for their customers and staff. Over 40 businesses have already used the system and a strong pipeline of activity gives good reason for optimism. 'Engage', our scheme management portal, launched last year, has also been well received. 'Engage' allows corporate users to create and control web or smart device based programmes for their customers or staff.
Park's relationship with MasterCard continues to develop well. Customers can now use the 'Anywhere' and 'Online' prepaid cards at outlets that accept MasterCard. These products are very attractive to Park's customers, as they broaden the choice of retailers for our customers, half of whom, our research shows, do not have a credit card.
The consumer business, offering a range of vouchers, prepaid gift products and hampers, has also performed well with orders for Christmas 2016 running c 4 per cent above the level of the comparable period last year. Billings in the first half of the year increased 10.5 per cent to GBP29.6m (H1 2015 - GBP26.8m). The success of the 'Combi' card was a feature of these first half results. 'Combi' gives customers two cards: one is our market leading Love2shop card and the other is for national retailers previously unavailable to them, including Asda, Morrisons, Primark and Sainsbury's, with Amazon and Tesco also joining the programme this year.
As part of our commitment to customer service enhancement, we have also improved our website functionality and developed a new mobile app to offer our customers increased flexibility and control over their accounts.
The marketing campaign in the consumer business for the 2017 festive season commenced in September and will run for five months. The campaign is performing well and the value of orders placed so far for next year is very encouraging.
Board
John Dembitz, our longest serving independent director, stepped down from the board in June as he was approaching the nine year limit for non-executive directors, set out in corporate governance guidelines. On behalf of the board, I would like to thank John for his valuable contribution to the development of the Company and we wish him well in his future endeavours.
In September, we welcomed John Gittins to the board as a non-executive director and Chair of the Audit Committee. John brings a strong track record of relevant experience, spanning more than 20 years as a Chief Financial Officer across a number of sectors and territories. We look forward to working with John and are confident that we will benefit from his extensive experience and expertise.
We are also pleased to announce that Michael de Kare-Silver has accepted the role of Senior Independent Director and the appointment will take effect today.
Outlook
The second half has started well and trading is in line with expectations. With record cash balances, a debt free balance sheet and order books again ahead of the comparable period last year, we are confident in our positive outlook for the business.
Laura Carstensen
Chairman
29 November 2016
PARK GROUP PLC
CONSOLIDATED INCOME STATEMENT
FOR THE HALF YEAR TO 30 SEPTEMBER 2016
Audited
Unaudited Unaudited Year
Half Year Half Year to
Notes to 30.09.16 to 30.09.15 31.03.16
GBP'000 GBP'000 GBP'000
Billings 98,273 92,795 385,031
------------- ------------- ----------
Revenue 72,446 72,083 302,545
Cost of sales (66,525) (66,972) (274,060)
------------- ------------- ----------
Gross profit 5,921 5,111 28,485
Distribution costs (599) (485) (2,909)
Administrative expenses (6,907) (6,796) (15,176)
------------- ------------- ----------
Operating (loss)/profit (1,585) (2,170) 10,400
Finance income 825 766 1,523
Finance costs - - (66)
------------- ------------- ----------
(Loss)/profit before
taxation (760) (1,404) 11,857
Taxation 2 152 281 (2,169)
------------- ------------- ----------
(Loss)/profit for the
period attributable to
equity holders of the
parent (608) (1,123) 9,688
------------- ------------- ----------
(Loss)/earnings per share 3
- basic (p) (0.33) (0.62) 5.28
- diluted (p) (0.33) (0.62) 5.18
All activities derive from continuing operations.
PARK GROUP PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE HALF YEAR TO 30 SEPTEMBER 2016
Audited
Unaudited Unaudited Year
Half Year Half Year to
to 30.09.16 to 30.09.15 31.03.16
GBP'000 GBP'000 GBP'000
(Loss)/profit for the period (608) (1,123) 9,688
Other comprehensive income
Items that will not be reclassified
to profit or loss:
Remeasurement of defined benefit
pension schemes - - 533
Deferred tax on defined benefit
pension schemes - - (96)
- - 437
Items that may be reclassified
subsequently to profit or loss:
Foreign exchange translation
differences (37) (18) (21)
Other comprehensive income for
the period net of tax (37) (18) 416
------------ ------------ ---------
Total comprehensive income for
the period attributable to equity
holders of the parent (645) (1,141) 10,104
------------ ------------ ---------
PARK GROUP PLC
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2016
Restated
Unaudited Unaudited Audited
30.09.16 30.09.15 31.03.16
GBP'000 GBP'000 GBP'000
Assets
Non-current assets
Goodwill 1,320 1,320 1,320
Other intangible assets 2,916 2,928 3,036
Property, plant and equipment 7,961 8,108 8,003
Retirement benefit asset 1,367 1,297 1,390
13,564 13,653 13,749
---------- ----------- ----------
Current assets
Inventories 14,447 11,888 2,182
Trade and other receivables 8,534 9,614 8,729
Tax receivable 252 - -
Other financial assets - - 500
Monies held in trust 169,411 167,035 75,219
Cash and cash equivalents 32,560 16,385 32,735
225,204 204,922 119,365
---------- ----------- ----------
Total assets 238,768 218,575 133,114
---------- ----------- ----------
Liabilities
Current liabilities
Trade and other payables (179,829) (168,218) (79,022)
Tax payable - (394) (1,019)
Provisions (56,319) (52,703) (44,767)
---------- ----------- ----------
(236,148) (221,315) (124,808)
---------- ----------- ----------
Non-current liabilities
Deferred tax liability (181) (273) (181)
Retirement benefit obligation (1,378) (2,339) (1,700)
---------- ----------- ----------
(1,559) (2,612) (1,881)
---------- ----------- ----------
Total liabilities (237,707) (223,927) (126,689)
---------- ----------- ----------
Net assets/( liabilities) 1,061 (5,352) 6,425
---------- ----------- ----------
Equity attributable to equity holders of the parent
Share capital 3,674 3,674 3,674
Share premium 6,132 6,132 6,132
Retained earnings (8,434) (14,847) (3,070)
Other reserves (311) (311) (311)
---------- ----------- ----------
Total equity 1,061 (5,352) 6,425
---------- ----------- ----------
PARK GROUP PLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Unaudited
Share Share Other Retained Total
capital premium reserves earnings equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1 April
2016 3,674 6,132 (311) (3,070) 6,425
Total comprehensive
income for the period
Loss - - - (608) (608)
Other comprehensive
income
Foreign exchange translation
adjustments - - - (37) (37)
--------- --------- ----------- ----------- ----------
Total other comprehensive
income - - - (37) (37)
--------- --------- ----------- ----------- ----------
Total comprehensive
income for the period - - - (645) (645)
--------- --------- ----------- ----------- ----------
Transactions with owners,
recorded directly in
equity
Equity settled share-based
payment transactions - - - 333 333
Dividends - - - (5,052) (5,052)
--------- --------- ----------- ----------- ----------
Total contributions
by and distribution
to owners - - - (4,719) (4,719)
--------- --------- ----------- ----------- ----------
Balance at 30 September
2016 3,674 6,132 (311) (8,434) 1,061
--------- --------- ----------- ----------- ----------
Balance at 1 April
2015 3,650 6,132 (311) (9,638) (167)
Total comprehensive
income for the period
Loss - - - (1,123) (1,123)
Other comprehensive
income
Foreign exchange translation
adjustments - - - (18) (18)
--------- --------- ----------- ----------- ----------
Total other comprehensive
income - - - (18) (18)
--------- --------- ----------- ----------- ----------
Total comprehensive
income for the period - - - (1,141) (1,141)
--------- --------- ----------- ----------- ----------
Transactions with owners,
recorded directly in
equity
Equity settled share-based
payment transactions - - - 336 336
LTIP shares awarded 24 - - (24) -
Dividends - - - (4,380) (4,380)
--------- --------- ----------- ----------- ----------
Total contributions
by and distribution
to owners 24 - - (4,068) (4,044)
--------- --------- ----------- ----------- ----------
Balance at 30 September
2015 3,674 6,132 (311) (14,847) (5,352)
--------- --------- ----------- ----------- ----------
Balance at 1 April
2015 3,650 6,132 (311) (9,638) (167)
Total comprehensive
income for the year
Profit - - - 9,688 9,688
Other comprehensive
income
Remeasurement of defined
benefit pension schemes - - - 533 533
Tax on defined benefit
pension schemes - - - (96) (96)
Foreign exchange translation
adjustments - - - (21) (21)
--------- --------- ----------- ----------- ----------
Total other comprehensive
income - - - 416 416
--------- --------- ----------- ----------- ----------
Total comprehensive
income for the year - - - 10,104 10,104
--------- --------- ----------- ----------- ----------
Transactions with owners,
recorded directly in
equity
Equity settled share-based
payment transactions - - - 868 868
LTIP shares awarded 24 - - (24) -
Dividends - - - (4,380) (4,380)
--------- --------- ----------- ----------- ----------
Total contributions
by and distribution
to owners 24 - - (3,536) (3,512)
--------- --------- ----------- ----------- ----------
Balance at 31 March
2016 3,674 6,132 (311) (3,070) 6,425
--------- --------- ----------- ----------- ----------
PARK GROUP PLC
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE HALF YEAR TO 30 SEPTEMBER 2016
Restated
Unaudited
Unaudited Half Audited
Half Year Year Year to
Notes to 30.09.16 to 30.09.15 31.03.16
GBP'000 GBP'000 GBP'000
Cash flows from operating
activities
Cash generated from/(used
in) operations 4 5,605 (6,879) 12,184
Interest received 625 516 1,405
Interest paid - - (66)
Tax paid (1,119) (760) (2,490)
------------- ------------- ----------
Net cash generated from
/(used in) operating
activities 5,111 (7,123) 11,033
------------- ------------- ----------
Cash flows from investing
activities
Sale of investment property
and assets held for sale - 42 43
Proceeds from sale of
investments - 9 9
Purchase of intangible
assets (239) (127) (599)
Purchase of property,
plant and equipment (304) (289) (527)
Net cash used in investing
activities (543) (365) (1,074)
------------- ------------- ----------
Cash flows from financing
activities
Dividends paid to shareholders (4,123) (3,885) (4,380)
------------- ------------- ----------
Net cash used in financing
activities (4,123) (3,885) (4,380)
------------- ------------- ----------
Net increase /(decrease)
in cash and cash equivalents 445 (11,373) 5,579
------------- ------------- ----------
Cash and cash equivalents
at beginning of period 28,817 23,238 23,238
------------- ------------- ----------
Cash and cash equivalents
at end of period 29,262 11,865 28,817
------------- ------------- ----------
Cash and cash equivalents
comprise:
Cash 32,560 16,385 32,735
Bank overdrafts (3,298) (4,520) (3,918)
------------- ------------- ----------
29,262 11,865 28,817
------------- ------------- ----------
PARK GROUP PLC
SEGMENTAL REPORTING
FOR THE HALF YEAR TO 30 SEPTEMBER 2016
Audited
Unaudited Unaudited Year
Half Year Half Year to
to 30.09.16 to 30.09.15 31.03.16
GBP'000 GBP'000 GBP'000
Billings
Consumer 29,564 26,753 211,522
Corporate 68,709 66,042 173,509
------------- ------------- ----------
External billings 98,273 92,795 385,031
------------- ------------- ----------
Consumer - - -
Corporate 21,123 18,501 143,152
Elimination (21,123) (18,501) (143,152)
------------- ------------- ----------
-
Inter-segment billings - - -
------------- ------------- ----------
Consumer 29,564 26,753 211,522
Corporate 89,832 84,543 316,661
Elimination (21,123) (18,501) (143,152)
------------- ------------- ----------
Total billings 98,273 92,795 385,031
------------- ------------- ----------
Revenue
Consumer 24,042 22,379 173,045
Corporate 48,404 49,704 129,500
------------- ------------- ----------
External revenue 72,446 72,083 302,545
------------- ------------- ----------
Consumer - - -
Corporate 21,123 18,501 143,152
Elimination (21,123) (18,501) (143,152)
------------- ------------- ----------
Inter-segment revenue - - -
------------- ------------- ----------
Consumer 24,042 22,379 173,045
Corporate 69,527 68,205 272,652
Elimination (21,123) (18,501) (143,152)
------------- ------------- ----------
Total revenue 72,446 72,083 302,545
------------- ------------- ----------
Operating (loss)/profit
Consumer (1,349) (1,894) 6,823
Corporate 1,095 1,156 6,013
All other segments (1,331) (1,432) (2,436)
------------- ------------- ----------
(Loss)/profit before interest (1,585) (2,170) 10,400
------------- ------------- ----------
NOTES TO THE INTERIM RESULTS
(1) Basis of preparation
The financial information in this interim report has been prepared in accordance with the International Financial Reporting Standards as adopted by the EU and the AIM rules of the London Stock Exchange and on the basis of the accounting policies described in Park Group plc's annual report and accounts for the year ended 31 March 2016. These accounting policies have been based on the current standards and interpretations expected to be effective at 31 March 2017. The Group does not expect there to be a significant impact on the results from standards, amendments or interpretations which are available for early adoption but which have not yet been adopted.
IFRS 15 Revenue from Contracts with Customers, which was released on 28 May 2014, has recently been endorsed by the EU. The Group is still considering the impact of this standard on its financial statements including the timing of revenue recognition, income in respect of vouchers and balances on cards which will never be spent and whether revenue should be presented on a gross or net basis in respect of certain revenue streams.
The financial statements have been prepared under the historical cost convention, as modified by the accounting for financial instruments at fair value. In addition this interim financial report does not comply with IAS 34 Interim Financial Reporting, which is not currently required to be applied under AIM rules.
The directors are of the opinion that the financial information should be prepared on a going concern basis, in the light of current trading and the forecast positive cash balances for the foreseeable future.
The financial information included in this interim financial report for the six months ended 30 September 2016 does not constitute statutory accounts as defined in section 434 of the Companies Act 2006 and is unaudited. A copy of the Group's statutory accounts for the year ended 31 March 2016, on which the auditors gave an unqualified opinion and did not make a statement under section 498 of the Companies Act 2006, has been filed with the registrar of companies.
(2) Taxation
The taxation credit for the six months to 30 September 2016 has been calculated using an overall effective tax rate of 20.0 per cent which has been applied to the taxable income (half year to 30 September 2015 - 20.0 per cent).
(3) Earnings per share
Basic earnings per share (eps) is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period.
For diluted eps, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all dilutive potential ordinary shares.
The calculation of basic and diluted eps is based on the following figures:
Half Year Half Year Year to
to 30.09.16 to 30.09.15 31.03.16
GBP'000 GBP'000 GBP'000
Earnings
Total (loss)/earnings
for period (608) (1,124) 9,688
--------------- --------------- -------------
Half Year Half Year Year to
to 30.09.16 to 30.09.15 31.03.16
Weighted average number
of shares
Basic eps - weighted
average number of shares 183,706,277 182,567,069 183,658,227
Diluting effect of employee
share options - - 3,544,265
--------------- --------------- -------------
Diluted eps - weighted
average number of shares 183,706,277 182,567,069 187,202,492
--------------- --------------- -------------
Basic eps
Weighted average number
of ordinary shares in
issue 183,706,277 182,567,069 183,658,227
--------------- --------------- -------------
Eps (p) (0.33) (0.62) 5.28
--------------- --------------- -------------
Diluted eps
Weighted average number
of ordinary shares 183,706,277 182,567,069 187,202,492
--------------- --------------- -------------
Eps (p) (0.33) (0.62) 5.18
--------------- --------------- -------------
(4) Reconciliation of (loss)/profit for the period to cash generated from/(used in) operations
Half Year Half Year Year
to 30.09.16 to 30.09.15 to 31.03.16
GBP'000 GBP'000 GBP'000
(Loss)/profit for
the period (608) (1,123) 9,688
Adjustments for:
Tax (152) (281) 2,169
Interest income (825) (766) (1,523)
Interest expense - - 66
Research and development
tax credit - - (46)
Depreciation and amortisation 705 693 1,382
Impairment of other
intangibles - - 13
Profit on sale of
assets held for sale - (3) (4)
Profit on sale of
other investment - (2) (1)
Decrease in other
financial assets 500 500 -
(Increase)/decrease
in inventories (12,265) (8,702) 1,004
Decrease in trade
and other receivables 395 1,847 2,599
Increase in trade
and other payables 100,498 92,729 4,634
Increase in provisions 11,552 9,517 1,581
Increase in monies
held in trust (94,192) (101,307) (9,491)
Decrease in retirement
benefit obligation (299) (299) (497)
Translation adjustment (37) (18) (21)
Share-based payments 333 336 631
Cash generated from/(used
in) operations 5,605 (6,879) 12,184
------------- ------------- -------------
(5) Restatement of prior period figures
At 30 September 2015 whilst the group did not have a bank overdraft, it did have a cashbook overdraft due to the timing of unpresented cheques. This was incorrectly netted off cash and cash equivalents, rather than being shown as "Bank overdraft" within trade and other payables. Previously reported figures have been restated as follows:
As reported Reclassification Balance as
at of restated at
30 September cash book 30 September
2015 overdraft 2015
GBP'000 GBP'000 GBP'000
----------------- --------------- ------------------- --------------
Cash and cash
equivalents 11,865 4,520 16,385
--------------- ------------------- --------------
Trade and other
payables (163,698) (4,520) (168,218)
--------------- ------------------- --------------
(6) Approval
This statement was approved by the board on 29 November 2016.
(7) Reports
A copy of this announcement will be available on the Company's website from today www.parkgroup.co.uk and will be mailed to shareholders on 19 December 2016. Copies will also be available for members of the public at the Company's registered office - Valley Road, Birkenhead CH41 7ED and also at the offices of the Company's registrars, Computershare Investor Services PLC, P O Box 82, The Pavilions, Bridgwater Road, Bristol BS99 7NH.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR BPBPTMBJTBTF
(END) Dow Jones Newswires
November 29, 2016 02:00 ET (07:00 GMT)
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