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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Revolution Bars Group Plc | LSE:RBG | London | Ordinary Share | GB00BVDPPV41 | ORD 0.1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 1.45 | 1.40 | 1.50 | 1.45 | 1.45 | 1.45 | 416,857 | 08:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Drinking Places (alcoholic) | 152.55M | -22.23M | -0.0966 | -0.15 | 3.34M |
From Apr 2019 to Apr 2024
TIDMRBG
RNS Number : 9763X
Revolution Bars Group
28 February 2017
28 February 2017
Revolution Bars Group plc (LSE: RBG)
Interim results for the six months ended 31 December 2016
Revolution Bars Group plc ("the Group"), a leading UK operator of premium bars, trading under the Revolution and Revolución de Cuba brands, today announces its interim results for the six months ended 31 December 2016.
Financial highlights
-- Revenue of GBP66.7m (FY16: GBP59.2m), an increase of 12.7%. -- Positive like-for-like sales* growth of +2.0% -- Like-for-like sales* growth for the eight weeks to 25 February rose by +1.7% -- Adjusted* EBITDA up 13.6% to GBP9.2m (FY16: GBP8.1m). -- Reported Operating Profit GBP4.7m (FY16 : GBP4.7m) -- Adjusted* EPS up 7.1% to 9.1p (FY16: 8.5p). Reported EPS of 7.7p (FY16: 8.0p) -- Interim dividend up 10% to 1.65p per share (FY15: 1.5p per share).
*See the Financial Review for a definition of non-GAAP measures
Operational highlights
-- Opening of four new Revolución de Cuba bars at Harrogate, Aberdeen, Reading and Glasgow.
-- Estate growth to 66 sites with 53 Revolution and 13 Revolución de Cuba bars. -- Plan to open more new bars than expected; 6 not 5 -- Two new sites planned for opening in the second half of the year, taking the estate to 68. -- Significant growth in digital customer engagement -- Operating model is continuing to deliver carefully, well planned growth
Commenting on the results, Mark McQuater, CEO, said:
"I am delighted to report another good set of results for Revolution Bars Group. Our finely tuned operating model has delivered like-for-like sales growth and well planned expansion. During the period we have added another four Revolución de Cuba units taking the estate to 66 units, along with two more bars scheduled for opening in the second half, and we are confident of meeting our strategic growth targets."
The information contained within this announcement is deemed to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
For further information:
Revolution Bars Group plc Mark McQuater, CEO 0161 330 3876 Chris Chambers, CFO 0161 330 3876 Instinctif Partners Justine Warren / Matthew Smallwood 020 7457 2020
A presentation for analysts will be held today and the presentation will be made available on the Group's corporate website at www.revolutionbarsgroup.com.
CHAIRMAN'S STATEMENT
Our business
The Group's strategy is to provide high quality leisure retail brands in the bar and restaurant sector. We will continue to grow the estate under our two brands, Revolution and Revolución de Cuba, and, having opened four new Revolución de Cuba bars in the period, we now operate from 66 premium bars nationwide. We have expanded the Revolución de Cuba estate to thirteen units and believe there remains significant scope for further expansion. This brand is well-positioned and will continue to be the focus for our growth in the short term. We will also expand our Revolution estate and we will be opening two new Revolution bars before the summer.
Our results
In the last six months, we have continued on the journey that we started at IPO in March 2015. Turnover growth, positive like-for-like sales and improved profit conversion were all pleasing to note and reflect, in my view, the underlying appeal of the brands to its target customers.
It was also particularly pleasing to open four new bars in Harrogate, Reading, Aberdeen and Glasgow during the period and all are trading in line with our pre-investment expectations.
Our dividend
As previously stated, the Board is adopting a progressive dividend policy which reflects the cash flow generation and the long-term earnings potential of the Group whilst retaining sufficient capital to fund investment to grow the business. In line with this policy, the Board has approved an interim dividend and the Company will pay an interim dividend of 1.65 pence per share in respect of the six months to 31 December 2016. This will be paid on 6 April 2017 to shareholders on the register on 17 March 2017.
People
I would like to acknowledge the dedication and hard work demonstrated by our employees along with our management teams. Our people are key to the success of the Group and I would like to thank them all for their support during FY17 thus far and for their continued contribution to our success.
Our future
Recent trading over January and February has been positive. Like-for-like sales for the eight weeks to 25 February rose by 1.7%. This, taken together with improved Adjusted PBT and the impact of new sites, gives us the platform to be confident about our prospects for the future.
Keith Edelman
Chairman
28 February 2017
CEO'S STATEMENT
I am delighted to be reporting on another good set of results for the Group, the highlights of which were continued like-for-like sales growth, improved EBITDA margin and, perhaps most notably, the opening of four new Revolución de Cuba bars, taking the estate to 66 units.
Revenue for the six-month period was GBP66.7m (FY16: GBP59.2m) with like for like sales up 2.0%. The business has now delivered thirteen consecutive quarters of sales growth. The Christmas period traded well, along with Like-for-like sales in the eight weeks to 25 February were up +1.7%.
The half-year delivered a record profit, measured by Adjusted EBITDA of GBP9.2m (FY16: GBP8.1m), an increase of 13.6% with Reported EBITDA of GBP8.4m (FY16: GBP7.8m). Adjusted profit before tax also rose to GBP5.5m (FY16: GBP5.0m), an increase of 10.0%, with Reported profit before tax of GBP4.6m (FY16: GBP4.7m). This continues to show that the results are benefitting from customer appeal resulting from our brand positioning, food-friendly environment and premium products.
Our strategy continues to focus on:
-- providing our customers with a differentiated, premium drinks and food experience; -- continued profit improvement from existing sites; and -- estate expansion through organic growth of both brands. -- Digitally led customer engagement
Christmas
The important Christmas trading was strong, with Pre Booked Revenue over the festive period also showing significant growth. This was a focus for business to plan effectively for this trading period, with bookings taken from January 2016 onwards. The bar teams coped with the peak demand period in an effective manner to ensure the customers had a really great experience.
Disciplined operational model
The pillars of growth of our operating model are to grow like for like sales in the existing estate, expansion through careful and well planned openings and digitally led customer engagement.
We continually look to refine our operating model in order to exploit a widening and promising pipeline of opportunities. Recent openings in Stafford and Harrogate demonstrate both brands' attractiveness across different scale propositions.
New sites and pipeline
In the first half of the trading year we opened four new Revolución de Cuba bars, in Harrogate, Reading, Aberdeen and Glasgow. Trading for all four bars is currently tracking in-line with our pre-investment expectations and we can look forward to opening more new bars in the second half with further confidence.
We are planning to open two new units in the second half of our financial year; a Revolution bar in Southend-on-Sea and in Torquay, where we are currently on site.
Existing site profit improvement
As we have previously said, the Board believes that there is more profit to achieve from the existing estate, as these results demonstrate and we are well-placed to continue to benefit from operational gearing as we grow the estate.
We have a highly-invested estate and we continue to invest both to support existing estate financial performance and in new opportunities. We are reviewing the estate for further opportunities to enhance and extend our trading spaces.
Digital and innovation
Management of our digital customer base ensures each campaign is targeted towards engaged contacts. We have seen a significant growth in pre-booked occasions and digital customer engagement through our digitally led marketing campaigns.
Our people
People remain key to our success and we continue to invest in their training to ensure the level of service provided to our customers is a premium drink and food experience. I would like to thank all of our employees for their continued hard work and dedication.
Mark McQuater
Chief Executive Officer
28 February 2017
FINANCIAL REVIEW
The company provides certain non-GAAP measures to enhance understanding of its underlying performance.
- Like-for-like sales are total retail sales from bars that have been trading continuously for at least twelve months.
- Adjusted PBT excludes non-recurring opening cost and exceptional items from reported PBT.
- Adjusted EBITDA denotes earnings before interest, tax depreciation, amortisation, exceptional items and non-recurring opening costs.
Hot Features
Premium
- Adjusted EPS excludes non-recurring opening costs and exceptional items from reported EPS.
(Unaudited) (Unaudited)
Audited
Six months Six months Year
ended ended ended
31 December 31 December 30 June
2016 2015 2016
Reconciliation of Non-GAAP
measure GBP'000 GBP'000 GBP'000
Operating profit 4,658 4,722 7,273
Exceptional items - - 1,392
Non recurring opening
costs 843 298 680
------------------------------- ------------- ------------- ---------
Adjusted operating
profit 5,501 5,020 9,345
Finance expense (42) (71) (129)
------------------------------- ------------- ------------- ---------
Adjusted profit before
tax 5,459 4,949 9,216
------------------------------- ------------- ------------- ---------
Depreciation 3,681 3,071 6,263
Finance expense 42 71 129
------------------------------- ------------- ------------- ---------
Adjusted EBITDA 9,182 8,091 15,608
------------------------------- ------------- ------------- ---------
Trading performance
Revenue for the first six months of the year to December 2016 rose by 12.7% to GBP66.7m (FY16: GBP59.2m). Like-for-like sales growth over the same period was 2.0%.
Adjusted profit before tax increased by GBP0.5m to GBP5.5m an increase of 10%, which was underpinned by the continued growth in Like-for-like sales of +2.0% in the existing estate along with adding a further four units in the first six months, which will allow us to further leverage our cost base and flow through of profit for the full year. Reported operating profit of GBP4.7m (FY16: GBP4.7m) was impacted by opening costs associated with the new sites, which amounted to GBP0.8m (FY16: GBP0.3m), along with increased depreciation arising from six additional new units versus H1 FY16.
Finance revenue and cost
Finance costs were GBP0.1m in the period (FY16: GBP0.1m) reflecting the Group's usage of its GBP5.0m Revolving Credit Facility ("RCF"), provided by the Group's bankers. Since the period-end, the Group has increased the RCF to a three year GBP10m facility to fund future development (three year facility).
Taxation
The net income tax charge of GBP0.8m (FY16: GBP0.7m) consists of current income tax expense arising from the standard rate of UK corporation tax, as adjusted for permanent and temporary timing differences and the effect of changes in the tax rate.
Operating cash flow and net debt
The Group continued to be cash generative in the period with operating cash inflow of GBP6.2m, an increase of GBP1.1m over the prior period (FY16: GBP5.1m).
The Group had drawn GBP5.0m of its committed RCF at the end of the period, principally relating to capital expenditure outflows associated with the development of the new sites, all of which opened within a ten-week period. Cash and cash equivalents were GBP5.0m at the balance sheet date (FY16: GBP1.6m) resulting in nil net-debt at the period end.
Capital expenditure
The Group spent GBP6.9m on capital expenditure during the first six months of FY17 (FY16: GBP7.8m). Of this, GBP4.4m (FY16: GBP4.4m) was incurred on the 4 new openings and certain advance spent on upcoming pipeline sites. The remainder, GBP2.5m was incurred on the existing estate (FY16: GBP3.4m).
Earnings per share
The adjusted basic earnings per share for the period was 9.1 pence (FY16: 8.5 pence), reported 7.7 pence (FY16: 8.0 pence per share).
Basis of preparation
As previously reported, the Group operates a four-four-five accounting calendar and as each accounting period can refer only to complete accounting weeks, the period under review reflects the results of the twenty-six weeks to 31 December 2016.
Dividend
The Board is declaring an interim dividend of 1.65 pence per share, (FY16: 1.50 pence per share). This will be paid on 6 April 2017 to shareholders on the register on 17 March 2017.
Current outlook
The strong first half performance reflects determined execution of our operating model. Whilst certain cost headwinds are expected in the second half, the strong first half performance, together with on-going mitigating activities mean the group is meeting expectations.
Chris Chambers
Chief Financial Officer
28 February 2017
Revolution Bars Group plc
Condensed Consolidated Statement of Comprehensive Income
for the six months ended 31 December 2016
(Unaudited) (Unaudited)
Audited
Six months Six months Year
ended ended ended
31 December 31 December 30 June
2016 2015 2016
GBP'000 GBP'000 GBP'000
-------------------------------- --- --- --- ------------- ------------- ---------
Revenue 66,708 59,248 119,491
Cost of sales (16,113) (14,210) (28,618)
----------------------------------------------- ------------- ------------- ---------
Gross profit 50,595 45,038 90,873
----------------------------------------------- ------------- ------------- ---------
Administrative expenses
- operating expenses,
excluding exceptional
items (45,937) (40,316) (82,208)
- exceptional items - - (1,392)
----------------------------------------------- ------------- ------------- ---------
Total administrative
expenses (45,937) (40,316) (83,600)
----------------------------------------------- ------------- ------------- ---------
Operating profit 4,658 4,722 7,273
Finance expense (42) (71) (129)
----------------------------------------------- ------------- ------------- ---------
Profit on ordinary
activities before taxation 4,616 4,651 7,144
Tax on ordinary activities (766) (651) (1,075)
----------------------------------------------- ------------- ------------- ---------
Profit and total comprehensive
income for the period 3,850 4,000 6,069
----------------------------------------------- ------------- ------------- ---------
Earnings per share
Basic (pence) 7.7p 8.0p 12.1
Diluted (pence) 7.3p 7.6p 11.5
-------------------------------- --- --- --- ------------- ------------- ---------
Non-GAAP measure
Operating profit 4,658 4,722 7,273
Exceptional items - - 1,392
Non recurring opening
costs 843 298 680
----------------------------------------------- ------------- ------------- ---------
Adjusted operating
profit 5,501 5,020 9,345
Finance expense (42) (71) (129)
----------------------------------------------- ------------- ------------- ---------
Adjusted profit before
tax 5,459 4,949 9,216
----------------------------------------------- ------------- ------------- ---------
Depreciation 3,681 3,071 6,263
Finance expense 42 71 129
----------------------------------------------- ------------- ------------- ---------
Adjusted EBIDTA 9,182 8,091 15,608
----------------------------------------------- ------------- ------------- ---------
Revolution Bars Group plc
Condensed Consolidated Statement of Financial Position
at 31 December 2016
Audited
(Unaudited) (Unaudited) 30 June
31 December 31 December
2016 2015 2016
GBP'000 GBP'000 GBP'000
----------------------------- --- --- --- ------------- -------------- ----------
Assets
Non-current assets
Property, plant and
equipment 56,504 51,449 53,300
-------------------------------------------- ------------- -------------- ----------
Current assets
Inventories 4,211 3,706 3,504
Trade and other receivables 8,432 7,474 9,502
Cash and cash equivalents 4,939 1,553 2,770
-------------------------------------------- ------------- -------------- ----------
17,582 12,733 15,776
----------------------------------------- ------------- -------------- ----------
Total assets 74,086 64,182 69,076
-------------------------------------------- ------------- -------------- ----------
Liabilities
Current liabilities
Financial liabilities (5,000) (2,500) -
Trade and other payables (17,777) (14,584) (20,398)
Tax payable (2,513) (1,563) (1,798)
-------------------------------------------- ------------- -------------- ----------
(25,290) (18,647) (22,196)
----------------------------------------- ------------- -------------- ----------
Non-current liabilities
Deferred tax liability (3,234) (2,994) (3,183)
Financial liabilities - - (500)
Other liabilities (2,112) (2,816) (2,015)
-------------------------------------------- ------------- -------------- ----------
(5,346) (5,810) (5,698)
----------------------------------------- ------------- -------------- ----------
Total liabilities (30,636) (24,457) (27,894)
-------------------------------------------- ------------- -------------- ----------
Net assets 43,450 39,725 41,182
-------------------------------------------- ------------- -------------- ----------
Equity attributable
to equity holders of
the parent
Issued share capital 50 50 50
Merger reserve 11,645 11,645 11,645
Reserves 31,755 28,030 29,487
-------------------------------------------- ------------- -------------- ----------
Total equity 43,450 39,725 41,182
-------------------------------------------- ------------- -------------- ----------
Revolution Bars Group plc
Condensed Consolidated Statement of Cash Flow
for the six months ended 31 December 2016
(Unaudited) (Unaudited)
Six months Six months Year
ended ended ended
31 December 31 December 30 June
2016 2015 2016
GBP'000 GBP'000 GBP'000
------------------------------- ------------- ------------- ---------
Cash flows from operating
activities
Profit after tax from
operations 3,850 4,000 6,069
Net finance costs 42 71 129
Depreciation of property,
plant and equipment 3,681 3,071 6,263
Tax expense 766 651 1,075
Increase in inventories (707) (723) (521)
Decrease / (increase)
in trade and other
receivables 1,070 1,762 (265)
(Decrease) / increase
in trade and other
payables (2,456) (3,741) 1,434
Tax paid - - -
------------------------------- ------------- ------------- ---------
Net cash flows generated
from operating activities 6,246 5,091 14,184
---------------------------------- ------------- ------------- ---------
Cash flows from investing
activities
Purchase of property,
plant and equipment (6,885) (7,794) (12,837)
Net cash flows used
in investing activities (6,885) (7,794) (12,837)
---------------------------------- ------------- ------------- ---------
Cash flow from financing
activities
Equity dividend paid (1,650) (850) (1,600)
Interest paid (42) (45) (129)
Drawdown of borrowings 4,500 2,500 500
---------------------------------- ------------- ------------- ---------
Net cash flows generated
from/ (used in) financing
activities 2,808 1,605 (1,229)
---------------------------------- ------------- ------------- ---------
Net increase / (decrease)
in cash and cash equivalents 2,169 (1,098) 118
Opening cash and cash
equivalents 2,770 2,651 2,652
---------------------------------- ------------- ------------- ---------
Closing cash and cash
equivalents 4,939 1,553 2,770
---------------------------------- ------------- ------------- ---------
Revolution Bars Group plc
Condensed Consolidated Statement of Changes in Equity
for the six months ended 31 December 2016
Reserves
--------- ----------
Issued Total
Share Merger Retained shareholders'
Capital reserve earnings equity
GBP'000 GBP'000 GBP'000 GBP'000
At 30 June 2015 50 11,645 24,880 36,575
Total comprehensive
income for the
period - - 4,000 4,000
Dividend - - (850) (850)
At 31 December
2015 50 11,645 28,030 39,725
------------------------ --------- --------- ---------- ---------------
Total comprehensive
income for the
period - - 2,069 2,069
Share based payment - - 138 138
Dividend - - (750) (750)
At 30 June 2016 50 11,645 29,487 41,182
------------------------ --------- --------- ---------- ---------------
Total comprehensive
income for the
period - - 3,850 3,850
Share based payment - - 68 68
Dividend - - (1,650) (1,650)
------------------------ --------- --------- ---------- ---------------
At 31 December
2016 50 11,645 31,755 43,450
------------------------ --------- --------- ---------- ---------------
Notes to the Half-yearly Financial Report
1. Reporting entity
Revolution Bars Group plc (the 'Company') is a company incorporated and domiciled in the United Kingdom. Its Registered Office is at 21 Old Street, Ashton under Lyne, OL6 6LA, United Kingdom. The Company's shares are listed on the London Stock Exchange.
This half-yearly Financial Report is an interim management report as required by DTR 4.2.3 of the Disclosure Guidance and Transparency Rules of the UK Financial Conduct Authority (the 'FCA').
These condensed consolidated interim financial statements as at and for the six months ended 31 December 2016 comprise the Company and its subsidiaries (together referred to as the 'Group').
2. Basis of preparation
The annual financial statements of the Group are prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the EU. As required by the Disclosure Guidance and Transparency Rules of the FCA, the condensed set of financial statements has been prepared applying the accounting policies and presentation that were applied in the preparation of the company's published consolidated financial statements for the year ended 30 June 2016.
The annual financial statements of the Group are prepared in accordance with IFRSs adopted by the European Union.
The comparative figures for the financial year ended 30 June 2016 are extracted from the Company's statutory accounts for that year. Those accounts have been reported on by the Company's auditor, filed with the Registrar of Companies and are available on request from the Company's Registered Office or to download from www.revolutionbarsgroup.com. The auditor's report on those accounts was unqualified, did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying their report and did not contain any statement under sections 498 (2) or (3) of the Companies Act 2006.
The condensed consolidated financial statements of the Group for the six months ended 31 December 2016 have been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the EU.
The condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements, and should be read in conjunction with the Group's annual financial statements as at 30 June 2016
3. Significant accounting policies
The accounting policies adopted in the preparation of the interim consolidated financial statements are consistent with those followed in the preparation of the Group's annual financial statements for the year ended 30 June 2016. These accounting policies are expected to be applied for the full year to 30 June 2017.
4. Key Risks
The directors set out below the principal risks and uncertainties that face the business;
-- Dependence on key sites -- Acquisition of new sites -- Consumer demand -- Discounting -- Health and safety -- Leasehold rents -- Supplier concentration -- National minimum/living wage
The key risks are consistent with those followed in the preparation of the Group's annual financial statements for the year ended 30 June 2016. Further detail on the key risk is detailed on page 14 of the Revolution Bars Group plc Annual Report 2016.
5. Going concern
The Directors have reviewed the Group's trading forecasts for the next twelve months and formed a judgement at the time of approving the financial information that there is a reasonable expectation that the Group has adequate resources, including its committed GBP10 million Revolving Credit Facility ("RCF"), to continue in operational existence for the foreseeable future. The Directors also expect to utilise the RCF for cash flow management and general business purposes as required from time to time. Consequently, the Directors believe that, overall the Group is well placed to manage its business risk successfully.
On the basis of the above paragraph the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the consolidated financial information.
6. Income tax
The effective tax rate for the half year was 17%. This is lower than the UK Corporation Tax Rate of 20%, mainly due to accelerated capital allowances in respect of investments in property, plant and equipment.
7. Exceptional items
(Unaudited) (Unaudited)
Year
ended
31 December 31 December 30 June
2016 2015 2016
GBP'000 GBP'000 GBP'000
-------------------------------- --- --- --- -------------- --- --------------- --- ---------
Professional fees for
aborted corporate transaction - - 1,063
Contract termination - - 329
Total exceptional items - - 1,392
----------------------------------------------- ------------------- -------------------- ---------
8. Dividends
A final dividend of 3.3p per share totalling GBP1,650,000 was declared on 1 December 2016 and was paid on 8 December 2016.
An interim dividend of 1.65p per share totalling GBP825,000 was declared on 28 February 2017 and will be paid on 6 April 2017. This is not recognised as a liability at 31 December 2016.
Responsibility statement of the directors in respect of the half-yearly financial report
We confirm that to the best of our knowledge:
--the condensed set of financial statements has been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the EU
--the interim management report includes a fair review of the information required by:
(a)DTR 4.2.7R of the Disclosure Guidance and Transparency Rules , being an indication of important events that have occurred during the first six months of the financial year 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 year; and
(b)DTR 4.2.8R of the Disclosure Guidance and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the entity during that period; and any changes in the related party transactions described in the last annual report that could do so.
The Directors of Revolution Bars Group plc are detailed on page 22 of the Revolution Bars Group plc Annual Report 2016.
By order of the Board
Chris Chambers
Finance Director
INDEPENDENT REVIEW REPORT TO REVOLUTION BARS GROUP PLC
Introduction
We have been engaged by the company to review the condensed set of financial statements in the half-yearly financial report for the six months ended 31 December 2016 which comprises the condensed consolidated Statement of Comprehensive Income, condensed consolidated Statement of Financial Position, condensed consolidated Statement of Cash flows, condensed consolidated Statement of Changes in Equity and the related explanatory notes. We have read the other information contained in the half-yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.
This report is made solely to the company in accordance with the terms of our engagement to assist the company in meeting the requirements of the Disclosure Guidance and Transparency Rules ("the DTR") of the UK's Financial Conduct Authority ("the UK FCA"). Our review has been undertaken so that we might state to the company those matters we are required to state to it in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company for our review work, for this report, or for the conclusions we have reached.
Directors' responsibilities
The half-yearly financial report is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the half-yearly financial report in accordance with the DTR of the UK FCA.
As disclosed in note 2, the annual financial statements of the Group are prepared in accordance with IFRSs as adopted by the EU. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the EU.
Our responsibility
Our responsibility is to express to the company a conclusion on the condensed set of financial statements in the half-yearly financial report based on our review.
Scope of review
We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity issued by the Auditing Practices Board for use in the UK. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 31 December 2016 is not prepared, in all material respects, in accordance with IAS 34 as adopted by the EU and the DTR of the UK FCA.
Stuart Burdass
for and on behalf of KPMG LLP
Chartered Accountants
1 St Peter's Square, Manchester, M2 3AE
28 February 2017
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR TRMFTMBJTBAR
(END) Dow Jones Newswires
February 28, 2017 02:00 ET (07:00 GMT)
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