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RNS Number:5341P
iTouch PLC
09 September 2003
9 September 2003
iTouch plc
Interim Results for the Six Months to 30 June 2003
Unaudited
H1 2003 H1 2002 % Y on Y
Revenue #25.8m #13.6m 90%
EBITDA loss * (#1.8m) (#5.6m) 67%
Operating loss * (#4.0m) (#8.9m) 55%
Net cash #15.7m #32.1m
* Before exceptional items
Financial and Operating Highlights
* Acquisition of Movilisto completed on 2 June 2003.
* Launch of Movilisto 'direct' Model in the UK under the 8181 brand.
* Turnover up 90% to #25.8m (H1 2002: #13.6m).
* H1 EBITDA loss down 67% to #1.8m (H1 2002: #5.6m).
* Adjusted EPS loss improvement by 72% to 0.5p (H1 2002: 1.8p)
Commenting on the results Chairman Ivan Fallon said:
"The acquisition of Movilisto and continued progress in existing operations have
resulted in iTouch breaking through to an EBITDA positive position. We are now
the leading quoted mobile value-added service provider in Europe, and have
positioned ourselves as a key consolidator in the emerging mobile data market."
Enquiries:
iTouch plc
Wayne Pitout, Chief Executive Officer Tel: 020 7796 4133
on 9 September 2003 thereafter 020 7613 6000
Website: www.itouchplc.com
Hudson Sandler Andrew Hayes/James Hill Tel: 020 7796 4133
An analyst briefing will be held at 9.30am at the offices of Hudson Sandler, 29
Cloth Fair, London, EC1A 7NN. Please contact Rebecca Ghent on 020 7796 4133 for
details or to notify attendance.
iTouch plc
Chief Executive Statement
I am delighted to report another 6 months of good progress at iTouch.
Throughout the period iTouch continued to establish itself as one of the leading
European mobile value-added service providers in the rapidly developing mobile
market and a key consolidator in the industry. We completed the acquisition of
Movilisto, market leader in Spain, on 2 June 2003 and are encouraged by its
performance which is in line with our expectations.
Market
The Company continues to target 16 to 24 year olds where SMS has become a
preferred method of communication and will become a key channel for the delivery
of mobile services. In the UK 84% of this age group now use a mobile phone, of
which 96% use SMS. With an ever broadening demographic age group using mobile
services and with over 30% of handsets now being sold including multimedia
capabilities, iTouch is tapping into an ever-increasing mobile services market.
Our strategy is to generate earnings from this high growth market by building
partnerships with premium content providers, such as Universal Pictures and The
EMI Group, while securing distribution channels that include mobile network
operators, handset manufacturers, retailers and media partners. iTouch is
building its own branded offering to form a direct relationship with mobile
consumers through its unique short-code numbers, for example 7777 in Spain and
8181 in the UK.
In Europe the five major regions are the UK, Spain, France, Germany and Italy,
representing 63%* of the total number of mobile users. Our continuing strategy
is to establish a material presence in each of these markets, while rolling out
the Movilisto direct model to our existing territories.
Group results
The first half of 2003 has been positive for iTouch with good performance from
the organic business model, whilst beginning to consolidate the European mobile
services market with the acquisition of Movilisto. The results of the Movilisto
Group of Companies ('Movilisto') have been incorporated into the Group results
from 2 June.
Group revenues increased to #25.8m (H1 2002: #13.6m) up 90%. The Group continued
its policy of cost reduction, utilising the efficiencies from our scalable
Global Platform, with EBITDA losses improving in the half year to #1.8m (H1
2002: #5.6m). This figure shows a significant reduction of 67% against last
year's performance and a sequential improvement of 43% against the second half
of last year (H2 2002 : #3.2m).
Movilisto
The Movilisto acquisition, has brought into the Group a highly successful and
profitable operation in Spain and Portugal.
The performance of Movilisto is in line with expectations and has contributed
#1.4m to revenue and #0.5m to EBITDA since acquisition in the month of June. It
will make a substantial contribution in H2 2003.
Data
Revenue in the Data business grew to #4.8m in H1 2003 (H1 2002: #2.1m) with
operating losses for the period decreasing 34% to #1.7m (H1 2002: #2.5m). The
Movilisto operating results are wholly included within this business segment.
The Group expects to continue to incur losses in the Data business as we develop
new channels to market and increase marketing spend as we look to roll out the
Movilisto 'direct' model in the UK based on the 8181 premium SMS brand. We
continue to monitor the business and costs closely as we invest in this new
channel.
The monthly average number of consumer messages increased significantly to 4.0m
in H1 2003, up from 2.2m in H1 2002. This improvement reflects our enhanced
product range which features content from leading providers such as 'The Hulk'
movie (Universal) and the broadening of our channels to market.
* Source: Informa Telecoms Group
Voice
The Voice business had a strong first half of 2003. Revenues increased to #16.7m
for the period, compared to #9.1m for the same period last year, an increase of
84%. There continues to be significant margin pressure in the voice industry in
the UK leading to an operating loss for the Voice business of #0.2m (H1 2002
#0.7m). Further cost reduction programmes were implemented at the end of Q2
2003 and we expect operating losses to reduce further. Successes in the Voice
division have included managing a number of messaging solutions for media
clients, particularly American Idol 2 which set a new world record for number of
calls for a voter empowerment TV Show, Big Brother in the UK and our recent
appointment to manage the UK Pop Idol 2. In the UK the Voice brands continue to
perform well, leveraging their loyal consumer base towards mobile technologies,
with the launch of mobile tipping under the Racecall brand and specific
localised weather reports with Weathercall.
As reported in previous statements iTouch has been utilising its technology for
one high revenue low margin contract. This contract is finishing in Q3 2003 and
therefore we expect a fall in voice revenues, but an improvement in the overall
margins. There will be negligible impact on EBITDA.
The average monthly number of call minutes for the period, at 4.4m per month,
was up 36% on the same period last year.
Other Data
Other Data recorded a very good first half to 2003, with revenues up to #4.3m
for the period (H1 2002: #2.4m) largely reflecting the continued success of
Business Mobility (our PDA applications offering) which secured a significant
new contract in the UK, increasing revenues in Q2 2003. Operating losses for the
half year period also decreased to #0.1m a reduction of 96%. (H1 2002: #1.6m).
Other Data also includes revenues from our commerce application, whereby
pre-paid mobile customers are able to top-up their airtime, and iTouch continues
to run outsourced WAP portals for three Network Operators.
Corporate Transactions
On 2 June 2003, iTouch completed its acquisition of Movilisto. By 30 June 2003,
Euro5m of cash has been paid to the vendors by way of the initial consideration.
74,733,718 iTouch Ordinary 1p shares were issued to vendors on completion. A
further #4.3m is to be paid in Q3 2003 in relation to the working capital of
Movilisto. In addition #7.2m has been provided for future deferred
consideration. In total, the cost of the Movilisto transaction, including
advisors' fees was #36.5m. Net assets acquired totalled #7.1m resulting in
goodwill of #29.4m which will be amortised over 10 years.
Other Profit and Loss items
The Group gross profit was #9.8m for the period, up from #5.7m in H1 2002 and a
sequential improvement of 47% on the second half of last year (H2 2002: #6.6m).
As expected we have seen an improvement in the Gross Margin as the higher margin
Data business increases together with the effects of the Movilisto acquisition.
This is a trend we expect to continue throughout 2003.
Selling expenses in H1 2003 are up 18% to #2.0m on H1 2002 primarily a result of
the Movilisto acquisition. General administration expenses marginally increased
on H1 2002, despite the acquisitions of Telescope and m4 (H2 2002) and Movilisto
(H1 2003). As a percentage of revenue general administration expenses have
improved from 71% in H1 2002 to 37% in H1 2003.
In Q2 2003, iTouch rationalised its property portfolio in three countries and a
number of cost reduction and product rationalisation programmes have been
implemented resulting in an exceptional charge of #1.5m.
After net interest income of #0.3m (H1 2002: #0.6m), share incentive scheme
charges of #nil (H1 2002: #0.2m), depreciation of #1.1m (H1 2002: #0.8m), a
charge for goodwill amortisation of #1.1m (H1 2002: #2.4m) and share of profits
of joint venture and associate of #0.1m (H1 2002: #0.2m loss), the loss on
ordinary activities before tax was #5.1m (H1 2002: #8.5m).
The adjusted loss per share (as calculated in note 2) was 0.5p (H1 2002: 1.8p),
a strong improvement of 72% for the same period in 2002. The Group had net cash
of #15.7m at the end of the period, decreasing over the quarter in line with
working capital adjustments and cash consideration for the Movilisto
acquisition. We expect cash to further decrease in Q3 2003 as the final
payments to the Vendors of Movilisto are made. Total headcount at 30 June 2003
was 364 (including 35 from Movilisto), down from 382 at 31 December 2002
reflecting operational efficiencies effected as part of the continuing review of
our cost base.
Outlook
iTouch has now reached sustainable profitability at EBITDA level. Our focus is
on rolling out the Movilisto 'direct' model to our existing territories while
establishing a material presence in the five key European markets (UK, Spain,
France, Germany and Italy) which represent 63% of the total number of mobile
users in Europe. We aim to strengthen our position as an industry leader
through a combination of organic growth and acquisition.
Wayne Pitout
Chief Executive Officer
9 September 2003
Group Profit and Loss Account
for the six months ended 30 June 2003
Unaudited Unaudited Audited
1 January to 30 June 2003 1 January Year to
to 30 June 31 December
2002 2002
Continuing Operations
Acquisitions Total Total Total
#000 #000 #000 #000 #000
Turnover 24,517 1,372 25,889 13,688 33,843
Less: Share of turnover of joint venture (101) - (101) (114) (229)
Group turnover 24,416 1,372 25,788 13,574 33,614
Cost of sales (15,735) (289) (16,024) (7,878) (21,282)
Gross profit 8,681 1,083 9,764 5,696 12,332
Selling expenses (1,683) (305) (1,988) (1,681) (3,011)
Administration expenses (12,789) (497) (13,286) (13,220) (56,618)
Administration expenses:
General administration charges (9,375) (249) (9,624) (9,582) (18,112)
Amortisation, depreciation, share
incentive scheme charges and exceptional
items
Goodwill amortisation (857) (245) (1,102) (2,381) (5,017)
Depreciation (1,077) (3) (1,080) (765) (1,925)
Share incentive scheme charges (15) - (15) (225) (516)
Exceptional items
* Impairment of intangible assets - - - - (30,019)
* Other (1,465) - (1,465) (267) (1,029)
(3,414) (248) (3,662) (3,638) (38,506)
Loss before amortisation, depreciation,
share incentive scheme charges and
exceptional items (2,377) 529 (1,848) (5,567) (8,791)
Group operating (loss)/profit (5,791) 281 (5,510) (9,205) (47,297)
Share of operating profit/(loss) of
joint venture 48 - 48 (163) (707)
(Loss)/profit before exceptional charge (5,743) 281 (5,462) (9,368) (48,004)
Gain on disposal of associated
undertaking - - - 182 182
(Loss)/profit on ordinary activities (5,743) 281 (5,462) (9,186) (47,822)
before interest and taxation
Net interest income 331 645 1,280
Loss on ordinary activities before taxation (5,131) (8,541) (46,542)
Taxation charge (217) (29) (51)
Loss on ordinary activities after taxation (5,348) (8,570) (46,593)
Equity minority interests - 57 59
Loss on ordinary activities after taxation and minority interests (5,348) (8,513) (46,534)
Dividends - - -
Loss for the period (5,348) (8,513) (46,534)
Basic and fully diluted loss per ordinary share (1.7p) (3.0p) (16.2p)
Adjusted loss per ordinary share (0.5p) (1.8p) (2.7p)
Group Balance Sheet
As at 30 June 2003
Unaudited Unaudited Audited
30 June 2003 30 June 2002 31 December 2002
#000 #000 #000 #000 #000 #000
Fixed assets
Intangible assets 40,337 39,373 15,422
Tangible assets 2,354 3,034 2,905
Investment in joint venture
- Share of gross assets - 475 171
- Share of gross liabilities - (907) (1,001)
- (432) (830)
Loans to joint venture - 822 830
- 390 -
42,691 42,797 18,327
Current assets
Stock 214 187 359
Debtors 15,320 6,108 6,165
Cash at bank and in hand 15,804 32,105 25,976
31,338 38,400 32,500
Creditors - amounts falling due within one year (22,707) (11,914) (13,994)
Net current assets 8,631 26,486 18,506
Total assets less current liabilities 51,322 69,283 36,833
Creditors - amounts falling due after more than
one year (322) (310) (287)
Provisions for liabilities and charges (3,131) (1,265) (2,083)
47,869 67,708 34,463
Capital and reserves
Called up share capital
- Equity 3,699 71,355 2,952
- Non-equity 68,501 - 68,501
Share premium 51,111 33,566 34,868
Shares to be issued 4,774 - 3,011
Profit and loss account (82,911) (39,711) (77,549)
Other reserves 2,695 2,389 2,680
Total shareholders' funds 47,869 67,599 34,463
Minority interests
Equity minority interests - 109 -
47,869 67,708 34,463
Group Cashflow Statement
For the six months ended 30 June 2003
Unaudited Unaudited Audited
1 January to 1 January to Year to
30 June 2003 30 June 2002 31 December 2002
#000 #000 #000
Net cash outflow from operating activities (8,105) (3,499) (8,115)
Returns on investments and servicing of finance 418 412 1,255
Taxation (18) - (51)
Capital expenditure and financial investment (358) (880) (1,982)
Acquisitions (1,941) - (1,343)
Cash outflow before management of liquid resources and
financing (10,004) (3,967) (10,236)
Management of liquid resources 10,298 5,682 14,208
Financing - - (153)
Increase in cash in the period 294 1,715 3,819
Decrease in liquid resources in the period (10,298) (5,682) (14,208)
Decrease/(Increase) in loan notes 1,099 - (1,186)
Decrease in cash, liquid resources and loan notes in the
period (8,905) (3,967) (11,575)
Exchange movements 126 16 15
(8,779) (3,951) (11,560)
Opening cash balance 24,496 36,056 36,056
Net cash balance at period end 15,717 32,105 24,496
Net cash comprises:
Cash at bank and in hand 15,804 32,105 25,976
Bank overdraft - - (294)
Loan notes (87) - (1,186)
15,717 32,105 24,496
Reconciliation of operating loss to net cash outflow from
operating activities
Operating loss (5,510) (9,205) (47,297)
Amortisation of goodwill 1,102 2,381 5,017
Depreciation 1,080 765 1,925
Share incentive scheme charges 15 225 516
Exceptional items - non-cash - 267 30,781
Loss on disposal of fixed assets - - 142
(Decrease)/Increase in stocks 18 (74) (131)
Increase in debtors (1,091) (1,341) (855)
(Decrease)/increase in creditors and accruals (3,725) 3,413 1,497
Effects of foreign exchange rate changes 6 70 290
Net cash outflow from operating activities (8,105) (3,499) (8,115)
Segmental Report
By geographical market
Unaudited Unaudited Audited
1 January to 1 January to 1 January to
30 June 2003 30 June 2002 31 December 2002
Operating Operating Operating
Turnover profit/ Turnover profit/ Turnover profit/(loss)
#000 (loss) #000 (loss) #000 #000
#000 #000
Europe:
- Group 19,546 (1,737) 9,300 (3,299) 24,385 (6,010)
- Joint Venture 101 48 114 (163) 229 (707)
Asia Pacific 4,906 (122) 3,376 (1,123) 6,999 (1,733)
Africa 1,336 (55) 898 (388) 2,230 (188)
Common costs and exceptional
items (2,494) (2,014) (4,330)
Goodwill (1,102) (2,381) (35,036)
25,889 (5,462) 13,688 (9,368) 33,843 (48,004)
By class of business
Unaudited Unaudited Audited
1 January to 1 January to 1 January to
30 June 2003 30 June 2002 31 December 2002
Operating Operating Operating
Turnover profit/ Turnover profit/ Turnover profit/(loss)
#000 (loss) #000 (loss) #000 #000
#000 #000
Data messages 4,772 (1,663) 2,126 (2,505) 5,157 (3,541)
Voice 16,671 (189) 9,080 (667) 23,338 (1,293)
Other data 4,345 (62) 2,368 (1,638) 5,119 (3,097)
Joint Venture 101 48 114 (163) 229 (707)
Common costs and exceptional
items (2,494) (2,014) (4,330)
Goodwill (1,102) (2,381) (35,036)
25,889 (5,462) 13,688 (9,368) 33,843 (48,004)
Statement of Reserves
Share premium Shares to be Profit Other
#000 issued and loss reserves Total
#000 #000 #000 #000
At 31 December 2002 34,868 3,011 (77,549) 2,680 (36,990)
Loss for the period - - (5,348) - (5,348)
Share premium on shares issued 16,255 - - - 16,255
Share issue expenses (12) - - - (12)
Reduction in estimated deferred
consideration - (1,837) - - (1,837)
Addition on acquisition - 3,600 - - 3,600
Reserve on issue of options under - - - 15 15
share incentive scheme
Currency translation differences on - - (14) - (14)
foreign currency net investments
At 30 June 2003 51,111 4,774 (82,911) 2,695 (24,331)
Notes:
1. Reconciliation of operating loss to EBITDA: 1 January to 1 January to
30 June 2003 30 June 2002
#'000 #'000
Group Operating loss (5,510) (9,205)
Add back: Exceptional items 1,465 267
Adjusted Group Operating loss (4,045) (8,938)
Add back: Goodwill amortisation 1,102 2,381
Depreciation 1,080 765
Share incentive scheme charges 15 225
EBITDA (1,848) (5,567)
2. The calculation of basic loss per ordinary share has been based on the loss
for the financial period of #5.3m (2002: #8.5m) and on 306,669,317 (2002:
285,418,796) shares, being the weighted average number of ordinary shares in
issue during the period.
There are no potentially dilutive ordinary shares. Accordingly, the fully
diluted loss per share is also based on 306,669,317 (2002: 285,418,796) shares.
The group has also presented an adjusted loss per share figure to exclude the
impacts of depreciation, share incentive scheme charges, amortisation and
exceptional charges, in order to give a better indication of the underlying
performance of the group. Adjusted loss per share has been based on an adjusted
loss of #1.7m (2002: #5.1m), which excludes depreciation #1.1m (2002: #0.8m),
amortisation of goodwill #1.1m (2002: #2.4m), share incentive scheme charges
#15k (2002: #225k) and, exceptional items #1.5m (2002: #0.1m) on 306,669,317
(2002: 285,418,796) shares.
The Group continues to diversify and grow new lines of business in its various
markets, from a common operating base. Due to the scale of current operations,
separate operating divisions do not exist for the various lines of business, and
accordingly the allocations of costs used in arriving at segmented operating
losses depends on the basis of allocation of common operating costs.
3. The financial information in this statement relating to the period ended
30 June 2003 does not constitute full statutory accounts within the meaning of
Section 240 of the Companies Act 1985. The financial statements of iTouch plc,
incorporating the financial information of iTouch plc for the year ended 31
December 2002 which have received an unqualified audit report and did not
contain any statements under Section 237 (2) or (3) of the Companies Act 1985,
to be filed shortly with the Registrar of Companies.
INDEPENDENT REVIEW REPORT TO ITOUCH PLC
Introduction
We have been instructed by the company to review the financial information which
comprises the Group profit and loss account, Group balance sheet, Group cash
flow statement, the reconciliation of movements in shareholders funds and the
related notes. We have read the other information contained in the interim
report for any apparent misstatements or material inconsistencies with the
financial information.
Directors' responsibilities
The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by the directors. The directors
are responsible for preparing the interim report in accordance with the Listing
Rules of the Financial Services Authority which require that the accounting
policies and presentation applied to the interim figures should be consistent
with those applied in preparing the preceding annual accounts except where any
changes, and the reasons for them, are disclosed.
Review work performed
We conducted our review in accordance with guidance contained in Bulletin 1999/4
issued by the Auditing Practices Board. A review consists principally of making
enquiries of Group management and applying analytical procedures to the
financial information and underlying financial data and, based thereon,
assessing whether the accounting policies and presentation have been
consistently applied unless otherwise disclosed. A review excludes audit
procedures such as tests of controls and verification of assets, liabilities and
transactions. It is substantially less in scope than an audit performed in
accordance with United Kingdom Auditing Standards and therefore provides a lower
level of assurance than an audit. Accordingly we do not express an audit
opinion on the financial information. This report, including the conclusion,
has been prepared for and only for the company for the purpose of the Listing
Rules of the Financial Services Authority and for no other purpose. We do not,
in producing this report, accept or assume responsibility for any other purpose
or to any other person to whom this report is shown or into whose hands it may
come save expressly agreed by our prior consent in writing.
Review conclusion
On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 30 June 2003.
PricewaterhouseCoopers
Chartered Accountants
London
9 September 2003
Non-Financial Operating Data - for the half year ended 30 June 2003
Monthly Monthly Per cent. Monthly Monthly Per cent.
average average change average average H1 change
Apr-June Apr-June Q2 2003 / H1 2002 H1 2003 /
2003 2002 Q2 2002 2003 H1 2002
Voice (1,2,3)
Total Minutes 4,545,151 2,762,279 65% 4,418,927 3,259,019 36%
Europe Minutes 4,161,456 2,084,987 100% 4,009,328 1,957,919 105%
Asia Pacific Minutes 38,814 66,808 (42%) 40,197 81,563 (51%)
Africa Minutes 344,881 610,484 (44%) 369,402 1,219,537 (70%)
Corporate data (4, 5, 6)
Total Users 673 781 (14%) 698 766 (9%)
Messages 2,675,234 1,693,523 58% 2,506,275 1,682,247 49%
Africa Users 514 546 (6%) 534 540 (1%)
Messages 1,959,368 801,333 145% 1,880,898 859,674 119%
Other territories Users 159 235 (32%) 164 226 (27%)
Messages 715,866 892,190 (20%) 625,377 822,573 (24%)
Consumer data (7,8)
Total Messages 4,611,923 2,321,793 99% 3,956,782 2,198,967 80%
Africa Messages 2,313,289 2,008,557 15% 2,389,733 1,894,838 26%
Other Territories Messages 2,298,634 313,236 634% 1,567,049 304,129 415%
Business Mobility (9,10)
Total Customers 54 54 0% 53 58 (9%)
Africa Customers - 1 (100%) - 1 (100%)
Other territories Customers 54 53 2% 53 57 (7%)
Notes to Non-Financial Operating Data (NFOD)
VOICE
(1) ''Minutes'' is the total duration of billable Voice calls in a given month.
Calls in Europe and Australasia are charged at premium rates; calls in South
Africa are charged at standard mobile rates. Calls include services in South
Africa where iTouch provides a Voice service on behalf of a third party and
services in Europe where third parties handle services on behalf of iTouch.
(2) Voice calls made in respect of Consumer Data products (e.g. Ringtones,
Picture Messages and Logos) largely to facilitate billing are recorded as
messages and revenue. The Voice system is used largely to facilitate billing
for products in Europe and in South Africa .
(3) The NFOD includes estimates for third party Voice services in Europe.
CORPORATE DATA
(4) "Corporate data users'' are defined as the total number, on the last day of
the month in question, of uniquely identifiable customers who had subscribed to
or used the service (whether on a fixed fee or per message payment basis) or
registered prepaid users with prepaid messages remaining. Prepaid users are
defined as customers who paid a charge in advance for a fixed number of
messages.
(5) ''Messages'' are defined as the total number of billable messages. Billable
messages are the total number of messages sent by corporate customers who
subscribed to or used the service (whether on a fixed fee or per message payment
basis).
(6) Corporate Data NFOD includes data on services provided to, in conjunction
with, or on behalf of, third party companies.
CONSUMER DATA
(7) ''Messages'' are defined as the total number of billable messages. Billable
messages are the total number of messages for which a charge has been made. This
category includes the total number of messages sent to consumers registered for
an Alerts service, messages sent to mobile originate customers and messages
sent to customers requesting special features for their mobile phone (including
ringtones and picture messages).
(8) Consumer Data NFOD includes data on services provided to, in conjunction
with, or on behalf of, third party companies.
BUSINESS MOBILITY
(9) A Business Mobility solution is the automation of a business process onto a
handheld mobile device which is used by an individual whilst away from their
desk or office.
(10) "Business Mobility customers" are defined as the number of unique
businesses who have implemented at least one iTouch Business Mobility solution
or received related consultancy or services, or purchased relevant hardware, and
who are billable in the month, either for an initial fee or an ongoing license
fee.
CALCULATION OF AVERAGES
(11) The ''Monthly Average'' for each quarter is calculated as the sum of the
NFOD for the three months concerned divided by three, even when a service in a
particular territory started only in the second or third month of that quarter.
This has the effect of reducing the ''monthly average'' figure for that quarter
with a consequential impact on dependent percentage calculations.
TESTING
(12) Voice and Data recorded traffic may include some minor activity generated
by testing and monitoring of services.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR KVLFBXKBZBBL
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