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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Aquila Services Group Plc | LSE:AQSG | London | Ordinary Share | GB00BPYP3Q26 | ORD 5P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 6.50 | 4.00 | 9.00 | 0.00 | 00:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Jan 2023 to Jan 2025
TIDMAQSG
RNS Number : 6620U
Aquila Services Group PLC
27 November 2023
For immediate release
27 November 2023
Aquila Services Group plc
Unaudited Interim Results for the six months ended 30 September 2023
Aquila Services Group plc ("the Company"), is the holding company for Altair Consultancy and Advisory Services Ltd ("Altair"), Aquila Treasury and Finance Solutions Ltd ("ATFS") and Oaks Consultancy Ltd ("Oaks") which form the Group ("the Group").
The Group works in the UK and internationally. Its expertise is in the provision, financing and management of affordable housing by housing associations, local authorities, government agencies and other non-profit organisations, high level business advice to the property sector and support for organisations including multi-academy education trusts and sports foundations working in communities to improve health and well-being opportunities.
Results Highlights
Hot Features
Premium
6 Months 6 months to Year ended
to 30 Sept 2022 31 March
30 Sept 2023 (unaudited) 2023 (audited)
(unaudited)
GBP'000 GBP'000 GBP'000
Revenue 5,923 5,874 12,249
Gross profit 1,039 1,078 2,605
Underlying Operating profit* 99 308 806
Profit after tax 68 244 518
Earnings per share 0.17p 0.61p 1.29p
Cash balances 1,649 1,718 2,405
Total dividend payable 0.25p 0.25p 0.75p
* Underlying operating profit is calculated by adjusting the reported pre-tax profit for share-based payment charges and impairment of goodwill.
Dividend
The directors propose an interim dividend of 0.25p (2022: 0.25p). This will be paid on 20 December 2023 to shareholders on the register at 8 December 2023.
A copy of the interim results will be available from the Company's website: https://aquilaservicesgroup.co.uk/investor-information
This announcement includes inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018 ("UK MAR").
For further information please visit www.aquilaservicesgroup.co.uk or contact:
Aquila Services Group plc
Claire Banks
Claire.banks@aquilaservicesgrp.co.uk
Group Finance Director and Company Secretary
Tel: 020 7934 0175
Beaumont Cornish Limited, Financial Adviser
Roland Cornish / Asia Szusciak
corpfin@b-cornish.co.uk
Tel: 020 7628 3396
Chair's statement
Dear Shareholder,
I am pleased to present the half-yearly report and the interim results for the six months to 30 September 2023.
Aquila Services Group plc ("the Company") is the holding company for Altair Consultancy & Advisory Services Ltd ("Altair"), Aquila Treasury and Financial Solutions Ltd ("ATFS") and Oaks Consultancy Ltd ("Oaks") which form the Group ("the Group").
The group is an independent consultancy specializing in the provision, financing, and management of affordable housing by housing associations, local authorities, government agencies and other non-profit organisations. The Group also provides high level business advice to the commercial property sector and support for organisations including multi-academy education trusts, charities and sports foundations, working in communities to improve health and well-being opportunities.
The prospect for the half year was for the business to continue the growth achieved in the second half of the financial year ended 31 March 2023. Demand for the majority of our services in many of the sectors in which we operate has continued at a high level although the wait for government to set effective procedures for education to access capital allocations continues.
However, a number of factors have impacted on the profitability and to a lesser extent turnover in the first six months.
As mentioned at the year end, 'wage inflation and skills shortages are still a significant upward pressure on our cost base'. We have, like the majority of businesses, had to respond to these pressures and with the cost of living crisis continuing, the pressure on salaries has increased and these additional costs, as well as costs of recruitment and training, have reduced profitability in the first 6 months of this financial year.
Our consultants, particularly those with specific skills, are in high demand in the sector. This has led to pressures on retention and additional costs of recruitment and training. There is an interregnum before the new recruits are able to support the level of expertise required by our clients. We are beginning to see these pressures ease as the general recruitment market as well as the cost of living become less challenging. It is our expectation that it will be the next financial year before we can return to a position where there is stability between demand for our services and the resources that we have available.
The pressures on the property market and in particular the cross-subsidy provided to new affordable housing has impacted on our clients. To compensate, our development team have changed emphasis with consultants assisting with investment in existing housing stock with both turnover and profitability being affected during this transition.
The planned restructuring and investment in Oaks has taken longer than expected partially due to the difficulties experienced in the recruitment market. The restructuring is now largely completed but represented a significant additional cost in the first six months.
Looking forward we are now better positioned and resourced to meet the demands of a challenging market. New opportunities for the Group's services are emerging, particularly with our international work, and proposals for more diverse growth in both social and affordable housing. We do not expect that profitability in the second half will compensate for the shortfall in the first half but we confidently expect an improving position.
We are still conscious of the impact of the costs of having a full market quote on the London Stock Exchange and are continuing to examine ways the impact can be reduced with benefit to shareholders.
Turnover for the 6 months was GBP5,923k (GBP5,874k 6 months to September 2022; GBP12,249k 12 months to March 2023) and profit before tax, share option charges and impairment of goodwill of GBP99k (GBP308k September 2022, GBP806k March 2023).
The Group continues to have a strong balance sheet with no debt. As at 30 September 2023 net current assets were GBP2,856k (30 September 2022 GBP2,715k and 31 March 2023 GBP3,036k).
We are confident of achieving a significant profit for the full year and will therefore maintain the interim dividend at the previous level. The final dividend will be reviewed once we know the outcome for the full year. The interim dividend for the 6 months ended 30 September 2023 to be paid on 20 December 2023 to those shareholders on the register at 8 December 2023 will be 0.25p, (30 September 2022: 0.25p, 31 March 2023 0.5p).
We remain committed to the services that the Group offers to organisations and agencies working to provide the essential services that enhance the life opportunities of their communities. In an increasingly troubled world, finding the resources to maintain these objectives is the challenge, both to government and the many different sectors that make up our civil society. Our role in helping clients construct funding and delivery mechanisms to achieve these objectives is important. As always it is only from the commitment and expertise of all our staff that we can achieve these objectives. On behalf of the board we thank them for their efforts.
I look forward to reporting progress at the year end.
Derek Joseph - Chair
24 November 2023
The Management of the Group are pleased to present their report for the period ended 30 September 2023.
Aquila at a Glance
The Group continues to implement its business strategy to encompass all the professional consultancy services that the Group's client base demands. The Group now provides advice and support across the affordable housing, regeneration, sport, charity and education sectors. Its purpose is to assist organisations that benefit local communities such as housing associations, local authorities, government agencies, multi-academy trusts, charities, other non-profit organisations and those set up for community benefit, as well as providing related high-level business advice to the commercial property sector.
Business performance and position
Altair Consultancy and Advisory Services Ltd ("Altair")
Altair is a specialist management consultancy company that works with organisations that govern, manage, regulate or build housing. Operating within the UK and Europe, its international client base is increasing with continuing and new contracts in Africa and investment in expansion into Asia.
The services that Altair offers cover housing development and regeneration, property asset management, health and safety compliance and building safety advice, strategic financial advice, governance and risk management, executive and non-executive recruitment. Our digital, transformation and people services and our technical asset team are areas of continued significant investment and growth.
Clients contract with Altair on a fixed-fee basis, through retained contracts in our finance, governance and transformation business streams, and placements for members of the property team, and increasingly for our transformation team, at client sites.
Both the consulting and property businesses have seen income remain in-line with expectations this half year. Profitability has been affected by the cost-of-living crisis, recruitment and retention and the investment in our new service lines, Commercial and Procurement and Sustainability.
The impact of the macro-economic environment was most keenly felt within our property business, clients have begun to reduce their investment in new housing development and increase investment in their current housing stock. To mitigate this, where possible, colleagues are being redeployed into the technical and asset management teams which have an increasing workload.
The business is seeing opportunity on the work clients are undertaking in preparation for the implementation of the various new Bills that have gained Royal Assent in the last six months, specifically the new consumer regulations due to come into force in April 2024.
Management report
Aquila Treasury and Financial Solutions Ltd ("ATFS")
ATFS is a specialist treasury management consultancy authorised and regulated by the Financial Conduct Authority that operates across the UK and Europe. It provides advice on treasury policy and strategy, debt and capital market finance, banking and card merchant services, value for money, and financial market information services to local authorities, charities, housing associations, education bodies, private sector housing providers and government bodies.
Work is delivered through fixed price contracts as retained general treasury advisers and information subscription agreements. Specific advisory project contracts are on a fixed fee basis, won through competitive procurement tenders, payable on agreed project milestones.
The changes in personnel within ATFS last year has meant that the business has stabilised and, although the issues within education procurement continues, the treasury advice into the housing and international markets has seen an increase in the half year. This is expected to improve in the next half.
Oaks Consultancy Limited ("Oaks")
Oaks is a specialist sports, charity, statutory and education consultancy operating within the UK and Europe with an increasing international presence. Oaks' clients include national and international sports teams and governing bodies, national and international charities, statutory organisations and local authorities, multi academy trusts and teaching school alliances, housing associations and corporate businesses.
Oaks provides consultancy advice and guidance on strategy and business planning, organisational and cultural change programmes, impact measurement, together with implementation support in relation to income generation and diversification. Contracts are delivered through a mix of fixed-fee projects and retained contracts for general advisory services.
The agreed investment in Oaks was slower than anticipated and this has affected the results this half year. With two of the three planned sector leads now in-place the expectations are that the results in the second half will recover, although not to budgeted levels.
Investments
The Group continues to hold a 5.3% equity stake in AssetCore, a company building a financial debt management platform for the affordable housing sector.
Group-wide initiatives
ESG Group
The purpose of the ESG Group is to focus on the Environment, Social and Governance (ESG) agenda and to drive the agenda across the Group and its subsidiaries. This includes driving Aquila's approach to being a climate conscious organisation. During the year the Group retained its Carbon Neutral Plus status and to ensure all employees are treated fairly. The Group commit to training all employees on the importance of having an inclusive workforce.
Further information about, and activities within the groups, is available on the website.
Outlook
The outlook for the second half is positive. The housing and international markets continue to provide opportunities for the Group and the investment in the Sports, Chairty and Education sector should see an increase in contracts in the next period.
Retention and recruitment continue to be one of the major risks and there is a sharp focus on this by the leadership teams of each business within the Group. In addition, the Group remains focused on improving margins whilst retaining turnover growth.
Going concern basis
The Board updates its three-year business plan annually. This includes a review of the Company's cash flows and other key financial ratios over the period. These metrics are subject to sensitivity analysis which involves flexing a number of the main assumptions underlying the forecast, both individually and in unison. Where appropriate, this analysis is carried out to evaluate the potential impact of the Company's principal risks. The three-year review also makes certain assumptions about the normal level of capital investment likely to occur and considers whether additional financing facilities will be required.
The Group does not have any bank debt and remains in a strong cash position with balances at the end of September 2023 at GBP1.65m and net current assets at GBP2.86m.
The Directors continue to review the forecasts on a monthly basis applying stress tests to the reforecasts to ensure viability of the outputs. The Group continue to monitor cash balances, debtors and cash generation on a daily basis. Based on the results of these analyses, the Directors have a reasonable expectation that the Company will be able to continue in operation and meet its liabilities as they fall due in the next twelve months and over the three-year period of their assessment.
Risks and uncertainties
The key risks and uncertainties relating to the Group's operations remain largely consistent with those disclosed in the Group's Annual Report and Accounts for the year ended 31 March 2023. These are listed below:
-- Financial risk -- Unfavourable economic conditions and/or changes to government policy -- Competition -- Staff skills, retention, recruitment and succession -- Data governance
The Group seeks to mitigate all these risks through ensuring that it monitors changes in statutory, regulatory and financial requirements and maintains good relationships with its clients, principal contacts within government, regulators and other key influencers within the sector. The Group is well placed to provide the full range of services needed by its clients as the external environment changes.
A detailed explanation of the risks relevant to the Group is on Page 20 of the Annual Report and Accounts for the year ended 31 March 2023 and is available on the Company's website at www.aquilaservicesgroup.co.uk .
Fiona Underwood - Executive Director
24 November 2023
Responsibility Statement
The Directors, whose names and functions are set out at the end of this report, are responsible for preparing the Unaudited Interim Condensed Consolidated Financial Statements in accordance with the Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority ("DTR") and with International Accounting Standard 34 on Interim Financial reporting ("IAS 34"). The Directors confirm that, to the best of their knowledge,
(a) this Unaudited Interim Condensed Consolidated Report, which has been prepared in accordance with UK-adopted International Accounting Standard 34 gives a true and fair view of the assets, liabilities, financial position and profit or loss of the Group; and
(b) the interim management report includes a fair review of the information required by DTR 4.2.7 and DTR 4.2.8 namely:
-- an indication of key events occurred during the period and their impact on the Unaudited Interim Condensed Consolidated Financial Statements and a description of the principal risks and uncertainties for the second half of the financial year; and
-- material related party transactions that have taken place during the period and that have materially affected the financial position or the performance of the business during that period.
Remuneration of Directors and key management personnel
The remuneration of the key management personnel of the Group, including all directors of subsidiary companies, is set out below in aggregate for each of the categories specified in IAS 24 Related Party Disclosures.
6 months to 6 months to Year ended
30 September 30 September 31 March
2023 (unaudited) 2022 (unaudited) 2023
(audited)
GBP'000 GBP'000 GBP'000
Wages and salaries 395 499 1,036
Share-based payments 2 5 5
Post-retirement benefits 17 24 48
------------------ ------------------ ------------
415 528 1,089
================== ================== ============
Claire Banks - Group Finance Director
24 November 2023
Condensed Consolidated Statement of Comprehensive Income
For the six months ended 30 September 2023
Six months to 30 September 2023 Six months to 30 September 2022 Year ended
31 March
2023
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Revenue 5,923 5,874 12,249
Cost of sales (4,883) (4,796) (9,644)
-------------------------------- -------------------------------- -----------
Gross profit 1,040 1,078 2,605
Administrative expenses (966) (776) (1,828)
-------------------------------- -------------------------------- -----------
Operating profit 74 302 777
Finance income 19 - 17
Impairment of Goodwill - - (120)
-------------------------------- -------------------------------- -----------
Profit before taxation 93 302 674
Income tax expense (25) (58) (156)
-------------------------------- -------------------------------- -----------
Profit for the period 68 244 518
================================ ================================ ===========
Earnings per share attributable to
owners of the parent
Weighted average number of shares: '000 '000 '000
* Basic 39,962 39,962 39,962
* Diluted 41,016 41,016 41,016
Basic earnings per share 0.17p 0.61p 1.29p
Diluted earnings per share 0.16p 0.60p 1.26p
Condensed Consolidated Statement of Financial Position
As at 30 September 2023
30 September 2023 30 September 2022 31 March
2023
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Non-current assets
Goodwill 3,197 3,317 3,197
Right of use assets 397 229 185
Property, plant and equipment 63 50 49
Investments 71 71 71
------------------ ------------------ ----------
3,728 3,667 3,502
Current assets
Trade and other receivables 3,221 2,574 3,130
Cash and bank balances 1,649 1,718 2,405
------------------ ------------------ ----------
4,870 4,292 5,535
Current liabilities
Trade and other payables 1,703 1,266 2,260
Lease liabilities 105 89 69
Corporation tax 206 222 170
2,014 1,577 2,499
Net current assets 2,856 2,715 3,036
------------------ ------------------ ----------
Non-current lease liabilities 298 150 126
Net assets 6,286 6,232 6,412
================== ================== ==========
Equity
Share capital 1,998 1,998 1,998
Share premium account 1,712 1,712 1,712
Merger reserve 3,042 3,042 3,042
Share-based payment reserve 370 358 364
Retained losses (836) (878) (704)
------------------ ------------------ ----------
Equity attributable to the owners of the parent 6,286 6,232 6,412
Condensed Consolidated Statement of Changes in Equity
Share Share based
Share premium Merger payment Retained Total
capital account reserve reserve losses equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at
1 April 2022 1,998 1,712 3,042 415 (1,025) 6,142
Transfer on
reserves - - - (63) 63 -
Total comprehensive
income - - - - 244 244
Share based
payment charge - - - 6 - 6
Dividend - - - - (160) (160)
Balance at
30 September
2022 1,998 1,712 3,042 358 (878) 6,232
-------- -------- -------- ------------ --------- --------
Transfer on - - - - - -
reserves
Total comprehensive
income - - - - 274 274
Share based
payment charge - - - 6 - 6
Dividend - - - - (100) (100)
Balance at
31 March 2023 1,998 1,712 3,042 364 (704) 6,412
Transfer on - - - - - -
reserves
Total comprehensive
income - - - - 68 68
Share based
payment charge - - - 6 - 6
Dividend - - - - (200) (200)
Balance at
30 September
2023 1,998 1,712 3,042 370 (836) 6,286
======== ======== ======== ============ ========= ========
Condensed Consolidated Statement of Cash Flows
for the six months ended 30 September 2023
Six months to 30 September Six months to 30 September Year ended
31 March
2023 2022 2023
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Cash flow from operating activities
Profit for the period 68 244 518
Interest received (19) - (17)
Income tax expense 25 58 156
Share based payment charge 6 6 12
Impairment of goodwill - - 120
Depreciation 63 59 124
--------------------------- --------------------------- -----------
Operating cash flows before movement in
working capital 143 367 913
(Increase)/Decrease in trade and other
receivables (91) 19 (537)
(Decrease)/increase in trade and other
payables (557) (652) 343
--------------------------- --------------------------- -----------
Cash generated by operations (505) (266) 719
Income taxes refunded/(paid) 11 20 (130)
Net cash (outflow)/inflow from operating
activities (494) (246) 589
Cash flows from investing activities
Interest received 19 - 17
Purchase of property, plant and equipment (33) (25) (45)
Net cash (outflow) from investing activities (14) (25) (28)
Cash flows from financing activities
Lease liability payments (48) (44) (89)
Dividends paid (200) (160) (260)
Net cash (outflow) from financing activities (248) (204) (349)
Net (decrease)/increase in cash and cash
equivalents (756) (475) 212
Cash and cash equivalents at beginning of the
period 2,405 2,193 2,193
--------------------------- --------------------------- -----------
Cash and cash equivalents at end of the period 1,649 1,718 2,405
=========================== =========================== ===========
Notes to the Condensed set of Financial Statements
for the six months ended 30 September 2023
1. General information
The Company and its subsidiaries (together "the Group") are a major provider of consultancy services to organisations that develop, fund or manage affordable housing. It provides specialist housing, sport, education and treasury management consultancy services.
The Company is a public limited company domiciled in the United Kingdom and incorporated under registered number 08988813 in England and Wales. The Company's registered office is Tempus Wharf, 29a Bermondsey Wall West, London, SE16 4SA.
2. Basis of preparation
The Unaudited Condensed Consolidated Interim Financial Statements of the Group have been prepared on the basis of the accounting policies, presentation, methods of computation and estimation techniques used in the preparation of the audited accounts for the period ended 31 March 2023 and expected to be adopted in the financial information by the Company in preparing its annual report for the year ending 31 March 2024.
This Interim Consolidated Financial Information for the six months ended 30 September 2023 has been prepared in accordance with UK-adopted International Accounting Standard 34. This Interim Consolidated Financial Information is not the Group's statutory financial statements and should be read in conjunction with the annual financial statements for the year ended 31 March 2023, which were prepared in accordance with UK-adopted International Accounting Standards and have been delivered to the Registrar of Companies. The auditors reported on those accounts; their report was unqualified, did not include references to any matters to which the auditors drew attention by way of emphasis of matter without qualifying their report and did not contain statements under section 498(2) or (3) of the Companies Act 2006.
The Interim Consolidated Financial Information for the six months ended 30 September 2023 is unaudited. In the opinion of the Directors, the Interim Consolidated Financial Information presents fairly the financial position, and results from operations and cash flows for the period.
The Directors have made an assessment of the Group's ability to continue as a going concern and are satisfied that the Group has adequate resources to continue in operational existence for the foreseeable future. The Group, therefore, continues to adopt the going concern basis in preparing its consolidated financial statements.
The financial statements are presented in sterling, which is the Group's functional currency as the UK is the primary environment in which it operates.
3. Operating segments
The Group has two reportable segments being: consultancy, and treasury management services, the results of which are included within the financial information. In accordance with IFRS8 'Operating Segments', information on segment assets is not shown, as this is not provided to the chief operating decision-maker.
The principal activities of the Group are as follows:
Consultancy - a range of services to support the business needs of a diverse range of organisations across the housing (including housing associations and local authorities), education and sports sectors. Most consultancy projects run over one to two months and on-going business development is required to ensure a full pipeline of consultancy work for the employed team.
Treasury Management - a range of services providing treasury advice and fund-raising services to non-profit making organisations working in the affordable housing and education sectors. Within this segment of the business several client organisations enter fixed period retainers to ensure immediate call-off of the required services.
The accounting policies of the reportable segments are the same as the Group's accounting policies. Segment profit represents the profit earned by each segment, without allocation of central administration costs, including Directors' salaries, finance costs and income tax expense. This is the measure reported to the Group's executives for the purpose of resource allocation and assessment of segment performance.
6 months 6 Months
to 30 Sept to 30 Sept
2023 2022
GBP'000 GBP'000
Revenue from Consultancy 5,734 5,647
Revenue from Treasury Management 189 227
------------ ------------
5,923 5,874
============ ============
Within consultancy revenues, approximately 8% (2022: 16%) has arisen from the segment's largest customer; within treasury management 19% (2022: 20%).
Geographical information
Revenues from external customers, based on location of the customer, are shown below:
6 months 6 months
to 30 Sept to 30 Sept
2023 2022
GBP'000 GBP'000
UK 5,530 5,658
Europe 268 193
Rest of World 125 23
------------ ------------
5,923 5,874
============ ============
4. Share capital
The Company has one class of share in issue being ordinary shares with a par value of 5p. Allotted, issued and called up ordinary shares of GBP0.05 each:
Number Amount called up and fully paid
GBP'000
'000
As at 1 April 2022 39,961 1,998
As at 30 September 2022 39,961 1,998
As at 31 March 2023 39,961 1,998
As at 30 September 2023 39,961 1,998
======= ================================
5. Share-based payment transactions
The Company operates an Unapproved Scheme and an Enterprise Management Incentives Scheme. The total cost recognised in the period to 30 September 2023 arising from share-based payment transactions is GBP6k (30 September 2022: GBP6k).
Unapproved scheme Number Weighted
'000 average exercise
price
Number of options outstanding at 1 April 171 GBP0.35
2023 and 30 September 2023
=======
The exercise price of the options outstanding at 30 September
2023 is GBP0.35
Number Weighted average
EMI scheme '000 exercise price
Number of options outstanding at 1 April
2023 2,196 GBP0.05
Number of options outstanding at 30
September 2023 2,196 GBP0.14
-------
Number of options exercisable at 30
September 2023 1,305 GBP0.05
=======
6. Going concern
The Group has sufficient financial resources to enable it to continue its operational activities for the foreseeable future. Accordingly, the Directors consider it appropriate to adopt the going concern basis in preparing these interim accounts.
7. Dividend
An interim dividend of 0.25p will be paid on 20 December 2023 to shareholders on the register at 8 December 2023 at a cost of GBP99,905.
8. Related party disclosures
Balances and transactions between the Group and other related parties are disclosed below:
During the 6 months to 30 September 2023, Derek Joseph, Chair, was paid GBP33k (6 months to September 2022: GBP11.7k) which includes GBP28k (6 months to September 2022: GBP6.7k) of consultancy fees in relation the Group's international business.
Richard Wollenberg, non-executive director, accrued fees of GBP2k (6 months to September 2022: GBP2k). At 30 September 2023, the balance owed to Richard Wollenberg for services as a non-executive director was GBP6k (6 months to September 2022: GBP6k).
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