Share Name Share Symbol Market Type Share ISIN Share Description
Castings Plc LSE:CGS London Ordinary Share GB0001795680 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -10.00 -2.63% 370.00 364.00 370.00 370.00 370.00 370.00 8,545 12:02:14
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Industrial Engineering 150.2 140.5 25.2 14.7 161

Castings PLC Half-year Report

08/11/2019 7:00am

UK Regulatory (RNS & others)


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Castings PLC

08 November 2019

CASTINGS PLC

INTERIM MANAGEMENT REPORT

Six months ended 30 September 2019

Sales for the six months ended 30 September 2019 were GBP73.1 million (2018 - GBP68.3 million) with profit before tax of GBP7.34 million (2018 - GBP5.77 million).

Foundry operations

As previously reported, customer demand was strong during the first three months of the period followed by some softening in the second quarter. Overall the output during the period was up 5.4% at 25,200 tonnes (2018 - 23,900 tonnes) and external sales revenue increased by 7.9% to GBP70.1 million. The revenue figure is enhanced by the continued shift to more machined parts which results in higher average selling prices.

The profit from the foundry segment of GBP7.1 million represents an increase of 9.5% from the equivalent period last year ("previous period"). Whilst there has been some margin improvement compared to the previous period, further productivity gains are set to be realised during the second half of the financial year and into 2020/21.

Investment of GBP3.1 million has been made during the period to support automation and other productivity initiatives within the foundry businesses.

Machining operation

CNC Speedwell generated external revenue of GBP3.0 million during the period, a decrease of 8.1% compared to the previous period, with a reported profit of GBP0.1 million compared to a loss of GBP0.8 million in the previous period. The reduction in external revenue is to be expected as the emphasis continues to be on the group's core customer base.

The focus on engineering and productivity improvements in the machining business are now starting to be realised and have resulted in a return to profit in the period. It will continue to take time before all of the necessary processes have been reviewed and production efficiencies fully reflected in the operating performance. Where gains have been made this has increased the capacity available for future production without the need for further investment.

The capital investment during the period has again reduced from GBP1.3 million in the previous period to GBP0.6 million. The investment made has been to support automation and other productivity initiatives.

Outlook

The commercial vehicle sector has reported a decline in order intake in Europe. Accordingly, we have seen a reduction in schedules from this element of our customer base, which represents 70% of group revenue.

The focus in the foundry businesses continues to be on productivity improvements within the production processes and the completion of the automation of finishing processes. We expect to see the benefit of this during the remainder of the current financial year and into 2020/21.

The programme of automation investment commenced in the machining business following the successful development of a pilot cell during the period. This will enable the business to achieve additional productivity gains over a number of years.

Dividend

An interim dividend of 3.48 pence per share has been declared and will be paid on 2 January 2020 to shareholders who are on the register at 22 November 2019.

Principal risks and uncertainties

There are a number of potential risks and uncertainties which could have a material impact on the group's performance over the remaining six months of the financial year and could cause actual results to differ materially from expected and historical results.

The directors consider that the principal risks and uncertainties remain substantially the same as those stated on pages 7 and 8 of the Annual Report for the year ended 31 March 2019.

The general election and uncertainty surrounding our future relationship with Europe continues to cause concern over the near-term outlook and prospects for the UK economy. It is still too early to quantify or determine with certainty the impact on the group. The board will continue to monitor developments, consider the impact on the group's businesses and take appropriate action to help mitigate any risks associated with the UK leaving the EU.

Cautionary statement

This Interim Management Report ('IMR') has been prepared solely to provide additional information to shareholders to enable them to assess the group's strategies and the potential for those strategies to succeed. The IMR should not be relied on by any other party or for any other purpose. This IMR contains certain forward-looking statements. These are made by the directors in good faith based on the information available to them up to the time of their approval of this report but such statements should be treated with caution due to the inherent uncertainties, including both economic and business risk factors, underlying any such forward-looking information.

The group undertakes no obligation to update any forward-looking statements whether as a result of new information, future events or otherwise.

The IMR has been prepared for the group as a whole and therefore gives greater emphasis to those matters which are significant to Castings P.L.C. and its subsidiary undertakings when viewed as a whole.

By order of the board

BRIAN J. COOKE

Chairman

8 November 2019

Castings p.l.c.

Lichfield Road

Brownhills

West Midlands

WS8 6JZ

Consolidated Statement of Comprehensive Income

For six months ended 30 September 2019

 
                                                             Unaudited      Unaudited 
                                                             Half year      Half year    Audited 
                                                                    to             to    Year to 
                                                          30 September   30 September   31 March 
                                                                  2019           2018       2019 
                                                               GBP'000        GBP'000    GBP'000 
-------------------------------------------------------  -------------  -------------  --------- 
Revenue                                                         73,135         68,284    150,236 
Cost of sales                                                 (57,349)       (54,710)  (118,129) 
-------------------------------------------------------  -------------  -------------  --------- 
Gross profit                                                    15,786         13,574     32,107 
Distribution costs                                             (1,444)        (1,429)    (2,794) 
-------------------------------------------------------  -------------  -------------  --------- 
Excluding exceptional items                                    (7,109)        (6,444)   (14,116) 
Exceptional items                                                    -              -    (1,275) 
-------------------------------------------------------  -------------  -------------  --------- 
Total administrative expenses                                  (7,109)        (6,444)   (15,391) 
-------------------------------------------------------  -------------  -------------  --------- 
Profit from operations                                           7,233          5,701     13,922 
Finance income                                                     111             70        128 
-------------------------------------------------------  -------------  -------------  --------- 
Profit before income tax                                         7,344          5,771     14,050 
Income tax expense                                             (1,393)        (1,094)    (3,040) 
-------------------------------------------------------  -------------  -------------  --------- 
Profit for the period attributable to the equity 
 holders of the parent company                                   5,951          4,677     11,010 
Other comprehensive income/(expense) for the period: 
Items that will not be reclassified to profit and 
 loss: 
Movement in unrecognised surplus on defined benefit 
 pension schemes net of actuarial gains and losses                   -              -        237 
Defined benefit pension schemes GMP equalisation 
 charge                                                              -              -      1,290 
-------------------------------------------------------  -------------  -------------  --------- 
                                                                     -              -      1,527 
Items that may be reclassified subsequently to profit 
 and loss: 
Change in fair value of available for sale financial 
 assets                                                             30             32         44 
Tax effect of items that may be reclassified                       (5)            (5)        (7) 
-------------------------------------------------------  -------------  -------------  --------- 
                                                                    25             27         37 
-------------------------------------------------------  -------------  -------------  --------- 
Total other comprehensive income/(losses) for the 
 period (net of tax)                                                25             27      1,564 
-------------------------------------------------------  -------------  -------------  --------- 
Total comprehensive income for the period attributable 
 to the equity holders of the parent company                     5,976          4,704     12,574 
-------------------------------------------------------  -------------  -------------  --------- 
Earnings per share attributable to the equity holders 
 of the parent company 
Basic and diluted                                               13.64p         10.72p     25.23p 
-------------------------------------------------------  -------------  -------------  --------- 
 

Consolidated Balance Sheet

30 September 2019

 
                                                          Unaudited      Unaudited    Audited 
                                                       30 September   30 September   31 March 
                                                               2019           2018       2019 
                                                            GBP'000        GBP'000    GBP'000 
----------------------------------------------------  -------------  -------------  --------- 
ASSETS 
Non-current assets 
Property, plant and equipment                                70,999         75,253     71,438 
Financial assets                                                410            369        380 
Other receivables                                                 -          1,135          - 
----------------------------------------------------  -------------  -------------  --------- 
                                                             71,409         76,757     71,818 
----------------------------------------------------  -------------  -------------  --------- 
Current assets 
Inventories                                                  19,077         18,503     19,164 
Trade and other receivables                                  36,954         40,670     41,121 
Current tax asset                                               524              -          - 
Other current interest-bearing deposits                           -          4,900      5,000 
Cash and cash equivalents                                    25,835         14,692     25,771 
----------------------------------------------------  -------------  -------------  --------- 
                                                             82,390         78,765     91,056 
----------------------------------------------------  -------------  -------------  --------- 
Assets classed as held for resale                             1,060              -      1,060 
----------------------------------------------------  -------------  -------------  --------- 
                                                             83,450         78,765     92,116 
----------------------------------------------------  -------------  -------------  --------- 
Total assets                                                154,859        155,522    163,934 
----------------------------------------------------  -------------  -------------  --------- 
LIABILITIES 
Current liabilities 
Trade and other payables                                     22,453         22,787     24,222 
Current tax liabilities                                           -          1,075      1,842 
----------------------------------------------------  -------------  -------------  --------- 
                                                             22,453         23,862     26,064 
----------------------------------------------------  -------------  -------------  --------- 
Non-current liabilities 
Deferred tax liabilities                                      3,560          3,666      3,481 
----------------------------------------------------  -------------  -------------  --------- 
Total liabilities                                            26,013         27,528     29,545 
----------------------------------------------------  -------------  -------------  --------- 
Net assets                                                  128,846        127,994    134,389 
----------------------------------------------------  -------------  -------------  --------- 
Equity attributable to equity holders of the parent 
 company 
Share capital                                                 4,363          4,363      4,363 
Share premium account                                           874            874        874 
Other reserve                                                    13             13         13 
Retained earnings                                           123,596        122,744    129,139 
----------------------------------------------------  -------------  -------------  --------- 
Total equity                                                128,846        127,994    134,389 
----------------------------------------------------  -------------  -------------  --------- 
 

Consolidated Cash Flow Statement

For six months ended 30 September 2019

 
                                                              Unaudited      Unaudited 
                                                              Half year      Half year    Audited 
                                                                     to             to    Year to 
                                                           30 September   30 September   31 March 
                                                                   2019           2018       2019 
                                                                GBP'000        GBP'000    GBP'000 
--------------------------------------------------------  -------------  -------------  --------- 
Cash flows from operating activities 
Profit before income tax                                          7,344          5,771     14,050 
Adjustments for: 
Depreciation                                                      4,163          3,870      8,296 
Profit on disposal of property, plant and equipment                   -              -      (160) 
Finance income                                                    (111)           (70)      (128) 
Pension administrative costs                                          -              -        237 
Pension GMP equalisation charge                                       -              -      1,290 
Decrease/(increase) in inventories                                   87        (2,219)    (2,880) 
Decrease/(increase) in receivables                                5,185        (1,841)    (4,449) 
(Decrease)/increase in payables                                 (1,769)            545      1,980 
--------------------------------------------------------  -------------  -------------  --------- 
Cash generated from operating activities                         14,899          6,056     18,236 
Tax paid                                                        (3,685)        (1,341)    (2,707) 
Interest received                                                   101             57        108 
--------------------------------------------------------  -------------  -------------  --------- 
Net cash generated from operating activities                     11,315          4,772     15,637 
Cash flows from investing activities 
Dividends received from listed investments                           10             13         20 
Purchase of property, plant and equipment                       (3,724)        (3,187)    (4,858) 
Proceeds from disposal of property, plant and equipment               -              -        160 
Transfer from/(to) other current interest-bearing 
 deposits                                                         5,000              -      (100) 
Repayments from pension schemes                                       -              -      4,455 
Advances to pension schemes                                     (1,018)        (1,228)    (2,390) 
--------------------------------------------------------  -------------  -------------  --------- 
Net cash used in investing activities                               268        (4,402)    (2,713) 
Cash flow from financing activities 
Dividends paid to shareholders                                 (11,519)        (4,852)    (6,327) 
--------------------------------------------------------  -------------  -------------  --------- 
Net cash used in financing activities                          (11,519)        (4,852)    (6,327) 
Net increase/(decrease) in cash and cash equivalents                 64        (4,482)      6,597 
Cash and cash equivalents at beginning of period                 25,771         19,174     19,174 
--------------------------------------------------------  -------------  -------------  --------- 
Cash and cash equivalents at end of period                       25,835         14,692     25,771 
--------------------------------------------------------  -------------  -------------  --------- 
Cash and cash equivalents: 
Short-term deposits                                              23,362         11,931     19,828 
Cash available on demand                                          2,473          2,761      5,943 
--------------------------------------------------------  -------------  -------------  --------- 
                                                                 25,835         14,692     25,771 
--------------------------------------------------------  -------------  -------------  --------- 
 

Consolidated Statement of Changes in Equity

 
                                               Equity attributable to equity holders 
                                                            of the parent 
                                          Share     Share                  Retained     Total 
                                        capital   premium  Other reserve   earnings    equity 
Unaudited                               GBP'000   GBP'000        GBP'000    GBP'000   GBP'000 
-------------------------------------  --------  --------  -------------  ---------  -------- 
At 1 April 2019                           4,363       874             13    129,139   134,389 
-------------------------------------  --------  --------  -------------  ---------  -------- 
Profit for the period                         -         -              -      5,951     5,951 
Other comprehensive income/(losses): 
Change in fair value of available 
 for sale assets                              -         -              -         30        30 
Tax effect of items taken directly 
 to reserves                                  -         -              -        (5)       (5) 
-------------------------------------  --------  --------  -------------  ---------  -------- 
Total comprehensive income for the 
 period ended 30 September 2019               -         -              -      5,976     5,976 
Dividends                                     -         -              -   (11,519)  (11,519) 
-------------------------------------  --------  --------  -------------  ---------  -------- 
At 30 September 2019                      4,363       874             13    123,596   128,846 
-------------------------------------  --------  --------  -------------  ---------  -------- 
 
 
Unaudited                              GBP'000  GBP'000  GBP'000  GBP'000  GBP'000 
-------------------------------------  -------  -------  -------  -------  ------- 
At 1 April 2018                          4,363      874       13  122,892  128,142 
-------------------------------------  -------  -------  -------  -------  ------- 
Profit for the period                        -        -        -    4,677    4,677 
Other comprehensive income/(losses): 
Change in fair value of available 
 for sale assets                             -        -        -       32       32 
Tax effect of items taken directly 
 to reserves                                 -        -        -      (5)      (5) 
-------------------------------------  -------  -------  -------  -------  ------- 
Total comprehensive income for the 
 period ended 30 September 2018              -        -        -    4,704    4,704 
Dividends                                    -        -        -  (4,852)  (4,852) 
-------------------------------------  -------  -------  -------  -------  ------- 
At 30 September 2018                     4,363      874       13  122,744  127,994 
-------------------------------------  -------  -------  -------  -------  ------- 
 
 
Audited                                GBP'000  GBP'000  GBP'000  GBP'000  GBP'000 
-------------------------------------  -------  -------  -------  -------  ------- 
At 1 April 2018                          4,363      874       13  122,892  128,142 
-------------------------------------  -------  -------  -------  -------  ------- 
Profit for the year                          -        -        -   11,010   11,010 
Other comprehensive income/(losses): 
Movement in unrecognised surplus 
 on defined benefit pension schemes 
 net of actuarial loss                       -        -        -      237      237 
Defined benefit pension schemes GMP 
 equalisation charge                         -        -        -    1,290    1,290 
Change in fair value of available 
 for sale assets                             -        -        -       44       44 
Tax effect of items taken directly 
 to reserves                                 -        -        -      (7)      (7) 
-------------------------------------  -------  -------  -------  -------  ------- 
Total comprehensive income for the 
 year ended 31 March 2019                    -        -        -   12,574   12,574 
Dividends                                    -        -        -  (6,327)  (6,327) 
-------------------------------------  -------  -------  -------  -------  ------- 
At 31 March 2019                         4,363      874       13  129,139  134,389 
-------------------------------------  -------  -------  -------  -------  ------- 
 

Notes

1. General information

Castings P.L.C. (the 'company') is a company domiciled in England. The condensed consolidated interim financial statements of the company for the six months ended 30 September 2019 comprise the company and its subsidiaries (together referred to as the 'group').

The principal activities of the group are the manufacture of iron castings and machining operations.

The financial information for the year ended 31 March 2019 does not constitute the full statutory accounts for that period. The Annual Report and Financial Statements for the year ended 31 March 2019 have been filed with the Registrar of Companies. The Independent Auditors' Report on the Annual Report and Financial Statements for 2019 was unqualified, did not draw attention to any matters by way of emphasis, and did not contain a statement under 498 (2) or (3) of the Companies Act 2006.

This report has not been audited and has not been reviewed by independent auditors pursuant to the Auditing Practices Board guidance on Review of Interim Financial Information.

2. Accounting policies

The annual financial statements of Castings P.L.C. are prepared using the recognition and measurement principles of IFRSs as endorsed by the European Union. The condensed set of financial statements has been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the European Union.

Basis of preparation

After making enquiries, the directors have a reasonable expectation that the company and the group have adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the half-yearly condensed consolidated interim financial statements.

The same accounting policies, presentation and methods of computation are followed in the condensed consolidated interim financial statements as applied in the group's latest annual audited financial statements.

New standards effective and adopted by the group in the period

The following new standards and IFRIC interpretations have been issued and are effective for the first time for the group's financial year beginning on 1 April 2019 and therefore have been applied by the group in these condensed consolidated interim financial statements:

   --     IFRS 16 Leases 
   --     IFRIC 23 Uncertainty over Income Tax Treatments 

The adoption of these new or amended standards did not have a material impact on the group's financial position or results from operations in the half-year ended 30 September 2019.

3. Seasonality of operations

The directors do not consider there to be any significant seasonality or cyclicality to the results of the group.

4. Segment information

For internal decision making purposes, the group is organised into three operating companies which are considered to represent two operating segments of the group. Castings P.L.C. and William Lee Limited are aggregated into Foundry Operations and CNC Speedwell Limited is the Machining Operation.

Inter-segment transactions are entered into under the normal commercial terms and conditions that would be available to third parties.

The following shows the revenues, results and total assets by reportable segment for the half year to 30 September 2019.

 
                                      Foundry 
                                   operations  Machining  Elimination     Total 
                                      GBP'000    GBP'000      GBP'000   GBP'000 
--------------------------------  -----------  ---------  -----------  -------- 
Revenue from external customers        70,106      3,029            -    73,135 
Inter-segmental revenue                 9,609     10,325            -    19,934 
--------------------------------  -----------  ---------  -----------  -------- 
Segmental result                        7,094        139            -     7,233 
--------------------------------  -----------  ---------  -----------  -------- 
 
Unallocated income: 
 Finance income                                                             111 
--------------------------------  -----------  ---------  -----------  -------- 
Profit before income tax                                                  7,344 
--------------------------------  -----------  ---------  -----------  -------- 
Total assets                          137,691     31,430     (14,262)   154,859 
--------------------------------  -----------  ---------  -----------  -------- 
Non-current asset additions             3,077        647            -     3,724 
--------------------------------  -----------  ---------  -----------  -------- 
Depreciation                            2,048      2,115            -     4,163 
--------------------------------  -----------  ---------  -----------  -------- 
Total liabilities                    (25,890)    (7,776)        7,653  (26,013) 
--------------------------------  -----------  ---------  -----------  -------- 
 

The following shows the revenues, results and total assets by reportable segment for the half year to 30 September 2018.

 
                                      Foundry 
                                   operations    Machining    Elimination      Total 
                                      GBP'000      GBP'000        GBP'000    GBP'000 
--------------------------------  -----------  -----------  -------------  --------- 
Revenue from external customers        64,988        3,296              -     68,284 
Inter-segmental revenue                 9,433        9,646              -     19,079 
--------------------------------  -----------  -----------  -------------  --------- 
Segmental result                        6,476        (775)              -      5,701 
--------------------------------  -----------  -----------  -------------  --------- 
 
Unallocated income: 
 Finance income                                                                   70 
--------------------------------  -----------  -----------  -------------  --------- 
Profit before income tax                                                       5,771 
--------------------------------  -----------  -----------  -------------  --------- 
Total assets                          138,487       35,261       (18,226)    155,522 
--------------------------------  -----------  -----------  -------------  --------- 
Non-current asset additions             2,336        1,339              -      3,675 
--------------------------------  -----------  -----------  -------------  --------- 
Depreciation                            1,972        1,898              -      3,870 
--------------------------------  -----------  -----------  -------------  --------- 
Total liabilities                    (28,132)     (11,359)         11,963   (27,528) 
--------------------------------  -----------  -----------  -------------  --------- 
 

The following shows the revenues, results and total assets by reportable segment for the year ended 31 March 2019.

 
                                                   Foundry 
                                                operations  Machining  Elimination     Total 
                                                   GBP'000    GBP'000      GBP'000   GBP'000 
---------------------------------------------  -----------  ---------  -----------  -------- 
Revenue from external customers                    143,060      7,176            -   150,236 
Inter-segmental revenue                             21,499     20,605            -    42,104 
---------------------------------------------  -----------  ---------  -----------  -------- 
Segmental result                                    16,832    (1,342)         (56)    15,434 
---------------------------------------------  -----------  ---------  -----------  -------- 
Unallocated income/(costs): 
Exceptional credit for recovery of Icelandic 
 bank deposits previously written off                                                     15 
Defined benefit pension costs                                                          (237) 
Defined benefit pension GMP equalisation 
 charge                                                                              (1,290) 
Finance income                                                                           128 
---------------------------------------------  -----------  ---------  -----------  -------- 
Profit before income tax                                                              14,050 
---------------------------------------------  -----------  ---------  -----------  -------- 
Total assets                                       145,747     33,393     (15,206)   163,934 
---------------------------------------------  -----------  ---------  -----------  -------- 
Non-current asset additions                          3,496      1,850            -     5,346 
---------------------------------------------  -----------  ---------  -----------  -------- 
Depreciation                                         4,183      4,113            -     8,296 
---------------------------------------------  -----------  ---------  -----------  -------- 
Total liabilities                                 (29,632)    (9,879)        9,966  (29,545) 
---------------------------------------------  -----------  ---------  -----------  -------- 
 

5. Dividends

Amounts recognised as distributions to shareholders in the period:

 
                                                               Half year      Half year 
                                                                      to             to 
                                                            30 September   30 September 
                                                                    2019           2018 
                                                                 GBP'000        GBP'000 
---------------------------------------------------------  -------------  ------------- 
Final dividend of 11.40p per share for the year ended 31 
 March 2019 
 (2018 - 11.12p per share)                                         4,974          4,852 
Supplementary dividend of 15.00p per share for the year 
 ended 31 March 2019 (2018 - nil)                                  6,545              - 
---------------------------------------------------------  -------------  ------------- 
                                                                  11,519          4,852 
---------------------------------------------------------  -------------  ------------- 
 

The directors have declared an interim dividend in respect of the financial year ending 31 March 2020 of 3.48p per share (2019 - 3.38p), which will be paid on 2 January 2020.

6. Earnings per share and diluted earnings per share

Earnings per share is calculated by dividing the profit attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. There are no share options or other potentially issuable shares; hence the diluted earnings per share is the same calculation.

 
                                             Unaudited      Unaudited 
                                             Half year      Half year     Audited 
                                                    to             to     Year to 
                                          30 September   30 September    31 March 
                                                  2019           2018        2019 
---------------------------------------  -------------  -------------  ---------- 
Profit after tax (GBP'000)                       5,951          4,677      11,010 
---------------------------------------  -------------  -------------  ---------- 
Weighted average number of shares           43,632,068     43,632,068  43,632,068 
---------------------------------------  -------------  -------------  ---------- 
Earnings per share - basic and diluted          13.64p         10.72p      25.23p 
---------------------------------------  -------------  -------------  ---------- 
 

7. Pension schemes

The group operates two defined benefit pension schemes which are closed to new entrants and closed to future accruals on 6 April 2009. The assets of the schemes are independent of the finances of the group and are administered by trustees.

The pension schemes are related parties of the group and during the period GBP1,018,000 (2018 - GBP1,228,000) was paid by the group on behalf of the schemes in respect of pension payments and administration costs. At 30 September 2019, the outstanding balance of GBP4,543,000 (2018 - GBP6,818,000) is repayable within one year. In the prior year, GBP1,135,000 of the balance was classified as a non-current other receivable being repayable on 30 November 2019.

Payments made by the company on behalf of the schemes in the current period are repayable on 30 November 2020.

8. Interim report

Copies of this interim management report will be available on the company's website, www.castings.plc.uk, and from the registered office.

Statement of Directors' Responsibilities

The directors confirm that the condensed consolidated interim financial statements have been prepared in accordance with IAS 34 as adopted by the European Union and that the interim management report includes a fair review of the information required by DTR 4.2.7R and DTR 4.2.8R.

By order of the board

S. J. Mant FCA

Group Finance Director

8 November 2019

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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