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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Jersey Electricity Plc | LSE:JEL | London | Ordinary Share | JE00B43SP147 | 'A'ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-3.00 | -0.67% | 442.00 | 440.00 | 444.00 | 445.00 | 442.00 | 445.00 | 14,697 | 13:41:34 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Electric Services | 125.08M | 11.28M | 0.3681 | 12.01 | 135.43M |
TIDMJEL
RNS Number : 1051O
Jersey Electricity PLC
22 May 2015
Jersey Electricity plc
Interim Management Report
for the six months ended 31 March 2015
The Board approved at a meeting on 22 May 2015 the Interim Management Report for the six months ended 31 March 2015 and declared an interim dividend of 5.25p compared to 5.00p for 2014. The dividend will be paid on 30 June 2015 to those shareholders registered in the records of the Company on 5 June 2015.
The Interim Management Report is attached and will be available to the public on the Company's website www.jec.co.uk/about-us/investor-relations/financial-figures-and-reports.
The Interim Management Report for 2015 has not been audited or reviewed by our external auditors nor have the results for the equivalent period in 2014. The results for the year ended 30 September 2014 have been extracted from the statutory accounts which had an unqualified audit opinion.
M.P. Magee P.J. Routier Finance Director Company Secretary Direct telephone number : 01534 505201 Direct telephone number : 01534 505253 Email : mmagee@jec.co.uk Email : proutier@jec.co.uk
22 May 2015
The Powerhouse,
PO Box 45,
Queens Road,
St Helier,
Jersey JE4 8NY
Jersey Electricity plc
Unaudited Interim Management Report
for the six months to 31 March 2015
Financial Summary 6 months 6 months 2015 2014 ------------------------------------ --------- --------- Electricity Sales in kWh (000) 357,362 353,729 Revenue GBP55.8m GBP55.0m Profit before tax pre-exceptional GBP 8.0m GBP 4.8m items Profit in Energy business GBP 7.4m GBP 3.6m Earnings per share pre-exceptional items 20.75p 12.46p Final dividend paid per ordinary share 7.20p 6.80p Proposed interim dividend per share 5.25p 5.00p Net Debt GBP21.9m GBP19.5m
Overall Trading Performance
Group revenue, at GBP55.8m, was 2% higher for the first half year of 2015 than the same period in 2014 and profit before tax, pre-exceptional items, was GBP8.0m in the first half of 2015 against GBP4.8m in the equivalent period last year. This returns profit to a level commensurate with a sustainable rate of return typical for a regulated utility and at a quantum needed to maintain our continued investment in infrastructure. Cost of sales decreased by GBP4.1m to GBP35.7m due mainly to the reduced use of oil for on-island generation in our Energy business because of the commissioning of a new submarine cable to France in September 2014. Operating expenses at GBP11.4m were GBP1.1m above last year with an increase of GBP1.0m in depreciation charges, associated mainly with the commissioning of our new subsea cable. In the corresponding period last year we had exceptional costs of GBP0.6m and GBP1.1m incurred in restructuring our Retail operation and selling the shareholding in Foreshore, our data hosting joint venture, respectively. Profit before tax in 2014 was GBP3.1m post such exceptional costs. Earnings per share, pre-exceptional costs, rose to 20.75p from 12.46p in 2014. In 2014 the post-exceptional costs earnings per share figure was 7.36p. Net debt on the balance sheet at 31 March 2015 was GBP21.9m (2014: GBP19.5m) with the year-on-year rise driven mainly by our continued investment in infrastructure assets in our Energy business. At the last year end a provision for GBP1.8m was established for a likely repair to the subsea cable between Jersey and Guernsey. This preventative repair was successfully performed during January with the cost fully covered by the provision.
Energy Division
Unit sales of electricity rose by 1%, from 354m to 357m kWh, compared with the same period in the prior year. Mild weather, compared with long-term average temperatures, has been experienced in the first half of the last two financial years, resulting in a reduced use of electricity primarily in the heating of residential properties. Revenues in our Energy Division rose by 2% from GBP44.5m to GBP45.5m as a result of the increased unit sales and the small rise in tariffs in April 2014. Operating profit rose in Energy to GBP7.4m from GBP3.6m in the same period last year. As reported previously, until we installed a new submarine cable to France, we were constrained on importation capacity and reliant on a heavier mix of more expensive on-island oil-fired generation, particularly in winter, when volumes are higher. The increase in Energy profit in this half year is driven by a combination of less use of oil and a higher level of invested capital on which we need to achieve a sustainable return. We imported 94% of our on-Island requirement from France (up from 75% in 2014) and only generated 2% of our electricity in Jersey (compared to 20% last year). The remaining 4% (2014: 5%) of our electricity came from the Energy from Waste plant, owned by the States of Jersey.
Investment in Infrastructure
The N3 subsea cable to France was successfully commissioned in late September 2014 ahead of schedule and the cable network has generally performed well in the early post-commissioning period where problems are more likely to surface. The N3 network was out of service for 8 days during March when a technical problem occurred with a joint on the land cable in France but this was successfully resolved at no cost to the Company and without any disruption to customer supplies in Jersey. The original projected cost of N3 was GBP70m but the final cost was closer to GBP64m including the capitalisation of associated financing costs. The project was a joint one between Jersey Electricity and Guernsey Electricity and the net cost to the Company was in the region of GBP48m.
Capital expenditure was GBP9.2m in the first 6 months of the financial year, with the most material spend being on final contractor payments for the N3 project. We are moving forward with plans to install an additional undersea supply cable to France known as Normandie 1 (N1). The 27km, 100MW cable is a direct replacement for EDF1, Jersey's first subsea cable installed in 1984 and which came to the end of its life in June 2012 after 28 years' service. The project, expected to cost in the region of GBP40m, is a joint venture with Guernsey Electricity as partners in the Channel Islands Electricity Grid. We expect to lift the old cable from the seabed before the installation of N1. Tenders for the manufacture of N1 are currently being considered. Planning permission in both France and Jersey is nearing completion and if there are no delays, the installation of N1 is scheduled for 2016/17.
Non-energy performance
Trading conditions remain challenging for our other business units. Retailing year-on-year revenue, as expected, fell by 12% because of a restructuring of this business unit as reported last year and it is now trading from a smaller footprint. Encouragingly profitability improved to GBP0.3m from GBP0.1m. Revenue remained at GBP1.0m for our Property portfolio but profit rose by GBP0.1m to GBP0.8m as maintenance spend was lower than in the corresponding period last year. Our Building Services business saw a GBP0.7m increase in revenue to GBP2.3m but profitability remained around breakeven with the business currently undergoing a restructuring. Our remaining business units performed well but produced profits of GBP0.3m being GBP0.1m lower than in 2014 as Jendev is currently undergoing a period of upgrade and development of its utility billing product.
Forward hedging of electricity and foreign exchange and customer tariffs
Our tariffs to customers continue to remain competitive with other jurisdictions and the restoration of additional capacity between Jersey and France from September 2014, combined with our hedging programme, should enable us to continue to deliver stable pricing for our customers. Our electricity purchase requirements are materially hedged for the period 2015-18. As these are contractually denominated in the Euro we enter into foreign currency contracts to eliminate a large percentage of exposure to aid tariff planning. We have seen volatility in foreign exchange in the last six months which is why we seek to largely eliminate exposure. This has resulted in a fair value reduction of GBP4.4m (net of tax) against our Other Reserves due to the current strength of Sterling against the Euro. Our goal, through use of our power purchase contract and associated hedging policies, continues to be the delivery of competitive and stable customer tariffs, along with secure low-carbon electricity supplies whilst maintaining an appropriate, fair return for our shareholders.
Debt and financing
The net debt figure, as expected, rose to GBP21.9m at 31 March 2015 compared to GBP19.5m at the last year end. If the N1 cable project proceeds as anticipated we have a bank facility in place to fund such investment. It is the aim of the Board that Jersey Electricity continues to maintain a prudent level of debt in the context of our overall balance sheet, which remains strong.
Dividend
Your Board proposes to pay an interim net dividend for 2015 of 5.25p (2014: 5.00p). We continue to aim to deliver sustained real growth each year over the medium-term. The final dividend for 2014 of 7.20p, paid in late March in respect of the last financial year, was an increase of 6% on the previous year.
Risk and outlook
The principal risks and uncertainties identified in our last Annual Report have not materially altered in the interim period.
Your Board is satisfied that Jersey Electricity plc has sufficient resources to continue in operation for the foreseeable future, a period of not less than 12 months from the date of this report. Accordingly, we continue to adopt the going concern basis in preparing the condensed financial statements.
Responsibility statement
We confirm to the best of our knowledge:
(a) the condensed set of financial statements has been prepared in accordance with IAS 34 'Interim Financial Reporting';
(b) the Interim Management Report includes a fair review of the information required by the Disclosure and Transparency Rule DTR 4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year); and
(c) the Interim Management Report includes a fair review of the information required by the Disclosure and Transparency Rule DTR 4.2.8R (disclosure of related party transactions and changes therein); and
(d) this half yearly financial report contains certain forward-looking statements with respect to the operations, performance and financial condition of the Company. By their nature, these statements involve uncertainty since future events and circumstances can cause results and developments to differ materially from those anticipated. The forward-looking statements reflect knowledge and information available at the date of preparation of this half yearly financial report and the Company undertakes no obligation to update these forward-looking statements. Nothing in this half yearly financial report should be construed as a profit forecast.
C.J. AMBLER - Chief Executive M.P.MAGEE - Finance Director 22 May 2015
INVESTOR TIMETABLE FOR 2015
5 June Record date for interim ordinary dividend 30 June Interim ordinary dividend for year ending 30 September 2015 1 July Payment date for preference share dividends 18 December Preliminary announcement of full year results
Condensed Consolidated Income Statement (Unaudited)
Six months Six months Year ended ended ended 30 September 31 March 31 March 2015 2014 2014 Note GBP000 GBP000 GBP000 Revenue 2 55,840 54,954 98,443 Cost of sales (35,705) (39,826) (68,468) Gross profit 20,135 15,128 29,975 Revaluation of investment properties - - 145 Operating expenses (11,408) (10,327) (20,079) ----------- ----------- -------------- Group operating profit before exceptional items 8,727 4,801 10,041 Exceptional items - disposal of investment - (1,100) (1,178) - provision for subsea cable repair - - (1,800) - restructuring costs in retail business - (576) (570) Group operating profit 2 8,727 3,125 6,493 Interest receivable/(payable) 15 7 (26) Finance costs (786) (28) (11) Profit from operations before taxation 7,956 3,104 6,456 Taxation 3 (1,583) (834) (1,478) ----------- ----------- -------------- Profit from operations after taxation 6,373 2,270 4,978 Attributable to: Owners of the Company 6,357 2,256 4,932 Non-controlling interests 16 14 46 ----------- ----------- -------------- Profit for the period/year attributable to the equity holders of the parent Company 6,373 2,270 4,978 ----------- ----------- -------------- Earnings per share - basic and diluted 20.75p 7.36p 16.10p Dividends per share - paid 4 7.20p 6.80p 11.80p - proposed 4 5.25p 5.00p 7.20p
Condensed Consolidated Statement of Comprehensive Income (Unaudited)
Six months Six months Year ended ended ended 30 September 31 March 31 March 2015 2014 2014 GBP000 GBP000 GBP000 Profit for the period/year 6,373 2,270 4,978 Items that will not be reclassified subsequently to profit or loss: Actuarial gain/(loss) on defined benefit scheme 1,329 2,575 (392) Income tax relating to items not reclassified (266) (515) 78 1,063 2,060 (314) Items that may be reclassified subsequently to profit or loss: Fair value loss on cash flow hedges (5,487) (730) (4,567) Income tax relating to items that may be reclassified 1,097 161 913 ----------- ----------- -------------- (4,390) (569) (3,654) Total comprehensive income for the period/year 3,046 3,761 1,010 Attributable to: Owners of the Company 3,030 3,747 964 Non-controlling interests 16 14 46 ----------- ----------- -------------- 3,046 3,761 1,010 ----------- ----------- --------------
Condensed Consolidated Statement of Changes in Equity (Unaudited)
Share Revaluation ESOP Other Retained capital reserve reserve reserves earnings Total GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 At 1 October 2014 1,532 5,270 (36) (3,515) 142,878 146,129 Total recognised income and expense for the period - - - - 6,357 6,357 Additional shares for employee share scheme - - (93) - - (93) Amortisation of employee share scheme - - 26 - - 26 Unrealised loss on hedges (net of tax) - - - (4,389) - (4,389) Actuarial gain on defined benefit scheme (net of tax) - - - - 1,063 1,063 Equity dividends paid by Jersey Electricity plc - - - - (2,206) (2,206) ------- ----------- ------- -------- -------- ------- At 31 March 2015 1,532 5,270 (103) (7,904) 148,092 146,887 ------- ----------- ------- -------- -------- ------- At 1 October 2013 1,532 5,270 (58) 139 141,925 148,808 Total recognised income and expense for the period - - - - 2,256 2,256 Unrealised loss on hedges (net of tax) - - - (569) - (569) Actuarial gain on defined benefit scheme (net of tax) - - - - 2,060 2,060 Equity dividends paid by Jersey Electricity plc - - - - (2,083) (2,083) ------- ----------- ------- -------- -------- ------- At 31 March 2014 1,532 5,270 (58) (430) 144,158 150,472 ------- ----------- ------- -------- -------- ------- At 1 October 2013 1,532 5,270 (58) 139 141,925 148,808 Total recognised income and expense for the period - - - - 4,932 4,932 Amortisation of employee share scheme - - 22 - (22) - Unrealised loss on hedges (net of tax) - - - (3,654) - (3,654) Actuarial loss on defined benefit scheme (net of tax) - - - - (314) (314) Equity dividends paid by Jersey Electricity plc - - - - (3,643) (3,643) ------- ----------- ------- -------- -------- ------- At 30 September 2014 1,532 5,270 (36) (3,515) 142,878 146,129 ------- ----------- ------- -------- -------- -------
Other reserves consist of foreign exchange hedge reserves and oil hedge reserves.
Condensed Consolidated Balance Sheet (Unaudited)
Note As at 31 As at 31 As at March March 30 September 2015 2014 2014 GBP000 GBP000 GBP000 Non-current assets Intangible assets 80 77 20 Property, plant and equipment 183,377 170,839 184,846 Investment property 20,505 20,360 20,505 Other investments 5 5 5 Retirement benefit surplus - 1,557 - Total non-current assets 203,967 192,838 205,376 --------- --------- -------------- Current assets Inventories 6,173 9,260 7,334 Trade and other receivables 20,081 21,028 16,750 Derivative financial - 242 - instruments Cash and cash equivalents 8,106 11,456 9,776 Total current assets 34,360 41,986 33,860 Total assets 238,327 234,824 239,236 --------- --------- -------------- Current liabilities Trade and other payables 16,113 18,774 24,113 Derivative financial instruments 6 9,733 724 4,246 Current tax payable - 412 - Total current liabilities 25,846 19,910 28,359 --------- --------- -------------- Net current assets 8,514 22,076 5,501 --------- --------- -------------- Non-current liabilities Trade and other payables 19,540 18,057 18,279 Retirement benefit deficit 193 - 1,372 Financial liabilities - preference shares 235 235 235 Borrowings 30,000 31,000 30,000 Deferred tax liabilities 15,603 15,141 14,852 Total non-current liabilities 65,571 64,433 64,738 --------- --------- -------------- Total liabilities 91,417 84,343 93,097 --------- --------- -------------- Net assets 146,910 150,481 146,139 --------- --------- -------------- Equity Share capital 1,532 1,532 1,532 Revaluation reserve 5,270 5,270 5,270 ESOP reserve (103) (58) (36) Other reserves (7,904) (430) (3,515) Retained earnings 148,092 144,158 142,878 --------- --------- -------------- Equity attributable to owners of the Company 146,887 150,472 146,129 Non-controlling interests 23 9 10 --------- --------- -------------- Total equity 146,910 150,481 146,139 --------- --------- --------------
Condensed Consolidated Cash Flow Statement (Unaudited)
Six Six months Year ended months ended 30 September ended 31 March 31 March Note 2015 2014 2014 GBP000 GBP000 GBP000 Cash flows from operating activities Operating profit before exceptional items 8,727 4,801 10,041 Depreciation and amortisation charges 4,865 3,961 8,259 Profit on revaluation of investment property - - (145) Pension operating charge less contributions paid 150 - (38) Adjustment for foreign exchange hedges - 61 63 Profit/(loss) on sale of fixed assets 4 3 (11) Restructuring costs - (476) - Operating cash flows before movements in working capital 13,746 8,350 18,169 Decrease in inventories 1,160 174 2,100 Increase in trade and other receivables (3,328) (5,233) (252) (Decrease)/increase in trade and other payables (1,016) 4,511 513 Interest paid (767) (17) (28) Preference dividends paid (4) (4) (9) Cash amounts relating to exceptional items - - (353) Net cash flows generated from operating activities 9,791 7,781 20,140 ------------------------------- ------- ---------- ----------- -------------- Cash flows from investing activities Purchase of property, plant and equipment (9,160) (19,920) (33,048) Investment in intangible assets (67) (51) (6) Net proceeds from disposal of investment - - 1,579 Net proceeds from disposal of fixed assets - 3 16 Net cash used in investing activities (9,227) (19,968) (31,459) ------------------------------- ------- ---------- ----------- -------------- Cash flows from financing activities Equity dividends paid 4 (2,234) (2,155) (3,703) Repayment of borrowings - - (10,000) Proceeds from borrowings - 21,000 30,000 Net cash (used in)/from financing activities (2,234) 18,845 16,297 ------------------------------- ------- ---------- ----------- -------------- Net (decrease)/increase in cash and cash equivalents (1,670) 6,658 4,978 Cash and cash equivalents at beginning of period/year 9,776 4,798 4,798 Net cash and cash equivalents at end of period/year 8,106 11,456 9,776
Notes to the Condensed Interim Accounts (Unaudited)
1. Accounting policies
Basis of preparation
The interim accounts for the six months ended 31 March 2015 have been prepared on the basis of the accounting policies set out in the 30 September 2014 annual report and accounts using accounting policies consistent with International Financial Reporting Standards (IFRS) and in accordance with IAS 34 'Interim Financial Reporting'.
Jersey Electricity plc has considerable financial resources and, as a consequence, the directors believe that it is well placed to manage its business risks successfully. The directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
2. Revenue and profit
The contributions of the various activities to Group revenue and profit are listed below:
Six months ended Six months ended Year ended 31 March 2015 31 March 2014 30 September 2014 External Internal Total External Internal Total External Internal Total Revenue GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 Energy 45,510 46 45,556 44,499 72 44,571 79,459 141 79,600 Building Services 2,251 289 2,540 1,587 361 1,948 3,294 907 4,201 Retail 5,891 16 5,907 6,669 22 6,691 11,414 33 11,447 Property 962 299 1,261 1,000 316 1,316 1,957 616 2,573 Other 1,226 378 1,604 1,199 453 1,652 2,319 878 3,197 --------- --------- -------- --------- --------- -------- --------- --------- -------- 55,840 1,028 56,868 54,954 1,224 56,178 98,443 2,575 101,018 Inter-segment elimination (1,028) (1,224) (2,575) -------- -------- -------- 55,840 54,954 98,443 -------- -------- -------- Operating profit Energy 7,354 3,631 7,952 Building Services (4) 10 (44) Retail 286 86 (86) Property 798 684 1,415 Other 293 390 659 -------- -------- -------- Operating profit before property revaluation 8,727 4,801 9,896 Gain on revaluation of investment properties - - 145 Exceptional items : Disposal of investment - (1,100) (1,178) Provision for subsea cable repair - - (1,800) Restructuring costs in retail business - (576) (570) Operating profit 8,727 3,125 6,493 -------- -------- --------
Notes to the Condensed Interim Accounts (Unaudited)
Materially, all of the Group's operations are conducted within the Channel Islands. All transfers between divisions are at an arm's-length basis. The assets and liabilities of the Group are not reported on as there has been no significant movement in the values in the six months to 31 March 2015.
3. Taxation Six months Year ended ended 30 September 31 March 2015 2014 2014 GBP000 GBP000 GBP000 Current income tax - 119 - Deferred income tax 1,583 715 1,478 ---------- ---------- -------------- Total income tax 1,583 834 1,478 ========== ========== ==============
For the period ended 31 March 2015 and subsequent periods, the Company is taxable at the rate applicable to utility companies of 20% (2014: 20%).
4. Dividends Six months Year ended ended 31 March 30 September 2015 2014 2014 GBP000 GBP000 GBP000 Distributions to equity holders and by subsidiaries in the period 2,234 2,155 3,703 ======== ======== ==============
The distribution to equity holders in respect of the final dividend for 2014 of GBP2,206,080 (7.20p net of tax per share) was paid on 27 March 2015. Dividends of GBP28,000 were paid by subsidiaries to minority interests for the six months to 31 March 2015.
The Directors have declared an interim dividend of 5.25p per share, net of tax (2014: 5.00p) for the six months ended 31 March 2015 to shareholders on the register at the close of business on 5 June 2015. This dividend was approved by the Board on 22 May 2015 and has not been included as a liability at 31 March 2015.
5. Pensions
In consultation with the independent actuaries to the scheme, the valuation of the pension scheme assets and liabilities has been updated to reflect current market discount rates, current market values of investments and actual investment returns applicable under IAS 19 'Employee Benefits', and consideration has also been given as to whether there have been any other events that would significantly affect the pension liabilities.
6. Financial Instruments
The Group held the following derivative contracts, classified as level 2 financial instruments at 31 March 2015.
Recurring fair value measurements: Six months Year Ended Ended 31 March 30 September 2015 2014 GBP000 GBP000 Financial liabilities Foreign exchange currency hedges 9,733 4,246 ======== =========
Notes to the Condensed Interim Accounts (Unaudited)
All financial instruments for which fair value is recognised or disclosed are categorised within the fair value hierarchy. This hierarchy is based on the underlying assumptions used to determine the fair value measurement as a whole and is categorised as follows:
Level 1 financial instruments are those with values that are immediately comparable to quoted (unadjusted) market prices in active markets for identical assets or liabilities;
Level 2 financial instruments are those with values that are determined using valuation techniques for which the basic assumptions used to calculate fair value are directly or indirectly observable (such as to readily available market prices);
Level 3 financial instruments are shown at values that are determined by assumptions that are not based on observable market data (unobservable inputs).
The derivative contracts for foreign currency shown above are classified as level 2 financial instruments and are valued using a discounted cash flow valuation technique. Future cash flows are estimated based on forward exchange rates (from observable forward exchange rates at the end of the reporting period) and contract forward rates, discounted at a rate that reflects the credit risk of various counterparties.
7. Related party transactions
The Company currently leases the La Collette Power Station site from its largest shareholder, the States of Jersey, for a peppercorn rent of GBP1,000 per annum. This lease was subject to a rent review as at June 2006 and the Company is in dispute with its landlord, the States of Jersey, concerning the outstanding rent review. The information usually required by IAS 37 Provisions, 'Contingent liabilities and contingent assets', is not disclosed on the grounds that it may prejudice the outcome of the dispute.
Value Value of Value of of electricity goods & goods & services other services services Amounts Amounts supplied supplied purchased due to due by by Jersey by Jersey by Jersey Jersey Jersey Electricity Electricity Electricity Electricity Electricity Six months ended 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 31 March GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 The States of Jersey 3,867 3,793 590 517 561 758 661 773 128 1 JT Group Limited 980 906 173 116 66 29 118 153 - - Jersey Post Int Limited 49 68 0 1 16 15 7 9 - - Jersey New Waterworks Ltd 417 439 47 37 55 63 63 56 - -
The States of Jersey is the Company's majority and controlling shareholder. Jersey New Waterworks is majority owned and controlled by the States of Jersey. JT Group Limited and Jersey Post International Limited are both wholly owned by the States of Jersey. All transactions are undertaken at an arm's length basis. Foreshore Limited is no longer considered a related party due to the disposal of our investment during the year ended 30 September 2014.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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