We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Kingswood Holdings Limited | LSE:KWG | London | Ordinary Share | GG00BKY4K072 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.25 | 1.92% | 13.25 | 13.00 | 13.50 | 13.25 | 13.00 | 13.00 | 33,479 | 08:03:22 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Investment Advice | 146M | -7.8M | -0.0359 | -3.69 | 28.74M |
TIDMKWG
RNS Number : 0878O
Kingswood Holdings Limited
29 September 2023
Kingswood 2023 Half-year Report
Kingswood Holdings Limited (AIM: KWG), the international, fully integrated wealth and investment management group, is pleased to announce its unaudited interim financial results for the half year ended 30 June 2023.
H1 2023 Group Operating Profit was GBP5.0m, GBP0.5m or 10% higher than H1 2022.
UK & Ireland revenue increased by 41% compared to the same period last year, of which 86% is recurring in nature. UK & I Operating Profit was GBP7.7m and in line with expectations.
US revenue decreased by 38% compared to the same period last year, impacted by a slowdown in capital market activity. Operating Profits were GBP0.6m, falling short of expectation, though with recovery expected in H2 2023.
Group Assets under Management and Advice (AuM/A) at June 2023 were GBP12.0bn, having increased by GBP1.5bn compared to December 2022, supported by UK&I acquisitions of Barry Fleming & Partners (BFP) and Moloney Investments Ltd (MMPI) and in the US by the on-boarding of an additional 9 registered representatives.
In the UK, migration of AuA into its Discretionary Central Investment Propositions, notably the IBOSS AM MPS solution has gathered pace with AuM reaching GBP1.05bn in June 2023, up from GBP0.65bn on December 2022 - an increase of 62%.
David Lawrence, Kingswood Chief Executive Officer, commented:
"I am delighted to share our interim financial results for 2023. Despite continued economic and market uncertainties, the group has delivered strong growth year over year, and we continue to build the business into a leading participant in the sector. Our business fundamentals remain strong, with positive net asset growth, high levels of recurring revenue and very low adviser and consequently client attrition.
"We continue to have a clear growth focus across the business with complementary investment in our People, Technology and Client Experience to enable and support this. Whilst our focus remains on inorganic opportunities with which we have a proven integration model, organic growth has seen an increased focus across our three drivers of more advice for more clients, migration of AuA into our investment propositions and growing our IBOSS IFA distribution channel.
"In the US, whilst market conditions have impacted performance, the fundamentals across both the investment banking and alternatives divisions give us confidence that as markets recover an accelerated growth trajectory will re-appear."
H1'23 - Strategic Highlights:
-- UK & Ireland successfully completed the purchase of Moloney Investments Ltd (MMPI) and Barry Fleming & Partners (Tax, Trusts and Investment Planning) Limited (BFP):- -- 1. 70% acquisition of MMPI, a leading financial advisory group based in Dublin with EUR0.8bn AuM/A and EBITDA of c.EUR4.0m 2. BFP, an IFA business based in Berkshire with GBP150m AuA and Operating Profit of c.GBP0.2m. -- UK & Ireland AuM/A increased by GBP1.4bn to GBP9.5bn in H1'23, driven by acquisitions and encouraging levels of organic growth: -- 1. Inorganic growth : GBP0.85bn client assets onboarded following the acquisitions of MMPI and BFP 2. Strong levels of growth from vertical integration : GBP1.05bn client assets under our own management, an increase of GBP0.4bn compared to FY'22 3. Institutional growth : GBP80m AuM net inflows in H1'23, with client assets 17% higher year on year. -- IBOSS has been ranked by Next Wealth as the sixth fastest growing discretionary fund manager by assets and percentage of assets over the past 12 months. We have retained our 5 Star and 5 Diamond Defaqto ratings and gained further recognition from the adviser community by scooping three accolades at the Citywire Wealth Manager Awards. In 2023, IBOSS hopes to become the only DFM provider to win FTAdviser's 5 Star Award for four consecutive years. -- Kingswood was named as one of the UK's 'Best Workplaces for Women' in 2023, by Great Place to Work. We continue to make progress in addressing diversity imbalances across the organisation and remain committed to increasing the female representation of our UK adviser population to at least 25% in the medium term, compared to current levels of 20% (2022: 19%). -- Kingswood Go, our UK focused digital finance app and portal, is a great success with 3,525 clients registered and readily using the app. The app also enables us to serve smaller clients in an efficient and cost-effective manner. Accordingly, we can target clients at an earlier stage of their wealth journey. -- We strive to maintain the highest level of service for our clients as reflected in our 'Vouchedfor' rating of 4.8 / 5.0. -- Kingswood exhibits a strong Consumer Duty culture and pays particular attention to the needs of clients with characteristics of vulnerability. We successfully delivered in our Consumer Duty requirements by the 31st July 2023 deadline. -- Inorganic growth continues to see focus with two transactions currently in exclusive discussions. We continue undertake a highly effective process of integration where the clients sit at the heart of this process. -- Kingswood US unveiled Kingswood Investments, a comprehensive in-house investment banking and capital markets division - which is set to contribute to future revenue generation, with its inaugural deal scheduled to close in September. This addition, along with the business' existing investment banking team in Florida and SPAC Advisory team, positions Kingswood US as a provider of one of the industry's most extensive investment banking services. -- Kingswood US has invested in cutting-edge technology within the wealth management sector, ensuring that its advisors have access to a top-tier technology platform. The integration of Altigo, an industry-leading automated alternative investment platform, surpassed 1,200 subscriptions, representing $129 million in investments in just three years. -- Kingswood US achieved recognition in the USA Today list of Best Financial Advisory Firms, a ranking compiled by Statista for USA Today. This accolade resulted from assessing over 31,000 RIAs, narrowing it down to the top 500 firms based on their asset under management growth, client and peer recommendations, both in the short and long term. -- Our US footprint further expanded in the first half of the year adding nine new registered representatives and supporting growth in our total AuM/A in Kingswood US. -- Kingswood US has obtained approval from FINRA (Financial Industry Regulatory Authority) to broaden its authorized business activities. This development positions the company to continue its natural growth trajectory. The revised membership agreement grants the opportunity for the potential employment of 325 individuals, the operation of up to one hundred offices; and engagement in research activities. These approvals mark a significant milestone for Kingswood US, allowing the company to strengthen its capabilities, extend its reach, and solidify its standing in the market. This expanded scope of operations aligns seamlessly with Kingswood's strategy for organic growth and enlarging its market presence.
H1'23 - Financial Highlights
-- Group revenue of GBP62.7m decreased by GBP17.6m, or 22%, compared to H1'22. This was due to a decrease of GBP24.4m in US revenues is reflected in US Investment Banking as macro-economic headwinds and market volatility led to a slowdown in capital market activity. The increase of GBP6.8m across UK & Ireland revenues has been achieved through a combination of acquisitions and organic growth. -- 86% of UK revenue is recurring in nature, providing a strong, annuity-style fee stream. Investment Banking fees are a larger portion of Kingswood US revenues, and transactional in nature, which means that recurring revenue for the Group was 33% compared to 28% in 2022. -- Operating Profit of GBP5.0m was GBP0.5m, or 10%, higher than H1'22 reflecting acquisitions in the UK & Ireland partly offset by the reduction in profits from lower US Investment Banking revenues in the US business. -- Within Kingswood US, Investment Banking experienced a 48% decline in revenue compared to the previous year, delivering $33.5 million, down from $65 million in 2022. This decrease was primarily attributed to lower deal volumes due to challenging macroeconomic conditions. Despite this decline, the business maintains a strong recruitment pipeline for new advisers, with a particular focus on developing consistent and recurring revenue streams through client asset management. During the first half of 2023, Kingswood US expanded its presence in the U.S. by adding 9 new registered representatives and increasing AUM/A by $0.4 billion, contributing to a 32% increase in fee-based revenue.
The Kingswood Board believes Operating Profit is the most appropriate indicator to explain the underlying performance of the Group. The definition of Operating Profit is profit before finance costs, amortisation and depreciation, gains and losses, and exceptional costs (business re-positioning and transaction costs)
GBP'000 (unless otherwise stated) H1'23 H1'22 Change % Change GBP ----------------------------------- -------- -------- --------- ----------- Wealth Planning 16,715 12,864 30% 3,851 Investment Management 3,917 3,588 9% 329 Kingswood Ireland 2,533 - n/a 2,533 Kingswood US 39,565 63,937 (38)% -24,372 Total Revenue 62,730 80,389 (22)% -17,659 Recurring Revenue 33% 28% Kingswood UK&I 7,729 5,810 33% 1,919 Kingswood US 591 1,529 (61)% -938 Division Operating Profit 8,320 7,339 13% 981 Central Costs (3,355) (2,834) (18)% (521) Operating Profit 4,965 4,505 10% 460 GBP'000 (unless otherwise stated) H1'23 FY'22 Change % Change GBP ----------------------------------- -------- -------- --------- ----------- Total Equity 64,806 73,967 12% (9,161) Total Cash 24,126 19,642 23% 4,484 Key Metrics 0 AUM/A (GBPm) 11,954 10,453 14% 1,501 # of UK&I Advisers 116 100 16% 16 # of US RIA/IBD reps 241 232 4% 9
Outlook
In our 2022 Annual Report we stated that our "near term" target for the group was to get to GBP12.5bn of AuA. We are delighted that, despite difficult conditions, we have made strong progress against this objective and at June 2023 our AuA/M now stands at GBP12bn (GBP10.5bn at December 2022).
In the first half of the year, we have increased the amount of assets under our own management in our market leading discretionary propositions by GBP0.4bn to GBP1.05bn. A strong suite of initiatives are in place to encourage vertical integration. We believe there remains a significant further opportunity within our existing wealth advisory AuA to increase from our current levels of 20.5% to 40%, over a three-year term, subject to client suitability.
We stated an expectation for a total group proforma operating profit of GBP14.7m for 2023 in our 2022 annual results. Whilst our UK and Ireland business is tracking broadly in line with expectations, difficult conditions in the US lead to us revising this expectation to GBP13.6m due to lower than expected Investment Banking / Capital Markets activity and a more cautious approach in the US to users of our Alternatives division, as investors sought better returns across a broader range of opportunities .
We remain confident in the success of our ambitious long-term growth strategy, grounded in supporting our clients to protect and grow their wealth.
Our new advisory clients, which are historically derived from professional introducer base and referrals, continue to see strong inflows into the business, despite volatile market conditions. We also continue to invest in a range of lead generation and digital tools to widen reach to new and younger demographics.
In the second half of the year, we expect further organic growth and positive net inflows, and the business remains well positioned as financial markets begin to recover.
For further details, please contact:
Kingswood Holdings Limited +44 (0)20 7293 0730 David Lawrence www.kingswood-group.com Cavendish Capital Markets Limited Ltd (Nomad & Broker) Simon Hicks / Abigail Kelly +44 (0)20 7220 0500 GreenTarget (for Kingswood media) +44 (0)20 7324 5498 Jamie Brownlee / Ellie Basle Jamie.Brownlee@greentarget.co.uk
The Group's Nominated Adviser and Broker, finnCap Ltd, has now changed its name to Cavendish Capital Markets Limited following completion of its own corporate merger.
Company Registration No. 42316 (Guernsey) KINGSWOOD HOLDINGS LIMITED CONSOLIDATED INTERIM UNAUDITED FINANCIAL STATEMENTS FOR THE SIX MONTH PERIODED 30 JUNE 2023 Page KINGSWOOD HOLDINGS LIMITED CONTENTS Financial and Operational Review 1 - 2 Interim Consolidated Statement of Comprehensive Income 3 - 4 Interim Consolidated Statement of Financial Position 5 - 6 Interim Consolidated Statement of Changes in Equity 7 - 8 Interim Consolidated Statement of Cash Flows 9 Notes to the Interim Consolidated Financial Statements 10 - 26
Group Review:
The Group has continued to build momentum in 2023 and revenue and operating profit have grown despite unfavourable market conditions. Our business continues to grow organically in both the UK and US and our acquisition activity is slowing down, as planned. We have a strong leadership team that is driving tangible results and realising our ambition to become a leading fully integrated International wealth & investment management business.
Finance Review:
We have maintained both cost and balance sheet discipline in the first half of 2023. Our focus is to maximise shareholder returns through Operating Profit growth combined with minimising our weighted average cost of capital. We also continue to maintain a strong discipline in how we think about the businesses we acquire, ensuring that the multiples we pay are within our risk appetite and funding profile.
Kingswood's financial performance remained resilient in H1'23 against a continued backdrop of market volatility. Group Assets under Management and Advice (AuM/A) of GBP12.0bn at FY'23 represents a GBP1.5bn, or 14%, increase compared to FY'22.
Group revenue was GBP62.7m, a 22% decrease year on year. US Investment Banking revenues are lower as macro-economic headwinds and market volatility led to a slowdown in capital market activity. In the UK and Ireland a 41% revenue increase was achieved through a combination of acquisitions and organic growth.
Operating Profit of GBP5.0m is 10% higher than 2022, driven by a GBP1m reduction in US profits and continued acquisition and organic growth. C entral costs have increased by reflecting an increase in the central resources required to support a larger business.
The overall result for H1'23 was a loss before tax of GBP8.6m reflecting GBP0.3m of acquisition-related deferred consideration expenses, GBP3.0m amortisation and depreciation, GBP5.8m finance costs and GBP5.0m business re-positioning and transaction costs.
The Group had GBP24.1m of cash as at H1'23, an increase of GBP4.5m since 31 December 2022 with a positive cashflow from operating activities.
Highlights -- UK & Ireland:
We have continued to build momentum on our strategic growth plans over the first half of the year, following the acquisition of Moloney Investments Ltd (MMPI) and Barry Fleming & Partners (BFP). The 70% acquisition of MMPI, a leading advisory group based in Dublin with EUR0.8bn AuM/A and annual Operating Profit of c.EUR4.0m, is a highly strategic acquisition for the Group providing access to the attractive Irish wealth management market whilst also offering diverse new avenues for growth. The purchase of BFP, an IFA business based in Berkshire has added GBP150m AuA contributing c.GBP0.2m annual Operating Profit.
The hard work and dedication of our staff enables us to continually deliver against our buy, build and grow strategy at pace whilst maintaining the highest levels of service and experience for our clients, as reflected in our 'Vouchedfor' rating of 4.8 / 5.0. We expect organic growth in both initial and ongoing fees post integration through accretive assets under influence and, despite continued economic uncertainty, the UK business generated healthy net client asset inflows over the first half of the year.
The business delivered double-digit revenue and operating profit growth in H1'23. Revenue of GBP23.2m was GBP6.7m (41%) higher and over 80% of revenues are recurring in nature, providing the strong, annuity style revenue stream required to deliver sustainable, long term returns to our shareholders.
AuM/A increased by GBP1.4bn to GBP9.5bn over H1'23, driven by acquisitions and encouraging levels of organic growth. There were strong levels of vertical integration over the period, with client retail Assets under our own Management (AuM) in IBOSS AM MPS and Personal DFM now totalling GBP1.05bn, an increase from GBP0.65bn at FY'22. Institutional net asset inflows were GBP80m in the first six months of the year, with total AuM 17% higher year on year.
US Highlights:
The US business continues to place a strong emphasis on maintaining a robust recruitment pipeline for new advisers, with a specific focus on cultivating reliable and recurring revenue streams through the management of client assets. In the first half of 2023, we extended our presence in the US by adding 9 new registered representatives and increasing our assets under management and advisement (AUM/A) by $0.2bn.
In the first half of the year (H1), operating profit saw a decrease of 69% on a YoY basis, delivering $0.7m (2022: $2.3m). The decrease in operating profit was primarily driven within revenue, which saw a decline of 41% resulting in Group revenues of $48.4 million (2022: $82.2m). T he escalating geopolitical tensions, the conflict in Ukraine, rising inflation rates, and the looming spectre of a global recession are collectively exerting additional stress on wealth management firms. These factors are especially challenging because they are contributing to lower growth in assets under management (AuM), which, in turn, is putting a strain on profitability.
Investment Banking: Revenue in our Investment Banking division declined by 48% compared to the previous year, amounting to $33.5 million (compared to $65 million in 2022). This decrease was primarily due to subdued deal volumes resulting from unfavourable macroeconomic conditions. The situation was exacerbated by challenges in the banking and financial services sectors, compounded by the collapse of Silicon Valley Bank. However, we anticipate a rebound in deal volumes towards historical levels in the second half of the year as market conditions improve. Additionally, H1 marked the establishment of Kingswood Investments (KWUS' internal investment banking team), which is set to contribute to revenue generation in H2, with its inaugural deal scheduled to close in September.
Our Alternatives division experienced a revenue decline of 47% resulting in $2.3 million in revenue (compared to $4.4 million in 2022) This decline was attributed to shifting investment dynamics, as investors sought better returns across a broader range of opportunities, reducing reliance on riskier investments. Although there were concerns about asset value markdowns in private markets, the demand remains robust and is anticipated to align with historical performance in H2.
On a positive note, Advisor Fees category recorded a 32% revenue increase, delivering $5.3 million in revenue (compared to $3.9 million in 2022). This growth was fuelled by a 20 year-on-year increase in the number of advisors, contributing an additional $450 million in AuM.
These results reflect our ability to adapt to changing market conditions, seize growth opportunities, and maintain a strong footing in our core revenue-generating sectors. While challenges persist, we are optimistic about the prospects for the remainder of the fiscal year.
KINGSWOOD HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIODED 30 JUNE 2023
Six months Six months to Year ended to 30 June 30 June 2022 31 Dec 2022 2023 (unaudited) (unaudited) (audited) Notes GBP'000 GBP'000 GBP'000 Revenue 3 62,730 80,389 145,998 Direct expenses (37,314) (60,330) (103,878) Gross profit 25,416 20,059 42,120 Operating staff costs (14,034) (10,283) (23,720) Other operating costs (6,417) (5,271) (9,704) Total operating costs (20,451) (15,554) (33,424) Operating profit 4,965 4,505 8,696 Non-operating costs: Business re-positioning costs (369) (1,202) (1,964) Finance costs (7,138) (1,455) (6,398) Amortisation and depreciation (2,957) (1,863) (4,507) Acquisition-related items: Other (losses) / gains 4 - - (23) Remuneration charge (deferred consideration) 10 (259) 6,309 (1,852) Goodwill adjustment 8 - (6,364) - Restructuring and integration costs (4,161) (1,621) (4,924) Loss before tax (9,919) (1,691) (10,972) Tax (175) (139) (4,480) Loss after tax (10,094) (1,830) (6,492) Other comprehensive income / (loss) Items that may not be reclassified to profit or loss Exchange differences on translation of foreign operations - (417) - Total comprehensive loss (10,094) (2,247) (6,492) Six months to Six months to Year ended 30 June 2023 30 June 2022 31 Dec 2022 (unaudited) (unaudited) (audited) GBP'000 GBP'000 GBP'000 - Owners of the parent company (10,537) (2,545) (7,797) - Non-controlling interests 443 715 1,305 Total comprehensive loss is attributable to: - Owners of the parent company (10,537) (2,962) (7,797) - Non-controlling interests 443 715 1,305 Loss per share: - Basic loss per share 5 GBP (0.05) GBP (0.01) GBP (0.04) - Diluted loss per share 5 GBP (0.01) GBP (0.00) GBP (0.01) The notes on pages 10 - 26 form an integral part of the financial statements. 30 Jun 2023 30 Jun 2022 31 Dec 2022 (unaudited) (unaudited) (audited) Notes GBP'000 GBP'000 GBP'000 Non-current assets Property, plant and equipment 6 916 916 832 Right-of-use assets 7 3,298 3,071 3,553 Goodwill and other intangible assets 8 148,658 97,231 123,469 Deferred tax asset 4,492 - 4,492 157,364 101,218 132,346 Current assets Short term investments 49 72 52 Trade and other receivables 10,380 7,207 9,274 Cash and cash equivalents 24,126 20,693 19,624 34,555 27,972 28,950 Total assets 191,919 129,190 161,296 Current liabilities Trade and other payables 13,892 18,515 17,597 Deferred consideration payable 10 15,513 14,286 20,771 29,405 32,801 38,368 Non-current liabilities Deferred consideration payable 10 12,559 10,304 9,228 Other non-current liabilities 2,519 2,956 2,806 Loans and borrowings 64,984 - 24,343 Deferred tax liability 17,646 7,521 12,584 Total liabilities 97,708 53,582 87,329 Net assets 64,806 75,608 73,967 Equity Share capital 11 10,846 10,846 10,846 Share premium 11 8,224 8,224 8,224 Preference share capital 12 70,150 70,150 70,150 Other reserves 16,168 11,597 14,373 Foreign exchange reserve (1,087) 417 (422) Retained (loss) (42,132) (27,638) (31,595) Equity attributable to the owners of the Parent Company 62,169 73,596 71,576 Non-controlling interests (NCI) 2,637 2,012 2,391 Total equity 64,806 75,608 73,967 The notes on pages 10 - 26 form an integral part of the financial statements. The financial statements of Kingswood Holdings Limited (registered number 42316) were approved and authorised for issue by the Board of Directors, and signed on its behalf by: David Hudd Chairman Date: 29(th) September 2023
KINGSWOOD HOLDINGS LIMITED
INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE PERIODED 30 JUNE 2023
Share Preference Other Foreign Retained Equity attributable NCI Total capital and share reserves exchange earnings to the owners of share capital reserve the parent Company premium GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Balance at 1 January 2022 19,070 70,150 11,041 (488) (23,800) 75,973 925 76,898 Loss for the period - - - - (2,545) (2,545) 715 (1,830) Movement on NCI - - - - - - 372 372 Consolidation adjustment - - - - (1,293) (1,293) - (1,293) Foreign exchange gain - - - 905 - 905 - 905 Share based remuneration - - 556 - - 556 - 556 Balance at 30 June 2022 (unaudited) 19,070 70,150 11,597 417 (27,638) 73,596 2,012 75,608 (Loss) / profit for the period - - - - (5,252) (5,252) 590 (4,662) Movement on NCI - - - - - - (351) (351) Other adjustment - - - - 1,293 1,293 - 1,293 Share based remuneration - - 296 - - 296 - 296 Preference share capital reserve - - 2,480 - - 2,480 - 2,480 Foreign exchange loss - - - (839) 2 (837) 140 (697) Balance at 31 December 2022 (audited) 19,070 70,150 14,373 (422) (31,595) 71,576 2,391 73,967 (Loss) / profit for the period - - - - (10,537) (10,537) 443 (10,094) Movement on NCI - - - - - - (197) (197) Consolidation adjustment - - - - - - - - Foreign exchange movement - - - (665) - (665) - (665) Share based remuneration - - 498 - - 498 - 498 Preference share capital - - 1,297 - - 1,297 - 1,297 Foreign exchange gain - - - - - - - - Balance at 30 June 2023 (unaudited) 19,070 70,150 16,168 (1,087) (40,835) 62,169 2,637 66,806 Period Period Year ended 30 Jun 2023 30 Jun 2022 31 Dec 2022 (unaudited) (unaudited) (audited) Notes GBP'000 GBP'000 GBP'000 Net cash generated from / (used in) operating activities 13 3,852 (8,989) (2,704) Investing activities Property, plant and equipment purchased (99) (50) (113) Acquisition of investments (28,458) (13,180) (32,272) Remuneration charge (deferred consideration) (6,953) (173) (10,774) Net cash used in investing activities (35,510) (13,403) (43,159) Financing activities Interest paid (3,565) (11) (21) Lease payments (430) (454) (852) Dividends paid to non-controlling interests - - (811) New loans (repaid) / loans received 40,607 (156) 23,784 Net cash (used in)/generated from financing activities 36,612 (621) 22,100 Net (decrease)/increase in cash and cash equivalents 4,954 (23,013) (23,763) Cash and cash equivalents at beginning of Period 19,624 42,933 42,933 Effect of foreign exchange rates (452) 771 454 Cash and cash equivalents at end of Period 24,126 20,691 19,624 The notes on pages 10 - 26 form an integral part of the financial statements. 1 Accounting policies General information Kingswood Holdings Limited is a company incorporated in Guernsey under The Companies (Guernsey) Law, 2008. The shares of the Company are traded on the AIM market of the London Stock Exchange (ticker symbol: KWG). The nature of the Group's operations and its principal activities are set out in the Strategic Report. Certain subsidiaries in the Group are subject to the FCA's regulatory capital requirements and therefore required to monitor their compliance with credit, market and operational risk requirements, in addition to performing their own assessment of capital requirements as part of the ICAAP. 1.1 Basis of accounting The Group's interim condensed consolidated financial statements are prepared and presented in accordance with IAS 34 'Interim Financial Reporting'. The accounting policies adopted by the Group in the preparation of its 2022 interim report are consistent with those disclosed in the annual financial statements for the year ended 31 December 2021. The information relating to the six months ended 30 June 2022 and the six months ended 30 June 2021 do not constitute statutory financial statements and has not been audited. The interim condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the Group's most recent annual financial statements for the year ended 31 December 2021. 1.2 Changes in significant accounting policies The Group has applied the same accounting policies and methods of computation in its interim consolidated financial statements as in its 2022 annual financial statements. 1.3 Significant accounting policies Going concern The Directors review the going concern position of the Group on a regular basis as part of the monthly reporting process which includes consolidated management accounts and cash flow projections and have, at the time of approving the financial statements, a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the Directors continue to adopt the going concern basis of accounting in preparing the financial statements. Revenue recognition Performance obligations and timing of revenue recognition The majority of the Group's UK revenue, being investment management fees and ongoing wealth advisory, is derived from the value of funds under management / advice, with revenue recognised over the period in which the related service is rendered. This method reflects the ongoing portfolio servicing required to ensure the Group's contractual obligations to its clients are met. This also applies to the Group's US Registered Investment Advisor ("RIA") business. For certain commission, fee-based and initial wealth advisory income, revenue is recognised at the point the service is completed. This applies in particular to the Group's US Independent Broker Dealer ("IBD") services, and its execution-only UK investment management. There is limited judgement needed in identifying the point such a service has been provided, owing to the necessity of evidencing, typically via third-party support, a discharge of pre-agreed duties. 1 Accounting policies The US division also has significant Investment Banking operations, where commission is recognised on successful completion of the underlying transaction. Determining the transaction price Most of the Group's UK revenue is charged as a percentage of the total value of assets under management or advice. For revenue earned on a commission basis, such as the US broker dealing business, a set percentage of the trade value will be charged. In the case of one-off or ad hoc engagements, a fixed fee may be agreed. Allocating amounts to performance obligations Owing to the way in which the Group earns its revenue, which is largely either percentage-based or fixed for discrete services rendered, there is no judgement required in determining the allocation of amounts received. Where clients benefit from the provision of both investment management and wealth advisory services, the Group is able to separately determine the quantum of fees payable for each business stream. Further details on revenue, including disaggregation by operating segment and the timing of transfer of service(s), are provided in note 3 below. 2 Critical accounting judgements and key sources of estimation uncertainty In the application of the Group's accounting policies, which are described in note 1, the
Directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. Critical judgements in applying the Group's accounting policies The following are the critical judgements that the Directors have made in the process of applying the Group's accounting policies that had the most significant effect on the amounts recognised in the financial statements. Assessment of control Control is considered to exist where an investor has power over an investee, or else is exposed, and has rights, to variable returns. The Group determines control to exist where its own direct and implicit voting rights relative to other investors afford the Group -- via its board and senior management -- the practical ability to direct, or as the case may be veto, the actions of its investees. The company holds 50.1% of voting rights in Kingswood US, LLC, parent company of the US and its subsidiaries, as well as a majority stake in the US division's advisory board when grouped with affiliated entities. The Group has thus determined that the Company has rights, to variable returns from involvement with Kingswood US, LLC and its subsidiaries; and the ability to use power over the US Group to affect the amount of those returns, as such the Company has consolidated the sub-group as subsidiaries with a 49.9% non-controlling interest. The company holds 70% of voting rights in Moloney Investments Limited, parent company of Ireland and its subsidiaries, as well as a majority stake in the Ireland division's advisory board when grouped with affiliated entities. The Group has thus determined that the Company has the practical ability to direct the relevant activities of Moloney Investments Limited and its subsidiaries and has consolidated the sub-group as subsidiaries with a 30% non-controlling interest. 2 Critical accounting judgements and key sources of estimation uncertainty Estimates and Assumptions Intangible assets: Expected duration of client relationships The Group makes estimates as to the expected duration of client relationships to determine the period over which related intangible assets are amortised. The amortisation period is estimated with reference to historical data on account closure rates and expectations for the future. During the period, client relationships were amortised over a 10-20 year period. Goodwill The amount of goodwill initially recognised as a result of a business combination is dependent on the allocation of the purchase price to the fair value of the identifiable assets acquired and the liabilities assumed. The determination of the fair value of the assets and liabilities is based, to a considerable extent, on management's judgement. Goodwill is reviewed annually for impairment by comparing the carrying amount of the Cash Generating Units (CGU) to their expected recoverable amount, estimated on a value-in-use basis. The CGUs are based on the business segments as outlined in note 3. Share-based remuneration: Share based payments The calculation of the fair value of share-based payments requires assumptions to be made regarding market conditions and future events. These assumptions are based on historic knowledge and industry standards. Changes to the assumptions used would materially impact the charge to the Statement of Comprehensive Income. Deferred tax: Recoverability of deferred tax assets The amount of deferred tax assets recognised requires assumptions to be made to the financial forecasts that probable sufficient taxable profits will be available to allow all or part of the asset to be recovered. Leases: Estimating the incremental borrowing rate The Group cannot readily determine the interest rate implicit in leases where it is the lessee, therefore, it uses its incremental borrowing rate to measure lease liabilities. This is the rate of interest that the Group would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. The incremental borrowing rate therefore reflects what the Group 'would have to pay', which requires estimation when no observable rates are available or when they need to be adjusted to reflect the terms and conditions of the lease (for example, when leases are not in the subsidiary's functional currency). The Group estimates the incremental borrowing rate using observable inputs (such as market interest rates) when available and is required to make certain entity-specific estimates (such as the subsidiary's stand-alone credit rating). Deferred consideration: Payment of deferred consideration The Group structures acquisitions such that consideration is split between initial cash or equity settlements and deferred payments. The initial value of the contingent consideration is determined by EBITDA and/or revenue targets agreed on the acquisition of each asset. It is subsequently remeasured at its fair value through the Statement of Comprehensive Income, based on the Directors' best estimate of amounts payable at a future point in time, as determined with reference to expected future performance. Forecasts are used to assist in the assumed settlement amount. 3 Business and geographical segments Information reported to the Group's Non-Executive Chairman for the purposes of resource allocation and assessment of segment performance is focused on the category of customer for each type of activity. The Group's reportable segments under IFRS 8 are as follows: investment management, wealth planning and US operations. The Group has disaggregated revenue into various categories in the following table which is intended to depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic date and enable users to understand the relationship with revenue segment information provided below. The following is an analysis of the Group's revenue and results by reportable segment for the year to 31 December 2021. The table below details a full year's worth of revenue and results for the principal business and geographical divisions, which has then reconciled to the results included in the Statement of Comprehensive Income: Investment Wealth US IRE Group Total management planning operations operations Perioded Ended 30 June 2023 Continuing operations: GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Revenue (disaggregate by timing): Non-recurring 452 2,053 37,514 1,743 - 41,762 Recurring 3,465 14,662 2,051 790 - 20,968 External sales 3,917 16,715 39,565 2,533 - 62,730 Direct expenses (569) (793) (35,952) - - (37,314) Gross profit 3,348 15,922 3,613 2,533 - 25,416 Operating profit / (loss) 1,379 5,589 591 761 (3,355) 4,965 Business re-positioning costs (76) (104) (124) - (64) (368) Finance costs (7) (87) (8) (1) (7,035) (7,138) Amortisation and depreciation (9) (823) - (18) (2,107) (2,957) Remuneration charge (deferred consideration) - - - (259) (259) Transaction costs (61) (272) - (3,828) (4,161) Goodwill adjustment - - - - - Profit / (loss) before tax from continuing operations 1,226 4,303 459 742 (16,649) (9,919) Tax - (157) (14) (4) - (175) Profit / (loss) after tax from continuing operations 1,226 4,146 445 738 (16,649) (10,094) 3 Business and geographical segments Perioded Ended 30 June Investment Wealth planning US Group Total 2022 management operations Continuing operations: GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Revenue (disaggregated by timing): Non-recurring 465 1,776 55,944 - 58,185 Recurring 3,123 11,088 7,993 - 22,204 External sales 3,588 12,864 63,937 - 80,389 Direct expenses (717) (519) (59,094) - (60,330) Gross profit 2,871 12,345 4,843 - 20,059 Operating (loss) / profit 685 5,125 1,529 (2,834) 4,505 Business re-positioning costs (140) (336) (397) (329) (1,202)
Finance costs (1) (70) (3) (1,381) (1,455) Amortisation and depreciation - (687) 42 (1,218) (1,863) Remuneration charge (deferred consideration) - (42) - 6,351 6,309 Transaction costs - - - (1,621) (1,621) Goodwill adjustment - - - (6,364) (6,364) Profit / (loss) before tax from continuing operations 544 3,990 1,171 (7,396) (1,691) Tax - (129) 11 (21) (139) Profit / (loss) after tax from continuing operations 544 3,861 1,182 (7,417) (1,830) 3 Business and geographical segments Year Ended 31 December Investment Wealth US Group Total 2022 management planning operations (audited) Continuing operations: GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Revenue (disaggregated by timing): Non-recurring 931 2,045 118,396 - 121,322 Recurring 6,252 15,169 9,431 23 28,394 External sales 7,183 17,214 127,827 23 149,716 Direct expenses (1,476) (913) (118,108) - (120,497) Gross profit 3,176 16,301 9,719 23 29,219 Operating (loss) / profit 365 5,779 5,123 (4,940) 6,327 Business re-positioning costs (177) (239) (263) (885) (1,564) Finance costs - (72) 2 (4,857) (4,927) Amortisation and depreciation - (1,197) (212) (990) (2,399) Other gains - - - (3,056) (3,056) Remuneration charge (deferred consideration) - (3,691) - (3,318) (7,009) Transaction costs - (4) - (1,832) (1,836) (Loss) / profit before tax from continuing operations 188 576 4,650 (19,878) (14,464) Tax - (16) (317) (428) (761) (Loss) / profit after tax from continuing operations 188 560 4,333 (20,306) (15,225) 4 Other (losses) / gains Six months to Six months to Year Ended 30 June 2023 30 June 2022 31 December 2022 (unaudited) (unaudited) (audited) GBP'000 GBP'000 GBP'000 Additional payments due on acquired businesses - - - Unrealised gain/(loss) on investment - - (23) - - (23) 5 Earnings per share Six months to Six months to Year ended 30 Jun 2023 30 Jun 2022 31 Dec 2022 (unaudited) (unaudited) (audited) GBP'000 GBP'000 GBP'000 Loss from continuing operations for the purposes of basic loss per share, being net loss attributable to owners of the Group (10,537) (2,545) (7,797) Number of shares Weighted average number of ordinary shares for the purposes of basic loss per share 216,920,719 216,920,719 216,920,724 Effect of dilutive potential ordinary shares: Share options 6,624,664 8,580,094 5,897,018 Convertible preference shares in issue 525,217,205 469,263,291 512,407,029 Weighted average number of ordinary shares for the purposes of diluted loss per share 748,762,592 694,764,104 735,224,771 Continuous operations: Basic loss per share GBP(0.05) GBP(0.01) GBP(0.04) Diluted loss per share GBP(0.01) GBP(0.00) GBP(0.01) Total loss: Basic loss per share GBP(0.05) GBP(0.01) GBP(0.04) Diluted loss per share GBP(0.01) GBP(0.00) GBP(0.01) 6 Tangible Assets Fixtures and equipment GBP'000 Cost At 1 January 2022 1,655 Additions 86 Acquisitions NBV 61 At 30 June 2022 1,802 Additions 27 Acquisitions NBV 19 Reclassifications 1,438 FX on opening 17 At 31 December 2022 3,303 Additions 99 Acquisitions NBV 160 Reclassifications 39 FX on opening (7) At 30 June 2023 3,594 Accumulated depreciation At 1 January 2022 714 Depreciation charged in the Period 172 At 30 June 2022 886 Depreciation charged in the Period 138 Reclassifications 1,438 FX on opening 9 At 31 December 2022 2,471 Depreciation charged in the Period 153 Reclassifications 39 FX on opening 15 At 30 June 2023 2678 Net book value At 30 June 2023 916 At 31 December 2022 832 At 30 June 2022 916 7 Right-of-use assets Land and buildings GBP'000 Cost At 1 January 2022 4,089 Movement due to FX 8 Additions 742 At 30 June 2022 4,839 Current year adjustment (137) Movement due to FX (8) Additions 963 At 31 December 2022 5,657 Current year adjustment 137 Additions 66 At 30 June 2023 5,860 Accumulated depreciation At 1 January 2022 1,370 Depreciation charged in the Period 398 At 30 June 2022 1,768 Current year adjustment (25) Depreciation charged in the Period 361 At 31 December 2022 2,104 Current year adjustment 25 Depreciation charged in the Period 433 At 30 June 2023 2,562 Net book value At 30 June 2023 3,298 At 31 December 2022 3,553 At 30 June 2022 3,071 8 Goodwill and other intangible assets Goodwill Other intangible assets Total GBP'000 GBP'000 GBP'000 Cost At 1 January 2022 45,150 42,615 87,765 Additions 11,226 13,449 24,675 Revaluation of acquisition (6,364) - (6,364) At 30 June 2022 50,012 56,064 106,076 Additions 7,176 20,042 27,218 Exchange adjustments 629 - 629 At 30 December 2022 57,817 76,106 133,923 Additions 7,306 20,554 27,860 Movement due to FX (315) 14 (301) Disposals - - - At 30 June 2023 64,808 96,674 161,482 Accumulated amortisation At 1 January 2022 2,279 5,231 7,510 Charge for period - 1,335 1,335 At 30 June 2022 2,279 6,566 8,845 Disposals Charge for period - 1,609 1,609 At 31 December 2022 2,279 8,175 10,454 Disposals Charge for period - 2,370 2,370
At 30 June 2023 2,279 10,545 12,824 8 Goodwill and other intangible assets (continued) Net book value As at 30 June 2023 62,529 86,129 148,658 As at 31 December 2022 55,538 67,931 123,469 As at 30 June 2022 47,733 49,498 97,231 9 Lease liabilities The lease liabilities are included in trade and other payables and other non-current liabilities in the statement of financial position. Land and buildings GBP'000 At 1 January 2022 3,274 Additions 735 Interest expense 95 Lease payments (451) At 30 June 2022 3,653 Additions 920 Interest expense 52 Lease payments (401) At 31 December 2022 4,274 Additions 66 Interest expense 71 Lease payments (430) At 30 June 2023 3,981 The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, and subsequently at cost less any accumulated depreciation and impairment losses and adjusted for certain re-measurements of the lease liability. 9 Lease liabilities (continued) The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the Group's incremental borrowing rate. The lease liability is subsequently increased by the interest cost on the lease liability and decreased by lease payment made. The Group has applied judgement to determine the lease term for some lease contracts in which it is a lessee that includes renewal options. The assessment of whether the Group is reasonably certain to exercise such options impacts the lease term, which significantly affects the amount of lease liabilities and right-of-use assets recognised. 10 Deferred consideration payable Six Months to Six Months to Year Ended 30 June 2023 30 June 2022 31 December 2022 GBP'000 GBP'000 GBP'000 Deferred consideration payable on acquisitions: 28,072 24,590 29,999 - falling due within one year 15,513 14,286 20,771 - due after more than one year 12,559 10,304 9,228 The deferred consideration payable on acquisitions is due to be paid in cash. The deferred consideration liability is contingent on performance requirements during the deferred consideration period. The value of the contingent consideration is determined by EBITDA and/or revenue targets agreed on the acquisition of each asset, as defined under the respective Share or Business Purchase Agreement. As at the reporting date, the Group is expecting to pay the full value of its deferred consideration as all acquisitions are on target to meet the requirements. Previously all deferred consideration payable on acquisitions was recorded as a deferred liability and included in the fair value of assets. However, in circumstances where the payment of deferred consideration is contingent on the seller remaining within the employment of the Group during the deferred period, the contingent portion of deferred consideration is not included in the fair value of consideration paid, rather is treated as remuneration and accounted for as a charge against profits over the deferred period. 11 Share capital Six months Six months Year ended Six months Six months to Year ended to to to 30 June 30 June 31 Dec 2022 30 June 30 June 2022 31 Dec 2022 2023 2022 2023 (unaudited) (unaudited) (audited) (unaudited) (unaudited) (audited) Shares Shares Shares GBP'000 GBP'000 GBP'000 Ordinary shares issued: Fully paid 216,920,719 216,920,719 216,920,719 10,846 10,846 10,846 216,920,719 216,920,719 216,920,719 10,846 10,846 10,846 Share capital and share premium Number of Par value Share premium Total ordinary shares '000 GBP'000 GBP'000 GBP'000 At 1 January 2022 216,921 10,846 8,224 19,070 Issued during year - - - - As at 30 June 2022 216,921 10,846 8,224 19,070 At 31 December 2022 216,921 10,846 8,224 19,070 Issued during year - - - - At 30 June 2023 216,921 10,846 8,224 19,070 Ordinary shares have a par value of GBP0.05 per share. They entitle the holder to participate in dividends, and to share in the proceeds of winding up the company in proportion to the number of, and amounts paid on, shares held. On a show of hands, every holder of ordinary shares present at a meeting in person or by proxy, is entitled to one vote and upon a poll each share is entitled to one vote. Kingswood Holdings Limited does not have a limit on the amount of authorised capital. As at 31 December 2022 KPI (Nominees) Limited held 144,125,262 Ordinary Shares, representing 66.4 per cent of ordinary shares in issue at year end. 12 Preference share capital Six Months to Six Months to Year Ended Six Months to Six Months to Year Ended 30 June 2023 30 June 2022 31 Dec 2022 30 June 2023 30 June 2022 31 Dec 2022 (unaudited) (unaudited) (audited) (unaudited) (unaudited) (audited) Shares Shares Shares GBP'000 GBP'000 GBP'000 Convertible preference shares issued: Fully paid 77,428,443 77,428,443 77,428,443 77,428 77,428 77,428 77,428,443 77,428,443 77,428,443 77,428 77,428 77,428 Six Months to Six Months to Year Ended 30 June 2023 30 June 2022 31 Dec 2022 (unaudited) (unaudited) (audited) Equity component 70,150 70,150 70,150 Liability component - - - 70,150 70,150 70,150
On 12 September 2019, Kingswood Holdings Limited entered into a subscription agreement with HSQ Investment Limited, a wholly owned indirect subsidiary of funds managed and/or advised by Pollen Street Capital, to subscribe for up to 80 million irredeemable convertible preference shares, at a subscription price of GBP1 each (the Subscription). Pollen Street Capital is a global, independent alternative asset investment management company, established in 2013 with currently GBP3.2 billion gross AUM across private equity and credit strategies, focused on the financial and business services sectors, with significant experience in speciality finance.
All irredeemable convertible preference shares convert into new ordinary shares at Pollen Street Capital's option at any time from the earlier of an early conversion trigger or a fundraising, or automatically on 31 December 2023. Preferential dividends on the irredeemable convertible preference shares accrue daily at a fixed rate of five per cent per annum from the date of issue. Effective 17 December 2021 onwards, these will be settled via the issue of additional ordinary shares, thereby extinguishing the liability component.
13 Notes to the cash flow statement Cash and cash equivalents comprise cash and cash equivalents with an original maturity of three months or less. The carrying amount of these assets is approximately equal to their fair value. Six Months to Six Months to Year Ended 30 June 2023 30 June 2022 31 Dec 2022 (unaudited) (unaudited) (audited) GBP'000 GBP'000 GBP'000 Loss before tax (9,919) (1,691) (10,972) Depreciation and amortisation 2,957 1,863 4,507 Goodwill adjustment - 6,364 - Finance costs 6,639 1,455 6,398 Remuneration charge (deferred consideration) 259 (7,399) 1,852 Acquisition of investments - - 586 Share-based payment expense 499 556 878 Other losses / (gains) - - 23 Foreign exchange gain - 12 - Tax paid (175) (139) (22) Operating cash flows before movements in working capital 260 1,021 (3,250) (Increase)/decrease in receivables 6,318 786 1,821 Increase/(decrease) in payables (2,726) (10,796) (7,775) Net cash inflow / (outflow) from operating activities 3,852 (8,989) (2,704) 14 Financial instruments The following table states the classification of financial instruments and is reconciled to the Statement of Financial Position: 30 Jun 2023 30 Jun 2022 31 Dec 2022 Carrying amount Carrying amount Carrying amount (unaudited) (unaudited) (audited) GBP'000 GBP'000 GBP'000 Financial assets measured at amortised cost Trade and other receivables 10,181 5,846 9,273 Cash and cash equivalents 24,126 20,693 19,624 Financial liabilities measured at amortised cost Trade and other payables (11,316) (16,530) (16,130) Other non-current liabilities (2,519) (222) (2,806) Lease liability (1,462) (3,653) (1,467) Financial liabilities measured at fair value through profit and loss Deferred consideration payable (28,072) (24,590) (29,999) (9,060) (18,456) (21,505) Financial instruments not measured at fair value includes cash and cash equivalents, trade and other receivables, trade and other payables, and other non-current liabilities. Due to their short-term nature, the carrying value of cash and cash equivalents, trade and other receivables, and trade and other payables approximates fair value. Item Fair value Valuation technique Fair value hierarchy level GBP'000 Deferred 28,072 Fair value of Level 3 consideration deferred payable consideration payable is estimated by discounting the future cash flows using the IRR inherent in the company's acquisition price. 15 Related party transactions Remuneration of key management personnel The remuneration of the Directors, who are the key management personnel of the Group, is set out below in aggregate for each of the categories specified in IAS 24 Related Party Disclosures. Six months to Six months to Year ended 30 June 2023 30 June 2022 31 Dec 2022 (unaudited) (unaudited) (audited) 2023 2022 2022 GBP'000 GBP'000 GBP'000 Salaries and other short-term employee benefits 665 103 678 Other related parties During the period, KHL incurred fees of GBP50,000 (30 June 2022: GBP58,333; 31 December 2022: GBP116,000) from KPI (Nominees) Limited in relation to Non-Executive Director remuneration. At 30 June 2023, GBPnil of these fees remained unpaid (30 June 2022: GBPnil; 31 December 2022: GBPnil). Fees received from Moor Park Capital Partners LLP, in which Gary Wilder holds a beneficial interest, relating to property related services provided by KHL totalled GBPnil for the period ended 30 June 2023 (30 June 2022: GBP23,708; 31 December 2022: GBP23,708), of which GBPnil (30 June 2022: GBPnil; 31 December 2022: GBPnil) was outstanding at 30 June 2023. Fees paid for financial and due diligence services to Kingswood LLP, in which Gary Wilder and Jonathan Massing hold a beneficial interest, totalled GBP69,469 for the period to 30 June 2023 (30 June 2022: GBP420,807; 31 December 2022: GBP479,955), of which GBPnil (30 June 2022: GBPnil; 31 December 2022: GBPnil) was outstanding at 30 June 2023. 16 Ultimate controlling party As at the date of approving the financial statements, the ultimate controlling party of the Group was KPI (Nominees) Limited. 17 Events after the reporting date There were no significant events after the reporting period.
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.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
END
IR EAANPASKDEAA
(END) Dow Jones Newswires
September 29, 2023 02:00 ET (06:00 GMT)
1 Year Kingswood Chart |
1 Month Kingswood Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions