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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Lighthouse Group Plc | LSE:LGT | London | Ordinary Share | GB0009779116 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 33.25 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMLGT
RNS Number : 6319Z
Lighthouse Group PLC
04 September 2018
The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014
Press Release 4 September 2018
Lighthouse Group plc
("Lighthouse" or "the Group")
Interim Results
Lighthouse Group plc (AIM: LGT), the national financial advisory group, today announces its interim results for the six months ended 30 June 2018.
Highlights
Hot Features
Premium
-- Revenues for the six months to 30 June 2018 increased
by 5 per cent. to GBP26.88 million (H1 2017: GBP25.67
million);
-- Average annualised revenue production per adviser increased
by 6 per cent. to GBP124,000 (H1 2017: GBP117,000);
-- Other operating expenses reduced by 3 per cent. to GBP5.54
million (H1 2017: GBP5.68 million);
-- Underlying EBITDA* increased by 26 per cent. to GBP1.65
million (H1 2017: GBP1.31 million);
-- Pre-tax profits increased by 12 per cent. to GBP1.26 million
(H1 2017: GBP1.13 million);
-- Basic earnings per share increased by 13 per cent. to
0.99 pence per share (H1 2017: 0.88 pence per share);
-- Net cash balances GBP9.6 million (31 December 2017: GBP8.7
million, 30 June 2017: GBP8.1 million);
-- Interim dividend declared of 0.20 pence per share, an
increase of 67 per cent. (H1 2017: 0.12 pence per share);
and
-- Affinity contracts renewed with the General Federation
of Trades Unions, Parliament Hill, the Royal College of
Nursing, the Public and Commercial Services Union, the
Money Advice Service and FosterTalk and extended for mortgage
and protection services for Unison during the period.
Since 30 June 2018 contracts with Prospect union and the
Association of School and College Leaders have been renewed.
*Earnings Before Interest, Tax, Depreciation and Amortisation and non-cash share-based payments charge
Commenting on the results, Richard Last, Chairman of Lighthouse Group plc, said:
"The unaudited results for the six months ended 30 June 2018 illustrate the continued progression of the Group's activities, with underlying EBITDA (before non-cash share-based charges) for the six months increasing by 26 per cent. to GBP1.65million. Continued progress in the Group's affinity operations and in developing proprietary financial products for both the individual and corporate markets is expected to contribute to future growth in profits."
For further information, please contact:
Lighthouse Group plc
Richard Last, Chairman Tel: +44 (0) 20 7065 5640
Malcolm Streatfield, Chief Executive
Peter Smith, Finance Director
investorenquiries@lighthousefs.uk
www.lighthousegroup.plc.uk
finnCap Limited Tel: +44 (0) 20 7220 0500
(Nominated Adviser and Broker
to the Company)
Corporate
Julian Blunt/ Emily Watts/ Hannah
Boros
ECM
Alice Lane
Media enquiries:
IFC Advisory Limited
Graham Herring/Heather Armstrong/Florence Tel: +44 (0) 20 3934 6630
Chandler
heather.armstrong@investor-focus.co.uk www.investor-focus.co.uk
Chairman's statement for the six months ended 30 June 2018
Trading highlights
Unaudited Unaudited
6 months to 6 months to
30 June 2018 30 June 2017
Revenue GBP26.88 million GBP25.67 million
Gross profit GBP7.19 million GBP6.99 million
Operating costs GBP5.54 million GBP5.68 million
Underlying EBITDA * GBP1.65 million GBP1.31 million
Profit before taxation GBP1.26 million GBP1.13 million
Basic earnings per share 0.99p 0.88p
Adjusted basic earnings per share 0.80p 0.71p
Diluted earnings per share 0.91p 0.83p
Adjusted diluted earnings per
share 0.73p 0.67p
* Earnings Before Interest, Tax, Depreciation and Amortisation and non-cash share-based payments charge
** Adjusted basic and diluted earnings per share calculated after deduction of a standard tax charge of 19 per cent. (2017: 19.25 per cent.) and disclosed to aid comparability of results
Financial performance
I am pleased to report that Lighthouse has continued to progress in the six months to 30 June 2018. Revenues increased by GBP1.21 million or 5 per cent. to GBP26.88 million reflecting an increase in income generation from our affinity relationships (revenues in the period up GBP0.85 million or 20 per cent. to GBP5.13 million from the GBP4.28 million achieved in the comparable period in 2017). Average annualised revenue production per adviser increased by GBP7,000 or 6 per cent. to GBP124,000 from GBP117,000 in the first half of 2017.
Recurring revenue accounted for 51 per cent. of all Group revenue derived from customers and amounted to GBP13.19 million in the period to 30 June 2018 (2017: 49 per cent. or GBP11.92 million). The increase in recurring revenue of 11 per cent. was twice the increase in total Group revenues, reflecting the benefit in 2018 of on-going charges in respect of new business written in 2017.
Gross margin at 27 per cent. was broadly in line with the comparator period in 2017, with increased revenues in the Group's higher margin businesses - affinities and professional connections being offset by the higher introducer payments from the increase in affinity-sourced business and continuing investment in the Group's nascent Luceo Asset management business. Gross margin increased in financial terms to GBP7.19 million from GBP6.99 million in 2017.
Operating costs (before non-cash share-based payments charge) reduced by GBP143,000 to GBP5.54 million in comparison with GBP5.68 million in 2017, reflecting the Group's on-going focus on improving operational and cost efficiency.
Underlying EBITDA for the period amounted to GBP1.65 million, an increase of GBP340,000 or 26 per cent. from the GBP1.31 million recorded in the comparative period in 2017. Underlying EBITDA is stated before deduction of depreciation, amortisation and non-cash share-based payment charges as these are all non-cash costs and in the opinion of the Board the underlying EBITDA more accurately presents the performance of the Group. The Group continued to invest and expensed GBP335,000 in the period in the development of its asset management business and specialist service offerings (2017: GBP400,000).
After deduction of depreciation, amortisation, share-based payments and net finance costs, the Group recorded a profit before and after taxation of GBP1.26 million (2017: GBP1.13 million), with basic earnings per ordinary share of 0.99 pence (2017: 0.88 pence) and diluted earnings per share of 0.91 pence (2017: 0.83 pence). Adjusted basic earnings per share, stated after deduction of a standard tax charge of 19 per cent. (2017: 19.25 per cent.) to aid comparability, were 0.80 pence (2017: 0.71 pence) and adjusted diluted earnings per share were 0.73 pence (2017: 0.67 pence)
Financial position and cash flow
The Group continues to maintain a strong balance sheet with cash reserves of GBP9.6 million at 30 June 2018 (31 December 2017: GBP8.7 million, 30 June 2017: GBP8.1 million) and no debt. With c50 per cent. of the cash balances being required to underpin regulatory capital requirements, the Group has cGBP5 million available to fund both internal and external expansion opportunities should they present themselves.
Business relationships and developments
Affinity relationships continue to be an important component of the Group's operations, particularly in Lighthouse Financial Advice (our National division). The gross revenues derived from such sources noted under "Financial performance" above included new business revenues of GBP2.6 million, an increase of GBP0.8 million over the GBP1.8 million recorded in the six months to 30 June 2017. Total revenues from affinity sources amounted to 20 per cent. of revenues generated from customers by the Group in the half year (2017: 18 per cent.).
The Group continues to maintain its affinity relationships with contract renewals secured for the General Federation of Trades Unions, Parliament Hill, the Royal College of Nursing, the Public and Commercial Services Union, the Money Advice Service and FosterTalk, as well as extension of the existing Unison agreement to include specialist mortgage advice, during the period. The affinity contracts with the Prospect union and the Association of School and College Leaders have also been renewed since 30 June 2018. The Group currently has 21 contracted affinity agreements with organisations representing more than 6 million members.
The Group continues to focus on increasing client engagement within its affinity relationships with access to individuals in professions such as education, medical and engineering providing considerable scope for further growth, based on carefully targeted recruitment, marketing and adviser support.
Divisional performance
Lighthouse Financial Advice ("LFA"), the Group's National advisory division servicing affinity-based clients, continued to progress with gross revenues increasing by GBP0.82m or 9 per cent. to GBP10.06 million from GBP9.25 million. The division's contribution (profit before allocated indirect operating expenses) remained broadly constant at GBP2.53 million (2017: GBP2.54 million) as a result of the non-recurrence of a credit for past regulatory fees (2017: GBP0.11 million) and further investment into the division's infrastructure.
The Group's Wealth Advisory division, comprising LighthouseCarrwood (employed advisers working with accountancy connections) and LighthouseWealth (self-employed advisers), saw revenues grow by GBP0.75m or 16 per cent. to GBP5.35 million (2017: GBP4.60 million) in the period to 30 June 2018. Contribution increased marginally to GBP0.39 million from GBP0.38 million. The division continues to deliver professional advice to high net worth individuals and business owners.
The Group continues to support its community-based Network members in developing client relationships whilst focusing on improved customer outcomes and risk minimisation. The Network accounted for GBP10.66 million of Group revenue in the first half of 2018 (2017: GBP11.25 million), the reduction arising from certain member firms going directly authorised, but the division increased its contribution by GBP0.02 million to GBP1.20 million (2017: GBP1.18 million).
Lighthouse Mortgage and Protection Solutions ("LMPS"), the Group's dedicated division for customers requiring mortgage and protection advice and included within the Communities division for segment reporting purposes, increased its revenues by GBP0.11 million or 21 per cent. from GBP0.52 million to GBP0.63 million and its contribution by GBP0.05 million to GBP0.06 million (2017: GBP0.01 million). LMPS is now the preferred supplier of such advice to 15 of the Group's affinity partners.
The Group's asset management business, Luceo Asset Management ("LAM"), launched in September 2016, continued to build steadily in the period, with assets under management having increased from GBP37 million at 31 December 2017 to GBP53 million as at 30 June 2018. Gross investment flows from the actively managed fund of fund products (managed by Octopus Investments) remain healthy at an average inflow (excluding market corrections) of GBP714,000 per week. LAM recorded revenues of GBP0.2 million in the period (2017: GBP0.05 million) and absorbed GBP0.2 million at the contribution level (2017: GBP0.2 million). The Group will continue to look at potential new fund products to enhance the Luceo range once the existing funds have reached the level necessary to contribute after fixed costs.
The Group has continued to add employers and members into its proprietary workplace pensions product offering the Lighthouse Pensions Trust ("LPT"). At 30 June 2018 555 employers with 5,966 active members had used the Corporate Pensions Trust (which incorporates the LPT) to satisfy their auto-enrolment obligations and assets under management amounted to GBP9.6 million. The Group is undertaking a strategic review of this business area, as part of a Group-wide assessment designed to focus resources on key growth areas, which is expected to be completed by the end of the current financial year. Updates will be provided to shareholders in due course.
Dividends
The Board is pleased to announce an interim dividend of 0.20 pence per ordinary share (2017: 0.12 pence) which will be payable on 19 October 2018 to shareholders on the register as at 14 September 2018. The Group's ordinary shares will go ex-dividend on 13 September 2018. The last day to make an election in respect of the dividend reinvestment plan operated by Link Market Services Trustees Limited will be 28 September 2018.
General economic background
The on-going uncertainties re the shape of any deal for Brexit and potential disruption to global trading from political differences between the US and other developed economies continue to impact on volatilities in both UK and global stock markets. However, the Group's focus on the UK retail financial services market continues to enable the Group and its advisers to engage with and advise customers.
Regulatory developments
Regulatory developments continue to make demands across the entire spectrum of the financial advice market in the UK, with MiFID II and GDPR having come into effect in the first half of 2018 and the Insurance Distribution Directive and the extension of the Senior Persons Regime scheduled to come into effect on 1 October 2018 and 9 December 2019 respectively. The Board is satisfied that the Group has and will continue to deal appropriately with the various requirements introduced by the aforementioned new and amended regulations.
Strategy and Outlook
The Group remains positive as to achieving market expectations for the full year and continues with its strategy of developing its own proprietary product offerings in the asset management and workplace solutions markets whilst at the same time focusing on opportunities within its affinity and wealth advisory businesses that provide higher margins. With cash resources available, the Group is well placed to fund both internal growth strategies and external opportunities. In addition the Group will continue to look for operational efficiencies across its businesses.
Prospective Board Changes
I have advised the Board that, in the light of current guidance on Corporate Governance and my having served as a Director of the Company since July 2007 and as Chairman since August 2012, it is my intention to stand down from the Board of the Company and not stand for re-election as a Director at the next Annual General Meeting of the Company in May 2019.
I should like to thank my colleagues on the Board and the excellent executive team led by Malcolm Streatfield for all their help and support over the years. It has been a pleasure to work with such a professional and dedicated team and I wish the Company and my fellow Directors well in working towards what we all believe should be a rewarding future. The Nominations Committee will start the process of looking for a new Chairman and Non-Executive Director in the near future.
Richard Last
Chairman
3 September 2018
Lighthouse Group plc
Consolidated statement of comprehensive income
for the six months ended 30 June 2018
Unaudited Unaudited Audited
6 months 6 months Year ended
ended 30 ended 30 31 December
June 2018 June 2017 2017
GBP'000 GBP'000 GBP'000
Revenue 26,876 25,673 54,111
Cost of sales (19,686) (18,680) (39,439)
Gross profit 7,190 6,993 14,672
Administrative expenses
Other operating expenses (5,543) (5,686) (11,485)
Underlying earnings before
interest, tax, depreciation,
amortisation and non-cash
share-based payments 1,647 1,307 3,187
----------- -----------
Depreciation and amortisation (178) (137) (274)
Non-cash share-based payments (183) (39) (385)
----------- ----------- -------------
Total administrative expenses (5,904) (5,862) (12,144)
----------- ----------- -------------
Operating profit 1,286 1,131 2,528
Finance revenues 7 1 3
Finance costs (29) (7) (10)
Profit before taxation 1,264 1,125 2,521
Tax charge - - 200
Profit for the period 1,264 1,125 2,721
Total comprehensive income
for the period 1,264 1,125 2,721
=========== =========== =============
Profit for the period attributable
to:
Equity holders of the parent 1,264 1,125 2,721
------------------------------------ ----------- ----------- -------------
Total comprehensive income
for the period attributable
to:
Equity holders of the parent 1,264 1,125 2,721
------------------------------------ ----------- ----------- -------------
Basic earnings per share 0.99p 0.88p 2.13p
=========== =========== =============
Adjusted (*) basic earnings
per share 0.80p 0.71p 1.59p
======== ======== ========
Diluted earnings per share 0.91p 0.83p 1.98p
======== ======== ========
Adjusted (*) diluted earnings
per share 0.73p 0.67p 1.49p
====== ====== ======
(*) Adjusted basic and diluted earnings per share calculated after deduction of a standard tax
charge of 19 per cent. (2017: 19.25 per cent.) to aid comparability
Lighthouse Group plc
Consolidated statement of changes in equity
for the six months ended 30 June 2018
Special Reserves Retained Total attributable
Share non- distributable arising earnings to equity
capital reserve from share shareholders
based payments
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 January
2018 1,277 1,999 1,487 6,924 11,687
Total recognised
income and
expense for
the period - - - 1,264 1,264
Dividends paid - - - (383) (383)
Share-based
payment - - 183 - 183
At 30 June
2018 1,277 1,999 1,670 7,805 12,751
========== ==================== ================ ========== ===================
At 1 January
2017 1,277 1,999 1,102 4,586 8,964
Total recognised
income and
expense for
the period - - - 1,125 1,125
Dividends paid - - (230) (230)
Share-based
payment - - 39 - 39
---------- -------------------- ---------------- ---------- -------------------
At 30 June
2017 1,277 1,999 1,141 5,481 9,898
========== ==================== ================ ========== ===================
Lighthouse Group plc
Consolidated statement of financial position
at 30 June 2018
Unaudited Unaudited Audited
30 June 30 June 31 December
2018 2017 2017
GBP'000 GBP'000 GBP'000
Assets
Non-current assets
Intangible assets 5,198 5,170 5,131
Property, plant and equipment 1,400 1,180 1,397
Deferred Tax 950 750 950
7,548 7,100 7,478
---------- ---------- -------------
Current assets
Trade and other receivables 6,236 8,279 8,187
Cash and cash equivalents 9,571 8,508 8,733
---------- ---------- -------------
15,807 16,787 16,920
---------- ---------- -------------
Total assets 23,355 23,887 24,398
---------- ---------- -------------
Current liabilities
Trade and other payables (8,001) (8,394) (8,789)
Provisions (1,714) (3,214) (2,846)
---------- ---------- -------------
(9,715) (11,608) (11,635)
---------- ---------- -------------
Non-current liabilities
Trade and other payables - (389) -
Provisions (889) (1,992) (1,076)
(889) (2,381) (1,076)
---------- ---------- -------------
Total liabilities (10,604) (13,989) (12,711)
---------- ---------- -------------
Net assets 12,751 9,898 11,687
========== ========== =============
Capital and reserves
Called up share capital 1,277 1,277 1,277
Special non-distributable
reserve 1,999 1,999 1,999
Other reserves - share-based
payments 1,670 1,141 1,487
Retained earnings 7,805 5,481 6,924
Total equity attributable
to equity holders of the Company
being total equity 12,751 9,898 11,687
========== ========== =============
The interim financial information was approved by the Board of Directors on 3 September 2018 and was signed on its behalf by
Malcolm Streatfield
Chief Executive
Peter Smith
Finance Director
Lighthouse Group plc
Consolidated statement of cash flows
For the six months ended 30 June 2018
Unaudited Unaudited Audited
6 months 6 months year ended
ended 30 ended 30 31 December
June 2018 June 2017 2017
GBP'000 GBP'000 GBP'000
Operating activities
Profit before tax for the period 1,264 1,125 2,521
Adjustments to reconcile profit for
the period to net cash outflows from
operating activities
Finance revenues (7) (1) (3)
Finance costs 29 7 10
Depreciation of property, plant and
equipment 120 77 150
Amortisation of intangible assets 58 60 124
Share-based payments 183 39 385
Change in trade and other receivables 1,951 725 817
Change in trade and other payables (788) (907) (479)
Change in provisions (1,319) (848) (2,132)
Cash generated by operations 1,491 277 1,393
Finance costs paid (29) (7) (10)
Net cash inflow from operating activities 1,462 270 1,383
-------------------------------------------- ----------- ----------- -------------
Investing activities
Purchase of property, plant and equipment (123) (17) (307)
Purchase of intangible assets (125) - (25)
Finance revenues received 7 1 3
-------------------------------------------- ----------- ----------- -------------
Net cash outflow from investing activities (241) (16) (329)
-------------------------------------------- ----------- ----------- -------------
Financing activities
Bank loan - (17) (439)
Dividends paid to equity shareholders (383) (230) (383)
Net cash outflow from financing activities (383) (247) (822)
-------------------------------------------- ----------- ----------- -------------
Increase in cash and cash equivalents 838 7 232
Cash and cash equivalents at the
beginning of the period 8,733 8,501 8,501
Cash and cash equivalents at the
end of the period 9,571 8,508 8,733
-------------------------------------------- ----------- ----------- -------------
Lighthouse Group plc
Notes to the financial information
for the six months ended 30 June 2018
1. Basis of preparation
The interim financial information, which comprises the consolidated statement of comprehensive income, consolidated statement of changes in equity, consolidated statement of financial position and consolidated statement of cash flows and the related explanatory notes has been prepared on the basis of the accounting policies set out in the Group accounts for the year ended 31 December 2017. It is unaudited but has been reviewed by the auditor.
This information does not constitute statutory accounts for the purpose of section 435 of the Companies Act 2006. A copy of the statutory accounts for the year ended 31 December 2017, prepared under International Financial Reporting Standards, as adopted for use in the European Union, has been delivered to the Registrar of Companies and contained an unqualified auditors' report.
2. Earnings per share
The calculation of the basic and diluted earnings per share attributable to equity shareholders of the parent company is based on the following data:
Unaudited Unaudited Audited
6 months ended 6 months Year ended
30 June 2018 ended 30 31 December
June 2017 2017
Earnings for the purposes
of basic and dilutive
earnings per share (GBP'000) 1,264 1,125 2,721
================ ============== ==============
Weighted average number
of ordinary shares for
the purpose of basic
earnings per share 127,700,298 127,700,298 127,700,298
Effect of the dilutive
potential on ordinary
shares: share options 11,620,095 7,258,833 9,378,939
---------------- -------------- --------------
Weighted average number
of ordinary shares for
the purpose of diluted
earnings per share 139,320,393 134,959,131 137,079,237
================ ============== ==============
As at 30 June 2018 there were nil (30 June 2017: 548,936; 31 December 2017: 52,554) options that existed which could potentially dilute basic earnings per share in the future, but were regarded as being anti-dilutive and therefore were not included in the calculation of dilutive shares, as their exercise price was higher than the average mid-market price of the Company's ordinary shares during the period.
3, Segment information
Segment information for the Group for the six months ended 30 June 2018 is set out below:
Six months ended 30 June 2018
National Communities Wealth Other Total
advisory segments
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Total revenues 10,064 26,707 5,349 168 42,288
Less: inter-segment
revenues - (15,412) - - (15,412)
--------- ------------ ---------- ---------- ---------
External revenues 10,064 11,295 5,349 168 26,876
Cost of sales (6,420) (9,415) (3,583) (268) (19,686)
--------- ------------ ---------- ---------- ---------
Gross profit 3,644 1,880 1,766 (100) 7,190
Directly allocated
operating expenses (1,113) (617) (1,372) (60) (3,162)
--------- ------------ ---------- ---------- ---------
Segment profit before
allocated indirect
operating expenses 2,531 1,263 394 (160) 4,028
--------- ------------ ---------- ----------
Allocated indirect
operating expenses (2,381)
---------
Underlying EBITDA 1,647
Depreciation and amortisation (178)
Non-cash share-based
payments charge (183)
---------
Operating profit 1,286
Finance revenues 7
Finance costs (29)
---------
Profit before taxation 1,264
---------
Six months ended 30 June 2017
National Communities Wealth Other Total
advisory segments
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Total revenues 9,248 25,620 4,598 53 39,519
Less: inter-segment
revenues - (13,846) - - (13,846)
--------- ------------ ---------- ---------- ---------
External revenues 9,248 11,774 4,598 53 25,673
Cost of sales (5,781) (9,775) (3,030) (94) (18,680)
--------- ------------ ---------- ---------- ---------
Gross profit 3,467 1,999 1,568 (41) 6,993
Directly allocated
operating expenses (930) (808) (1,188) (136) (3,062)
--------- ------------ ---------- ---------- ---------
Segment profit before
allocated indirect
operating expenses 2,537 1,191 380 (177) 3,931
--------- ------------ ---------- ----------
Allocated indirect
operating expenses (2,624)
---------
Underlying EBITDA 1,307
Depreciation and
amortisation (137)
Non-cash share-based
payments charge (39)
---------
Operating profit 1,131
Finance revenues 1
Finance costs (7)
---------
Profit before taxation 1,125
---------
Assets and liabilities information by segment is not provided as the Directors reviewed such information at an aggregated level during the period. Luceo Asset Management is included within the Other Segments information above and further information is set out in the Chairman's Statement.
4. A copy of the Interim Statement is being sent to all shareholders and copies are available for collection indefinitely from the Group's Head Office (address: Lighthouse Group plc, 26 Throgmorton Street, London, EC2N 2AN) or at the Group's website (www.lighthousegroup.plc.uk).
INDEPENT REVIEW REPORT TO LIGHTHOUSE GROUP PLC
Conclusion
We have been engaged by the Company to review the condensed set of financial statements in the half-yearly report for the six months ended 30 June 2018 which comprises the condensed consolidated statement of comprehensive income, the consolidated statement of changes in equity, the condensed consolidated statement of financial position, the consolidated statement of cash flows and the related explanatory notes.
Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly report for the six months ended 30 June 2018 is not prepared, in all material respects, in accordance with IAS 34 Interim Financial Reporting as adopted by the EU and the AIM Rules.
Scope of review
We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity issued by the Auditing Practices Board for use in the UK. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. We read the other information contained in the half-yearly report and consider whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.
A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Directors' responsibilities
The half-yearly report is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the half-yearly report in accordance with the AIM Rules.
As disclosed in note 1, the annual financial statements of the Group are prepared in accordance with International Financial Reporting Standards as adopted by the EU. The directors are responsible for preparing the condensed set of financial statements included in the half-yearly financial report in accordance with IAS 34 as adopted by the EU.
Our responsibility
Our responsibility is to express to the Company a conclusion on the condensed set of financial statements in the half-yearly report based on our review
The purpose of our review work and to whom we owe our responsibilities
This report is made solely to the Company in accordance with the terms of our engagement. Our review has been undertaken so that we might state to the Company those matters we are required to state to it in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company for our review work, for this report, or for the conclusions we have reached.
Ravi Lamba
for and on behalf of KPMG LLP
Chartered Accountants
15 Canada Square
London
E14 5GL
3 September 2018
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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