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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Nexus Infrastructure Plc | LSE:NEXS | London | Ordinary Share | GB00BZ77SW60 | ORD GBP0.02 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 67.50 | 65.00 | 70.00 | 69.50 | 65.00 | 65.00 | 42,842 | 08:00:09 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Management Services | 88.69M | 58.8M | 1.4546 | 0.46 | 27.29M |
From May 2019 to May 2024
TIDMNEXS
RNS Number : 6021P
Nexus Infrastructure PLC
30 May 2018
Date: 30 May 2018
Nexus Infrastructure plc ("Nexus")
Interim results for the six months ended 31 March 2018
Strong fundamentals
Nexus, a leading provider of essential infrastructure services to the UK housebuilding and commercial sectors, today announces its interim results for the six months ended 31 March 2018.
Highlights:
-- Group Revenue up 3.8% to GBP62.9m (H1 2017: GBP60.6m)
-- Operating profit up 14.6% to GBP3.5m (H1 2017: GBP3.1m)
-- Profit before tax up 15.3% to GBP3.4m (H1 2017 GBP3.0m)
-- Group Order book increased by 30% to GBP234.1m (H1 2017: GBP180.7m)
o Tamdown: Order book up 18% to GBP118.4m (H1 2017: GBP100.5m)
o TriConnex Order book up 44% to GBP115.7m (H1 2017: GBP80.2m)
Divisional performances:
-- Tamdown: Revenues up 2.4% to GBP47.9m (H1 2017: GBP46.8m)
o The gross margin for the period at 16.3% (H1 2017: 15.9%) is in line with margins recorded in the preceding financial years.
o Operating margin increased 110 bps to 5.2% (H1 2017: 4.1%), and operating profit increased by 30.4% to GBP2.5m (H1 2017: GBP1.9m)
-- TriConnex: Revenues up 8.4% to GBP15.0m (H1 2017 GBP13.9m)
o The gross margin for the period improved by 20 bps to 34.1% (H1 2017: 33.9%)
o Operating margin improved by 20bps to 12.9% (H1 2017: 12.7%)
Strong balance Sheet:
-- 38.5% growth in net assets of GBP18.3m at 31 March 2018 (2017: GBP13.2m) -- Net cash of GBP7.4m (2017: GBP10.3m) -- A 4.8% increase in interim dividend declared of 2.2p per share (H1 2017: 2.1p per share)
eSmart Networks launch:
-- Launch of quality end to end solution to design, install and connect rapid electric vehicle charging points for a variety of customers such as charge point network operators, local authorities, vehicle OEMs, direct B2B and direct B2C.
-- Wholly owned division of Nexus with investment to date of GBP0.2m
-- Secured GBP0.5m of contracts for installation of rapid charging units in both the South East and the Midlands
Mike Morris, Chief Executive of Nexus, commented:
"We are reporting revenues and profits ahead of H1 last year and a current order book of GBP234.1m, which positions the Group well for future growth. Our recent trading statement identified some industry-driven timing issues from within the TriConnex business, which we are addressing.
The underlying demand factors in UK housebuilding are still strong and Nexus commands an established market position, from which we will continue to pursue our growth strategy. Against this background, the Board is optimistic on the outlook for the business."
Enquiries:
Nexus Infrastructure plc Tel: 01376 320856 Michael Morris, Chief Executive Officer Alan Martin, Chief Financial Officer Numis Securities Limited Tel: 0207 260 1200 (Nominated Adviser & Broker) Oliver Hardy (Nomad) Heraclis Economides Ben Stoop Financial Public Relations Tel: 0203 757 4992 Camarco Ginny Pulbrook Tom Huddart
Notes to Editors:
Nexus is a leading provider of essential infrastructure services to the UK housebuilding and commercial sectors. The Group is comprised of: Tamdown, a provider of specialised infrastructure services; TriConnex which designs, installs and connects utility networks to properties on new residential and commercial developments; and eSmart Networks which focuses on EV and smart grid infrastructure.
Tamdown has a well-established market position having been in operation for over 40 years and currently counts amongst its customers nine of the top ten largest UK housebuilders. TriConnex was established in 2011 to take advantage of deregulation in the utilities market with the goal of being recognised as the UK's leading independent provider of utility connections to new developments.
eSmart Networks was set up in 2018 to focus on the opportunities within the electric vehicle charging market, along with battery storage and specialised distribution network works to enable smart grid solutions.
Business and Financial Review
I am pleased to announce the interim results for the six months ended 31 March 2018. The Group has recorded revenue and profitability ahead of the performance in H1 2017 and has continued to successfully secure work, with the order book increasing to GBP234.1m, an increase of 30% year on year, all of which support the Company's ability to maintain its growth journey and progressive dividend policy. During the period Nexus has invested in an electric vehicle charging start-up, eSmart Networks, which designs and installs rapid ev charging points.
Group revenue increased 3.8% to GBP62.9m (H1 2017: GBP60.6m), with group operating profits increasing by 14.6% to GBP3.5m (H1 2017: GBP3.1m), driven by improved profitability within Tamdown.
The Group's balance sheet remains strong with net assets standing at GBP18.3m at 31 March 2018 compared to GBP13.2m at 31 March 2017. Included within the net assets balance is Cash and Cash Equivalents of GBP14.8m (H1 2017: GBP19.7m) and net cash was GBP7.4m (H1 2017: GBP10.3m).
Tamdown
Tamdown provides a range of specialised infrastructure and engineering services to the UK housebuilding sectors, with operations focused on the South East of England and London.
Revenue for Tamdown increased by 2.4% to GBP47.9m (H1 2017: GBP46.8m). Growth was limited as, in common with the rest of our industry, we experienced disruption from the poor weather in March, which impacted the phasing of some of our work. Despite this short term disruption, the Board expects the outturn for Tamdown's operating profit for 2018 to be in line with its expectations and ahead of 2017.
The gross margin for the period at 16.3% (H1 2017: 15.9%) is in line with the overall margins recorded in the preceding financial years.
Operating margin increased 110 bps to 5.2% (H1 2017: 4.1%), and operating profit increased by 30.4% to GBP2.5m (H1 2017: GBP1.9m).
The market for Tamdown continues to be active and competitive, with the Company continuing to build on its strong market position with the order book increasing 17.8% year on year to GBP118.4m (H1 2017: GBP100.5m) and a 9.3% increase in the first half of the financial year.
Tamdown has an established market position, providing quality services to a broad range of UK housebuilders. The structural undersupply of the housing market continues, which provides confidence that our customers will continue to demand our services.
TriConnex
TriConnex designs, installs and connects gas, electricity, water and fibre networks on new residential and commercial developments, with operations in the South East, South Midlands and South West of England.
Revenue for TriConnex increased by 8.4% to GBP15.0m (H1 2017: GBP13.9m). The gross margin for the period improved by 20 bps to 34.1% (H1 2017: 33.9%).
Operating profit increased by 9.8% to GBP1.9m (H1 2017: GBP1.8m) with the operating margin improving by 20 bps to 12.9%.
TriConnex has continued to be successful in securing orders, with the order book increasing by 44% year on year to GBP115.7m (H1 2017: GBP80.2m) and a 22.6% increase in the first half of the financial year.
As stated in the trading update in April 2018, despite the significant increase in the order book it is expected that the revenues and operating profit for 2018 will be in line with 2017, due to the conversion of orders into revenue taking longer than in previous years. TriConnex is engaged at the very early stage of developments with its customers, and often secures contracts prior to land acquisition. These contracts generally contribute to revenue over four to five years. The increase in the order book illustrates that customers continue to be active, however schemes are taking longer to get to start on site, primarily due to the increase in pre-commencement conditions set by the local authorities slowing the preparation of sites prior to construction. The increased order book provides good long term visibility, but the delays in getting on site have created a lag in the conversion of the order book into revenue and profits.
eSmart Networks
eSmart Networks, a wholly owned division of Nexus, has been created to take advantage of the significant expected growth in electric vehicles and thus the need for charging points to power them. eSmart Networks will provide a quality end to end solution of design, installation and connection of rapid electric vehicle charging points for a variety of customers such as charge point network operators, local authorities, vehicles OEMs, direct B2B and direct B2C. We consider that this market has considerable growth opportunity and is supported by Government with GBP400m to fund a national charging network and subsidise vehicle purchases.
The investment to date, consisting of administrative expenses, all of which have been expensed, totals GBP0.2m. The Board expects the revenue contribution in H2 2018 to approach approximately GBP1.0m and the net start up investment to be GBP0.6m in the current financial year.
eSmart Networks has been successful in securing GBP0.5m of contracts for installation of rapid charging units in both the South East and the Midlands.
Dividend and Dividend timetable
In the light of these results and our confidence in the future, the Board is declaring an interim dividend of 2.2 pence per share, an increase of 4.8% over the prior year (H1 2017: 2.1 pence per share).
The interim dividend will be paid on 13 July 2018 to shareholders on the register at close of business on 15 June 2018. The shares will go ex-dividend on 14 June 2018.
The Board aims to maintain a progressive dividend policy.
Financial Overview
Income statement
Group revenue increased 3.8% to GBP62.9m (H1 2017: GBP60.6m), with revenue growth in both Tamdown and TriConnex.
Group gross profit increased 6.5% to GBP12.9m (H1 2017: GBP12.1m), with the gross margin increasing 60 bps to 20.6% (H1 2017: 20.0%).
The Group's operating profit, even with the inclusion of the costs of eSmart Networks, increased 14.6% to GBP3.5m (H1 2017: GBP3.1m). Net finance costs totalled GBP0.1m (H1 2017: GBP0.1m) resulting in profit before tax increase of 15.3% to GBP3.4m (H1 2017: GBP3.0m).
The tax charge for the period was GBP0.7m (H1 2017: GBP0.6m) reflecting an effective rate of 19.6% (H1 2017: 20%). The profit after tax increased by GBP0.4m to GBP2.8m (H1 2017: GBP2.4m).
Balance Sheet and Cash Flow
The Group's balance sheet remains strong with net assets standing at GBP18.3m at 31 March 2018 compared to GBP13.2m at 31 March 2017. Working capital grew by GBP5.2m since 31 March 2017, with inventories increasing GBP1.0m, receivables increasing GBP1.6m and payables decreasing GBP2.6m. Included within the net assets balance is Cash and Cash Equivalents of GBP14.8m (H1 2017: GBP19.7m), with net cash totalling GBP7.4m (2017: GBP10.3m).
In line with the prior year, operating cash flow utilised GBP8.5m (H1 2017: GBP8.9m) of cash in the period. The Board expects that working capital will reduce in H2 2018, as occurred in H2 2017, resulting in operating cash flows in H2 2018 being cash generative. Dividends and other financing activities consumed GBP2.9m in the first half (H1 2017: GBP4.0m).
Risks and Uncertainties
The Group is subject to a number of risks and uncertainties as part of its activities. The Board regularly considers these and seeks to ensure that appropriate processes are in place to identify, control and monitor these risks. The Directors consider that the principal risks and uncertainties facing the Group are those outlined on pages 22 to 24 of the Report and Accounts for the year ended 30 September 2017.
Summary and Outlook
The Group is in a strong position to deliver growth. The fundamental market drivers for our businesses are positive in both the short and medium term. The order book has continued to grow to record levels in all businesses. Against this background, the Board is optimistic on the outlook for the business and is confident the Group will deliver on its growth strategy.
Mike Morris
Chief Executive Officer
Condensed consolidated statement of total comprehensive income
For the six months to 31 March 2018
Hot Features
Premium
Unaudited Unaudited Audited
Six months Six months Year ended
to to 30 September
31 March 31 March 2017
Note 2018 2017 GBP'000
GBP'000 GBP'000
------------------------------------- ------- ------------ ------------ --------------
Revenue 62,920 60,644 135,034
Cost of sales (49,985) (48,498) (107,793)
Gross profit 12,935 12,146 27,241
------------ ------------ --------------
Administrative expenses (9,413) (9,073) (17,910)
Operating profit before exceptional
items 3,522 3,073 9,331
Exceptional items - - (1,714)
------------------------------------- ------- ------------ ------------ --------------
Operating profit 3,522 3,073 7,617
------------ ------------ --------------
Finance income 17 50 70
Finance expense (125) (163) (304)
Profit before tax 3,414 2,960 7,383
Taxation 3 (670) (592) (1,554)
Profit for the period 2,744 2,368 5,829
Earnings per share (pence per
share)
Basic 5 7.20 6.27 15.40
Diluted 5 6.86 6.16 15.01
Condensed consolidated statement of financial position
at 31 March 2018
Unaudited Unaudited Audited
Six months Six months Year ended
to to 30 September
31 March 31 March 2017
Note 2018 2017 GBP'000
GBP'000 GBP'000
--------------------------------- ------- ------------ ------------ --------------
Non-current assets
Property, plant and equipment 7,263 4,823 7,795
Goodwill 2,361 2,361 2,361
Other investments 55 60 55
------------ ------------ --------------
Total non-current assets 9,679 7,244 10,211
Current assets
Inventories 2,501 1,519 924
Trade and other receivables 39,046 37,419 37,841
Cash and cash equivalents 14,818 19,663 27,066
------------ ------------ --------------
Total current assets 56,365 58,601 65,831
------------ ------------ --------------
Total assets 66,044 65,845 76,042
------------ ------------ --------------
Current liabilities
Borrowings 6 2,000 2,000 2,000
Trade and other payables 39,753 42,297 49,909
Corporation tax 181 247 39
------------ ------------ --------------
Total current liabilities 41,934 44,544 51,948
Non-current liabilities
Borrowings 6 5,400 7,400 6,400
Net obligations under finance
lease/hire purchase agreements 358 597 619
Deferred tax liabilities 62 102 62
------------ ------------ --------------
Total non-current liabilities 5,820 8,099 7,081
------------ ------------ --------------
Total liabilities 47,754 52,643 59,029
------------ ------------ --------------
Net assets 18,290 13,202 17,013
------------ ------------ --------------
Equity attributable to equity
holders of the Company
Share capital 762 755 762
Retained earnings 17,528 12,447 16,251
Total equity 18,290 13,202 17,013
------------ ------------ --------------
Condensed consolidated statement of changes in equity
For the six months to 31 March 2018
Share Retained Total
capital earnings
GBP'000 GBP'000 GBP'000
--------------------------------------- --------- ---------- ---------
Equity at 1 October 2016 (Audited) 755 12,621 13,376
--------- ---------- ---------
Transactions with owners
Dividend paid - (2,677) (2,677)
Share-based payment charge 135 135
--------- ---------- ---------
- (2,542) (2,542)
Total comprehensive income
Profit for the period - 2,368 2,368
- 2,368 2,368
Equity at 31 March 2017 (Unaudited) 755 12,447 13,202
--------- ---------- ---------
Transaction with owners
Dividend paid - (799) (799)
Share-based payment charge - 1,142 1,142
Issue of share capital 7 - 7
--------- ---------- ---------
7 343 350
Total comprehensive income
Profit for the period - 3,461 3,461
--------- ---------- ---------
- 3,461 3,461
Equity at 30 September 2017 (Audited) 762 16,251 17,013
--------- ---------- ---------
Transaction with owners
Dividend paid - (1,600) (1,600)
Share-based payment charge - 133 133
--------- ---------- ---------
- (1,467) (1,467)
Total comprehensive income
Profit for the period - 2,744 2,744
- 2,744 2,744
Equity at 31 March 2018 (Unaudited) 762 17,528 18,290
--------- ---------- ---------
Condensed consolidated statement of cash flows
For the six months to 31 March 2018
Unaudited Unaudited Audited
Six months Six months Year ended
to to 30 September
31 March 31 March 2017
2018 2017 GBP'000
GBP'000 GBP'000
------------------------------------------- ------------ ------------ --------------
Cash flow from operating activities
Profit before tax 3,414 2,960 7,383
Adjusted by:
(Profit)/loss on disposal of plant
and equipment (2) (19) 20
Share-based payment charge 133 135 1,277
Loss on disposal of investment - - 5
Finance expense (net) 108 113 234
Depreciation of property, plant and
equipment 672 652 1,400
------------ ------------ --------------
Operating profit before working capital
charges 4,325 3,841 10,319
Working capital adjustments:
Increase in trade and other receivables (1,205) (4,007) (4,428)
Increase in inventories (1,577) (1,092) (497)
Decrease in trade and other payables (10,090) (7,610) (63)
------------ ------------ --------------
Cash (utilised)/generated from operating
activities (8,547) (8,868) 5,331
Interest paid (125) (166) (304)
Taxation paid (527) (1,152) (2,363)
Net cash flows from operating activities (9,199) (10,186) 2,664
------------ ------------ --------------
Investing activities
Purchase of property, plant and equipment (245) (536) (4,061)
Proceeds from disposal of plant and
equipment 107 360 629
Interest received 17 50 70
------------ ------------ --------------
Net cash used in investing activities (121) (126) (3,362)
------------ ------------ --------------
Cash flow from financing activities
Dividend payment (1,600) (2,677) (3,476)
Repayment of loans (1,000) (1,000) (2,000)
Repayment of finance leases/hire
purchase agreements (328) (340) (759)
Issue of share capital - - 7
Net cash used in financing activities (2,928) (4,017) (6,228)
Net change in cash and cash equivalents (12,248) (14,329) (6,926)
------------ ------------ --------------
Cash and cash equivalents at the
beginning of the period 27,066 33,992 33,992
------------ ------------ --------------
Cash and cash equivalents at the
end of the period 14,818 19,663 27,066
------------ ------------ --------------
Notes to the condensed consolidated financial statements
For the six months to 31 March 2018
1. Basis of preparation and accounting policies
The interim report of the Group for the six months ended 31 March 2018 has been prepared in accordance with IAS 34 "Interim Financial Reporting" and International Financial Reporting Standards ("IFRS") as adopted for use in the European Union ("EU") and in accordance with the Disclosure and Transparency Rules of the Financial Conduct Authority.
The interim report does not constitute financial statements as defined in Section 434 of the Companies Act 2006 and is neither audited nor reviewed. It should be read in conjunction with the Report and Accounts for the year ended 30 September 2017, which is available on request from the Group's registered office, 1 Tamdown Way, Braintree, Essex, CM7 2QL, or can be downloaded from the website www.nexus-infrastructure.com.
The comparative information for the financial year ended 30 September 2017 does not constitute statutory accounts as defined in section 434 of the Companies Act 2006. A copy of the statutory accounts for that year has been reported on by the Company's auditor and delivered to the Registrar of Companies The report of the auditor was (i) unqualified, (ii) did not include a reference to any matters which the auditor drew attention by the way of emphasis without qualifying their report and (iii) did not contain statements under section 498 (2) or (3) of the Companies Act 2006.
The interim report has been prepared on the basis of the accounting policies as set out in the Report and Accounts for the year ended 30 September 2017. There have been no standard, amendments or interpretations issued which are relevant or effective in this interim report.
Going Concern
In determining the appropriate basis of preparation of the interim report, the Directors are required to consider whether the Group can continue in operational existence for the foreseeable future.
After making enquiries, the Directors have a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the interim report.
Notes to the condensed consolidated financial statements (continued)
For the six months to 31 March 2018
2. Segmental analysis
The Group is organised into the following three operating divisions under the control of the Executive Board, which is identified as the Chief Operating Decision Maker as defined under IFRS 8: Operating Segments:
-- Tamdown -- TriConnex -- eSmart Networks
All of the Groups operations are carried out entirely within the United Kingdom.
Segment information about the Group's operations is presented below:
Unaudited Unaudited Audited
Six months Six months Year ended
to to 30 September
31 March 31 March 2017
2018 2017 GBP'000
GBP'000 GBP'000
------------------------------------- ------------ ------------ --------------
Revenue
Tamdown 47,880 46,771 105,565
TriConnex 15,040 13,873 29,469
eSmart Networks - - -
------------ ------------ --------------
Total revenue 62,920 60,644 135,034
Gross profit
Tamdown 7,809 7,442 17,282
TriConnex 5,126 4,704 9,959
eSmart Networks - - -
------------ ------------ --------------
Total profit 12,935 12,146 27,241
Operating profit
Tamdown 2,505 1,921 7,210
TriConnex 1,942 1,768 3,490
eSmart Networks (211) - -
Group administrative expenses (714) (616) (1,369)
------------------------------------- ------------ ------------ --------------
Operating profit before exceptional
items 3,522 3,073 9,331
Exceptional items - - (1,714)
------------------------------------- ------------ ------------ --------------
Total operating profit 3,522 3,073 7,617
Net finance cost (108) (113) (234)
------------ ------------ --------------
Profit before tax 3,414 2,960 7,383
Taxation (670) (592) (1,554)
------------ ------------ --------------
Total comprehensive income for the
period 2,744 2,368 5,829
------------ ------------ --------------
Notes to the condensed consolidated financial statements (continued)
For the six months to 31 March 2018
2. Segmental analysis (continued)
Balance sheet analysis of business segments:
Unaudited 31 March 2018
Assets Liabilities Net Assets
GBP,000 GBP'000 GBP'000
----------- --------- ------------ -----------
Tamdown 30,631 21,912 8,719
TriConnex 15,014 18,124 (3,110)
Group 5,581 7,718 (2,137)
Net Cash 14,818 - 14,818
66,044 47,754 18,290
Unaudited 31 March 2017
Assets Liabilities Net Assets
GBP,000 GBP'000 GBP'000
----------- --------- ------------ -----------
Tamdown 29,454 25,306 4,148
TriConnex 14,193 17,828 (3,635)
Group 2,535 9,509 (6,974)
Net Cash 19,663 - 19,663
65,845 52,643 13,202
Audited 30 September
2017
Assets Liabilities Net Assets
GBP,000 GBP'000 GBP'000
----------- --------- ------------ -----------
Tamdown 28,255 29,817 (1,562)
TriConnex 15,125 20,193 (5,068)
Group 5,596 9,019 (3,423)
Net Cash 27,066 - 27,066
76,042 59,029 17,013
3. Taxation
Taxation has been calculated for the six months ended 31 March 2018 at the estimated effective tax rate of 20%.
4. Dividends
On the 9 March 2018 the Company paid a final dividend for the year ended 30 September 2017 of GBP1.6m
Unaudited Unaudited Audited
Six months Six months Year ended
to to 30 September
31 March 31 March 2017
2018 2017 GBP'000
GBP'000 GBP'000
--------------------------------------- ------------ ------------ --------------
Amounts recognised as distributions
to equity holders:
Final dividend for the year ended
30 September 2016 of 3.5 pence per
share - 2,677 2,677
Interim dividend for the year ended
30 September 2017 of 2.1 pence per
share - - 799
Final dividend for the year ended 1,600 - -
30 September 2017 of 4.2 pence per
share
------------ ------------ --------------
1,600 2,677 3,476
------------ ------------ --------------
Notes to the condensed consolidated financial statements (continued)
For the six months to 31 March 2018
5. Earnings per share
The calculation of the basic and diluted earnings per share is based on the following date:
Unaudited Unaudited Audited
Six months Six months Year ended
to to 30 September
31 March 31 March 2017
2018 2017 GBP'000
GBP'000 GBP'000
--------------------------------------- ------------ ------------ --------------
Profit for the period attributable
to equity shareholders 2,744 2,368 5,829
------------ ------------ --------------
Weighted average number of shares
in issue for the year 38,117,850 37,757,850 37,844,645
Effect of dilutive potential ordinary
shares:
Share options 1,898,036 694,750 999,124
Weighted average number of shares
for the purpose of diluted earnings
per share 40,015,886 38,452,600 38,843,769
Basic earnings per share (pence per
share) 7.20 6.27 15.40
Diluted earnings per share (pence
per share) 6.86 6.16 15.01
------------ ------------ --------------
6. Borrowings
Unaudited Unaudited Audited
Six months Six months Year ended
to to 30 September
31 March 31 March 2017
2018 2017 GBP'000
GBP'000 GBP'000
------------- ------------ ------------ --------------
Current 2,000 2,000 2,000
Non-current 5,400 7,400 6,400
------------ ------------ --------------
The Company entered into a GBP12.0m five-year facility with Allied Irish Bank in December 2015. The loan is secured over the whole of the Company's undertaking and assets and by way of cross guarantee from other Group undertakings. The loan carries interest at LIBOR plus between 2.25%.
7. Related party transactions
There have been no significant changes in the nature and amount of related party transactions since the last Report and Accounts as at, and for the year ended 30 September 2017.
Transactions between the Company and its subsidiaries, which are related parties, have been eliminated in full on consolidation.
Statement of Directors' responsibilities
The Directors confirm that, to the best of our knowledge:
-- the condensed set of financial statements has been prepared in accordance with IAS 34 "Interim Financial Reporting" as adopted by the European Union; and
-- the interim management report includes a fair review of the information required by DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year; and
-- the interim management report includes a fair review of the information required by DTR 4.2.8R of the Disclosure and Transparency Rules, being related party transactions that have taken place in the first six months of the financial year and that have materially affected the financial position or performance of the entity during that period; and any changes in the related party transactions described in the last annual Report and Accounts that could do so.
Signed on 29 May 2018 on behalf of the Board
Mike Morris Alan Martin
Chief Executive Officer Chief Financial Officer
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
IR ALMBTMBMTTTP
(END) Dow Jones Newswires
May 30, 2018 02:01 ET (06:01 GMT)
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