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NMD Nth.Mid.Cons

530.00
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Nth.Mid.Cons LSE:NMD London Ordinary Share GB0006452857 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 530.00 510.00 550.00 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

North Midland Construction PLC Interim Results (5840N)

10/08/2017 7:00am

UK Regulatory


Nth.Mid.Cons (LSE:NMD)
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TIDMNMD

RNS Number : 5840N

North Midland Construction PLC

10 August 2017

10 August 2017

Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR).

NORTH MIDLAND CONSTRUCTION PLC

UNAUDITED CONDENSED GROUP HALF YEARLY FINANCIAL STATEMENTS

North Midland Construction PLC (the "Company"), the UK provider of Power, Construction, mechanical and electrical services to public and private organisations, announces interim results for the six months ended 30 June 2017.

Highlights:-

 
                          Six Months   Six Months 
                               Ended        Ended 
                             30 June      30 June 
                                2017         2016 
                             GBP'000      GBP'000 
 
 Revenue                     135,134      129,580 
                         -----------  ----------- 
 
 Profit Before 
  Tax                          1,220          512 
 
 
 Total Comprehensive 
  Income                         982          476 
                         -----------  ----------- 
 
 Earnings per 
  Share                        9.67p        4.69p 
                         -----------  ----------- 
 
 Proposed Dividends             3.0p         1.5p 
                         -----------  ----------- 
 

o Revenue increased by 4.3% compared with H1 2016.

o Profit before tax increased by 138.3% to GBP1.22 million (H1 FY16: GBP0.51 million).

o Return to profitability of GBP0.03 million in the Telecommunications division (H1 FY16: loss of GBP1.56 million).

o Cash of GBP7.93 million an increase of 175.4% (H1 FY16: GBP2.88 million), inclusive of one off early receipt of GBP1.63 million (H1 FY16: GBPNIL).

o Increased proposed dividend to 3.0p (H1 FY16: 1.5p)

John Homer - Chief Executive - Commented:

"These results demonstrate the continued strategic advancement made in the business during the trading period. Our focus on enhanced margins and cash generation is beginning to become apparent and is anticipated to continue going forwards.

We continue to invest significantly in the development of our talent pool as we believe that our people are the overarching differentiator and the driver for our continued success.

The outlook for our future trading remains positive and provides the opportunity to further improve the earnings from our operations. The Board is anticipating enhanced like-for-like revenue growth in the second half of the year, coupled with an enhanced operating margin percentage."

 
 For further information:- 
 John Homer, Chief 
  Executive 
  Daniel Taylor, Group 
  Finance Director 
  01623 518008 
  North Midland Construction 
  PLC 
 

CHAIRMAN'S STATEMENT

It is pleasing to report that the momentum generated in the first quarter, reported at the Annual General Meeting on 18 May 2017 has been maintained. A half-year profit before tax of GBP1.22 million (H1 FY16: GBP0.51 million) was generated from revenues which increased by 4.3% to GBP135.13 million (H1 FY16: GBP129.58 million).

The half-year result for Construction was affected by delays in secured projects getting underway, so both revenue and profitability were impacted. Revenue declined by 3.4% to GBP11.20 million (H1 FY16: GBP11.59 million) and profitability by 68.5% to GBP78,000 (H1 FY16: GBP248,000). The aforementioned projects are now well underway and the remaining order book to be completed this year currently stands at GBP23.50 million giving confidence that the full year's targets will be achieved. Secured revenues for 2018 currently are GBP15.00 million.

Power has suffered from a shortage of orders with revenues in the period declining by 46.0% to GBP7.47 million (H1 FY16: GBP13.83 million) and has consequently produced a loss of GBP151,000 (H1 FY16: GBP127,000 profit). A return to profitability is forecast for the second half-year.

Highways, on the back of resilient infrastructure expenditure, has increased revenues by 6.3% to GBP21.30 million (H1 FY16: GBP20.04 million) and profitability by 18.8% to GBP0.26 million (H1 FY16: GBP0.22 million). Secured workload to date for the remainder of the year is circa GBP16 million.

The Telecommunications market remains buoyant and revenues increased by 16.6% to GBP18.04 million (H1 FY16: GBP15.47 million) and a return to profitability was achieved, amounting to GBP32,000 (H1 FY16: GBP1.56 million loss). The return to profitability is encouraging, but the turnaround and reorganisation is not yet complete. A cautious perspective to the year-end out-turn is being adopted.

The Water sector continues to be a major market for the Group and several major projects are currently being undertaken either directly or in collaboration with partners. The most recent being the award of a new joint venture infrastructure contract for Severn Trent Water on the Birmingham Resilience Project worth in excess of GBP100 million. The AMP6 cycle is now well underway and consequently revenues escalated by 12.3% to GBP77.13 million (H1 FY16: GBP68.65 million). However, due to a cautious perspective being adopted on the out-turn of several newly commenced projects combined with the initial start-up costs of these projects, profitability declined by 30.3% to GBP1.11 million (H1 FY16: GBP1.59 million). Confidence is high that our internal forecast for the year will be achieved.

The resolution of the outstanding legacy contract is still ongoing, but progressing slowly. The Directors are striving to seek a satisfactory resolution.

The improved performance has resulted in a significant enhancement of the half-year bank position, albeit that this has been inflated due to a major one-off early receipt. Current cash at 30 June 2017 was GBP7.93 million (H1 FY16: GBP2.88 million).

As a result of increased revenues emanating from both the Birmingham Resilience Project award and a robust construction market, the results for the year to 31 December 2017 are expected to be ahead of management expectations. The Board has the confidence, therefore, to propose a doubling of the interim dividend to 3.0p per share (H1 FY16: 1.5p per share). The dividend will be paid on 15 September 2017 to shareholders on the register at 18 August 2017.

Robert Moyle

Chairman

North Midland Construction PLC

10 August 2017

UNAUDITED CONDENSED GROUP STATEMENT OF COMPREHENSIVE INCOME

The unaudited condensed Group results for the half year ended 30 June 2017 are shown below together with the unaudited Group results for the half year ended 30 June 2016 and the audited Group results for the year ended 31 December 2016.

 
                                  Six Months Ended 
                                       30 June          Year Ended 
                                                       31 December 
                                     2017       2016          2016 
                                  GBP'000    GBP'000       GBP'000 
 Revenue                          135,134    129,580       250,489 
 Other operating income               133        219           325 
                                ---------  ---------  ------------ 
                                  135,267    129,799       250,814 
 Raw material and consumables    (22,838)   (22,007)      (39,291) 
 Other external charges          (73,048)   (75,286)     (143,564) 
 Employee costs                  (33,799)   (28,403)      (58,738) 
 Depreciation of property, 
  plant & equipment               (1,489)    (1,186)       (2,400) 
 Other operating charges          (2,768)    (2,294)       (4,580) 
                                ---------  ---------  ------------ 
 Operating profit                   1,325        623         2,241 
 Finance costs                      (105)      (111)         (179) 
                                ---------  ---------  ------------ 
 Profit before tax                  1,220        512         2,062 
 Tax (Note 4)                       (238)       (36)           572 
                                ---------  ---------  ------------ 
 Profit for the period                982        476         2,634 
 Other comprehensive 
  income                                -          -             - 
                                ---------  ---------  ------------ 
 Total comprehensive 
  income for the period               982        476         2,634 
                                =========  =========  ============ 
 
   Attributed to:- 
 Equity holders of 
  the parent                          982        476         2,634 
                                ---------  ---------  ------------ 
                                      982        476         2,634 
                                =========  =========  ============ 
 Earnings per share 
  basic and diluted 
  (Note 3)                          9.67p      4.69p        25.95p 
 Dividend per share 
  (Note 5)                           3.0p       1.5p          1.5p 
 
 

UNAUDITED CONDENSED GROUP STATEMENT OF CHANGES IN EQUITY

 
                                            Capital 
                       Share    Merger   Redemption   Retained 
                     Capital   Reserve      Reserve   Earnings     Total 
                     GBP'000   GBP'000      GBP'000    GBP'000   GBP'000 
 Balance at 1 
  January 2016         1,015       455           20      8,727    10,217 
 Profit and total 
  comprehensive 
  income for the 
  period                   -         -            -        476       476 
 Dividends paid            -         -            -          -         - 
                    --------  --------  -----------  ---------  -------- 
 Balance at 30 
  June 2016            1,015       455           20      9,203    10,693 
 Profit and total 
  comprehensive 
  income for the 
  period                   -         -            -      2,158     2,158 
 Dividends paid            -         -            -      (152)     (152) 
 Balance at 31 
  December 2016        1,015       455           20     11,209    12,699 
 Profit and total 
  comprehensive 
  income for the 
  period                   -         -            -        982       982 
 Dividends paid            -         -            -      (303)     (303) 
                    --------  --------  -----------  ---------  -------- 
 Balance at 30 
  June 2017            1,015       455           20     11,888    13,378 
                    ========  ========  ===========  =========  ======== 
 

UNAUDITED CONDENSED GROUP BALANCE SHEET

The unaudited condensed Group Balance Sheets as at 30 June 2017 and 30 June 2016 are shown below together with the audited Group Balance Sheet as at 31 December 2016.

 
                                       30 June         31 December 
                                     2017      2016           2016 
                                  GBP'000   GBP'000        GBP'000 
 Assets 
 
 Non-Current Assets 
  Property, plant and 
   equipment                       14,975    13,011         13,651 
  Deferred tax asset                1,201       705          1,411 
                                   16,176    13,716         15,062 
                                 --------  --------   ------------ 
 Current Assets 
  Inventories                       1,950     1,964          2,065 
  Construction contracts           18,048    15,801         19,165 
  Trade and other receivables      40,943    39,433         30,705 
  Cash and cash equivalents         7,925     2,878         11,405 
                                 --------  --------   ------------ 
                                   68,866    60,076         63,340 
                                 --------  --------   ------------ 
 
 Total Assets                      85,042    73,792         78,402 
                                 ========  ========   ============ 
 
 Equity & Liabilities 
 
 Capital & Reserves 
  attributable to equity 
  holders of the Parent 
  Share capital                     1,015     1,015          1,015 
  Merger reserve                      455       455            455 
  Capital redemption 
   reserve                             20        20             20 
  Retained earnings                11,888     9,203         11,209 
                                 --------  --------   ------------ 
 Total Equity                      13,378    10,693         12,699 
                                 ========  ========   ============ 
 
 Liabilities 
 
 Non-current Liabilities 
  Obligation under 
   finance leases 
   - due after one year             2,703     2,004          1,785 
  Provisions                          394       394            394 
                                    3,097     2,398          2,179 
                                 --------  --------   ------------ 
 Current Liabilities 
  Trade & other payables           66,048    58,626         61,145 
  Current income tax 
   payable                            219        54            194 
  Obligations under 
   finance leases 
   - due within one 
   year                             2,300     2,021          2,185 
                                   68,567    60,701         63,524 
                                 --------  --------   ------------ 
 
 Total Liabilities                 71,664    63,099         65,703 
                                 --------  --------   ------------ 
 
 Total Equity & Liabilities        85,042    73,792         78,402 
                                 ========  ========   ============ 
 
 

UNAUDITED CONDENSED GROUP STATEMENT OF CASH FLOWS

The unaudited condensed Group statement of cash flows for the periods ended 30 June 2017 and 30 June 2016 are shown below together with the audited Group statement of cash flows for the year ended 31 December 2016.

 
                                     Six Months Ended           Year 
                                          30 June              Ended 
                                                         31 December 
                                        2017      2016          2016 
                                     GBP'000   GBP'000       GBP'000 
 Cash flows from operating 
  activities 
 Operating profit                      1,325       623         2,241 
 Adjustments for: 
 Depreciation of property, 
  plant and equipment                  1,489     1,185         2,400 
 Gain on disposal of 
  property, plant and 
  equipment                            (130)     (215)         (317) 
 Increase in provisions                    -        33            33 
 
 Operating cash flows 
  before movements in 
 working capital                       2,684     1,626         4,357 
 
 Decrease in inventories                 115       371           270 
 Decrease/(increase) 
  in construction contracts            1,117     1,736       (1,628) 
 (Increase)/decrease 
  in receivables                    (10,238)   (8,039)           690 
 Increase in payables                  4,903     2,040         4,557 
 
 Cash (used in)/generated 
  from operations                    (1,419)   (2,266)         8,246 
 
 Income tax received                       -        21            78 
 Interest paid                         (105)     (111)          (61) 
                                   ---------  --------  ------------ 
 Net cash (used in)/generated 
  from operating activities          (1,524)   (2,356)         8,263 
                                   ---------  --------  ------------ 
 
 Cash flows from investing 
  activities 
 Purchase of property, plant 
  and equipment                        (444)     (477)       (1,303) 
 Proceeds on disposal of 
  property, plant and equipment          132       353           475 
 Net cash used in financing 
  activities                           (312)     (124)         (828) 
                                   ---------  --------  ------------ 
 
 Cash flows from financing 
  activities 
 Equity dividends paid                 (303)         -         (152) 
 Repayments of obligations 
  under finance leases               (1,341)   (1,263)       (2,381) 
 Interest payable under 
  finance leases                           -         -         (118) 
                                   ---------  --------  ------------ 
 Net cash used in financing 
  activities                         (1,644)   (1,263)       (2,651) 
 
 Net (decrease)/increase 
  in cash and cash equivalents       (3,480)   (3,743)         4,784 
 Cash and cash equivalents 
  at 1 January 2017                   11,405     6,621         6,621 
                                   ---------  --------  ------------ 
 Cash and cash equivalents 
  at 30 June 2017                      7,925     2,878        11,405 
                                   =========  ========  ============ 
 
 
 1.   Basis of preparation 
      The unaudited condensed Group half-yearly financial 
       statements have been prepared in accordance with 
       International Accounting Standard (IAS) 34, Interim 
       Financial Reporting, and have been prepared on 
       the basis of International Financial Reporting 
       Standards (IFRSs) as adopted by the European Union 
       that are effective for the full year ending 31 
       December 2016. They do not include all of the 
       information required for full annual financial 
       statements. These condensed consolidated half-yearly 
       financial statements have not been subject to 
       audit or review in accordance with International 
       Standard on Review Engagements (UK and Ireland) 
       2410 by the company's auditor, do not comprise 
       statutory accounts within the meaning of Section 
       435 of the Companies Act 2006, and should be read 
       in conjunction with the Annual Report 2016. The 
       comparative figures for the year ended 31 December 
       2016 are not the Group's statutory accounts for 
       that financial year. Those accounts have been 
       reported upon by the Group's auditor and delivered 
       to the Registrar of Companies. The report of the 
       auditor was unqualified, did not include a reference 
       to any matters to which the auditor drew attention 
       by way of emphasis without qualifying their report 
       and did not contain statements under Section 435 
       and 498 (2) or (3) respectively of the Companies 
       Act 2006. 
 
      The Board regularly reviews financial statements, 
       cash balances and forecasts and the Directors 
       confirm that they consider the Group has adequate 
       resources to continue to operate for the foreseeable 
       future. Accordingly they continue to adopt the 
       going concern basis in preparing the unaudited 
       condensed Group half yearly financial statements. 
 
      The accounting policies adopted in the preparation 
       of the unaudited condensed Group half-yearly financial 
       statements to 30 June 2017 are consistent with 
       the policies applied by the Group in its consolidated 
       financial statements as at, and for the year ended 
       31 December 2016. The Group has considered amendments 
       to existing standards and interpretations that 
       are effective for the year ending 31 December 
       2017 and is of the view that they have no impact 
       on the unaudited condensed Group half-yearly accounts, 
       except for as noted below with IFRS 15 'Revenue 
       from Contracts with Customers'. 
 
      The preparation of unaudited condensed Group half-yearly 
       financial statements requires management to make 
       judgements, estimates and assumptions that affect 
       the application of accounting policies and the 
       reported amounts of assets and liabilities, income 
       and expense. Actual results may differ from these 
       estimates. 
 
      In preparing these unaudited condensed Group half-yearly 
       financial statements, the significant judgements 
       made by management in applying the Group's accounting 
       policies and the key sources of estimation uncertainty 
       were the same as those that applied to the consolidated 
       financial statements as at and for the year ended 
       31 December 2016. 
 
      The Group's financial risk management objectives 
       and policies are consistent with those disclosed 
       in the consolidated financial statements as at 
       and for the year ended 31 December 2016. 
 
       IFRS 15 'Revenue from Contracts with Customers' 
       IFRS 15 introduces a single, principles based, 
       five-step model to measuring and recognising revenue 
       from contracts with customers, based on the transfer 
       of control of goods and services to customers. 
       It replaces the separate models for goods, services 
       and construction contracts currently included 
       in IAS 18 'Revenue', IAS 11 'Construction Contracts', 
       and several revenue-related interpretations. IFRS 
       15 will be adopted by the Group with effect from 
       1 January 2018. 
 
       The Group is continuing to undertake its assessment 
       of the impact of IFRS 15, through a review of 
       existing major contracts. The quantitative impact 
       of the initial application of IFRS 15 is not known 
       or reasonably estimable at the time of preparation 
       of these interim financial statements. 
 
 2.   Segment reporting 
 
        Business segments 
        The Group is composed of the following operating 
        markets which are conducted in the UK and are 
        effectively market sectors: 
 
        -- Construction 
        -- Power 
        -- Highways 
        -- Water 
        -- Telecommunications 
 
        The Group manages its operating segments' trading 
        performance and working capital by monitoring 
        operating profit and centrally manages Group taxation, 
        capital structure and expenditure including net 
        equity and net debt. 
 
 
        Segment revenue and profit 
 
 
                    Six Months Ended 
                     30 June 2017 
                    Construction     Power   Highways   Telecoms     Water     Total 
                         GBP'000   GBP'000    GBP'000    GBP'000   GBP'000   GBP'000 
 Revenue 
  External 
   sales                  11,201     7,468     21,297     18,039    77,129   135,134 
                   =============  ========  =========  =========  ========  ======== 
 
 Result 
  before 
 corporate 
  expenses                   699       409      1,234        943     5,811     9,096 
 
 Corporate 
  expenses                 (621)     (560)      (975)      (911)   (4,704)   (7,771) 
 
 Operating 
 profit/(loss)                78     (151)        259         32     1,107     1,325 
                   =============  ========  =========  =========  ======== 
 Net finance 
  costs                                                                        (105) 
                                                                            -------- 
 Profit 
  before 
  tax                                                                          1,220 
 Tax                                                                           (238) 
                                                                            -------- 
 Total comprehensive income 
  for the period                                                                 982 
                                                                            ======== 
 
 
 
                    Six Months Ended 
                     30 June 2016 
                    Construction     Power   Highways   Telecoms     Water     Total 
                         GBP'000   GBP'000    GBP'000    GBP'000   GBP'000   GBP'000 
 Revenue 
  External 
   sales                  11,593    13,827     20,038     15,469    68,653   129,580 
                   =============  ========  =========  =========  ========  ======== 
 
 Result 
  before 
 corporate 
  expenses                   910       640        821      (852)     5,323     6,842 
 
 Corporate 
  expenses                 (662)     (513)      (603)      (707)   (3,734)   (6,219) 
 
 Operating 
 profit/(loss)               248       127        218    (1,559)     1,589       623 
                   =============  ========  =========  =========  ======== 
 Net finance 
  costs                                                                        (111) 
                                                                            -------- 
 Profit 
  before 
  tax                                                                            512 
 Tax                                                                            (36) 
                                                                            -------- 
 Total comprehensive income 
  for the period                                                                 476 
                                                                            ======== 
 
 
 
 
   Segment assets 
                                                  30 June 
                                             2017      2016 
 
                                          GBP'000   GBP'000 
 Construction                               8,765    11,464 
 Power                                     12,261     6,703 
 Highways                                  14,714    15,048 
 Telecommunications                        21,911    17,081 
 Water                                     27,391    23,496 
 Total segment assets and consolidated 
  total assets                             85,042    73,792 
                                         ========  ======== 
 
 For the purpose of monitoring segment performance 
  and allocating resources between segments, the 
  Group's Chief Executive monitors the tangible and 
  financial assets attributable to each segment. 
  Assets used jointly by reportable segments are 
  allocated on the basis of the revenues earned by 
  individual reportable segments. 
 
 
 
 Other segment information 
                            Depreciation          Additions 
                                 and                  to 
                            amortisation         non-current 
                                                    assets 
                              30 June              30 June 
                             2017      2016      2017      2016 
                          GBP'000   GBP'000   GBP'000   GBP'000 
 Construction                 154       124       290       163 
 Power                        103       148       194       194 
 Highways                     293       215       552       281 
 Telecommunications           248       166       467       217 
 Water                        691       532     1,300       696 
                            1,489     1,185     2,803     1,551 
                        =========  ========  ========  ======== 
 
 There were no impairment losses recognised in respect 
  of property, plant and equipment. 
 
 All of the above relates to continuing operations 
  and arose in the United Kingdom. 
 
 Information about major customer 
 Revenues of approximately GBP52,346,000 (2016: 
  GBP55,483,000) were derived from a single external 
  customer. These revenues are attributable to the 
  Power and Water segments. 
 
 
 3.   Earnings per share 
      The basic and diluted earnings per share are the 
       same and have been calculated on profits of GBP982,000 
       (2016: profits of GBP476,000) and a weighted average 
       number of shares in issue of 10,150,000 (2016: 
       10,150,000). 
 
 4.   Taxation 
      In respect of the six months ended 30 June 2017, 
       the corporation tax effective rate was 19.5% (2016: 
       20%). A corporation tax provision has been included 
       in relation to the taxable profits of the company. 
 
 5.   Dividends 
      Amounts recognised as distributions to equity 
       holders in the half year:- 
                                                     Six Months 
                                                       to June 
                                                    2017        2016 
                                                 GBP'000     GBP'000 
      Final dividend for the year ended 31           303           - 
       December 2016 of GBP3.0p (2015: GBPNil) 
       per share. 
                                                ========    ======== 
 
      The Directors propose an interim dividend of 3.0p 
       (2016: 1.5p) per share, total GBP305,000 (2016: 
       GBP152,000), which will be paid on 15 September 
       2017 to the shareholders on the register at 18 
       August 2017. 
 
 
 
 6.    Related parties 
       The Group's related parties are key management 
        personnel who are the executive directors, non-executive 
        directors and divisional managers. 
 
        The Company previously advised that on 29 March 
        2017, SPARK Advisory Partners Limited ("SPARK"), 
        the Company's sponsor (in respect of this matter 
        only), notified the Financial Conduct Authority 
        (the "FCA") of a breach of the Listing Rules in 
        relation to the related party transactions. SPARK 
        also notified the FCA that the Company has a "controlling 
        shareholder" (being the Moyle family and its associates) 
        for the purposes of the Listing Rules in respect 
        of which there is no agreement in place as required 
        by Listing Rule 9. 
 
        The Company has now received a formal response 
        from the FCA in respect of these breaches of the 
        Listing Rules. The FCA's review has now been concluded 
        and they do not intend to take any further action 
        in relation to these matters at the present time. 
        The basis of the FCA's decision was due to the 
        following confirmations having been made: 
        1. SPARK has confirmed to the FCA that the transactions 
        entered into between the Company and Mr R Moyle 
        were fair and reasonable as far as the shareholders 
        of the Company were concerned; and 
        2. SPARK has confirmed to the FCA that agreements, 
        as required by LR 9.2.2AR(2)(a), have been put 
        in place between the Company, Mr R Moyle and the 
        Moyle family trusts 
 
 7.    Contingent liabilities 
       Lloyds Bank PLC, Aviva Insurance Limited and HCC 
        International Insurance Co. Ltd have given Performance 
        Bonds to a value of GBP9,360,000 (2016 : GBP6,521,000) 
        on the Group's behalf. These bonds have been made 
        with recourse to the Group. 
 
 8.    Seasonality 
       The Group's activities are not subject to significant 
        seasonal variations. 
 
 9.    Principal risks and uncertainties 
       The Board consider the principal risks and uncertainties 
        relating to the Group for the next six months 
        to be the same as detailed in the last Annual 
        Report and Accounts to 31 December 2016. 
 
 10.   Responsibility Statement of the Directors in respect 
        of the half-yearly financial report 
       We confirm that to the best of our knowledge: 
 
       --                          the condensed set of financial statements, 
                                    which has been prepared in accordance with 
                                    IAS 34 and the ASB's 2007 statement of Half 
                                    Year Reports, gives a true and fair view of 
                                    the assets, liabilities, financial position 
                                    and profit or loss of the Group; 
 
       --                          the interim management report includes a fair 
                                    review of the information required by: 
 
                                   (a)                                     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 
 
                                   (b)                                     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 current 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 that could do so. 
 
 
 
 
   J Homer 
   Chief Executive 
 D A Taylor 
 Group Finance 
  Director 
 

10 August 2017

This information is provided by RNS

The company news service from the London Stock Exchange

END

IR QKLFBDVFZBBQ

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