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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Smart (j.) & Co. (contractors) Plc | LSE:SMJ | London | Ordinary Share | GB00B76BK617 | ORD 2P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 125.00 | 120.00 | 130.00 | 125.00 | 125.00 | 125.00 | 2 | 08:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Management Services | 12.97M | 200k | 0.0051 | 245.10 | 49.45M |
From May 2019 to May 2024
TIDMSMJ
RNS Number : 0289W
Smart(J.)&Co(Contractors) PLC
20 April 2021
J. SMART & CO. (CONTRACTORS) PLC
INTERIM REPORT
FOR THE SIX MONTHS TO
31st JANUARY 2021
J. SMART & CO. (CONTRACTORS) PLC
CHAIRMAN'S REVIEW
INTERIM REPORT
Unaudited Group profit for the six months to 31st January 2021 amounted to GBP829,000 compared with GBP250,000 for the corresponding period last year.
In accordance with our normal practice, there has been no revaluation of our investment properties at the end of the half year. If a half year revaluation had taken place, we believe that the valuation would have been no worse than last year, with no detrimental effect on the headline figures.
The remaining private housing sales at West Bowling Green Street completed in this half year. There will be no further private housing sales this financial year as completions at the small development, The Courtyard at Winchburgh, will be after the end of the financial year.
The build contract at Ferrymuir completed in this half year. Margins were unsatisfactory.
The third and final phase of industrial development at West Edinburgh Business Park has now completed and a letting to one tenant for the whole phase concluded. Letting activity in both our industrial and office properties remained robust in the half year.
The coronavirus pandemic has continued to impact on trading activities. Whilst our construction sites have remained open, the majority of office-based staff have been working from home since January 2021 in line with legislation and guidance. Moreover, the coronavirus crisis has caused delays in the progress of site acquisitions, negotiated tender work in the Housing Association sector and our own projects. Also, the crisis has impacted on the supply chain with prolonged lead in times for basic construction materials. In this half year there has been a marked increase in the prices of these materials which has hampered negotiations for tender work.
This lull in contracting work and new private housing work continues and will result in an erosion of profit due to lack of recovery of overhead costs.
INTERIM DIVID
The Board announces an interim dividend of 0.95p per share (2020, 0.95p) to be paid on 7th June 2021 to shareholders on the register at the close of business on 7th May 2021. The interim dividend will cost the Company no more than GBP401,000.
FUTURE PROSPECTS
We have substantially less work in hand in contracting than the same time last year. It is by no means certain that new contracting work will be secured this financial year due to general delays caused by the coronavirus pandemic.
As mentioned above, there will be no further private housing sales this financial year. We are hopeful that the private housing development at Canal Quarter, Winchburgh will commence this financial year but that is by no means guaranteed.
Commercial property valuation levels have continued to improve since last year in the industrial sector but have remained static in the office sector. Also, as mentioned above, lettings of both our industrial and office stock remain robust, albeit we expect to see some voids in our office properties due to consolidation by tenants. The third and final phase of speculative industrial development at Inchwood Park, Bathgate is due for completion imminently with interest at a promising level. Construction has commenced at the second phase of our joint venture industrial development at Gartcosh Business Park.
Therefore, at this stage it is difficult to make an accurate forecast of the year end figures. It remains to be seen what the headline profit will be but it is unlikely that the underlying profit will increase this financial year.
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D.W. SMART
20th April 2021 Chairman
CONSOLIDATED INCOME STATEMENT
6 Months 6 Months Year
ended ended ended
31.1.21 31.1.20 31.7.20
Notes (Unaudited) (Unaudited) (Audited)
GBP000 GBP000 GBP000
CONTINUING OPERATIONS
Group construction activities 7,272 10,473 19,223
Less: Own construction work capitalised (1,518) (1,219) (2,410)
------------- ------------- -----------
REVENUE 5,754 9,254 16,813
Cost of sales (5,270) (9,972) (16,764)
------------- ------------- -----------
GROSS PROFIT/(LOSS) 484 (718) 49
Other operating income 3,554 3,915 7,198
Net operating expenses (3,333) (2,967) (6,078)
------------- ------------- -----------
OPERATING PROFIT BEFORE NET SURPLUS
ON VALUATION OF INVESTMENT PROPERTIES 705 230 1,169
Net surplus on valuation of investment
properties - - 3,179
------------- ------------- -----------
OPERATING PROFIT 705 230 4,348
Share of profits/(losses) in
Joint Ventures 4 (5) (13)
Income from available for sale
financial assets 11 28 50
Profit on sale of available for
sale financial assets 1 16 16
Net surplus/(deficit) on valuation
of available for sale financial
assets 173 (47) (379)
Finance income 2 49 130
Finance costs (6) (6) (12)
------------- ------------- -----------
PROFIT BEFORE TAX 890 265 4,140
Taxation 5 (133) (64) (508)
------------- ------------- -----------
PROFIT FROM CONTINUING OPERATIONS 757 201 3,632
DISCONTINUED OPERATIONS
Loss from discontinued operations 6 (49) (12) (47)
------------- ------------- -----------
PROFIT ATTRIBUTABLE TO EQUITY SHAREHOLDERS 708 189 3,585
------------- ------------- -----------
EARNINGS/(LOSS) PER SHARE 8
From continuing operations -
basic and diluted 1.78p 0.47p 8.46p
------------- ------------- -----------
From discontinued operations
- basic and diluted (0.11)p (0.03)p (0.11)p
------------- ------------- -----------
From continuing and discontinued
operations - basic and diluted 1.67p 0.44p 8.35p
------------- ------------- -----------
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
6 Months 6 Months Year
ended ended ended
31.1.21 31.1.20 31.7.20
(Unaudited) (Unaudited) (Audited)
GBP000 GBP000 GBP000
PROFIT FOR THE PERIOD 708 189 3,585
------------- ------------- -----------
OTHER COMPREHENSIVE LOSS
Items that will not be subsequently reclassified
to Income Statement:
Actuarial loss recognised in defined
benefit
pension scheme - - (3,961)
Deferred taxation on actuarial loss - - 942
------------- ------------- -----------
TOTAL ITEMS THAT WILL NOT BE SUBSEQUENTLY
RECLASSIFED TO INCOME STATEMENT - - (3,019)
------------- ------------- -----------
TOTAL OTHER COMPREHENSIVE LOSS - - (3,019)
------------- ------------- -----------
TOTAL COMPREHENSIVE INCOME FOR THE
PERIOD, NET OF TAX 708 189 566
------------- ------------- -----------
ATTRIBUTABLE TO EQUITY SHAREHOLDERS 708 189 566
------------- ------------- -----------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Capital
Redemption Retained
Notes Share Capital Reserve Earnings Total
GBP000 GBP000 GBP000 GBP000
As at 1st August 2020 853 155 98,252 99,260
Profit for the period - - 708 708
Other comprehensive income - - - -
Total comprehensive income for
period - - 708 708
-------------- ------------ ---------- -------------
TRANSACTIONS WITH OWNERS, RECORDED DIRECTLY IN EQUITY
Shares purchased and cancelled (6) - (364) (370)
Transfer to Capital Redemption
Reserve - 6 (6) -
Dividends 7 - - - -
-------------- ------------ ---------- -------------
Total transactions with
owners (6) 6 (370) (370)
-------------- ------------ ---------- -------------
As at 31st January
2021 847 161 98,590 99,598
-------------- ------------ ---------- -------------
As at 1st August 2019 866 142 99,274 100,282
Profit for the period - - 189 189
Other comprehensive income - - - -
Total comprehensive income for
period - - 189 189
-------- ------- ------- -------------
TRANSACTIONS WITH OWNERS, RECORDED DIRECTLY IN EQUITY
Shares purchased and cancelled (3) - (170) (173)
Transfer to Capital Redemption
Reserve - 3 (3) -
Dividends 7 - - (390) (390)
-------- ------- ------- -------------
Total transactions with
owners (3) 3 (563) (563)
-------- ------- ------- -------------
As at 31st January 2020 863 145 98,900 99,908
-------- ------- ------- -------------
As at 1st August 2019 866 142 99,274 100,282
Profit for the period - - 3,585 3,585
Other comprehensive loss - - (3,019) (3,019)
Total comprehensive income for
period - - 566 566
-------- ------- -------- -------------
TRANSACTIONS WITH OWNERS, RECORDED DIRECTLY IN EQUITY
Shares purchased and cancelled (13) - (780) (793)
Transfer to Capital Redemption
Reserve - 13 (13) -
Dividends 7 - - (795) (795)
-------- ------- -------- -------------
Total transactions with
owners (13) 13 (1,588) (1,588)
-------- ------- -------- -------------
As at 31st July 2020 853 155 98,252 99,260
-------- ------- -------- -------------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
6 Months 6 Months Year
ended ended ended
31.1.21 31.1.20 31.7.20
(Unaudited) (Unaudited) (Audited)
GBP000 GBP000 GBP000
NON-CURRENT ASSETS
Property, plant and equipment 1,203 1,300 1,268
Investment properties 80,246 75,311 78,632
Investments in Joint Ventures 905 909 901
Available for sale financial
assets 1,045 1,218 886
Trade and other receivables 250 250 250
Retirement benefit surplus - 2,899 -
Deferred tax assets 313 101 313
------------- ------------- -----------
83,962 81,988 82,250
------------- ------------- -----------
CURRENT ASSETS
Inventories 6,383 6,161 6,181
Contract assets 273 751 423
Corporation tax asset 178 - 139
Trade and other receivables 2,867 2,913 2,823
Monies held on deposit 48 48 48
Cash and cash equivalents 23,685 26,565 23,118
------------- ------------- -----------
33,434 36,438 32,732
------------- ------------- -----------
TOTAL ASSETS 117,396 118,426 114,982
------------- ------------- -----------
NON-CURRENT LIABILITIES
Deferred tax liabilities 1,265 1,731 1,265
Lease liabilities 212 205 205
Retirement benefit deficit 1,076 - 1,076
------------- ------------- -----------
2,553 1,936 2,546
------------- ------------- -----------
CURRENT LIABILITIES
Trade and other payables 2,715 3,740 3,072
Lease liabilities - - -
Corporation tax liability - 7 -
Bank overdraft 12,530 12,835 10,104
------------- ------------- -----------
15,245 16,582 13,176
------------- ------------- -----------
TOTAL LIABILITIES 17,798 18,518 15,722
------------- ------------- -----------
NET ASSETS 99,598 99,908 99,260
------------- ------------- -----------
EQUITY
Called up share capital 847 863 853
Capital redemption reserve 161 145 155
Retained earnings 98,590 98,900 98,252
------------- ------------- -----------
TOTAL EQUITY 99,598 99,908 99,260
------------- ------------- -----------
CONSOLIDATED STATEMENT OF CASH FLOWS
6 Months 6 Months Year
ended ended ended
31.1.21 31.1.20 31.7.20
Notes (Unaudited) (Unaudited) (Audited)
GBP000 GBP000 GBP000
CASH FLOWS FROM OPERATING ACTIVITIES 10 322 2,932 5,387
Tax paid (160) (212) (531)
------------- ------------- -----------
NET CASH FLOWS FROM OPERATING
ACTIVITIES 162 2,720 4,856
------------- ------------- -----------
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to property, plant
and equipment (88) (161) (355)
Additions to investment properties (89) (13) (483)
Expenditure on own work capitalised
- investment properties (1,518) (1,219) (2,410)
Proceeds of sale of property, plant
and equipment 33 24 29
Purchase of available for sale financial
assets - - -
Proceeds of sale of available for
sale financial assets 15 60 60
Interest received 2 49 78
Interest paid (6) (6) (12)
NET CASH FLOWS FROM INVESTING
ACTIVITIES (1,651) (1,266) (3,093)
------------- ------------- -----------
CASH FLOWS FROM FINANCING ACTIVITIES
Purchase of own shares (370) (173) (793)
Dividends paid - (390) (795)
------------- ------------- -----------
NET CASH FLOWS FROM FINANCING
ACTIVITIES (370) (563) (1,588)
------------- ------------- -----------
(DECREASE)/INCREASE IN CASH
AND CASH EQUIVALENTS (1,859) 891 175
------------- ------------- -----------
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 13,014 12,839 12,839
------------- ------------- -----------
CASH AND CASH EQUIVALENTS AT OF PERIOD 11,155 13,730 13,014
------------- ------------- -----------
NOTES TO INTERIM FINANCIAL STATEMENTS
1. BASIS OF PREPARATION
J. Smart & Co. (Contractors) PLC is a company domiciled in the United Kingdom. The condensed consolidated interim financial statements of the Company for the six months ended 31st January 2021 comprise the Company and its Subsidiaries, together referred to as the Group, and the Group's interest in jointly controlled entities.
The condensed consolidated interim financial statements for the six months to 31st January 2021 have been prepared in accordance with the Disclosure and Transparency Rules of the Financial Conduct Authority and with IAS 34: Interim Financial Reporting as adopted by the European Union.
The condensed consolidated interim financial statements for the six months to 31st January 2021 do not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. The condensed consolidated interim financial statements should be read in conjunction with the annual financial statements for the year to 31st July 2020, which have been prepared in accordance with International Financial Reporting Standards as adopted by the European Union.
The statutory financial statements for the year to 31st July 2020 have been filed with the Registrar of Companies and a copy may be obtained from Companies House. These have been audited and contain an unqualified audit opinion, did not draw attention to any matters by way of emphasis and did not contain a statement under Section 498 of the Companies Act 2006.
The condensed consolidated interim financial statements have not been audited or reviewed by the Company's auditor. A copy of the interim financial statements will be available on the Company's website www.jsmart.co.uk.
2. ACCOUNTING POLICIES
The condensed consolidated interim financial statements have been prepared under the historical cost convention except where the measurement of balances at fair value is required for investment properties, available for sale financial assets and assets held by defined benefit pension scheme.
The accounting policies adopted are consistent with those followed in the preparation of the Group's annual financial statements for the year ended 31st July 2020, with the exception of the policies regarding the accounting for pension scheme obligations and investment properties revaluations.
For the condensed consolidated interim financial statements, the assets and liabilities of the pension scheme are estimated to be unchanged from the values included at the previous year end. Also, in accordance with long standing practice, the Group's investment properties are revalued annually on 31st July each year and therefore, no revaluation adjustment is made in the condensed consolidated interim financial statements.
Standards, Amendments to Standards and Interpretations effective in period
The following new standards, amendments to standards and interpretations, which are relevant to the Group, were issued by the International Accounting Standards Board and are mandatory for the Group for the first time in the financial year to 31st July 2021:
-- IAS 1 (amended): Presentation of financial statements. -- IAS 8 (amended): Accounting Policies, Changes in Accounting Estimates and Errors.
The Directors anticipate that there will be no material impact of these amendments to standards on the financial statements.
Estimates and assumptions
The preparation of the condensed consolidated interim financial statements requires management to make estimates and assumptions concerning the future that may affect the application of accounting policies and the reported amounts of assets, liabilities and income and expenses. Management believes that the estimates and assumptions used in the preparation of these accounts are reasonable. However, actual outcomes may differ from those anticipated.
Going concern
The financial statements have been prepared on a going concern basis. The Directors have reviewed their forecasts and cashflows taking into account current available information. They have considered future trading expectations and opportunities under various scenarios and in light of the ongoing coronavirus pandemic. Based on the review the Group is expected to remain net debt free. Taking the above information into account the Directors are of the opinion that the Company and Group have adequate financial resources to continue in operational existence for a period of at least twelve months from the date of approval of these financial statements and therefore considers the adoption of the going concern basis as appropriate for the preparation of these Accounts.
3. PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks and uncertainties which could have a material impact on the Group's performance for the remainder of the current financial year remain the same as those detailed in the Group's Annual Report and Financial Statements for the year to 31st July 2020, including the ongoing situation relating to the coronavirus pandemic. The Directors are closely monitoring the situation as it develops and the impact it is having on the trading performance of the Group and will continue to do so. The Directors will take appropriate actions to help mitigate the impact of the situation on the Group's performance and future prospects.
4. SEGMENTAL INFORMATION
The Group has identified operating segments on the basis of internal reporting components that are regularly reviewed by the chief operating decision maker to allow the allocation of resources to segments and assess their performance. The Board of Directors has been recognised as the chief operating decision maker.
All revenue arises from activities within the UK and therefore the Board of Directors does not consider the business from a geographical perspective. The operating segments are based on activity and performance of an operating segment is based on a measure of operating results.
External Internal Total Operating Profit/(Loss)
Revenue Revenue Revenue
31.1.21 31.1.20 31.7.20
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
31st JANUARY 2021
(Unaudited)
Construction activities
- continuing operations 5,754 1,518 7,272 (1,345) - -
Construction activities
- discontinued operations - - - (61) - -
Investment activities
- continuing operations 3,554 - 3,554 2,050 - -
Investment activities
- discontinued operations 4 - 4 - - -
--------- --------- --------- -------- -------- --------
9,312 1,518 10,830 644 - -
--------- --------- --------- -------- -------- --------
31st JANUARY 2020
(Unaudited)
Construction activities
- continuing operations 9,254 1,219 10,473 - (2,387) -
Construction activities
- discontinued operations 1 - 1 - (15) -
Investment activities
- continuing operations 3,915 - 3,915 - 2,617 -
Investment activities
- discontinued operations 4 - 4 - - -
--------- --------- --------- -------- -------- --------
13,174 1,219 14,393 - 215 -
--------- --------- --------- -------- -------- --------
31st JULY 2020
(Audited)
Construction activities
- continuing operations 16,813 2,410 19,223 - - (3,472)
Construction activities
- discontinued operations 1 - 1 - - (57)
Investment activities
- continuing operations 7,198 - 7,198 - - 7,820
Investment activities
- discontinued operations 9 - 9 - - -
--------- --------- --------- -------- -------- --------
24,021 2,410 26,431 - - 4,291
--------- --------- --------- -------- -------- --------
OPERATING PROFIT 644 215 4,291
Share of results of Joint Ventures 4 (5) (13)
Finance and investment income 187 93 196
Finance and investment costs (6) (53) (391)
PROFIT BEFORE TAX ON ORDINARY ACTIVITIES 829 250 4,083
-------- -------- --------
5. TAXATION
The tax charge for the six months to 31st January 2021 is based on the corporation tax rate at 19.00% (2020, 18.67%).
6. DISCONTINUED OPERATIONS
In the year to 31st July 2019 Concrete Products (Kirkcaldy) Limited ceased trading.
The results of the discontinued operation, which have been included in the profit, were as follows:
6 Months 6 Months Year
Ended Ended Ended
31.1.21 31.1.20 31.7.20
(Unaudited) (Unaudited) (Audited)
GBP000 GBP000 GBP000
Revenue - 1 1
Cost of sales - (11) (18)
------------- ------------- -----------
Gross loss - (10) (17)
Other operating income 4 4 9
Net operating expenses (65) (9) (49)
------------- ------------- -----------
Loss before tax (61) (15) (57)
------------- ------------- -----------
Taxation
Corporation tax 12 3 10
Net loss attributable to discontinued
operations (49) (12) (47)
------------- ------------- -----------
The company had cashflows amounting
to:
Operating activities (57) (433) (417)
Investing activities - - -
------------- ------------- -----------
7. DIVIDS
6 Months 6 Months Year
Ended Ended Ended
31.1.21 31.1.20 31.7.20
(Unaudited) (Unaudited) (Audited)
GBP000 GBP000 GBP000
ORDINARY DIVIDS
2020 Interim dividend of 0.95p - - 405
2019 Final dividend of 2.24p, after
waivers - 390 390
-------------- ------------- -----------
- 390 795
---------------------------------------------------- ------------- -----------
The final dividend of 2.27p per share for the year to 31st July 2020 amounting to GBP961,000 was paid on 8th February 2021.
The interim dividend of 0.95p per share for the year to 31st July 2021 will be paid on 7th June 2021 to shareholders on the register at 7th May 2021. The interim dividend will cost the Company no more than GBP401,000.
8. EARNINGS/(LOSS) PER SHARE
6 Months 6 Months Year
Ended Ended Ended
31.1.21 31.1.20 31.7.20
(Unaudited) (Unaudited) (Audited)
CONTINUING OPERATIONS
Profit attributable to Equity Shareholders
GBP000 757 201 3,632
Basic and diluted Earnings per share 1.78p 0.47p 8.46p
------------- ------------- -------------
DISCONTINUED OPERATIONS
Loss attributable to Equity Shareholders
GBP000 (49) (12) (47)
Basic and diluted Loss per share (0.11)p (0.03)p (0.11)p
------------- ------------- -------------
CONTINUING AND DISCONTINUED OPERATIONS
Profit attributable to Equity Shareholders
GBP000 708 189 3,585
Basic and diluted Earnings per share 1.67p 0.44p 8.35p
------------- ------------- -------------
Weighted average number of shares 42,452,302 43,151,502 42,947,806
------------- ------------- -------------
Basic earnings/(loss) per share are calculated by dividing the profit/(loss) attributable to equity shareholders by the weighted average number of shares in issue during the period.
During the six months to 31st January 2021 the Company purchased for immediate cancellation 321,276 Ordinary Shares of 2p.
There is no difference between basic and diluted earnings per share.
9. FAIR VALUE ASSETS
The Group's investment properties, available for sale financial assets and assets held by defined benefit pension scheme are measured at fair value after initial recognition.
Investment properties are only valued annually by the Directors at the year end and not for the purposes of the interim financial statements. The Group considers all of its investment properties fall within 'Level 3' of the fair value hierarchy as described by IFRS 13: Fair Value Measurement. Level 3 valuations are those using inputs for the asset or liability that are not based on observable market data. The main unobservable inputs relate to estimated rental value and equivalent yield.
The Group's available for sale financial assets consisted entirely of equities of companies listed on quoted markets which fall within 'Level 1' of the fair value hierarchy. Assets held by defined benefit pension scheme consist of equities and bond of companies listed on quoted markets and cash which all fall within 'Level 1' of the fair value hierarchy. Level 1 valuations are those using inputs which are quoted prices (unadjusted) in active markets for identical assets or liabilities the Group can access at the period end date.
10. RECONCILIATION OF PROFIT BEFORE TAX TO CASH FLOWS FROM
OPERATING ACTIVITIES
6 Months 6 Months Year
ended ended ended
31.1.21 31.1.20 31.7.20
(Unaudited) (Unaudited) (Audited)
GBP000 GBP000 GBP000
Profit before tax 829 250 4,083
Share of (profits)/ losses from Joint
Ventures (4) 5 13
Depreciation 151 159 380
Unrealised valuation surplus on investment
properties - - (3,179)
Unrealised valuation (surplus)/deficit
on available for sale financial assets (173) 47 379
Profit on sale of property, plant and
equipment (31) (18) (18)
Profit on sale of available for sale
financial assets (1) (16) (16)
Change in retirement benefits - - 14
Interest received (2) (49) (78)
Interest paid 6 6 12
Change in inventories (202) 2,482 3,981
Change in contract assets 150 (202) 126
Change in receivables - non-current - - -
Change in receivables - current (44) (78) 12
Change in payables (357) 346 (322)
------------- ------------- -----------
CASH FLOWS FROM OPERATING ACTIVITIES 322 2,932 5,387
------------- ------------- -----------
11. RELATED PARTY TRANSACTION
Related parties are consistent with those disclosed in the Group's Annual Report and Statement of Accounts for the year to 31st July 2020.
Related party transactions, including salary and benefits provided to Directors and key management, were not material to the financial position or performance of the Group for the period.
STATEMENT OF DIRECTORS' RESPONSIBILITIES
The Directors named below, confirm on behalf of the Board of Directors that to the best of their knowledge that the condensed consolidated interim financial statements for the six months to 31st January 2021 have been prepared in accordance with IAS 34: Interim Financial Reporting as adopted by the European Union. The condensed consolidated interim financial statements include a fair review of the information required by Disclosure and Transparency Rules 4.2.7 and 4.2.8, being:
-- an indication of important events that have occurred during the six months to 31st January 2021 and their impact on the condensed consolidated interim financial statements, and a description of the principal risks and uncertainties for the remaining six months of the financial year, and
-- material related party transactions in the six months to 31st January 2021 and any material changes in the related party transactions described in the last annual report.
The Directors of the Company are listed in the Annual Report and Statement of Accounts for the year to 31st July 2020.
By order of the Board D.W. SMART, Director J.R. SMART, Director 20th April 2021
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END
IR FIFVASFIIFIL
(END) Dow Jones Newswires
April 20, 2021 05:34 ET (09:34 GMT)
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