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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Softcat Plc | LSE:SCT | London | Ordinary Share | GB00BYZDVK82 | ORD �0.0005 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 1,600.00 | 1,607.00 | 1,611.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Computer Related Svcs, Nec | 985.3M | 112.03M | 0.5614 | 28.50 | 3.19B |
From Apr 2019 to Apr 2024
TIDMSCT
RNS Number : 2147T
Softcat PLC
19 March 2019
19 March 2019
SOFTCAT plc
("Softcat", the "Company")
Half Year Results for the six months to 31 January 2019
Softcat plc (LSE: SCT.L), a leading UK provider of IT infrastructure products and services, today publishes its half year results for the six months to 31 January 2019 ("the period"). The results reflect the Company's continued ability to gain an increasing share of the market, delivering both very strong profit growth and excellent cash generation.
Hot Features
Premium
Financial Summary Six months ended
31 January 31 January
2019 2018 Growth
----------- ----------- -------
GBPm GBPm %
Revenue(1) 434.0 358.3 21.1
Gross invoiced income(2) 607.8 472.8 28.5
Gross profit 94.7 74.8 26.5
Operating profit 33.9 24.1 40.4
Cash Conversion(3) 103% 103% n/a
Interim dividend (p) 4.5p 3.3p 36.4
Diluted earnings per share
(p) 13.8p 9.8p 40.8
(1) Revenue is reported under IFRS 15, the new international
accounting standard for revenue, for the first time.
IFRS 15 requires some finely balanced judgements be made
to determine whether Softcat acts as principal or agent
in certain trading transactions. As a result, adoption
of the new standard has led to the netting down of some
revenue streams (recognising just the margin element
of the transaction, as opposed to the recognition of
gross invoiced income as revenue, offset by the cost
of the resold product or service) but has no impact on
any measure of profit or cashflow. The judgement inherent
in the application of IFRS 15, coupled with slight variations
of business model between IT Solutions Providers, means
the impact of IFRS 15 across the peer group is not uniform.
(2) Gross invoiced income reflects gross income billed
to customers adjusted for deferred and accrued revenue
items and is consistent with our previously applied revenue
policy. Softcat will continue to note gross invoiced
income as a financial KPI going forward.
(3) Cash conversion is defined as cashflow from operations
before tax but after capital expenditure as a percentage
of operating profit.
(4) Adjusted Operating Profit and Adjusted Diluted earnings
per share are no longer presented. See Note 2 for more
information on why these alternative performance measures
have been removed.
Highlights for the six months to 31 January 2019
-- Gross profit up 26.5% to GBP94.7m (H1 2018: GBP74.8m) -- Operating profit up 40.4% to GBP33.9m (H1 2018: GBP24.1m)
-- IFRS 15 adoption has only a presentational impact on revenue, with no impact on profit or cash flow, as previously disclosed
-- Added 620 new customers, with total customers up 6.5% (H1 2018: 597 / 6.7%). -- Gross profit per customer growth of 18.7% (H1 2018: 14.5%)
-- Performance was once again broad-based with growth generated across all offices, customer segments and technology lines
-- London and Leeds office relocations to larger premises have been completed, one further new UK office opening is planned by the end of the calendar year
-- Ireland office now has 15 salespeople and good progress is being made in winning new customers and local vendor accreditations
-- The Company remains debt free with a cash balance of GBP52.8m
-- Interim dividend of 4.5p per share (up 36%) to be paid on 10 May 2019, with the shares trading ex-dividend on 4 April 2019.
Graeme Watt, Softcat CEO, commented:
"It's been another period of very strong performance for the Company, characterised by additional market share gains. We have maintained our ongoing and long-term investment in building scale and creating new capabilities, and this has delivered further success against both of our simple strategic goals of doing more business with our existing customers and winning new customers.
We added more than 600 new customers in the period while gross profit per customer grew by almost 20%. Those metrics extended our run of unbroken year-on-year income and profit growth to a 54(th) quarter.
Alongside the depth and breadth of our technology offering, we believe that the greater part of our competitive advantage manifests itself in the attitude of our people. Their teamwork and collaboration is focussed on delivering outstanding results for our customers and continues to be a key driver of our success. I can't thank the Softcat team enough for their tremendous contribution so far this year.
For our shareholders, I'm pleased to report a 36% increase in our interim dividend, in line with our unchanged and progressive policy.
The Board expects a full year outcome marginally ahead of previous expectations."
Analyst meeting
A results presentation will be held for investors and analysts at the offices of FTI Consulting: 9(th) Floor, 200 Aldersgate, Aldersgate Street, London, EC1A 4HD on 19 March 2019. Registration will open at 09.15 for a 09.30 start. Materials from this presentation will be available online at www.softcat.com from 09.00. A copy of this announcement will also be available online from 07.00.
Enquiries Softcat plc: +44 (0)1628 403 403 Graeme Watt, Chief Executive Officer Graham Charlton, Chief Financial Officer FTI Consulting LLP: +44 (0)2037 271 000 Ed Bridges Matt Dixon Dwight Burden
Forward-looking statements
This announcement includes statements that are, or may be deemed to be, "forward-looking statements". By their nature, such statements involve risk and uncertainty since they relate to future events and circumstances. Actual results may, and often do, differ materially from any forward-looking statements.
Any forward-looking statements in this announcement reflect management's view with respect to future events as at the date of this announcement. Save as required by law or by the Listing Rules of the UK Listing Authority, the Company undertakes no obligation to publicly revise any forward-looking statements in this announcement following any change in its expectations or to reflect subsequent events or circumstances following the date of this announcement.
Chief Executive Officer's Review
It's been another very successful period for Softcat and I'm delighted with our trading performance across all customer segments and technology areas, each of which saw growth during both the first and second quarters in roughly equal measure. I'm also pleased with the progress we've made scaling-up our operations and building new capabilities.
Our key financial metrics of 27% gross profit growth, 40% operating profit growth and 103% cash conversion illustrate significant gains in market share, the delivery of shareholder value and provide a foundation for further progress driven by ongoing reinvestment. This has been a consistent approach for us over the years and, coupled with a relentless focus on maintaining our vibrant culture, has now delivered 54 quarters of consecutive year-on-year income and profit growth. Despite that long-track record of progress and our stature now as one of the largest players in each major customer segment, our share of the overall UK market is in the region of just 6%. We operate in a large and fragmented industry which makes the opportunity for further growth in the years ahead just as strong as ever and we believe our business direction and execution are in good shape.
Customers from all verticals continue to invest in technology driven by the need to be secure, compliant and innovative to remain competitive. The demand for Hybrid Cloud, Security, Software and Services remain key drivers for growth. The complexity of IT means that our customers need our help and support more than ever.
I've already stated that our appetite for investment is undimmed and it has been another very active six months in terms of recruitment. During the period, headcount increased by 127 from year end and on average was 15% above the prior period. As in previous years, recruitment has been spread across all areas of the business with the aim of growing the sales force, expanding our technical expertise, maintaining the right levels of support and adding experience in key strategic areas. Current areas of focus include the development of the teams supporting our new Public Cloud and Security support services. Further growth in headcount is planned for the second half.
The period also saw a strong contribution from across the branch network, with our more mature offices in Marlow, Manchester and London especially making significant progress against our goal of winning a bigger share of wallet with existing customers. Growth in relative terms was strongest from the more recently opened Glasgow office, while the team in Dublin continues to build organically following the opening of that office in August 2018. In addition, growth from Public Sector was again above the Company average, expanding slightly as a share of total income.
We are delighted to report a number of recent award wins, the highlights include:
- AlienVault - EMEA Partner of the Year - CRN Reseller of the Year - Check Point - New Customer Partner of the Year - Snow - Innovation Partner of the Year - Canalys - Growth Partner of the Year EMEA
We have continued to monitor the potential impact of the Brexit process on our business and industry. Our attention is focussed on ensuring the robustness of the supply chain and remaining tactically agile in the event of currency movements and the impact that may have on customer pricing. We remain confident that we are well prepared for different scenarios, but continue to note, like many companies, that a prolonged period of uncertainty is likely to impact customer buying patterns.
Outlook
The Board expects a full year outcome marginally ahead of previous expectations.
Board changes
Lee Ginsberg, non-executive director, has notified his intention to step down from the Board, effective 30 June 2019. A process to find his replacement is underway. We would like to thank Lee for his outstanding contribution to the Softcat Board throughout his tenure. His expertise, experience, commitment, support and encouragement have been very highly valued by the Softcat team.
Chief Financial Officer's Review
Financial Summary H1 FY19 H1 FY18 Growth
Revenue split
Software GBP200.9m GBP168.3m 19.4%
Hardware GBP195.0m GBP156.4m 24.7%
Services GBP38.1m GBP33.6m 13.4%
Total Revenue GBP434.0m GBP358.3m 21.1%
------------ ------------ ---------
Gross invoiced income
split
Software GBP328.4m GBP239.9m 36.9%
Hardware GBP201.7m GBP164.7m 22.5%
Services GBP77.7m GBP68.2m 13.9%
Total gross invoiced
income GBP607.8m GBP472.8m 28.5%
------------ ------------ ---------
Gross profit GBP94.7m GBP74.8m 26.5%
------------ ------------ ---------
Operating profit GBP33.9m GBP24.1m 40.4%
------------ ------------ ---------
OP:GP margin 35.8% 32.2% 3.6% pts
------------ ------------ ---------
Cash conversion 103.4% 103.3% 0.1% pts
------------ ------------ ---------
IFRS 15 revenue restatement
The Company has adopted IFRS 15 during the period. The impact on the financial statements is in line with the disclosures made in our 2018 annual report and accounts, creating an equal and opposite reduction in both revenue and cost of sales, such that gross profit, operating profit and cash flow are unchanged. Management continue to record pre-IFRS 15 gross revenue, referred to above as 'gross invoiced income' as a metric to measure business mix and will continue to use that measure internally and report it externally alongside GAAP revenue. As a result, gross invoiced income will continue to be reported as a memo item to aid external understanding of performance. Further information is contained in note 2 to the condensed interim financial statements.
As previously stated, gross profit will continue to be the Company's primary measure of income performance.
Gross profit, revenue and gross invoiced income
Gross profit grew by 26.5% to GBP94.7m, representing a continuation of the very strong performance seen during the previous financial year. Once again, there were no unusually large individual transactions or one-off impacts in either the current or comparative periods, and so the growth reflects ongoing execution against a proven strategy.
Revenue growth of 21.1% lags gross profit growth slightly due to the higher proportion of software sales netted down compared to the prior period. This predominantly relates to an increase in the proportion of cloud-based software transacted.
Notwithstanding the shift within software towards cloud-consumption, the mix of overall gross invoiced income was broadly stable. By this measure, software actually accounted for a slightly higher proportion of the total at 54.0% (HY18: 50.7%). Datacentre and Cloud continued to be one of our fastest growing lines of business, driven by demand for both software and hardware, while Networking and Security also increased slightly as a share of gross invoicing. All customer segments saw gross invoiced income growth in excess of 25%, with Public Sector the strongest performer, up 30%.
Customer Metrics H1 FY19 H1 FY18 Growth
Customer numbers 10.1k 9.5k 6.5%
-------- -------- -------
Gross profit per
customer GBP9.4k GBP7.9k 18.7%
-------- -------- -------
Also continuing a trend from the previous financial year was the expansion of gross profit per customer, up by 18.7% to GBP9.4k for the period.
620 new customers were added during the six months, ahead of the net gain of 600 seen in the prior period. This represents growth of 6.5% to a total of 10,100 customers serviced during the first half of the year.
Operating profit
Operating profit of GBP33.9m (H1 2018: GBP24.1m) grew by 40.4%, reflecting the effect of strong short-term operating leverage on higher than expected income growth. As a result, our key measure of operating efficiency, the ratio of operating profit to gross profit, increased from 32.2% to 35.8%. We expect this period-on-period improvement to normalise in the second half.
Corporation tax charge
The interim tax charge of GBP6.5m reflects an effective tax rate (ETR) of 19.2% (2018: 19.5%). The ETR is marginally above the statutory rate in both periods (19.0%) due to the impact of non-deductible expenses.
Cash flow and cash conversion
The Company entered the year with a cash balance of GBP72.8m and paid an aggregate final and special dividend of GBP47.3m on 14 December 2018. The Company remains debt-free and closed the period with a cash balance of GBP52.8m.
Operating cash flow after capital expenditure but before tax, was strong during the reporting period at GBP35.0m, representing a conversion rate of 103.4% of operating profit, broadly in line with both historic performance and expectations for the first half of the financial year.
The Company continues to target sustainable full year operating cash conversion (after capital expenditure) in the range of 90-95% of operating profits.
Capital investment
The Company's immediate requirements for capital investment to fund growth remain relatively modest. Net capex of GBP1.3m (2018 H1: GBP0.6m) in the period relates mainly to computer equipment and fixtures and fittings to satisfy the demands of operational growth.
Dividend
The Board is pleased to declare an interim dividend of 4.5p per share, amounting in total to GBP8.9m. The interim dividend will be payable on 10 May 2019 to shareholders whose names are on the register at the close of business on 5 April 2019. Shares in the Company will be quoted ex dividend on 4 April 2019. The dividend reinvestment plan ("DRIP") election date is 16 April 2019.
Principal Risks and Uncertainties
Like most businesses, there is a range of risks and uncertainties facing the Company. A summary is given below detailing the specific risks and uncertainties that the Directors believe could have a significant effect on the Company's financial performance.
In assessing the Company's likely financial performance for the second half of the current financial year, these risks and uncertainties should be considered in addition to the matters referred to regarding seasonality in note 14 to the Condensed Interim Financial Statements, and the comments made under the heading "outlook" in the Chief Executive's Review.
Risk Potential impacts Management & mitigation
BUSINESS STRATEGY
------------------------------------------------------------
Customer
dissatisfaction * Reputational damage * Graduate training programme
* Loss of competitive advantage * Ongoing vendor training for sales staff
* Annual customer survey with detailed follow-up on
negative responses
* Process for escalating cases of dissatisfaction to MD
& CEO
--------------------------------------------- ------------------------------------------------------------
Failure to
evolve * Loss of customers * Processes in place to act on customer feedback about
our technology new technologies
offering with
changing * Reduced profit per customer
customer * Training and development programme for all technical
needs staff
* Regular business reviews with all vendors
* Sales specialist teams aligned to emerging
technologies to support general account managers
* Regular specialist and service offering reviews with
senior management
--------------------------------------------- ------------------------------------------------------------
OPERATIONAL
------------------------------------------------------------
Cyber and data
security, * Inability to deliver customer services * Company-wide information security policy
including
GDPR compliance
* Reputational damage * Appropriate induction and training procedures for all
staff
* Financial loss
* External penetration testing programme undertaken
* ISO 27001 accreditation
--------------------------------------------- ------------------------------------------------------------
Business
interruption * Customer dissatisfaction * Operation of back-up operations centre and data
centre platforms
* Business interruption
* Established processes to deal with incident
management, change control, etc.
* Reputational damage
* Continued investment in operations centre management
* Financial loss and other resources
* Ongoing upgrades to network
* Regular testing of disaster recovery plans
--------------------------------------------- ------------------------------------------------------------
Macro-economic
factors * Short term supply chain disruption * Close dialogue with supply chain partners to ensure
including all potential Brexit scenarios are planned for
Brexit
* Reduced margins
* Customer-centric culture
* Reduced customer demand
* Breadth of proposition and customer base
* Reduced profit per customer
--------------------------------------------- ------------------------------------------------------------
FINANCIAL
------------------------------------------------------------
Profit margin
pressure * Reduced margins * Ongoing training to sales and operations team to keep
including pace with new vendor programmes
rebates
* Rebate programmes are industry standard and not
specific to the Company
* Rebates form an important but only minority element
of total operating profits
--------------------------------------------- ------------------------------------------------------------
PEOPLE
------------------------------------------------------------
Culture change
* Reduced staff engagement * Culture embedded in the organisation over a long
history
* Negative impact on customer service
* Branch structure with empowered local management
* Quarterly staff survey with feedback acted upon
* Regular staff events and incentives
--------------------------------------------- ------------------------------------------------------------
Poor leadership
* Lack of strategic direction * Succession planning process
* Deteriorating vendor relationships * Experienced and broad senior management team
* Reduced staff engagement
--------------------------------------------- ------------------------------------------------------------
These risks and uncertainties have not changed significantly since 31 July 2018. Further information on the risks can be found on pages 29 to 30 of Softcat's 2018 Annual Report and Accounts, which is available at https://www.softcat.com/investors/results-centre
Going Concern
As stated in note 2 to the Condensed Interim Financial Statements, the Directors are satisfied that the Company has sufficient resources to continue in operation for the foreseeable future, a period of at least 12 months from the date of this report. Accordingly, they continue to adopt the going concern basis in preparing the Condensed Interim Financial Statements.
Cautionary Statement
This report has been prepared solely to provide additional information to shareholders to assess the Company's strategies and the potential for those strategies to succeed. The Interim Management Report should not be relied on by any other party or for any other purpose.
In making this report, the Company is not seeking to encourage any investor to either buy or sell shares in the Company. Any investor in any doubt about what action to take is recommended to seek financial advice from an independent financial advisor authorised by the Financial Services and Markets Act 2000.
Directors' Responsibility Statement
The Directors confirm that, to the best of their knowledge:
-- the unaudited Condensed Interim Financial Statements have been prepared in accordance with International Accounting Standard 34 Interim Financial Reporting as adopted by the European Union;
-- the Interim Management Report includes a fair review of the information required by DTR 4.2.7R (indication of important events during the first six months and description of 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 (disclosure of relates parties' transactions and changes therein).
Neither the Company nor the directors accept any liability to any person in relation to the half-year financial report except to the extent that such liability could arise under English law. Accordingly, any liability to a person who has demonstrated reliance on any untrue or misleading statement or omission shall be determined in accordance with section 90A and schedule 10A of the Financial Services and Markets Act 2000.
Graeme Watt Graham Charlton Chief Executive Officer Chief Financial Officer 18 March 2019 18 March 2019
Condensed Statement of profit or loss and other comprehensive income
For the six months ended 31 January 2019
Six months ended Year
31 January ended
31 July
2019 2018 2018
---------- ---------- -------------
Unaudited Unaudited Unaudited(1)
Note
GBP'000 GBP'000 GBP'000
Revenue 3 433,970 358,304 797,208
Cost of sales (339,298) (283,469) (622,045)
---------- ---------- -------------
Gross profit 94,672 74,835 175,163
Administrative expenses (60,818) (50,725) (107,141)
---------- ---------- -------------
Operating profit 33,854 24,110 68,022
Finance income 110 38 117
---------- ---------- -------------
Profit before taxation 33,964 24,148 68,139
Income tax expense 4 (6,514) (4,716) (13,133)
---------- ---------- -------------
Profit and total comprehensive
income for the period 27,450 19,432 55,006
Profit attributable to:
---------- ---------- -------------
Owners of the Company 27,450 19,432 55,006
---------- ---------- -------------
Basic earnings per Ordinary Share
(pence) 9 13.9 9.8 27.9
Diluted earnings per Ordinary Share
(pence) 9 13.8 9.8 27.6
All results are derived from continuing operations.
(1) The Company has made retrospective restatements during the current interim period as a result of the adoption of IFRS 15. The condensed statement of profit or loss and other comprehensive income of the Company for the preceding year (31 July 2018) presented with the condensed interim financial statements (31 January 2019) reflects the retrospective application of the new accounting principles. As the amounts differ from the amounts in the 2018 financial statements, on which the Company's auditor previously reported, the 31 July 2018 condensed statement of profit and loss and other comprehensive income is labelled as 'unaudited'.
Condensed Statement of Financial Position
As at 31 January 2019
31 January 31 July
2019 2018 2018
---------- ---------- -------------
Unaudited Unaudited Unaudited(1)
Note
GBP'000 GBP'000 GBP'000
Non-current assets
Property, plant and equipment 5,488 5,382 5,056
Intangible assets 346 386 324
Deferred tax asset 1,563 876 1,436
---------- ---------- -------------
7,397 6,644 6,816
Current assets
Inventories 35,001 12,704 8,631
Trade and other receivables 6 240,805 189,623 205,957
Cash and cash equivalents 52,774 43,318 72,831
---------- ---------- -------------
328,580 245,645 287,419
---------- ---------- -------------
Total assets 335,977 252,289 294,235
========== ========== =============
Current liabilities
Trade and other payables 7 (247,506) (176,513) (185,264)
Income tax payable (6,524) (5,087) (8,155)
---------- ---------- -------------
(254,030) (181,600) (193,419)
---------- ---------- -------------
Net assets 81,947 70,689 100,816
========== ========== =============
Equity
Issued share capital 11 99 99 99
Share premium account 4,979 4,979 4,979
Retained earnings 76,869 65,611 95,738
---------- ---------- -------------
Total equity 81,947 70,689 100,816
========== ========== =============
(1) The Company has made retrospective restatements during the current interim period as a result of the adoption of IFRS 15. The condensed statement of financial position of the Company for the preceding year (31 July 2018) presented with the condensed interim financial statements (31 January 2019) reflects the retrospective application of the new accounting principles. As the amounts differ from the amounts in the 2018 financial statements, on which the Company's auditor previously reported, the 31 July 2018 condensed statement of financial position is labelled as 'unaudited'.
Condensed Statement of Changes in Equity
Share Share Retained
capital premium earnings(1) Total equity
--------- --------- ------------- -------------
GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1 August 2018 99 4,979 95,738 100,816
Total comprehensive income
for the period - - 27,450 27,450
Share-based payment transactions - - 898 898
Dividends paid - - (47,310) (47,310)
Dividend equivalents paid - - (287) (287)
Tax adjustments - - 380 380
--------- --------- ------------- -------------
Balance at 31 January 2019 99 4,979 76,869 81,947
Balance at 1 August 2017 99 4,664 83,655 88,418
Total comprehensive income
for the period - - 19,432 19,432
Share-based payment transactions - - 989 989
Dividends paid - - (38,790) (38,790)
Shares issued in period - 315 - 315
Tax adjustments - - 215 215
Own share movement during
the period - - 110 110
--------- --------- ------------- -------------
Balance at 31 January 2018 99 4,979 65,611 70,689
(1) The balance previously reported in the Reserve for Own Shares as at 1 August 2017 was GBP3,214,000. This amount relates to shares held by the Employee Benefit Trust (EBT) and has been reclassified to Retained Earnings as all the EBT shares were issued against options previously exercised. This amendment occurred on 31 July 2018 and prior periods have been restated accordingly.
Condensed Statement of Cash Flows
For the six months ended 31 January 2019
Six months ended
31 January Year ended
31 July
2019 2018 2018
---------- ---------- -----------
Unaudited Unaudited Unaudited
Note
GBP'000 GBP'000 GBP'000
Net cash generated from operating
activities 10 28,463 20,592 57,051
Investing activities
Finance income 110 38 117
Purchase of property, plant and
equipment (1,175) (553) (965)
Purchase of intangible assets (145) (37) (119)
---------- ---------- -----------
Net cash used in investing activities (1,210) (552) (967)
Financing activities
Issue of share capital - 315 315
Dividends paid 5 (47,310) (38,790) (45,321)
Own share transactions - 110 110
---------- ---------- -----------
Net cash used in financing activities (47,310) (38,365) (44,896)
Net decrease in cash and cash
equivalents (20,057) (18,325) 11,188
Cash and cash equivalents at
beginning of period 72,831 61,643 61,643
---------- ---------- -----------
Cash and cash equivalents at
end of period 52,774 43,318 72,831
========== ========== ===========
Notes to the Financial Information
1. General information
The Directors of Softcat plc (the "Company") present their Interim Report and the unaudited Condensed Interim Financial Statements for the six months ended 31 January 2019 ("Condensed Interim Financial Statements").
The Company is a public limited company, incorporated and domiciled in the UK. Its registered address is Fieldhouse Lane, Marlow, Buckinghamshire, SL7 1LW.
The Condensed Interim Financial Statements have been reviewed, but not audited, by Ernst & Young LLP and were approved by the Board of Directors on 18(th) March 2019. The financial information contained in this report does not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006. The Condensed Interim Financial Statements should be read in conjunction with the Annual Report and Financial Statements for the year ended 31 July 2018, which were prepared in accordance with European Union endorsed International Financial Reporting Standards ("IFRS") and those parts of the Companies Act 2006 applicable to companies reporting under IFRS. The Annual Report and Financial Statements for the year ended 31 July 2018 were approved by the Board of Directors on 17 October 2018 and delivered to the Registrar of Companies. The auditor's report on those financial statements was unqualified, did not contain an emphasis of matter paragraph and did not contain any statement under section 498(2) or (3) of the Companies Act 2006.
2. Accounting policies
Basis of preparation
These Condensed Interim Financial Statements have been prepared in accordance with International Accounting Standard 34, 'Interim Financial Reporting' as adopted by the European Union and the Disclosure and Transparency Rules of the United Kingdom's Financial Conduct Authority.
The Condensed Interim Financial Statements are presented in Pounds Sterling, rounded to the nearest thousand ('GBP'000'), unless otherwise stated. They were prepared under the historical cost convention.
The accounting policies adopted in the preparation of the Condensed Interim Financial Statements are consistent with those applied in the preparation of the Company's Financial Statements for the year ended 31 July 2018 except where the Company has made changes in respect of IFRS 15 and IFRS 9 discussed below.
Going concern
The Directors are satisfied that the Company has sufficient resources to continue in operation for the foreseeable future, a period of at least 12 months from the date of this report. Accordingly, they continue to adopt the going concern basis in preparing the Condensed Interim Financial statements.
Critical accounting judgements and key sources of estimation uncertainty
When applying the Company's accounting policies, management must make several key judgements involving estimates and assumptions concerning the future. These estimates and judgements are based on factors considered to be relevant, including historical experience that may differ significantly from the actual outcome. The key assumptions concerning the future and other key sources of estimation uncertainty at the balance sheet date were disclosed in the most recent annual report. Following the adoption of IFRS 15, discussed below, the following additional significant judgement is applicable:
Principal versus agent
Significant judgement is required in determining whether the Company is acting as principal, and reports revenue on a gross basis, or agent, and reports revenue on a net basis. Softcat evaluates each revenue stream against the following indicators when determining whether it is acting as principal or agent in a transaction: (i) primary responsibility for fulfilling the promise to provide the specified goods or service, (ii) inventory risk before the specified good or service has been transferred to a customer or after transfer of control to the customer and (iii) discretion in establishing the price for the specified good or service. Certain revenue streams present a more balanced judgement than others when assessed against the above criteria and the conclusion may be reliant on the weighting applied to the responses to these criteria. When applying the weighting and concluding on whether principal or agent treatment is appropriate, the Company exercises significant levels of judgement due to the balanced nature of the assessment. The specific judgements made for each revenue category are discussed in the accounting policy for revenue as disclosed below.
Changes to accounting standards
IFRS 15 Revenue from Contracts with Customers
The Company has adopted IFRS 15 from 1 August 2018 which has resulted in changes to the accounting policies and adjustments to the amounts recognised in the financial statements. The Company has chosen to apply IFRS 15 using the full retrospective approach and has therefore restated both the prior year interim and prior year full year numbers under the new standard.
The overall adjustments are recognised as equal reductions to both revenue and cost of sales with no impact on gross profit, operating profit or cashflow of the Company.
The size of these adjustments is in line with the guidance provided in our most recent financial statements. The overall impact is a reduction in both revenue and cost of sales of GBP284.5m for the year ended 31 July 2018 and GBP114.5m for the six months ended 31 January 2018.
When assessing whether principal or agent, IFRS 15 moves away from the previous risk-based measures (such as credit risk) and instead focuses on the control principle. The nature of Softcat's business inherently makes a control-based assessment more judgemental than a risk-based assessment, and whilst some revenue streams are clearly unchanged, others present more balanced arguments and the conclusion requires significant levels of judgement.
In adopting IFRS 15, the Company has made changes from principal to agent for the following revenue streams;
- Public sector pass through business - impacting Hardware, Software and Services - Cloud-hosted software - impacting Software only - Third party support and warranty products - impacting Services only - Security licensing - impacting Software only
Although the conclusion is a finely balanced judgement, the above revenue streams require either significant partner involvement pre-sale or vendor involvement for a prolonged period of time post-sale, and due to these characteristics, the balance of control moves away from Softcat as reseller.
Since our most recent annual report, Security Licensing has been included in the list of revenue streams moving to agent. The criticality of vendor updates to the ongoing effectiveness of the security licensing sold implies significant vendor dependency for a prolonged period post sale and therefore Softcat has determined that net (or agent) presentation is appropriate.
A summary of the impact of the adoption of IFRS 15 is as follows:
IFRS 15
Under previous Principal Under existing
GAAP (IAS versus Agent GAAP (IFRS
Line item 18) restatements 15)
Year ended 31 July 2018 GBP'000 GBP'000 GBP'000
--------------- -------------- ---------------
Revenue 1,081,678 (284,470) 797,208
--------------- -------------- ---------------
Cost of sales (906,515) 284,470 (622,045)
--------------- -------------- ---------------
Gross profit 175,163 - 175,163
--------------- -------------- ---------------
Half year ended 31 January
2018 GBP'000 GBP'000 GBP'000
--------------- -------------- ---------------
Revenue 472,843 (114,539) 358,304
--------------- -------------- ---------------
Cost of sales (398,008) 114,539 (283,469)
--------------- -------------- ---------------
Gross profit 74,835 - 74,835
--------------- -------------- ---------------
The analysis by the Company on the impact of IFRS 15 concludes that:
- The Company acts as agent rather than principal for certain revenue streams.
- Other than the presentational changes related to principal versus agent there is no further impact following adoption.
Accordingly, the Company has modified its accounting policies and methods as follows:
Revenue Recognition Recognition Revenue is recognised based on the completion of performance obligations and an assessment of when control is transferred to the customer. The following indicators are used by the Company in determining when control has passed to the customer: (i) the Company has a right to payment for the product or service, (ii) the customer has legal title to the product, (iii) the Company has transferred physical possession of the product to the customer, (iv) the customer has the significant risk and rewards of ownership of the product and (v) the customer has accepted the product. Principal versus Agent The Company evaluates the following indicators amongst others when determining whether it is acting as a principal or agent in the transaction and recording revenue on a gross, or net, basis: (i) the Company is primarily responsible for fulfilling the promise to provide the specified goods or service, (ii) the Company has inventory risk before the specified good or service has been transferred to a customer or after transfer of control to the customer and (iii) the Company has discretion in establishing the price for the specified good or service. Hardware Revenue The Company sells hardware that is sourced from and delivered by multiple vendors and distributors. revenues from sales of hardware products are recognised on a gross basis as the Company is acting as a principal in these transactions, with the gross value of the consideration from the customer recorded as Revenue. The Company is acting as principal as It has primary responsibility for the acceptability of goods sold, through its provision of consulting services to the customer prior to the sale, is exposed to inventory risk during the delivery period and establishes the selling price itself. Revenue from the sale of these goods is recognised when the control has passed to the buyer, usually on delivery of the goods. Vendors typically provide standard warranties on most of the hardware products the Company sells. These manufacturer warranties are assurance-type warranties and are not considered separate performance obligations. The warranties are not sold separately and only provide assurance that products will conform with the manufacturer's specifications. Software Revenue Revenue from most software license sales is recognised on a gross basis as the Company is acting as a principal in these transactions at the point the software license is delivered to the customer. The Company is deemed to
be acting as principal in these transactions as the Company
has primary responsibility for the acceptability of software
sold, through its provision of consulting services to
the customer prior to the sale, as well as the autonomy
to establish the selling price for the transaction. Generally,
software licenses are sold with the ability to access
that vendor's latest technology via product updates.
The Company evaluates whether the access to updates is
a separate performance obligation by assessing if the
third-party delivered updates is critical to the core
functionality of the software.
Where updates are critical to the effectiveness of the
product then the Company will recognise the revenue on
a net, or agent, basis. Where updates are not considered
to be critical to the effectiveness of the product and
the customer can continue to benefit from the core product
without employing the updates then the Company recognises
this revenue on a gross, or principal, basis. In practice,
Software licensing of security type products will require
the latest updates to maintain their effectiveness and
are therefore reported on a net basis.
The Company sells cloud computing solutions which include
Software as a Service ("SaaS"). SaaS solutions utilise
third-party partners to offer the Company's customers
access to software in the cloud that enhances office
productivity, provides security or assists in collaboration.
The Company recognises revenue for cloud computing solutions
at the time of invoice on a net basis as the Company
is acting as an agent in the transaction.
The Company sells, for a single vendor, access to corporate
enterprise agreements which is a certain licensing program
for customers who are eligible. For these transactions
the Company introduces the customer to the vendor who
then fulfils the sale, including transfer of licensing,
invoicing and cash collection, without further involvement
of the Company. In return for this introduction the vendor
compensates the Company with a fee. This fee is recognised
net as the Company is acting as an agent in these transactions.
Service Revenue
Softcat sells professional services days which are fulfilled
by either Softcat's own internal team of consultants
or by consultants provided by third parties. The Company
recognises the revenue on these transactions, irrespective
of whether they are fulfilled internally or externally,
when confirmation has been received from the customer
that the work has been satisfactorily completed. In most
cases there is a short timeframe between a customer order
and subsequent delivery of the sold service days. As
such, the Company does not recognise revenue on a percentage
completion basis as this would not have a material impact.
On very rare occasions the Company will sell professional
service days which cover an extended period. For these
transactions, management assess the individual contract,
and if required, recognise the revenue over time according
to the output method. Softcat recognise revenue on the
basis of direct measurements of the value to the customer
which for professional days would be days completed as
a percentage of total days. Revenue is recognised on
a gross basis; the Company is deemed to be acting as
principal in these transactions as it is responsible
for selecting the external party, where relevant, for
the acceptability of the services and for determining
the price charged to the customer.
The Company also provides hosted managed services to
its customers offering Infrastructure as a Service ('IAAS')
and managed print services among others. The Company
hosts these services using internal resources and recognises
revenue on a straight-line basis over the contractual
service period. The Company recognises the respective
revenue on a gross basis as the Company is acting as
a principal in the transaction as it has both managerial
involvement and effective control over the services being
provided throughout the contract period.
Softcat also sells extended or enhanced warranty products
provided by third parties. These warranties are sold
separately to hardware and provide the customer with
a service in addition to assurance that the product will
function as expected. For these enhanced warranty products,
the Company is arranging for those services to be provided
by the third-party over an extended period and therefore
is acting as an agent in the transaction and records
revenue on a net basis at the point of sale. Revenue
from such services is recognised in full at the point
of service commencement, as the Company has no ongoing
obligation in relation to delivery of the underlying
service.
Public Sector Partner Business Revenue
The Company transacts with several partners in the public-sector
where the partner is responsible for the solution and
customer relationship. These transactions incorporate
the provision of hardware, software or services to the
end customer. For this business, the Companies responsibilities
of invoicing and cash collection are more aligned to
those of an agent and therefore this business is recognised
as agent and presented net of cost of sales.
Contract Assets & Liabilities
When a contract results in payments received from customers
in advance of providing the product or performing services,
a contract liability is recorded on the balance sheet.
Contract assets are not material to the Company.
IFRS 9 Financial Instruments
IFRS 9 is effective for accounting periods beginning on or after 1 January 2018 and therefore is effective for Softcat from 1 August 2018. IFRS 9 replaces the classification and measurement models for financial instruments in IAS 39. Following a review of IFRS 9, no changes to the classification and measurements of the Company's financial assets or liabilities were required. IFRS 9 has been applied on a modified basis and there is no restatement of the comparative balance.
Equally, there is no significant impact from the application of the new 'expected loss' model for the assessment of impairment of financial assets, including accrued income, trade receivables and cash. The simplified approach to valuing the expected credit loss allowance has been applied to trade receivables and accrued income. The application of the expected credit loss allowance, when applied to all financial assets of the Company, has resulted in an immaterial change when compared to previous GAAP.
The analysis by the Company on the impact of IFRS 9 concludes that:
- Softcat will use the simplified approach to measuring expected credit losses on trade receivables and accrued income, the general approach for expected credit losses is applied to other financial assets;
- Due to the short-term nature and quality of receivables and other financial assets, no material change in value of impairment has been recognised.
The Company has modified its accounting policies and methods as follows:
Financial Instruments Financial Assets - Trade Receivables Trade receivables are recognised and measured at the transaction price less allowance for expected credit losses. Trade receivables do not carry interest. As required under IFRS 9, the simplified approach for trade receivables has been used as there is not a significant financing component to these assets. In accordance with the simplified approach for impairment of trade receivables and accrued income under IFRS 9, the loss allowance for trade receivables is always measured at an amount equal to lifetime expected credit losses and includes a forward-looking element as well as an assessment based on history and experience. Due to the size of the receivables ledger and the volume of smaller balances, it is not possible to review all balances individually and therefore a portion of the ledger is reviewed collectively and provided for as such. More material or higher risk balances are reviewed individually looking at specific circumstances including payment history, sector, communication quality and future expected losses and are provided for individually with respect to the perceived level of risk. Equally, any entities that are in administration or have been passed to debt collection are provided for individually.
IFRS 16 Leases
IFRS 16 specifies how to recognise, measure, present and disclose leases. The standard provides a single lease accounting model, requiring lessees to recognise assets and liabilities for all leases with the exception of those with a lease term of less than twelve months or where the underlying asset has a low value.
The Company is assessing the impact of the standard, which is effective for periods commencing on or after 1 January 2019.
Alternative performance measures
Adjusted operating profit
Consistent with disclosure made in the most recent Financial Statements, the Company has removed reference to adjusted operating profit, as an alternative profit measure, in the period ended 31 January 2019. As a result, the references to adjusted basic and diluted earnings per share, which were based on the adjusted profit measure, have also been removed. The adjusted profit measure was previously used to display performance excluding the impact of share-based payment charges. Now that these charges have reached a broadly consistent level year-on-year, the adjusted measure has been removed.
Gross invoiced income
Following the implementation of IFRS 15, a material reduction in revenue has been recognised due to an increase in the proportion of income now recognised as agent, under IFRS 15, which is presented net of cost of sales. Internally, the business continues to use gross invoiced income (equivalent to pre-IFRS 15 revenue), to measure business mix, margin performance and when understanding working capital movements. As such the business has introduced gross invoiced income as an alternative performance measure and will present this alongside GAAP revenue. Management are clear that this alternative performance measure is not superior to the GAAP measure and may not be comparable to other companies who use similarly named alternative performance measures.
3. Segmental information
The information reported to the Company's Chief Executive Officer, who is considered to be the chief operating decision maker for the purposes of resource allocation and assessment of performance, is based wholly on the overall activities of the Company. The Company has therefore determined that it has only one reportable segment under IFRS 8, which is that of "value-added IT reseller and IT infrastructure solutions provider". The Company's revenue, results and assets for this one reportable segment can be determined by reference to the statement of comprehensive income and statement of financial position. An analysis of revenues by product, which form one reportable segment, is set out below:
Six months ended Year
31 January ended
31 July
2019 2018 2018
--------- -------- ----------
GBP'000 GBP'000 GBP'000
Revenue by type
Software 200,930 168,349 378,811
Hardware 194,970 156,363 349,119
Services 38,070 33,592 69,278
--------- -------- ----------
433,970 358,304 797,208
Gross invoiced income by type
Software 328,355 239,911 563,709
Hardware 201,719 164,693 366,877
Services 77,682 68,239 151,092
--------- -------- ----------
607,756 472,843 1,081,678
The total revenue for the Company has been derived from its principal activity as an IT reseller. Substantially all this revenue relates to trading undertaken in the United Kingdom.
4. Taxation
Six months ended Year
31 January ended
31 July
2019 2018 2018
--------- -------- --------
GBP'000 GBP'000 GBP'000
Current Tax
Current period 6,514 4,722 13,515
Adjustment in respect of current income
tax in previous years. - - (119)
Deferred Tax
Temporary differences - (6) (263)
--------- -------- --------
Total tax charge for the period 6,514 4,716 13,133
The income tax expense was recognised based on management's best estimate of the annual income tax rate expected for the full financial year, applied to the profit before tax for the half year ended 31 January 2019. On this basis, the Company's tax charge was GBP6.5m (H1 2018: GBP4.7m). The applicable statutory tax rate for the full year is 19.0% (H1 2018: 19.0%). Following adjusting items which relate to client entertaining and non-qualifying depreciation, the effective tax rate is 19.2% (H1 2018: 19.5%).
5. Dividends
Six months ended Year
31 January ended
31 July
2019 2018 2018
--------- -------- --------
GBP'000 GBP'000 GBP'000
Declared and paid during the period
Interim dividend - - 6,531
Final dividend 17,419 12,064 12,064
Special dividend 29,891 26,726 26,726
--------- -------- --------
47,310 38,790 45,321
An interim dividend of 4.5p per share, amounting to a total dividend of GBP8.9m, was declared post period end and is to be paid on 10 May 2019 to those on the share register on 5 April 2019.
6. Trade and other receivables
Six months ended Year
31 January ended
31 July
2019 2018 2018
--------- -------- --------
GBP'000 GBP'000 GBP'000
Trade receivables 222,953 178,152 190,730
Allowance for expected credit losses (2,030) (1,638) (1,867)
--------- -------- --------
Net trade receivables 220,923 176,514 188,863
Other debtors 37 41 40
Prepayments 8,402 6,475 6,110
Accrued Income 11,443 6,593 10,944
--------- -------- --------
240,805 189,623 205,957
7. Trade and other payables
Six months ended Year
31 January ended
31 July
2019 2018 2018
--------- -------- --------
GBP'000 GBP'000 GBP'000
Trade payables 164,489 119,279 131,115
Other taxes and social security 13,049 14,018 9,642
Accruals 40,001 30,964 33,291
Deferred Income 29,967 12,252 11,216
--------- -------- --------
247,506 176,513 185,264
8. Financial instruments
The Company's principal financial liabilities comprise trade and other payables. The primary purpose of these financial liabilities is to finance the Company's operations. The Company has trade and other receivables and cash that derive directly from its operations.
Six months ended
31 January Year ended
31 July
2019 2018 2018
---------- ---------- -----------
GBP'000 GBP'000 GBP'000
Financial assets
The financial assets of the Company
were as follows:
Cash at bank and in hand 52,774 43,318 72,831
Trade receivables, other debtors and
accrued income 232,403 183,148 199,847
---------- ---------- -----------
285,177 226,466 272,678
Financial liabilities
The financial liabilities of the Company
were as follows:
Trade payables (164,489) (119,279) (131,115)
Accruals (40,001) (30,964) (33,291)
---------- ---------- -----------
(204,490) (150,243) (164,406)
The Directors consider that the carrying amount for all financial assets and liabilities approximate to their fair value.
9. Earnings per share
Six months ended Year
31 January ended
31 July
2019 2018 2018
--------- -------- --------
Pence Pence Pence
Earnings per share
Basic 13.9 9.8 27.9
Diluted 13.8 9.8 27.6
The calculation of the earnings per share and diluted earnings per share is based on the following data:
Six months ended Year
31 January ended
31 July
2019 2018 2018
--------- -------- --------
GBP'000 GBP'000 GBP'000
Earnings
Earnings for the purposes of earnings
per share being profit for the period 27,450 19,432 55,006
--------- -------- --------
The weighted average number of shares is given below:
Six months ended Year
31 January ended
31 July
2019 2018 2018
--------- -------- --------
000's 000's 000's
Number of shares used for basic earnings
per share 197,523 197,241 197,338
Number of shares deemed to be issued
at nil consideration following exercise
of share options 1,255 1,326 1,668
--------- -------- --------
Number of shares used for diluted
earnings per share 198,778 198,567 199,006
10. Notes to the cash flow statement
Reconciliation of operating profit
to net cash inflow from operating
activities
Six months ended
31 January Year ended
31 July
2019 2018 2018
----------- ----------- -----------
GBP'000 GBP'000 GBP'000
Operating profit 33,854 24,110 68,022
Depreciation of property, plant and
equipment 646 745 1,460
Amortisation of intangibles 121 154 299
Loss on disposal of fixed assets 77 - 28
Dividend equivalents paid (287) - -
Cost of equity-settled employee share
schemes 898 989 1,759
Operating cash flow before movements
in working capital 35,309 25,998 71,568
----------- ----------- -----------
Increase in inventories (26,370) (5,729) (1,656)
Increase in trade and other receivables (34,848) (16,117) (32,451)
Increase in trade and other payables 62,241 21,340 30,090
----------- ----------- -----------
Cash generated from operations 36,332 25,492 67,551
Income taxes paid (7,869) (4,900) (10,500)
----------- ----------- -----------
Net cash generated from operating
activities 28,463 20,592 57,051
=========== =========== ===========
11. Share capital
Six months ended Year
31 January ended
31 July
2019 2018 2018
--------- -------- --------
GBP'000 GBP'000 GBP'000
Ordinary shares of 0.05p each 99 99 99
Deferred shares of 1p each - - -
--------- -------- --------
99 99 99
12. Related party transactions
Dividends to Directors
The following Directors, who served as Directors for either the whole or part of the interim period, were paid the following dividends:
Six months ended Year
31 January ended
31 July
2019 2018 2018
--------- -------- --------
GBP'000 GBP'000 GBP'000
G Watt - - -
G L Charlton - - -
M J Hellawell 2,335 2,898 3,326
L Ginsberg 5 4 67
V Murria 71 58 5
P Ventress 12 9 11
--------- -------- --------
2,423 2,969 3,409
Except for the above, there were no other significant related party transactions.
13. Post balance sheet events
Dividend
An interim dividend of 4.5p per share, amounting to a total dividend of GBP8.9m was declared post period end and is to be paid on 10 May 2019 to those on the share register on 5 April 2019.
14. Seasonality of operations
Historically, revenues have been marginally higher in the second half of the year than in the first six months. This is principally driven by customer buying behaviour in the markets in which we operate. This increased revenue weighting in the second half of the year has traditionally resulted in higher operating profit in the second half.
INDEPENT REVIEW REPORT TO SOFTCAT PLC
Introduction
We have been engaged by the Company to review the condensed set of financial statements in the half-yearly financial report for the six months ended 31 January 2019, which comprises the condensed statement of financial position as at 31 January 2019 and the related condensed statement of profit or loss and other comprehensive income, condensed statement of changes in equity and condensed statement of cash flows for the six-month period then ended and explanatory notes. We have read the other information contained in the half yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.
This report is made solely to the Company in accordance with guidance contained in International Standard on Review Engagements 2410 (UK and Ireland) 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity' issued by the Auditing Practices Board. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company, for our work, for this report, or for the conclusions we have formed.
Directors' Responsibilities
The half-yearly financial report is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the half-yearly financial report in accordance with the Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority.
As disclosed in notes 1 and 2, the annual financial statements of the Company are prepared in accordance with IFRSs as adopted by the European Union. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with International Accounting Standard 34, 'Interim Financial Reporting', as adopted by the European Union.
Our Responsibility
Our responsibility is to express to the Company a conclusion on the condensed set of financial statements in the half-yearly financial report based on our review.
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 United Kingdom. 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. 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.
Conclusion
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 financial report for the six months ended 31 January 2019 is not prepared, in all material respects, in accordance with International Accounting Standard 34 as adopted by the European Union and the Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority.
Ernst & Young LLP
London
18 March 2019
Corporate Information
The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial information differs from legislation in other jurisdictions.
Directors
G Watt
G L Charlton
M J Hellawell
L Ginsberg
V Murria
P Ventress
Secretary
L Thomas
Company registration number
02174990
Registered office
Solar House
Fieldhouse Lane
Marlow
Buckinghamshire
SL7 1LW
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 MMGMFNRDGLZM
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