SRT Marine Systems PLC Final Results (1438Y)

TIDMSRT

RNS Number : 1438Y

SRT Marine Systems PLC

07 September 2020

SRT MARINE SYSTEMS PLC

(AIM: SRT)

("SRT" or the "Company")

FINAL RESULTS FOR THE YEARED 31 MARCH 2020

SRT Marine Systems PLC, a provider of maritime surveillance, monitoring and management systems, is pleased to announce its results for the year ended 31 March 2020, a year that reflects the significant operational progress made by the Company.

FINANCIAL SUMMARY

   --      8% reduction in group revenue due to Covid-19 delayed system projects 
   --      24% increase in revenues from transceiver business 
   --      GBP550m systems division validated sales opportunity pipeline 

-- GBP0.9m cash as at year end. Covid 19 resilience refinancing completed April 2020 raising GBP5.3m

-- Loss before tax and exceptional item of GBP3.0m (excluding one-off impairment charge on Middle Eastern project of GBP3.9m)

OPERATIONAL HIGHLIGHTS

   --      GeoVS systems application functionality significantly enhanced 
   --      Strengthening of systems delivery team to support expected new projects 
   --      Commencement of major new transceiver development 
   --      Good progress with IMEMS Fisheries Systems project 
   --      Three new systems contracts remain in latter stages of negotiation 

Commenting on today's results, Simon Tucker, CEO of SRT said:

"Having made so much progress with both product and sales development it is very disappointing to have this year and the first half of our new year disrupted due to Covid-19. Although short-term, the financial impact has been significant due to the delays and changes caused to our systems business. However, due to a combination of cash raising and significant payments from existing system customers, coupled with refinements to our business that enable continued operations, we are in a good position to move forward. The transceivers business has maintained its trading level, and during the first half of the new year we have seen a resumption in our negotiations with new system contracts. I therefore expect a much better year ahead."

 
  Contacts: 
   SRT Marine Systems plc                                      www.srt-marine.com 
                                                             + 44 (0) 1761 409500 
   Simon Tucker (CEO)                                 [e-mail] 
   Louise Coates (Marketing Manager)                 [e-mail] 
   finnCap Ltd 
   Jonny Franklin-Adams / Teddy Whiley (Corporate 
    Finance)                                                 [phone] 
   Tim Redfern / Tim Harper (Corporate Broking) 
 
 
   About SRT: 
 
   SRT Marine Systems PLC ("SRT") is a global leader in maritime 
   domain awareness products and systems. Our solutions integrate 
   multiple technologies, advanced analytics, innovative digital 
   display systems, logistics and command and control to provide 
   enhanced maritime surveillance, security, safety and management 
   for national authorities such as coast guards and fishery authorities. 
   Applications include coastal and territorial water surveillance 
   and security, fisheries monitoring, management and IUU detection, 
   search and rescue, waterway management and aquatic environment 
   monitoring as well as individual leisure and commercial boat 
   owners. 
 
 
   The information communicated in this announcement contains inside 
   information for the purposes of Article 7 of the Market Abuse 
   Regulation (EU) No. 596/2014. 
 

CHAIRMAN'S STATEMENT

 
 This year did not end as we had expected due to the global 
  Covid-19 pandemic which has caused significant disruption 
  to global business. This has had a significant short-term 
  financial impact on our business, primarily the delay of expected 
  new system contracts and associated revenues. I expect it 
  likely that this will continue to have a material effect on 
  SRT until the second half of the new financial year. Following 
  which I expect a strong recovery lead by our systems business 
  along with continued solid performance by our transceivers 
  business. 
 
  We took early action to implement a Covid-19 resilience plan 
  designed to ensure continued operations in the new environment 
  and for SRT to have sufficient cash to weather sustained disruption. 
  This plan has included a smooth transition to home working 
  for most of our staff, continued production and shipping of 
  transceivers, and the development of a refined delivery model 
  for our systems business whereby system components are pre-built 
  and configured prior to shipping to local installation partners 
  who are provided with installation and commissioning training 
  by our delivery team remotely. On the cash side, we raised 
  GBP5.3m of new cash in a combination of loan and equity, which 
  was further added to by the receipt of GBP8.5m of systems 
  payments during the first half of the new year as well as 
  regular contribution from our transceivers business. The result 
  is that whilst the financial accounting impact of Covid-19 
  has been significant, we are in a robust position with our 
  recovery already well underway as of publication of this report 
  in September 2020. 
 
  It is important to emphasise that demand for our products 
  is based upon long term fundamental market demand drivers 
  for a new generation of maritime domain awareness that has 
  become possible due to new technology innovations, such as 
  AIS and the application of advanced data analytics and digital 
  display technology such as Dynamic-3D. Through sustained market 
  and technology investments, SRT has positioned itself at the 
  forefront of this significant global marine market trend and 
  therefore whilst the delays we have encountered this year 
  are very frustrating, the combination of our differentiated 
  and proven product offers, fundamental market demand and market 
  position mean that I am very positive about our short and 
  long term future. 
 
  Therefore, as a direct result of delayed new and existing 
  system contracts due to Covid-19 lockdowns combined with the 
  inherent timing uncertainties in our systems business, group 
  revenue decreased year on year from GBP20.6m to GBP18.9m, 
  resulting in a loss before tax and exceptional item tax of 
  GBP3.0m (2019: profit of GBP3.2m). This excludes a one-off 
  non-cash exceptional impairment charge of an existing contract 
  in the Middle East of GBP3.9m, which we anticipate will be 
  replaced with a new larger contract of approximately GBP11m. 
  Whilst the blended gross margin from our transceivers division 
  remained at expected levels, our overall margin was significantly 
  reduced due to the specific of the milestones delivered by 
  our systems business during the period which were lower margin 
  equipment only deliverables as opposed to higher margin software 
  related milestones. 
 
  The exceptional impairment charge of GBP3.9m relates to an 
  existing contract worth a total of GBP5.6m which commenced 
  in 2017 to supply a national vessel tracking system for a 
  Middle East Coast Guard. Following a prolonged process to 
  enter a second contract for a large number of vessel transponders 
  which had reached pre-contract signing stage during the last 
  quarter, we have recently been advised that our customer may 
  prefer for the existing contract to be terminated and be replaced 
  with a single contract that includes both the monitoring system 
  and transceivers. Given this risk we feel it prudent to make 
  this impairment charge to enable accommodation of both contracting 
  routes as determined by the customer. 
 
  As at year end, we had cash of GBP0.9m (2019: GBP3.9m) and 
  our total debt remained at GBP5.0m. Cash was generated from 
  our operating activities of GBP1.1m as project cash payments 
  were received whilst we invested GBP3.0m in development of 
  our products and systems. Subsequent to year end our cash 
  position has significantly improved due to the completion 
  of Covid-19 resilience financing of GBP5.3m in April 2020 
  in a mixture of loans and equity, increasing our total debt 
  from GBP5.0m to GBP8.5m, and the receipt of system cash payments 
  amounting to GBP8.5m, along with the regular gross profit 
  contribution from our transceivers business, thus placing 
  us in a comfortable cash position. 
 
  During the year, our administrative costs and expenditure 
  on development increased due to our continued expansion of 
  our systems business resources. This has been focused on three 
  areas; development, product management and delivery. The GeoVS 
  platform which sits at the heart of our systems offer is now 
  a highly sophisticated maritime data & network management, 
  surveillance and management system and the scale and capabilities 
  of our development and product management teams reflect this 
  fact and in turn have enabled us to develop such a system 
  and continue to add new and innovative functionalities and 
  capabilities. In our delivery team, we have added a small 
  number of heads to enable us to simultaneously deliver multiple 
  system projects in different parts of the world. Recognising 
  that our technology is a major differentiator, going forward, 
  subject to progress with new system contracts, we will continue 
  to enhance our core technology development teams in both our 
  systems and transceivers divisions. 
 
  However, following the outbreak of Covid-19 at the end of 
  the financial year, as part of our Covid-19 resilience plan 
  we implemented an immediate cost minimisation plan. This involved 
  an immediate pause to our team growth plans, stopping any 
  non-critical capital expenditure, as well as natural reductions 
  caused by minimal delivery and sales travel. The plan ensured 
  that we were able to continuously operate, supplying customers 
  with transceivers and making progress, albeit much slower 
  than planned, with existing system contracts and new prospects. 
  Due to recent IT investments and the inherent technology development 

  weighting of our business model, we were able to seamlessly 
  move to a largely homebased operating model, with physical 
  production continuing with our contract manufacturer in Ireland 
  alongside shipping to customers and partners around the world 
  from our logistics centre in Somerset. In fact, this exercise 
  has enabled us to improve development productivity and therefore 
  we will most likely continue in this fashion in the future, 
  realising benefits for SRT and our staff. 
 
  Our transceivers business which sells maritime communication 
  devices based on AIS, performed strongly, achieving year on 
  year growth of 24% to GBP8.1m with a gross profit margin of 
  42%. During the year our em-trak division launched a new full 
  transactional web site, dealer marketing initiatives and a 
  new range of AIS transceivers which are focused on providing 
  the best quality AIS information and connectivity so customers 
  can seamlessly use that information on all and any of their 
  chosen display and navigation devices; including all mobile 
  phones, tablets and PCs which are increasingly the navigation 
  device of choice for mariners. 
 
  SRT is fortunate to have an experienced and talented specialist 
  radio communications development team and we are leveraging 
  this capability with some significant and market disruptive 
  new product developments now in progress that will have mass 
  market appeal across both commercial and leisure segments 
  which we expect to launch during 2021 and 2022. Looking forward, 
  the fundamental interest and growing demand for AIS across 
  the marine segment remains undiminished with adoption and 
  applications increasing. Beyond generally growing demand, 
  we see a number of new significant sales opportunities ahead 
  that include the renewal of approximately 15,000 Class A transceivers 
  on EU Inland waterway vessels originally mandated to carry 
  AIS in 2010, as well as other mandate and tender opportunities 
  in Southern Europe and USA including the use of our products 
  by professional organisations such as coastguards and Navies. 
  Therefore, given our leadership position in this segment, 
  coupled with the recently launched and scheduled new products 
  in the future we expect to see continued growth. 
 
  Our systems business has pioneered the development of fully 
  integrated maritime surveillance and monitoring systems. The 
  SRT-MDA system is built around our GeoVS platform and provides 
  entities such as Coast Guards, Border Agencies and Fishery 
  Authorities with a complete turn-key solution that significant 
  enhances maritime security, safety and management. Covid-19 
  has caused significant disruption to this business. Existing 
  projects have been delayed due to slower implementation, and 
  new opportunities delayed as customers attention have been 
  focused on immediate Covid related activities rather than 
  new projects, however during first half of the new year we 
  have seen customers re-engaging, some with renewed vigour 
  and clarity of requirement. 
 
  We are currently implementing our SRT-MDA system contract 
  for The Philippines Fisheries Department (BFAR) as the first 
  phase of a national fisheries monitoring and management system. 
  During the year we have made excellent progress against our 
  project KPI's with all equipment now in country and the system 
  building and installation phase well underway. This has included 
  the installation and commissioning of monitoring centres, 
  coast stations, vessel transceivers and the commencement of 
  satellite data feeds. Progress was temporarily halted during 
  the first half of the new financial year but has restarted 
  from September 2020. Once fully commissioned during 2021, 
  this will be the world's largest and most sophisticated national 
  fisheries monitoring and management system and provide the 
  Philippines with a single robust monitoring platform on which 
  they can further expand to efficiently and cost effectively 
  manage the activities of every fishing boat from the largest 
  commercial to the smallest artisanal fishing boat. 
 
  Over the course of the year there has been a notable increase 
  in interest and engagement with prospective customers for 
  our SRT-MDA system solution. This is partially reflected in 
  the increase in the validated sales 
  opportunity pipeline (VSP) for our systems business which 
  includes 17 new system opportunities with an aggregate value 
  of approximately GBP550 million as of 3(rd) September 2020. 
  Each is at a different phase and status in the sales process. 
  These include opportunities with entirely new customers as 
  well as new contracts with existing customers. To qualify 
  for inclusion in our VSP, opportunities must meet a range 
  of criteria which include active engagement with our sales 
  team around a defined proposal, confirmation that the customer 
  has taken a formal decision to implement such a project and 
  budget is available, that necessary supporting local laws 
  and regulations such as requirement to fit transceivers is 
  either in place or underway and finally that discussions are 
  making regular progress within some form of timescale which 
  expects commencement within a 3 year time horizon. However, 
  the nature of large projects and government procurement processes 
  means that it is impossible to accurately forecast exact timescales. 
  In this context our VSP is reviewed and updated on a quarterly 
  basis using the criteria mentioned earlier and is therefore 
  a good reflection of the fundamental market demand trend for 
  our products and where we are focusing our resources. 
 
  Due to the nature of the customers and scale of the projects, 
  the sales process for our systems business is typically long 
  and complex, involving extensive consultation with the customer 
  to enable them to realise their ideas into a detailed system 
  specification and implementation plan, followed by a usually 
  highly regulated procurement and contracting process. Our 
  VSP has opportunities which are spread across this process 
  with some at the beginning and some at the end. 
 
  Of particular note are three new contracts with customers 
  in The Middle East which have an aggregate value of GBP62m 
  realisable over an expected two year implementation period. 
  These were proceeding to contract during the last quarter, 
  however due to Covid-19 lockdown, activity was suspended. 
  In the last few months the customers have re-engaged and these 
  are now progressing towards contract. 
 
  One of the three is for the additional transceivers that the 
  customer wanted to contract alongside our existing monitoring 
  system contract. As described earlier this will now take the 
  form of a new contract that will include both the monitoring 
  system and transceivers and is expected to be concluded in 
  the new financial year. The second is for an expansion of 
  a previously supplied vessel tracking system to our new generation 
  of GeoVS which enables the fusion of multiple sensor systems 
  such as radar, surveillance cameras, and command and control. 
  And the third is a new contract with a new customer for a 
  large national vessel tracking system. In all cases the Covid-19 
  shutdown has caused a delay of approximately 6 months and 
  has necessitated us and our customer to repeat some of the 
  procurement processes as per their local regulations. 
 
  Of course, the ongoing Covid-19 situation creates uncertainty 
  and challenges for both SRT and our customer with regards 
  to pre and post contract engagement. The extent of this challenge 
  varies between customers depending on how developed the opportunity. 
  In general, the more developed the opportunity the less the 
  challenge to move forward as relationships and project form 
  are well established and remote discussions suffice to progress. 
  In regards to installation, our business model whereby we 
  work with local partners who undertake all installation and 
  commissioning, enables us to continue to progress projects 
  and we have redoubled our efforts to improve our ability to 
  remotely train local partners and deliver system components 
  pre-built and configured for easier installation and commissioning 
  by the local partner thus enabling our delivery support to 
  be provided remotely. 
 
  There is no question that this year has been financially very 
  disappointing. However, I believe we have taken the right 
  decisions and actions across the board to adapt quickly and 
  as such the business has made excellent progress with its 
  products and customer engagement across both transceivers 
  and systems divisions. Our transceivers business continues 
  to perform well and system customers have resurfaced and activities 
  on existing and new system contracts are ramping up. As new 
  contracts are signed and we have multiple system contracts 
  underway, it is our intention to recommence forward market 
  guidance. However, this will be done on an extremely conservative 
  basis, and therefore based solely on signed contracts with 
  no inclusion of prospective new business until this is realised, 
  whereupon market forecasts will be revised. I expect this 
  to start during the second half of the new year. 
 
  I would like to thank everyone at SRT who have continued to 
  work throughout Covid-19, some even using brief travel windows 
  to fly around the world to visit customers, and to and our 
  shareholders for their long term and exceptional support for 
  the company. 
 
 
  Kevin Finn 
  Chairman 
 
  Date: 4 September 2020 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE 
  INCOME FOR THE YEARED 31 MARCH 2020 
 
 
                                           Note            2020           2019 
                                                            GBP            GBP 
 

   Revenue                                           18,908,062     20,559,699 
 
 Cost of sales                                     (14,537,092)   (11,229,754) 
 
 
 Gross profit                                         4,370,970      9,329,945 
 
 Administrative costs                               (6,883,261)    (5,877,445) 
 
 
   Operating (loss) / profit before 
   exceptional item                                 (2,512,291)      3,425,500 
 Impairment charge                         4        (3,922,029)              - 
 
 
 Operating (loss) / profit after 
  exceptional item                                  (6,434,320)      3,425,500 
 
 Finance expenditure                                  (464,539)      (275,195) 
 
 Finance income                                           1,430            363 
 
 
 
 (Loss) / profit before tax                         (6,897,429)      3,177,668 
 
 Income tax credit                                      818,407        230,703 
 
 
   (Loss) / profit for the year after 
   tax                                              (6,079,022)      3,408,371 
 
 
 
   Total comprehensive (expense) / 
   income for the year                              (6,079,022)      3,408,371 
 
 (Loss) / earnings per share: 
 
  Basic                                    5            (3.93)p        2.43p 
 Diluted                                                (3.93)p       2.36p 
 

CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2020

 
 
                                                         2020          2019 
                                          Note            GBP           GBP 
 
 Assets 
  Non-current assets 
 Intangible assets                                  7,776,882     6,625,203 
 Property, plant and equipment                      1,782,048       355,509 
 Deferred tax                                         670,778        54,297 
 
 
 Total non-current assets                          10,229,708     7,035,009 
 
 Current assets 
 Inventories                                        1,928,730     2,234,378 
 Trade and other receivables                       15,958,534    18,012,279 
 Cash and cash equivalents                            918,808     3,942,167 
 
 
 Total current assets                              18,806,072    24,188,824 
 
 Liabilities 
  Current liabilities 
  Trade and other payables                        (9,044,454)   (6,318,987) 
 Financial liabilities                     6      (4,990,000)             - 
 Lease liabilities                         7        (202,445)      (18,055) 
 
 
 Total current liabilities                       (14,236,899)   (6,337,042) 
 
 Net current assets                                 4,569,173    17,851,782 
 
 
 Total assets less current liabilities             14,798,881    24,886,791 
 
 Long term liabilities 
 Financial liabilities                     6                -   (4,990,000) 
 Lease liabilities                         7      (1,067,741)      (26,981) 
                                                -------------  ------------ 
 
 Total long term liabilities                      (1,067,741)   (5,016,981) 
 
 
 Net assets                                        13,731,140    19,869,810 
 
 
 Shareholders' equity 
 Share capital                                        154,844       153,223 
 Share premium account                             11,543,989    11,510,773 
 Retained earnings / (loss)                       (3,458,289)     2,715,218 
 Other reserves                                     5,490,596     5,490,596 
 
 
 Total shareholders' equity                        13,731,140    19,869,810 
 
 

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEARED 31 MARCH 2020

 
 
 
                                                     2020                2019 
                                                      GBP                 GBP 
 
 Cash generated from / (used 
  in) operating activities                        857,765         (3,636,473) 
 
 Corporation tax received                         201,926             449,094 
                                           --------------      -------------- 
 
 Net cash generated from / (used) 
  in operating activities                       1,059,691         (3,187,379) 
                                           --------------      -------------- 
 
 Investing activities 
 
 Expenditure on product development           (2,970,033)         (1,690,516) 
 Purchase of property, plant 
  and equipment                                 (523,530)           (240,247) 
 Interest received                                  1,430                 363 
 
   Net cash used in investing 
   activities                                 (3,492,133)         (1,930,400) 
                                           --------------      -------------- 
 
   Financing activities 
 
  Gross proceeds on issue of 
   shares                                          34,837           7,031,530 
   Costs of issue of shares                             -           (400,826) 
   Repayments on loan                                   -           (500,000) 
   New loans issued                                     -           1,840,000 
   Lease repayments                             (225,149)                   - 
 Loan interest paid                             (400,605)           (275,195) 
                                           --------------      -------------- 
 
 Net cash (used in) / generated                 (590,917)           7,695,509 
  from financing activities 
 
  Net (decrease) / increase in 
  cash and cash equivalents                   (3,023,359)           2,577,730 
                                           --------------      -------------- 
 
   Net cash and cash equivalents 
   at beginning of year                         3,942,167           1,364,437 
                                           --------------      -------------- 
 
   Net cash and cash equivalents 
   at end of year                                 918,808           3,942,167 
                                           ==============      ============== 
 

Notes

   1.        Status of financial information 

SRT is a public limited company incorporated in England and Wales whose ordinary shares of 0.1p each are traded on the AIM Market of the London Stock Exchange. The Company's registered office is Wireless House, Westfield Industrial Estate, Midsomer Norton, Bath BA3 4BS.

The Board of Directors approved this preliminary announcement on 4 September 2020. Whilst the financial information included in this preliminary announcement has been prepared in accordance with International Financial Reporting Standards ("IFRS") as endorsed by the European Union, this announcement does not itself contain sufficient information to comply with all the disclosure requirements of IFRS and does not constitute statutory accounts of the Company for the years ended 31 March 2020 or 31 March 2019.

The financial information has been extracted from the statutory accounts of the Company for the years ended 31 March 2020 and 31 March 2019. The auditor has reported on those accounts; their reports were (i) unqualified, (ii) did include a reference to which the auditor drew attention by way of emphasis without qualifying their report in respect of going concern and (iii) did not contain a statement under section 498 (2) or (3) of the Companies Act 2006.

The statutory accounts for the year ended 31 March 2019 have been delivered to the Registrar of Companies, whereas those for the year ended 31 March 2020 will be delivered to the Registrar of Companies following the Company's Annual General Meeting.

   2.        Basis of preparation 

This financial information has been prepared in accordance with the principles of International Financial Reporting Standards ("IFRS") as adopted by the European Union and International Financial Reporting Interpretations Committee ("IFRIC") recommendations and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS. For the purposes of the preparation of the consolidated financial information, the Group has applied all standards and interpretations that are effective for accounting periods beginning on or after 1 April 2019. The financial information has been prepared under the historical cost convention unless otherwise stated.

   3.        Dividends 

The Board is not recommending the payment of a final dividend.

   4.        Impairment charge 

During the year, the Group has incurred an exceptional impairment charge of GBP3,922,029 in respect of a contract signed in 2017 to supply a national vessel tracking system for a Middle East Coast Guard.

The impairment charge relates to the receivables balance which has now been fully provided against.

   5.         Earnings per Ordinary Share 

The basic (loss) / earnings per share has been calculated on the loss on ordinary activities after taxation of GBP6,079,022 (2019: profit GBP3,408,371) divided by the weighted number of ordinary shares in issue of 154,742,293 (2019: 140,059,460).

During the year, the Group incurred a loss on ordinary activities after taxation and therefore there is no dilution of the impact of the share options granted.

During the previous year, the calculation of diluted earnings per share has been calculated on profit on ordinary activities after taxation of GBP3,408,371. It assumes conversion of all potentially dilutive ordinary shares, all of which arise from share options. A calculation is performed to determine the number of shares that could have been acquired at fair value, based upon the monetary value of subscription rights to outstanding share options. The number of dilutive shares under option was 4,237,894 and the weighted average number of ordinary shares for the purposes of dilutive earnings per share was 144,297,354.

   6.         Financial liabilities 

During the year ended 31 March 2020 the covenant in relation to debt service cover was breached and a waiver from loan note holders was obtained subsequent to the year end on April 3, 2020. Due to the waiver not being received prior to the year end, IAS 1 requires that the loans are all classified as being repayable in less than one year, despite GBP2,990,000 of loans having maturity dates in excess of one year.

The gearing covenant was not breached as at 31 March 2020.

   7.          Lease liabilities 

During the year, the Group has adopted IFRS 16 which eliminates the classification of leases as operating leases or finance leases and treats all leases in a similar way to finance leases . The transition to this accounting standard resulted in the recognition of lease liabilities amounting to GBP1,209,028 as at 1 April 2019.

   8.         Annual Report and AGM 

The Annual Report will be available from the Company's website, www.srt-marine.com once it is published. To locate the report, click "Investors" and then scroll down the page to "Reports and Presentations". The Annual Report and Notice of AGM will be posted to shareholders on 17 September 2020.

The AGM will take place at Wireless House, Westfield Industrial Estate, Midsomer Norton, Bath BA3 4BS on 15 October 2020. In light of the current UK Government measures around COVID-19 and the Company's desire to protect the health and safety of our directors and officers, shareholders and employees, our shareholders will not be permitted to attend the AGM in person. The results of the AGM will be broadcast live via an on line viewing portal and following this there will be an interactive on-line presentation by Simon Tucker, CEO.

An investor open day will be arranged at a later date.

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September 07, 2020 02:00 ET (06:00 GMT)