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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Dev.Secs. | LSE:DSC | London | Ordinary Share | GB0002668464 | ORD 50P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 234.25 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
RNS Number:8498P Development Securities PLC 17 September 2003 DEVELOPMENT SECURITIES PLC - INTERIM RESULTS Nine per cent increase in interim dividend Strong balance sheet in difficult market Development Securities PLC, the leading property development and investment company, today announces a pre-tax loss of #1.5 million. The small size of the deficit reflects Company management's accurate reading of the significant downturn in the markets in which the company operates, as well as the resilience of the Company's established Business Model. The loss reflects the low level of development profits currently generated by the business at this stage of the development cycle in London and the South East. The Interim Dividend, which has been increased for the eighth successive year to 1.80 pence per share (2002: 1.65 pence), is the single largest element in the slight decline in Net Asset Value to 420 pence (31 December 2002: 423 pence). Early this year the Company paid a Special Dividend of 28.5 pence per share, which was accounted for in 2002, and also bought back #2 million of Ordinary Shares at an average price of 314.7 pence. The investment portfolio has been enhanced with #20 million invested into the retail sector. * Financial Highlights 30 June 2003 30 June 2002 * (Loss)/Profit before tax (#1.5) million #6.5 million * (Loss)/Earnings per share (3.9) pence 15.9 pence * Dividend 1.80 pence 1.65 pence 30 June 2003 31 Dec 2002 * Shareholders' funds #117.9 million # 121.5million * NAV per share 420 pence 423 pence * Net gearing 28% Nil PaddingtonCentral The 330,000 sq ft first phase office element of this 1.7 million sq ft major, mixed-use, regenerative development is now complete and fully let. Tenants in the two office buildings are Visa, Prudential, Kingfisher and WJB Chiltern. Planning permission for the second phase, comprising a 400,000 sq ft office building designed by Kohn Pederson Fox, was obtained from Westminster City Council in June. Commencement of construction of the new phase is subject to the approval of the project's funding institutions. 333 Oxford Street This strategically located 78,000 sq ft development, at the junction of Oxford Street and New Bond Street in London's West End, achieved practical completion in January. The 35,000 sq ft retail unit was successfully pre-let to Zara but the office element, despite vigorous marketing, remains unlet. This project was forward funded by DEKA Immobilien GmbH. 10 St Bride Street In February, terms were completed for an option to acquire 10 St Bride Street in the City of London at any time in the next five years. Planning consent exists for a new development to include 53,000 sq ft of office space and 3,000 sq ft of restaurant space. Broughton Park An outline planning application has been submitted to the Local Authority for a 126,500 sq ft extension to the existing 298,000 sq ft shopping centre as well as an application for a 350,000 sq ft business park. Business Parks The Royals: Construction is on schedule for completion of the first office phase of 237,000 sq ft in mid-2004. Cambourne Business Park: Construction activity has proceeded on plan with regard to the new headquarters and civic centre for South Cambridgeshire District Council. Practical completion is scheduled for the second quarter of next year. Investment Portfolio During the period #20 million was invested in the retail sector, including a #10.8 million acquisition of eight retail warehouses leased to Carpetworld. Development Securities is cautiously optimistic that the retail warehouse sector will out-perform other investment sub-markets in 2003. The current void rate of the portfolio is 6.5% down from 10% at the end of the previous financial year. Board Changes Roy Dantzic joined the Board on 21 May as a non-executive Director and as of today becomes Chairman of the Company upon Hugh Jenkins' retirement from the Board. Michael Marx, Joint Managing Director of Development Securities PLC, commented: "Despite the difficult conditions, we are nonetheless well positioned to take advantage of any upswing in the market. Our balance sheet remains strong and we have an enviable pipeline of developments and investment opportunities. As a mark of our confidence, we have declared an increased interim dividend." Enquiries: Michael Marx/Julian Barwick Development Securities PLC Tel: 020 7828 4777 Daniel de Belder The Communication Group plc Tel: 020 7630 1411 Or visit www.developmentsecurities.com Chairman's Statement The results for the six months to 30th June 2003 are slightly below our expectations at the commencement of the year. We recorded a loss before taxation of #1.5 million, compared to a profit of #6.5 million in the first six months of the previous year. Accordingly, after the purchase and cancellation of #2.0million of shares in January, shareholders' funds declined by one per cent to #117.9 million, equivalent to 420 pence per share, from #121.5 million or 423 pence per share at 31st December 2002. Market conditions are undoubtedly the worst in the commercial property development market for 10 years. However, we perceived clear signals of a downturn some time ago and the Board took early steps to reduce areas of remaining risk. Whilst this is the first loss recorded for nearly nine years, our balance sheet remains strong and our risk-averse business model has largely restricted the impact of the downturn to reduced profit potential rather than actual losses suffered on development projects. The loss for the six months arises from the low level of development profits currently generated by the business. The quantum of the reported loss is minimised, since the investment property rental stream and project management fees largely meet the outgoings of the business. This is one of the strengths of our business model. We remain confident that our risk-averse strategy, robust balance sheet, low gearing and pipeline of high quality projects leave us well placed for the future. Accordingly, the Board is pleased to declare a nine per cent increase in the interim dividend to 1.80 pence per share, to be paid on 29th October 2003 to shareholders on the Register on 3rd October 2003. This is the eighth consecutive increase in interim distributions since the recommencement of dividend payments in 1994. Earlier this year, consistent with our long-stated policy of running an efficient balance sheet, we were pleased to return to shareholders surplus cash generated from our development programme and, in this respect, a special dividend of 28.50 pence per share was announced on 19th February 2003. In addition, in January of this year, we utilised #2.0 million to buy back 640,000 of our ordinary shares for cancellation at an average price of 314.7 pence per share. Our balance sheet remains strong even after the special dividend and share buy back, with net gearing standing at a prudent 28 per cent at 30th June 2003. Our resources include unpledged cash of #40 million together with #42 million of unutilised, committed facilities from our relationship bank lenders. Conditions in the Central London development market today are as challenging as they were in the early part of the last decade. The significant weaknesses in the financial services, media and technology sectors are reflected in the high vacancy rates currently obtaining from the West End of London across to Canary Wharf in the east. Reflecting both lower levels of business activity and confidence, rental levels have continued the sharp decline of last year, with no recovery in sight for at least this year. Whilst the acuteness of the downturn is clearly to be regretted, it does serve to vindicate our risk-averse approach to the business of property development. We believe we are now close to the bottom of the cyclical downturn in Central London and await not only a recovery in demand, but also a more realistic pricing of potential redevelopment sites. The present low level of interest rates and the relative lack of distressed sellers of real estate are likely to make this market adjustment in pricing slower to achieve than in the early 1990s. PaddingtonCentral As shareholders are aware, a very satisfactory conclusion was reached at the first phase of our flagship PaddingtonCentral project, the 11-acre site immediately adjacent to Paddington Railway Station. This major, mixed use, regenerative development in the centre of London will ultimately provide 1.7 million sq. ft. of prime office, retail and leisure accommodation and 210,000 sq. ft. of residential apartments. In June of this year, we obtained detailed planning approval for the 400,000 sq. ft. office building to be built on the northern sector of the site. Designed by Kohn Pederson Fox, this landmark building will benefit from large, flexible floor plates of up to 38,000 sq. ft. net with full height glazing to all elevations, a product rarely available in the West End. As I indicated in my previous report to you, commencement of construction of this building is subject to the approval of our joint forward-funding partners, Morley Fund Management and The Equitable Life Assurance Society. Similar approval is awaited with regard to the extensive work that is required for the piling and decking of the remainder of the site as a precursor to the Crossrail project. 333 Oxford Street This strategically located 78,000 sq. ft. development, at the junction of Oxford Street and New Bond Street in London's West End, achieved practical completion in January this year. Whilst the 35,000 sq. ft. retail unit was successfully pre-let last year to Zara UK Limited, the marketing of the 43,000 sq. ft. of prime office accommodation has coincided with the weakest occupier market in the West End since the previous downturn, some 10 years ago. The decline in rental levels has been dramatic in the last year and a half and, whilst there are tentative tenant enquiries, there is no longer any realistic prospect of this scheme generating profits for your Company. Nevertheless, we continue to market the remaining space vigorously, together with our funding partner, DEKA Immobilien GmbH. Cambourne Business Park At our 750,000 sq. ft. business park scheme at Cambourne, near Cambridge, construction activity has proceeded on plan with regard to the new headquarters and civic centre for South Cambridgeshire District Council. This facility, which will further enhance the profile of the location, is being acquired by the local authority on a turnkey freehold basis. Practical completion of the project is scheduled for the second quarter of next year. That aside, soft leasing conditions have continued in the office market, reflecting the challenges that still remain for us to let the balance of the completed 82,000 sq. ft. of the second phase of the business park. Similar market conditions extend to the biotechnology property market, where, before construction begins, we are continuing to seek a pre-let for the park's 125,000 sq. ft. research and development phase. Royals Business Park Following an agreement in late 2002 with our joint development partners, Standard Life Investments and the London Development Agency, construction is on schedule for completion of the first office phase of 237,000 sq. ft. in mid-2004. The planned #500 million, 50-acre Royals Business Park is the second of our major regeneration projects in London and will eventually comprise 1.6 million sq. ft. of office accommodation and 100,000 sq. ft. of ancillary and leisure accommodation. Upon completion, served by a fully-integrated network of road, rail and air routes, it will be East London's premier business park. The Thames Gateway, of which the Royals is but one part, is expected to benefit from a number of significant initiatives, including London's bid for the 2012 Olympic Games. Other Business Parks Whilst we were successful in letting 13,300 sq. ft. at Birmingham International Square to a major international consultancy firm at #19 per sq. ft, the final 6,925 sq. ft. of this office phase at Birmingham International Park remains on offer to the market. Elsewhere on the same park, the final 45,000 sq. ft. unit of the industrial phase is under offer. The successful letting of these two units would complete our development activity at Birmingham International Park. At Globeside Business Park, Marlow, only one unit of 38,500 sq. ft. remains to be let, whilst at Frimley Square Business Park, Frimley, the soft letting conditions in the occupier market around London are generating only tentative interest from prospective tenants. Both of these business parks were acquired in forward-funded partnership with The Equitable Life Assurance Society. 10 St Bride Street, London EC4 Earlier this year we completed terms for an option to acquire 10 St Bride Street in the City of London at any time in the next five years. Whilst the building is presently vacant, planning consent exists for a new development to include 53,000 sq. ft. of office space and 3,000 sq. ft. of restaurant space. The option arrangement provides us with the flexibility to purchase the site when we feel that market conditions are appropriate. Broughton Park We are now approaching an important phase in our strategy for the development of a significant extension to the 298,000 sq. ft. shopping centre developed by ourselves a few years ago at Broughton Park, near Chester. We are continuing our dialogue with the Local Authority for the outline planning application submitted last year for a 126,500 sq. ft. extension, together with an outline planning application for a 350,000 sq. ft. business park and an extensive highways improvement programme. Together with Pillar Property PLC, with whom we forward-funded the existing shopping centre, we are currently giving consideration to the possibility of increasing the proposed size of the extension to reflect the significant tenant demand that has been created by the success of the initial phase. Furthermore, we are reconsidering our strategy regarding our outline planning application for the new business park following the designation by the Local Authority, in their recently published draft Urban Development Plan, of the relevant 28 acres as land suitable for residential use. Unsurprisingly, the increased retail extension scheme currently under consideration will necessitate revised retail and environmental impact studies which largely had been completed in support of the original planning application submitted last year. An additional five acres of land under our ownership have also been designated in the draft Urban Development Plan as land suitable for non-retail use. Slough Town Centre Together with our partner, Berkeley Homes, we continue to work to finalise the framework agreement with Slough Borough Council for the 1.4 million sq. ft. long-term regeneration scheme at the centre of Slough. The development, split almost equally between office and residential accommodation, will also comprise 200,000 sq. ft. of accommodation for the Council. As soon as joint venture terms are approved by the Council, we will proceed with an outline planning application. It is unlikely that the commercial element of this development will commence until there has been a significant improvement in the office market in the Western Corridor. Investment property portfolio Shareholders will recall that we had approached the present position in the investment cycle with some degree of caution. Our concerns about the potential over-supply in Central London were reflected in our decision to eliminate any investment exposure to the City of London and to retain only a modest participation in the West End market. Consequently, the recent additions to our portfolio have reflected an increased weighting to the retail sector, particularly where asset value is led by a food retail offer. The Kingsland Shopping Centre, Thatcham, a district shopping scheme anchored by a Waitrose supermarket, was acquired last year and was followed, in the first half of this year, by a further shopping centre asset with similar characteristics, at a cost of #9 million. Gradual reinvestment, at attractive net initial yields, has continued, following the acquisition in December 2002 of a #3.2 million retail warehouse in Formby, with a #10.8 million acquisition in June this year of eight retail warehouses leased to Carpetworld. We are cautiously optimistic that the retail warehouse sector will out-perform other investment sub-markets in 2003. Our investment strategy continues to be guided by our three key principles of sector rotation, stock selection and proactive management. We prefer assets with active management potential and tend to avoid dry, well-let properties, whose price currently is largely determined by medium-term interest rates. Consequently, we are partially hedging our position against any re-rating of investment values that may be triggered by a possible upward shift in medium-term rates. Currently, our investment portfolio sector allocation comprises 42 per cent retail, 45 per cent office and 13 per cent industrial. Overall, 47 per cent of the portfolio has unexpired lease terms in excess of 10 years. The current void rate of the portfolio is 6.5 per cent, down from 10 per cent at the end of the previous financial year. Conclusion I am very pleased to welcome Roy Dantzic as a Non-executive Director. Roy, a member of the Institute of Chartered Accountants of Scotland, has extensive experience of the property sector both in an executive and advisory capacity. He is currently a Non-executive Director of SecondSite Property Holdings Limited (formerly British Gas Properties Limited) and Airplanes Limited and is on the Council of the Architectural Heritage Fund. Roy will become Chairman of your Company upon my stepping down from the Board today and I have no doubt that, with the benefit of his wide experience, Development Securities will continue to advance and prosper. For me, it has been both a pleasure and a privilege to serve the Company and the Board over four successful years and I look forward to watching further progress, albeit from the sidelines, in the years ahead. H R Jenkins CBE 17th September 2003 Consolidated profit and loss account unaudited for the six months ended 30th June 2003 Six months to Six months to Year ended 30th June 30th June 31st Dec 2003 2002 2002 unaudited unaudited audited Note #'million #'million #'million Turnover: continuing 8.4 16.4 33.4 operations Direct costs (4.5) (4.2) (12.6) Gross profit 2 3.9 12.2 20.8 Net operating (3.1) (3.6) (7.8) expenses Operating profit: continuing 0.8 8.6 13.0 operations (Loss)/profit on (0.1) 0.3 1.8 disposal of fixed assets Profit on ordinary activities before interest 0.7 8.9 14.8 Net interest (2.2) (2.4) (4.8) payable (Loss)/profit on ordinary activities before taxation (1.5) 6.5 10.0 Tax on (loss)/profit 3 0.4 (2.0) (2.3) on ordinary activities (Loss)/profit on ordinary activities after taxation (1.1) 4.5 7.7 Dividends on equity 4 (0.5) (0.5) (9.4) shares Retained (loss)/ (1.6) 4.0 (1.7) profit for the period (Loss)/earnings per 5 (3.9)p 15.9p 26.9p share Diluted (loss)/ 5 (3.9)p 15.7p 26.7p earnings per share Dividends per share 4 1.80p 1.65p 5.0p Special dividend per 4 - - 28.50p share Consolidated balance sheet unaudited as at 30th June 2003 30th June 30th June 31st Dec 2003 2002 2002 unaudited unaudited audited Note #'million #'million #'million Fixed assets Investment 6a 119.8 117.5 104.8 properties Operating 6b 7.2 7.5 7.2 properties Other tangible 4.0 4.5 4.2 assets Investments 0.9 1.0 0.9 131.9 130.5 117.1 Current assets Land, developments and 12.6 9.8 10.3 trading properties Debtors 22.0 32.5 22.4 Cash at bank and in 44.4 44.4 85.1 hand 79.0 86.7 117.8 Creditors: amounts falling due within one year (16.5) (19.2) (29.8) Net current assets 62.5 67.5 88.0 Total assets less 194.4 198.0 205.1 current liabilities Creditors: amounts falling due after more than one year Borrowings (76.5) (73.5) (83.6) Net assets 117.9 124.5 121.5 Financed by: Capital and reserves Called up share 14.0 14.3 14.3 capital Reserves 109.6 108.9 110.5 Profit and loss (5.7) 1.3 (3.3) account Total equity 8 117.9 124.5 121.5 shareholders' funds Net assets per 420p 434p 423p share Diluted net assets 416p 431p 419p per share Consolidated cash flow statement unaudited for the six months ended 30th June 2003 Six months to Six months to Year ended 30th June 30th June 31st Dec 2003 2002 2002 unaudited unaudited audited #'million #'million #'million Cash (outflow)/inflow from (4.9) 1.2 22.2 operating activities Returns on investment and (2.9) (4.2) (4.9) servicing of finance Taxation (0.5) (2.2) (4.8) Capital expenditure and (15.2) 0.1 16.7 financial investment Equity dividends paid (8.0) - (1.3) Cash (outflow)/inflow (31.5) (5.1) 27.9 before financing Financing 13.2 0.1 6.8 (Decrease)/increase in (18.3) (5.0) 34.7 cash in the period Reconciliation of net cash flow to movement in net (debt)/funds unaudited for the six months ended 30th June 2003 Six months to Six months to Year ended 30th June 30th June 31st Dec 2003 2002 2002 unaudited unaudited audited #'million #'million #'million (Decrease)/increase in (18.3) (5.0) 34.7 cash in the period Cash outflow from 13.9 0.5 1.0 reduction in debt Cash inflow from new - - - borrowings Cash inflow from new (6.0) (2.0) (12.7) borrowings Cash (inflow)/outflow from movement in pledged cash (23.3) 2.7 5.9 Movement in net (debt)/ (33.7) (3.8) 28.9 funds in the period Non cash adjustment - Movement in net debt in (33.7) (3.8) 28.9 the period Net funds/(debt) at 1st 0.3 (28.6) (28.6) January Net (debt)/funds at 30th June (33.4) (32.4) 0.3 /31st December Reconciliation of operating profit to net cash inflow from operating activities unaudited for the six months ended 30th June 2003 Six months to Six months to Year ended 30th June 30th June 31st Dec 2003 2002 2002 unaudited unaudited audited #'million #'million #'million Operating profit 0.8 8.6 13.0 Loss on disposal of - 0.3 - tangible fixed assets Increase in development and trading properties (2.3) (0.3) (0.8) Decrease in debtors 0.8 3.8 14.2 Decrease in creditors (4.6) (11.6) (5.2) Depreciation 0.4 0.4 0.9 Other items - non cash - - 0.1 Cash (outflow)/inflow from (4.9) 1.2 22.2 operating activities Analysis of net debt unaudited for the six months ended 30th June 2003 Balance at Balance at 1st January 30th June 2003 Cash flow 2003 audited unaudited #'million #'million #'million Cash at bank and in 57.5 (17.3) 40.2 hand Bank overdraft (0.1) (1.0) (1.1) (18.3) Debt falling due within (1.0) 0.8 (0.2) one year Debt falling due after (83.6) 7.1 (76.5) more than one year Pledged cash 27.5 (23.3) 4.2 (15.4) 0.3 (33.7) (33.4) Notes to the interim financial information unaudited for the six months ended 30th June 2003 1 The results for the year ended 31st December 2002 are an abridged version of the full financial statements for that year which received an unqualified audit report from the auditors and which have been filed with the Registrar of Companies. The results for the six months to 30th June 2003 and 2002 are unaudited and do not constitute the Group's statutory accounts. The results have been prepared using accounting policies consistent with those adopted for the financial statements for the year ended 31st December 2002. 2 Analysis of gross profit: Six months to Six months to Year ended 30th June 30th June 31st Dec 2003 2002 2002 unaudited unaudited audited #'million #'million #'million Net rental income 3.3 3.8 7.3 Net operating property income - (0.2) 0.3 Project management fee income 0.4 0.6 1.0 3.7 4.2 8.6 Land,developments and trading properties 0.2 8.0 12.2 3.9 12.2 20.8 3 The tax credit for the period of #0.4 million represents a deferred tax asset arising on the loss before tax of #1.5 million. 4 The Board has declared an interim dividend of 1.80 pence (30th June 2002: 1.65 pence, 31st December 2002: 3.35 pence ordinary dividend, 28.50 pence special dividend) per Ordinary share, payable on 29th October 2003 to Ordinary shareholders on the Register at the close of business on 3rd October 2003. 5 Earnings per share and diluted earnings per share have been calculated based on the (loss)/profit on ordinary activities after taxation divided by the weighted average number of shares: Six months to Six months to Year ended 30th June 30th June 31st Dec 2003 2002 2002 unaudited unaudited audited #'million #'million #'million (Loss)/earnings (#' (1.1) 4.5 7.7 million, basic and diluted) Weighted average 28.1 28.4 28.5 number of shares (million, basic) Basic (loss)/ (3.9) 15.9 26.9 earnings per share (pence) Weighted average 28.2 28.6 28.7 number of shares (million, diluted) Diluted (loss)/ (3.9) 15.7 26.7 earnings per share (pence) 6 a) Investment Properties Investment properties at 30th June 2003 are stated at the valuations incorporated within the financial statements for the year ended 31st December 2002 or at cost where acquired subsequently. The movement in investment properties for the six month period ended 30th June 2003 was: Long Freehold Leasehold Total #'million #'million #'million At 1st January 2003 88.7 16.1 104.8 Additions 18.9 - 18.9 Disposals (0.3) (3.6) (3.9) At 30th June 2003 107.3 12.5 119.8 Interest of #0.3 million has been capitalised in the six months ended 30th June 2003 (30th June 2002: #0.2 million). b) Operating Properties Operating properties at 30th June 2003 are stated at the valuations incorporated within the financial statements for the year ended 31st December 2002, or at cost where acquired subsequently, less depreciation where material. The movement in operating properties for the six month period ended 30th June 2003 was: Long Short Freehold Leasehold Leasehold Total #'million #'million #'million #'million At 1st January 2003 4.2 1.5 1.5 7.2 Additions 0.1 - - 0.1 Depreciation charge for the (0.1) - - (0.1) period At 30th June 2003 4.2 1.5 1.5 7.2 7 At 30th June 2003, an external valuation, undertaken by J C Rathbone Associates Limited, appraised the market value of the Group's fixed rate debt on a replacement basis, taking into account the difference between fixed interest rates for the Group's borrowings and the market value and prevailing interest rates of appropriate debt instruments, resulting in a negative fair value adjustment before tax of #16.2 million (30th June 2002: #12.4 million, 31st December 2002: #15.9 million) at that date. The valuation, which is subject to daily fluctuations in line with money market movements, is only an indication of the notional effect on the net asset value of the Group at 30th June 2003 and is not recognised in the balance sheet. 8 The reconciliation of movement in total equity shareholders' funds is set out below: Six months to Six months to Year ended 30th June 30th June 31st Dec 2003 2002 2002 unaudited unaudited audited #'million #'million #'million (Loss)/profit on ordinary (1.1) 4.5 7.7 activities after taxation Dividends on equity shares (0.5) (0.5) (9.4) Retained (loss)/profit for the (1.6) 4.0 (1.7) period Surplus on revaluation of the - - 2.6 property porfolio Purchase of own shares (2.0) - - Issue of new shares - 1.2 1.3 Net movement in total equity (3.6) 5.2 2.2 shareholders' funds Opening total equity 121.5 119.3 119.3 shareholders' funds Closing total equity 117.9 124.5 121.5 shareholders' funds 9 Statement of total recognised gains and losses: Six months to Six months to Year ended 30th June 30th June 31st Dec 2003 2002 2002 unaudited unaudited audited #'million #'million #'million (Loss)/profit on ordinary (1.1) 4.5 7.7 activities after taxation Unrealised surplus on - - 2.6 revaluation of property portfolio Total recognised gains and (1.1) 4.5 10.3 losses for the period 10 The interim report will be sent to all holders of the Company's listed securities and will be available to members of the public at the Company's registered office. This information is provided by RNS The company news service from the London Stock Exchange END IR ZDLBFXKBEBBD
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