TIDMNMCN
RNS Number : 2426U
NMCN PLC
28 March 2019
Dissemination of a Regulatory Announcement that contains inside
information according to REGULATION (EU) No 596/2014 (MAR).
NMCN PLC
FINAL RESULTS
nmcn PLC ("the Company" or "the Group" or "nmcn"), a leading
engineering and construction company, delivering major water, built
environment and critical national infrastructure projects across
the UK, announces its final results for the year ended 31 December
2018.
Highlights from the results:-
Previously As restated
reported
Year ended Year ended Year ended
31-Dec 31-Dec 31-Dec
2018 2017 2017
GBP'000 GBP'000 GBP'000
Revenue 340,450 291,770 302,310
Profit before tax 6,028 1,004 9,113
Profit before tax and non-recurring
items 7,893 8,296 10,556
Earnings per share 47.66p 7.31p 71.22p
Earnings per share before non-recurring
items 62.57p 65.33p 82.71p
Cash balance 33,353 17,006 17,006
Interim dividend per share 6.0p 3.0p 3.0p
Final dividend per share (proposed) 12.0p 3.0p 3.0p
----------- ----------- ------------
Total dividend per share 18.0p 6.0p 6.0p
For further information:-
John Homer, Chief Executive - 01623 515008
Daniel Taylor, Chief Financial Officer - 01623 515008
Financial Highlights
-- Profit before tax increased to GBP6.03 million, from GBP1.00
million as previously reported in the 2017 Annual Report and
Accounts.
-- Revenue increased to GBP340.45 million.
-- Profit before tax and non-recurring items totalled GBP7.89
million; solid progress across all business units with the
exception of Telecoms.
-- Secured workload for 2019 stands at circa GBP320 million, 7%
ahead of last year's opening position; representing just over 90%
of anticipated revenue for 2019
-- Increased total dividend proposed to 18.0p (2017: 6.0p), increase of 300%
-- Cash position further strengthened with year-end balance of
GBP33.35 million (increase of GBP16.35 million).
John Homer - Chief Executive - Commented:
These results demonstrate further advancement against the
targets in our strategic plan. They mark the achievement of a
respectable milestone on headline key performance measures and
provide a solid platform for further progress.
Our performance on cash management is particularly pleasing,
with a strong year-end balance and net cash throughout the year.
The strength of our ongoing operations allows us to continue to
exercise rigour in the work that we chose to take on.
There are positive signs of continued opportunities for us to
grow in our chosen market sectors. Our forward order book is just
over 90% of anticipated revenue for the year ahead with a healthy
pipeline of future opportunities available.
The future trading prospects look positive as we continue to
progress our strategic plan. Our people remain the overarching
differentiator and the driver for continued success. We will
maintain our investment in the development of our talent pool.
OUR OPERATING AND FINANCIAL REVIEW
Overview of 2018
The Group has continued to make good progress this year and has
delivered an acceptable quality of earnings within difficult market
conditions for construction generally. It has also largely resolved
all legacy contract disputes and has continued to strengthen its
balance sheet position. Further investment has been made in
adherence of governance controls to manage risk, and into the
development of our people to meet the increasing demands of our
customers for a high-quality service.
The Group is well positioned to take advantage of the increase
in infrastructure spending plans that prevail, with a cautious view
on the continuing Brexit uncertainty for the wider UK economy. The
net return on revenues is encouraging, but has been impacted by the
poor margins achieved in our Telecoms business unit, due to an
ongoing framework with its principal customer, which is due to
expire in April 2019.
The continuing profitability, cash generation and enhanced
secured workload for 2019 are further significant positives which
give the Board confidence for the Group's future.
Group structure
Our operational activities are divided into two operating
segments, Water and Built Environment ("Our segments"). These
segments are clearly defined, based on the differing services they
provide to the distinct clients that they serve.
The operating segments are serviced by five business units. Each
business unit has a clear, focused offering to the customers that
they serve. These business units have the skills and experience to
meet the needs of our customers and work effectively in these
markets. This allows them to provide expert contribution and
innovation to achieve added value to the work streams.
Group financial performance
Previously As restated
reported
Year ended Year ended Year ended
31-Dec 31-Dec 31-Dec
2018 2017 2017
GBP'000 GBP'000 GBP'000
Revenue 340,450 291,770 302,310
Profit before tax 6,028 1,004 9,113
Profit before tax and non-recurring
items 7,893 8,296 10,556
Earnings per share 47.66p 7.31p 71.22p
Earnings per share before non-recurring
items 62.57p 65.33p 82.71p
Cash balance 33,353 17,006 17,006
Interim dividend per share 6.0p 3.0p 3.0p
Final dividend per share (proposed) 12.0p 3.0p 3.0p
----------- ----------- ------------
Total dividend per share 18.0p 6.0p 6.0p
Profit before tax for the year totalled GBP6.03 million compared
to GBP1.00 million reported in the 2017 Annual Report and Accounts.
Whilst the Group has implemented IFRS 15 Revenue from Contracts
with Customers ("IFRS 15") using the full retrospective method, the
restatement does not change overall shareholder value but
re-allocates revenue and profitability to different accounting
periods, the effect of which has increased profits for 2017 as
losses (mainly associated with the legacy contracts) have been
allocated to earlier years. Profit before tax and non-recurring
items for the year ended 31 December 2018 amounted to GBP7.89
million compared to GBP10.56 million for 2017 as restated. Solid
progress has been achieved across most business units and sectors.
The Telecoms business incurred greater losses, however, and future
business with its principal customer is under review. Results
overall for the year were marginally better than the Board's
expectations. Profit before tax amounted to GBP6.03 million (2017
restated: GBP9.11 million).
Water Segment
As restated
Year ended Year ended Year on year Year on
31 Dec 2018 31 Dec 2017 movement year
movement
GBP'000 GBP'000 GBP'000 %
Revenue 244,580 170,498 74,082 43.5%
Operating
profit 8,071 6,630 1,441 21.7%
Operating
profit
margin 3.3% 3.9% (0.6%)
Secured
workload 211,319 209,742 1,577 0.8%
Before non-recurring items as defined
The growth in revenue within the Water segment has been
significant in the year and is up 43.5% on last year, an increase
of GBP74.08 million as restated. The growth principally reflects
our focus on delivering exceptional customer service and has been
achieved through new framework awards, an increase in major
infrastructure works, and the ongoing performance on our Asset
Management Period ("AMP") 6 Frameworks, especially during the later
years of an AMP cycle.
The operating profit of GBP8.07 million is a significant
increase on last year, albeit operating margins were slightly lower
as a result of investments for future years. The operating profit
performance was above our anticipated strategic plans for the
current financial year, being a year of transition between AMP
cycles, and is extremely encouraging given the increased
efficiencies required by our customers year on year in the Water
industry.
There has been further investment in organisational capability
during 2018, to maintain our competitive advantage and to ensure
that we are best placed to deliver on the new major frameworks we
have been awarded and expect to be awarded for 2019/20 and beyond.
This investment has temporarily reduced the operating margins. The
continued investment in our people and their development, to ensure
the sustainability of the business, means the segment is cautiously
optimistic for 2019. The secured workload for construction in 2019
is slightly ahead of the position in 2018, however there remains
uncertainty in quarter 4 2019 and quarter 1 2020, in relation to
visibility of workload due to the AMP transition period.
Built Environment
As restated
Year ended Year ended Year on year Year on year
31 Dec 2018 31 Dec 2017 movement movement
GBP'000 GBP'000 GBP'000 %
Revenue 95,870 131,812 (35,943) (27.3%)
Operating
(loss) /
profit (95) 4,113 (4,208) (102.3%)
Operating
profit
margin (0.1%) 3.1% (3.2%)
Secured
workload 108,952 89,293 19,659 22.0%
Before non-recurring items as defined
The Built Environment segment has suffered a reduction in
revenue in the year of circa 27.3% to GBP95.87 million, which has
created a marginal operating loss. As reported at the half year,
the Telecoms business unit continued to be loss-making on the back
of reduced levels of activity and difficulties on a term framework
for our principal customer. A loss of GBP2.80 million was generated
on lower revenues, when compare to a profit of GBP0.24 million in
2017 as restated. Excluding Telecoms, operating profit within the
Built Environment segment was GBP2.71 million (2017 restated:
GBP3.87 million), on significantly reduced revenue.
A restructure of the business unit to improve operating
performance and align the business to the reduced levels of
expenditure has been implemented and we are now seeing encouraging
signs for 2019.
The Construction and Highways business units have continued to
perform strongly in challenging market sectors, where delays from
our customers due to the uncertainty surrounding Brexit has
undoubtedly had an impact.
The Business segment has an order book for construction in 2019
of circa GBP109 million, an increase of 22% on the position last
year. This coupled with a rigorous approach to contract selection
and the rectification planned and forecast for the Telecoms
business unit gives the board confidence for 2019 and beyond.
Non-recurring items
The non-recurring items in 2018 are in relation to the following
items and amounted to GBP1.87 million (2017: GBP1.44 million) in
total before tax. These items have been identified as items that
are not attributed to the ongoing trading of the Group and are
explained in the following paragraphs accordingly. The profit
before non-recurring items is deemed by the Board to be an
alternative performance measure ("APM"). The Group has used this
APM to aid comparability of its performance and position between
periods.
Legacy Contract costs (see below) accounted for GBP0.51 million
of non-recurring costs in the period (2017: GBP1.44 million).
A specific provision was required in the year at a cost of
GBP0.37 million (2017: GBPNil), for an insolvent development
customer. This does not give rise to an expected credit loss
provision against trade receivables due to the unusual nature and
requirements of the transaction. The Board is satisfied with the
robust credit and collection controls in place across the business,
which continue to be strengthened.
During the period, the Group rectified significant defective
work of GBP0.47 million (2017: GBPNil) as a result of a substandard
product, provided by an aggregate supplier. This situation is
unique and recovery is being progressed, however given the material
nature of the amount being sought from the supplier a contingent
asset has not been recognised in line with applicable accounting
standards. This has led the Board to classify this item as
non-recurring. Any recovery in future years will be treated in the
same way.
During the year a non-recurring 'true-up' of the Directors'
Performance Share Plan (PSP) expense, in relation to previous
periods but impacting the current year, was recognised at GBP0.52
million (2017: GBPNil). The true-up relates to the Remuneration
Committee agreeing to exclude both positive and negative impacts
from provisions in respect of the litigation related to the one
remaining legacy contract across the three-year performance period.
With the adjustments to exclude such provisions, the maximum
targets were exceeded and the plan is expected to vest in full.
Legacy Contract
Legacy contracts are construction contracts entered into at the
height of the recession, before 31 December 2013, and which carried
a higher than normal contractual and commercial risk. These
contracts have negatively impacted the Group's income statement in
2013 and subsequent years. Only one legacy contract now remains to
be resolved.
The Group has been pursuing claims with the client for sums
greater than the carrying value and will continue to do so until it
is resolved. The Directors have sought to make the estimate as
precise as possible by reflecting the views of independent quantum
and legal experts who were appointed by the Directors for their
ability, qualifications and experience in this field.
The independent quantum and legal experts, in conjunction with
management, considered a number of factors when making their
assessment, such as contractual terms, work performed, claims for
variations, submissions for extensions of time, claims for loss and
expense and expected time frames in which settlement is likely.
Whilst the Directors are making every effort to seek a swift
resolution to the matter, they are committed to achieving the best
possible result for the Group. The ultimate settlement of this
matter may take in excess of twelve months to achieve.
Cash and working capital
It is very pleasing to report that actions taken to drive better
cash management throughout the Group have led to a much improved
cash balance of GBP33.35 million (2017: GBP17.01 million). In
particular, improved disciplines around cash collection and upfront
agreements on contractual terms have meant that despite a 12.6%
increase in revenue the average credit period taken by customers
has reduced to 28 days (2017: 32 days). The outflow of cash from
the increased revenue amounted to GBP7.19 million (2017 restated:
GBP11.87 million) across trade and other receivables. The average
credit period taken on credit purchases has also reduced to 38 days
(2017: 43 days) due to shorter terms being offered to maintain the
best supply chain and achieve the most commercial pricing. The
inflow of cash of GBP19.67 million (2017 restated: GBP10.73
million) is due to the increase in trade and other payables to
GBP93.14 million (2017 restated: GBP73.47 million). This increase
is due to timing of year end payments processed and also due to the
increase in revenue and cash collection in the fourth quarter. Due
to higher revenues this also impacted higher cost accruals, other
taxes and social security and contract liabilities balances.
The Group ensures it has a sustainable working capital mix to
support our growth across all contracts and segments and has
re-secured its banking facilities in early 2019 to allow us to do
this. We are also targeting further reductions to creditor payment
terms to allow our supply chain to grow sustainably with us.
Any excess cash that is being generated by the business units is
currently under strategic review. nmcn Investments continues to
look for opportunistic ways of generating higher returns, in
particular through high quality bespoke residential housing
developments where our expertise can be utilised to greater effect.
This investment stream is managed through a strict level of
governance and Board oversight.
As a result of the Group's growth the net investment during the
year on property, plant and equipment increased to GBP3.26 million
(2017: GBP2.90 million), in line with the Group's strategy to
purchase equipment where possible, rather than expense through
operating leases. Following this investment in capital assets the
closing net book value of non-current assets stood at GBP19.92
million (2017 restated: GBP18.17 million), which positions the
Group to deliver its targeted growth through 2019 and beyond.
The non-cash charge for share-based payment expense of GBP1.07
million (2017: GBPNil) has added to the operating cash generation.
This was an additional expense in the year through the statement of
comprehensive income, and the same amount has been credited
directly to equity in line with applicable accounting standards,
increasing the Group's reserves.
Taxation
The current tax charge of GBP1.19 million (2017 restated:
GBP1.88 million) relates to tax on profits at 19% in addition to a
reduction in the deferred tax rate applicable to taxable temporary
differences. All trading group companies will be paying tax for
2019 and beyond as quarterly payments on account.
Dividend
Due to the strong performance of the Group during the year, the
increase in cash reserves balanced with the need to restore the
balance sheet after the impact of the legacy contracts over a
sustained period, and a positive outlook for 2019, the Board is
proposing to increase the final dividend to 12.0p (2017: 3.0p),
taking the total dividend for the year to 18.0p (2017: 6.0p). The
total dividend is covered 3.30 times (2017: 1.22 times).
Restatements
During the year, the Group implemented IFRS 15 and has restated
its 2017 results using the full retrospective approach.
The Group made two further restatements to the 2017 financial
statements which were both in relation to reclassifications only.
The restatements have not impacted the total comprehensive income
for the previous year or the total equity of the Group.
The Company reclassified an asset that was jointly owned from
within contract assets to property, plant and equipment due to the
long-term nature of the asset concerned. The net book value, and
hence total adjustment at 31 December 2017 was GBP1.05 million. The
Company also reclassified items between contract assets and
accruals, increasing both by GBP3.69 million to better reflect the
nature and timing of the transactions involved. The restatements
combined also increased revenue and the related costs by GBP2.43
million.
Details of the restatements are set out in note 2.
Outlook
The UK construction industry is struggling to keep up with the
demand to maintain the existing infrastructure and the need for
investment to support future economic growth. The Group has
established positions in these markets and is well situated to take
advantage of the potential for further growth as well as the
challenges faced by many high profile troubled competitors in the
industry.
The Group is anticipating an inflationary growth rate in revenue
for 2019 as it is a year of transition for the AMP frameworks in
the water industry. The Group is currently prudently forecasting to
achieve a progressive net return on revenues of circa 2% for
2019.
With just over 90% of our anticipated 2019 revenue having
already been secured, and the expectation that the remainder will
be determined from known frameworks or negotiated tenders, the
Board in cautiously optimistic regarding the future quality of
earnings increasing. The Board does remain cautious over any impact
from Brexit and any impact from the AMP transition on the Group's
major client's workload in the fourth quarter 2019 and first
quarter of 2020. That said, we remain confident in the outlook for
the Group and expect the positive progress achieved to continue
into 2019 and beyond.
Group Statement of Comprehensive Income
2018 2018 2018 2017 2017 2017
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------------------------- -------------- ------------- --------- -------------- ------------- ---------
Total before Non-recurring Total Total before Non-recurring Total
non-recurring items non-recurring items
items Note 2.5 items Note 2.5
---------------------------------- -------------- ------------- --------- -------------- ------------- ---------
Restated
Revenue 340,450 - 340,450 302,310 - 302,310
Other operating income 1,277 - 1,277 451 - 451
---------------------------------- -------------- ------------- --------- -------------- ------------- ---------
341,727 - 341,727 302,761 - 302,761
Share of profit of joint ventures - - - - - -
Raw materials and consumables (48,930) - (48,930) (46,587) - (46,587)
Other direct charges (195,740) (1,865) (197,605) (167,019) (1,443) (168,462)
Employee costs (78,633) - (78,633) (69,486) - (69,486)
Depreciation of property, plant
and equipment (4,166) - (4,166) (3,599) - (3,599)
Other operating charges (6,282) - (6,282) (5,327) - (5,327)
---------------------------------- -------------- ------------- --------- -------------- ------------- ---------
Operating profit 7,976 (1,865) 6,111 10,743 (1,443) 9,300
Finance income 31 - 31 - - -
Finance costs (114) - (114) (187) - (187)
---------------------------------- -------------- ------------- --------- -------------- ------------- ---------
Profit before tax 7,893 (1,865) 6,028 10,556 (1,443) 9,113
Tax (1,542) 351 (1,191) (2,161) 277 (1,884)
---------------------------------- -------------- ------------- --------- -------------- ------------- ---------
Profit and total comprehensive
income for the year 6,351 (1,514) 4,837 8,395 (1,166) 7,229
---------------------------------- -------------- ------------- --------- -------------- ------------- ---------
Attributable to:
Equity holders of the Parent 6,351 4,837 8,395 7,229
---------------------------------- -------------- ------------- --------- -------------- ------------- ---------
Profit per share - basic 62.57p 47.66p 82.71p 71.22p
---------------------------------- -------------- ------------- --------- -------------- ------------- ---------
Profit per share - fully diluted 59.29p 45.16p 82.71p 71.22p
---------------------------------- -------------- ------------- --------- -------------- ------------- ---------
Statements of changes in equity
Share
Based Capital
Share Merger Payment Redemption Retained
Capital Reserve Reserve Reserve Earnings Total
Group GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------------------------- -------- -------- -------- ----------- --------- --------
Balance at 31 December 2016
as previously reported 1,015 455 - 20 11,209 12,699
Adjustment on adoption of IFRS
15 (Note 2) - - - - (6,487) (6,487)
--------------------------------- -------- -------- -------- ----------- --------- --------
Balance at 1 January 2017 as
restated 1,015 455 - 20 4,722 6,212
--------------------------------- -------- -------- -------- ----------- --------- --------
Profit and total comprehensive
income for the year as restated - - - - 7,229 7,229
--------------------------------- -------- -------- -------- ----------- --------- --------
Dividends paid - - - - (608) (608)
--------------------------------- -------- -------- -------- ----------- --------- --------
Balance at 31 December 2017 1,015 455 - 20 11,343 12,833
Profit and total comprehensive
income for the year - - - - 4,837 4,837
--------------------------------- -------- -------- -------- ----------- --------- --------
Share based payment expense - - 1,069 - - 1,069
--------------------------------- -------- -------- -------- ----------- --------- --------
Share based payment expense
- deferred tax - - 381 - - 381
--------------------------------- -------- -------- -------- ----------- --------- --------
Dividends paid - - - - (914) (914)
--------------------------------- -------- -------- -------- ----------- --------- --------
Balance at 31 December 2018 1,015 455 1,450 20 15,266 18,206
--------------------------------- -------- -------- -------- ----------- --------- --------
Share
Based Capital
Share Merger Payment Redemption Retained
Capital Reserve Reserve Reserve Earnings Total
Company GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------------------------- -------- -------- -------- ----------- --------- --------
Balance at 31 December 2016
as previously reported 1,015 455 - 20 8,039 9,529
Adjustment on adoption of IFRS
15 (Note 2) - - - - (6,439) (6,439)
--------------------------------- -------- -------- -------- ----------- --------- --------
Balance at 1 January 2017 as
restated 1,015 455 - 20 1,600 3,090
--------------------------------- -------- -------- -------- ----------- --------- --------
Profit and total comprehensive
income for the year as restated - - - - 6,687 6,687
--------------------------------- -------- -------- -------- ----------- --------- --------
Dividends paid - - - - (608) (608)
--------------------------------- -------- -------- -------- ----------- --------- --------
Balance at 31 December 2017 1,015 455 - 20 7,679 9,169
Profit and total comprehensive
income for the year - - - - 4,249 4,249
--------------------------------- -------- -------- -------- ----------- --------- --------
Share based payment expense - - 1,069 - - 1,069
--------------------------------- -------- -------- -------- ----------- --------- --------
Share based payment expense
- deferred tax - - 381 - - 381
--------------------------------- -------- -------- -------- ----------- --------- --------
Dividends paid - - - - (914) (914)
--------------------------------- -------- -------- -------- ----------- --------- --------
Balance at 31 December 2018 1,015 455 1,450 20 11,014 13,954
--------------------------------- -------- -------- -------- ----------- --------- --------
Balance sheets as at 31 December 2018
Group Company
2018 2017 2018 2017
GBP'000 GBP'000 GBP'000 GBP'000
------------------------------------------------------------------ -------- -------- -------- --------
Assets Restated Restated
Non-current assets
Property, plant and equipment 19,918 18,174 19,918 18,173
Investments in subsidiaries - - 2,437 2,437
Investments in joint ventures - - 200 -
Deferred tax asset 893 1,223 786 1,222
------------------------------------------------------------------ -------- -------- -------- --------
20,811 19,397 23,341 21,832
------------------------------------------------------------------ -------- -------- -------- --------
Current assets
Inventories 1,791 1,820 1,287 1,387
Trade and other receivables 60,814 53,627 51,488 45,902
Cash and cash equivalents 33,353 17,006 31,358 16,355
------------------------------------------------------------------ -------- -------- -------- --------
95,958 72,453 84,133 63,644
------------------------------------------------------------------ -------- -------- -------- --------
Total assets 116,769 91,850 107,474 85,476
------------------------------------------------------------------ -------- -------- -------- --------
Equity and liabilities
Capital and reserves attributable to equity holders of the Parent
Share capital 1,015 1,015 1,015 1,015
Share based payment reserve 1,450 - 1,450 -
Merger reserve 455 455 455 455
Capital redemption reserve 20 20 20 20
Retained earnings 15,266 11,343 11,014 7,679
------------------------------------------------------------------ -------- -------- -------- --------
Total equity 18,206 12,833 13,954 9,169
------------------------------------------------------------------ -------- -------- -------- --------
Liabilities
Non-current liabilities
Obligations under finance leases 2,329 2,514 2,329 2,514
Provisions 350 404 350 404
------------------------------------------------------------------ -------- -------- -------- --------
2,679 2,918 2,679 2,918
------------------------------------------------------------------ -------- -------- -------- --------
Current liabilities
Trade and other payables 93,140 73,471 88,219 70,938
Current income tax payable 157 177 35 -
Obligations under finance leases 2,587 2,451 2,587 2,451
------------------------------------------------------------------ -------- -------- -------- --------
95,884 76,099 90,841 73,389
------------------------------------------------------------------ -------- -------- -------- --------
Total liabilities 98,563 79,017 93,520 76,307
------------------------------------------------------------------ -------- -------- -------- --------
Total equity and liabilities 116,769 91,850 107,474 85,476
------------------------------------------------------------------ -------- -------- -------- --------
Statement of cash flows for the year ended 31 December 2018
Group Company
2018 2017 2018 2017
GBP'000 GBP'000 GBP'000 GBP'000
-------------------------------------------------------- -------- -------- -------- --------
Cash flows from operating activities Restated Restated
Operating profit 6,111 9,300 4,849 8,239
Adjustment for:
Depreciation of property, plant and equipment 4,166 3,599 4,165 3,590
Gain on disposal of property, plant and equipment (574) (448) (574) (448)
Share based payment expense 1,069 - 1,069 -
-------------------------------------------------------- -------- -------- -------- --------
Operating cash flows before movement in working capital 10,772 12,451 9,509 11,381
Decrease in inventories 29 245 100 157
Increase in receivables (7,187) (11,866) (5,586) (10,933)
(Decrease) / increase in reinstatement provision (54) 10 (54) 10
Increase in payables 19,669 10,732 17,281 10,639
-------------------------------------------------------- -------- -------- -------- --------
Cash generated from operations 23,229 11,572 21,250 11,254
Income tax (paid) / received (500) (91) (87) 17
-------------------------------------------------------- -------- -------- -------- --------
Net cash generated from operations 22,729 11,481 21,163 11,271
-------------------------------------------------------- -------- -------- -------- --------
Cash flows from investing activities
Purchase of property, plant and equipment (3,263) (2,897) (3,263) (2,897)
Proceeds on disposal of property, plant and equipment 930 580 930 580
Investment in joint ventures - - (200) -
Interest received 31 - 31 -
Interest paid (4) (79) (4) (79)
Dividends received from subsidiaries - - 422 350
-------------------------------------------------------- -------- -------- -------- --------
Net cash used in investing activities (2,306) (2,396) (2,084) (2,046)
-------------------------------------------------------- -------- -------- -------- --------
Cash flows from financing activities
Equity dividends paid (914) (608) (914) (608)
Repayment of obligations under finance leases (3,052) (2,768) (3,052) (2,768)
Interest payable under finance leases (110) (108) (110) (108)
-------------------------------------------------------- -------- -------- -------- --------
Net cash used in financing activities (4,076) (3,484) (4,076) (3,484)
-------------------------------------------------------- -------- -------- -------- --------
Net increase in cash and cash equivalents 16,347 5,601 15,003 5,741
-------------------------------------------------------- -------- -------- -------- --------
Cash and cash equivalents at 1 January 17,006 11,405 16,355 10,614
-------------------------------------------------------- -------- -------- -------- --------
Cash and cash equivalents at 31 December 33,353 17,006 31,358 16,355
-------------------------------------------------------- -------- -------- -------- --------
Cash and cash equivalents comprise funds held at the bank which
are immediately accessible.
1. Basis of preparation
The condensed Group financial statements for the year ended 31
December 2018 included in this report do not constitute the Group's
statutory accounts for the year ended 31 December 2018 but are
derived from those accounts. The auditor has reported on those
accounts; their report was unqualified, did not draw attention
to any matters by way of emphasis without qualifying their report
and did not contain statements under s498(2) or (3) Companies
Act 2006 or equivalent preceding legislation.
While the financial information included in this announcement
has been prepared in accordance with the recognition and measurement
criteria of International Financial Reporting Standards (IFRSs),
this announcement does not itself contain sufficient information
to comply with IFRSs.
The condensed Group financial statements have been prepared on
a basis consistent with that adopted in the previous year's published
financial statements and in accordance with IFRSs, with the exception
of the change of accounting policy and other restatements described
in note 2 below.
The Group expects to publish statutory financial statements for
the year ended 31 December 2018 that comply with both IFRSs as
adopted for use in the European Union and IFRSs as compliant
with the Companies Act 2006 and Article 4 of the EU IAS Regulations
based on the information presented in this announcement.
The condensed financial statements were approved by the Board
on 27 March 2019.
Audited statutory accounts for the year ended 31 December 2017
have been delivered to the registrar of companies. The Independent
Auditors' Report on the Annual Report and Financial Statements
for 2017 was unqualified, did not draw attention to any matters
by way of emphasis, and did not contain a statement under 498(2)
or 498(3) of the Companies Act 2006.
2. Change of Accounting Policy and Other Restatements
Except as described below, the accounting policies adopted in
the preparation of the condensed Group financial statements for
the year ended 31 December 2018 are consistent with the policies
applied by the Group in its consolidated financial statements
as at, and for the year ended 31 December 2017.
2.1 IFRS 15 Revenue from Contracts with Customers
The Group has adopted IFRS 15 Revenue from Contracts with Customers
from 1 January 2018.
IFRS 15 provides a single, principles-based five-step model to
be applied to all sales contracts, based on the transfer of control
of goods and services to customers. It replaces the separate
models for goods, services and construction contracts previously
included in IAS 11 Construction Contracts and IAS 18 Revenue.
The effect of initially applying IFRS 15 is mostly attributed
to the recognition criteria for variable income, which arises
principally from variations in contract work, claims and incentive
payments. Variable income is subject to a revenue constraint
such that revenue may only be recognised to the extent that it
is highly probable that a significant reversal in the amount
of revenue recognised will not occur in future. Under IAS 11
an amount was included in contract revenue to the extent that
it was probable that it would result in revenue, which required
a lower level of certainty than under IFRS 15. As a result, revenue
may be recognised later under IFRS 15 than under IAS 11.
The Group has applied IFRS 15 retrospectively using the practical
expedient in paragraph C5(c) of IFRS 15, under which the Group
does not disclose the amount of consideration allocated to the
remaining performance obligations or an explanation of when the
Group expects to recognise that amount as revenue for all reporting
periods presented before 1 January 2018. The impact of the restatement
on the prior year's results is shown in note 2.4.
2.2 IFRS 9 Financial Instruments
The Group has adopted IFRS 9 Financial Instruments from 1 January
2018.
IFRS 9 Financial Instruments replaces IAS 39 Financial Instruments:
Recognition and Measurement and specifies how an entity should
classify and measure financial assets, financial liabilities,
and some contracts to buy or sell non-financial items. The most
significant area of change which could potentially have an effect
on the Group's reported results is the "expected credit loss"
model, under which an allowance for credit losses is calculated
by considering the cash shortfalls that would be incurred in
various default scenarios and multiplying the shortfalls by the
probability of each scenario occurring.
Based on an assessment of historic credit losses on the Group's
financial assets and the likelihood of the occurrence of future
credit losses on existing financial assets, the Directors consider
that there are no further material impairment losses to be recognised
against the Group's financial assets.
2.3 Other restatements
During the year, the Group made two further restatements to the
2017 financial statements which were both in relation to reclassifications
only. The restatements have not impacted the total comprehensive
income for the previous year or the total equity of the Group.
The Company reclassified an asset that was jointly owned from
within contract assets to property, plant and equipment due to
the long-term nature of the asset concerned. The net book value,
and hence total adjustment at the 31 December 2017 was GBP1.05
million. The Company also reclassified items between contract
assets and accruals, increasing both by GBP3.69 million to better
reflect the nature and timing of the transactions involved. The
restatements combined also increased revenue and the related
costs by GBP2.43 million. The impact of the restatement on the
prior year's results is shown in note 2.4.
2.4 Impact of restatements on the financial statements
The following tables summarise the impact of adopting IFRS 15
on the Group's financial statements, as described in note 2.1,
and the prior year restatements described in note 2.3. References
to the specific changes to which those adjustments relate are
presented in the table headings as required.
Impact on the Group statement of comprehensive income
Year ended 31 December 2017
-------------------------------- ------------------------------------------- ---
GBP'000 GBP'000 GBP'000 GBP'000
-------------------------------- ----------- ---------- ---------- -----------
As reported Adjustment Adjustment Restated
Note 2.1 Note 2.3
Revenue 291,770 8,109 2,431 302,310
Other operating income 451 - - 451
-------------------------------- ----------- ---------- ---------- -----------
292,221 8,109 2,431 302,761
Raw materials and consumables (44,698) - (1,889) (46,587)
Other direct charges (168,462) - - (168,462)
Employee costs (69,486) - - (69,486)
Depreciation of property, plant
and equipment (3,057) - (542) (3,599)
Other operating charges (5,327) - - (5,327)
-------------------------------- ----------- ---------- ---------- -----------
Operating profit 1,191 8,109 - 9,300
Finance costs (187) - - (187)
-------------------------------- ----------- ---------- ---------- -----------
Profit before tax 1,004 8,109 - 9,113
Tax (262) (1,622) - (1,884)
-------------------------------- ----------- ---------- ---------- -----------
Profit and total comprehensive
income for the year 742 6,487 - 7,229
-------------------------------- ----------- ---------- ---------- -----------
Impact on the Group balance sheet
As at 1 January 2017
---------------------------------- ---------------------------------------------
GBP'000 GBP'000 GBP'000 GBP'000
---------------------------------- ----------- ---------- ---------- --------
As reported Adjustment Adjustment Restated
Note 2.1 Note 2.3
Assets
Non-current assets
Property, plant and equipment 13,651 - 1,594 15,245
Investments in subsidiaries - - - -
Investments in joint ventures - - - -
Deferred tax asset 1,411 1,622 - 3,033
---------------------------------- ----------- ---------- ---------- --------
15,062 1,622 1,594 18,278
---------------------------------- ----------- ---------- ---------- --------
Current assets
Inventories 2,065 - - 2,065
Construction contracts 12,175 (12,175) - -
Trade and other receivables 37,695 4,066 - 41,761
Cash and cash equivalents 11,405 - - 11,405
---------------------------------- ----------- ---------- ---------- --------
63,340 (8,109) - 55,231
---------------------------------- ----------- ---------- ---------- --------
Total assets 78,402 (6,487) 1,594 73,509
---------------------------------- ----------- ---------- ---------- --------
Equity and liabilities
Capital and reserves attributable
to equity holders of the Parent
Share capital 1,015 - - 1,015
Share based payment reserve - - - -
Merger reserve 455 - - 455
Capital redemption reserve 20 - - 20
Retained earnings 11,209 (6,487) - 4,722
---------------------------------- ----------- ---------- ---------- --------
Total equity 12,699 (6,487) - 6,212
---------------------------------- ----------- ---------- ---------- --------
Liabilities
Non-current liabilities
Obligations under finance leases 1,785 - - 1,785
Provisions 394 - - 394
---------------------------------- ----------- ---------- ---------- --------
2,179 - - 2,179
---------------------------------- ----------- ---------- ---------- --------
Current liabilities
Trade and other payables 61,145 - 1,594 62,739
Current income tax payable 194 - - 194
Obligations under finance leases 2,185 - - 2,185
---------------------------------- ----------- ---------- ---------- --------
63,524 - 1,594 65,118
---------------------------------- ----------- ---------- ---------- --------
Total liabilities 65,703 - 1,594 67,297
---------------------------------- ----------- ---------- ---------- --------
Total equity and liabilities 78,402 (6,487) 1,594 73,509
---------------------------------- ----------- ---------- ---------- --------
As at 31 December 2017
---------------------------------- ---------------------------------------------
GBP'000 GBP'000 GBP'000 GBP'000
---------------------------------- ----------- ---------- ---------- --------
As reported Adjustment Adjustment Restated
Note 2.1 Note 2.3
Assets
Non-current assets
Property, plant and equipment 17,122 - 1,052 18,174
Investments in subsidiaries - - - -
Investments in joint ventures - - - -
Deferred tax asset 1,223 - - 1,223
---------------------------------- ----------- ---------- ---------- --------
18,345 - 1,052 19,397
---------------------------------- ----------- ---------- ---------- --------
Current assets
Inventories 1,820 - - 1,820
Construction contracts 14,707 (14,707) - -
Trade and other receivables 35,227 14,707 3,693 53,627
Cash and cash equivalents 17,006 - - 17,006
---------------------------------- ----------- ---------- ---------- --------
68,760 - 3,693 72,453
---------------------------------- ----------- ---------- ---------- --------
Total assets 87,105 - 4,745 91,850
---------------------------------- ----------- ---------- ---------- --------
Equity and liabilities
Capital and reserves attributable
to equity holders of the Parent
Share capital 1,015 - - 1,015
Share based payment reserve - - - -
Merger reserve 455 - - 455
Capital redemption reserve 20 - - 20
Retained earnings 11,343 - - 11,343
---------------------------------- ----------- ---------- ---------- --------
Total equity 12,833 - - 12,833
---------------------------------- ----------- ---------- ---------- --------
Liabilities
Non-current liabilities
Obligations under finance leases 2,514 - - 2,514
Provisions 404 - - 404
---------------------------------- ----------- ---------- ---------- --------
2,918 - - 2,918
---------------------------------- ----------- ---------- ---------- --------
Current liabilities
Trade and other payables 68,726 - 4,745 73,471
Current income tax payable 177 - - 177
Obligations under finance leases 2,451 - - 2,451
---------------------------------- ----------- ---------- ---------- --------
71,354 - 4,745 76,099
---------------------------------- ----------- ---------- ---------- --------
Total liabilities 74,272 - 4,745 79,017
---------------------------------- ----------- ---------- ---------- --------
Total equity and liabilities 87,105 - 4,745 91,850
---------------------------------- ----------- ---------- ---------- --------
Impact on the Group statement of cash flows As at 31 December 2017
--------------------------------------- ---------------------------------------------
GBP'000 GBP'000 GBP'000 GBP'000
--------------------------------------- ----------- ---------- ---------- --------
As reported Adjustment Adjustment Restated
Note 2.1 Note 2.3
Cash flows from operating activities
Operating profit 1,191 8,109 - 9,300
Adjustment for: - -
Depreciation of property, plant
and equipment 3,057 - 542 3,599
Gain on disposal of property,
plant and equipment (448) - - (448)
Share based payment expense - - - -
--------------------------------------- ----------- ---------- ---------- --------
Operating cash flows before movement
in working capital 3,800 8,109 542 12,451
(Increase) / decrease in inventories 245 - - 245
Increase in construction contracts (2,532) 2,532 - -
Increase in receivables 2,468 (10,641) (3,693) (11,866)
(Decrease) / increase in reinstatement
provision 10 - - 10
Increase in payables 7,581 - 3,151 10,732
--------------------------------------- ----------- ---------- ---------- --------
Cash generated from operations 11,572 - - 11,572
Income tax (paid) / received (91) - - (91)
--------------------------------------- ----------- ---------- ---------- --------
Net cash generated from operations 11,481 - - 11,481
--------------------------------------- ----------- ---------- ---------- --------
Cash flows from investing activities
Purchase of property, plant and
equipment (2,897) - - (2,897)
Proceeds on disposal of property,
plant and equipment 580 - - 580
Investment in joint ventures - - - -
Interest received - - - -
Interest paid (79) - - (79)
Dividends received from subsidiaries - - - -
--------------------------------------- ----------- ---------- ---------- --------
Net cash used in investing activities (2,396) - - (2,396)
--------------------------------------- ----------- ---------- ---------- --------
Cash flows from financing activities
Equity dividends paid (608) - - (608)
Repayment of obligations under
finance leases (2,768) - - (2,768)
Interest payable under finance
leases (108) - - (108)
--------------------------------------- ----------- ---------- ---------- --------
Net cash used in financing activities (3,484) - - (3,484)
--------------------------------------- ----------- ---------- ---------- --------
Net increase in cash and cash
equivalents 5,601 - - 5,601
--------------------------------------- ----------- ---------- ---------- --------
Cash and cash equivalents at
1 January 2017 11,405 - - 11,405
--------------------------------------- ----------- ---------- ---------- --------
Cash and cash equivalents at
31 December 2017 17,006 - - 17,006
--------------------------------------- ----------- ---------- ---------- --------
2.5 Non-recurring items
The non-recurring items have been identified as such as they
are not attributed to the ongoing trading of the Group and are
explained in the following paragraphs accordingly. The profit
before non-recurring items is deemed by the Board to be an alternative
performance measure (APM). The Group has used this APM to aid
comparability of its performance and position between periods.
The non-recurring items in 2018 are in relation to the following
items and amounted to GBP1.87 million (2017: GBP1.44 million)
in total before tax. Legacy Contract contracts accounted for
GBP0.51 million of non-recurring costs in the period (2017: GBP1.44
million).
A specific provision was required in the year at a cost of GBP0.37
million (2017: GBPNil), for an insolvent development customer.
This does not give rise to an expected credit loss provision
against trade receivables due to the unusual nature and requirements
of the transaction. The Board is satisfied with the robust credit
and collection controls in place across the business, which continue
to be strengthened.
During the period, the Group rectified significant defective
work of GBP0.47 million (2017: GBPNil) as a result of a substandard
product, provided by an aggregate supplier. This situation is
unique and recovery is being progressed, however given the material
nature of the amount being sought from the supplier a contingent
asset has not been recognised in line with applicable accounting
standards. This has led the Board to classify this item as non-recurring.
Any recovery in future years will be treated in the same way.
During the year a non-recurring 'true-up' of the Directors' Performance
Share Plan (PSP) cost expense, in relation to previous periods
but impacting the current year, was recognised at GBP0.52 million
(2017: GBPNil). The true-up relates to the Remuneration Committee
agreeing to exclude both positive and negative impacts from provisions
in respect of the litigation related to the one remaining legacy
contract across the three-year performance period. With the adjustments
to exclude such provisions, the maximum targets were exceeded
and the plan is expected to vest in full.
3. Segment reporting
The operating segment reporting format has been changed this
year to align with the Group's current management and internal
reporting structure.
The Group conducts business through two operating segments, Built
Environment and Water. The Built Environment segment includes
Construction, Power, Highways and Telecoms which were separately
reported last year.
Further details of the operating segments activities is provided
in our operational and financial review.
Segment revenue and profit
Year ended 31 December 2018
Total before
non-recurring Non-recurring
Built Environment Water items items
GBP'000 GBP'000 GBP'000 GBP'000 Total
--------------------------------- ----------------- -------- -------------- ------------- --------
Revenue
External sales 95,870 244,580 340,450 - 340,450
--------------------------------- ----------------- -------- -------------- ------------- --------
Result before corporate expenses 7,649 20,857 28,506 (1,865) 26,641
Corporate expenses (7,744) (12,786) (20,530) - (20,530)
--------------------------------- ----------------- -------- -------------- ------------- --------
Operating profit/(loss) (95) 8,071 7,976 (1,865) 6,111
Finance income 31 - 31
Finance costs (114) - (114)
--------------------------------- ----------------- -------- -------------- ------------- --------
Profit before tax 7,893 (1,865) 6,028
Tax (1,542) 351 (1,191)
--------------------------------- ----------------- -------- -------------- ------------- --------
Profit for the year 6,351 (1,514) 4,837
--------------------------------- ----------------- -------- -------------- ------------- --------
Year ended 31 December 2017
Total before
non-recurring Non-recurring
Built Environment Water items items
GBP'000 GBP'000 GBP'000 GBP'000 Total
--------------------------------- ----------------- -------- -------------- ------------- --------
Restated Restated Restated Restated Restated
Revenue
External sales 131,812 170,498 302,310 - 302,310
--------------------------------- ----------------- -------- -------------- ------------- --------
Result before corporate expenses 10,095 15,314 25,409 (1,443) 23,966
Corporate expenses (5,982) (8,684) (14,666) - (14,666)
--------------------------------- ----------------- -------- -------------- ------------- --------
Operating profit/(loss) 4,113 6,630 10,743 (1,443) 9,300
Finance income - - -
Finance costs (187) - (187)
--------------------------------- ----------------- -------- -------------- ------------- --------
Profit before tax 10,556 (1,443) 9,113
Tax (2,161) 277 (1,884)
--------------------------------- ----------------- -------- -------------- ------------- --------
Profit for the year 8,395 (1,166) 7,229
--------------------------------- ----------------- -------- -------------- ------------- --------
Segment assets
Restated
2018 2017
GBP'000 GBP'000
--------------------------------------------------- -------- --------
Built Environment 52,199 49,070
Water 64,570 42,780
--------------------------------------------------- -------- --------
Total segment assets and consolidated total assets 116,769 91,850
--------------------------------------------------- -------- --------
Other segment information
Additions to non-current
Depreciation and amortisation assets
2018 2017 2018 2017
GBP'000 GBP'000 GBP'000 GBP'000
------------------ --------------- -------------- ------------ ------------
Built Environment 1,467 1,634 2,213 3,549
Water 2,699 1,965 4,053 3,111
------------------ --------------- -------------- ------------ ------------
Total 4,166 3,599 6,266 6,660
------------------ --------------- -------------- ------------ ------------
There were no impairment losses recognised in respect of property,
plant and equipment. All of the above relates to continuing operations
and arose in the United Kingdom. Segment liabilities are not presented
as they are not managed on a segment by segment basis.
The results of each segment are not materially affected by seasonality.
4. Information about major customer
Revenue of approximately GBP172,523,000 (2017: GBP118,872,000)
was derived from a single external customer within the Water segment.
No other customer accounted for more than 10% of revenues.
5. Earnings per share
Basic earnings per share and diluted earnings per share are calculated
on the profit attributable to equity holders of the parent of
GBP4,837,000 (2017 restated: GBP7,229,000). The weighted average
of 10,150,000 (2017: 10,150,000) shares in issue during the year
is used for the basic earnings per share calculation only. For
the diluted earnings per share calculation, the share awards granted
under the performance share plan are considered to be contingently
issuable shares that could potentially dilute basic earnings per
share in the future and are included in the calculation. Although
the decision has not been formally approved by the Remuneration
Committee, it is anticipated that the performance share plan will
issue shares on an after tax basis, therefore issuing 53% of the
1,059,752 awards that are expected to vest. Accordingly an additional
561,669 shares have been used to calculate fully diluted earnings
per share (2017: Nil).
6. Taxation
The provision for deferred tax is calculated based on the tax
rates enacted or substantially enacted at the balance sheet date.
The tax charge in the year arises from the taxable profits generated
and the reversal of the deferred tax asset from previous years'
trading losses. There are no unrecognised trading losses carried
forward (2017: GBPnil).
A reduction in the UK corporation tax rate from 21% to 20% (effective
from 1 April 2015) was substantively enacted on 2 July 2013. Further
reductions to 19% (effective from 1 April 2017) and to 18% (effective
1 April 2020) were substantively enacted on 26 October 2015, and
an additional reduction to 17% (effective 1 April 2020) was substantively
enacted on 6 September 2016. This will reduce the Group's future
current tax charge accordingly. The deferred tax asset at 31 December
2018 has been calculated based on these rates.
7. Dividends
Amounts recognised as distributions to equity holders in the year:
2018 2017
GBP'000 GBP'000
Final dividend for the year ended 31 December 2017
of 3p (2016: 3p) per share 305 303
Interim dividend for the year ended 31 December 2018
of 6p (2017: 3p) per share 609 305
--------- --------
914 608
========= ========
The Directors recommend a final dividend of 12p per share for
the year ended 31 December 2018 (2017: 3p). Subject to approval
at the Company's Annual General Meeting, the final dividend of
12.0p per share will be paid on 24 May 2019. The ex-dividend date
is 2 May 2019 and the record date for the final dividend is 3
May 2019.
8. Related parties and joint arrangements
The Group's related parties are key management personnel who are
the executive directors, non-executive directors and business
unit managers. The only transactions with these individuals comprise
remuneration under service contracts.
Additionally, the Group has the following interests in joint operations
and joint ventures;
Joint operations
Ambergate Working Alliance - (Construction of reinforced concrete
covered storage reservoir, Ambergate UK)
50% interest in a joint operation with Laing O'Rourke Imtech.
BAMNomenca - (Water projects for South East Water)
50% interest in a joint operation with Bam Nuttall Limited.
BNM Alliance - (Construction of Elan Valley Aqueduct scheme and
Newark Sewer Strategy scheme)
50% interest in a joint operation with Barhale Limited.
The ASP Batch Joint Venture - (Waste Water Major Projects, Coventry
UK)
33% interest in a joint operation with Mott MacDonald Bentley
Limited and Costain Limited.
DNM Alliance - (Water Projects for Severn Trent Water)
50% interest in a joint operation with Doosan Enpure Limited.
All joint operation activities are strategic to the Group and
its Water operating segment.
The condensed Group financial statements for the year ended 31
December 2018 incorporate the following relating to the joint
operations:
Year ended Year ended
31 December 2018 31 December 2017
GBP'000 GBP'000
------------- ----------------- -----------------
Restated
Revenue 74,293 45,840
Expenses 74,010 43,679
Assets 3,603 3,082
Liabilities 16,599 3,082
Joint ventures
E&P Enderleigh Ltd - (Development of residential
property)
50% interest in a joint venture with Earl & Pelham Ltd
BENMC Alliance (Roundhills) Ltd - (Development of residential
property)
50% interest in a joint venture with Brooklyn Ellis Ltd
Springfield ECO Ltd - (Development of residential property)
50% interest in a joint venture with Stagfield Group Ltd
During the year ended 31 December 2018 the Company provided
services to its joint ventures as follows:
Construction and Amounts due from
financing services joint ventures
2018 2017 2018 2017
GBP'000 GBP'000 GBP'000 GBP'000
-------------------------------- ---------- --------- -------- --------
E&P Enderleigh Ltd 2,537 - 3,056 -
BENMC Alliance (Roundhills) Ltd 785 - 1,414 -
Springfield ECO Ltd 665 - 4,344 -
Total 3,987 - 8,814 -
-------------------------------- ---------- --------- -------- --------
9. Share capital
2018 2017
GBP'000 GBP'000
Allotted, issued and fully paid:
10,150,000 (2015 - 10,150,000) ordinary shares of
10p 1,015 1,015
10. Contingent liabilities
Aviva Insurance Limited, Lloyds Bank PLC, and HCC International
Insurance Company Plc have given Performance Bonds to a value
of GBP8,883,000 (2017: GBP6,010,000) on the Group's behalf. These
bonds have been made with recourse to the Group.
11. The Annual Report and Accounts for the year ended 31 December
2018 will be despatched to shareholders on or around 23 April
2019 and will be available on the Company's website - www.nmcn.com.
12. The Annual General Meeting will be held on Thursday 16 May 2019
at 12.00 noon at the Group's Head Office at Nunn Close, The County
Estate, Huthwaite, Sutton-in-Ashfield, Nottinghamshire NG17 2HW.
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
FR UBSBRKKAOUAR
(END) Dow Jones Newswires
March 28, 2019 03:00 ET (07:00 GMT)
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