TIDMNAH
RNS Number : 5091M
NAHL Group PLC
17 September 2019
17 September 2019
NAHL Group plc
("NAHL" or the "Group")
Interim Results
Performance in line with expectations; Continued strategic
progress
NAHL (AIM: NAH), the leading UK marketing and services business
focused on the UK consumer legal market, announces its Interim
Results for the six months ended 30 June 2019.
Financial Highlights
-- Revenue up 3.9% to GBP25.8m (2018 H1: GBP24.9m)
-- Underlying operating profit(1) up 1.7% to GBP6.5m (2018 H1:
GBP6.4m) including GBP0.5m of planned start-up losses of new ABS
law firm, National Accident Law ("NAL"). Before these losses, up
10.6% to GBP7.0m
-- Cash generation from operations(1) ahead at GBP3.5m (2018 H1: GBP1.3m)
-- Exceptional costs of GBP0.8m (2018 H1: GBP0.1m) incurred in
preparing for small claims reforms
-- Profit before tax of GBP4.6m after exceptional costs (2018 H1: GBP5.3m)
-- Basic earnings per share of 3.4p (2018 H1: 8.2p), in line
with the Board's expectations, reflecting
o Shifting balance of case allocation between panel law firms
and Legal Services business unit, in line with strategy; and
o Continued development of ABS structures, highlighted by profit
attributable to JV partners of GBP2.6m (2018 H1: GBP0.6m)
-- Interim dividend of 2.6p per share (2018 H1: 3.2p)
-- Net debt(1) flat at GBP17.6m (2018 H1: GBP17.4m)
Operational Highlights
-- Strategic transformation of Personal Injury ("PI") division yielding positive results
-- Successful launch of wholly owned law firm, NAL, which is scaling and performing well
-- National Accident Helpline ("NAH") marketing and placement
tactics adapted to respond to continuing competitive pressures
-- Continued strong progress from Critical Care, with double digit revenue and profit growth
-- Residential Property performance reflective of continuing difficult wider market conditions
Post-Period End
-- Announced the launch of a new ABS law firm, Law Together LLP,
operated in partnership with panel law firm
Russell Atkinson, CEO of NAHL, commented:
"As a Group, we are pleased with the overall progress made in
the first half of the year. The strategic transformation of our
Personal Injury (PI) business continues and the changes put in
place are now yielding positive results.
"Our wholly owned law firm, National Accident Law, has made
encouraging progress since its launch in April 2019 and we are
continuing to grow the number of enquiries being placed through our
Legal Services business unit. Our focus remains on taking an
economic interest in the success of the whole claim and capturing
more value over the long-term. To this end, we are pleased to
announce the launch of a new law firm, Law Together LLP, to help
take advantage of the opportunities ahead.
"In our Critical Care division, we saw another strong
performance, growing operating profit by 12.6% in the period as we
begin the process of investing in the technology platform to
position it for further growth. Conditions within the residential
property market have been well documented and remain challenging.
The leadership team in our Residential Property division are
focused on a range of initiatives to grow market share.
"We are encouraged by the progress made in the year so far, and
although fully cognisant of the challenges ahead, we remain
confident of achieving a full year result in line with our
underlying EPS(1) expectations."
For further information please call:
NAHL Group PLC via FTI Consulting
Russell Atkinson (CEO) Tel: +44 (0) 20
James Saralis (CFO) 3727 1000
finnCap Ltd (NOMAD & Broker) Tel: +44 (0) 207
Julian Blunt / James Thompson 220 0500
(Corporate Finance)
Andrew Burdis (Corporate Broking)
FTI Consulting (Financial PR) Tel: +44 (0) 20
Alex Beagley 3727 1000
James Styles
Sam Macpherson
Notes to Editors
NAHL Group plc (AIM: NAH) is a leader in the Consumer Legal
Services ("CLS") market. The Group provides services and products
to individuals and businesses in the CLS market through its three
divisions:
-- Personal Injury provides outsourced marketing services to law
firms through National Accident Helpline and claims processing
services to individuals through its Legal Services business unit,
which includes the law firms Your Law, National Law Partners, Law
Together and National Accident Law.
-- Critical Care provides a range of specialist services in the
catastrophic and serious injury market to both claimants and
defendants through Bush and Company Rehabilitation.
-- Residential Property provides marketing services to law firms
and conveyancers as well as surveys to individuals through Fitzalan
Partners. It also provides property searches through Searches
UK.
More information is available at www.nahlgroupplc.co.uk
(1) The Interim Results include alternative performance measures
(APMs) because the Directors believe they provide useful
information for shareholders on underlying business trends and
performance. Details of APMs are provided in Note 1.
Interim Management Statement
I am pleased to report the Group's results for the six months
ended 30 June 2019.
Summary of Financial Performance
During the first half of 2019, the Group has performed in line
with the Board's underlying EPS expectations. Revenue grew by 3.9%
to GBP25.8m (H1 2018: GBP24.9m) and underlying operating profit
increased by 1.7% to GBP6.5m (H1 2018: GBP6.4m).
Unaudited Unaudited
H1 2019 H1 2018 Growth Growth
GBPm GBPm GBPm %
Personal Injury 16.2 15.5 0.7 5.1
Critical Care 6.6 6.0 0.6 10.4
Residential Property 3.0 3.4 (0.4) (12.8)
------------------------------------------------------------------------ ---------- ---------- ------- -------
Revenue 25.8 24.9 0.9 3.9
Personal Injury 4.8 4.6 0.2 2.8
Critical Care 2.3 2.1 0.2 12.6
Residential Property 0.1 0.6 (0.5) (83.7)
Group Costs (0.7) (0.9) 0.2 (21.9)
------------------------------------------------------------------------ ---------- ---------- ------- -------
Underlying operating profit 6.5 6.4 0.1 1.7
Start -up losses associated with NAL 0.5 - 0.5 n/a
------------------------------------------------------------------------ ---------- ---------- ------- -------
Underlying operating profit before start-up losses associated with NAL 7.0 6.4 0.6 10.6
------------------------------------------------------------------------ ---------- ---------- ------- -------
Underlying operating profit was net of GBP0.5m of planned
start-up losses associated with the Group's new law firm, National
Accident Law ("NAL"). Whilst they don't conform to the Group's
definition of exceptional costs, these start-up losses comprise the
operating loss for the first six months after launch, as the
business is scaling up and still refining its processes. The
underlying operating profit before start-up losses associated with
NAL was GBP7.0m, which represents growth of 10.6% on last year.
The Group also incurred GBP0.8m (H1 2018: GBP0.1m) of
exceptional costs associated with our business transformation. We
continue to carefully manage these costs and are pleased that they
remain in line with plan.
After deducting minority interest payments associated with the
Group's ABS law firms, which are rising as a result of increased
volumes, underlying earnings per share was 7.4p (H1 2018: 9.9p),
which was consistent with the Board's expectation.
Trading Review - Personal Injury ("PI")
The PI division performed in line with plan in the first half.
Revenue increased 5.1% to GBP16.3m and underlying operating profit
increased 2.8% to GBP4.8m.
The strategic transformation of PI continues and, pleasingly,
the contribution from our Legal Services business unit is slightly
ahead of expectations during the period. This includes the Group's
wholly owned law firm, NAL, which has made encouraging progress
since its launch in April 2019, and we are now turning our
attention to finalising our small claims proposition, albeit we
still require Government confirmation of some important elements of
the small claims process.
We are encouraged that panel demand has remained stable during
the period and we have agreed a number of deals with panel firms
that extend beyond the reform implementation date, currently
planned for April 2020. We continue to grow the proportion of our
enquiries placed into our Legal Services business unit, in support
of our chosen strategy.
National Accident Helpline ("NAH") continues to operate in
challenging market conditions, driven by competitive pressures. The
Board expects these to persist until the implementation date of the
legal reforms. NAH management continue to adapt the business'
marketing and placement tactics to respond and optimise its
performance. As part of this, we are investing in re-platforming
the NAH website in early 2020 which will keep us at the forefront
of digital marketing performance.
Our largest ABS venture, Your Law LLP, performed ahead of
expectations in the first half and continues to grow. It has
achieved damages to date of over GBP16m. Together with our partner
in this venture, NewLaw LLP, we are pleased with the progress made
and look forward to further developing this relationship.
I am pleased to announce that on 16 September we entered into a
contract to launch a new law firm, called Law Together LLP. This
venture, which is operated in partnership with Horwich Cohen
Coghlan Solicitors, is consistent with the ongoing evolution of our
ABS strategy, enabling us to maintain our placement strategy and
manage the working capital demands of running personal injury
claims. Law Together is the third joint venture law firm to have
been established by NAH following the launch of Your Law and
National Law Partners in 2017 and is scheduled to launch in October
2019.
Trading Review - Critical Care
Our Critical Care division has had a good H1, driven largely by
organic growth from its case management business. Revenue increased
10.4% to GBP6.6m, and underlying operating profit was up 12.6% to
GBP2.3m.
The business is progressing a number of initiatives aimed at
maintaining this growth and intends to upgrade its technology
platform in 2020, which will create efficiencies and deliver
further process improvements.
Trading Review - Residential Property
The residential property market has deteriorated further in H1
and this has impacted our results. First half revenue was down
12.8% to GBP3.0m and underlying operating profit was down 83.7% at
GBP0.1m. Whilst leadership changes made last year are starting to
have a positive effect, the market remains very challenging.
Cash Conversion, Balance Sheet and Interim Dividend
The Group generated free cash flow(1) of GBP0.8m in the first
half (H1 2018: GBP(0.5)m) and underlying cash conversion increased
on the same period last year to 66.5% (H1 2018: 20.3%). Our ABS law
firms made a positive contribution towards a total of GBP4.3m
underlying operating cash flow(1) .
As at 30 June 2019 we had net debt of bank borrowings of
GBP17.6m (H1 2018: GBP17.4m), which was in line with our
expectations.
The Board is declaring an interim dividend of 2.6p per share
payable on 31 October 2019 to ordinary shareholders registered on
27 September 2019. Our policy is to have a dividend cover of twice
underlying EPS, before exceptional costs and non-cash charges.
Current Year Outlook
As a Board, we are pleased with the tangible results achieved
within the PI division in the first half of the year and expect the
Group to continue to make progress with its strategic
transformation in H2. Whilst we do not expect a noticeable
improvement in the market conditions experienced by our Residential
Property or PI divisions, our underlying earnings expectations for
the full year remain unchanged.
Russell Atkinson
Chief Executive Officer
17 September 2019
(1) The Interim Results include alternative performance measures
(APMs) because the Directors believe they provide useful
information for shareholders on underlying business trends and
performance. Details of APMs are provided in Note 1.
Consolidated statement of comprehensive income
for the 6 months ended 30 June 2019
Audited
Unaudited Unaudited 12 months
6 months 6 months ended 31
Note ended 30 ended 30 December 2018
June 2019 June 2018 GBP000
GBP000 GBP000
Total revenue 2 25,839 24,865 48,957
Cost of sales (12,589) (12,217) (24,254)
Gross profit 13,250 12,648 24,703
Administrative expenses (8,500) (7,269) (14,683)
---------------------------------------------------------------- ------- ----------- ------------ ----------------
Underlying operating profit 6,465 6,360 12,132
Share-based payments (426) (191) (457)
Amortisation of intangible assets acquired on business
combinations (484) (648) (1,270)
Exceptional items 3 (805) (142) (385)
Total operating profit 2 4,750 5,379 10,020
Financial income 104 98 222
Financial expense (296) (206) (470)
---------------------------------------------------------------- ------- ----------- ------------ ----------------
Profit before tax 4,558 5,271 9,772
Taxation 4 (424) (953) (1,389)
---------------------------------------------------------------- ------- ----------- ------------ ----------------
Profit for the period and total comprehensive income 4,134 4,318 8,383
---------------------------------------------------------------- ------- ----------- ------------ ----------------
Profit and total comprehensive income is attributable to:
Owners of the company 1,561 3,758 6,674
Non-controlling interests 2,573 560 1,709
---------------------------------------------------------------- ------- ----------- ------------ ----------------
4,134 4,318 8,383
---------------------------------------------------------------- ------- ----------- ------------ ----------------
Unaudited 6 months ended Unaudited 6 months Audited 12 months
30 June 2019 ended ended
30 June 31 December 2018
2018
-------------------------------- ------------------------- ------------------- ------------------
Basic earnings per share (p) 7 3.4 8.2 14.5
-------------------------------- ------------------------- ------------------- ------------------
Diluted earnings per share (p) 7 3.3 8.0 14.3
-------------------------------- ------------------------- ------------------- ------------------
Consolidated statement of financial position
At 30 June 2019
Unaudited 6 months ended Unaudited 6 months ended Audited 12 months ended
30 June 2019 30 June 2018 31 December 2018
Note GBP000 GBP000 GBP000
--------------------------- ----- -------------------------- -------------------------- --------------------------
Non-current assets
Goodwill 60,362 60,362 60,362
Intangibles 5,906 6,647 6,400
Property, plant and
equipment 842 225 195
Deferred tax asset 152 34 177
--------------------------- ----- -------------------------- -------------------------- --------------------------
67,262 67,268 67,134
--------------------------- ----- -------------------------- -------------------------- --------------------------
Current assets
Trade and other
receivables (including
GBP4,955,000 (June 2018:
GBP9,538,000, December
2018:
GBP6,603,000) due in
greater than one year) 5 33,027 29,978 28,806
Cash and cash equivalents 2,026 939 1,598
35,053 30,917 30,404
--------------------------- ----- -------------------------- -------------------------- --------------------------
Total assets 102,315 98,185 97,538
--------------------------- ----- -------------------------- -------------------------- --------------------------
Current liabilities
Trade and other payables 6 (17,495) (14,770) (15,111)
Other payables relating to
legacy pre-LASPO ATE
product - (865) (301)
Tax payable (726) (1,290) (975)
(18,221) (16,925) (16,387)
--------------------------- ----- -------------------------- -------------------------- --------------------------
Non-current liabilities
Other interest-bearing
loans and borrowings (19,659) (18,334) (17,122)
Deferred tax liability (1,188) (1,500) (1,342)
--------------------------- ----- -------------------------- -------------------------- --------------------------
(20,847) (19,834) (18,464)
--------------------------- ----- -------------------------- -------------------------- --------------------------
Total liabilities (39,068) (36,759) (34,851)
--------------------------- ----- -------------------------- -------------------------- --------------------------
Net assets 63,247 61,426 62,687
--------------------------- ----- -------------------------- -------------------------- --------------------------
Equity
Share capital 115 115 115
Share option reserve 3,004 2,312 2,578
Share premium 14,595 14,595 14,595
Merger reserve (66,928) (66,928) (66,928)
Retained earnings 110,313 110,756 111,380
--------------------------- ----- -------------------------- -------------------------- --------------------------
Capital and reserves
attributable to the
owners of NAHL Group plc 61,099 60,850 61,740
Non-controlling interests 2,148 576 947
--------------------------- ----- -------------------------- -------------------------- --------------------------
Total equity 63,247 61,426 62,687
--------------------------- ----- -------------------------- -------------------------- --------------------------
Consolidated statement of changes in equity
for the 6 months ended 30 June 2019
Capital and
reserves
Share attributa-ble
Share option Share Merger Retained to the owners Non-controlling Total
capital reserve premium reserve earnings of NAHL Group interest equity
GBP000 GBP000 GBP000 GBP000 GBP000 plc GBP000 GBP000 GBP000
---------------- --------- --------- --------- --------- ---------- --------------- ----------------- --------
Balance at 1
January 2019 115 2,578 14,595 (66,928) 111,380 61,740 947 62,687
Adjustment on
initial
application of
IFRS 16 - - - - 4 4 - 4
Adjusted
balance at 1
January 2019 115 2,578 14,595 (66,928) 111,384 61,744 947 62,691
Total
comprehensive
income for the
period
Profit for the
period - - - - 1,561 1,561 2,573 4,134
---------------- --------- --------- --------- --------- ---------- --------------- ----------------- --------
Total
comprehensive
income - - - - 1,561 1,561 2,573 4,134
---------------- --------- --------- --------- --------- ---------- --------------- ----------------- --------
Transactions with owners,
recorded directly in
equity
Share-based
payments - 426 - - - 426 - 426
Dividends paid - - - - (2,632) (2,632) - (2,632)
Non-
controlling
interest
member
drawings - - - - - - (1,372) (1,372)
Balance at 30
June 2019 115 3,004 14,595 (66,928) 110,313 61,099 2,148 63,247
---------------- --------- --------- --------- --------- ---------- --------------- ----------------- --------
Balance at 1
January 2018 115 2,121 14,507 (66,928) 111,893 61,708 103 61,811
Total
comprehensive
income for the
period
Profit for the
period - - - - 3,758 3,758 560 4,318
---------------- --------- --------- --------- --------- ---------- --------------- ----------------- --------
Total
comprehensive
income - - - - 3,758 3,758 560 4,318
---------------- --------- --------- --------- --------- ---------- --------------- ----------------- --------
Transactions
with owners,
recorded
directly in
equity
Issue of new
Ordinary
shares - - 88 - - 88 - 88
Share-based
payments - 191 - - - 191 - 191
Dividends paid - - - - (4,895) (4,895) - (4,895)
Non-
controlling
interest
member
drawings - - - - - - (87) (87)
Balance at 30
June 2018 115 2,312 14,595 (66,928) 110,756 60,850 576 61,426
---------------- --------- --------- --------- --------- ---------- --------------- ----------------- --------
Balance at 1
January 2018 115 2,121 14,507 (66,928) 111,893 61,708 103 61,811
Adjustment on
initial
application of
IFRS 9 net of
tax - - - - (814) (814) - (814)
Adjusted
balance at 1
January 2018 115 2,121 14,507 (66,928) 111,079 60,894 103 60,997
Total
comprehensive
income for the
year
Profit for the
year - - - - 6,674 6,674 1,709 8,383
---------------- --------- --------- --------- --------- ---------- --------------- ----------------- --------
Total
comprehensive
income - - - - 6,674 6,674 1,709 8,383
---------------- --------- --------- --------- --------- ---------- --------------- ----------------- --------
Transactions
with owners,
recorded
directly in
equity
Issue of new
Ordinary
Shares - - 88 - - 88 - 88
Member drawings - - - - - - (865) (865)
Share-based
payments - 457 - - - 457 - 457
Dividends paid - - - - (6,373) (6,373) - (6,373)
Balance at 31
December 2018 115 2,578 14,595 (66,928) 111,380 61,740 947 62,687
---------------- --------- --------- --------- --------- ---------- --------------- ----------------- --------
Consolidated cash flow statement
for the 6 months ended 30 June 2019
Audited
Unaudited 6 months ended Unaudited 12 months ended 31
30 June 2019 6 months ended 30 June December 2018
Note GBP000 2018 GBP000 GBP000
-------------------------- ------ -------------------------- -------------------------- --------------------------
Cash flows from operating
activities
Profit for the period 4,134 4,318 8,383
Adjustments for:
Depreciation and amortisation 913 810 1,630
IFRS 9 provision movements 130 - 206
Financial income (104) (98) (222)
Financial expense 296 206 470
Share-based payments 426 191 457
Taxation 424 953 1,389
---------------------------------- -------------------------- -------------------------- --------------------------
6,219 6,380 12,313
Increase in trade and other
receivables (4,253) (7,621) (7,564)
Increase in trade and other
payables 1,530 2,340 2,775
Increase/(decrease) in other
payables relating to legacy
pre-LASPO ATE product - 189 (375)
---------------------------------- -------------------------- -------------------------- --------------------------
Cash generation from operations 3,496 1,288 7,149
Interest paid (240) (154) (474)
Tax paid (803) (1,338) (2,202)
---------------------------------- -------------------------- -------------------------- --------------------------
Net cash from operating
activities 2,453 (204) 4,473
---------------------------------- -------------------------- -------------------------- --------------------------
Cash flows from
investing activities
Acquisition of property, plant
and equipment (118) (42) (145)
Acquisition of intangible assets (190) (156) (640)
Disposal of property, plant and
equipment - - 42
Interest received 6 2 35
Net cash used in investing
activities (302) (196) (708)
---------------------------------- -------------------------- -------------------------- --------------------------
Cash flows from
financing activities
New share issue - 88 88
New borrowings acquired 2,500 5,375 4,125
Finance leases (219) - -
Dividends paid (2,632) (4,895) (6,373)
Non- controlling interest member
drawings (1,372) (87) (865)
---------------------------------- -------------------------- -------------------------- --------------------------
Net cash (used in)/from financing
activities (1,723) 481 (3,025)
---------------------------------- -------------------------- -------------------------- --------------------------
Net increase in cash and cash
equivalents 428 81 740
Cash and cash equivalents at
beginning of period 1,598 858 858
---------------------------------- -------------------------- -------------------------- --------------------------
Cash and cash equivalents at end
of period 2,026 939 1,598
---------------------------------- -------------------------- -------------------------- --------------------------
Notes to the financial statements
1. Accounting policies
General Information
The half year results for the current and comparative period to
30 June have not been audited or reviewed by auditors pursuant to
the Auditing Practices Board guidance of Review of Interim
Financial Information.
These half year results do not comprise statutory accounts
within the meaning of Section 434 of the Companies Act 2006.
Statutory accounts for the year ended 31 December 2018 were
approved by the Board of Directors on 18 March 2019 and delivered
to the Registrar of Companies. The report of the auditors on those
accounts was unqualified, did not contain an emphasis of matter
paragraph and did not contain any statement under Section 498 of
the Companies Act 2006.
Having made due enquiries the Directors have a reasonable
expectation that the Group has adequate resources to continue in
operational existence for the foreseeable future. For this reason,
they continue to adopt the going concern basis in preparing the
condensed set of financial statements.
The condensed set of financial statements was approved by the
Board of Directors on 16 September 2019.
Basis of preparation
Statement of compliance
The half year results for the current and comparative period to
30 June have been prepared in accordance with IAS 34 Interim
Financial Reporting as adopted by the EU and the AIM Rules of UK
companies. They do not include all of the information required for
full annual financial statements and should be read in conjunction
with the financial statements of the Group for the year ended 31
December 2018, which have been prepared in accordance with IFRSs as
adopted by the European Union.
New and amended standards adopted by the Group
The following new or amended standards became applicable for the
current reporting period:
IFRS 16 - Leases
The Group has adopted IFRS 16 'Leases' from 1 January 2019 which
has changed lease accounting for lessees under operating leases.
Such agreements now require recognition of an asset, representing
the right to use the leased item, and a liability, representing
future lease payments. Lease costs (such as property rent) are
recognised in the form of depreciation and interest, rather than as
an operating cost. Further information on the impact of IFRS 16 is
given in Note 10.
Use of judgements and estimates
The preparation of financial statements in conformity with IFRSs
requires management to make judgements and estimates that affect
the application of accounting policies and the reported amounts of
assets, liabilities, income and expenses. Actual results may differ
from these estimates. Estimates and underlying assumptions are
reviewed on an ongoing basis. Revisions to accounting estimates are
recognised in the year in which the estimates are revised and in
any future years affected.
The preparation of the condensed set of financial statements
requires management to make judgements, estimates and assumptions
that affect the application of accounting policies and reported
amounts of assets and liabilities, income and expense. Actual
results may differ from these estimates.
In preparing the condensed set of financial statements, the
significant judgements made by management in applying the Group's
accounting policies and the key sources of estimation uncertainty
were of the same type as those that applied to the financial
statements for the year ended 31 December 2018.
Significant accounting policies
The accounting policies used in the preparation of these interim
financial statements for the 6 months ended 30 June 2019 are the
accounting policies as applied to the Group's financial statements
for the year ended 31 December 2018 with the addition of IFRS 16
which is discussed in further detail in Note 10.
Statutory and non-statutory measures
The Directors have presented these alternative performance
measures (APMs) in the Interim Results because they believe they
provide additional useful information for shareholders on
underlying business trends and performance. As these APMs are not
defined by IFRS, they may not be directly comparable to other
companies' APMs. They are not intended to be a substitute for, or
superior to, IFRS measurements and the Directors recommend that the
IFRS measures should also be used when users of this document
assess the performance of the Group.
The APMs used in the Interim Results are as defined in the 2018
Annual Report and the principles to identify adjusting items have
been applied on a basis consistent with previous years with the
exception of exceptional revenues arising from the release of the
pre-LASPO ATE liability. Given the magnitude of the pre-LASPO ATE
liability, it is no longer considered to be a material item and
therefore from 1 January 2019 the Directors have made the decision
to no longer include revenues related to the release of this
liability as an exceptional item. The key adjusting items in
arriving at the APMs are as follows:
IFRS 2 Share-based Payments - This is the charge for share-based
payments calculated in line with IFRS 2. IFRS 2 requires the
fair
value of equity instruments measured at grant date to be spread
over the period during which the employees become
unconditionally
entitled to the options. The calculation behind the charge can
fluctuate year-on-year as new grants are made depending on inputs
such
as the expected volatility, the share price, exercise price etc.
and therefore the charge can vary with little correlation to the
underlying
trading activities. For example, in the five years since the
Group's flotation on AIM, the IFRS 2 charge has been as low as
GBP182,000 and
as high as GBP1,052,000. Management therefore believe it is
appropriate to exclude this charge from the underlying operating
profit to
allow for greater comparability of the underlying core trading
performance of the Group year-on-year.
IFRS 3 (Revised) Business Combinations - This is the
amortisation charge for intangible assets arising on acquisitions
and expenditure
arising from acquisition activity. Under IFRS 3 all acquisition
costs are required to be expensed in the Group Income Statement
and
intangible assets arising on acquisition are required to be
amortised over their useful economic life. Management believes that
it is
useful to separately identify these costs due to their
materiality to the Group results and due to the fact that the
amortisation is
calculated on a straight-line basis, it therefore has little
correlation to the trading activities of the acquired entity in any
particular year.
To allow for greater comparability of the trading results
year-on-year, this charge is therefore excluded from underlying
operating profit.
Exceptional items - These are non-recurring items that are
material by nature and separately identified to allow for greater
comparability of underlying Group operating results year on year.
Examples of exceptional items in the current and/or previous years
include
reorganisation and restructuring costs; revaluation of liability
associated with legacy ATE products; and acquisition related
costs.
Exceptional costs are separately identified to allow for greater
comparability of underlying Group operating results
year-on-year.
The APMS presented in the Interim Results are defined as
follows:
Nature Related Related
of IFRS IFRS
measure measure source Definition Use/relevance
Underlying Operating Consolidated Based on the related Allows management and users
operating profit income IFRS measure of the financial statements
profit statement but excluding exceptional to assess the underlying
items, IFRS trading results after removing
2 share-based payment material, non-recurring
charges and items that are not reflective
amortisation of intangible of the core trading activities
assets and allows comparability
acquired on business of core trading performance
combinations. year-on-year.
----------- ----------------- --------------- --------------------------------- ----------------------------------
Underlying Cash flow Consolidated Based on the related Provides management with
operating from cash flow IFRS measure an indication of the amount
cash operating statement but excluding cash flows of cash available for
flow activities in respect of discretionary
the items excluded from investing or financing
underlying after removing material
operating profit as described non-recurring expenditure
above. that does not reflect the
underlying trading operations
and allows management to
monitor the conversion
of underlying profit into
cash.
Underlying Not defined n/a Calculated as underlying
cash by IFRS operating
conversion cash flow divided by
underlying
operating profit.
Free Not defined n/a Calculated as net cash
cash by IFRS generated
flow from operating activities
less net cash
used in investing activities
less
payments made to non-controlling
interests.
----------- ----------------- --------------- ---------------------------------
Underlying Basic Consolidated Based on the related Allows management and users
EPS income IFRS measure of the financial statements
EPS statement but calculated using to assess the underlying
underlying trading results after removing
Profit after tax. material, non-recurring
items that are not reflective
of the core trading activities.
It also allows comparability
of core trading performance
year-on-year.
---------------------------- ----------------- --------------------------------- ----------------------------------
Working Movement Consolidated Working capital is not Allows management to assess
Capital in receivables statement defined by IFRS. This the short-term cash flows
and movement of cashflows is defined by management from movements in the more
in payables as being the cash movement liquid assets.
in trade and other receivables
less the cash movement
in trade and other payables.
Net debt Not defined Consolidated Net debt is defined as Allows management to monitor
by IFRS cash flow cash and cash the overall level of debt
statement equivalents less interest-bearing in the business. As stated
borrowings net of loan in the strategic report,
arrangement loan funding is key to
fees. the Group's future strategy
as an increasing proportion
of profits and cash flows
are deferred until case
settlement.
A reconciliation of each measure is provided as follows:
Underlying operating profit:
Unaudited 6 months ended 30 Unaudited 6 months ended 30 Audited 12 months ended 31
June 2019 June 2018 December 2018
GBP000 GBP000 GBP000
---------------------------- ---------------------------- ---------------------------- ----------------------------
IFRS measure - operating
profit 4,750 5,379 10,020
Exceptional items 805 142 385
IFRS 2 share-based payment
charge 426 191 457
Amortisation of intangible
assets acquired on
business combinations 484 648 1,270
Underlying operating profit 6,465 6,360 12,132
---------------------------- ---------------------------- ---------------------------- ----------------------------
Underlying operating cash flow, underlying cash conversion and
free cash flow:
Unaudited 6 months ended 30 Unaudited 6 months ended 30 Audited 12 months ended 31
June 2019 June 2018 December 2018
GBP000 GBP000 GBP000
---------------------------- ---------------------------- ---------------------------- ----------------------------
IFRS measure - cash
generation from operations 3,496 1,288 7,149
Exceptional items 805 142 385
Working capital movements
in respect of exceptional
items - 50 50
Decrease/(increase) in
liabilities relating to
Pre-LASPO ATE - (189) 375
---------------------------- ---------------------------- ---------------------------- ----------------------------
Underlying operating cash
flow 4,301 1,291 7,959
Underlying operating profit
(as above) 6,465 6,360 12,132
Underlying cash conversion 66.5% 20.3% 65.6%
Cash generation from
operations 3,496 1,288 7,149
Interest paid (240) (154) (474)
Tax paid (803) (1,338) (2,202)
---------------------------- ---------------------------- ---------------------------- ----------------------------
Net cash generated from
operating activities 2,453 (204) 4,473
Net cash used in investing
activities (302) (196) (708)
Payments to non-controlling
interests (1,372) (87) (865)
---------------------------- ---------------------------- ---------------------------- ----------------------------
Free cash flow 779 (487) 2,900
---------------------------- ---------------------------- ---------------------------- ----------------------------
Underlying EPS:
Unaudited 6 months ended 30 Unaudited 6 months ended 30 Audited 12 months ended 31
June 2019 June 2018 December 2018
GBP000 GBP000 GBP000
---------------------------- ---------------------------- ---------------------------- ----------------------------
IFRS measure - profit for
the year attributable to
shareholders 1,561 3,758 6,674
Exceptional items net of
tax 652 115 312
Start-up losses associated 458 - -
with NAL net of tax
IFRS 2 share-based payment
charge 426 191 457
Amortisation of intangible
assets acquired on
business combinations net
of deferred tax 334 486 950
Underlying profit for the
year attributable to
shareholders 3,431 4,550 8,393
Weighted average number of
shares 46,178,716 46,100,876 46,160,172
Underlying EPS 7.4 9.9 18.2
---------------------------- ---------------------------- ---------------------------- ----------------------------
Working capital:
Unaudited 6 months ended 30 Unaudited 6 months ended 30 Audited 12 months ended 31
June 2019 June 2018 December 2018
GBP000 GBP000 GBP000
---------------------------- ---------------------------- ---------------------------- ----------------------------
Movement in trade and other
receivables (4,253) (7,621) (7,564)
IFRS 9 provision movement 130 - 206
Movement in trade and other
payables 1,530 2,340 2,775
Working capital (2,593) (5,281) (4,583)
Pre-LASPO ATE movement (101) - -
IFRS 9 opening balance
adjustment - - 1,002
IFRS 16 adjustments to 676 - -
payables
Movement in interest
accruals (120) (81) (268)
---------------------------- ---------------------------- ---------------------------- ----------------------------
IFRS measure - movement in
trade and other
receivables less movement
in trade and other
payables
(including Pre-LASPO ATE
liability) (2,138) (5,362) (3,849)
---------------------------- ---------------------------- ---------------------------- ----------------------------
Financial assets and liabilities
The Group's principal financial instruments comprise cash and
cash equivalents, trade and other receivables, trade and other
payables
and interest-bearing borrowings.
Trade and other receivables
Trade and other receivables are recognised initially at fair
value. Subsequent to initial recognition, trade and other
receivables are stated at amortised cost using the effective
interest method, less any impairment losses calculated in line with
IFRS 9.
Trade and other payables
Trade and other payables are recognised initially at fair value.
Subsequent to initial recognition, trade and other payables are
stated at
amortised cost using the effective interest method.
Cash and cash equivalents
Cash and cash equivalents comprise cash balances. Cash and cash
equivalents are repayable on demand and are recognised at their
carrying amount.
Interest-bearing borrowings
Interest-bearing borrowings are recognised initially at fair
value less attributable transaction costs. Subsequent to initial
recognition,
interest-bearing borrowings are stated at amortised cost using
the effective interest method, less any impairment losses.
2. Operating segments
Personal Critical Residential Group Underlying Pre-LAPSO Other Eliminati-ons Total
Injury Care Property GBP000 operations ATE items GBP000 GBP000
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
6 months ended 30 June
2019
Revenue 16,279 6,591 2,969 - 25,839 - - - 25,839
Depreciation and
amortisation (185) (71) (172) (1) (429) - (484) - (913)
Operating profit/(loss)
(1) 4,751 2,349 96 (731) 6,465 - (1,715) - 4,750
Financial income 103 - - 1 104 - - - 104
Financial expenses (1) (1) (2) (292) (296) - - - (296)
Profit/(loss) before tax 4,853 2,348 94 (1,022) 6,273 - (1,715) - 4,558
Trade receivables 8,673 5,106 770 - 14,549 - - - 14,549
Total assets(3) 29,289 5,753 1,666 78,332 115,040 - - (12,725) 102,315
Segment liabilities(3) (15,457) (1,027) (704) (307) (17,495) - (2) - - (17,495)
Capital expenditure
(including intangibles) (192) (93) (7) (16) (308) - - - (308)
------------------------- --------- --------- ------------ -------- ----------- ---------- --------- -------------- ---------
6 months ended 30 June
2018
Revenue 15,489 5,970 3,406 - 24,865 - - 24,865
Depreciation and
amortisation (94) (18) (50) - (162) - (648) (810)
Operating profit/(loss)
(1) 4,622 2,087 588 (937) 6,360 - (981) 5,379
Financial income 97 - - 1 98 - - 98
Financial expenses - - - (206) (206) - - (206)
Profit/(loss) before tax 4,719 2,087 588 (1,142) 6,252 - (981) 5,271
Trade receivables 14,572 4,655 795 - 20,022 - - 20,022
Total Assets(3) 25,132 4,970 1,604 78,917 110,623 (12,438) 98,185
Segment liabilities(3) (12,492) (1,003) (569) (706) (14,770) (865)(2) - 15,635
Capital expenditure
(including intangibles) 21 20 157 - 198 - - 198
------------------------- --------- --------- ------------ -------- ----------- ---------- --------- -------------- ---------
12 months ended 31
December 2018
Revenue 29,522 12,383 6,388 - 48,293 664 - - 48,957
Depreciation and
amortisation (195) (48) (117) - (360) - (1,270) - (1,630)
Operating profit/(loss)
(1) 8,424 4,520 728 (1,540) 12,132 589 (2,701) - 10,020
Financial income 191 30 - 1 222 - - - 222
Financial expenses - (5) - (465) (470) - - - (470)
Profit/(loss) before tax 8,615 4,545 728 (2,004) 11,884 589 (2,701) - 9,772
Trade receivables 10,200 5,036 598 - 15,834 - - - 15,834
Total assets(3) 24,528 5,800 1,269 78,574 110,171 - - (12,633) 97,538
Segment liabilities(3) (13,254) (1,137) (364) (356) (15,111) (301)(2) - - (15,412)
Capital expenditure
(including intangibles) 245 188 352 - 785 - - - 785
------------------------- --------- --------- ------------ -------- ----------- ---------- --------- -------------- ---------
1. These are the respective underlying profits of the division.
2. Pre-LASPO ATE liabilities include the balance of commissions
received in advance that are due to be paid back to the
insurance
provider of GBP200,000 (June 2018: GBP865,000, December 2018:
GBP301,000). From January 2019 this balance was no longer
considered to be material and going forward will now be presented
as part of Personal Injury.
3. Total assets and segment liabilities exclude intercompany
loan balances as these do not form part of the operating activities
of the segment.
Geographic information
All revenue and assets of the Group are based in the UK.
Operating segments
The activities of the Group are managed by the Board, which is
deemed to be the chief operating decision maker (CODM). The CODM
has identified the following segments for the purpose of
performance assessment and resource allocation decisions. These
segments are split along product lines and are consistent with
those reported last year.
Personal Injury - Revenue from the provision of enquiries to the
Panel Law Firms, based on a cost plus margin model, plus
commissions received from providers for the sale of additional
products by them to the Panel Law Firms and in the case of the
ABSs, revenue receivable from clients for the provision of legal
services.
Critical Care - Revenue from the provision of expert witness
reports and case management support within the medico-legal
framework for multi-track cases.
Residential Property - Revenue from the provision of online
marketing services to target homebuyers and sellers in England and
Wales, offering lead generation services to Panel Law Firms and
surveyors in the conveyancing sector and the provision of
conveyancing searches for solicitors and licensed conveyancers.
Group - Costs that are incurred in managing Group activities or
not specifically related to a product.
Pre-LASPO ATE - Revenue is commissions received from the
insurance provider for the use of after the event policies by Panel
Law Firms. From 1 April 2013, this product was no longer available
as a result of LASPO regulatory changes. Included in the balance
sheet is a liability relating to commissions received in advance
that are due to be paid back to the insurance provider. No interest
is due on this liability.
Other items - Costs associated with the acquisition of
subsidiary undertakings, reorganisation costs associated with
exceptional projects that are not related to the core operations of
the business, share-based payments and amortisation charges on
intangible assets recognised as part of business combinations.
3. Exceptional items
Unaudited 6 months ended 30 Unaudited 6 months ended 30 Audited 12 months ended 31
June 2019 June 2018 December 2018
GBP000 GBP000 GBP000
---------------------------- ---------------------------- ---------------------------- ----------------------------
Release of pre-LASPO ATE
liability and associated
costs(1) - - 589
Personal Injury
reorganisation costs(2) (805) (142) (816)
Residential Property
reorganisation costs(3) - - (158)
Total (805) (142) (385)
---------------------------- ---------------------------- ---------------------------- ----------------------------
1. Previously recognised liabilities for pre-LASPO ATE
commissions received in advance of GBP664,000 were released in 2018
as a result of more favourable settlements. These have been offset
by associated costs of GBP75,000.
2. Personal Injury reorganisation costs relate to costs
associated with exceptional projects that are not related to the
core operations
of the business.
3. Costs of management reorganisation in the Residential Property division.
4. Taxation
Unaudited 6 months ended 30 Unaudited 6 months ended 30 Audited 12 months ended 31
June 2019 June 2018 December 2018
GBP000 GBP000 GBP000
Current tax expense
Current tax on income for
the year 552 1,115 1,824
Adjustments in respect of
prior years - - (160)
Total current tax 552 1,115 1,664
Deferred tax credit
Origination and reversal of
timing differences (128) (162) (275)
---------------------------- ---------------------------- ---------------------------- ----------------------------
Total deferred tax (128) (162) (275)
---------------------------- ---------------------------- ---------------------------- ----------------------------
Total expense in statement
of comprehensive income 424 953 1,389
---------------------------- ---------------------------- ---------------------------- ----------------------------
Total tax charge 424 953 1,389
---------------------------- ---------------------------- ---------------------------- ----------------------------
Reconciliation of effective tax rate:
Unaudited 6 months ended 30 Unaudited 6 months ended 30 Audited 12 months ended 31
June 2019 June 2018 December 2018
GBP000 GBP000 GBP000
Profit for the period 4,134 4,318 8,383
Total tax expense 424 953 1,389
Profit before taxation 4,558 5,271 9,772
Tax using the UK
corporation tax rate of
19.00% (June 2018: 19.00%,
December 2018:19.00%) 866 1,001 1,856
Income disallowable for tax
purposes - - (6)
Non-deductible expenses 81 36 100
Adjustments in respect of
prior years - - (160)
Share scheme deductions - (18) (18)
Non-controlling interest
share of tax (489) (106) (324)
Short term timing
differences for which no
deferred tax is recognised (34) 40 (59)
---------------------------- ---------------------------- ---------------------------- ----------------------------
Total tax charge 424 953 1,389
---------------------------- ---------------------------- ---------------------------- ----------------------------
The Group's tax charge of GBP424,000 (June 2018: GBP953,000,
December 2018: GBP1,389,000) represents an effective tax rate of
9.3% (June 2018: 18.1%, December 2018: 14.2%). The effective tax
rate is lower than the standard corporation tax rate of 19.0% for
the reasons as set out above. The most significant of these is that
the Group does not account for the non-controlling interests' share
of tax. This results in a reduction in effective tax rate of 10.7%
(June 2018: 2.0%, December 2018: 3.3%).
Changes in tax rates and factors affecting the future tax
charge
A reduction in the UK corporation tax rate from 19.0% to 18.0%
(effective from 1 April 2020) was substantively enacted on 26
October 2015 and an additional reduction to 17.0% (effective from 1
April 2020) were substantively enacted on 6 September 2017. This
will reduce the Group's future current tax charge accordingly. The
deferred tax assets and liabilities at 30 June 2019have been
calculated based on these rates.
5. Trade and other receivables
Unaudited 6 months ended 30 Unaudited 6 months ended 30 Audited 12 months ended 31
June 2019 June 2018 December 2018
GBP000 GBP000 GBP000
Trade receivables:
receivable in less than
one year 13,444 12,082 13,234
Trade receivables:
receivable in more than
one year 1,105 7,940 2,600
Accrued income: receivable
in less than one year 8,346 5,215 4,359
Accrued income: receivable
in more than one year 3,850 1,597 4,003
Other receivables 208 259 308
---------------------------- ---------------------------- ---------------------------- ----------------------------
26,953 27,093 24,504
Prepayments 990 594 673
Recoverable disbursements 5,084 2,291 3,629
---------------------------- ---------------------------- ---------------------------- ----------------------------
Total 33,027 29,978 28,806
---------------------------- ---------------------------- ---------------------------- ----------------------------
A provision against trade receivables of GBP779,000 (June 2018:
GBP171,000, December 2018 GBP909,000) is included in the figures
above.
6. Trade and other payables
Unaudited 6 months ended 30 Unaudited 6 months ended 30 Audited 12 months ended 31
June 2019 June 2018 December 2018
GBP000 GBP000 GBP000
Trade payables 3,642 2,360 2,493
Disbursements payable 5,359 2,320 3,712
Other taxation and social
security 941 975 1,028
Other payables, accruals
and deferred revenue 6,849 8,311 6,907
Customer deposits 704 804 971
---------------------------- ---------------------------- ---------------------------- ----------------------------
Total 17,495 14,770 15,111
---------------------------- ---------------------------- ---------------------------- ----------------------------
7. Earnings per share
The calculation of basic earnings per share at 30 June 2019 is
based on profit attributable to ordinary shareholders and a
weighted average number of Ordinary Shares outstanding at the end
of the period as follows:
Profit attributable to ordinary shareholders (basic)
Unaudited 6 months ended Unaudited 6 months ended
30 June 30 June Audited 12 months ended 31
2019 2018 December 2018
GBP000 GBP000 GBP000
---------------------------- ---------------------------- ---------------------------- ----------------------------
Profit for the period
attributable to the
shareholders 1,561 3,758 6,674
---------------------------- ---------------------------- ---------------------------- ----------------------------
Weighted average number of Ordinary Shares (basic)
Unaudited 6 months ended Unaudited 6 months ended Audited 12 months ended
Number 30 June 2019 30 June 2018 31 December 2018
---------------------------- --------------------------- --------------------------- ---------------------------
Issued Ordinary Shares at
start of period 46,178,716 46,061,090 46,061,090
----------------------------- --------------------------- --------------------------- ---------------------------
Weighted average number of
Ordinary Shares at end of
period 46,178,716 46,100,876 46,160,172
----------------------------- --------------------------- --------------------------- ---------------------------
Basic earnings per share (p)
Unaudited 6 months ended 30 June Unaudited 6 months ended 30 June Audited 12 months ended 31
2019 2018 December 2019
----------- ---------------------------------- ---------------------------------- ---------------------------------
Group (p) 3.4 8.2 14.5
----------- ---------------------------------- ---------------------------------- ---------------------------------
The Company has in place share-based payment schemes to reward
employees. The incremental shares available for these schemes
included in the diluted earnings per share calculation are 405,859
(June 2018: 958,388; December 2018: 454,169). There are no other
diluting items.
Diluted earnings per share (p)
Unaudited 6 months ended 30 June Unaudited 6 months ended 30 June Audited 12 months ended 31
2019 2018 December
2018
----------- --------------------------------- ---------------------------------- ----------------------------------
Group (p) 3.3 8.0 14.3
----------- --------------------------------- ---------------------------------- ----------------------------------
8. Dividends
On 31 May 2019 the Group paid final dividends in respect of 2018
of GBP2,632,000 (2018: final dividends in respect of 2017 of
GBP4,895,000) which represented a dividend per share of 5.7p (2018:
10.6p). The Directors have recommended an interim dividend in
respect of 2019 of 2.6p (2018: interim dividend of 3.2p).
9. Net debt
Net debt comprises cash and cash equivalents, secured bank
loans, loan notes and preference shares.
30 June 2019 30 June 31 December 2018
GBP000 2018 GBP000
GBP000
------------------------------------------------ -------------- --------- -----------------
Cash and cash equivalents 2,026 939 1,598
Other interest-bearing loans and loan notes(1) (19,659) (18,334) (17,122)
Net debt (17,633) (17,395) (15,524)
------------------------------------------------ -------------- --------- -----------------
1. Other interest-bearing loans and loan notes are stated after
deducting facility arrangement fees of GBP91,000 (June 2018:
GBP166,000; December 2018: GBP128,000). These fees are being
amortised over the term of the facility.
Set out below is a reconciliation of movements in net debt
during the period.
30 June 2019 30 June 31 December 2018
GBP000 2018 GBP000
GBP000
------------------------------------------------------------------------- ------------- --------- -----------------
Net increase in cash and cash equivalents 428 81 740
Cash and cash equivalents net inflow from increase in debt and debt
financing (2,500) (5,375) (4,125)
------------------------------------------------------------------------- ------------- --------- -----------------
Movement in net borrowings resulting from cash flows (2,072) (5,294) (3,385)
Non-cash release of prepaid loan arrangement fees (37) (37) (75)
Net debt at beginning of period (15,524) (12,064) (12,064)
------------------------------------------------------------------------- ------------- --------- -----------------
Net debt at end of period (17,633) (17,395) (15,524)
------------------------------------------------------------------------- ------------- --------- -----------------
It is the Group's intention to repay the balance on the
revolving credit facility in more than 12 months time and hence the
gross balance of GBP19,750,000 is deemed to be a non-current
liability.
10. Changes in accounting policies
The Group has adopted the modified retrospective approach with
the right of use asset measured as if IFRS 16 had been applied
since the commencement date of a lease using a discount rate based
on the Group's incremental borrowing rate at the date of initial
application and the lease liability at transition date as the
present value of the remaining lease payments, discounted using the
Group's
incremental borrowing rate at the date of initial application,
adjusted by any prepayments or lease incentives recognised
immediately before the date of initial application. Under the
modified retrospective transition approach, the comparative
information is not restated.
The Group has elected to apply a single discount rate to assets
with similar characteristics. The Group has also elected not to
recognise right of use assets and lease liabilities for short-term
leases or low-value assets. The Group will continue to expense the
lease payments associated with these leases on a straight-line
basis over the lease term.
Leases
The Group leases property and certain items of office
equipment.
Property Office equipment Total
GBP000 GBP000 GBP000
-------------------------------------- --------- ----------------- --------
Right of use asset at 1 January 2019 531 109 640
-------------------------------------- --------- ----------------- --------
Right of use asset at 30 June 2019 473 97 570
-------------------------------------- --------- ----------------- --------
Impact on Financial Statements
1) Impact on transition
On transition to IFRS 16, the Group recognised additional right
of use assets and lease liabilities recognising the difference in
retained earnings. This impact on transition is summarised
below.
Total
GBP000
Right of use assets presented in property, plant and equipment 640
Lease liabilities presented in other payables, accruals and deferred revenue (673)
Release of rent-free period adjustments 37
------------------------------------------------------------------------------ --------
Impact on retained earnings 4
------------------------------------------------------------------------------ --------
2) Impacts for the period
As a result of applying IFRS 16, in relation to the leases that
were previously classified as operating leases, the Group
recognised GBP570,000 of right of use assets and GBP640,000 of
lease liabilities as at 30 June 2019 (including new leases taken
out after 1 January 2019). The right of use assets of GBP570,000
have been included in property, plant and equipment on the balance
sheet and the lease liabilities of GBP640,000 have been included
within other payables, accruals and deferred revenue.
Also, in relation to those leases under IFRS 16, the Group has
recognised depreciation and interest costs, instead of operating
lease expense. During the six months ended 30 June 2019, the Group
recognised GBP187,000 of depreciation charges and GBP4,000 of
interest costs from those leases.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IR EASNKFSANEFF
(END) Dow Jones Newswires
September 17, 2019 02:00 ET (06:00 GMT)
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