TIDMWHI
RNS Number : 3927S
W.H. Ireland Group PLC
06 November 2019
Dissemination of a Regulatory Announcement that contains inside
information according to REGULATION (EU) No 596/2014 (MAR).
WH Ireland Group Plc
("WH Ireland" or the "Company")
(and with its subsidiaries the "Group")
Interim Report for the Six Months Ended 30 September 2019
Financial Highlights
-- Revenue declined 11% to GBP11.36m (2018 H1: GBP12.82m)
-- 17% reduction in administrative expenses to GBP12.25m (2018
H1: GBP14.76m)
-- 54% reduction in operating loss for the period of GBP0.89m
(2018 H1: GBP1.94m) despite challenging markets
-- 37% reduction in net loss for the period of GBP1.35m (2018
H1: GBP2.14m)
Divisional Highlights
-- Refreshed Executive team and Board of Directors now focussed
on growing WH Ireland
-- Wealth Management:
o AUM down 8% to GBP2.3bn reflecting challenging markets
o proportion managed on a discretionary basis now 48% (31 March
2019: 46.8%)
o pricing alignment progressing well with positive revenue
impact anticipated in H2
o retirement of legacy Wealth Management platforms with
associated costs nearing completion
-- Corporate & Institutional Broking:
o seven new retained Corporate clients won since 1st April 2019,
21 transactions completed
o private funding Investor Forum now has 129 HNW, family offices
and VCs as members
Current trading and outlook:
-- The Company will announce today its intention to raise a
minimum of GBP2.5m via an accelerated book build process which, if
successful, will be subject to approval by General Meeting
-- Group regulatory capital solvency ratio following a
successful fund-raise will exceed 150%
-- Further cost reductions underway - return to monthly
profitability expected by start of the new financial year
-- Further Board appointments also announced separately
today
Commenting, Phillip Wale, Chief Executive Officer said:
"WHIreland has made significant progress in the first stage of
its recovery, with a clear route to profitability from the start of
the new financial year. Wealth Management has implemented its
initial pricing alignment which, together with a continuing robust
performance from our corporate business and an ongoing focus on
cost, underpins our confidence in a return to profitability".
For further information please contact:
WH Ireland Group plc www.whirelandplc.com
Phillip Wale, Chief Executive Officer +44(0) 20 7220 1666
SPARK Advisory Partners Limited (Nominated
Adviser)
Andrew Emmott +44(0) 20 3368 3555
MHP Communications
Reg Hoare +44(0)20 3128 8793
Chairman's Statement
Good progress has been made by the new management team,
resulting in a reduction in reported losses for the half-year to
September 2019 as we target monthly profitability from the start of
the new financial year. The last few months have seen a number of
key appointments, most particularly in the senior management team
and onto the Board, which positions the Group well for the
future.
I am pleased to see the progress being made within our Wealth
Management division; first, with the ongoing decommissioning of our
legacy platform, resulting in a sharp reduction in costs; and
second, with the pricing alignment actions taken that will result
in more appropriate returns from existing assets under management
going forward.
The Corporate and Institutional Broking division has been
operating against the backdrop of depressed market activity but
despite this, it has completed an array of transactions across both
public and private markets. Our proven ability in the private arena
to connect growth businesses with capital from a number of sources
is just one of the opportunities for growth in our Corporate
business.
Despite a significant reduction in costs across the business, we
have increased the focus on our controls framework with an expanded
compliance and risk function that provides the platform and
stability to support the future growth of WH Ireland.
I would like to acknowledge, on behalf of the Board and Senior
Management team, the continued hard work and focus of all of our
employees as well as the loyalty shown to us by our clients across
both businesses, throughout this period of change.
BOARD
I am delighted to welcome to the Board of Directors Alistair
Buchanan (subject to FCA approval). Alistair was formerly CEO of
Ofgem, the UK's gas and electricity markets' regulator, for ten
years and a partner at KPMG and his deep experience will be of
immense benefit.
I also offer my sincere thanks to Richard Lee who will retire at
the end of December 2019. Richard has been a Non-Executive Director
since January 2010, having worked at WH Ireland for 8 years before
that, and will continue as a Senior Advisor to the company as it
develops its Wealth Management business.
Finally, I have previously announced my intention to step down
as Chairman from the end of December 2019. It has been my pleasure
to have been a Board Director since 2014 and Chairman since January
2016 despite these years being challenging ones for WH Ireland. I
am pleased that we have put in place what I believe is the right
Board and senior leadership team to finish the turnaround and
transition the business to a profitable future that the Group and
its staff, its clients and its shareholders richly deserve.
Tim Steel
November 2019
Chief Executive Officer's report
WHIreland has made significant progress in the first stage of
its recovery. Wealth Management has implemented its initial pricing
alignment which, together with a continuing robust performance from
our corporate business and an ongoing focus on cost, underpins our
confidence in a return to profitability.
This progress, alongside a significant reduction in
administrative costs and a strengthened capital position, now
allows the Board and management team to focus on preparing to grow
the business. Our customers have been both patient and loyal, and I
am pleased we can now set about rewarding them with a higher
quality and more differentiated service.
WEALTH MANAGEMENT
The Wealth Management division is going through significant
change as the new head of the division Stephen Ford, who joined
only in March 2019, has injected a new energy and drive to
complement a number of initiatives. These will enhance the client
offering whilst eliminating sub-scale accounts and implementing a
more appropriate pricing model. The proportion of total assets
under management on a discretionary management basis rose to 48%
(31 March 2019: 46.8%) at the half year end although total assets
under management have declined 8% to GBP2.3bn as at 30 September
2019 (31 March 2019: GBP2.5bn), reflecting challenging markets.
Costs have been cut across the division, particularly those
associated with the legacy Project Discovery, which is now within
sight of its completion.
OUTLOOK FOR WEALTH MANAGEMENT
The last six months have been transformational on many fronts.
The development of new pricing models, combined with the focus on
reducing costs and resolving legacy issues, together underpin our
confidence in a return to profitability. We will continue to look
to increase the proportion of discretionary assets under management
and attract high quality teams into the business.
CORPORATE & INSTITUTIONAL BROKING
The Corporate & Institutional Broking division (CIB) has
continued to build its franchise, despite challenging market
conditions. The division, headed by Adam Pollock, has an attractive
level of recurring retainer revenue from its 76 corporate clients,
and continues to build out its private market presence with a
number of notable successes having been delivered.
PUBLIC MARKETS
We secured seven new retained corporate clients in the six
months ended September 2019, with the average retainer across the
client base continuing to increase. We completed 21 transactions
for our clients in the period. This included 10 debt and equity
placings which demonstrates our strong distribution expertise and
capability in our increasingly specialised markets.
The business is benefiting from the fundamental changes brought
about by MiFID II legislation. Our focus on providing our corporate
customers with high quality research open to the widest breadth of
investment professionals, excellent distribution capability,
liquidity and experienced corporate advice, is proving successful.
This approach, including working alongside larger firms to the
benefit of our corporate clients, is beginning to provide an
increasing number of opportunities for the division.
PRIVATE MARKETS
In addition to our traditional public markets business, we
continue to build out our platform for raising growth capital for
private companies from VCT and EIS funds, as well as through the
'Investor Forum', whose members now include 129 HNW, family offices
and VCs. We believe that this platform has significant long-term
potential for both the division and the Company.
OUTLOOK FOR CORPORATE & INSTITUTIONAL BROKING
Against an uncertain backdrop, the division continues to attract
new corporate clients, and to execute on their behalf. It is also
building an encouraging pipeline of future opportunities. The
business is well placed to take full advantage of the structural
changes that we are seeing in our market. To accelerate progress,
we are actively looking to recruit further high calibre people into
the division.
Fundraising
The Company will announce today its intention to raise a minimum
of GBP2.5m by way of an accelerated book build process which, if
successful, will be subject to approval by a General Meeting of
shareholders of the Company (the "Placing").
The Placing will provide the Group with a significant buffer to
its minimum capital requirement and, as a board, we believe that by
raising this money we will create a transparently robust capital
position from which to grow. Following the Placing, the Group's
regulatory capital solvency ratio will then exceed 150% and the
Group's core tier 1 capital ratio, which is a key measure of the
Group's financial stability and strength for market regulators and
investors, will also increase.
This Placing, along with our anticipation of a return to monthly
profitability by the start of the new financial year (and
management internal forecasts indicate a GBP1.0m loss before
exceptional items for the 12 months ending March 2020 on a
projected revenue of GBP23.2m, subject to market conditions) will
strongly position the Group to exploit the opportunities available
to it over the coming months from both a transactional and a
recruitment perspective.
LOOKING FORWARD
In the Annual Report and Financial Statements for the year ended
March 2019 released in July, I said that the focus for the new
management team is to build the business by managing our costs
effectively, enhancing the revenue able to be generated by the
existing business, evidence the effectiveness of our control
framework and to engage proactively with our stakeholders. I am
able to report good progress on each of these fronts and subject
naturally to market conditions, and with the upcoming Placing to be
announced later today, I am optimistic about meeting our aim of
achieving monthly profitability by the start of the new financial
year in April 2020.
Phillip Wale
November 2019
Consolidated Statement of Comprehensive Income
UNAUDITED FOR THE 6 MONTHSED 30 SEPTEMBER 2019
6 months ended 6 months ended
30 Sep 2019 30 Sep 2018
(unaudited) (unaudited)
Notes GBP'000 GBP'000
---------------------------------------------------------------------- ------ --------------- ---------------
Revenue 2 11,360 12,817
Administrative expenses (12,246) (14,759)
---------------------------------------------------------------------- ------ ---------------
Operating loss (886) (1,942)
Operating loss before exceptional
items: (886) (1,942)
Exceptional items - Restructuring
costs (310) (331)
- System migration: Project Discovery (220) (177)
---------------------------------------------------------------------- ------ --------------- ---------------
Operating (loss)/profit after exceptional
items (1,416) (2,450)
Realised gains 2 60 296
Fair value gains on investments - 24
Finance income 9 2
Finance expense 2 - (8)
---------------------------------------------------------------------- ------ ---------------
Loss before tax (1,347) (2,136)
Tax - -
---------------------------------------------------------------------- ------ ---------------
Loss and total comprehensive income
for the period (1,347) (2,136)
---------------------------------------------------------------------- ------ --------------- ---------------
Earnings per share
Basic 6 (3.14)p (7.15)p
Diluted 6 (3.14)p (7.15)p
---------------------------------------------------------------------- ------ --------------- ---------------
Consolidated Statement of Financial Position
UNAUDITED AS AT 30 SEPTEMBER 2019
As at 30 Sep As at 31 Mar
2019 2019
(unaudited) (audited)
Notes GBP'000 GBP'000
------------------------------- ------ ------------- -------------
ASSETS
Non-current assets
Intangible assets 819 880
Property, plant and equipment 962 1,162
Investments 3 229 229
2,010 2,271
------------------------------- ------ ------------- -------------
Current assets
Trade and other receivables 6,598 5,698
Other investments 3 1,262 1,168
Cash and cash equivalents 4 4,105 7,702
11,965 14,568
------------------------------- ------ ------------- -------------
Total assets 13,975 16,839
------------------------------- ------ ------------- -------------
LIABILITIES
Current liabilities
Trade and other payables (5,024) (6,468)
Deferred consideration (1,241) (1,194)
(6,265) (7,662)
------------------------------- ------ ------------- -------------
Non-current liabilities
Accruals and deferred income (292) (412)
(292) (412)
------------------------------- ------ ------------- -------------
Total liabilities (6,557) (8,074)
------------------------------- ------ ------------- -------------
Total net assets 7,418 8,765
------------------------------- ------ ------------- -------------
Capital and reserves
Share capital 5 2,044 2,044
Share premium 11,908 11,908
Other reserves 981 981
Retained earnings (6,871) (5,524)
Treasury shares (644) (644)
------------------------------- ------ ------------- -------------
Total equity 7,418 8,765
------------------------------- ------ ------------- -------------
Consolidated Statement of Cash Flows
UNAUDITED FOR THE 6 MONTHSED 30 SEPTEMBER 2019
Restated
6 months 6 months
ended 30 ended 30
Sep 2019 Sep 2018
(unaudited) (unaudited)
Notes GBP'000 GBP'000
Operating activities:
(Loss)/profit for the year (1,347) (2,136)
Adjustments for:
Depreciation, amortisation and impairment 306 349
Finance income (9) (2)
Finance expense - 8
Losses/(gains) in investments (60) (320)
Non-cash adjustment for share option - -
charge
Decrease/(increase) in trade and other
receivables (959) 9,723
(Decrease)/increase in trade and other
payables (1,443) (9,951)
(Decrease)/increase in deferred consideration 47 (57)
(Decrease)/increase in provisions - (23)
Decrease/(increase) in current asset
investments 3 (94) (269)
Net cash (used in)/generated from operations (3,559) (2,678)
Income taxes paid - -
Net cash inflows from operating activities (3,559) (2,678)
----------------------------------------------- ------
Investing activities:
Proceeds from sale of investments - 641
Interest received 9 2
Acquisition of investments - (531)
Acquisition of property, plant and equipment (47) (143)
Net cash (used in)/generated from investing
activities (38) (31)
----------------------------------------------- ------
Finance activities:
Proceeds from issue of share capital - 5
(Decrease)/increase in treasury shares - 102
Repayment of borrowings - (141)
Interest paid - (8)
Net cash generated from /(used in) financing
activities - (42)
----------------------------------------------- ------
Net (decrease)/increase in cash and
cash equivalents (3,597) (2,751)
Cash and cash equivalents at beginning
of period 7,702 7,277
------ ------------ ------------
Cash and cash equivalents at end of
period 4,105 4,526
----------------------------------------------- ------ ------------ ------------
Consolidated Statement of Changes in Equity
UNAUDITED FOR THE 6 MONTHSED 30 SEPTEMBER 2019
Share Share Other Retained Treasury Total
capital premium reserves earnings shares equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------------ -------- -------- --------- --------- --------- --------
Balance at 1 April 2018 1,493 5,503 982 5,640 (746) 12,872
Loss and total comprehensive
income for the period - - (2,136) - (2,136)
------------------------------ -------- -------- --------- --------- --------- --------
Employee share option scheme - 5 - - - 5
Other movements - - - - 102 102
Balance at 30 September 2018 1,493 5,508 982 3,504 (644) 10,843
------------------------------ -------- -------- --------- --------- --------- --------
Balance at 1 April 2019 2,044 11,908 981 (5,524) (644) 8,765
Loss and total comprehensive
income for the period - - - (1,347) - (1,347)
------------------------------ -------- -------- --------- --------- --------- --------
Employee share option scheme - - - - - -
Other movements - - - - - -
Balance at 30 September 2019 2,044 11,908 981 (6,871) (644) 7,418
------------------------------ -------- -------- --------- --------- --------- --------
Notes to the Consolidated Statements
(UNAUDITED)
1. BASIS OF PREPARATION
STATEMENT OF COMPLIANCE
The financial information in this interim report has been
prepared in accordance with the disclosure requirements of the
Alternative Investment Market ("AIM") Rules and the recognition and
measurements of International Financial Reporting Standards
("IFRS"), as adopted by the European Union ("EU").
The interim report does not include all of the information
required for full annual financial statements.
The accounting policies adopted by the Group in the preparation
of its 2019 interim report are those which the Group currently
expects to adopt in its annual financial statements for the year
ending 31 March 2020, except IFRS16 Leases has not been adopted in
this report as the impact is not considered to be material but it
will be adopted in the annual financial statements. These policies
are consistent with those disclosed in the annual financial
statements for the period ended 31 March 2019.
The financial information in this interim report and accounts
does not constitute the Company's statutory accounts. The statutory
accounts for the period ended 31 March 2019 have been delivered to
the Registrar of Companies in England and Wales. The auditor has
reported on those accounts. Its report was unqualified, did not
draw attention to any matters by way of emphasis, and did not
contain a statement under Section 498(2) or 498(3) of the Companies
Act 2006. The financial information for the half year ended 30
September 2019 and 30 September 2018 is unaudited.
The AIM Rules for Companies do not require IAS 34 "Interim
Financial Reporting" to be applied; therefore it has not been used
in the preparation of this interim report.
SIGNIFICANT ACCOUNT POLICIES
The same accounting policies, presentation and methods of
computation are followed in these condensed set of financial
statements as are applied in the Group's latest audited Report and
Accounts for the period ended 31 March 2019, except for those that
relate to new standards and interpretations effective for the first
time for periods beginning on (or after) 1 January 2019, and will
be adopted in the 2020 annual financial statements. A new standard
impacting the Group that will be adopted in the annual financial
statements for the year ending 31 March 2020, and which will give
rise to changes in the Group's accounting policies, is IFRS 16
Leases.
IFRS 16 Leases
Adoption of IFRS 16 will result in the group recognising right
of use assets and lease liabilities for all contracts that are, or
contain, a lease. For leases currently classified as operating
leases, under current accounting requirements the Group does not
recognise related assets or liabilities, and instead spreads the
lease payments on a straight-line basis over the lease term,
disclosing in its annual financial statements the total commitment.
The Group anticipates recording, in its full year audited Report
and Accounts for the year ending March 2020, a right of use asset
of approximately GBP3.5m and a corresponding lease liability of
approximately GBP3.5m with the right of use asset to be depreciated
over the life of the lease and the lease liability subsequently
measured at amortised costs using the effective interest rate per
IFRS9.
GOING CONCERN
The financial information in this interim report and accounts
has been prepared on a going concern basis. In making this
assessment, the Directors have prepared detailed financial
forecasts for the period to March 2021 which consider the funding
and capital position of the Group. Those forecasts make assumptions
in respect of future trading conditions, notably the economic
environment and its impact on the Group's revenues and costs. In
addition to this, the nature of the Group's business is such that
there can be considerable variation in the timing of cash inflows.
The forecasts take into account foreseeable downside risks, based
on the information that is available to the Directors at the time
of the approval of these financial statements.
Certain activities of the Group are regulated by the Financial
Conduct Authority (FCA) which is the statutory regulator for
financial services business in the UK and has responsibility for
policy, monitoring and discipline for the financial services
industry. The FCA requires the Group's capital resources to be
adequate; that is sufficient in terms of quantity, quality and
availability, in relation to its regulated activities. The
Directors monitor the Group's regulatory capital resources on a
daily basis and they have developed appropriate scenario tests and
corrective management plans which they are prepared to implement to
address any potential deficit as required. These actions may
include cost reductions, regulatory capital optimisation programs
or further capital raising. The Directors consider that, taking
account of foreseeable downside risks, regulatory capital
requirements will continue to be met.
As disclosed in the annual report and accounts for the year
ended 31 March 2019, the Group announced that it had raised
GBP4.95m in March 2019. This ensured that the Group had sufficient
resources in place to satisfy the FCA's present capital adequacy
requirements.
The Directors most recently renewed the Group's banking
facilities in February 2015. As an evergreen facility there is no
requirement to update the agreement annually, although a formal
review of facilities is undertaken at least annually.
EXCEPTIONAL COSTS
Project Discovery
As announced on 2 June 2016, the Group entered into a seven year
agreement with SEI Investments (Europe) Ltd, to outsource its
Wealth Management back office operations and move to a "Model B"
arrangement. This function was previously performed out of the
Group's Manchester office. Significant investment has been made in
both internal and external resources which have been dedicated to
this project ("Project Discovery"). Some of the duplicate costs are
still being borne by the Group and this has had a negative impact
on the results for the current period.
Restructuring
During the period ended 30 September 2019 there were a number of
changes within the senior management team and across the Group. The
costs of these changes, in respect of both short term consultancy
costs and fixed employment related costs, are considered by the
Board to be non-trading and exceptional in nature.
2. SEGMENTAL REPORTING
The Group has two operating segments: The Private Wealth
Management division offers investment management advice and
services to individuals and contains the Group's Wealth Planning
business, giving advice on and acting as intermediary for a range
of financial products. The Corporate & Institutional Broking
division provides corporate finance and corporate broking advice
and services to companies and acts as Nominated Adviser to clients
quoted on AIM. It also contains the Group's Institutional Sales and
Research business, which carries out stockbroking activities on
behalf of companies as well as conducting research into markets of
interest to its clients. The segment "Other Group companies"
includes WH Ireland Group plc, WHIreland (IOM) Limited, Readycount
Limited and Stockholm Investments Limited. All segments are located
in the UK or the Isle of Man. Each reportable segment has a segment
manager who is directly accountable to, and maintains regular
contact with, the CEO.
No customer represents more than ten percent of the Group's
revenue.
The following tables represent revenue and profit information
for the Group's business segments.
Private Corporate Head office Other Group
Wealth & Institutional group
Management Broking companies
6 months ended 30 September GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
2019
--------------------------------- ------------ ----------------- ------------ ----------- ---------
Revenue 6,895 3,850 - 615 11,360
Direct costs (5,272) (3,563) - (771) (9,606)
------------ ----------------- ------------ ----------- ---------
Contribution 1,623 287 - (156) 1,754
Indirect costs - - (3,170) - (3,170)
Segment result 1,623 287 (3,170) (156) (1,416)
Fair value gains on investments - 60 - - 60
Finance income 4 2 - 3 9
Finance expense - - - - -
(Loss)/profit before tax 1,627 349 (3,170) (153) (1,347)
Tax - - - - -
(Loss)/profit for the year 1,627 349 (3,170) (153) (1,347)
--------------------------------- ------------ ----------------- ------------ ----------- ---------
Private Corporate Head office Other Group
Wealth & Institutional group
Management Broking companies
6 months ended 30 September GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
2018
--------------------------------- ------------ ----------------- ------------ ----------- ---------
Revenue 8,124 4,176 - 517 12,817
Direct costs (7,372) (3,429) - (804) (11,605)
------------ ----------------- ------------ ----------- ---------
Contribution 752 747 - (287) 1,212
Indirect costs - - (3,662) - (3,662)
------------ ----------------- ------------ ----------- ---------
Segment result 752 747 (3,662) (287) (2,450)
Realised investment gains - 296 - - 296
Fair value gains on investments - 24 - - 24
Finance income - - 2 - 2
Finance expense (6) (2) - - (8)
(Loss)/profit before tax 746 1,065 (3,660) (287) (2,136)
Tax - - - - -
(Loss)/profit for the year 746 1,065 (3,660) (287) (2,136)
--------------------------------- ------------ ----------------- ------------ ----------- ---------
3. INVESTMENTS
As at 30 Sep As at 31 Mar
19 19
Investments GBP'000 GBP'000
------------- -------------
Fair value: unquoted 48 48
Fair value: quoted 1 1
Fair value: warrants 180 180
Total investments 229 229
---------------------- ------------- -------------
Quoted and unquoted investments include equity investments other
than those in subsidiary undertakings. Warrants may be received
during the ordinary course of business; there is no cash
consideration associated with the acquisition.
Fair value, in the case of quoted investments, represents the
bid price at the reporting date. In the case of unquoted
investments, the fair value is estimated by reference to recent
arm's length transactions. The fair value of warrants is estimated
using established valuation models.
As at 30 Sep As at 31 Mar
19 19
Trading investments GBP'000 GBP'000
------------- ------------------
Listed investments 1,262 1,168
Investments are measured at fair value, which is determined
directly by reference to published prices in an active market where
available.
Available for sale assets are restated from IAS 39.
4. CASH, CASH EQUIVALENTS AND BANK OVERDRAFTS
For the purposes of the statement of cash flows, cash and cash
equivalents comprise cash in hand and deposits with banks and
financial institutions with a maturity of up to three months.
Cash and cash equivalents represent the Group's money and money
held for settlement of outstanding transactions.
Money held on behalf of clients is not included in the statement
of financial position. Client money at 30 September 2019 was
GBP0.3m (31 March 2019: GBP0.5m). This decrease reflects the effect
of the transfer of assets to SEI (Europe) Ltd.
5. SHARE CAPITAL
The total number of ordinary shares in issue is 42.87 million
(31 March 2019: 42.87 million).
6. EARNINGS PER SHARE
Basic earnings per share (EPS) is calculated by dividing the
loss attributable to equity holders of the Company by the weighted
average number of ordinary shares in issue during the period,
excluding ordinary shares purchased by the Company and held as
treasury shares.
Diluted EPS is the basic EPS, adjusted for the effect of
conversion into fully paid shares of the weighted average number of
all dilutive employee share options outstanding during the period:
30 September 2019: nil (30 September 2018: nil). Options were
excluded from the EPS calculation as they were anti-dilutive. In a
period when the company presents positive earnings attributable to
ordinary shareholders, anti-dilutive options represent options
issued where the exercise price is greater than the average market
price for the period.
Reconciliation of the earnings and weighted average number of
shares used in the calculations are set out below.
As at 30 Sep As at 30 Sep
19 18
Weighted average number of shares in issue
during the period ('000) 42,870 29,864
42,870 29,864
------------------------------------------------ ------------- -------------
GBP'000 GBP'000
Earnings attributable to ordinary shareholders (1,347) (2,136)
Basic EPS (3.14)p (7.15)p
Diluted EPS (3.14)p (7.15)p
7. DIVIDENDS
No interim dividend has been paid or proposed in respect of the
current financial period (2018: nil).
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 FSAEFIFUSEFF
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