TIDMCMO
RNS Number : 0775O
CMO Group PLC
29 September 2023
CMO Group PLC
Interim Results for the period ended 30 June 2023
Progress on key strategic priorities and Improvement in
trading
CMO Group PLC ("CMO" or the "Group"), the UK's largest
online-only retailer of building materials, today announces its
interim results for the half year to 30 June 2023.
H2 summary
Over the past six months, in line with its strategic priorities,
CMO has delivered improvement in product margins, carriage costs
and overhead efficiencies, and has thus adapted well to less
favourable market conditions.
We are pleased to report an improving sales trend in the
SUPERSTORES, but the online TILES market remains extremely
challenging with YTD volumes having experienced a c. 33% decline
(source: GFK).
The Group's trading position is improving on a like-for-like
basis with the SUPERSTORES growing market share in Q2, a position
which appears to be further improving as we move into Q3.
Strategic highlights
We are pleased to report success in the delivery of our
previously documented key strategic priorities:
-- Improvement in product margins*: Gross product margins
excluding carriage have moved upwards in the first six months and
improved by 1.9 percentage points compared to full-year 2022.
-- Carriage Cost Control: Carriage margin loss has decreased
from 67% H1 2022 to 29% H1 2023, an improvement of 56%.
-- Overhead Efficiency: Overheads have reduced 18% in accordance
with plan, including the headcount reductions announced for the
first quarter.
-- Brand Consolidation: JTM has been migrated into PLUMBING
SUPERSTORE and the integration of TOTAL TILES into TILE SUPERSTORE
is progressing.
*Excludes carriage
Financial highlights H1
-- Total sales of GBP36.9m (2022: GBP41.9m), 57% up on a four-year view.
-- Adjusted EBITDA** was GBP0.6m (2022: GBP1.3m).
-- Operating Loss of (GBP0.5m) (2022: profit GBP0.5m).
-- Basic earnings per share of (0.87p) (2022: 0.33p).
-- Net cash at the end of the period of GBP1.0m.
** Adjusted EBITDA is earnings before interest, tax,
depreciation, amortisation, share option expense, acquisition costs
and exceptional items and stated on an IFRS basis.
Operational KPIs H1
-- Cost of digital marketing in line with expectations at 6%.
-- Customer acquisition remains balanced at 24% paid to 76% non-paid channels.
-- Revenue per session up 16% YTD.
-- Repeat customers up 20% YoY.
-- Marketable database has grown 14% YoY.
Current trading and outlook
The Group has delivered positive performance during H1 against
its strategic key priorities aimed at driving profitable sales
growth for the future. Like-for-likes indicate that we are now
outperforming the market with a more encouraging trend in the
SUPERSTORES. We expect this improving sales trend to continue into
Q4. However, we are not immune to market conditions. Volumes in the
building materials market are down by 14% in the first 7 months of
this year (Source: GFK) and forecasts for 2023 from the
Construction Products Association, published in July, report a
reduction of 19% in newbuild housing and 11% in private
housing.
Since our last market update, consumer confidence has continued
to erode with increasing interest rates and persistent high levels
of inflation. This has meant that whilst we are seeing an improving
sales trend the rate of improvement is being slowed by reduced
market demand. This is particularly evident in direct-to-consumer
products like tiles. We anticipate that this slower rate of
improvement will continue, and the Board expects the Group to
deliver full year revenues of approximately GBP73m together with
Adjusted EBITDA for H2 of approximately GBP1m.
We continue to maintain a strong focus on cash with net debt at
the end of Sept. of c. GBP1.2m which is expected to be maintained
at the year-end. We maintain a sound financial position with an
undrawn working capital facility of up to GBP4m and flexible
banking partner expected to provide sufficient headroom for
continued Group development.
The Board expects that the actions taken to increase margins,
reduce costs and invest in enhanced digital marketing will maintain
the improving sales trend and deliver profitable sales growth going
forward.
Dean Murray, CEO of CMO Group PLC, said:
"Like many others in our industry, our experience of this period
has not been easy, especially with the tile market rebalancing
online versus in-person. We are however, seeing an improving trend
in our SUPERSTORES endorsing again our business model and strategy.
In the midst of difficulty lies opportunity and we have embraced
our opportunity wholeheartedly, improving margins, reducing costs
and working towards the next organic vertical launch. Consequently,
we are a better business and in good shape to go forward. We remain
confident in our model and in our strategy to take the business
forward and to deliver profitable progress."
29 September 2023
The information contained within this announcement is deemed by
the Group to constitute inside information as stipulated under the
Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK
domestic law by virtue of the European Union (Withdrawal) Act
2018.
Enquiries:
CMO Group PLC Via Instinctif
Dean Murray, CEO
Jonathan Lamb, CFO
Liberum Capital Limited (Nominated Tel: +44 20 3100 2000
Adviser & Broker)
Andrew Godber
Lauren Kettle
Cara Murphy
Instinctif Partners (Financial PR) Tel: +44 20 7457 2020
Justine Warren
Matthew Smallwood
Joe Quinlan
Half Year Trading Update (unaudited)
As reported in the July half-year trading update, we expected
the economic situation to remain challenging during 2023,
particularly with rises in interest rates seriously impacting the
construction industry and disposable incomes. Focus has therefore
been on the controllable elements of our business: product margin,
carriage costs, overhead efficiencies and improved customer
experience to promote profitable revenue growth. We are pleased to
report that considerable progress has been made on these strategic
priorities.
Sales
Against a challenging economic backdrop, sales were down 12% H1
2023 on H1 2022, but have increased 57% since 2019. Whilst this is
largely demand related, we have resisted competing in spaces where
it is not profitable to do so and have taken conscious decisions
which we recognised wouldcompromise sales in the short-term such as
the migration of JTM onto Plumbing Superstore. Despite this, we
have seen an improving sales trend following a difficult Q1.
The recent market for tiles has been particularly weak
(estimated down c. 23%) and the online market further impacted by
the return of customers to store (online estimated down c. 33%).
Total Tiles is trading approximately in line with the market which
means that, of the Group's H1 reduction in like-for-like sales,
Total Tiles accounts for 38% of the deficit while accounting for
only 17% of total reported sales.
We have taken significant steps to improve performance at Total
Tiles including changing the management team, investing in trend
data to assist with enhanced product selection and listing,
introducing a more consumer-focused journey with superior visual
assets, rebranding the site, and investing in the Ipswich tile
showroom to promote our hybrid model.
Conversely, the SUPERSTORES remain resilient and are seeing an
improving sales trend as we enter H2. The table below illustrates
how trading performance has changed during the year.
QTR 1 QTR 2 JUL and AUG
SUPERSTORES -10% -11% -5%
------ ------ ------------
TILES -20% -27% -37%
------ ------ ------------
Cost and Margin
In common with other operators, we experienced cost increases
across all major cost lines in H1 but are now starting to see some
of these moderate. Pricing and supplier negotiation have been a
strategic priority, and we are pleased to report that product
margins excluding carriage have improved by 1.9% compared to FY
2022.
Modestly increasing carriage charges to customers and
negotiation of better carriage supplier rates has delivered a
reduction in the carriage loss in H1 2022 of 67% to 29% in H1 2023,
a 56% improvement.
Direct labour costs have been closely matched to demand with
some redundancies necessary, and we have a continuous focus on
efficiency.
As detailed in the bridges below (Financial Review), delivery
against these strategic priorities gained momentum in Q2 favourably
changing the P&L dynamics, a change which we will clearly seek
to maintain in H2.
Operational KPIs, Customer and Brand
In H1 we continued to experience underlying robustness in our
Trade customer with improvement in our operational KPIs including
16% growth in revenue-per-session, the number of repeat customers
up 20%, and opt-ins to the marketable database up 14% YOY. Our
customer acquisition remains balanced between paid and non-paid
channels at 24% to 76%, and the digital cost of marketing was 6%
for the half year following a similar profile to H1 2022, albeit
slightly higher, due to volatility in the Tiles market.
We have made further progress since July in our program to
integrate JTM plumbing into PLUMBING SUPERSTORE. This is now
completed with commensurate synergies and savings that will be of
benefit going forward. The integration of Total Tiles into TILE
SUPERSTORE is also progressing.
Since migrating CMO Trade to BUILDING SUPERSTORE, prompted brand
awareness has risen 100% to 22% (Source: FIX Media).
Financial Review
Total revenue for the six months ended 30 June 2023 was GBP36.9m
(2022: GBP41.9m). Although largely the result of reduced market
demand, this 12% decline was partially an expected consequence of
adherence to the four key strategic priorities outlined in our
earlier Half Year Trading Update:
-- Margin growth.
-- Stronger carriage recovery.
-- Overhead cost reduction including brand consolidation.
-- Improving sales trend.
A successful concentration on delivering profitable business
through margin growth and carriage recovery has inevitably led to a
reduction in volume as we refuse to participate in the "race to
zero" pricing that has been detrimental to certain competitors. A
tightening of credit insurance on some trade customers has also
been a challenge to sales growth. Having said that, H1 is still up
15% like-for-like on pre-Covid levels and the Group is up 57% on a
four-year view.
Product margin has increased 1.9% compared to full year 2022 and
a 55% reduction in net carriage costs. The majority of these
benefits have come in the second quarter of the year as actions to
drive the key strategic initiatives have gained momentum. This can
be seen in the bridges shown below, with Q1 2022 - 2023 data (top
graph) shown on the left and Q2 on the right (bottom graph).
A Q1 reduction in sales of 10% against challenging comparatives
(Q1 2022 delivered 38% of 2022 EBITDA) manifested in a volume
driven margin reduction over Q1 2022 of GBP450k. Margin
improvements driven by better pricing and purchase costs recovered
GBP72k of this and variable marketing spend a further GBP12k, but
the Q1 execution of a redundancy programme alongside increased
infrastructure spend due largely to acquisitions, led to an overall
EBITDA reduction in Q1 of GBP585k.
The picture in Q2 was much improved. Continued trading pressures
delivered a volume related margin reduction of GBP525k, but this
was more than offset by margin enhancement, carriage and redundancy
initiatives really taking hold and leading to an increase in EBITDA
in Q2 of GBP176k. Overheads remain higher than the prior year, due
to inflationary pressures and costs in the acquired businesses.
The net effect is total EBITDA for H1 2023 of GBP0.6m (H1 2022:
GBP1.2m), 68% of which was delivered in Q2.
To understand performance, it is prudent to break out Total
Tiles. The UK tile market has dropped in volume terms an estimated
20% year-on-year and an estimated 33% online (source: GFK). Total
Tiles has performed in line with this somewhat dramatic market
decline and is the primary driver of the overall decline at Group
level. Performance in the SUPERSTORES, which represented 83% of
total sales, accounted for 31% of the decline in EBITDA excluding
Group costs while Total Tiles, at 17% of total sales, accounted for
69%.
Movements on prior year
---------------------------------------------------------------------------------
%age
Direct Other %age of of EBITDA
Sales Margin marketing cost EBITDA total sales decline
------------- ----- ------ ---------- ----- ------ ------------ ----------
GBPm GBPm GBPm GBPm GBPm
------------- ----- ------ ---------- ----- ------ ------------ ----------
Superstores -3.08 0.38 -0.09 -0.51 -0.22 83% 31%
------------- ----- ------ ---------- ----- ------ ------------ ----------
Total
Tiles -1.92 -0.77 0.00 0.27 -0.50 17% 69%
------------- ----- ------ ---------- ----- ------ ------------ ----------
Total
delta exc
Group costs -5.00 -0.39 -0.09 -0.24 -0.72 100% 100%
EBITDA Q2
EBITDA Q1 2022 780 2022 241
Sales (450) Sales (525)
Margin 72 Margin 708
Variable marketing Variable marketing
costs 12 costs 28
Wages (130) Wages 152
Overheads (89) Overheads (188)
EBITDA Q2
EBITDA Q1 2023 195 2023 417
==================== ====== =================== ======
Operating loss for the period to June 2023 was GBP0.5m, compared
to a GBP0.5m profit to June 2022. Exceptional costs for the period
were GBP0.1m (2022: GBP0.1m) principally relating to redundancy
costs and acquisition integration. Amortisation and depreciation
cost increases reflect acquisitions, platform investment and
right-of-use asset costs increases. The latter will reduce moving
forward as space costs are reduced.
The detailed profit and loss account is set out below:
Consolidated Income Statement for the Period Ended 30 June
2023
Half Half
year year Year
ended ended ended
30-Jun-23 30-Jun-22 31-Dec-22
GBP000 GBP000 GBP000
Revenue 36,878 41,869 83,073
Cost of sales (28,828) (33,380) (66,531)
GROSS PROFIT 8,050 8,489 16,542
Administrative expenses (8,418) (7,895) (15,684)
Exceptional administrative
expenses (133) (90) (230)
Cost associated with
AIM listing
---------- ---------- ----------
OPERATING (LOSS) /
PROFIT (501) 503 628
Finance income 1 0
Finance costs (263) (146) (453)
NET FINANCE COST (262) (146) (453)
(LOSS) /PROFIT BEFORE
TAX (763) 358 175
Income tax expense 136 (122) 192
(LOSS) / PROFIT FOR THE
PERIOD (628) 236 367
Other comprehensive
income 0 0 0
TOTAL COMPREHENSIVE
INCOME (627) 236 367
========== ========== ==========
Basic earnings per
share -0.87 0.33 0.51
Diluted earnings per
share -0.87 0.33 0.51
Adjusted Basic earnings
per share -0.69 0.45 0.83
Adjusted diluted earnings
per share -0.69 0.45 0.83
Consolidated statement of financial position
As at 30 June 2023
6 months 6 months Year
ending ending ended
30-Jun-23 30-Jun-22 31-Dec-22
Unaudited Unaudited Audited
GBP000 GBP000 GBP000
Assets
Current assets
Inventories 5,385 7,137 5,454
Trade and other receivables 2,659 2,593 2,732
Cash and cash equivalents 4,669 7,285 6,210
Total Current Assets 12,713 17,015 14,396
----------- ----------- -----------
Non-current assets
Property plant and equipment 1,444 1,534 1,451
Right of use assets 1,182 208 119
Goodwill 20,481 20,367 20,445
Other Intangible assets 2,857 2,917 2,968
Deferred tax assets 460 37 324
Total Non-current assets 26,424 25,063 25,308
----------- ----------- -----------
Total Assets 39,137 42,078 39,704
----------- ----------- -----------
Liabilities
Current liabilities
Trade and other payables (16,540) (18,714) (16,579)
Loans and borrowings (1) (3) (1)
Lease liabilities (585) (172) (210)
Current tax liabilities (56) (196) 0
Current tax liabilities (17,182) (19,084) (16,790)
----------- ----------- -----------
Non-current liabilities
Loans and borrowings (3,688) (4,572) (4,788)
Lease liabilities (621) (140) 0
Total non-current liabilities (4,309) (4,712) (4,788)
----------- ----------- -----------
Total liabilities (21,491) (23,796) (21,578)
----------- ----------- -----------
Net assets / (liabilities) 17,646 18,282 18,127
----------- ----------- -----------
Consolidated Cash Flow Statement
6 months 6 months Year
ending ending ended
30-Jun-23 30-Jun-22 31-Dec-22
Unaudited Unaudited Audited
GBP000 GBP000 GBP000
Cash flow from operating activities
Loss for the year (627) 236 367
SBP credit 0 0 (286)
Finance income 1 0 0
Finance costs 263 146 453
Corporation tax (136) 122 (130)
Operating profit / loss (501) 504 403
----------- ----------- -----------
Depreciation 409 250 719
Amortisation 573 411 1,089
(Increase)/Decrease in inventories 69 (1663) 20
(Increase)/Decrease in trade and
other receivables 73 350 (102)
(Increase)/Decrease in trade and
other payables 988 2,236 315
Net cash flow from operating activities 1,611 2,087 2,443
----------- ----------- -----------
Cash flow from investing activities
Payments to acquire intangible fixed
assets (472) (636) (1,278)
Payments to acquire tangible fixed
assets (43) (74) (69)
Deferred consideration paid 0 (3,415) 0
Cash outflow on business combinations (1,000) (790) (4,661)
Net cash flow from investing activities (1,515) (4,915) (6,008)
Cash flow from financing activities
Proceeds from other borrowing draw
downs (1,100) 1,484 1,700
Tax paid 0 (130) 0
Repayment of lease liabilities (274) (171) (548)
Interest paid on lease liability (23) 0 (66)
Interest paid (239) (146) (387)
Net cash flow from financing activities (1,637) 1,037 699
Net increase / (decrease) in cash
and cash equivalents (1,541) (1,791) (2,866)
Cash and cash equivalents at beginning
of period 6,210 9,076 9,076
Cash and cash equivalents at end
of period 4,669 7,285 6,210
----------- ----------- -----------
Stock levels at the half year have fallen by GBP1.8m compared to
June 2022, when stock weeks were selectively extended to secure
availability, reduce lead times, and maximise margins at a time of
continuously rising prices. H1 2023 stock levels remain in line
with 2022 year-end.
Trade and other receivables are in line with 2022. A reduction
in trade debtors due to the reduced availability of trade credit
insurance on certain customers and reduced order volumes as a
consequence is offset by an increase in prepayments.
Trade and other creditors have decreased by GBP2.2m, caused
primarily by a deferred consideration payment of GBP1m to JTM and
volume-related reductions in trade creditors and customer deposits,
which have been temporarily offset by GBP0.9m of VAT withheld at
the request of HMRC as it works to bring the Group under a single
VAT registration.
These movements, alongside an increase of GBP1m in right-of-use
assets and a GBP0.5m increase in lease liabilities both related to
the 5-year lease renewal of the leasehold premises at Plymouth and
extension at Ipswich and GBP0.9m reduction in the RCF drawn balance
have reduced reported cash by GBP2.6m to GBP4.7m.
Drawn facilities of GBP3.7m (2022: GBP4.6m) leave net cash of
GBP1m at the period end (2022: GBP1.4m) We continue to maintain a
strong focus on cash with net debt at the end of Sept. of c.
GBP1.2m which is expected to be maintained at the year-end. We
maintain a sound financial position with an undrawn working capital
facility of up to GBP4m and flexible banking partner expected to
provide sufficient headroom for continued Group development.
Opening net cash 1,422
Operating profit 480
Working capital 1,130
CAPEX (515)
Deferred consideration (1,000)
Lease and interest
cost (537)
Closing net cash 981
======================== ========
Financing
The Group has banking facilities with Clydesdale Bank through to
2027. The facilities comprise an amortising revolving credit
facilities of GBP5.75m at June 2023 and an undrawn working capital
facility of up to GBP4m.
1. General Information
CMO Group PLC ('the Company' or 'the Group') is a public company
limited by shares, incorporated in the United Kingdom under the
Companies Act 2006 (registration number 13451589) and registered in
England and Wales. The registered office address is Burrington
Business Park, Burrington Way, Plymouth, PL5 3LX.
Copies of this interim report may be obtained from the
registered address or from the investors section of the company's
website at cmogroup.com.
2. Basis of Preparation
These consolidated interim financial statements of the group of
for the six months ended 30 June 2023 were approved by the Board of
Directors on 28 September 2023.
They do not include all of the information required for a
complete set of IFRS financial statements and should be read in
conjunction with the Group's last annual consolidated financial
statements for the year ended 31 December 2022. However, selected
explanatory notes are included to explain events and transactions
that are significant to understanding changes in the Group's
financial position and performance since the last annual financial
statements.
The Annual Report and Accounts for the year ended 31 December
2022 was audited and has been filed with the Registrar of
Companies. The independent auditors report on the annual report and
accounts for the year ended 31 December 2022 was not qualified and
did not contain statements under Section 498 of the Companies Act
2006.
The financial information for the six months ended 30 June 2023
and 30 June 2022 is unaudited and has not been reviewed by the
Company's auditors.
The condensed consolidated interim financial statements for the
six months to 30 June 2023 has been prepared on the basis of the
accounting policies expected to be adopted for the year ending 31
December 2022. These are anticipated to be consistent with those
set out in the Group's latest annual financial statements for the
year ending 31 December 2022 with the exception of where there is a
difference between UK GAAP and IFRS. These interims have been
prepared in accordance with UK adopted international accounting
standards but does not include all of the disclosures that would be
required under International Financial Reporting Standards (IFRSs).
The interim financial statements are presented in pounds sterling,
which is the functional currency of the group. Amounts are rounded
to the nearest thousand, unless otherwise stated.
AIM-quoted companies are not required to comply with IAS 34
Interim Financial Reporting and accordingly the company has taken
advantage of this exemption.
The directors have a reasonable expectation that the Group has
adequate resources to continue in operational existence for the
foreseeable future and thus continue to adopt the going concern
basis in preparing these interim financial statements.
3. Significant Accounting Policies
The group has applied the same accounting policies in these
interim financial statements as in its 2022 annual financial
statements with the exception of where there is a difference
between UK GAAP and IFRS. Full disclosure of the transition to IFRS
was made in the Group's AIM admission.
4. Use of judgments and estimates
The significant judgments made by management in applying the
Groups accounting policies and key sources of estimation
uncertainty for the interim financial statements are the same as
those described in the 2022 annual financial statements.
5. Segmental Analysis
The group currently only report on one performance line being
the retail of construction materials.
6. EBITDA
EBITDA (earnings before interest, tax, depreciation and
amortisation and FX) has been calculated as follows:
6 months 6 months
ending ending
30-Jun-23 30-Jun-22
Unaudited Unaudited
GBP000 GBP000
Operating loss (501) 503
Depreciation and amortisation 981 661
Exceptional costs 133 90
EBITDA 613 1,254
----------- ---------------
7. Income tax
The income tax credit /charge for the period is based on the
estimated rate of corporation tax that is likely to be effective
for the year to 31 December 2022.
8. Dividends
No dividends were paid or proposed during the period and no
dividend was paid relating to financial year 2022.
9. Earnings per share
The calculation of basic and diluted earnings per share is based
on the following data:
6 months 6 months Year
ending ending ended
30-Jun-23 30-Jun-22 31-Dec-22
Unaudited Unaudited Audited
GBP000 GBP000 GBP000
Earnings per share are as follows
Earnings from continuous operations
------------------------------------------------- ----------- ------------------ ------------------
Net profit / (loss) for the period attributable
to the owners of the parent (628) 236 367
Add back : exceptional payroll and other
expenses 133 90 104
Add back : costs incurred directly related
to acquisitions and share option expenses 126
Adjusted earnings (495) 326 598
Number of shares 000 000 000
------------------------------------------------- ----------- ------------------ ------------------
Weighted average number of ordinary
shares - basic earnings 71,970 71,970 71,970
calculation
Effect of dilutive potential ordinary
shares 217 217
Weighted average number of ordinary
shares for the purposes of basic earnings
per share 72,187 71,970 72,187
Weighted average number of ordinary
shares from share options - diluted
calculations
2023 2022 2022
pence pence pence
Basic earnings per share - 0.87 0.33 0.51
Diluted earnings per share - 0.87 0.33 0.51
Adjusted basic earnings per share - 0.69 0.45 0.83
Adjusted diluted earnings per share - 0.69 0.45 0.83
Earnings per share (EPS) is calculated by dividing the profit
for the year, attributable to ordinary equity holders of the
parent, by the weighted average number of ordinary shares
outstanding during the year.
Diluted EPS is calculated on the same basis as basic EPS but
with a further adjustment to the number of weighted average shares
in issue to reflect the effect of all potentially dilutive share
options. The number of people in potentially dilutive share options
is derived from the number of share options and awards granted to
employees and directors where the exercise price is less than the
average market price of the Company's ordinary shares during the
period. Under IFRS no allowances made for the dilutive impact of
share options which reduce a loss per share. The basic and diluted
EPS measures are therefore the same.
Loans and borrowings
6 months 6 months Year
ending ending ended
30-Jun-23 30-Jun-22 31-Dec-22
Unaudited Unaudited Audited
GBP0 GBP0 GBP0
Loans and borrowings
Senior debt (3,688) (4,572) (4,788)
Loan notes 0 0 0
(3,688) (4,572) (4,788)
---------- ---------- ----------
On 1 July 2021, the Company entered into a revolving credit
facility agreement with Clydesdale Bank Plc (trading as Yorkshire
Bank) in respect of revolving loan facilities in an aggregate
amount of GBP10 million to be made available to the Group (the
"Revolving Facility"). The borrowers under the Revolving Facility
are the Company, CGL, CMOStores Holdings Limited and Total Tiles.
The guarantors under the Revolving Facility are the Company, CGL,
cmostores.com Limited and Total Tiles.
The proceeds of the Facility A of the Revolving Facility (which
has a limit of GBP6 million) can be used for financing acquisitions
permitted under the Revolving Facility ("Facility A") and the
proceeds of Facility B under the Revolving Facility (which has a
limit of GBP4 million) can be used for the general corporate and
working capital purposes of the Group ("Facility B"). The final
maturity date of the Revolving Facility is six years after the date
of the Revolving Facility (the "Termination Date"). Facility A will
be reduced by GBP250,000 on each quarter from 30 June 2023, until
it is reduced by GBP3 million on 30 June 2026.
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END
IR NKFBDFBKDOCB
(END) Dow Jones Newswires
September 29, 2023 02:00 ET (06:00 GMT)
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