TIDMTND
RNS Number : 9882M
Tandem Group PLC
20 September 2023
Tandem Group plc
(the 'Company' or 'Group')
Interim results for the six months ended 30 June 2023
The Board of Tandem Group plc (AIM: TND), designers, developers,
distributors and retailers of sports, leisure and mobility
equipment, announces its unaudited interim results for the six
months to 30 June 2023.
Summary
-- Successful completion of the Group's purpose built, solar powered warehouse
-- Continued focus on efficient inventory management
-- Group revenue in the six months to 30 June 2023 of GBP9.8
million (H1 2022: GBP12.9 million)
-- Gross profit of GBP2.5 million (H1 2022: GBP4.0 million),
with a decrease in gross margin, to 25.9%, primarily as a result of
foreign exchange movements
-- Loss before taxation of GBP0.9 million (H1 2022: profit of GBP0.3 million)
-- Postponement of the interim dividend taking into account performance in H1
-- Cash and cash equivalents of GBP2.0 million as at 30 June 2023
-- Net assets at 30 June 2023 increased to GBP25.9 million (H1 2022: GBP23.0 million)
-- Net debt as at 30 June 2023 of GBP3.1 million (30 June 2022: GBP1.5 million)
-- Amidst a difficult economic environment, there have been
encouraging signs, with the Group's resilient performance driven by
the continued success of our initiatives within eMobility, a
strategic focus of the Group.
-- Turnover in the Group's eMobility segment was 53% higher than in the comparative period.
Enquiries:
Tandem Group plc
Peter Kimberley, CEO
David Rock, Company Secretary
Telephone 0121 748 8075
Nominated Adviser
Cavendish Securities plc (Nominated Adviser and Broker)
Ben Jeynes / Dan Hodkinson - Corporate Finance
Michael Johnson - Sales
Telephone 0207 220 0500
CHAIRMAN'S STATEMENT
The Group has continued to experience a challenging trading
environment resulting from macroeconomic factors and a transition
of buying behaviour from a Freight On Board (FOB) to Direct
Delivery (DD) basis within the Toy side of the business, altering
the pattern of our sales, aligning it closer to the end customer
buying behaviour. We continue to be well placed to service the
movement to DD in Toys following the completion of our brand new,
fully operational warehouse.
Notwithstanding the current trading environment, we are
extremely pleased by both the Group's resilient trading performance
when compared to industry peers and to see strong growth in our
eMobility category resulting from our strategic focus on our
product range in this sector.
Results
The Group revenue in the six months to 30 June 2023 decreased by
approximately 24% to GBP9.8 million compared to GBP12.9 million in
the six months to 30 June 2022.
There was a 37% decrease in gross profit from GBP4.0 million to
GBP2.5 million. Gross profit margin decreased to 25.9% compared to
31.0% in the prior period primarily as a result of favourable
foreign exchange variances in the prior period.
Despite inflationary pressures, operating expenses maintained
their level at GBP3.4 million in the six months to 30 June 2023,
with inflationary pressures offset by the ongoing careful
management of costs.
As a result of the above, operating profit before exceptional
expenses in the prior period of GBP0.6 million became an operating
loss of GBP0.9 million in the current period.
We have substantially mitigated the increasing interest rate
effect on our borrowing costs with the interest rate hedge
instrument we put in place in June 2022, which is effective until
May 2029. Finance costs were GBP0.15 million in the six months to
30 June 2023. This compared to a cost of GBP0.12 million in the
prior year period and is the result of drawdowns on agreed loan
facilities to fund the completion of the new warehouse from June
2022.
Exceptional costs were GBP0.1 million, primarily in relation to
employment related expenses and costs relating to the consolidation
of operations of the Group.
Cash and cash equivalents were GBP2.0 million at 30 June 2023
which compared to GBP3.2 million at 30 June 2022. The reduction is
a combination of warehouse completion costs, offset in part by the
diligent management of inventory, which over the 12 month period
has decreased to GBP5.9 million compared to GBP8.6 million at 30
June 2022.
Net debt after borrowings was GBP3.1 million compared to GBP1.5
million at 30 June 2022. The movement was the result of loan
facility drawdowns to fund the completion of the new warehouse.
Net assets at 30 June 2023 increased to GBP25.9 million against
GBP23.0 million at 30 June 2022, supported by an uplift in our
property values.
Trading update and outlook
Stubbornly high inflation coupled with persistent increases in
interest rates have had a direct impact on consumers' disposable
income, leading to reduced spending across certain categories. This
has been further impacted by persistent unfavourable weather
conditions. As a result, group revenue to 15 September 2023 was
approximately GBP15.1 million compared to GBP19.1 million for the
same period in the prior year.
Toy sales, typically considered recession-proof, have slumped in
Britain this year, according to a market analyst, particularly the
outdoor toy market due to the poor weather. This decline has
impacted our revenue in Toys, Sports and Leisure which has reduced
44% in H1 against H1 in the prior year.
The declining trend in FOB sales within our Toys, Sports and
Leisure segment has continued to impact our overall turnover and
the timing of realising sales, however we continue to see an uptake
in DD business as more customers transition away from FOB.
We are perfectly placed to handle this shift in the anticipated
sales pattern following the successful completion of our purpose
built, solar powered warehouse, removing our reliance and cost of
3(rd) party warehouse facilities, helping us realise operational
efficiencies through consolidating our operations across a single
site, allowing us to easily cross sell product on single shipments,
and importantly providing capacity for future growth.
The Board maintain a high level of optimism regarding the
performance of both new and existing licenses. Notably, Barbie
continues to contribute to our positive outlook. We are also
pleased to report that we have reached agreement to renew existing
licences including Marvel, CoComelon, LOL, Bluey, Disney, and Peppa
Pig, where will continue our strategy to innovate new products.
In our bicycle division, we are delighted that we continue to
outperform the market, and our turnover, including electric bikes,
is ahead of our prior year turnover level for H1 by 19%, despite
published market data showing that the total bicycle market value
is down compared with the first six months of 2022, mechanical
bicycles in particular have fallen further having already hit a 20
year low last year.
Our lightweight children bike brand, Squish, continues to see
success and is also ahead of the prior year. We are also pleased to
have partnered this year with children's cycle training
organisation, Bikeability. The fourth quarter of 2023 will see the
release of new product additions across our core bike brands,
Dawes, Claud Butler, Falcon and Squish.
One of our key strategic focuses continues to be electric bikes,
and we are pleased that this is yielding substantial returns. Our
electric bike sales have surged to more than 2.5 times the figures
of the previous year during H1, and continues to grow at that level
to date, a testament to the effectiveness of our strategy. The
development of our new ranges of electric bikes has been met with
resounding success, garnering strong popularity among our bike
dealers. Turnover in our eMobility segment is 53% higher in H1 for
2023 against H1 for 2022.
Our continued focus on eMobility aligns with the UK Government
who continue to promote their commitment to encouraging sustainable
travel methods. This resolute effort towards reduced carbon
emissions has culminated in the expansion of the Ultra Low Emission
Zone (ULEZ) program. As the ULEZ boundaries extend, the expectation
is that this initiative will serve as a powerful catalyst in
encouraging greater adoption of electric methods of travel, which
the Group is well placed to benefit from.
Both our physical retail shop and the ElectricLife website are
exceeding expectations with the introduction of market leading
eBike brands Orbea, Whyte, Quella, Pure and we are continuing to
talk to a number of other leading brands. These channels remain
integral to our operational success and our commitment to meeting
the evolving needs of our customers. Our social media Instagram
followers have grown 38% year to date, with our Return on
Advertising spend increasing 267% underpinned by an improved
conversation rate of 178% year to date compared to the same period
last year.
Our Home and Garden division has been particularly impacted by
the poor weather experienced in 2023 compared to 2022, having
recorded some of the wettest months on record this summer. Turnover
has declined 27% in H1 against the same period in the prior year.
We are seeing continued growth in our visitor numbers, conversion
rates to improve this position, our website conversion rate has
increased +36% compared to the same period last year
(January-August), aligning with our strategic integration of our
standalone garden and leisure websites onto Jack Stonehouse. We
have further optimised and managed our marketing activity, reducing
our Pay Per Click investment by 24% compared to the same period
last year, which in turn has delivered +17% improvement in our
Return on Advertising Spend. Our social media followers across our
Instagram channel has increased by over 25% year to date.
We remain focussed in ensuring that we offer the latest
innovative products in this category, and will be introducing an
exciting range of new products, due for launch in the coming months
and in time for the Christmas and Winter period where we anticipate
high demand for these products.
Our management team have been actively engaged in several key
strategies around the management of our inventory which has been
pivotal in ensuring healthy cash balances and being able to offer
fresh exciting ranges to customers. Consequently, we have refined
our demand forecasting models to adapt to the changing market
conditions as we have seen the transition from FOB to DD
buying.
The continuous focus has led us to a reduced inventory level of
GBP5.9 million compared to the end of the comparable prior year
period level of GBP8.6 million. At the end of August 2023, this had
reduced further to GBP4.8 million.
We are continuously improving our sourcing strategy, driving
down costs and reducing lead times by working closely with our
suppliers and logistics partners, and have consolidated the overall
number of suppliers we use leading to greater efficiencies going
forward.
As part of our strategy on driving new independent and national
accounts across all sectors, we are pleased that this year we have
opened 3 new large national accounts, 54 new golf accounts, 81
independent bike dealer accounts and a leisure experience
account.
In recent months we have faced escalating carriage costs,
particularly on bicycles following the collapse of Tuffnells who
were our primary partner. However, logistical costs have now
returned to historical levels following re-establishment of trade
with a new logistics partner.
Despite inflationary pressures on many areas in the business,
particularly energy, management have committed to ensuring
reductions in operating expenses, as a result, they have remained
in line with the prior year.
Given the challenges mentioned, the Board anticipate that the
Group's sales for the FY23 full year will reduce between 11 and 13%
against market expectations and that the Group will be
approximately break-even at an underlying Profit Before Tax (PBT)
level for FY23.
We are pleased that we continue to build for the future in
challenging times. We are grateful to all of our colleagues who are
continuing to work hard and helping to build for the future.
Tandem Group maintains a robust balance sheet, fortified by
substantial property values. Our cash balances remain healthy,
reflecting our commitment to financial stability. We remain
steadfast in our commitment to our strategic objectives, and the
challenging market conditions have not deterred us from pursuing
avenues for growth and exciting innovation.
Borrowings
As at 30 June 2023, the Group had net debt of GBP3.1 million,
with gross cash balances of GBP2.0 million and borrowings including
fully drawn mortgage secured loan facilities of GBP5.1 million of
which GBP4.0, are loans (the "Loans"). These Loans mature at
various dates between April 2024 and January 2025 and, given the
near-term maturities, the Company has been in early discussions
with its lender to secure the refinancing of these historical Loans
in the form of a single term loan on terms attractive to the Group.
During the period ended 30 June 2023, the Company and its lender
have become aware of technical breaches of the existing Loans which
first came into being on the draw down of the majority of the
balance of the Loans in 2022.
Notwithstanding this technical breach and the Company's
currently anticipated level of profitability for the full year
ended 31 December 2023, the Group continues to have the ongoing
support from its banking partner - with whom the Company remains in
discussion for the refinancing of the Loans in the ordinary course.
On this basis, the directors are confident that the Group remains a
going concern.
Further details of the Group's borrowings are provided at note 3
to the interim financial statements.
Dividend
Due to the performance in the first half of the year and the
expected position for the full year, we are not proposing to pay an
interim dividend (2022 - 3.43p per share). We will continue to
review our dividend strategy and will pay a dividend where profits
permit.
Investor presentation
The interim results presentation for investors will be posted on
the Company's website in due course. Investors are encouraged to
contact the Company with any questions about the business by
emailing our dedicated shareholder email address
investorrelations@tandemgroup.co.uk or contacting our Nominated
Advisors.
Change of Name of Nominated Adviser and Broker
The Company also announces that its Nominated Adviser and Broker
has changed its name to Cavendish Securities plc following
completion of its own corporate merger.
Steve Grant
Chairman
20 September 2023
CONDENSED CONSOLIDATED INCOME STATEMENT
For the 6 months ended 30 June 2023
6 months ended 6 months ended Year ended 31 December 2022
30 June 2023 30 June 2022 (restated) Audited
Unaudited Unaudited GBP'000
GBP'000 GBP'000
Revenue 9,752 12,913 26,683
Cost of sales (7,228) (8,912) (18,887)
--------------- ------------------------ --------------------------------
Gross profit 2,524 4,001 7,796
Operating expenses (3,381) (3,407) (6,484)
--------------- ------------------------ --------------------------------
Operating (loss)/profit
before exceptional
costs (857) 594 1,312
Exceptional costs (98) (172) (223)
--------------- ------------------------ --------------------------------
Operating (loss)/profit
after exceptional
costs (955) 422 1,089
Finance costs (150) (115) (237)
(Loss)/profit before
taxation (1,105) 307 852
Tax creditexpense 147 - (178)
Net (loss)/profit for
the period (958) 307 674
=============== ======================== ================================
Pence Pence Pence
Earnings per share
Basic 2 (17.5) 5.8 12.5
=============== ======================== ================================
Diluted 2 (17.5) 5.6 12.3
=============== ======================== ================================
All figures relate to continuing operations.
The results for the 6 months to 30 June 2022 have been restated.
Carriage outward costs have been included in cost of sales, having
previously been disclosed in operating expenses of GBP385,000.
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the 6 months ended 30 June 2023
6 months 6 months
ended ended Year ended 31 December
30 June 2023 30 June 2022 2022
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
(Loss)/profit for the period (958) 307 674
Other comprehensive income:
Items that will be reclassified subsequently to profit and loss:
Foreign exchange differences on translation of overseas
subsidiaries (25) 23 96
Cashflow hedging contracts 44 261 540
Items that will not be reclassified subsequently to profit or
loss:
Revaluation of property, plant and equipment - - 2,189
Actuarial gain on pension schemes - - 1,472
Movement in pension schemes' deferred tax provision - - (214)
------------- ------------- ----------------------
Other comprehensive income for the period 19 284 4,083
Total comprehensive income attributable to equity shareholders
of Tandem Group plc (939) 591 4,757
============= ============= ======================
All figures relate to continuing operations.
CONDENSED CONSOLIDATED BALANCE SHEET
As at 30 June 2023
At 31
At 30 June At 30 June December
2023 2022 2022
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Non current assets
Intangible fixed assets 5,598 5,454 5,525
Property, plant and equipment 14,884 10,003 14,700
Deferred taxation 854 1,323 854
Pension schemes' surplus 98 - -
---------- ---------- ---------
21,434 16,780 21,079
Current assets
Inventories 5,881 8,577 4,757
Trade and other receivables 6,038 6,065 6,633
Derivative financial asset held at fair value 323 319 279
Cash and cash equivalents 1,993 3,229 3,288
---------- ---------- ---------
14,235 18,190 14,957
Total assets 35,669 34,970 36,036
========== ========== =========
Current liabilities
Trade and other payables (4,711) (5,050) (4,200)
Borrowings 3 (5,083) (897) (1,085)
Current tax liabilities - (201) (149)
---------- ---------- ---------
(9,794) (6,148) (5,434)
Non current liabilities
Borrowings 3 - (3,867) (3,754)
Pension schemes' deficits - (1,920) (60)
---------- ---------- ---------
- (5,787) (3,814)
Total liabilities (9,794) (11,935) (9,248)
========== ========== =========
Net assets 25,875 23,035 26,788
========== ========== =========
Equity
Share capital 1,503 1,503 1,503
Shares held in treasury (135) (151) (137)
Share premium 729 647 716
Other reserves 7,322 5,080 7,303
Profit and loss account 16,456 15,956 17,403
---------- ---------- ---------
Total equity 25,875 23,035 26,788
========== ========== =========
CONDENSED Consolidated statement of changes in equity
As at 30 June 2023
Cash
Shares flow Capital Profit
Share held Share hedge Merger redemption Revaluation Translation and loss
capital in treasury premium reserve reserve reserve reserve reserve account Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 January 2022 1,503 (192) 474 225 1,036 1,427 1,671 605 15,990 22,739
Net profit for
the period - - - - - - - - 307 307
Retranslation of
overseas
subsidiaries - - - - - - - 23 - 23
Forward contracts - - - 261 - - - - - 261
--------- ------------- ---------- --------- --------- ----------- ------------ ----------- ---------- -------
Total
comprehensive
income for
period
attributable to
equity
shareholders - - - 261 - - - 23 307 591
Share based
payments - - - - - - - - 13 13
Exercise of share
options - 41 173 - - - - - - 214
Reclassified to
cost of
inventory - - - (168) - - - - - (168)
Dividends paid - - - - - - - - (354) (354)
--------- ------------- ---------- --------- --------- ----------- ------------ ----------- ---------- -------
Total
transactions
with owners - 41 173 (168) - - - - (341) (295)
--------- ------------- ---------- --------- --------- ----------- ------------ ----------- ---------- -------
At 30 June 2022 1,503 (151) 647 318 1,036 1,427 1,671 628 15,956 23,035
Net profit for
the period - - - - - - - - 367 367
Retranslation of
overseas
subsidiaries - - - - - - - 73 - 73
Revaluation of
property, plant
and equipment - - - - - - 2,189 - - 2,189
Forward contracts - - - 279 - - - - - 279
Net actuarial
gain on pension
schemes - - - - - - - - 1,258 1,258
--------- ------------- ---------- --------- --------- ----------- ------------ ----------- ---------- -------
Total
comprehensive
income for
period
attributable to
equity
shareholders - - - 279 - - 2,189 73 1,625 4,166
Share based
payments - - - - - - - - 8 8
Exercise of share
options - 14 69 - - - - - - 83
Reclassified to
cost of
inventory - - - (318) - - - - - (318)
Dividends paid - - - - - - - - (186) (186)
--------- ------------- ---------- --------- --------- ----------- ------------ ----------- ---------- -------
Total
transactions
with owners - 14 69 (318) - - - - (178) (413)
--------- ------------- ---------- --------- --------- ----------- ------------ ----------- ---------- -------
At 1 January 2023 1,503 (137) 716 279 1,036 1,427 3,860 701 17,403 26,788
Net loss for the
period - - - - - - - - (958) (958)
Retranslation of
overseas
subsidiaries - - - - - - - (25) - (25)
Forward contracts - - - 44 - - - - - 44
--------- ------------- ---------- --------- --------- ----------- ------------ ----------- ---------- -------
Total
comprehensive
income for
period
attributable to
equity
shareholders - - - 44 - - - (25) (958) (939)
Share based
payments - - - - - - - - 11 11
Exercise of share
options - 2 13 - - - - - - 15
Total
transactions
with owners - 2 13 - - - - - 11 26
--------- ------------- ---------- --------- --------- ----------- ------------ ----------- ---------- -------
At 30 June 2023 1,503 (135) 729 323 1,036 1,427 3,860 676 16,456 25,875
========= ============= ========== ========= ========= =========== ============ =========== ========== =======
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
For the 6 months ended 30 June 2023
At 31
At 30 June At 30 June December
2023 2022 2022
Unaudited Unaudited Audited
GBP'000 GBP '000 GBP'000
Cash flows from operating activities
(Loss)/profit for the period (958) 307 674
Adjustments:
Depreciation of property, plant and
equipment 135 78 141
Amortisation of intangible fixed assets 5 - 22
(Loss)/profit on sale of property,
plant and equipment 9 - (11)
Contributions to defined benefit pension
schemes (210) (225) (651)
Finance costs 150 115 237
Tax (credit)/expense (147) - 178
Share based payments 11 13 21
------- ------- -------
Net cash flow from operating activities
before movements in working capital (1,005) 288 611
Change in inventories (1,124) (513) 3,307
Change in trade and other receivables 595 4,178 3,610
Change in trade and other payables 511 (5,283) (6,133)
Cash flows from operations (1,023) (1,330) 1,395
Interest paid (100) (57) (139)
Tax paid - (51) (26)
Net cash flow from operating activities (1,123) (1,438) 1,230
======= ======= =======
Cash flows from investing activities
Purchase of intangible fixed assets (78) - (93)
Purchase of property, plant and equipment (328) (2,307) (4,880)
Sale of property, plant and equipment - - 13
Net cash flow from investing activities (406) (2,307) (4,960)
======= ======= =======
Cash flows from financing activities
(Loan repayments)/new loans (254) 2,005 2,013
Finance lease repayments - (37) (54)
Movement in invoice financing 498 (1,244) (1,161)
Exercise of share options 15 214 297
Dividends paid - (354) (540)
Net cash flow from financing activities 259 584 555
======= ======= =======
Net change in cash and cash equivalents (1,270) (3,161) (3,175)
Cash and cash equivalents at beginning
of period 3,288 6,367 6,367
Effect of foreign exchange rate changes (25) 23 96
------- ------- -------
Cash and cash equivalents at end of
period 1,993 3,229 3,288
======= ======= =======
NOTES TO THE HALF YEARLY REPORT
1 General information
Tandem Group plc is a public limited company incorporated and
domiciled in the United Kingdom with its shares listed on AIM, the
market of that name operated by the London Stock Exchange.
The principal activity of the Group is the design, development,
distribution and retail of sports, leisure and mobility
equipment.
The ultimate parent company of the Group is Tandem Group plc
whose principal place of business and registered office address is
35 Tameside Drive, Castle Bromwich, Birmingham,
B35 7AG.
The interim financial statements for the period ended 30 June
2023 (including the comparatives for the period ended 30 June 2022
and the year ended 31 December 2022) were approved by the Board of
Directors on 19 September 2023.
The financial information set out in this interim report does
not constitute statutory accounts as defined in Section 434 of the
Companies Act 2006. The Group's statutory financial statements for
the year ended 31 December 2022, prepared under International
Financial Reporting Standards ("IFRS"), have been filed with the
Registrar of Companies. The auditor's report on those financial
statements was unqualified and did not contain statements under
Sections 498(2) and 498(3) of the Companies Act 2006.
This interim financial information has been prepared using the
accounting policies set out in the Group's 2022 statutory accounts.
Copies of the annual statutory accounts and the interim report may
be obtained by writing to the Company Secretary of Tandem Group
plc, 35 Tameside Drive, Castle Bromwich, Birmingham, B35 7AG and
can be found on the Company's website at www.tandemgroup.co.uk.
The net retirement benefit obligation recognised at 30 June 2023
is based on the actuarial valuation under IAS19 at 31 December 2022
updated for movements in net defined benefit pension income and
contributions paid during the half year period. A full valuation
for IAS19 financial reporting purposes will be carried out for
incorporation in the audited financial statements for the year
ending 31 December 2023.
Exceptional costs include redundancy, termination and
professional costs relating to the consolidation of operations of
the Group.
2 earnings per share
The calculation of earnings per share is based on the net result
and ordinary shares in issue during the period as follows:
Year
6 months 6 months ended 31
ended ended December
30 June 2023 30 June 2022 2022
GBP '000 GBP'000 GBP'000
(Loss)/profit for the period (958) 307 674
============= ================ =========
Number Number Number
Weighted average shares in issue used
for basic earnings per share 5,469,721 5,323,089 5,375,128
Weighted average dilutive shares under
option 119,933 160,461 100,733
Average number of shares used for diluted
earnings per share 5,589,654 5,483,550 5,475,861
============= ================ =========
Pence Pence Pence
Basic earnings per share (17.5) 5.8 12.5
============= ================ =========
Diluted earnings per share (17.5) 5.6 12.3
============= ================ =========
Loss per share is calculated based on the share capital of
Tandem Group plc and the earnings of the Group for all periods.
There are options in place at 30 June 2023. These options were
anti-dilutive at the period end but may dilute future earnings per
share.
3 Borrowings
At 31
At 30 June At 30 June December
2023 2022 2022
Unaudited Unaudited Audited
GBP'000 GBP '000 GBP'000
Invoice finance liability (1,074) (493) (576)
Current borrowings maturing in less
than one year
-other borrowings (4,009) (387) (509)
-assets held under leasing arrangements - (17) -
------- ------- -------
Total current borrowings (5,083) (897) (1,085)
Non current borrowings with contractual
maturities between one and two years
-other borrowings - (1,625) (3,141)
Non current borrowings with contractual
maturities between two and five years
-other borrowings - (2,242) (613)
Total non current borrowings - (3,867) (3,754)
Total borrowings (5,083) (4,764) (4,839)
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014 (as amended), which forms
part of domestic UK law pursuant to the European Union (Withdrawal)
Act 2018. Upon publication of this announcement via a Regulatory
Information Service, this inside information is now considered to
be in the public domain.
Forward Looking Statements
This announcement contains forward-looking statements relating
to expected or anticipated future events and anticipated results
that are forward-looking in nature and, as a result, are subject to
certain risks and uncertainties, such as general economic, market
and business conditions, competition for qualified staff, the
regulatory process and actions, technical issues, new legislation,
uncertainties resulting from potential delays or changes in plans,
uncertainties resulting from working in a new political
jurisdiction, uncertainties regarding the results of exploration,
uncertainties regarding the timing and granting of prospecting
rights, uncertainties regarding the Company's or any third party's
ability to execute and implement future plans, and the occurrence
of unexpected events. Actual results achieved may vary from the
information provided herein as a result of numerous known and
unknown risks and uncertainties and other factors.
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END
IR NKCBKDBKBOCD
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September 20, 2023 02:00 ET (06:00 GMT)
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