WITAN
INVESTMENT TRUST PLC
Financial Report for the Half Year ended
30 June 2024
SUMMARY
• Proposed
combination with Alliance Trust to create a leading multi-manager
trust, with lower costs, a proven investment strategy and likely to
become a member of the FTSE 100 index with c£5 billion of net
assets
• Witan's
NAV total return was +11.0%, which compares with the return from
our composite global benchmark of +11.7%
• The
discount narrowed, resulting in a shareholder total return of
14.3%; 4.0% of our shares were bought into treasury, at an average
discount of 8.9%
• A second
interim dividend of 1.75 pence per ordinary share will be paid in
September
•
Assuming shareholders approve the proposed
combination with Alliance Trust, total dividends for the year are
expected to amount to the equivalent of not less than 6.28 pence
per share for current Witan/continuing Alliance Witan shareholders,
a 4% increase on the 6.04 pence per share paid in respect of
2023.
|
Key
data(4)
|
|
|
|
(Unaudited)
30 June
2024
|
(Audited)
31
December 2023
|
|
Share price
|
268.0p
|
237.5p
|
|
Net asset value per ordinary share
(debt at fair value) (3)
|
282.6p
|
257.6p
|
|
Discount (NAV including income, debt
at fair value) (3)
|
5.2%
|
7.8%
|
|
Dividend per share
|
3.26p
|
2.90p
|
|
Revenue earnings per
share(2)
|
2.79p
|
2.90p
|
|
Total earnings per share
|
26.43p
|
18.51p
|
|
Net Assets (£'000)
|
1,642,287
|
1,579,729
|
|
Total return
performance
|
|
|
|
|
|
6 months
return
%
|
1 year
return
%
|
5 years
return
%
|
10 years
return
%
|
|
Share price
total return (1)(3)
|
14.3
|
21.4
|
42.5
|
140.6
|
|
Net asset
value total return (1)(3)
|
11.0
|
15.0
|
44.5
|
146.6
|
|
Witan
benchmark (1)
|
11.7
|
19.5
|
64.7
|
166.9
|
|
MSCI ACWI
Index(2)
|
12.5
|
20.6
|
71.8
|
219.8
|
|
MSCI UK IMI
Index(2)
|
7.3
|
13.3
|
29.1
|
74.0
|
|
(1)
|
Source:
Witan/Morningstar.
|
|
(2)
|
Source:
Witan/Morningstar. See also MSCI for conditions of use
(www.msci.com).
|
|
(3)
|
Alternative
performance measures
The
financial statements (on pages 10 to 19) set out the required
statutory reporting measures of the Company's financial
performance. In addition, the Board assesses the Company's
performance against a range of criteria which are viewed as
particularly relevant for investment trusts. Definition of
the terms used and the Witan benchmark are set out in the Annual
Report.
|
|
(4)
|
30 June
2024 data is unaudited.
|
Page 2 of
19
WITAN INVESTMENT TRUST
PLC
Financial Report for the Half Year ended
30 June 2024
|
Percentage of total funds as
at 30 June 2024*
|
%
|
|
North
America
|
40
|
|
Europe
|
22
|
|
United
Kingdom
|
20
|
|
Asia ex
Japan
|
7
|
|
Investment
Companies
|
7
|
|
Japan
|
3
|
|
Other
|
1
|
|
Sector breakdown of the
portfolio as at 30 June 2024(5)
|
%
|
|
Financials
|
18
|
|
Industrials
|
16
|
|
Information
Technology
|
14
|
|
Consumer
Discretionary
|
9
|
|
Consumer
Staples
|
9
|
|
Healthcare
|
9
|
|
Communication Services
|
8
|
|
Investment
Companies
|
7
|
|
Materials
|
6
|
|
Energy
|
2
|
|
Other
|
2
|
|
Company size breakdown of the
portfolio as at 30 June
2024(5)
|
%
|
|
Large
Cap
|
74
|
|
Mid
Cap
|
15
|
|
Small
Cap
|
5
|
|
Investment
Companies
|
7
|
|
(5)
|
Source: BNP
Paribas as at 30 June 2024
|
|
*
|
Figures may
not sum due to rounding.
|
Page 3 of
19
WITAN INVESTMENT TRUST
PLC
Financial Report for the Half Year ended
30 June 2024
INTERIM
MANAGEMENT REPORT
Proposed
combination with Alliance Trust to form Alliance Witan
PLC
Although this report is primarily a record of
Witan's performance and results for the first half of 2024, it
would be remiss not to begin by highlighting the proposed
combination with Alliance Trust to form Alliance Witan PLC, which
was announced in late June. This is clearly a highly significant
event for shareholders, in the year we mark the 100th
anniversary of the Company's listing on the London Stock Exchange,
on 5 August 1924.
The combination will create a company with net
assets of c£5 billion, potentially joining the FTSE 100 index. It
will be managed in accordance with Alliance Trust's current proven
multi-manager approach, while delivering better liquidity and lower
costs for both companies' shareholders. The details of the scheme
will be set out in documents likely to be published in early
September, seeking shareholders' approval in early
October.
Investment
backdrop and performance
At the end of 2023, market analysts forecast
significant cuts in interest rates starting early in 2024,
particularly in the US. These hopes have retreated, due to the
resilience of US economic growth and slower than expected progress
in reducing inflation towards target. The result has been a
continued plateau in the level of US and UK interest rates since
August 2023, bearing out our prediction that the peak in rates
would resemble Table Mountain rather than the
Matterhorn.
Disappointment on the interest rate front has
been offset by more positive news on corporate earnings, centred on
the boom in the semiconductor sector and linked to investment in
generative artificial intelligence systems. In addition, gradual
progress in reducing inflationary pressures means that investors
view the turning point in the interest rate cycle as deferred, not
cancelled. This has been a constructive backdrop for equity
markets, though negative for government bonds and interest rate
sensitive sectors such as housing and real estate.
Global equities (measured by the MSCI AC World
Index) delivered positive returns of 12.5% led once again by the US
which rose 16.3%. Other regions delivered returns of between 6% and
9% in sterling terms.
Witan's NAV total return was +11.0%, clearly a
strongly positive return in absolute and inflation-adjusted terms.
For much of the period, Witan was also ahead of our composite
equity benchmark but in June the strength in some of the largest US
technology companies reasserted itself, pushing the return on our
equity benchmark ahead to 11.7%. The share price total return was
+14.3% (owing to a narrowing of the discount since the end of
2023).
Manager
performance
The full table of the performance of our
incumbent managers as at 30 June is shown on the following page.
Four of our six core managers outperformed during the period. These
included Artemis in the UK, Jennison and WCM as the global managers
with greatest exposure to faster growth companies but also
Lansdowne, whose portfolio is heavily skewed towards lower rated
stocks in the UK and Europe.
Page 4 of 19
WITAN INVESTMENT TRUST
PLC
Financial Report for the Half Year ended
30 June 2024
INTERIM
MANAGEMENT REPORT continued
Although market performance continued to be
unusually concentrated, the ability of a manager with a "value"
portfolio in the less fashionable markets of the UK and Europe to
outperform is a tentative sign that market leadership may be set to
broaden out. Our emerging markets portfolio, managed by GQG,
delivered another outstanding performance, ahead of the global
index despite emerging markets as a whole lagging. The two of our
core managers to have lagged have, in different ways, selected
portfolios characterised by long-term earnings-compounding
companies, where healthy returns of 7-8% in the period nonetheless
lagged behind the global average.
Frustratingly, as in 2023, our portfolio of
specialist investment companies and our investment in the GMO
Climate Change fund were significant drags on the portfolio.
Neither sector was in focus for investors, the former being
affected by structural selling pressures linked to legacy European
regulation on cost disclosures and the latter being viewed
over-simplistically as a call on the timing of interest rate
reductions.
Investment managers: Assets under management and
investment performance as at 30 June 2024
|
Investment
manager
|
Mandate
|
Appoint-ment
date
|
Witan assets managed as at
30.06.24
|
Performance in 2024
(%)
|
Annualised performance since
appointment(2)
(%)
|
|
|
|
|
£m
|
(%)(1)
|
Manager
|
Benchmark
|
Manager
|
Benchmark
|
|
CORE
|
|
|
|
|
|
|
|
|
|
Jennison
|
Global
|
31.08.20
|
164.3
|
9.1
|
22.6
|
12.5
|
9.3
|
12.6
|
|
Lansdowne
|
Global
|
14.12.12
|
345.9
|
19.2
|
15.6
|
12.5
|
14.0
|
12.8
|
|
Lindsell
Train
|
Global
|
31.12.19
|
285.4
|
15.9
|
8.1
|
12.5
|
6.1
|
11.5
|
|
Veritas
|
Global
|
11.11.10
|
303.6
|
16.9
|
7.0
|
12.5
|
12.1
|
11.5
|
|
WCM
|
Global
|
31.08.20
|
238.1
|
13.3
|
17.9
|
12.5
|
10.8
|
12.6
|
|
Artemis
|
UK
|
06.05.08
|
52.8
|
2.9
|
8.9
|
7.3
|
8.5
|
6.0
|
|
SPECIALIST
|
|
|
|
|
|
|
|
|
|
GMO
|
Climate
Change
|
05.06.19
|
64.2
|
3.6
|
(13.8)
|
12.5
|
5.9
|
12.1
|
|
GQG
|
Emerging
Markets
|
16.02.17
|
86.1
|
4.8
|
18.6
|
8.6
|
11.4
|
4.7
|
|
Unquoted
Growth
|
Specialist
Funds
|
02.07.21
|
29.6
|
1.6
|
6.0
|
12.5
|
(22.5)
|
8.8
|
|
Witan
Direct Holdings
|
Specialist
Funds
|
19.03.10
|
146.3
|
8.1
|
2.0
|
11.7
|
8.5
|
9.6
|
Notes:
|
1
|
Amount of percentage of Witan's
investments managed, excluding centrally managed cash.
|
|
2
|
The percentages are annualised where
the date of appointment was more than one year ago.
|
|
3
|
£62.2 million (3.6%) was held in a
UK mid-cap ETF at the period end, having been accumulated as
liquidity was realised elsewhere.
|
Page 5 of
19
WITAN INVESTMENT TRUST
PLC
Financial Report for the Half Year ended
30 June 2024
INTERIM
MANAGEMENT REPORT continued
Investment
income and expenses
Revenue earnings per
share for the period were 2.79 pence per share, a decline of 4%
from the level of 2.90 pence seen in the first half of 2023.
This was due to an increase in "Other expenses" relating to
corporate advisory costs, the underlying trend being a small
rise.
The ongoing charges figure ('OCF') for the six
months was 0.43% (2023: 0.43%). The OCF for the whole of 2023 was
0.76%. This is expected to be materially lower in future years,
assuming approval of the combination with Alliance
Trust.
Dividend
The Company has increased its dividend every
year since 1974 (a 49-year record of increases), recognising the
importance for investors of a reliable and growing income. This
record is set to be extended to 50 years in 2024, as set out
below.
The Company paid a first interim dividend of
1.51 pence per share in June (2023: 1.45 pence). A second interim
dividend of 1.75 pence per ordinary share (2023: 1.45 pence) will
be paid on 13 September 2024, for which the ex-dividend date will
be 22 August 2024. The total 2024 dividends paid by Witan ahead of
its proposed combination with Alliance Trust will thus amount to
3.26 pence per share. The final two dividends for 2024 are expected
to be paid by Alliance Witan PLC in December 2024 and March 2025,
after the combination of the two companies has taken effect.
Alliance Trust has announced that each of these payments is
expected to be equivalent to not less than 1.51 pence per share for
current Witan shareholders, which will make the total dividend for
2024 the equivalent of c6.28 pence per share, a 4% increase on the
6.04 pence per share payment for 2023, ahead of the expected rate
of inflation for 2024. This will mark a 50th consecutive
year of dividend rises for Witan shareholders, while extending
Alliance Trust's even longer 57-year run of consecutive dividend
rises.
Gearing
The Company's gearing has been actively
managed, averaging 13% in the first quarter and 7% in the second.
Following the strong start to the year for markets, gearing was
reduced to 8% in April and reduced further to 6.1% at mid-year.
Gearing has been helpful to performance, given the rise in equity
markets, but much of the good news is now reflected in valuations,
warranting a more selective approach. The Company has long-term
borrowings of £155 million with a blended interest rate of 3%,
fixed for an average of 23 years. This provides a very low hurdle
for the investment of these funds to boost shareholder returns for
Witan and the future Alliance Witan. The Company terminated its
£125 million short-term variable rate facility in April as the
lower level of gearing rendered it unnecessary, saving on the
commitment fee and associated administration.
Page 6 of
19
WITAN INVESTMENT TRUST
PLC
Financial Report for the Half Year ended
30 June 2024
INTERIM
MANAGEMENT REPORT continued
Discount and
buybacks
One of the Company's key performance indicators
is for its shares to trade at a sustainable low discount or a
premium to NAV, subject to market circumstances. This has been
elusive in recent years, given the successive shocks of the
pandemic, wars, rising inflation, higher interest rates and worries
about recession, all of which have subdued demand for equity
investments. Given these background uncertainties, investors
appeared wary of committing additional funds to their investment
trust holdings, despite markets rising during the first half of
2024. In addition, structural pressures have prompted further
selling by some institutions, a trend evident across the whole
investment trust sector. Our discount, having ended 2023 at 7.8%,
remained undesirably wide in the early months of the year before
improving in May and ending the period at 5.2% after a positive
reaction to the Company's proposed combination with Alliance
Trust.
The Company has been active in buying back
shares, buying 24.8 million shares into treasury in the period
(4.0% of the total), at an average discount of 8.9%. This added
£5.6 million to the net asset value which more than offset the
Company's investment management costs for the period.
Outlook
Investors have largely shrugged off
disappointments in the timing of interest rate cuts, unwelcome
developments in global conflict hotspots and uncertainty generated
by 2024's wide swathe of national elections. Notwithstanding a
sharp bout of volatility in early August, equity markets as a whole
seem to have taken the view that, whatever flies there may be in
their proverbial soup, they are focused on the substance, not the
swimmer.
This insouciance, complacency to some, is
helped by the increased proximity of easier monetary policy, after
the prospect of rate cuts retreated for much of early 2024. The
European Central Bank, with a relatively weak continental economy,
has led the way, followed by the Bank of England in early August.
The US Federal Reserve, while holding rates steady at the end of
July, indicated that a September cut was on the cards, as long as
the incoming data on inflation and the labour market remained
supportive.
Whilst politics remain in flux in some
countries in Europe and ahead of the US presidential election,
resolution of the uncertainty in the UK has been greeted by a
positive initial reaction. The pre-election tendency for the news
to highlight every problem as a half-empty glass has abated, while
the absence of fiscal room for manoeuvre aligns the country's need
for improved productivity with the incoming government's need for
resources to fund reforms to public services, from health to
defence. If the government lives up to its "New New Labour"
credentials the low valuation of the UK market could find the
catalyst it needs to be more positively rated.
Page 7 of
19
WITAN INVESTMENT TRUST
PLC
Financial Report for the Half Year ended
30 June 2024
INTERIM
MANAGEMENT REPORT continued
In coming weeks, Witan will be seeking its
shareholders' approval for the proposed combination with Alliance
Trust, to form Alliance Witan PLC. Further details will be sent to
shareholders in early September. This offers a very exciting future
for our shareholders, retaining a multi-manager approach to
investment in global equities, with a proven investment strategy
and lower costs, in a Company with net assets post-combination of
c£5 billion.
Assuming shareholders approve the
proposed combination, this will be the last time I write to you
formally as Chairman of Witan. I would like to thank our employees
for their contributions to the Company and for their steadfastness
during what for them has been a short period of personal
uncertainty. I would particularly like to thank Andrew Bell who has
led the Company in such an exemplary fashion for the last fourteen
years. As I mentioned above, recent times have seen a pandemic,
wars, rising inflation, higher interest rates and worries about
recession, not a helpful background for investors. Andrew has
navigated these with a cool head and sound judgement. I wish him
well for his retirement. Finally, I would like to thank the
non-executive members of the Board, including Gabrielle Boyle who
stood down earlier in the year, and our company secretary, Eleanor
Cranmer of Frostrow Capital. Their support and counsel during my
time as Chairman have been invaluable, as have their hard work and
wisdom during the recent process. I believe that this rigorous
process has identified an excellent solution for the Company which
will stand shareholders in good stead for many years to
come.
For and on behalf of
the Board
Andrew Ross
Chairman
12 August
2024
Page 8 of
19
WITAN INVESTMENT TRUST
PLC
Financial Report for the Half Year ended
30 June 2024
REGULATORY DISCLOSURES
Principal risks and uncertainties
The principal risks and
uncertainties associated with the Company's business can be divided
into various areas:
·
market and investment portfolio (including
political and macro-economic topics such as inflation, military
conflicts, trade wars and pandemics);
·
operational and cyber;
·
compliance and regulatory change;
·
accounting, taxation and legal;
·
liquidity; and
·
environmental, social and governance
factors.
Information on these risks and other
risks is given in the Strategic Report and in the Notes to the
Financial Statements in the Company's Annual Report for the year
ended 31 December 2023.
In the view of the Board, these
principal risks and uncertainties are applicable to the remaining
six months of the financial year, as they were to the six months
under review.
Directors' responsibility statement
The directors confirm that, to the
best of their knowledge:
(a) the condensed set of financial
statements has been prepared in accordance with IAS 34;
(b) the Interim Management Report
includes a fair review of the information required by Disclosure
Guidance and Transparency Rule 4.2.7R (an indication of important
events that have occurred during the first six months of the
financial year and a description of the principal risks and
uncertainties for the remaining six months of the financial year);
and
(c) the Interim Management Report
includes a fair review of the information required by Disclosure
Guidance and Transparency Rule 4.2.8R (disclosure of related party
transactions and changes therein).
For and on behalf of the
Board
Andrew Ross
Chairman
12 August 2024
Page 9 of
19
WITAN INVESTMENT TRUST
PLC
Financial Report for the Half Year ended
30 June 2024
REGULATORY DISCLOSURES
continued
Going concern
The assets of the Company consist
mainly of securities that are readily realisable and, accordingly,
the Company has adequate financial resources to continue in
operational existence for at least the next 12 months.
The Company has at all times traded,
and remains, well clear of all financial covenants on its
borrowings (which are detailed in note 13 of its 2023 Annual
Report).
The Board has determined that it is
appropriate to continue to adopt the going concern basis in
preparing the financial statements. In reviewing the position as at
the date of this report, the Board has considered the guidance on
this matter issued by the Financial Reporting Council. However,
shareholders should refer to note 1 on page 14 for more detail on
this matter.
Related party transactions
During the first six months of the
year, no transactions with related parties have taken place which
have materially affected the financial position or performance of
the Company. Details of related party transactions during 2023 are
contained in the Company's Annual Report for the year ended 31
December 2023.
Page 10 of
19
WITAN INVESTMENT TRUST
PLC
Financial Report for the Half Year ended
30 June 2024
Consolidated Statement of
Comprehensive Income
|
|
(Unaudited)
Half year ended 30 June
2024
|
(Unaudited)
Half year
ended 30 June 2023
|
(Audited)
Year
ended 31 December 2023
|
|
|
Revenue
return
£'000
|
Capital
return
£'000
|
Total
£'000
|
Revenue
return
£'000
|
Capital
return
£'000
|
Total
£'000
|
Revenue
return
£'000
|
Capital
return
£'000
|
Total
£'000
|
|
Investment
income
|
23,259
|
-
|
23,259
|
24,377
|
-
|
24,377
|
41,251
|
-
|
41,251
|
|
Other
income
|
633
|
-
|
633
|
649
|
-
|
649
|
1,223
|
-
|
1,223
|
|
Gains on
investments held at fair value through profit or loss
(Note
2)
|
-
|
150,959
|
150,959
|
-
|
111,398
|
111,398
|
-
|
165,476
|
165,476
|
|
Foreign
exchange gains/(losses) on cash and cash equivalents
|
-
|
132
|
132
|
-
|
(915)
|
(915)
|
-
|
(1,532)
|
(1,532)
|
|
|
----------
|
----------
|
-----------
|
---------
|
----------
|
-----------
|
-----------
|
-----------
|
-----------
|
|
Total
income
|
23,892
|
151,091
|
174,983
|
25,026
|
110,483
|
135,509
|
42,474
|
163,944
|
206,418
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
Management
fees
|
(876)
|
(2,628)
|
(3,504)
|
(875)
|
(2,626)
|
(3,501)
|
(1,712)
|
(5,135)
|
(6,847)
|
|
Other
expenses
|
(4,287)
|
(68)
|
(4,355)
|
(2,874)
|
(58)
|
(2,932)
|
(5,390)
|
(129)
|
(5,519)
|
|
|
----------
|
----------
|
----------
|
---------
|
----------
|
-----------
|
-----------
|
-----------
|
-----------
|
|
Profit before finance costs
and taxation
|
18,729
|
148,395
|
167,124
|
21,277
|
107,799
|
129,076
|
35,372
|
158,680
|
194,052
|
|
|
|
|
|
|
|
|
|
|
|
|
Finance
costs
|
(1,042)
|
(3,004)
|
(4,046)
|
(1,200)
|
(3,471)
|
(4,671)
|
(2,528)
|
(7,332)
|
(9,860)
|
|
|
----------
|
----------
|
-----------
|
---------
|
----------
|
-----------
|
-----------
|
-----------
|
-----------
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit before
taxation
|
17,687
|
145,391
|
163,078
|
20,077
|
104,328
|
124,405
|
32,844
|
151,348
|
184,192
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxation
|
(562)
|
(437)
|
(999)
|
(747)
|
(437)
|
(1,184)
|
(1,335)
|
(1,373)
|
(2,708)
|
|
|
----------
|
----------
|
-----------
|
---------
|
----------
|
-----------
|
-----------
|
-----------
|
-----------
|
|
Profit
attributable to
equity
shareholders of the parent
company
|
17,125
|
144,954
|
162,079
|
19,330
|
103,891
|
123,221
|
31,509
|
149,975
|
181,484
|
|
|
======
|
======
|
======
|
=====
|
======
|
======
|
======
|
======
|
======
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per ordinary
share
(Note
3)
|
2.79p
|
23.64p
|
26.43p
|
2.90p
|
15.61p
|
18.51p
|
4.84p
|
23.02p
|
27.86p
|
|
|
=====
|
======
|
======
|
=====
|
======
|
======
|
=====
|
======
|
======
|
The total column of this statement
represents the Group's Statement of Comprehensive Income, prepared
in accordance with UK-adopted International Accounting
Standards.
The revenue return and capital
return columns are supplementary to this and are prepared under
guidance published by the Association of Investment
Companies.
The Group does not have any other
comprehensive income and hence the total profit/(loss), as
disclosed above, is the same as the Group's total comprehensive
income. All items in the above statement derive from continuing
operations. All income is attributable to the equity holders of
Witan Investment Trust plc, the parent company. There are no
non-controlling interests.
Page 11 of
19
WITAN INVESTMENT TRUST
PLC
Financial Report for the Half Year ended
30 June 2024
Consolidated Statement of
Changes in Equity
|
|
(Unaudited)
Half year ended 30 June
2024
|
|
|
Ordinary
share
capital
£'000
|
Share
premium
account
£'000
|
Capital
redemption
reserve
£'000
|
Other
capital
reserves
£'000
|
Revenue
reserve
£'000
|
Total
£'000
|
|
Total equity at 31 December
2023
|
50,018
|
99,251
|
46,498
|
1,330,835
|
35,063
|
1,561,665
|
|
Total
comprehensive income:
Profit for the
period
|
-
|
-
|
-
|
144,954
|
17,125
|
162,079
|
|
Transactions with owners, recorded directly to
equity:
Ordinary dividends
paid
|
-
|
-
|
-
|
-
|
(19,628)
|
(19,628)
|
|
Buybacks of ordinary shares (held in
treasury) (Note 6)
|
-
|
-
|
-
|
(61,829)
|
-
|
(61,829)
|
|
|
-----------
|
-----------
|
-------------
|
-------------
|
-----------
|
-------------
|
|
Total equity at 30 June 2024
|
50,018
|
99,251
|
46,498
|
1,413,960
|
32,560
|
1,642,287
|
|
|
=======
|
=======
|
========
|
========
|
=======
|
========
|
|
|
(Unaudited)
Half year
ended 30 June 2023
|
|
|
Ordinary
share
capital
£'000
|
Share
premium
account
£'000
|
Capital
redemption
reserve
£'000
|
Other
capital
reserves
£'000
|
Revenue
reserve
£'000
|
Total
£'000
|
|
Total equity at 31 December
2022
|
50,018
|
99,251
|
46,498
|
1,303,740
|
42,302
|
1,541,809
|
|
Total
comprehensive income:
Profit for the
period
|
-
|
-
|
-
|
103,891
|
19,330
|
123,221
|
|
Transactions with owners, recorded directly to
equity:
Ordinary dividends
paid
|
-
|
-
|
-
|
-
|
(20,296)
|
(20,296)
|
|
Buyback of ordinary shares (held in
treasury) (Note 6)
|
-
|
-
|
-
|
(65,005)
|
-
|
(65,005)
|
|
|
-----------
|
-----------
|
-------------
|
-------------
|
-----------
|
-------------
|
|
Total equity at 30 June
2023
|
50,018
|
99,251
|
46,498
|
1,342,626
|
41,336
|
1,579,729
|
|
|
=======
|
=======
|
========
|
========
|
=======
|
========
|
|
|
(Audited)
Year
ended 31 December 2023
|
|
|
Ordinary
share
capital
£'000
|
Share
premium
account
£'000
|
Capital
redemption
reserve
£'000
|
Other
capital
reserves
£'000
|
Revenue
reserve
£'000
|
Total
£'000
|
|
Total equity at 31 December
2022
|
50,018
|
99,251
|
46,498
|
1,303,740
|
42,302
|
1,541,809
|
|
Total
comprehensive income:
Profit for the
year
|
-
|
-
|
-
|
149,975
|
31,509
|
181,484
|
|
Transactions with owners, recorded directly to
equity:
Ordinary dividends
paid
|
-
|
-
|
-
|
-
|
(38,748)
|
(38,748)
|
|
Buyback of ordinary shares (held in
treasury) (Note 6)
|
-
|
-
|
-
|
(122,880)
|
-
|
(122,880)
|
|
|
-----------
|
-----------
|
-------------
|
-------------
|
-----------
|
-------------
|
|
Total equity at 31 December
2023
|
50,018
|
99,251
|
46,498
|
1,330,835
|
35,063
|
1,561,665
|
|
|
=======
|
=======
|
========
|
========
|
=======
|
========
|
Page 12 of
19
WITAN INVESTMENT TRUST
PLC
Financial Report for the Half Year ended
30 June 2024
Consolidated Balance
Sheet
|
|
(Unaudited)
30 June
2024
£'000
|
(Unaudited)
30
June
2023
£'000
|
(Audited)
31
December 2023
£'000
|
|
Non current
assets
|
|
|
|
|
Investments
at fair value through profit or loss
|
1,741,715
|
1,820,781
|
1,783,822
|
|
Right-of-use asset: property
|
89
|
161
|
125
|
|
|
---------------
|
---------------
|
---------------
|
|
|
1,741,804
|
1,820,942
|
1,783,947
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
Other
receivables
|
18,287
|
6,122
|
3,982
|
|
Cash and
cash equivalents
|
51,413
|
20,753
|
22,434
|
|
|
---------------
|
---------------
|
---------------
|
|
Total current
assets
|
69,700
|
26,875
|
26,416
|
|
|
---------------
|
---------------
|
---------------
|
|
Total
assets
|
1,811,504
|
1,847,817
|
1,810,363
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
Other
payables
|
(11,022)
|
(6,340)
|
(7,339)
|
|
Bank
loans
|
-
|
(104,000)
|
(83,000)
|
|
|
---------------
|
---------------
|
---------------
|
|
Total current
liabilities
|
(11,022)
|
(110,340)
|
(90,339)
|
|
|
---------------
|
---------------
|
---------------
|
|
Total assets less current
liabilities
|
1,800,482
|
1,737,477
|
1,720,024
|
|
|
---------------
|
---------------
|
---------------
|
|
Non current
liabilities
|
|
|
|
|
Other
payables
|
-
|
(157)
|
(160)
|
|
Deferred
tax liability on Indian capital gains
|
(1,550)
|
(984)
|
(1,573)
|
|
Borrowings:
|
|
|
|
|
Secured
debt (Note 5)
|
(154,090)
|
(154,052)
|
(154,071)
|
|
3.4 per
cent. cumulative preference shares of £1
|
(2,055)
|
(2,055)
|
(2,055)
|
|
2.7
per cent. cumulative preference shares of £1
|
(500)
|
(500)
|
(500)
|
|
|
---------------
|
---------------
|
---------------
|
|
Total non current liabilities
|
(158,195)
|
(157,748)
|
(158,359)
|
|
|
---------------
|
---------------
|
---------------
|
|
Net assets
|
1,642,287
|
1,579,729
|
1,561,665
|
|
|
=========
|
=========
|
=========
|
|
Equity attributable to equity
holders
|
|
|
|
|
Ordinary
share capital (Note 6)
|
50,018
|
50,018
|
50,018
|
|
Share
premium account
|
99,251
|
99,251
|
99,251
|
|
Capital
redemption reserve
|
46,498
|
46,498
|
46,498
|
|
Retained
earnings:
|
|
|
|
|
Other capital reserves
|
1,413,960
|
1,342,626
|
1,330,835
|
|
Revenue reserve
|
32,560
|
41,336
|
35,063
|
|
|
---------------
|
---------------
|
---------------
|
|
Total
equity
|
1,642,287
|
1,579,729
|
1,561,665
|
|
|
=========
|
=========
|
=========
|
|
Net asset value per ordinary
share (Note 7)
|
273.26p
|
242.56p
|
249.57p
|
|
|
=========
|
=========
|
========
|
Page 13 of
19
WITAN INVESTMENT TRUST
PLC
Financial Report for the Half Year ended
30 June 2024
Consolidated Cash Flow Statement
|
|
(Unaudited)
30 June
2024
|
(Unaudited)
30
June
2023
|
(Audited)
31
December 2023
|
|
|
£'000
|
£'000
|
£'000
|
|
|
|
|
|
|
Cash flows from operating
activities
|
|
|
|
|
Dividend
income received
|
22,993
|
21,985
|
40,956
|
|
Interest
received
|
520
|
532
|
1,073
|
|
Other
income received
|
78
|
121
|
162
|
|
Operating
expenses paid
|
(6,294)
|
(7,053)
|
(11,235)
|
|
Taxation on
overseas income
|
(930)
|
(917)
|
(1,490)
|
|
Taxation
recovered
|
225
|
2,806
|
628
|
|
|
-------------
|
-------------
|
-------------
|
|
Net cash inflow from
operating activities
|
16,592
|
17,474
|
30,094
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing
activities
|
|
|
|
|
Purchases
of investments
|
(301,904)
|
(307,804)
|
(538,699)
|
|
Sales of
investments
|
483,498
|
357,718
|
681,035
|
|
Overseas
capital gains tax on sales
|
(461)
|
-
|
(468)
|
|
Capital
gains tax on sales
|
-
|
(120)
|
-
|
|
Settlements
of future contracts
|
-
|
717
|
718
|
|
|
-------------
|
-------------
|
-------------
|
|
Net cash inflow from
investing activities
|
181,133
|
50,511
|
142,586
|
|
|
|
|
|
|
|
|
|
|
|
Cash flow from financing
activities
|
|
|
|
|
Equity
dividends paid
|
(19,630)
|
(20,298)
|
(38,748)
|
|
Buybacks of
ordinary shares
|
(62,196)
|
(65,153)
|
(123,048)
|
|
Interest
paid
|
(4,018)
|
(4,651)
|
(9,694)
|
|
Repayment
of lease liability
|
(34)
|
(67)
|
(76)
|
|
Drawdown of
bank loans
|
20,000
|
85,250
|
149,250
|
|
Repayment
of bank loans
|
(103,000)
|
(77,750)
|
(162,750)
|
|
|
-------------
|
-------------
|
-------------
|
|
Net cash outflow from
financing activities
|
(168,878)
|
(82,669)
|
(185,066)
|
|
|
|
|
|
|
|
|
|
|
|
Increase/(decrease) in cash
and cash equivalents
|
28,847
|
(14,684)
|
(12,386)
|
|
Cash and
cash equivalents at the start of the period
|
22,434
|
36,352
|
36,352
|
|
Effect of
foreign exchange rate changes
|
132
|
(915)
|
(1,532)
|
|
|
-------------
|
-------------
|
-------------
|
|
Cash and cash equivalents at
the end of the period
|
51,413
|
20,753
|
22,434
|
|
|
========
|
========
|
========
|
Page 14 of
19
WITAN INVESTMENT TRUST
PLC
Financial Report for the Half Year ended
30 June 2024
Notes to the Financial
Statements
|
1
|
Basis of
preparation
The condensed financial statements
for the half year ended 30 June 2024 have been prepared on a going
concern basis and in accordance with UK-adopted International
Accounting Standards ('IAS') and with the Statement of Recommended
Practice of Investment Trust Companies and Venture Capital Trusts
(the 'SORP') issued by the Association of Investment Companies (the
'AIC') in July 2022, where the SORP is consistent with the
requirements of IAS.
On 26 June 2024, the Board announced
that heads of terms had been agreed in principle for a proposed
combination of the Company with the assets of Alliance Trust PLC
(the "Proposals"). The Proposals, if approved by each company's
shareholders, will be implemented through a scheme of
reconstruction under which the Company will be placed into
voluntary liquidation and part of its cash, assets and undertaking
will be transferred to Alliance Trust in exchange for the issue of
new ordinary shares in Alliance Witan PLC to shareholders. More
detail can be found in the Chairman's Statement on pages 3 and 7
and in the RNS announcement on 26 June 2024 itself.
As at the date of this report the
intentions of Shareholders are not known. Accordingly, the Board
considers that this represents a material uncertainty when
assessing the prospects of the Company beyond September 2024 when
shareholders are expected to vote on the Proposals.
The Board has considered the
appropriateness of continuing to prepare the financial statements
on a going concern basis given this material uncertainty and has
concluded that, until the intentions of shareholders are known, it
remains appropriate to continue to prepare the financial statements
on a going concern basis. If the directors conclude, in the future,
that it is not appropriate to prepare the financial statements on a
going concern basis of accounting then adjustments would be
required to reclassify all assets as current, and a provision for
further liability, including liquidation costs, would be made. In
the directors' opinion the impact of these adjustments on the
financial statements would not be expected to be
significant.
The directors are satisfied that the
Company has adequate resources to continue in operational existence
for at least 12 months from the date of approval of this document.
In reaching this conclusion, the directors have considered the
liquidity of the Company's portfolio of investments as well as its
cash position, income and expense flows.
Taking the above factors into
consideration, the Board has a reasonable expectation that the
Company has adequate resources to continue in operational existence
and discharge its liabilities as they fall due for a period of at
least 12 months from the date of approval of these financial
statements.
The condensed set of financial
statements for the half year ended 30 June 2024 has been prepared
on the basis of the accounting policies set out in the audited
consolidated financial statements for the year ended 31 December
2023.
These condensed financial statements
have not been audited or reviewed by the Company's
Auditor.
|
|
2
|
Transaction
costs
The gains on investments held at
fair value through profit or loss include purchase transaction
costs of £399,000 (half year ended 30 June 2023: £471,000; year
ended 31 December 2023: £957,000) and sale transaction costs of
£195,000 (half year ended 30 June 2023: £168,000; year ended 31
December 2023: £322,000). The purchase and sale transaction costs
comprise mainly stamp duty and commissions.
|
Page 15 of
19
WITAN INVESTMENT TRUST
PLC
Financial Report for the Half Year ended
30 June 2024
Notes to the Financial Statements continued
|
3
|
Earnings per ordinary
share
The earnings per ordinary share
figure is based on the net profit for the half year of £162,079,000
(half year ended 30 June 2023: profit of £123,221,000; year ended
31 December 2023: profit of £181,484,000) and on 613,046,983
ordinary shares (half year ended 30 June 2023: 665,704,166; year
ended 31 December 2023: 651,467,218) being the weighted average
number of ordinary shares in issue during the period.
The earnings per ordinary share
figure detailed above can be further analysed between revenue and
capital, as below. The Company has no securities in issue that
could dilute the return per ordinary share. Therefore, the basic
and diluted earnings per ordinary share are the same.
|
|
|
|
(Unaudited)
Half year
ended
30 June
2024
£'000
|
(Unaudited)
Half year
ended
30 June
2023
£'000
|
(Audited)
Year
ended
31
December 2023
£'000
|
|
|
Net revenue
profit
|
17,125
|
19,330
|
31,509
|
|
|
Net capital
profit
|
144,954
|
103,891
|
149,975
|
|
|
|
--------------
|
--------------
|
--------------
|
|
|
Net total
profit
|
162,079
|
123,221
|
181,484
|
|
|
|
========
|
========
|
========
|
|
|
|
|
|
|
|
|
Weighted average number of
ordinary shares in issue during the period
|
613,046,983
|
665,704,166
|
651,467,218
|
|
|
|
Pence
|
Pence
|
Pence
|
|
|
Revenue
earnings per ordinary share
|
2.79
|
2.90
|
4.84
|
|
|
Capital
earnings per ordinary share
|
23.64
|
15.61
|
23.02
|
|
|
|
--------------
|
--------------
|
--------------
|
|
|
Total earnings per ordinary
share
|
26.43
|
18.51
|
27.86
|
|
|
|
========
|
========
|
========
|
|
|
|
|
|
|
|
| |
|
4
|
Interim
dividend
The directors have declared a second
interim dividend of 1.75 pence per ordinary share (2023: 1.45
pence), payable on 13 September 2024 to shareholders registered on
23 August 2024. The shares will be quoted ex-dividend on 22 August
2024. A first interim dividend of 1.51 pence (2023: 1.45 pence) was
paid on 7 June 2024.
|
|
5
|
Secured
debt
|
|
|
|
|
(Unaudited)
30 June
2024
£'000
|
(Unaudited)
30 June
2023
£'000
|
(Audited)
31
December 2023
£'000
|
|
|
3.29 per
cent. secured notes due 2035
|
20,909
|
20,901
|
20,905
|
|
|
3.47 per
cent. secured notes due 2045
|
53,700
|
53,687
|
53,693
|
|
|
2.39 per
cent. secured notes due 2051
|
49,705
|
49,695
|
49,700
|
|
|
2.74 per
cent. secured notes due 2054
|
29,776
|
29,769
|
29,773
|
|
|
|
--------------
|
--------------
|
--------------
|
|
|
|
154,090
|
154,052
|
154,071
|
|
|
|
========
|
========
|
========
|
|
|
|
|
|
| |
Page 16 of
19
WITAN INVESTMENT TRUST
PLC
Financial Report for the Half Year ended
30 June 2024
Notes to the Financial Statements continued
|
6
|
Ordinary share
capital
At 30 June 2024 there were
600,990,420 ordinary shares in issue (30 June 2023: 651,268,977; 31
December 2023: 625,750,845) and 399,364,580 shares held in treasury
(30 June 2023: 349,086,023; 31 December 2023: 374,604,155).
During the half year ended 30 June 2024, the Company bought
back 24,760,425 of its own ordinary shares (half year ended 30 June
2023: 28,554,194; year ended 31 December 2023: 54,072,326). The
costs of the share buybacks were £61,829,000 (half year ended 30
June 2023: £65,005,000; year ended 31 December 2023:
£122,880,000).
|
|
|
7
|
Net asset value per ordinary
share
The net asset value per ordinary
share is based on the net assets (valuing prior charges at par)
attributable to the equity shareholders of £1,642,287,000 (30 June
2023: £1,579,729,000; 31 December 2023: £1,561,665,000) and on
600,990,420 (30 June 2023: 651,268,977; 31 December 2023:
625,750,845) ordinary shares, being the number of ordinary shares
in issue at the period end.
|
|
|
8
|
Subsidiary undertaking
The Company has an investment in the
issued ordinary share capital of its wholly owned subsidiary
undertaking, Witan Investment Services Limited, which was
incorporated on 28 October 2004, is registered in England and
Wales, operates in the United Kingdom and is regulated by the
Financial Conduct Authority.
|
|
|
9
|
Financial instruments
|
|
|
Balance Sheet amount versus fair value
At the period end, the carrying
value of financial assets and financial liabilities approximates
their fair value, with the exception of the non current liabilities
as detailed below:
|
|
|
Financial liabilities
measured using effective interest method:
|
Fair
value
£'000
|
Balance
Sheet amount
£'000
|
|
|
Non current
liabilities
|
|
|
|
|
Preference
shares
|
1,300
|
2,555
|
|
|
Secured
notes
|
98,951
|
154,090
|
|
|
|
--------------
|
--------------
|
|
|
|
100,251
|
156,645
|
|
|
|
--------------
|
--------------
|
|
|
Fair value
hierarchy
|
|
|
|
The table above analyses recurring
fair value measurements for financial liabilities. These fair value
measurements are categorised into different levels in the fair
value hierarchy based on the inputs to valuation techniques used.
The different levels are defined as follows:
Level 1 financial liabilities: The
Company's preference shares are actively traded on a recognised
stock exchange. Their fair value has therefore been deemed to be
Level 1.
Level 3 financial liabilities: The
Company's secured notes are not traded on a recognised stock
exchange and so the fair value is calculated by using a discount
rate which reflects the yield on a UK gilt of similar maturity plus
a credit spread of 1.40%. Their fair value has therefore been
deemed to be Level 3.
The table below analyses fair value
measurements for financial assets.
|
|
|
|
|
|
| |
Page 17 of
19
WITAN INVESTMENT TRUST
PLC
Financial Report for the Half Year ended
30 June 2024
Notes to the
Financial Statements continued
|
9
|
Financial instruments (continued)
|
|
|
Financial assets at fair value through profit or loss at 30
June 2024
|
Level 1
£'000
|
Level 2
£'000
|
Level 3
£'000
|
Total
£'000
|
|
|
Investments including
derivatives:
|
|
|
Equity securities designated at fair
value through profit or loss
|
1,647,901
|
-
|
-
|
1,647,901
|
|
|
Investments in other
funds
|
-
|
64,240
|
29,574
|
93,814
|
|
|
|
------------
|
----------
|
---------
|
------------
|
|
|
Total financial assets carried at fair value
|
1,647,901
|
64,240
|
29,574
|
1,741,715
|
|
|
|
=======
|
======
|
=====
|
=======
|
|
|
There have been no transfers between
levels of the fair value hierarchy during the period.
Transfers between levels of fair value hierarchy are deemed to have
occurred at the date of the event or change in circumstances that
caused the transfer.
Categorisation within the hierarchy
has been determined on the basis of the lowest level input that is
significant to the fair value measurement of the relevant asset as
follows:
Level 1: valued using quoted prices
in an active market for identical assets.
Level 2: valued by reference to
valuation techniques using observable inputs other than quoted
prices within Level 1.
Level 3: valued by reference to
valuation techniques using inputs that are not based on observable
market data.
There have been no transfers between
levels of the fair value hierarchy during the period.
|
|
|
Level 2 Financial assets
Level 2 Financial assets refer to
investments in GMO Climate Change Fund (31 December 2023: GMO
Climate Change Fund).
Level 3
A reconciliation of fair value
movements within Level 3 is set out below:
|
|
|
|
Level 3 Investments at fair
value through profit or loss
|
(Unaudited) Half year ended
30
June
2024
£'000
|
(Audited)
Year
ended
31
December
2023
£'000
|
|
|
Opening
balance
|
27,911
|
32,728
|
|
|
Acquisitions
|
-
|
-
|
|
|
Total
gains/(losses) included in the Statement of Comprehensive Income -
on assets held at year end
|
1,663
|
(4,817)
|
|
|
|
--------------
|
--------------
|
|
|
Closing
balance
|
29,574
|
27,911
|
|
|
|
========
|
======
|
|
|
|
|
|
|
| |
The key inputs to unquoted
investments (i.e. the holdings in Unquoted Growth Funds with
Lindenwood and Lansdowne) included within Level 3 are net asset
value statements provided by investee entities, which represent
fair value (2023: same).
Page 18 of
19
WITAN INVESTMENT TRUST
PLC
Financial Report for the Half Year ended
30 June 2024
Notes to the
Financial Statements continued
|
10
|
Segment reporting
|
|
|
As detailed in the Company's Annual
Report for the year ended 31 December 2023, geographical segments
are considered to be the Group's primary reporting segment and
business segments the secondary reporting segment. The Group has
two business segments: (i) its activity as an investment trust,
which is the business of the parent company; and (ii) the provision
of alternative investment fund manager, executive and marketing
management services, which is the business of the subsidiary, Witan
Investment Services Limited, and recorded in the accounts of that
company. The investment trust is managed by reference to a
geographical benchmark, as set out in the Annual Report ; the
geographical allocation of the portfolio, as at 30 June 2024, is
set out on page 2. The schedule on page 4 summarises the assets
under management and investment performance relating to each
investment manager. This information is updated and reviewed
regularly for internal management purposes and is essential for
assessing the structure of the overall portfolio and the
performance of each investment manager.
|
|
|
(Unaudited)
Half year ended 30 June
2024
|
(Unaudited)
Half year
ended 30 June 2023
|
(Audited)
Year
ended 31 December 2023
|
|
|
Invest-ment
trust
£'000
|
Manage-ment
services
£'000
|
Total
£'000
|
Invest-ment
trust
£'000
|
Manage-ment
services
£'000
|
Total
£'000
|
Invest-ment
trust
£'000
|
Manage-ment services
£'000
|
Total
£'000
|
|
External
revenue
|
23,892
|
-
|
23,892
|
25,026
|
-
|
25,026
|
42,474
|
-
|
42,474
|
|
Other
revenue
|
151,091
|
-
|
151,091
|
110,483
|
-
|
110,483
|
163,944
|
-
|
163,944
|
|
Segment
expenses
|
|
|
|
|
|
|
|
|
|
|
-Management expenses
|
(3,504)
|
-
|
(3,504)
|
(3,501)
|
-
|
(3,501)
|
(6,847)
|
-
|
(6,847)
|
|
-Other
expenses
|
(4,106)
|
(249)
|
(4,335)
|
(2,641)
|
(291)
|
(2,932)
|
(4,946)
|
(573)
|
(5,519)
|
|
-Finance
costs
|
(4,046)
|
-
|
(4,046)
|
(4,671)
|
-
|
(4,671)
|
(9,860)
|
-
|
(9,860)
|
|
Segment
profit /(loss) before taxation
|
163,327
|
(249)
|
163,078
|
124,696
|
(291)
|
124,405
|
184,765
|
(573)
|
184,192
|
|
Segment
assets
|
1,640,941
|
1,346
|
1,642,287
|
1,578,512
|
1,217
|
1,579,729
|
1,560,402
|
1,263
|
1,561,665
|
|
11
|
Comparative information
|
|
|
|
The financial information contained
in this half year financial report does not constitute statutory
accounts as defined in section 434 of the Companies Act 2006.
The financial information for the half years ended 30 June 2024 and
30 June 2023 has not been audited or reviewed by the
Auditor.
The figures and financial
information for the year ended 31 December 2023 are extracted from
the latest published audited financial statements of the Company
and do not constitute the statutory accounts for that year. The
audited financial statements for the year ended 31 December 2023
have been filed with the Registrar of Companies. The report of the
independent Auditor on those accounts contained no qualification or
statement under section 498(2) or section 498(3) of the Companies
Act 2006.
|
|
|
|
|
|
|
|
|
|
|
|
| |
Page 19
of 19
WITAN INVESTMENT TRUST
PLC
Financial Report for the Half Year ended
30 June 2024
|
12
|
Potential Transactions with Alliance Trust
PLC
|
|
|
On 26 June 2024, the boards of
Alliance Trust PLC and Witan Investment Trust entered into heads of
terms for the two companies to create Alliance Witan PLC. This
follows a strategic review by the board of Witan of its investment
management arrangements, triggered by the planned retirement of
Andrew Bell, Witan's Chief Executive Officer. It is anticipated
that documentation in connection with the proposals will be posted
to shareholders in early September 2024, with a view to convening
general meetings in September and October 2024 and the transaction
being completed by early October. Costs of £1.7 million relating to
the event have been accrued in the accounts for the period to 30
June 2024.
|
|
Financial report for the half year ended 30 June
2024
A copy of
the financial report for the half year ended 30 June 2024 has been
submitted to the National Storage Mechanism and will shortly be
available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism
and on the Company's website,
www.witan.com.
Printed copies or electronic
notification will be sent to shareholders in August 2024 and will
be available thereafter from the Secretary at the Company's
registered office, 14 Queen Anne's Gate, London SW1H
9AA.
|
-
ENDS
For further
information please contact:
|
Andrew Bell
Chief Executive Officer
Witan Investment Trust
plc
Telephone: 020 7227
9770
|
Isabella Seekings
Director of Marketing
Witan Investment Trust
plc
Telephone: 020 7227 9770
|
Neither the contents of the
Company's website nor the contents of any website accessible from
hyperlinks on the Company's website (or any other website) is
incorporated into, or forms part of, this announcement.
