TIDMINX
RNS Number : 7949Z
i-nexus Global PLC
26 May 2021
26 May 2021
i-nexus Global plc
("i-nexus", the "Company" or the "Group")
Interim Results
i-nexus Global plc (AIM: INX), a leading provider of cloud-based
Strategy Execution software solutions designed for the Global 5000,
today provides its unaudited results for the 6 months ended 31
March 2021.
Financial Highlights
-- Group Revenue GBP2.01m (H1 20 GBP2.27m)
o Recurring revenue GBP1.81m (H1 20 GBP2.03m)
o Services revenue GBP0.20m (H1 20 GBP0.24m)
-- Gross margin increased to 81% (H1 20: 73%)
-- Loss before tax GBP0.43m (H1 20 GBP2.16m)
-- Cash balance at 31 March 2021 GBP0.81m (Cash and cash
equivalents at 30 September 2020: GBP0.12m)
-- Full early repayment of HMRC COVID-19 related deferments
-- Exit Monthly Recurring Revenue ("MRR") of GBP0.29m, impacted
by slower than anticipated growth in new business, some mostly
expected churn and exchange rate movements - offsetting upsell
successes to existing customers
Operational Highlights
-- Successfully secured GBP1.325m funding (net of fees) in the
form of Fixed rate Unsecured Convertible Redeemable Loan Notes in
November 2020
-- Existing account upsells were in line with targets, continuing this positive trend
-- Multiple live trials of new platform underway with potential customers
-- Newly released Gartner Magic Quadrant for Strategic Portfolio
Management highlights the growing importance of Strategy Execution
Management software and confirms the relevance of our offering
-- New business generation continues to be impacted by ongoing
budgetary constraints across enterprises, in response to
COVID-19
Simon Crowther, Chief Executive, of i-nexus Global plc,
commented: "While the economic backdrop continues to present us
with challenges, the quality and visibility of our revenue, breadth
of our customer base and cash position provides us with a secure
base. The publication of the Gartner Magic Quadrant for Strategic
Portfolio Management confirms the relevance of our solution in the
market. We are also encouraged by the number of live customer
trials currently underway. Our strategic focus continues to be on
growing repeatable, incremental sales, while operating within our
financial means. While there will still be challenges ahead, we are
confident about the prospects for our chosen market and our
capability to meet our customers' business needs."
For further information please contact:
i-nexus Global plc Via: Alma PR
Simon Crowther, CEO
Alyson Levett, CFO
N+1 Singer (Nominated Adviser and Broker) Tel: +44 (0)207 496
Sandy Fraser/Iqra Amin (Corporate Finance) 3000
Tom Salvesen (Corporate Broking)
Alma PR Tel: +44 (0) 203 405
Caroline Forde / Robyn Fisher 0205
About i-nexus Global plc
i-nexus Global plc ("i-nexus") provides cloud strategy execution
software to leading global brands aspiring to excel at strategy
execution. The Group's scalable, enterprise grade platform is
deployed within multiple global blue-chip businesses, predominantly
based across the US and Europe.
By digitalising how companies manage the strategic planning
process, from developing robust strategic plans to overseeing their
delivery and measuring results for data-driven decision making,
i-nexus customers achieve breakthrough performance by delivering
more strategic goals at pace.
From transformational initiatives across entire organizations to
business unit-specific programs, i-nexus strategy execution
software is the choice of leaders tasked with aligning people and
results to business-critical goals.
BUSINESS REVIEW
The challenges experienced in the prior financial year continued
into the first half of the year, with new business generation
impacted by continued enterprise budgetary restrictions. However,
our financial planning during the prior year stood us in good stead
and we are protecting our cash resources in line with our plan. As
we enter June, the business is expected to be operating at an
EBITDA break even position with a visible cash runway.
Since the launch of our next generation platform, i-nexus
Workbench, we are encouraged by a higher level of interest from new
prospects. The flexibility and usability of the platform has
enabled us to implement live trials for prospects for the first
time, enabling high levels of engagement where prospects can see
their own data in the system, providing a powerful proof of the ROI
which can be delivered. We currently have live trial
implementations at multiple enterprises across the US, UK and
Europe. We continue to see an uplift in new business enquiries as a
result of our targeted marketing activities but are mindful that
the economic backdrop remains challenging.
As with many software companies, we are an agile business and
well-equipped to facilitate remote working. Our staff continue to
work successfully from home, with no disruption to the Group's
continuity of service and indeed some benefits of the greater ease
of collaboration. We have therefore decided not to renew the lease
on our Coventry HQ. We require a more flexible workspace for the
future as lockdown restrictions lift and resource planning can
become more definitive.
We continue to develop relationships with potential channel
partners, to extend our market reach. Although early days, these
relationships are leading to opportunities for the Group with joint
marketing initiatives being undertaken.
Market opportunity
We continue to believe that the market opportunity for
enterprise level strategy execution software is significant, and
the recent publication of the Gartner Magic Quadrant underlines the
relevance of our offering in Strategy Execution Management. The
cloud and mobile abilities of our products mean they can be used
remotely and our platform has increased relevance at a time when
organisations are having to make significant strategy adjustments,
to course correct for the impacts of COVID-19 on their
businesses.
Outlook
While the economic backdrop continues to present us with
challenges, the quality and visibility of our revenue, breadth of
our customer base and cash position provides us with a secure base.
The publication of the Gartner Magic Quadrant for Strategic
Portfolio Management confirms the relevance of our solution in the
market. We are also encouraged by the number of live customer
trials currently underway. Our strategic focus continues to be on
growing repeatable, incremental sales, while operating within our
financial means. While there will still be challenges ahead, we are
confident about the prospects for our chosen market and our
capability to meet our customers' business needs.
FINANCIAL REVIEW
Reported revenue
Total recognised revenue decreased slightly to GBP2.01m (H1 20:
GBP2.27m). The Group signed one new customer (H1 20: one) under a
recurring contract paid annually in advance.
Revenue from recurring contracted software subscriptions reduced
by 11% to GBP1.81m (H1 20: GBP2.03m), while revenue from associated
professional services was relatively stable at GBP0.20m (H1 20:
GBP0.24m) as both new customer orders and existing client change
orders were lower than expected.
Monthly Recurring Revenue ("MRR") at the period end was
GBP0.292m (FY 20 GBP0.305m). Customer churn continues to pose
operational challenges and has been exacerbated by COVID-19 as
budgets and in some cases, departments running strategy programs,
have been cut.
Gross margin
Gross margin in the year was 81% (H1 20: 73%) after accounting
for commission payable to the Group's business partners. Gross
margin has increased as we have reduced certain annual software
fees in the light of reduced numbers of users and secured
efficiency gains in other areas. Reported gross margin is the
blended gross margin over both recurring software subscriptions and
professional services.
Overheads
Overheads (defined as the aggregate of staff costs and other
operating expenses but excluding those costs included in cost of
sales) reduced in the period by GBP1.81m to GBP1.99m (H1 20:
GBP3.80m) reflecting the full impact of the cost control
initiatives undertaken last year.
The Board monitors performance carefully against our forecasts
and sensitivities are considered. Where these indicate a potential
depletion of the Group's cash resources too rapidly, the management
team reviews discretionary costs incurred by the Group and the
availability of COVID-19 related assistance and takes action as
necessary.
As a result of the cost control initiatives undertaken, the
Group's underlying cost base is running at approximately GBP300k
per month from June 2021, which represents break even at EBITDA
level.
Capitalised development costs amounted to GBP0.20m in the period
(H1 20 GBP0.18m), reflecting the ongoing enhancement in our product
as planned which we expect to see a return to in the future.
The Group's loss before taxation has reduced significantly as a
result of last year's cost control exercise to GBP0.43m (H1 20:
GBP2.16m).
Cash flow
Cash and cash equivalents closed at GBP0.81m (H1 20 GBP0.14m
deficit). This was after early repayment of all the HMRC COVID-19
related deferment of approximately GBP0.45m.
Gross debt at 31 March 2021 was GBP1.59m (H1 20: GBP0.32m) of
which GBP0.16m was payable within one year, the balance being
GBP0.05m BBLS loan and GBP1.38m of convertible debt and accrued
interest.
The Group experienced a net increase in cash and cash
equivalents of GBP0.61m (H1 20 decrease of GBP1.71m).
The Group will continue to apply treasury and foreign currency
exposure management policies to minimise both the cost of finance
and our exposure to foreign currency exchange rate
fluctuations.
i-nexus Global plc
Consolidated Statement of Comprehensive Income
Unaudited Unaudited Six Audited Year
Six months months ended ended 30 September
ended 31 31 March 2020 2020
March 2021
GBP GBP GBP
Revenue 2,013,472 2,272,934 4,080,582
Cost of Sales (383,829) (613,356) (1,094,342)
Gross Profit 1,629,643 1,659,578 2,986,240
Administrative Expenses (1,987,403) (3,795,251) (5,310,671)
Operating Loss (357,760) (2,135,673) (2,324,431)
Finance Income 5 881 1,007
Financing Costs (69,001) (22,410) (54,299)
Loss before tax (426,756) (2,157,202) (2,377,723)
Tax 197,815 124,635 361,490
Loss for the period/year (228,941) (2,032,567) (2,016,233)
Other comprehensive
income
Exchange differences
arising on translation
of foreign operations 86,309 41,367 8,068
Loss on net investment
hedge - - (26,307)
Total comprehensive
income for the period/year (142,632) (1,991,200) (2,034,472)
GBP GBP GBP
Basic and diluted loss
per share (0.01) (0.07) (0.07)
Adjusted EBITDA (134,775) (2,063,933) (1,816,412)
Depreciation and profit/loss
on disposal (137,646) (71,740) (331,924)
Non-underlying items (85,339) - (176,095)
Operating Loss (357,760) (2,135,673) (2,324,431)
------------------------------ ------------ --------------- --------------------
Consolidated Statement of Financial Position
Unaudited Unaudited Audited
As at 30
As at 31 March As at 31 March September
2021 2020 2020
GBP GBP GBP
Assets
Non-current assets
Intangible assets 1,321,613 796,771 1,136,808
Property plant and equipment 108,647 284,333 245,963
Total non-current assets 1,430,260 1,081,104 1,382,771
Current assets
Trade and other receivables 1,107,449 1,935,612 832,507
Current tax receivable 75,000 63,145 300,000
Cash and cash equivalents 811,768 - 120,011
Total current assets 1,994,217 1,998,757 1,252,518
Total assets 3,424,477 3,079,861 2,635,289
Current liabilities
Cash and cash equivalents - 135,821 -
Borrowings 156,513 159,730 179,098
Lease liability - - 37,467
Trade and other payables 628,558 895,214 1,239,609
Deferred income 1,998,387 2,292,313 1,723,661
Total current liabilities 2,783,458 3,483,078 3,179,835
Non-current liabilities
Borrowings 1,430,208 165,176 64,402
Provisions 30,000 80,702 80,702
Total non-current liabilities 1,460,208 245,878 145,104
Total liabilities 4,243,666 3,593,135 3,324,939
------------------------------- --------------- --------------- -------------
Net liabilities (819,189) (649,095) (689,650)
------------------------------- --------------- --------------- -------------
Equity
Share capital 2,957,161 2,957,161 2,957,161
Share premium 7,256,188 7,256,188 7,256,188
Capital redemption reserve - - -
Share based payment reserve 13,093 - -
Foreign exchange reserve 70,839 17,829 (15,470)
Merger reserve 10,653,881 10,653,881 10,653,881
Accumulated losses (21,770,351) (21,534,154) (21,541,410)
Total Equity (819,189) (649,095) (689,650)
------------------------------- --------------- --------------- -------------
Consolidated Statement of Cash Flow
Unaudited Unaudited Audited
As at 31 As at 30
As at 31 March March September
2021 2020 2020
GBP GBP GBP
Cash flows from operating activities
Loss after taxation (228,941) (2,032,566) (2,002,316)
Tax expense (197,815) (124,635) (361,485)
Loss before taxation (426,756) (2,157,202) (2,377,723)
Adjustments for non-cash/non-operating
items
Depreciation and profit on disposal 137,646 71,740 331,924
Amortisation & impairment of intangible 16,520 - -
Share based payment 13,093 - -
Finance income (5) (881) (1,007)
Finance charges 69,001 22,410 54,299
(190,501) (2,063,933) (1,992,507)
Changes in working capital:
(Increase)/Decrease in trade and
other receivables (274,942) (180,464) 690,536
(Increase/Decrease) in provisions (50,702) - -
(Increase/Decrease) in trade and
other payables (336,324) 704,208 489,077
Taxation 422,815 124,635 361,490
Net cash from operating activities (429,654) (1,415,554) (451,404)
Cash flows from investing activities
Purchase of property, plant and
equipment (330) (16,942) (39,744)
Purchase of development costs (201,325) (178,162) (628,210)
Interest received 5 881 1,007
Net cashflow from investing activities (201,650) (194,223) (666,947)
Cash flows from financing activities
Principle elements of lease costs (37,467) - (89,000)
Funds raised
Proceeds from borrowings 1,375,000 - -
Repayment of borrowings (86,988) (78,324) (159,730)
Interest paid (13,793) (22,410) (54,299)
Net cash flow from financing activities 1,236,752 (100,734) (303,029)
Net increase in cash and cash equivalents 605,448 (1,710,511) (1,421,380)
Cash and cash equivalents beginning
of the period 120,011 1,533,323 1,533,323
Effect of foreign exchange rate
changes 86,309 41,367 8,068
Cash and cash equivalents at the
end of the period 811,768 (135,821) 120,011
Consolidated Statement of Changes in Equity
Capital Share Based Foreign
Issued Share Redemption Payment exchange Merger Accumulated Total
Capital Premium Reserve Reserve reserve reserve losses Equity
GBP GBP GBP GBP GBP GBP GBP GBP
HY
FY2020 Unaudited
As at 1 October 2019 2,957,161 7,256,188 - - (23,538) 10,653,881 (19,501,587) 1,342,105
Loss for period - - - - - - (2,032,567) (2,032,567)
Other comprehensive
income
for the period - - - - 41,367 - - 41,367
Share based - - - - - - -
payment -
As at 31 March 2020 2,957,161 7,256,188 - - 17,829 10,653,881 (21,534,154) (649,095)
------------------------ ---------------------- ---------------------- ------------------------ ------------------------------- -------------------------- -------------------------- ------------------------------- ------------------------------
FY2020 Audited
As at 1 October 2019 2,957,161 7,256,188 - - (23,538) 10,653,881 (19,501,587) 1,342,105
Loss for period - - - - - - (2,016,233) (2,016,233)
Loss on investment
hedge - - - - - - (26,307) (26,307)
Transition to IFRS 16 - - - - - - 2,717 2,717
Exchange differences on
foreign
operations - - - - 8,068 - - 8,068
As at 30 September 2020 2,957,161 7,256,188 - - (15,470) 10,653,881 (21,541,410) (689,650)
------------------------ ---------------------- ---------------------- ------------------------ ------------------------------- -------------------------- -------------------------- ------------------------------- ------------------------------
HY
FY2021 Unaudited
As at 1 October 2020 2,957,161 7,256,188 - - (15,470) 10,653,881 (21,541,410) (689,650)
Loss for period - - - - - - (228,941) (228,941)
Exchange differences on
foreign
operations - - - - 86,309 - - 86,309
Share based payment - - - 13,093 - - - 13,093
As at 30 March 2021 2,957,161 7,256,188 - 13,093 70,839 10,653,881 (21,770,351) (819,189)
------------------------ ---------------------- ---------------------- ------------------------ ------------------------------- -------------------------- -------------------------- ------------------------------- ------------------------------
Notes to the consolidated interim report
For the six months ended 31 March 2021
1. General information
i-nexus Global plc (the "Company") is a public limited company
domiciled in the UK and incorporated in England and Wales
(registered number 11321642) and its registered office is George
House, Herald Avenue, Coventry Business Park, Coventry CV5 6UB.
The principal activity of i-nexus Global plc ("the Company") and
its subsidiary company i-solutions Global Limited (together
"i-nexus Global" or "the Group") is the development and sale of
Enterprise Cloud based software and associated professional
Consultancy services.
The interim condensed consolidated financial statements were
approved for issue on 26 May 2021.
2. Basis of preparation
This unaudited interim condensed consolidated financial
information has been prepared under the historical cost convention
and in accordance with AIM Rules for Companies. The interim
condensed consolidated financial information has been prepared on a
going concern basis and is presented in Sterling to the nearest
GBP1.
In line with guidance and the ongoing impact of the COVID-19
Pandemic management continues to assess forecasts to determine the
going concern basis.
Forecasts are adjusted for reasonable sensitivities that address
the principal risks and uncertainties to which the Group is
exposed, thus creating a number of different scenarios for the
Board to challenge. The Board has derived a cost mitigation plan
for the scenarios modelled as part of the going concern review. On
the basis of this analysis, the Board has concluded that there is a
reasonable expectation that the Group will have adequate resources
to continue in operational existence for the foreseeable future
being a period of at least twelve months from the balance sheet
date.
The accounting policies used in the preparation of the interim
condensed consolidated financial information are consistent with
those set out in the 2020 Annual Report and Accounts. The Group
will continue to review its accounting policies in the light of
emerging industry consensus on the practical application of
IFRS.
The preparation of financial information in conformity with IFRS
requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities at the date of the
financial information and the reported amounts of revenues and
expenses during the reporting period. Although these estimates are
based on management's best knowledge of the events or actions
involved, actual outturns ultimately may differ from those
estimates. The interim information does not include all financial
risk management information and disclosures required in annual
financial statements; the information should be read in conjunction
with the financial information, as at 30 September 2020, summarised
in the 2020 Annual Report and Accounts. Section 6 below summarises
the most relevant of these.
The interim condensed consolidated financial information for the
six months ended 31 March 2021 and for the six months ended 31
March 2020 do not constitute statutory accounts as defined in
Section 434 of the Companies Act 2006 and are unaudited. The
financial information for the six months ended 31 March 2021
presents financial information for the consolidated group,
including the financial results of the Company's wholly owned
subsidiary, i-solutions Global Limited. Comparative figures in the
Interim Report for the year ending 30 September 2020 have been
taken from the Group's audited financial statements on which the
Group's auditors, Saffery Champness LLP, expressed an unqualified
opinion.
3. Segmental reporting
The Directors consider that there is one identifiable business
segment that is engaged in providing individual products or
services or a group of related products and services that comprise
the core business.
All of the Group's assets and operations are located in the UK
and the USA.
4. Loss per share
The calculation of basic and diluted loss per share for the six
months to 31 March 2021 was based upon the loss attributable to
ordinary shareholders of GBP228,941 (six months to 31 March 2020:
GBP2,032,567, year ended 30 September 2020: GBP2,016,233) and a
weighted average number of ordinary shares in issue of 29,571,610
(six months to 31 March 2020: 29,571,610, year ended 30 September
2020: 29,571,610), calculated as follows:
Weighted average number of ordinary shares
Six months Six months Year
ended ended ended
31 March 31 March 30 September
2021 2020 2020
-------------
Loss for the period
attributable to
equity holders
of the Company (228,941) (2,032,567) (2,016,233)
------------------------ ----------- ------------ -------------
Issued ordinary
shares at start
of period/year 29,571,610 29,571,610 29,571,610
Weighted average
number of shares
at end of period/year 29,571,610 29,571,610 29,571,610
------------------------ ----------- ------------ -------------
Loss per share 0.01 0.07 0.07
------------------------ ----------- ------------ -------------
5. Availability of Interim Report
Electronic copies of this Interim Report will be available on
the Group's website at www.i-nexus.com.
6. Principle risks and uncertainties
Although the directors seek to minimise the impact of risk
factors, the Group is subject to a number of such factors. Those
most relevant to our performance in H2 are as follows:
Working capital
Whilst the Directors believe that the injection of funds, from
the convertible bond issue on 4th November 2020, has provided
exibility to satisfy the Group's near-term funding requirements,
there can be no guarantee as to the Group's longer term working
capital requirements and, therefore, the Group may need to seek
additional capital over and above that raised from the issue of the
Convertible Loan Notes. No assurance can be given as to the
availability of such additional capital at any future time or, the
terms upon which such additional capital would be available.
The Group's continuing viability in the longer term remains
dependent on its ability to secure new sales to existing and
potential customers. Given the nature of the COVID-19 Pandemic, it
is not possible to know the potential impact of the ongoing crisis
on the activities of the Group for the remainder of the nancial
year and beyond and, in particular, it is possible that as a direct
or indirect result the Group will continue to experience a slower
and/or lower sales conversion rate than the Directors have modelled
within their central case nancial projections. This could in turn
have a material adverse e ect on the Group's business, results of
operations, nancial condition and prospects.
Covid 19 impact
The COVID-19 Pandemic has a ected the performance of the
business of the Group. As at the date of this document, given the
nature of the crisis, the Group is not aware of the full extent of
the e ects of the COVID-19 Pandemic for the remainder of the
nancial year or beyond.
Whilst the Group continues to monitor the situation on a regular
basis and may be able to introduce further cost saving measures if
needed, it is possible that in the longer term the COVID-19
Pandemic will have a material adverse e ect on the Group's
business, results of operations, nancial condition and prospects.
Also, there is no assurance that the implementation of the Group's
strategic and operational changes introduced to date will be
successful under current or future market conditions. Furthermore,
if there were to be further outbreaks of the COVID-19 Pandemic
either globally or in the Group's markets this could materially
adversely a ect the Group's business, results, nancial condition
and prospects.
Customer churn
The Group has experienced falling revenues in relation to
certain customers in the past and in H1. The reasons for this are
varied and our historical ability to invest in our customers was
limited. While our investment in customer retention activities is
seeing benefits, customer churn is still a risk for the Group and
could affect the Group's trading and financial position and
prospects.
Implementation of Growth Strategy
Failure to successfully implement its growth strategies. The
Board recognises that executing the Group's strategy may be di cult
to implement/achieve and may not be as successful as planned.
Pressure on management, limitations on operational and nancial
resources, the potential insu ciency of demand for the Group's
products and a slower than anticipated market acceptance of the
Group's products could lead to failure to successfully implement
its strategies and so adversely a ect the Group's reputation,
prospects, results of operations, and its nancial condition.
Digitalising Strategy Execution
Failure of the market to accept the need/urgency to digitalise
their Strategy Execution. A large proportion of the Group's target
market continues to use traditional methods and in-house developed
systems to assist in their SE. The Board believes the market needs
further education in the bene ts of digitalising SE. Potential
customers may prefer to "do nothing" and be unnecessarily cautious
about investing in the Group's software. Failure by the Group to
adequately explain the value proposition to increase the market's
readiness to accept the technology will lead to slower than
projected growth.
Account Proliferation
Failure of our existing accounts to grow, resulting from
dissatisfaction with the product and/or deployment issues. An
important aspect of the Group's growth strategy is to proliferate
sales of its i-nexus software with existing customers as a result
of the natural evolution of the software use over time. Although
the Group has a number of examples where this has occurred in the
past, this is no guarantee that it will continue to happen at the
increasing rate predicted. Any failure of this anticipated account
proliferation to happen will a ect the Group's future success and
adversely a ect its business, prospects and results of operations
and nancial position.
7. Forward-looking statements
This announcement may include certain forward-looking
statements, beliefs or opinions, including statements with respect
to the Group's business, financial condition and results of
operations. These forward-looking statements can be identified by
the use of forward-looking terminology, including the terms
"believes", "estimates", "plans", "anticipates", "targets", "aims",
"continues", "expects", "intends", "hopes", "may", "will", "would",
"could" or "should" or, in each case, their negative or other
various or comparable terminology. These statements are made by the
Directors in good faith based on the information available to them
at the date of this announcement and reflect the Directors' beliefs
and expectations. By their nature these statements involve risk and
uncertainty because they relate to events and depend on
circumstances that may or may not occur in the future. A number of
factors could cause actual results and developments to differ
materially from those expressed or implied by the forward-looking
statements, including, without limitation, developments in the
global economy, changes in government policies, spending and
procurement methodologies, and failure in health, safety or
environmental policies. No representation or warranty is made that
any of these statements or forecasts will come to pass or that any
forecast results will be achieved. Forward-looking statements speak
only as at the date of this announcement and the Group and its
advisers expressly disclaim any obligations or undertaking to
release any update of, or revisions to, any forward-looking
statements in this announcement. No statement in the announcement
is intended to be, or intended to be construed as, a profit
forecast or to be interpreted to mean that earnings per share for
the current or future financial years will necessarily match or
exceed the historical earnings. As a result, you are cautioned not
to place any undue reliance on such forward-looking statements.
8. Statement of Directors' Responsibilities
The Directors confirm to the best of their knowledge that:
i) The condensed interim financial information has been prepared
in accordance with IAS 34 as adopted by the European Union; and
ii) The interim management report includes a fair review of the
information required by the FCA's Disclosure and Transparency Rules
(4.2.7 R and 4.2.8 R).
Financial statements are published on the Group's website in
accordance with legislation in the United Kingdom governing the
preparation and dissemination of financial statements, which may
vary from legislation in other jurisdictions. The maintenance and
integrity of the Group's website is the responsibility of the
Directors. The Directors' responsibility also extends to the
ongoing integrity of the financial statements contained
therein.
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END
IR SEFFWIEFSESI
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