RNS Number:9387L
Applied Optical Technologies PLC
05 June 2003
5th June 2003
Applied Optical Technologies plc
("Applied Optical Technologies" or "the Group")
Preliminary Announcement of Results For The Year Ended 31st March 2003
Applied Optical Technologies plc, the supplier of anti-counterfeiting
technologies and services, and premium packaging for brand enhancement and
protection, announces its results for the year ended 31st March 2003.
Highlights
2003 2002
Group turnover #27.2m #30.6m
Adjusted operating (loss)/profit* #(0.4m) #0.4m
Adjusted loss per share* (1.1)p (1.0)p
*before goodwill, exceptional items and amounts written off
investments
* continued growth in America despite difficult economic conditions
* benefits of significant operational improvements in Europe offset by
downturn in sales
* strong balance sheet with cash at bank and in hand of #2.7 million
* results impacted by exceptional items
David Mahony, Chairman, said:
"Whilst the American operations have been successful in securing major new
business and are confident of their ability to take advantage of the enlarged
capacity now available, continued success is dependent, in part, on continued
recovery in the markets they serve. It is anticipated that 3DCD will have a
stronger year than last year, both from sales to its existing customer and
potential new customers.
In Europe there are a number of significant contracts being pursued. While there
is optimism that significant business will be realised, there is no certainty as
to these projects being carried through and the business being awarded to the
Group.
A review is currently being undertaken of the options open to the Board to
ensure a return to profitability and a recovery in the valuation placed by the
market on the Group. The results of this study will be considered and
appropriate actions determined no later than the end of the current calendar
year."
- Ends -
For further information, please contact:
Applied Optical Technologies plc 0191 419 3344
Mark Turnage, Chief Executive(mturnage@AOTgroup.com)
Mike Angus, Finance Director (mangus@AOTgroup.co.uk)
Weber Shandwick Square Mile 020 7067 0700
Nick Oborne/ Sally Lewis
5th June 2003
Applied Optical Technologies plc
("Applied Optical Technologies" or "the Group")
Preliminary Announcement of Results For The Year Ended 31st March 2003
Chairman's Statement
Introduction
After a strong start to the year conditions in a number of our markets
deteriorated during the summer and remained generally weak. Whilst our American
operations saw some recovery and achieved growth in sales volumes for the year,
conditions for our European operations remained difficult. The relatively poor
penetration of the banknote market coupled with the depressed state of other
markets gave rise to a situation whereby we were unable to replace business in
those areas- toll metallising, brand enhancement and third party fiscal stamp
sales - from which we had either withdrawn or had anticipated reduced sales
levels.
Action was taken to contain the cost base of the Group generally and further
operational improvements were achieved within the European facilities. A major
relocation and extension to the production capacity of the American Advantage
plant was successfully undertaken during the year.
Results
Turnover in the year to 31st March 2003 declined from #30.6 million to #27.2
million but the operational improvements and reduction in the Group's cost base
enabled gross margins to be improved. The adjusted operating loss for the year
was #0.4 million (2002: adjusted operating profit of #0.4 million).
The contribution from joint ventures in the year was, as anticipated,
substantially lower at #0.2 million (2002: #1.1 million). The profitability of
3DCD, the largest element of our joint ventures, is closely tied to the pattern
of its customer's product introductions and this was significantly lower than
the prior year.
As disclosed at the half year, the results include a #16.0 million provision for
the impairment of the goodwill arising on the acquisition of OpSec. Further
details of this and other exceptional items are given in the Operating and
Financial Review.
Management
Rick Salomone, President of our American operations, has agreed to join the
Board with effect from 14th August 2003.
A number of appointments have been made to strengthen our sales activity; the
most significant of these being the recruitment of Ricardo Bambach as Senior
Vice-president of Sales and Marketing in America and the appointment of Andrew
Mills as European Sales Director.
Future Outlook
Whilst the American operations have been successful in securing major new
business and are confident of their ability to take advantage of the enlarged
capacity now available, continued success is dependent, in part, on continued
recovery in the markets they serve. It is anticipated that 3DCD will have a
stronger year than last year, both from sales to its existing customer and
potential new customers.
In Europe there are a number of significant contracts being pursued. While there
is optimism that significant business will be realised, there is no certainty as
to these projects being carried through and the business being awarded to the
Group.
A review is currently being undertaken of the options open to the Board to
ensure a return to profitability and a recovery in the valuation placed by the
market on the Group. The results of this study will be considered and
appropriate actions determined no later than the end of the current calendar
year.
DA Mahony
Chairman
5th June 2003
OPERATING AND FINANCIAL REVIEW
Review of Operations
During the year good progress was made in implementing manufacturing and
technical improvements in the Group's European operations. The benefits of these
improvements were, however, more than offset by lower sales levels - the result
of market conditions in Europe, the failure to gain new business to replace
turnover lost with the exit from several non-core businesses and to secure
significant banknote business. In addition, the Group experienced a reduced
contribution from its joint venture 3DCD. The highlight of the Group's results
was the growth in profitability of its American operations, although this
improvement was disguised in part by the strengthening of sterling against the
dollar.
The year to 31st March 2003 saw Group turnover fall by 11% to #27.2 million
(2002: #30.6 million) and an adjusted operating loss of #0.4 million compared to
an operating profit of #0.4 million in the previous year. These figures were
both impacted materially by a 9% deterioration in the average dollar exchange
rate for the year. After adjusting for the amortisation and impairment of
goodwill of #17.7 million (2002: #2.3 million) and exceptional costs of #1.3
million (2002: #0.9 million) the Group made an operating loss of #19.3 million
(2002: #2.8 million). The loss before taxation amounted to #19.4 million (2002:
#8.3 million).
The Group has continued to restructure its operations. The Lancaster,
Pennsylvania facitlity has been relocated to a new, larger factory, the
headcount in Europe has seen further reductions and a consultancy has been
working with the European management team to improve the efficiency of the sales
organisation. The total cost of this restructuring has been #0.7 million. The
failure to secure significant banknote business led to the reassessment of the
valuation of a debtor receivable from the Group's ATG partner, TGSP, and an
impairment provision of #0.7 million has been made. The Group made a profit of
#0.1 million on the disposal of its redundant metallising equipment.
As announced at the half year, in liaison with the Group's new brokers, Brewin
Dolphin, and new auditors, KPMG Audit Plc, we carried out a full impairment
review of the goodwill on the balance sheet relating to the acquisition of
OpSec. In light of the changed economic environment for the American operations
we prudently decided to make a provision for impairment of #16.0 million. This
provision is a non-cash item. The Board now intends to initiate a balance sheet
restructuring which , subject to meeting the necessary statutory requirements,
will eliminate the existing deficit on distributable reserves.
Management
During the year the Group further strengthened its management team. In America
Ricardo Bambach joined as Senior Vice President of Sales and Marketing. Mr.
Bambach has significant industry experience, most recently with Unisys
Corporation and 3M. In Europe, Andrew Mills joined as Sales Director. Mr. Mills
also has significant industry expertise, most recently at De La Rue. Both
appointments were specifically aimed at improving the Group's strength in sales
and marketing. New sales and marketing executives were appointed in America and
Europe, and a new sales executive, based in China, has been recruited.
Review of Sales Activities
The Group competes in discrete market segments under four brands-AOT Banknote
and High Security Documents, OpSec Brand Protection, Advantage ID Technologies,
and Applied Product Enhancement.
- AOT Banknote and High Security Documents
Results in this market area were very disappointing, with turnover down 36% to
#4.4 million from #6.8 million in the prior year. While the Group was able to
deliver against a large euro foil order during the year, and continued its
supply of other non-euro currency protection foils, the overall scale of the
business was not at the level we expected. This was partly attributable to the
impact of adverse market conditions on government customers.
In the non-banknote sector, the Group witnessed an expected reduction in its
subcontract tax stamp business where it supplied a competitor in the industry.
This decline was due in large part to the Group's increased success against this
competitor in other market sectors.
In America a slowdown in orders for the temporary license product by state
governments experiencing budget deficits resulted in lower sales. A major
success during the year was the introduction of a new product line for secure
window decals. This resulted in a major order from the State of Pennsylvania and
the Group is actively marketing this new product to other potential customers.
- OpSec Brand Protection
The Group saw growth in turnover in this segment of 8% from #9.8 million to
#10.6 million, reflecting its strong position in this market and demonstrating
its ability to make progress even during difficult economic times. During the
year, the Group completed its security authentication programme to FIFA for the
World Cup, and was awarded several contracts in the pharmaceutical, apparel, and
licensed merchandise areas. In addition, large scale shipment of product for
protection of the Athens Olympic Games merchandise began.
The Group continues to invest in products and services in the area of brand
protection, and remains very well positioned in this market.
- Advantage ID
Turnover in the current year was down 4% from #9.2 million to #8.9 million, due
to slower ID sales in Europe and the movement in the dollar rate. New contracts
were received during the year from several governments, including major
contracts for passport security from three Latin American governments.
The relocation to a new and larger facility in Lancaster, Pennsylvania was
completed during the year, as was construction of a new Advantage manufacturing
line. The net effect of these measures was substantially to increase capacity.
The Group offers one of the broadest ranges of ID document security products in
the industry, a position it will seek to maintain through continued technical
development of its product range.
- Applied Product Enhancement
While it was anticipated that turnover in this segment would decline, the 34%
reduction was in excess of expectations. The Group continues to supply major
customers including Colgate and Aquafresh and will continue to sell into this
market when it believes it has a sustainable competitive advantage.
American Operations
Turnover in our American operations declined by 4% from #17.3 million to #16.6
million but adjusted operating profit increased by 15% from #1.6 million to #1.8
million. On a dollar basis turnover was actually 4% higher and the increase in
adjusted operating profit was 39%.
The increase in profitability is a reflection of increased productivity in
underlying operations, cost controls put in place over the year, improvements in
the quality of sales and the return from the increased investment in sales and
marketing made during the prior year.
During the year Rick Salomone assumed responsibility for all American operations
and reorganised the management team. The relocation of the Lancaster facility
and construction of the new Advantage manufacturing line was completed and
commissioning of the new line is well underway, although at a slower rate than
previously anticipated. During the year the final elements of the Bridgestone
litigation were settled without material adverse impact to the Group.
The Group believes that its operations occupy a uniquely strong position in the
American market, and that this position has been strengthened by the changes to
the management team and the investments made in the manufacturing facilities.
European Operations
For the reasons highlighted earlier in this statement and in the Chairman's
statement, turnover in the European operations was 21% lower at #12.1 million
(2002: #15.4 million). Adjusted operating loss rose from #2.3 million to #2.5
million.
Restructuring of the European operations resulted in significant improvements in
product quality, delivery timing, and overall customer service. However,
turnover failed to reach the level expected, in part due to the continued
downturn in economic conditions. Turnover was impacted by the Group's exit from
the toll metallising business, a failure to secure the anticipated level of
banknote business, and the budgeted loss of tax stamp business supplied through
a competitor.
In conjunction with the operational improvements, the Group strengthened its
sales and marketing capabilities. Andrew Mills has been recruited as the new
European Sales Director, and several new sales executives were appointed. A
sales consultancy has been retained and is assisting the Group with its sales
and marketing efforts.
Research and Development
The Group continues to invest in research and development. Its optical
development efforts are focused on improving the integration of key imaging
capabilities into a unified platform, to ensure the preservation of the Group's
leading position in the industry. During the year the Group also signed a
license agreement with Rolic Technologies Ltd, a Swiss research and development
company, further to develop and enhance its colour-shifting products.
In films and adhesives, the Group's improvement of the quality of its foils
allowed it to deliver orders of both currency and non-currency foils and has
placed it in a strong position to secure further business. In addition, the
Group delivered its new secure window decals utilising its proprietary in-house
technology for replication of optically variable devices on paper substrates.
The commercialisation of a new generation of optically variable security devices
incorporating multiple colours is in the final stages.
Joint Ventures
As anticipated, the Group saw a decreased contribution from its 50% share of
3DCD from #1.4 million to #0.4 million primarily reflecting lower equipment
sales than in prior years. The technology continues to be a success, with new
variations introduced into the market during the year. The joint venture is
looking actively to expand the use of the technology into the protection of DVDs
against counterfeiting.
The Group's share of the losses of ATG for the year amounted to #0.2 million
(2002: #0.3 million). During the year, the Group announced the acquisition of
the remaining 50% of ATG allowing a greater degree of operational flexibility.
As part of the deal the Group waived a net debt of #0.5 million in return for
sole control of the joint venture and a reduction in the ongoing royalty stream.
Taxation
#107,000 of the #112,000 tax charge in the year ended 31st March 2003 relates to
overseas taxation in respect of income which cannot be fully relieved by brought
forward trading losses. The remainder of the charges relates to deferred
taxation.
Earnings Per Share
The basic and fully diluted loss per share for the year was 38.7 pence (2002:
18.3 pence).
On an adjusted basis (removing the effect of goodwill, exceptional items and
amounts written off investments) the loss per share was 1.1 pence (2002: 1.0
pence) on a non-diluted basis and on a fully diluted basis.
Cash Flow and Financing
The Group continues to be strongly cash generative with a net cash inflow from
operating activities for the year of #0.7 million (2002: #1.4 million).
As at 31st March 2003, the Group had cash at bank and in hand of #2.7 million
(2002: #4.2 million) and net funds of #2.3 million (2002: #3.3 million).
Treasury
Whilst a substantial proportion of the Group's revenue and profit is earned
outside the UK, subsidiaries generally only trade in their own currency. The
Group is therefore not subject to any significant foreign exchange transaction
exposure. The Group's principal exposure to foreign currency lies in the
translation of overseas profits into sterling. This exposure is hedged to the
extent that these profits are offset by interest charges arising from borrowings
in the same currencies.
Capital Expenditure
Capital expenditure in the year was #2.5 million (2002: #1.6 million).
The principal capital expenditure in the year was the cost of relocating the
Lancaster facility and the completion of a second Advantage line.
The Group's main capital commitments relate to various minor upgrades to
manufacturing equipment and improvements to the Group's optical imaging and
colour-shifting technologies.
Shareholders' Funds
Shareholders' funds decreased during the year from #54.2 million to #30.7
million. These represent a net asset value of 58 pence per share (2002: 102
pence per share).
M Turnage
Chief Executive
5th June 2003
Applied Optical Technologies plc
Consolidated Profit and Loss Account
For the year ended 31st March 2003
2003 2002
#'000 #'000
Turnover; Group and share of joint ventures 28,594 32,979
Less; share of joint ventures' turnover (1,434) (2,365)
----------- ----------
Group turnover 27,160 30,614
Cost of sales (17,660) (20,875)
----------- ----------
Gross profit 9,500 9,739
Goodwill impairment (15,991) -
Exceptional items (1,275) (895)
Goodwill amortisation (1,675) (2,270)
Other operating expenses (10,114) (10,420)
Net operating expenses (29,055) (13,585)
----------- ----------
Group operating loss (19,555) (3,846)
Share of operating profit of joint ventures 207 1,065
----------- ----------
Operating loss (19,348) (2,781)
Interest receivable and similar income 93 138
Amounts written off investments (5) (5,528)
Interest payable and similar charges (114) (126)
----------- ----------
Loss before taxation (19,374) (8,297)
Taxation (112) (913)
----------- ----------
Retained loss for the financial year (19,486) (9,210)
=========== ==========
Basic loss per share (38.7)p (18.3)p
=========== ==========
Diluted loss per share (38.7)p (18.3)p
=========== ==========
Adjusted basic loss per share (1.1)p (1.0)p
=========== ==========
Adjusted diluted loss per share (1.1)p (1.0)p
=========== ==========
All results above relate to continuing operations
Applied Optical Technologies plc
Consolidated Balance Sheet
As at 31st March 2003
2003 2002
#'000 #'000
Fixed assets
Intangible assets 8,869 28,773
Tangible assets 12,413 12,611
Investments
Investments in joint ventures
Share of gross assets 692 1,175
Share of gross liabilities (299) (175)
----------- -----------
393 1,000
----------- -----------
Investments in own shares 1,674 1,736
Other investments 28 33
----------- -----------
23,377 44,153
----------- -----------
Current assets
Stocks 2,554 2,839
Debtors
- amounts falling due within one year 5,964 6,530
- amounts falling due after more than one year 2,218 5,641
----------- -----------
8,182 12,171
----------- -----------
Cash at bank and in hand 2,747 4,232
----------- -----------
13,483 19,242
----------- -----------
----------- -----------
Creditors: Amounts falling due within one year (6,002) (7,598)
----------- -----------
----------- -----------
Net current assets 7,481 11,644
----------- -----------
Total assets less current liabilities 30,858 55,797
Creditors: Amounts falling due after more than one year (117) (541)
Provisions for liabilities and charges - (1,057)
----------- -----------
Net assets 30,741 54,199
=========== ===========
Capital and reserves
Called up equity share capital 2,669 2,669
Share premium account 70,402 70,402
Profit and loss account (42,330) (18,872)
----------- -----------
Equity shareholders' funds 30,741 54,199
=========== ===========
Applied Optical Technologies plc
Consolidated Cash Flow Statement
For the year ended 31st March 2003
2003 2003 2002 2002
#'000 #'000 #'000 #'000
Cash inflow from operating activities 670 1,435
Dividends received from joint venture 972 2,101
Returns on investments and servicing of finance 73 78
Taxation (114) (139)
Capital expenditure and financial investment (2,374) (1,480)
Acquisitions and disposals - (396)
---------- --------
Cash (outflow)/inflow before
management of liquid resources and financing (773) 1,599
Management of liquid resources - 952
Financing
Issue of shares - 2
Decrease in debt (491) (645)
--------- --------
Net cash outflow from financing (491) (643)
---------- --------
(Decrease)/Increase in cash in the year (1,264) 1,908
========== ========
--------------------------------------------------------------------------------
Reconciliation of net cash flow to
movement in net funds
(Decrease)/Increase in cash in the year (1,264) 1,908
Movement in short term deposits - (952)
Cash outflow from decrease in debt
and lease financing 491 645
---------- --------
Change in net funds resulting from cash flows (773) 1,601
Foreign exchange movements (291) (19)
---------- --------
Movement in net funds in year (1,064) 1,582
Net funds at 1st April 2002 3,331 1,749
---------- --------
Net funds at 31st March 2003 2,267 3,331
========== ========
Applied Optical Technologies plc
Statement of Group Total Recognised Gains and Losses
For the year ended 31st March 2003
2003 2002
#'000 #'000
Loss for the financial year attributable to
shareholders (19,486) (9,210)
Translation of net foreign currency investments (3,910) (63)
----------- ----------
Total gains and losses relating to the year (23,396) (9,273)
=========== ==========
Reconciliation of Group Movements in Shareholders' Funds
For the year ended 31st March 2003
2003 2002
#'000 #'000
Loss for the financial year attributable to
shareholders (19,486) (9,210)
Translation of net foreign currency investments (3,910) (63)
Adjustment in respect of savings related share scheme (62) (264)
----------- ----------
Movement for the year (23,458) (9,537)
Opening shareholders' funds 54,199 63,736
----------- ----------
Closing shareholders' funds 30,741 54,199
=========== ==========
Applied Optical Technologies plc
Notes to the Preliminary Announcement
For the year ended 31st March 2003
1) The financial information contained in this announcement does not
constitute the Company's statutory accounts for the years ended 31st March 2002
or 2003 but is derived from those accounts. Statutory accounts for 2002 have
been delivered to the registrar of companies, and those for 2003 will be
delivered following the Company's Annual General Meeting. The auditors have
reported on those accounts; their reports were unqualified and did not contain
statements under section 237 (2) or (3) of the Companies Act 1985.
2) Segment Information
2003 2002
#'000 #'000
a) Turnover by market sector
Banknote and high security documents 4,377 6,835
Brand protection 10,566 9,755
Brand protection via joint venture 1,434 2,365
ID technologies 8,906 9,231
Product enhancement 2,063 3,127
Metallising 779 1,416
Other 469 250
----------- -----------
28,594 32,979
=========== ===========
b) Turnover by geographical origin
American operations 16,622 17,345
American operations via joint venture 1,434 2,365
European operations 12,109 15,357
Inter-segment sales (1,571) (2,088)
----------- -----------
28,594 32,979
=========== ===========
c) Operating (loss)/profit by geographical origin
American operations (15,448) 555
European operations (3,900) (3,336)
----------- -----------
Operating loss (19,348) (2,781)
Exclude goodwill amortisation 1,675 2,270
Exclude goodwill impairment 15,991 -
Exclude exceptional items 1,275 895
----------- -----------
Adjusted operating (loss)/profit (407) 384
=========== ===========
Adjusted operating (loss)/profit arises from
American operations 1,842 1,597
European operations (2,456) (2,278)
Joint Ventures 207 1,065
----------- -----------
(407) 384
=========== ===========
3) Net Operating Expenses
2003 2002
#'000 #'000
----------- -----------
Distribution Costs
Selling and Marketing costs 3,993 4,195
----------- -----------
Administrative Expenses
Technical Support 669 613
Research and development costs 1,031 1,096
Administrative costs 4,421 4,516
Exceptional costs 1,275 895
Goodwill amortisation 1,675 2,270
Goodwill impairment 15,991 -
----------- -----------
25,062 9,390
----------- -----------
Net Operating Expenses 29,055 13,585
=========== ===========
Exceptional items included within administrative
expenses
Reorganisation costs 672 755
Bridgestone litigation costs - 140
Impairment of amount due from joint venture partner 681 -
Profit on disposal of tangible fixed assets (128) -
Tangible fixed asset impairment 50 -
----------- -----------
1,275 895
=========== ===========
4) Share of Operating Profit of Joint Ventures
The share of operating profit of joint ventures represents the
Group's share of the results of 3DCD and ATG for the year ended 31st March 2003.
5) Interest receivable and similar income
2003 2002
#'000 #'000
Bank interest receivable 36 99
Other interest receivable 82 73
Foreign exchange losses (25) (34)
----------- -----------
93 138
=========== ===========
6) Interest payable and similar charges
2003 2002
#'000 #'000
On bank loans and overdrafts 31 111
On finance leases and hire purchase agreements 13 30
Exchange losses/(gains) on foreign currency 70 (15)
borrowings ----------- -----------
114 126
=========== ===========
7) Taxation
2003 2002
#'000 #'000
Overseas Tax
Corporation Tax 107 141
Deferred Tax 5 772
----------- -----------
112 913
----------- -----------
No taxation is payable in the current year by any of the Group's UK based
companies due to losses brought forward from prior years and the availability of
Group relief.
Corporation tax on profits arising in the Group's American companies is limited
to state taxes and statutory minima due to losses brought forward from prior
years.
At 31st March 2003 the Group had a deferred tax asset of #3,198,000 (2001:
#3,556,000) due to losses available in America to carry forward to offset
against future profits of the same trades and other short term timing
differences.
At 31st March 2003 the Group had additional tax losses in respect of European
operations. No deferred tax asset has been recognised in respect of these
losses.
8) Loss per share
The calculations of earnings per share are based upon the following losses and
numbers of shares.
2003 2002
#'000 #'000
Earnings
Loss for the financial year (basic and diluted EPS) (19,486) (9,210)
----------- -----------
Adjusted earnings
Loss for the financial year (19,486) (9,210)
Add back goodwill amortisation 1,675 2,270
Exclude goodwill impairment 15,991 -
Exclude exceptional items in Operating Expenses 1,275 895
Exclude amounts written off investments 5 5,528
----------- -----------
Adjusted loss (basic and diluted) (540) (517)
=========== ===========
Weighted average number of shares No. of shares No. of shares
For basic and diluted EPS 50,402,334 50,400,659
============= =============
9) Notes to the Cash Flow Statement
Reconciliation of Group Operating Loss to Operating Cash Flows
2003 2002
#'000 #'000
Group operating loss (19,555) (3,846)
Depreciation 2,252 2,157
(Profit)/Loss on sale of fixed assets (126) 2
Amortisation 1,675 2,270
Impairment provisions 16,722 -
Movement in stocks 134 562
Movement in debtors 1,034 (1,070)
Movement in creditors (1,412) 1,306
Movement in provisions for liabilities and charges (54) 54
----------- -----------
Net cash inflow from operating activities 670 1,435
=========== ==========
Analysis of Net Funds
At 1st Cashflows Exchange At 31st
April 2002 adjustments March 2003
#'000 #'000 #'000 #'000
Cash at bank and in hand 4,232 (1,264) (221) 2,747
Hire purchase agreement and
finance leases (190) 110 - (80)
Bank loans (711) 381 (70) (400)
--------- --------- --------- ---------
3,331 (773) (291) 2,267
--------- --------- --------- ---------
10) A copy of the preliminary statement is available from the Company
Secretary, 40 Phoenix Road, Crowther District 3, Washington, Tyne & Wear,
NE38 0AD.
11) The preliminary announcement was approved by the Board of Directors on
5th June 2003.
- Ends -
This information is provided by RNS
The company news service from the London Stock Exchange
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