Interim Results
September 08 2003 - 3:01AM
UK Regulatory
RNS Number:4806P
TT electronics PLC
08 September 2003
TT electronics plc
Interim Results for the half year ended 30 June 2003
TT electronics, a world leader in resistor and sensor technology today announces
its interim results.
KEY POINTS
*Group turnover on continuing activities grew by 4 per cent to #270.4
million (2002: #261.2 million).
*Profit before tax, goodwill amortisation and exceptional items was #9.1
million (2002: #11.3 million).
*The interim dividend is maintained at 3.69p per share.
*Operations continue to generate cash and gearing remains low at 27 per
cent.
*Sales to the automotive market grew by 11 per cent including a
contribution from our French subsidiary acquired in March 2003.
*The strength of the balance sheet positions the group to finance both
acquisition opportunities and future growth.
*Neil Rodgers has been appointed to the Board ahead of the retirement of
Sheridan Comonte in April 2004.
John Newman, Executive Chairman said today:
"The results we have announced today reflect the strength of our automotive
operations while some of our other markets continue to experience weakness. We
have continued to implement measures to ensure our resources are aligned to
likely future demand. As one of the world's leading producers of customer
specific resistive products, we believe that we are well placed to benefit when
markets recover.
The 11 per cent increase in sales to the automotive market in the face of
declining vehicle production underlines the inherent strength of our
technologies. TT electronics continues successfully to design high quality new
products to satisfy the needs of manufacturers who are committed to increasing
the electronic content of motor vehicles. The automotive sensors and systems
businesses remain on track to achieve internal forecasts of 25 per cent sales
growth between 2002 and 2005."
8th September 2003
Enquiries:
TT electronics plc
John W Newman, Executive Chairman Tel: 01932 856 647
Biddicks
Zoe Biddick Tel: 020 7448 1000
Group Financial Highlights
--------------------------- ------------ ------------ -----------
Half year Half year Full year
30 June 2003 30 June 2002 2002
# million # million # million
--------------------------- ------------ ------------ -----------
270.4 261.2 512.5
Turnover - continuing
activities
- discontinued activities 3.3 4.1 7.8
--------------------------- ------------ ------------ -----------
273.7 265.3 520.3
--------------------------- ------------ ------------ -----------
Operating profit before
impairment provisions and
goodwill amortisation
- continuing activities 10.4 14.0 24.0
- discontinued activities (0.3) (0.9) (1.6)
--------------------------- ------------ ------------ -----------
10.1 13.1 22.4
--------------------------- ------------ ------------ -----------
Profit on ordinary
activities before tax,
impairment provisions,
goodwill amortisation and
exceptional items
9.1 11.3 19.2
--------------------------- ------------ ------------ -----------
(Loss)/earnings per share - (4.9p) 4.8p 3.6p
basic and fully diluted
Earnings per share - before 4.6p 5.5p 10.1p
impairment provisions, ------------ ------------ -----------
goodwill amortisation and
exceptional items
---------------------------
Dividends per share 3.69p 3.69p 10.05p
--------------------------- ------------ ------------ -----------
Chairman's Statement
In the first half of this year turnover on continuing activities has improved
from #261.2 million to #270.4 million, a growth of 4 per cent. Profit before tax
excluding amortisation of goodwill and exceptional items was #9.1 million
compared with #11.3 million in the first half of 2002. Operating profit was #9.2
million (2002 - #12.0 million). The group incurred a charge for goodwill
amortisation of #0.9 million (2002 - #1.1 million) and a taxation charge of #1.6
million being at an overall rate of 27 per cent (2002 - 27 per cent). Earnings
per share before goodwill amortisation and exceptional items were 4.6p compared
with 5.5p in 2002.
The Electronic sector, with sales of #180.0 million (2002 - #172.3 million) has
benefited from sales to the automotive market growing by 11 per cent. This
includes a contribution from the business of Demo Tableaux de Commande SA, our
acquisition in March 2003, without which the growth is 7 per cent. Given the
decline in vehicle production this is a particularly good performance. The
continuing lower demand for electronics from the telecom industry has resulted
in a decline in our overall Electronic sector profitability. Accordingly we
continue to align our manufacturing capacity to the lower demands of the
marketplace. The Electrical sector sales improved to #90.4 million (2002 - #88.9
million) but profits have suffered from the adverse manufacturing variances
incurred in producing our first very large sub-sea cable for an offshore
windfarm and a major generator for the petroleum industry.
TT electronics has taken a total charge for exceptional items of #14.2 million
(2002 - #nil million) which includes #10.9 million in respect of goodwill which
had previously been written off to reserves. Under accounting standard FRS 2,
goodwill arising at the time of the acquisition of a business which is then
subsequently discontinued must be credited back to reserves and written off
through the profit and loss account. There is no overall effect on reserves.
As set out in my previous Chairman's statement, your Board has kept under review
the future of the magnetics businesses and has taken the decision to discontinue
the laminations business. In addition we have closed our USA ferrite
manufacturing operation, moving some manufacturing to India. Reorganisation and
closure costs of #3.0 million and goodwill of #10.1 million have been charged as
exceptional items in these accounts.
TT electronics continues to dispose of businesses which do not form part of our
long term plans. The plant and machinery and stock of Air Transport Avionics
Limited which provides repair facilities for aircraft cockpit electrical
equipment have been sold for #1.1 million. This resulted in an exceptional loss
of #1.1 million including #0.8 million in respect of goodwill transferred from
reserves.
The group had total net indebtedness of #56.1 million at 30 June 2003 after
paying the final dividend for 2002 of #9.9 million in May. Total net
indebtedness at 30 June 2002 was #65.3 million and #55.8 million at 31 December
2002. Rigorous control over cash resources has been a key part of the group's
policies during the current manufacturing recession in Europe and North America.
The strong balance sheet enables the group to be in a good position to finance
both acquisitions and growth when the recovery occurs.
I am pleased to announce the appointment of Neil Rodgers to the Board of TT
electronics. Neil is a qualified accountant who has been with the group since
1992. He joined as a divisional finance director and two years later became
managing director of our UK based automotive climate control business. In 1996
Neil was appointed as divisional chief executive with prime responsibility for
our global automotive activities. Group sales to the automotive market have
risen from #89.0 million in 1996 to #139.0 million in 2002 during which time the
operating profit grew at an annual compound rate of more than 12 per cent. Neil
Rodgers will assume the position of Chief Executive on 5 April 2004 following
Sheridan Comonte's retirement at the age of sixty-five.
The interim dividend will remain unchanged at 3.69p per share, the same as last
year and will be payable to shareholders on the register on 17 October 2003 and
will be paid on 30 October 2003.
Whilst current trading is still difficult, TT electronics' strength in supplying
electronic components to the automotive market and the growth this will provide
enables the group to look positively to the future.
John W Newman
Executive Chairman
8 September 2003
Chief Executive's review
The year started on an improving trend but the global economic problems, which
were exacerbated by the SARS virus and the Iraq war reversed this improvement.
Given this background and the reduction in the number of vehicles produced in
Europe and North America, we were still able to grow Electronic sector sales by
4 per cent. The Electrical sector whilst showing sales growth suffered cost
overruns on a major export power generator project and incurred technical
difficulties in manufacturing our first windfarm sub-sea cable.
We respond actively to the dynamics of the world's changing requirement for
electronic components and have undertaken a review of our total magnetics
operations. As a result manufacture of ferrites in the UK and USA will be
transferred to our low cost manufacturing operation in India and the laminations
business is discontinued. Product cost reductions are a key driver to enable us
to maintain margins and remain competitive. We strive to improve productivity at
all levels and have reduced headcount by a further 3 per cent in this first half
year.
TT electronics is continuing its strategy of being a key supplier of customer
specific products to our main automotive, telecom, computer and general
industrial markets.
Electronic sector
Automotive market - represents 63 per cent of the electronic sector turnover
Despite a downturn of 3 per cent in the number of cars and sports utility
vehicles produced in Europe and North America during the first half of 2003, the
group increased its automotive sales by 11 per cent. The market growth in
automotive electronics is estimated to be 6 per cent per annum. The group's
strong performance is due to success in winning a number of new 'design-ins' in
recent years based on our range of sensor and system technologies. The
automotive sensors and systems businesses remain on track to achieve internal
forecasts of 25 per cent growth in sales between 2002 and 2005.
Our German factories produce a range of automotive sensors for powertrain
applications including camshaft and crankshaft and ABS sensors as well as our
award winning drive-by-wire accelerator pedal sensor modules which are now
fitted to all BMW and Mercedes Benz cars. We are working closely on both
European and North American development programmes with major Tier 1 suppliers
for our steer-by-wire sensor technology and expect substantial new orders which
will maintain our lead in this sector.
Our range of resistors and trimmer components, hybrids and printed circuit
boards continue to win additional programmes giving overall growth in our
automotive component products.
The strategic aim of the purchase of the business of Demo Tableaux de Commande
SA in March was to enhance our UK based climate control business building on the
successful expansion into the USA. Demo is based in France and provides an entry
into the french market. Since acquiring Demo we have already won new business
worth #12 million over the life of the new vehicle programmes.
Telecom and computer markets - represent 15 per cent of the electronic sector
turnover
There are no signs of a revival in the telecom market and our sales continue to
fall albeit at a slower pace than over the last two years. Despite the uncertain
marketplace we continue to develop new telecom products which we anticipate will
benefit the group in the future.
We have set up a manufacturing base in Southern China for our inductive
products. This addresses the move of manufacture of computers and other
electronic assemblies to China from Europe, USA and other Far Eastern countries
which continues to accelerate and has meant more competition from local sources.
We are also actively pursuing investment opportunities in China to expand our
manufacturing base and enable us to service the growing number of customers who
have established factories in the country.
Industrial market - represents 22 per cent of the electronic sector turnover
In order to replace the reduced telecom demand additional technical sales and
engineering resources have been focused on the more diverse markets of
aerospace, defence, medical and control instrumentation. A number of new
programmes have been won in all these market areas.
Electrical sector
Power generation - represents 29 per cent of the electrical sector turnover
Demand for power generator sets in the Far East and in particular China is now
largely being satisfied by local manufacture with diminishing demand for
imported sets. In an effort to broaden our customer base, last year we won a
large contract for generator sets for a petroleum installation in North Africa.
This project is now completed but made no contribution to profits due to an
exacting technical specification. The three year contract for harsh
environmental connectors for a defence contract continues to perform well and we
anticipate further orders.
Power transmission - represents 71 per cent of the electrical sector turnover
The general cable market remains flat and competitive but we have recently won a
contract worth approximately #3 million for specialist cables for naval vessels
with expectations of more work to follow. We manufactured the majority of our
first windfarm cable worth #3.2 million during this half year. Teething problems
were experienced, this cable, however, has now been successfully shipped on
time. A second windfarm sub-sea cable worth #2 million is now in production.
Outlook
The second half of 2003 is likely to be just as demanding as the first half. The
group will benefit from the reorganisation of the magnetics businesses and will
continue to ensure that costs and headcount are tightly controlled.
Sheridan W A Comonte
Chief Executive
8 September 2003
Consolidated profit and loss account
For the six months ended 30 June 2003
--------------------------- ----- ----------- ----------- ----------
Note 2003 2002 2002
First half First half Full year
# million # million # million
--------------------------- ----- ----------- ----------- ----------
Turnover - continuing 270.4 261.2 512.5
activities
- discontinued activities 3.3 4.1 7.8
--------------------------- ----- ----------- ----------- ----------
2 273.7 265.3 520.3
--------------------------- ----- ----------- ----------- ----------
Operating profit before 10.1 13.1 22.4
impairment provisions and
goodwill amortisation
Impairment provisions - - (10.4)
Goodwill amortisation (0.9) (1.1) (2.1)
--------------------------- ----- ----------- ----------- ----------
Operating profit 9.2 12.0 9.9
--------------------------- ----- ----------- ----------- ----------
Operating profit/(loss) - 9.5 12.9 14.5
continuing activities
- discontinued activities (0.3) (0.9) (4.6)
--------------------------- ----- ----------- ----------- ----------
Operating profit 3 9.2 12.0 9.9
Cost of reorganisation - 4 (13.1) - -
magnetics
Loss on sale of business 4 (1.1) - -
Profit on sale of fixed 4 - - 1.2
asset investment
--------------------------- ----- ----------- ----------- ----------
(Loss)/profit on ordinary (5.0) 12.0 11.1
activities before
interest
Interest (1.0) (1.8) (3.2)
--------------------------- ----- ----------- ----------- ----------
(Loss)/profit on ordinary (6.0) 10.2 7.9
activities before
taxation
Taxation 5 (1.6) (2.7) (2.1)
--------------------------- ----- ----------- ----------- ----------
(Loss)/profit on ordinary (7.6) 7.5 5.8
activities after taxation
Minority interests - - (0.2)
--------------------------- ----- ----------- ----------- ----------
(Loss)/profit for the (7.6) 7.5 5.6
period
Dividends (5.7) (5.7) (15.6)
--------------------------- ----- ----------- ----------- ----------
Retained (loss)/profit (13.3) 1.8 (10.0)
--------------------------- ----- ----------- ----------- ----------
(Loss)/earnings per share - 6 (4.9p) 4.8p 3.6p
basic and fully diluted
Earnings per share - before 6 4.6p 5.5p 10.1p
impairment provisions,
goodwill amortisation and
exceptional items
Dividends per share 3.69p 3.69p 10.05p
Consolidated balance sheet
At 30 June 2003
------------------------- ----- ---------- ---------- ----------
Note 2003 2002 2002
30 June 30 June 31 Dec
# million # million # million
------------------------- ----- ---------- ---------- ----------
Fixed assets
Intangible assets 28.1 35.3 30.2
Tangible assets 140.5 151.6 142.1
Investments 5.3 12.6 5.1
------------------------- ----- ---------- ---------- ----------
173.9 199.5 177.4
------------------------- ----- ---------- ---------- ----------
Current assets
Property 2.0 3.2 2.0
Stocks 101.5 101.0 98.2
Debtors 105.7 110.8 109.7
Quoted investments 0.1 0.1 0.1
Cash 7.9 9.7 5.1
------------------------- ----- ---------- ---------- ----------
217.2 224.8 215.1
Creditors: falling due (116.7) (134.0) (121.0)
within one year
------------------------- ----- ---------- ---------- ----------
Net current assets 100.5 90.8 94.1
------------------------- ----- ---------- ---------- ----------
Total assets less current 274.4 290.3 271.5
liabilities
Creditors: falling due (61.3) (58.8) (57.2)
after more than one
year
Provisions for (5.9) (6.3) (5.8)
liabilities and charges
Minority interests (2.8) (2.6) (2.8)
------------------------- ----- ---------- ---------- ----------
Total net assets 204.4 222.6 205.7
------------------------- ----- ---------- ---------- ----------
Capital and reserves
Share capital 38.7 38.7 38.7
Reserves 165.7 183.9 167.0
------------------------- ----- ---------- ---------- ----------
Equity shareholders' 8 204.4 222.6 205.7
funds
------------------------- ----- ---------- ---------- ----------
Consolidated cash flow statement
For the six months ended 30 June 2003
------------------------ ----- ----------- ----------- ----------
Note 2003 2002 2002
First half First half Full year
# million # million # million
------------------------ ----- ----------- ----------- ----------
Net cash inflow from
operations
Operating profit 9.2 12.0 9.9
Non-cash items - 13.2 14.8 28.1
Depreciation and
amortisation
- Charge for - - 10.4
impairment
- Other (0.1) (2.5) (6.9)
Cost of reorganisation (0.2) - -
Movement in working 0.9 (1.3) 1.1
capital
------------------------ ----- ----------- ----------- ----------
Net cash inflow from 23.0 23.0 42.6
operating activities
Net interest paid (1.0) (1.7) (3.2)
Taxation (2.6) 0.5 (2.9)
Capital expenditure and
financial investment
Purchase of fixed (11.5) (12.9) (26.5)
assets
Sale of fixed asset - - 10.6
investment
Purchase of fixed asset (0.2) (1.9) (4.0)
investments
Sale of fixed assets and 0.8 0.5 2.2
grants received
Acquisition of (0.8) - -
business
Sale of business 1.0 - -
Ordinary dividends (9.8) (9.8) (15.6)
paid
------------------------ ----- ----------- ----------- ----------
Net cash flow before use
of liquid
resources and (1.1) (2.3) 3.2
financing
Financing and management
of liquid resources
Movement of loans and 4.8 (1.6) 0.3
finance leases
------------------------ ----- ----------- ----------- ----------
Increase/(decrease) in 9 3.7 (3.9) 3.5
cash
------------------------ ----- ----------- ----------- ----------
Notes to the financial statements
1. Basis of accounting
The interim financial statements for the half year to 30 June 2003 are unaudited
and have been prepared in accordance with the accounting policies detailed in
the annual report for the year ended 31 December 2002. The statements were
approved by the Directors on 8 September 2003. The figures for the year ended 31
December 2002 have been extracted from the statutory accounts, filed with the
Registrar of Companies on which the auditors gave an unqualified report.
2. Analysis of turnover
----------------------------- ----------- ----------- ----------
2003 2002 2002
First half First half Full year
# million # million # million
----------------------------- ----------- ----------- ----------
By sector
Electronic 180.0 172.3 341.2
Electrical 90.4 88.9 171.3
----------------------------- ----------- ----------- ----------
Continuing activities 270.4 261.2 512.5
Discontinued activities 3.3 4.1 7.8
----------------------------- ----------- ----------- ----------
273.7 265.3 520.3
----------------------------- ----------- ----------- ----------
----------------------------- ----------- ----------- ----------
2003 2002 2002
First half First half Full year
# million # million # million
----------------------------- ----------- ----------- ----------
By origin
United Kingdom 136.1 130.1 263.1
Rest of Europe 70.3 55.4 112.9
United States and Canada 41.8 48.1 87.7
Mexico and Central America 6.8 8.5 18.6
Rest of the World 15.4 19.1 30.2
----------------------------- ----------- ----------- ----------
Continuing activities 270.4 261.2 512.5
Discontinued activities 3.3 4.1 7.8
----------------------------- ----------- ----------- ----------
273.7 265.3 520.3
----------------------------- ----------- ----------- ----------
2. Analysis of turnover continued
----------------------------- ----------- ----------- ----------
2003 2002 2002
First half First half Full year
# million # million # million
----------------------------- ----------- ----------- ----------
By destination
United Kingdom 78.2 77.4 156.3
Rest of Europe 106.7 90.5 179.9
United States and Canada 41.9 45.3 90.7
Mexico and Central America 6.1 8.1 17.4
Rest of the World 37.5 39.9 68.2
----------------------------- ----------- ----------- ----------
Continuing activities 270.4 261.2 512.5
Discontinued activities 3.3 4.1 7.8
----------------------------- ----------- ----------- ----------
273.7 265.3 520.3
----------------------------- ----------- ----------- ----------
The group has carried out a major reorganisation of its magnetics businesses.
Discontinued activities arose from the discontinuance of the laminations
business which was based in the United Kingdom, see note 4. The remaining
magnetics businesses are included in continuing activities. The results of Air
Transport Avionics Limited up to its disposal and of the business of Demo
Tableaux de Commande SA from its date of acquisition are reported as continuing
activities. Neither of which are considered material.
3. Analysis of operating profit
------------------------------ ----------- ---------- ----------
2003 2002 2002
First half First half Full year
# million # million # million
------------------------------ ----------- ---------- ----------
By sector
Electronic 8.3 10.3 17.3
Electrical 2.1 3.7 6.7
------------------------------ ----------- ---------- ----------
10.4 14.0 24.0
Impairment provisions and (0.9) (1.1) (9.5)
goodwill amortisation
------------------------------ ----------- ---------- ----------
Continuing activities 9.5 12.9 14.5
Discontinued activities before (0.3) (0.9) (1.6)
impairment provisions
Impairment provisions - - - (3.0)
discontinued activities
------------------------------ ----------- ---------- ----------
9.2 12.0 9.9
------------------------------ ----------- ---------- ----------
2003 2002 2002
First half First half Full year
# million # million # million
By origin
United Kingdom 0.1 2.1 0.7
Rest of Europe 7.6 5.3 12.5
United States and Canada 0.5 3.2 3.2
Mexico and Central America 0.9 1.3 2.4
Rest of the World 1.3 2.1 5.2
------------------------------ ----------- ---------- ----------
10.4 14.0 24.0
Impairment provisions and (0.9) (1.1) (9.5)
goodwill amortisation
------------------------------ ----------- ---------- ----------
Continuing activities 9.5 12.9 14.5
Discontinued activities before (0.3) (0.9) (1.6)
impairment provisions
Impairment provisions - - - (3.0)
discontinued activities
------------------------------ ----------- ---------- ----------
9.2 12.0 9.9
------------------------------ ----------- ---------- ----------
4. Exceptional items
------------------------------ ----------- ---------- ----------
2003 2002 2002
First half First half Full year
# million # million # million
------------------------------ ----------- ---------- ----------
Cost of reorganisation - (13.1) - -
magnetics (i)
Loss on sale of business (ii) (1.1) - -
Profit on sale of entire - - 1.2
holding in Johnston Group PLC
------------------------------ ----------- ---------- ----------
(14.2) - 1.2
------------------------------ ----------- ---------- ----------
(i) The group has carried out a major reorganisation of its magnetics
businesses. The manufacture of ferrites in the USA has ceased and some
production of ferrites has been transferred to the group's factory in India. The
laminations business has been discontinued. Reorganisation costs comprise
redundancy and other costs of #2.8million, plant write offs of #0.2million and
goodwill relating to laminations, previously written off to reserves, of
#10.1million.
(ii) On 11 June 2003 the group disposed of the business of Air Transport
Avionics Limited for a cash consideration of #1.1million. The loss on disposal
includes #0.8million of goodwill previously written off to reserves.
5. Taxation
Taxation on profit on ordinary activities has been based on the estimated
effective rate for the full year ending 31 December 2003. The tax charge
includes a credit of #0.4million (2002 - #nil) in respect of exceptional items.
6. Earnings per share
Basic loss per share of 4.9p (2002 - earnings of 4.8p) is calculated on a loss
of #7.6million (2002 - earnings of #7.5million) and on 154,798,103 shares (2002
- 154,798,103 shares) being the weighted average number of shares in issue
during the period. The calculation of fully diluted earnings per share assumes
the exercise of dilutive share options equivalent to 526,246 shares (2002 -
622,226 shares). Earnings per share before impairment provisions, goodwill
amortisation and exceptional items are calculated on earnings of #7.1million
(2002 - #8.6million) and the weighted average number of shares in issue during
the period.
7. Acquisition
On 14 March 2003 the group acquired the business of Demo Tableaux de Commande
SA, a manufacturer of automotive climate control units. The purchase
consideration was #2.5million, subject to completion accounts. Demo's turnover
from the date of acquisition was #3.2million and its operating profit was #nil
million.
8. Reconciliation of movements in shareholders' funds
------------------------------ ----------- ---------- ----------
2003 2002 2002
First half First half Full year
# million # million # million
------------------------------ ----------- ---------- ----------
(Loss)/profit for the period (7.6) 7.5 5.6
Exchange differences on net
foreign
currency investments 1.1 (1.3) (6.4)
------------------------------ ----------- ---------- ----------
Total recognised gains and (6.5) 6.2 (0.8)
losses
Dividends (5.7) (5.7) (15.6)
Goodwill charged to exceptional 10.9 - -
items
------------------------------ ----------- ---------- ----------
Net change in shareholders' (1.3) 0.5 (16.4)
funds
Opening shareholders' funds 205.7 222.1 222.1
------------------------------ ----------- ---------- ----------
Closing shareholders' funds 204.4 222.6 205.7
------------------------------ ----------- ---------- ----------
9. Reconciliation of net cash flow to movement in net debt
--------------------- --------- --------- -------- --------
Loans and
finance
Net overdraft Short term lease
investments obligations Net debt
# million # million # million # million
--------------------- --------- --------- -------- --------
Balance at 31 (11.6) 0.1 (52.0) (63.5)
December 2001
Cash flow (3.9) - 1.6 (2.3)
Exchange 0.7 - (0.2) 0.5
differences
--------------------- --------- --------- -------- --------
Balance at 30 June (14.8) 0.1 (50.6) (65.3)
2002
Cash flow 7.4 - (1.9) 5.5
Exchange (0.2) - 4.2 4.0
differences
--------------------- --------- --------- -------- --------
Balance at 31 (7.6) 0.1 (48.3) (55.8)
December 2002
Cash flow 3.7 - (4.8) (1.1)
Acquisition - - (0.6) (0.6)
Exchange difference (0.1) - 1.5 1.4
--------------------- --------- --------- -------- --------
Balance at 30 June (4.0) 0.1 (52.2) (56.1)
2003
--------------------- --------- --------- -------- --------
The interim report will be sent to all shareholders on the register. Copies are
available at the Company's Registered Office, Clive House, 12-18 Queens Road,
Weybridge, Surrey, KT13 9XB.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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