RNS Number : 4387I
API Group PLC
19 November 2008
19 November 2008
API GROUP PLC
INTERIM RESULTS FOR THE SIX MONTHS TO 30 SEPTEMBER 2008
* Further improvement in Group results, representing a significant advance on last year and the prior six month period.
* Sales of �50.5m, 7% ahead of last year and 4% up at constant exchange rates.
* Operating profit before exceptional items �2.0m, compared to �0.2m loss for the same period last year.
* Profit before tax on continuing operations �4.8m (after exceptional gains of �4.1m) compared to a �1.4m loss last year and
earnings per share 3.2p (2007: 5.3p loss)
* Net cash flow from operating activities �4.6m (2007: �0.6m) supplemented by an additional �3.0m from sale of surplus land in
China.
* Net debt reduced to �15.1m, representing gearing of 47%. This compares to �17.1m and 62% at 31 March 2008 and �23.0m and 116% at
30 September 2007.
Commenting, API's Chief Executive Andrew Turner said:
"This is the second consecutive six month period showing an improvement in the Group's trading performance, reflecting the cost
reduction measures implemented in prior periods and a recovery in both volumes and margins in our European businesses.
"So far the overall level of demand for the Group's products has remained steady in the face of the generally worsening economic
climate. However, conditions appear likely to deteriorate further in the near term which could adversely impact volumes. Whilst we expect
our second half year to be much more challenging, the Group is now stronger, both financially and operationally, and is better placed to
exploit market opportunities as and when they arise."
Enquiries:
Andrew Turner, Group Chief Executive Officer, API Group plc 01625 650334
Chris Smith, Finance Director 01625 650334
Tim Spratt, Nicola Biles, Financial Dynamics 020 7831 3113
Nick Westlake, Numis Securities Limited 020 7260 1000
REPORT ON INTERIM RESULTS FOR THE SIX MONTH PERIOD ENDED 30 SEPTEMBER 2008
Trading Performance
The Board is pleased to report an improvement in the Group's trading performance for the second successive six month period reflecting
the cost reduction measures implemented in prior periods and a recovery in both volumes and margins in our European businesses.
Group sales for the six months ending 30 September 2008 were �50.5m, 7% higher than the same period last year (�47.2m) and 4% ahead at
constant exchange rates. Growth in Europe more than compensated for lower sales in Asia Pacific and a decline in US sales on a local
currency basis.
Reported operating profit, before exceptional items, was �2.0m compared with a prior year loss of �0.2m and a profit of �0.6m for the
previous six month period ended 31 March 2008. Improved results against last year were due to significant advances in Europe, partly offset
by weakness in the US and continuing difficulties with the Group's joint venture operation in China.
Net exceptional gains of �4.1m (2007: �0.2m loss) were predominantly related to the sale of surplus land assets in Shanghai after the
relocation of the manufacturing operations in China to a new, purpose-built site on the outskirts of Shanghai. Sale proceeds have been
recognised on the basis of amounts received as of the date of this report with further amounts due in line with the Company's announcement
of 11 July 2008. Further information is provided in note 3 to the accounts.
Profit before tax after exceptional items was �4.8m (2007: �1.4m loss) and net profit from continuing operations for the period was
�3.1m (2007: �1.7m loss). Basic earnings per share increased to 3.2p (2007: 5.3p loss).
Net financing costs of �1.3m (2007: �1.0m) include UK pension plan interest of �0.4m (2007: �0.3m credit). Reported net interest
includes a �0.3m revaluation gain on an interest rate derivative (2007: nil), reversing a charge taken in the prior period. Interest expense
was reduced by �0.1m to �1.2m as a result of lower average borrowings.
The pension deficit, calculated in accordance with IAS19, was �3.2m, �0.3m lower than the reported figure at March 2008 of �3.5m (2007:
�6.1m). A fall in the value of scheme assets since March 2008 has been compensated by a larger reduction in calculated scheme liabilities,
primarily due to higher market value discount rate assumptions. During November, the company commenced formal consultation with active
members of its UK defined benefit pension plan, with a view to closing the scheme to future service accrual.
Cash Flow and Borrowings
Net cash flow from operating activities was �4.6m (2007: �0.6m) reflecting the stronger operating profit performance and improved
working capital control.
Capital expenditure at �2.3m was similar to the level last year (�2.7m) with the majority relating to the relocation project in China.
The balance of expenditure on the Shanghai project is forecast at �0.5m and the final cost is expected to total �10.1m, �1.0m below the
original budget on a constant currency basis. At the balance sheet date, cash proceeds from the land sale in China amounted to �3.0m.
The Group's net borrowings fell to �15.1m at 30 September 2008 compared with �17.1m at 31 March 2008 despite an upward revaluation of
non sterling-denominated debt by �1.1m. Net borrowings were �23.0m at the end of September 2007. Gearing was down to 47% compared to 62% at
31 March 2008 and 116% twelve months earlier.
Throughout the period, the Group has continued to operate comfortably within its banking covenants.
Review of Operations
Europe
External sales from European operations were 13% above the prior year at �34.7m and 11% ahead on a constant currency basis, whilst
operating profits, before exceptional items, improved to �3.4m from last year's break even result.
In Laminates, sales recovered by 27% from the prior year low as a result of a particularly buoyant period for new product developments.
Projects utilising holographic finishes were particularly significant as well as API's recyclable laminate, Portabio. Margins improved due
to favourable sales mix and the benefit of productivity gains and rigorous measures to reduce and control costs.
Turnover in Foils was unchanged overall with the contribution from the new distribution operation in Italy and growth in Germany being
offset by a decline in the UK and lower external sales in security holographics. Nevertheless, profitability improved significantly due to
cost savings and the margin impact of exchange rates.
North America
US sales, at �11.0m, were marginally behind the same period last year (�11.1m) and 4% down at constant exchange rates with tough
economic conditions impacting most market segments. In addition, the US business faced rapidly increasing raw material and utility costs and
suffered a time lag in passing these through to customers. Operating profit for the half year declined by �0.2m to �0.4m (2007: �0.6m).
Asia Pacific
Asia Pacific sales for the six months to September 2008 were down 12% at �4.7m (2007: �5.3m). At constant exchange rates, the Asia
business saw sales fall 21%, predominantly due to the business in China. Quality, service and start up issues experienced during the
relocation project continued to impact the business during the period and manufacturing volumes were depressed for both domestic and export
markets. Lower sales, higher depreciation and other costs as well as the impact of a stronger currency on export margins all contributed to
a poor result although losses before exceptional items, at �0.9m, narrowed slightly from the previous six month period (2007: �0.2m profit).
Since the completion of the relocation project, a new management team is now refocusing the business on growth and the restoration of
satisfactory levels of profitability.
Discontinued Operations
The Group reported a loss from discontinued operations of �0.3m in the six months to 30 September 2008 (2007: �0.9m). The loss
principally represents legal fees incurred by the Group in defence of a claim of alleged warranty breaches in connection with a business
disposed in 2005. Further information is provided in the notes to the accounts.
Dividend
The Board is not recommending the payment of an interim dividend (2007: none)
Management
The Board was pleased to announce the appointment of Chris Smith as Group Finance Director with effect from 23 September 2008. The Group
will continue to strengthen its management team as it works to build on the recent improvement in trading performance and financial
condition achieved in the last twelve months.
Outlook
So far, with the exception of the US and one or two other markets, the general level of demand for the Group's products has remained
steady in the face of the generally worsening economic climate. However, conditions appear likely to deteriorate further in the near term
which could adversely impact volumes. Prospects depend to some extent on the level of promotional activity maintained by customers and the
Group's ability to offset the higher utility and raw material prices in the second half of the year.
In the current environment, the Group's management will continue to focus on realising further cost reduction opportunities, restoring
profitability to the business in China and on generating cash to reduce the overall burden of debt.
Whilst we face challenging market conditions, the operational and financial strength of the Group has been much improved in the last 12
months and the Board believes the Group is better placed to exploit market opportunities as they arise.
GROUP INCOME STATEMENT
for the six months ended 30 September 2008
Unaudited Unaudited Audited
6 months to 30 6 months to 30 18 months to 31
September 2008 September March
2007 2008
Note �'000 �'000 �'000
Continuing operations
Revenue 1 50,454 47,159 143,783
Cost of sales (39,219) (38,251) (115,120)
Gross profit 11,235 8,908 28,663
Other operating costs (9,201) (9,114) (28,255)
Operating profit / (loss) 1 2,034 (206) 408
before exceptional items
Exceptional items 3 4,052 (184) (3,417)
Operating profit / (loss) from 6,086 (390) (3,009)
continuing operations
Finance revenue 4 276 331 292
Finance costs 4 (1,610) (1,303) (4,418)
(1,334) (972) (4,126)
Profit / (loss) on continuing 4,752 (1,362) (7,135)
activities before taxation
Tax expense 5 (1,628) (345) 407
Profit/ (loss) from continuing 3,124 (1,707) (6,728)
operations
Discontinued operations
Loss from discontinued 6 (293) (929) (1,130)
operations
Profit / (loss) for the period 2,831 (2,636) (7,858)
Profit attributable to 911 126 137
minority equity interest
Profit / (loss) attributable 1,920 (2,762) (7,995)
to equity holders of the
parent
Profit / (loss) for the period 2,831 (2,636) (7,858)
Earnings per share (pence)
Basic earnings / (loss) per 7 3.2 (5.3) (16.7)
share from continuing
operations
Diluted earnings / (loss) per 7 3.1 (5.3) (16.7)
share from continuing
operations
Basic earnings / (loss) per 7 2.8 (8.0) (19.5)
share on profit / (loss) for
the period
Diluted earnings / (loss) per 7 2.7 (8.0) (19.5)
share on profit / (loss) for
the period
GROUP STATEMENT OF RECOGNISED INCOME AND EXPENDITURE
for the six months ended 30 September 2008
Unaudited Unaudited Audited
6 months to 6 months to 18 months to
30 September 30 September 31 March
2008 2007 2008
�'000 �'000 �'000
Exchange differences on 1,916 (341) 489
retranslation of foreign
operations
Change in fair value of effective cash flow hedge (130) - -
(interest rate swap)
Actuarial gains on defined 122 4,454 5,936
benefit pension plans
Tax on items taken directly to (34) (1,420) (1,852)
or transferred from reserves
Net income recognised directly 1,874 2,693 4,573
in equity
Profit / (loss) for the period 2,831 (2,636) (7,858)
Total recognised income and 4,705 57 (3,285)
expense for the period
Attributable to:
Equity holders of the parent 2,915 (22) (3,734)
Minority equity interest 1,790 79 449
4,705 57 (3,285)
GROUP BALANCE SHEET
at 30 September 2008
Unaudited Unaudited Audited
30 September 30 September 2007 31 March 2008
2008
Note �'000 �'000 �'000
Assets
Non-current assets
Property, plant and equipment 32,990 31,895 30,901
Intangible assets - goodwill 6,480 6,480 6,480
Deferred tax assets 1,807 1,721 2,062
41,277 40,096 39,443
Current assets
Trade and other receivables 19,466 17,761 17,440
Inventories 11,687 11,798 11,760
Other financial assets - 57 - 108
forward currency hedging
contracts
Cash and short-term deposits 2,753 2,103 2,131
33,963 31,662 31,439
Total assets 75,240 71,758 70,882
Liabilities
Current liabilities
Trade and other payables 19,397 19,483 18,762
Financial liabilities 9 5,026 7,662 6,794
Income tax payable 1,877 411 588
Provisions 27 5 83
26,327 27,561 26,227
Non-current liabilities
Financial liabilities 9 13,031 17,485 13,041
Deferred tax liabilities 256 639 363
Provisions 65 77 70
Deficit on defined benefit 3,184 6,147 3,482
pension plans
16,536 24,348 16,956
Total liabilities 42,863 51,909 43,183
Net assets 32,377 19,849 27,699
Equity
Called up share capital 8,998 8,642 8,998
Share premium 7,136 294 7,136
Other reserves 298 298 298
Foreign exchange reserve 849 (1,523) (188)
Retained earnings 7,419 6,560 5,568
API Group shareholders' equity 10 24,700 14,271 21,812
Minority interest 10 7,677 5,578 5,887
Total equity 32,377 19,849 27,699
GROUP CASH FLOW STATEMENT
for the six months ended 30 September 2008
Unaudited Unaudited Audited
6 months to 30 6 months to 30 18 months to 31
September 2008 September
2007 March
2008
Note �'000 �'000 �'000
Operating activities
Group operating profit / 6,086 (390) (3,009)
(loss)
Adjustments to reconcile group
operating profit / (loss) to
net cash flow from operating
activities:
Depreciation of property, 1,850 1,831 5,498
plant and equipment
Impairment of property, plant - - 1,881
and equipment
Profit on disposal of (4,083) (258) (263)
property, plant and equipment
Share-based payments (26) 161 300
Difference between pension (458) (484) (1,489)
contributions paid and amounts
recognised in the income
statement
Decrease in inventories 713 12 1,611
Decrease in trade and other 268 892 1,211
receivables
Increase / (decrease) in trade 657 (685) (4,118)
and other payables
Movement in provisions (61) (300) (232)
Cash generated from operations 4,946 779 1,390
Income taxes paid (377) (160) (359)
Net cash flow from operating 4,569 619 1,031
activities
Investing activities
Interest received - 12 184
Purchase of property, plant (2,311) (2,682) (8,180)
and equipment
Sale of property, plant and 3,320 698 730
equipment
Cash flow relating to (232) 54 984
discontinued operations
Net cash flow from investing 777 (1,918) (6,282)
activities
Financing activities
Interest paid (1,772) (1,229) (3,280)
Proceeds from share issues - 80 7,278
New borrowings - 756 2,330
Repayment of borrowings (2,297) - (3,459)
Net cash flow from financing (4,069) (393) 2,869
activities
Increase / (decrease) in cash 1,277 (1,692) (2,382)
and cash equivalents
Effect of exchange rates on 112 160 51
cash and cash equivalents
Cash and cash equivalents at 1,015 (1,763) 3,346
the beginning of the period
Cash and cash equivalents at 8 2,404 (3,295) 1,015
the end of the period
NOTES
1. SEGMENTAL ANALYSIS
Primary reporting format - geographic segments: At 30 September 2008, the Group is organised into three distinct independently managed
geographic segments, Europe, North America and Asia Pacific. The following table presents revenue and profit information for these
segments.
Unaudited Unaudited Audited
6 months to 30 September 6 months to 30 18 months to 31
2008 September March
2007 2008
�'000 �'000 �'000
Continuing Continuing Continuing
Total revenue by region
Europe 36,092 32,235 100,113
North America 11,502 11,222 33,796
Asia Pacific 5,372 5,792 15,863
52,966 49,249 149,772
Inter-segmental sales
Europe 1,349 1,493 4,353
North America 495 130 513
Asia Pacific 668 467 1,123
2,512 2,090 5,989
External sales by region
Europe 34,743 30,742 95,760
North America 11,007 11,092 33,283
Asia Pacific 4,704 5,325 14,740
50,454 47,159 143,783
Profit / (loss) from
operations
Europe
before exceptional items 3,402 15 2,481
exceptional items (81) (61) (790)
3,321 (46) 1,691
North America
before exceptional items 352 610 1,560
exceptional items - 258 297
352 868 1,857
Asia Pacific
before exceptional items (859) 229 (289)
exceptional items 4,133 - 238
3,274 229 (51)
Central costs
before exceptional items (861) (1,060) (3,344)
exceptional items - (381) (3,162)
(861) (1,441) (6,506)
Total profit / (loss) from operations before 2,034 (206) 408
exceptional items
Exceptional items 4,052 (184) (3,417)
Operating profit / (loss) from continuing operations 6,086 (390) (3,009)
NOTES CONTINUED
2. PRESENTATION OF INTERIM FINANCIAL STATEMENTS
Authorisation of interim financial statements
The consolidated interim financial statements of API Group plc for the six months ended 30 September 2008 were authorised for issue in
accordance with a resolution of the directors on 18 November 2008. API Group plc is a public limited company incorporated in the United
Kingdom whose shares are publicly traded.
Basis of preparation
These consolidated interim financial statements are presented in sterling and all values are rounded to the nearest thousand (�'000)
except when otherwise indicated.
The financial information contained in this interim statement is unaudited and does not constitute statutory accounts as defined in
section 240 of the Companies Act 1985 and therefore does not include all the information and disclosures required in the annual financial
statements and should be read in conjunction with the Group's latest annual financial statements as at 31 March 2008 which were prepared in
accordance with International Financial Reporting Standards as adopted by the EU. The audited annual financial statements for the eighteen
months ended 31 March 2008, which represent the statutory accounts for that period, and on which the auditors gave an unqualified opinion,
have been filed with the Registrar of Companies.
Accounting policies
The accounting policies adopted are consistent with the annual financial statements for the eighteen months ended 31 March 2008, which
were prepared in accordance with International Financial Reporting Standards as adopted by the EU.
3. EXCEPTIONAL ITEMS
Unaudited Unaudited Audited
6 months to 30 6 months to 30 18 months to 31
September 2008 September March
2007 2008
�'000 �'000 �'000
Exceptional items charged against operating profit /
(loss) comprise
Restructuring of UK operating (81) (61) (790)
businesses
Charlotte factory closure - 258 297
Rationalisation of Group costs - (381) (1,281)
Impairment of property, plant - - (1,881)
and equipment
Factory relocation - China 4,133 - 238
4,052 (184) (3,417)
Exceptional items are material items which derive from events or transactions that fall within the ordinary activities of the Group and
which need to be disclosed by virtue of their size or incidence.
Restructuring of UK operating businesses
These relate to employee redundancy, relocation and other one-off costs, in connection with business improvement initiated in late 2007.
NOTES CONTINUED
Charlotte factory closure
The credits in the comparative figures relate to the sale of the Charlotte factory which was closed in a previous period.
Rationalisation of Group costs
These costs relate to the severance and other costs in respect of a number of senior executives who were made redundant in the period to 31
March 2008 as a consequence of the Group restructuring program initiated in late 2007.
Impairment of property, plant and equipment
In the period to 31 March 2008, as part of the review of Group costs, a provision was made in respect of the costs of a suspended IT
project.
Factory relocation - China
During the period, the Group*s 51% subsidiary in China, Shanghai Shen Yong, received RMB 40 million (�3.0 million), representing the first
instalment of compensation receivable in respect of the former factory site in Shanghai. A second instalment of RMB 20 million (�1.5
million) was received after the balance sheet date and has been accrued in the results. The full net book value of the old site (�0.4
million) has been deducted from this amount. Further proceeds are due, but have not been accrued because of the uncertainty regarding the
amount of the final net proceeds. The amount in the period to 31 March 2008 related to a parcel of adjoining land previously sold for �0.5
million, net of initial relocation costs and dual running costs of �0.3 million.
NOTES CONTINUED
4. FINANCE REVENUE AND FINANCE
COSTS
Unaudited Unaudited Audited
6 months to 6 months to 30 18 months to
30 September2008 September 31 March
2007 2008
�'000 �'000 �'000
Finance revenue
Interest receivable on bank - 6 33
and other short term deposits
Gains arising on forward 31 - 259
foreign currency contracts
Gain on interest rate swap 245 - -
Finance credit in respect of - 325 -
defined benefit pension plans
276 331 292
Finance costs
Interest payable on bank loans (1,208) (1,303) (3,556)
and overdrafts
Other interest payable - - (92)
Losses arising on forward - - (433)
foreign currency contracts
Unrealised loss on interest - - (260)
rate swap
Finance cost in respect of (402) - (77)
defined benefit pension plans
(1,610) (1,303) (4,418)
5. TAXATION
Unaudited Unaudited Audited
6 months to 30 6 months to 30 September 18 months to 31
September 2008 2007 March
2008
�'000 �'000 �'000
Current income tax
Overseas tax (1,508) (196) (525)
Total current income tax (1,508) (196) (525)
Deferred tax
Origination and reversal of (120) (149) 932
temporary differences
Total deferred tax (120) (149) 932
Total expense in the income (1,628) (345) 407
statement
NOTES CONTINUED
6. DISCONTINUED OPERATIONS
Unaudited Unaudited Audited
6 months to 30 6 months to 30 September2007 18 months to 31March
September2008 2008
�'000 �'000 �'000
Loss on disposal of (293) (929) (1,130)
discontinued operations
Total charge in the income (293) (929) (1,130)
statement
The loss on disposal of discontinued operations relates to a business divested by the Group in January 2005. The current period charge
relates to legal fees incurred in defending a claim in respect of alleged breach of warranties from the purchaser (see Note 11). The
comparative amounts include the write-off of deferred consideration of �750,000, previously held in other debtors, other settlement costs
payable to the purchaser and related legal fees.
7. EARNINGS PER SHARE
Unaudited Unaudited Audited
6 months to 30 6 months to 18 months to 31
September2008 30 September2007 March
2008
�'000 �'000 �'000
Net profit / (loss) 2,213 (1,833) (6,865)
attributable to equity holders
of the parent company -
continuing operations
Loss attributable to equity (293) (929) (1,130)
holders of the parent company
- discontinued operations
Net profit / (loss) 1,920 (2,762) (7,995)
attributable to equity holders
of the parent company
Unaudited Unaudited Audited
6 months to 30 6 months to 30 18 months to 31 March
September 2008 September 2007 2008
No No No
Basic weighted average number 70,068,505 34,412,276 41,018,077
of ordinary shares
Dilutive effect of employee 1,705,750 - -
share options
Diluted weighted average 71,774,255 34,412,276 41,018,077
number of ordinary shares
Unaudited Unaudited Audited
NOTES CONTINUED
6 months to 30 6 months to 30 September2007 18 months to 31 March
September2008 2008
Earnings per share pence pence pence
Continuing operations
Basic earnings / (loss) per 3.2 (5.3) (16.7)
share
Diluted earnings / (loss) per 3.1 (5.3) (16.7)
share
Discontinued operations
Basic earnings / (loss) per (0.4) (2.7) (2.8)
share
Diluted earnings / (loss) per (0.4) (2.7) (2.8)
share
Total
Basic earnings / (loss) per 2.8 (8.0) (19.5)
share
Diluted earnings / (loss) per 2.7 (8.0) (19.5)
share
The weighted average number of shares excludes the shares owned by the API Group plc No.2 Employee Benefit Trust.
In the comparative periods, as any dilution would have the effect of reducing the loss per share, the diluted weighted average number of
shares is equivalent to the basic weighted average number of shares.
NOTES CONTINUED
8. CASH AND CASH EQUIVALENTS
Unaudited Unaudited Audited
30 September2008 30 September2007 31 March 2008
�'000 �'000 �'000
Cash and short-term deposits 2,753 2,103 2,131
Bank overdrafts (349) (5,398) (1,116)
2,404 (3,295) 1,015
9. FINANCIAL LIABILITIES
Unaudited Unaudited Audited
30 September 2008 30 September 2007 31 March
2008
�'000 �'000 �'000
Current
Bank overdrafts 349 5,398 1,116
Current instalments on 4,562 2,264 5,267
bank loans
Forward currency hedging 44 - 295
contracts
Interest rate swap 71 - 116
5,026 7,662 6,794
Non-current
Non-current instalments 12,972 17,485 12,897
due on bank loans
Interest rate swap 59 - 144
13,031 17,485 13,041
NOTES CONTINUED
1 10. CHANGES IN EQUITY
Shareholders' equity Minority interest Total
equity
�'000 �'000 �'000
Balance at 1 October 2006 17,967 5,438 23,405
Total recognised income and (4,001) 61 (3,940)
expense for the period
Share based payments 86 - 86
Balance at 31 March 2007 14,052 5,499 19,551
Total recognised income and (22) 79 57
expense for the period
Exercise of employee share 80 - 80
options
Share based payments 161 - 161
Balance at 30 September 2007 14,271 5,578 19,849
Total recognised income and 289 309 598
expense for the period
Issue of shares under open 8,000 - 8,000
offer
Costs relating to shares (802) - (802)
issued under open offer
Share based payments 54 - 54
Balance at 31 March 2008 21,812 5,887 27,699
Total recognised income and 2,915 1,790 4,705
expense for the period
Share based payments (26) - (26)
Balance at 30 September 2008 24,701 7,677 32,378
The net assets per share attributable to API shareholders is as follows:
Unaudited Unaudited Audited
30 September 2008 30 September
2007 31 March 2008
Net assets attributable to API (�'000) 24,701 14,271 21,812
shareholders
Number of shares in issue at (no.) 70,068,505 34,511,292 70,068,505
period end
Net assets per share (pence) 35.3 41.4 31.1
11. CONTINGENT LIABILITIES
As disclosed in the Annual Report and Accounts 2008, the Group has received a claim in respect of alleged breach of warranties from the
purchaser of a business disposed by the Group in 2005. The claimant has acknowledged that the maximum amount which it may recover in
connection with the material element of the claim is capped at �3.1 million plus interest and costs. Since March 2008, the Company has
continued to vigorously defend the claim. The Directors continue to consider that the Group has a strong basis upon which the claim can be
defended. Accordingly, no provision has been made in the accounts in respect of this claim.
This information is provided by RNS
The company news service from the London Stock Exchange
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