TIDMGLAN
RNS Number : 9177A
Glantus Holdings PLC
28 September 2022
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 WHICH IS
PART OF UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT
2018.
Glantus (AIM: GLAN), a certified provider of software as a
service ("SaaS") solution, capturing data for automation,
visualisation and advanced analytics to the Accounts Payable ("AP")
function is pleased to announce its interim results for the six
months to 30 June 2022 ("H1 2022").
-- Highlights
o Revenue of EUR6.6m up by 54% (H1 2021: EUR4.3m) as a result of
the combined effect of the acquiring additional customer bases, and
both cross selling and upselling to existing clients
o Recurring revenue of EUR6.4m up by 70% (H1 2021: EUR3.8m) and
Gross Profit of EUR4.8m up by 40% (H1 2021: EUR3.4m)
o Adjusted EBITDA of EUR0.7m down by 39% (H1 2021: EUR1.2m)
reflecting acquisition related integration costs and a full period
of plc costs
o Continued to migrate and consolidate all clients onto the one
Glantus platform
o Improved margins of acquisitions through adopting the Glantus
technology suite
o Focused on product enhancements and functionality to deliver
improved tools to our clients to automate and analyse their AP
function and improve their accounts payable function
o Aligned our operational infrastructure to support our global
business and drive scale
o Made the strategic decision during the period to commence the
relocation of the AP audit function of the business to a global
shared services centre in Costa Rica. The ongoing relocation of the
AP audit function of the business to Costa Rica is expected to
deliver more productive and technology-led automated audits
o The Costa Rica relocation has resulted in associated set up
costs being incurred in the period and further restructuring and
relocation costs will be incurred in H2 2022 as the transition is
implemented
-- Other Post-Period End Highlights
o Investments in revamped product naming and marketing to
promote the breath of offering and additional modules to improve
the Go to Market strategy
o Beta Testing of technology platform for new buyer led Supply
Chain Finance product in planning
o As announced on 22 July 2022, the Company refinanced with
Beach Point Capital at an improved rate and an additional EUR2m
additional working capital facility
-- Outlook
o Glantus expects continued revenue growth through 2022,
however, the relocation to Costa Rica has meant delays to the start
of a number of audit mandates which will directly impact the timing
of some transactional revenues which were anticipated in the second
half of 2022
o Also, the Company anticipates that it will incur additional
operational expenses in H2 2022 due to restructuring, refinancing
and one time redundancy costs associated with the Costa Rica
relocation
o Accordingly, as a result of the above, and a weaker outlook
for the full year due to current global macroeconomic challenges,
the Board now expects revenue and EBITDA to be significantly below
market expectations for the full year
o In order to ensure that the Company is in a financial position
to continue with its growth and restructuring initiatives and given
it expects significant client payments to be received by the end of
the financial year, it is in advanced negotiations regarding a
EUR1.5m short-term working capital facility with its current lender
Beach Point Capital. Beach Point Capital continues to be very
supportive of the company and its strategy
o The Board is confident the relocation and restructuring costs
being incurred will provide a robust global infrastructure fit for
future growth, scale and improved productivity in 2023
o In addition, the Company expects to announce a new geographic
expansion in due course and is working on being in a position to
announce a financing partner for the Supply Chain Finance Product
in preparation for launch in 2023
o Looking further ahead, the Board remains confident in the
Group's strategy and in its medium-term growth prospects,
underpinned by the Group's compelling product offering and current
investment in growth initiatives
Maurice Healy, CEO, commented:
"H1 of 2022 has been a very productive period for Glantus with
our company profile, brand recognition and product offering making
clear headway as we seek to become one of the dominant players in
the AP SaaS marketplace.
With our improved product suite and functionality, expanded
client base, and a focus on operational efficiency, we are primed
for the next phase. Combining these attributes with our investment
into a global shared services centre and the new product offerings
heralds a strong future for our Company.
We have taken the strategic decision to execute the AP audit
function relocation to Costa Rica to deliver more productive and
technology-led automated audits. Whilst the relocation has been
more challenging than anticipated it will be more productive for
the Company in the long term and we expect it to improve
profitability going forward.
We are also conscious of the current macroeconomic conditions
which are increasingly challenging, but the Board remains confident
in the Group's strategy and in its medium-term growth prospects,
underpinned by the Group's compelling product offering and current
investment in growth initiatives."
A copy of these interim financial statements will be made
available on the investor section of the Company's website at
www.glantus . com
Company Contacts
Glantus Holdings Plc
Maurice Healy, Chief Executive Officer +353 87 9452047
Grainne McKeown, Chief Financial Officer ir@glantus.com
Diane Gray-Smith, Executive Director
Shore Captial
(Nominated Advisor and Broker) +44 207 408 4090
Patrick Castle / John More / Tom Knibbs (Corporate
Advisory
Andrew Beswick (Corporate Broking )
Yellow Jersey PR
Charles Goodwin
Lilian Filips
Annabelle Wills +44 7747 788 221
Share listing
Listed on AIM
TIDM GLAN
ISIN IE00BNG2V304
Chief Executive Officer's Review
Executive Summary
I am pleased to report our results for the six-month period 1
Jan 2022 to 30 June 2022.
Demand continues to grow for Accounts Payable solutions. As a
leading provider of SaaS solutions that help global corporations
analyse, automate and digitise their Accounts Payable function to
expose and recover lost working capital, Glantus is capitalising on
this demand.
The Company delivered a pleasing performance in H1 and in line
with its ambitious growth plans, with revenue growing by 54% to
EUR6.6m and reoccurring income up 70%. However along with the
positives and the benefits to come from the restructuring of
operations which have been more challenging than anticipated, our
outlook for full year 2022 has become more cautious.
2022 will be a year when we get the infrastructure in place to
make our Company robust and well-positioned to scale.
We have some great Tailwinds
-- Strong revenue growth of 54% and recurring income up by 70%.
This is driven by two successful acquisitions and ongoing organic
growth.
-- Investments of EUR771k in product development pave the way to
sustainable growth and a broader product suite Glantus is
continually investing in our technology and product suite to ensure
we stand out in the AP marketplace
-- Glantus reputation is growing as a leading vendor in the
Accounts Payable and Spend Analysis space ranking 7(th) out of 62
in the G2 recent research paper.
The Headwinds we are experiencing in 2022
-- The Macro environment with economic, inflationary pressures
and currency risk is continually under scrutiny by the Executive
leadership team and has resulted in a more cautious view of the
reminder of 2022.
-- Revenue growth for the full year is lower than previously
anticipated, the relocation to Costa Rica has meant delays to the
start of a number of audit mandates which will directly impact the
timing of some transactional revenues which were anticipated in the
second half of 2022.
We continue to focus on our strategic priorities: product
development and expanding globally to drive revenue growth and
profitability.
Enhancing our existing product suite
o We have consolidated the branding of our product portfolio of
4 products to form a simplified offering
o During the second quarter, we continued to build upon our
cohesive suite of products across channels
Expanding Globally
o We improved product and client relationships in several of our
newest markets during the second quarter by launching a newly
reorganised sales organisation
Financial Review
Revenues
Total revenue increased by 54% to EUR6.6m (H1 2021: EUR4.3m)
with growth in recurring revenue.
Six months Six months Year ended
to 30 to 30 June 31 December
June
2022 2021 2021
EUR '000 EUR '000 EUR '000
Recurring Revenue 6,367 3,776 9,050
Non-recurring revenue 190 486 1,473
Reported revenue 6,557 4,262 10,523
------------------------ ----------- ------------ -------------
Recurring revenue is the revenue that annually repeats either
under contractual subscription or predictable transactional
billing. Subscription revenue of EUR2.5m is continuing to grow
demonstrating a sustainable growth trend underpinning future
revenue forecasts. Total subscription contracted value is EUR5.0m
(H1 2021: EUR 4.9m). Subscription churn remains low at 3% (H1 2021:
4%).
Gross Profit
Gross profit increased by 40% to EUR4.8m (H1 2021: EUR3.4m)
which reflects the integration of the 2 new acquisitions of
Technology Insight Corporation and Meridian Cost Benefit acquired
in H2 2021.
Adjusted EBITDA
Management has presented the performance measure 'adjusted
EBITDA' as it monitors this performance measure at a consolidated
level, and the Board considers that this metric provides the best
measure of assessing underlying trading performances.
Adjusted EBITDA is calculated by adjusting profit before
taxation to exclude impact of net finance costs, depreciation,
amortisation, share based payment charges and exceptional
items.
Six months Six months Year ended
to 30 to 30 31 December
June June
2022 2021 2021
EUR '000 EUR '000 EUR '000
------------------------------ ------------------ ----------------- -------------
Operating loss (919) (1,111) (1,296)
Amortisation 1,099 318 1,229
Depreciation 63 100 198
Exceptional items 449 1,883 2,948
Share based payments 32 - 24
Adjusted EBITDA 724 1,190 3,103
------------------------------- ------------------ ----------------- -------------
Adjusted EBITDA % of revenue 11.0% 27.9% 29.5%
Adjusted EBITDA decreased by 39% to EUR0.7m (H1 2021: EUR1.2m)
resulting from increased salary costs, investment, full period of
plc costs, marketing initiatives, acquisition costs and FX
movements.
The exceptional items include restructuring costs (see Note
5).
Earnings per Share
Basic earnings per share is calculated by dividing the net loss
for the year attributable to ordinary shareholders by the weighted
average number of ordinary shares outstanding during the year.
Six months Six Year
to 30 months ended
June to 30 31 December
June
2022 2021 2021
------------------------------------- ------------------ ---------------- ------------------
Adjusted Earnings 724 1,190 3,103
Number Number Number
'000 '000 '000
------------------------------------- ------------------ ---------------- ------------------
Weighted average number of ordinary
shares 37,833 29,038 33,168
Cent Cent Cent
------------------------------------- ------------------ ---------------- ------------------
Adjusted Basic EPS 1.91 4.10 9.36
Net Debt
As at the 30 June 2022, the Net debt position of the company was
EUR12.27m and cash was EUR391k. This further increased post 30 June
2022 by an additional EUR2m working capital facility as announced
on 22 July 2022. As explained earlier in the statement, the Group
is in advanced negotiations regarding a further EUR1.5m short term
working capital facility which would be expected to be repaid in in
short order from cash generated from trading.
Conclusion
The Group is experiencing a number of headwinds currently as set
out above, accordingly, the Group expects full year revenue and
EBITDA to be significantly below market expectations.
Despite this, with an expanding customer base, a growing
acquisition pipeline and market-ready products, management views
the longer-term outlook for Glantus with increased optimism and
excitement despite the immediate short-term and macro
headwinds.
Maurice Healy
Chief Executive Officer
27 September 2022
Financial Report
CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME
Six months Six Year
to 30 months ended
June to 30 31 December
June
2022 2021 2021
Unaudited Unaudited Audited
Note EUR '000 EUR EUR '000
'000
Revenue 3 6,557 4,262 10,523
Cost of sales (1,784) (850) (2,178)
------------------------------------- ----- ------------------ ---------- -------------
Gross profit 4,773 3,412 8,345
Administrative expenses (4,051) (2,222) (5,458)
Exceptional Items 5 (449) (1,883) (2,948)
Share Based Payments (33) - (24)
Amortisation (1,099) (318) (1,229)
Depreciation (63) (100) (198)
Other income 3 - 217
------------------------------------- ----- ------------------ ---------- -------------
Operating loss (919) (1,111) (1,296)
Finance costs (631) (345) (967)
------------------------------------- ----- ------------------ ---------- -------------
Loss on ordinary activities before
taxation (1,550) (1,456) (2,263)
Income tax 1 7 (22)
------------------------------------- ----- ------------------ ---------- -------------
Loss for the financial period (1,549) (1,449) (2,285)
Other comprehensive income for
the period 47 - 126
------------------------------------- ----- ------------------ ---------- -------------
Total comprehensive loss for the
period attributable to the owners
of the group (1,502) (1,449) (2,159)
------------------------------------- ----- ------------------ ---------- -------------
Loss per share - basic and diluted
(cent) 6 (4.09) (4.99) (6.89)
------------------------------------- ----- ------------------ ---------- -------------
CONSOLIDATED STATEMENT OF FINANCIAL
POSITION
30 June 30 June 31 December
2022 2021 2021
Unaudited Unaudited Audited
Note EUR EUR EUR '000
'000 '000
ASSETS
NON-CURRENT ASSETS
Intangible assets 17,181 7,354 17,509
Property, plant and equipment 220 251 240
17,401 7,605 17,749
---------- ---------- ------------
CURRENT ASSETS
Trade and other receivables 7,864 4,313 6,751
Cash and cash equivalents 391 8,764 2,353
8,255 13,077 9,104
---------- ------------
TOTAL ASSETS 25,656 20,682 26,853
------------------------------------ ----- ---------- ---------- ------------
EQUITY AND LIABILITIES
EQUITY
Called up share capital presented
as equity 7 38 36 38
Share premium 12,083 10,629 12,083
Reorganisation reserve 656 656 656
Foreign exchange reserve 3 (103) (44)
Share option reserve 147 91 115
Retained earnings (4,340) (1,930) (2,791)
TOTAL EQUITY 8,587 9,379 10,057
------------------------------------ ----- ---------- ---------- ------------
CURRENT LIABILITIES
Trade and other payables 9,138 5,497 6,268
NON-CURRENT LIABILITIES
Long term liabilities 7,931 5,806 10,528
TOTAL LIABILITIES 17,069 11,303 16,796
------------------------------------ ----- ---------- ---------- ------------
TOTAL LIABILITIES AND EQUITY 25,656 20,682 26,853
------------------------------------ ----- ---------- ---------- ------------
CONSOLIDATED STATEMENT OF CHANGES IN
EQUITY
Called Share Reorganisation Foreign Share Retained Total
up share Premium Reserve exchange Option earnings
capital account reserves reserve
presented arising
as equity on translation
Note EUR '000 EUR '000 EUR '000 EUR '000 EUR '000 EUR '000 EUR '000
At 1 January 2021 1 1,000 656 (170) 91 (1,481) 97
------------------------- ----------- --------- --------------- ---------------- --------- ---------- ---------
Reorgansiation for AIM
Listing 7 25 (1,000) 1,000 25
Issue of shares 7 10 10,629 10,639
Total comprehensive loss
for the
Year 67 (1,449) (1,382)
At 30 June 2021 36 10,629 656 (103) 91 (1,930) 9,379
------------------------- ----------- --------- --------------- ---------------- --------- ---------- ---------
At 1 July 2021 36 10,629 656 (103) 91 (1,930) 9,379
------------------------- ----------- --------- --------------- ---------------- --------- ---------- ---------
Share based payment
charge 24 24
Reorgansiation for AIM
Listing 7 (25) (25)
Issue of shares 7 2 1,454 1,456
Total comprehensive loss
for the
Year 59 (836) (777)
At 31 December 2021 38 12,083 656 (44) 115 (2,791) 10,057
------------------------- ----------- --------- --------------- ---------------- --------- ---------- ---------
At 1 January 2022 38 12,083 656 (44) 115 (2,791) 10,057
------------------------- ----------- --------- --------------- ---------------- --------- ---------- ---------
Share based payment
charge 32 32
Total comprehensive loss
for the
period 47 (1,549) (1,502)
At 30 June 2022 38 12,083 656 3 147 (4,340) 8,587
------------------------- ----------- --------- --------------- ---------------- --------- ---------- ---------
CONSOLIDATED STATEMENT OF CASHFLOWS
Six months Six Year
to 30 months ended
June to 30 31 December
June
2022 2021 2021
Unaudited Unaudited Audited
EUR '000 EUR EUR '000
'000
Cash flows from operating activities
Group loss after tax (1,549) (1,449) (2,285)
Adjusted for:
Interest payable 631 345 967
R&D tax credit income - - (71)
Income tax expense (1) (7) 22
Depreciation 63 100 198
Amortisation 1,099 318 1,229
Movement in trade and other receivables (1,180) (870) (2,339)
Movement in trade and other payables 274 1,545 1,795
Loss on disposal of tangible assets 5 - 17
Net tax received 0 - (4)
R&D refund received 0 - (71)
Share-based payment expense 32 - 24
Effects of movement in exchange
rates 47 67 126
Net cash flows (used in)/generated
from operating activities (579) 49 (392)
-------------------------------------------- ----------- ------------------ -------------
Cash flows from investing activities
Purchase of property, plant and
equipment (48) (65) (38)
Payment for acquisition of subsidiaries,
net of cash acquired - - (6,853)
Payment of deferred consideration - (1,185) (2,363)
Payment for software development
asset (771) (422) (1,189)
Net cash (used in) investing activities (819) (1,672) (10,443)
-------------------------------------------- ----------- ------------------ -------------
Cash flow from financing activities
Loans received 67 60 4,537
Interest payable (631) (345) (967)
IPO - Exceptional Costs - (1,883) (2,948)
Equity (Proceeds from issue of
shares) - 11,601 11,613
Equity (IPO costs against Share
premium) - (937) (938)
Net cash (used in)/generated from
financing activities (564) 8,496 11,297
-------------------------------------------- ----------- ------------------ -------------
Net (decrease)/increase in cash
and cash equivalents (1,962) 6,873 462
Cash and cash equivalents at the
beginning of the period 2,353 1,891 1,891
Cash and cash equivalents at the
end of the period 391 8,764 2,353
-------------------------------------------- ----------- ------------------ -------------
Notes to the unaudited interim statements
1. General Information
Glantus Holdings Plc ("the Company" or the "Group") is a public
limited company incorporated in the Republic of Ireland. The
registered office is Marina House, Eastpoint Business Park, Dublin
3.
The principal activity of the Group is the specialist provision
of next generation and world class software platforms focused on
manufacturing, distribution and related industries.
2. Accounting policies
Basis of preparation
These interim financial statements are non-statutory
general-purpose financial statements for the six-month period ended
30 June 2022. These financial statements have been prepared in
accordance with IAS 34 Interim Financial Reporting, as adopted by
the European Union, and the Companies Act 2014. They do not include
all of the information required in annual financial statements in
accordance with IFRS as adopted by the European Union. However,
selected explanatory notes are included to explain events and
transactions that are significant to an understanding of the
changes in the Group's financial position and performance since the
last annual consolidated financial information for the year ended
31 December 2021 included in the Annual Report.
The interim financial statements for the six-month period ended
30 June 2022 should be read in conjunction with the consolidated
results for the year ended 31 December 2021 included in the Annual
Report, and any public announcements made by the company during the
interim reporting period.
The interim financial statements have been prepared on the
historical cost basis. The interim financial statements of the
Group are presented in Euro ("EUR") which is also the functional
currency of the Company.
The Group's accounting policies are set out in the Company's
Annual Report.
The preparation of the interim financial statements requires
management to make judgements, estimates and assumptions that
affect the application of accounting policies and the reported
amounts of assets, liabilities, income and expense. Actual results
may subsequently differ from those estimates. In preparing the
interim financial statements, the significant judgements made by
management in applying the Group's accounting policies and key
sources of estimation uncertainty were the same, in all material
respects, as those applied to the consolidated results for the year
ended 31 December 2021 included in the Annual Report.
Going concern
At the time of approving these interim accounts, the directors
have a reasonable expectation that the Group has adequate resources
to continue in operational existence for the foreseeable future.
Accordingly, the directors continue to adopt the going concern
basis of accounting in preparing the interim financial
statements.
The interim financial statements are unaudited and were approved
by the Board of Directors on [27/09/22].
3. Segmental Reporting
Segmental information is presented in respect of the group's
geographical regions and operating segments in accordance with IFRS
8 'Operating Segments'. The Board considers that there is one
identifiable business segment being the provision of enterprise
software solutions.
Recurring revenue is the revenue that annually repeats either
under contractual subscription or predicable transactional
billing.
Six months Six months Year ended
to 30 to 30 31 December
June June
2022 2021 2021
EUR'000 EUR'000 EUR'000
Amount of revenue by class of
activity:
Recurring annual subscriptions 2,473 1,402 3,857
Recurring recovery services 3,894 2,374 5,193
Non-recurring professional services
& licences 190 486 1,473
Reported revenue 6,557 4,262 10,523
-------------------------------------- ----------- ----------- -------------
The group operates in three principal geographical regions being
Republic of Ireland, the United Kingdom and the United States of
America. The group also has customers in other countries such as
Singapore, Australia, Spain, Switzerland, Canada, Mexico and the
Netherlands, which are not material for separate
identification.
Six months Six months Year ended
to 30 to 30 31 December
June June
2022 2021 2021
EUR '000 EUR '000 EUR '000
Amount of revenue by region:
Republic of Ireland 722 1,510 2,478
United Kingdom 2,336 1,630 3,878
United States of America 2,998 1,122 3,679
Others 502 - 488
Reported Revenue 6,557 4,262 10,523
------------------------------- ----------- ----------- -------------
4. Adjusted EBITDA
Management has presented adjusted EBITDA as it monitors this
performance measure at a consolidated level, and the Board
considers that this metric provides the best measure of assessing
underlying trading performance.
Adjusted EBITDA is calculated by adjusting profit or loss before
taxation to exclude the impact of net finance costs, depreciation,
amortisation, share based payment charges and exceptional
items.
Six months Six months Year ended
to 30 to 30 31 December
June June
2022 2021 2021
EUR '000 EUR '000 EUR '000
------------------------- ------------------- ----------------- -------------
Operating (Loss)/profit (920) (1,111) (1,296)
Amortisation 1,099 318 1,229
Depreciation 63 100 198
Exceptional Items 449 1,883 2,948
Share Based payments 33 - 24
Adjusted EBITDA 724 1,190 3,103
-------------------------- ------------------- ----------------- -------------
5. Exceptional Items
The exceptional items include termination costs as part of
restructuring.
Six months Six months Year ended
to 30 to 30 31 December
June June
2022 2021 2021
EUR '000 EUR '000 EUR '000
------------------------------------ ----------------- ----------------- ---------------------
Acquisition costs - - 1,015
Restructuring costs 449 - 489
AIM Admission costs - 902 902
Sale Fee to Beachpoint Capital
on IPO admission - 1,000 1,000
Other exceptional (income)/costs - (19) (458)
Total exceptional items 449 1,883 2,948
------------------------------------- ----------------- ----------------- ---------------------
6. Earnings per share
Basic earnings per share is calculated by dividing the net loss
for the period attributable to ordinary shareholders by the
weighted average number of ordinary shares outstanding during the
period.
The basic earnings per share calculation is the same as for the
fully diluted earnings per share position.
Six months Six months Year
to 30 to 30 ended
June June 31 December
2022 2021 2021
Earnings EUR '000 EUR '000 EUR '000
------------------------------------- ------------------ ----------------- -------------
Loss for the period (1,549) (1,449) (2,285)
Taxation (1) (7) 22
Amortisation 1,099 318 1,229
Depreciation 63 100 198
Exceptional Items 449 1,883 2,948
Share Based payments 33 - 24
Finance costs 631 345 967
Adjusted Earnings 724 1,190 3,103
-------------------------------------- ------------------ ----------------- -------------
Number Number Number
Weighted average number of ordinary '000 '000 '000
shares
------------------------------------- ------------------ ----------------- -------------
Total shares in issue (weighted) 37,833 29,038 33,168
Total diluted shares (weighted) 40,046 31,251 35,548
EPS Cent Cent Cent
------------------------------------- ------------------ ----------------- -------------
Basic and diluted EPS (4.09) (4.99) (6.89)
Adjusted basic EPS 1.91 4.10 9.36
Adjusted EPS is not a defined performance measure in IFRS. The
Group's definition of adjusted EPS may not be comparable with
similarly titled performance measures disclosures by other
entities.
7. Share Capital
Ordinary Share Share
Shares Capital Premium
------------ --------- -----------
Number EUR EUR
@ EUR0.001
each
------------------- ------------ --------- -----------
At 1 January 2022 37,833,316 37,833 12,082,712
At 30 June 2022 37,833,316 37,833 12,082,712
-------------------- ------------ --------- -----------
There has been no activity in relation to the share capital
during the year 2022 to date.
8. Events after the reporting period
On 22 July 2022, the Company restructured its senior debt with
Beach Point Capital.
The revised facilities key terms comprise:
-- Interest rate reduction to 10% from existing 12%
-- Deferring capital repayments for 12 months
-- Additional working capital facility of EUR2m to invest in further product development
-- M aturity of loans remains unchanged at August 2023 and July 2025
-- Exit Fee Structure has been improved by reducing the increase
in the exit fee which was set out in the previous agreement
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