TIDMLGT
RNS Number : 6319Z
Lighthouse Group PLC
04 September 2018
The information communicated in this announcement is inside
information for the purposes of Article 7 of Regulation
596/2014
Press Release 4 September 2018
Lighthouse Group plc
("Lighthouse" or "the Group")
Interim Results
Lighthouse Group plc (AIM: LGT), the national financial advisory
group, today announces its interim results for the six months ended
30 June 2018.
Highlights
-- Revenues for the six months to 30 June 2018 increased
by 5 per cent. to GBP26.88 million (H1 2017: GBP25.67
million);
-- Average annualised revenue production per adviser increased
by 6 per cent. to GBP124,000 (H1 2017: GBP117,000);
-- Other operating expenses reduced by 3 per cent. to GBP5.54
million (H1 2017: GBP5.68 million);
-- Underlying EBITDA* increased by 26 per cent. to GBP1.65
million (H1 2017: GBP1.31 million);
-- Pre-tax profits increased by 12 per cent. to GBP1.26 million
(H1 2017: GBP1.13 million);
-- Basic earnings per share increased by 13 per cent. to
0.99 pence per share (H1 2017: 0.88 pence per share);
-- Net cash balances GBP9.6 million (31 December 2017: GBP8.7
million, 30 June 2017: GBP8.1 million);
-- Interim dividend declared of 0.20 pence per share, an
increase of 67 per cent. (H1 2017: 0.12 pence per share);
and
-- Affinity contracts renewed with the General Federation
of Trades Unions, Parliament Hill, the Royal College of
Nursing, the Public and Commercial Services Union, the
Money Advice Service and FosterTalk and extended for mortgage
and protection services for Unison during the period.
Since 30 June 2018 contracts with Prospect union and the
Association of School and College Leaders have been renewed.
*Earnings Before Interest, Tax, Depreciation and Amortisation
and non-cash share-based payments charge
Commenting on the results, Richard Last, Chairman of Lighthouse
Group plc, said:
"The unaudited results for the six months ended 30 June 2018
illustrate the continued progression of the Group's activities,
with underlying EBITDA (before non-cash share-based charges) for
the six months increasing by 26 per cent. to GBP1.65million.
Continued progress in the Group's affinity operations and in
developing proprietary financial products for both the individual
and corporate markets is expected to contribute to future growth in
profits."
For further information, please contact:
Lighthouse Group plc
Richard Last, Chairman Tel: +44 (0) 20 7065 5640
Malcolm Streatfield, Chief Executive
Peter Smith, Finance Director
investorenquiries@lighthousefs.uk
www.lighthousegroup.plc.uk
finnCap Limited Tel: +44 (0) 20 7220 0500
(Nominated Adviser and Broker
to the Company)
Corporate
Julian Blunt/ Emily Watts/ Hannah
Boros
ECM
Alice Lane
Media enquiries:
IFC Advisory Limited
Graham Herring/Heather Armstrong/Florence Tel: +44 (0) 20 3934 6630
Chandler
heather.armstrong@investor-focus.co.uk www.investor-focus.co.uk
Chairman's statement for the six months ended 30 June 2018
Trading highlights
Unaudited Unaudited
6 months to 6 months to
30 June 2018 30 June 2017
Revenue GBP26.88 million GBP25.67 million
Gross profit GBP7.19 million GBP6.99 million
Operating costs GBP5.54 million GBP5.68 million
Underlying EBITDA * GBP1.65 million GBP1.31 million
Profit before taxation GBP1.26 million GBP1.13 million
Basic earnings per share 0.99p 0.88p
Adjusted basic earnings per share 0.80p 0.71p
Diluted earnings per share 0.91p 0.83p
Adjusted diluted earnings per
share 0.73p 0.67p
* Earnings Before Interest, Tax, Depreciation and Amortisation
and non-cash share-based payments charge
** Adjusted basic and diluted earnings per share calculated
after deduction of a standard tax charge of 19 per cent. (2017:
19.25 per cent.) and disclosed to aid comparability of results
Financial performance
I am pleased to report that Lighthouse has continued to progress
in the six months to 30 June 2018. Revenues increased by GBP1.21
million or 5 per cent. to GBP26.88 million reflecting an increase
in income generation from our affinity relationships (revenues in
the period up GBP0.85 million or 20 per cent. to GBP5.13 million
from the GBP4.28 million achieved in the comparable period in
2017). Average annualised revenue production per adviser increased
by GBP7,000 or 6 per cent. to GBP124,000 from GBP117,000 in the
first half of 2017.
Recurring revenue accounted for 51 per cent. of all Group
revenue derived from customers and amounted to GBP13.19 million in
the period to 30 June 2018 (2017: 49 per cent. or GBP11.92
million). The increase in recurring revenue of 11 per cent. was
twice the increase in total Group revenues, reflecting the benefit
in 2018 of on-going charges in respect of new business written in
2017.
Gross margin at 27 per cent. was broadly in line with the
comparator period in 2017, with increased revenues in the Group's
higher margin businesses - affinities and professional connections
being offset by the higher introducer payments from the increase in
affinity-sourced business and continuing investment in the Group's
nascent Luceo Asset management business. Gross margin increased in
financial terms to GBP7.19 million from GBP6.99 million in
2017.
Operating costs (before non-cash share-based payments charge)
reduced by GBP143,000 to GBP5.54 million in comparison with GBP5.68
million in 2017, reflecting the Group's on-going focus on improving
operational and cost efficiency.
Underlying EBITDA for the period amounted to GBP1.65 million, an
increase of GBP340,000 or 26 per cent. from the GBP1.31 million
recorded in the comparative period in 2017. Underlying EBITDA is
stated before deduction of depreciation, amortisation and non-cash
share-based payment charges as these are all non-cash costs and in
the opinion of the Board the underlying EBITDA more accurately
presents the performance of the Group. The Group continued to
invest and expensed GBP335,000 in the period in the development of
its asset management business and specialist service offerings
(2017: GBP400,000).
After deduction of depreciation, amortisation, share-based
payments and net finance costs, the Group recorded a profit before
and after taxation of GBP1.26 million (2017: GBP1.13 million), with
basic earnings per ordinary share of 0.99 pence (2017: 0.88 pence)
and diluted earnings per share of 0.91 pence (2017: 0.83 pence).
Adjusted basic earnings per share, stated after deduction of a
standard tax charge of 19 per cent. (2017: 19.25 per cent.) to aid
comparability, were 0.80 pence (2017: 0.71 pence) and adjusted
diluted earnings per share were 0.73 pence (2017: 0.67 pence)
Financial position and cash flow
The Group continues to maintain a strong balance sheet with cash
reserves of GBP9.6 million at 30 June 2018 (31 December 2017:
GBP8.7 million, 30 June 2017: GBP8.1 million) and no debt. With c50
per cent. of the cash balances being required to underpin
regulatory capital requirements, the Group has cGBP5 million
available to fund both internal and external expansion
opportunities should they present themselves.
Business relationships and developments
Affinity relationships continue to be an important component of
the Group's operations, particularly in Lighthouse Financial Advice
(our National division). The gross revenues derived from such
sources noted under "Financial performance" above included new
business revenues of GBP2.6 million, an increase of GBP0.8 million
over the GBP1.8 million recorded in the six months to 30 June 2017.
Total revenues from affinity sources amounted to 20 per cent. of
revenues generated from customers by the Group in the half year
(2017: 18 per cent.).
The Group continues to maintain its affinity relationships with
contract renewals secured for the General Federation of Trades
Unions, Parliament Hill, the Royal College of Nursing, the Public
and Commercial Services Union, the Money Advice Service and
FosterTalk, as well as extension of the existing Unison agreement
to include specialist mortgage advice, during the period. The
affinity contracts with the Prospect union and the Association of
School and College Leaders have also been renewed since 30 June
2018. The Group currently has 21 contracted affinity agreements
with organisations representing more than 6 million members.
The Group continues to focus on increasing client engagement
within its affinity relationships with access to individuals in
professions such as education, medical and engineering providing
considerable scope for further growth, based on carefully targeted
recruitment, marketing and adviser support.
Divisional performance
Lighthouse Financial Advice ("LFA"), the Group's National
advisory division servicing affinity-based clients, continued to
progress with gross revenues increasing by GBP0.82m or 9 per cent.
to GBP10.06 million from GBP9.25 million. The division's
contribution (profit before allocated indirect operating expenses)
remained broadly constant at GBP2.53 million (2017: GBP2.54
million) as a result of the non-recurrence of a credit for past
regulatory fees (2017: GBP0.11 million) and further investment into
the division's infrastructure.
The Group's Wealth Advisory division, comprising
LighthouseCarrwood (employed advisers working with accountancy
connections) and LighthouseWealth (self-employed advisers), saw
revenues grow by GBP0.75m or 16 per cent. to GBP5.35 million (2017:
GBP4.60 million) in the period to 30 June 2018. Contribution
increased marginally to GBP0.39 million from GBP0.38 million. The
division continues to deliver professional advice to high net worth
individuals and business owners.
The Group continues to support its community-based Network
members in developing client relationships whilst focusing on
improved customer outcomes and risk minimisation. The Network
accounted for GBP10.66 million of Group revenue in the first half
of 2018 (2017: GBP11.25 million), the reduction arising from
certain member firms going directly authorised, but the division
increased its contribution by GBP0.02 million to GBP1.20 million
(2017: GBP1.18 million).
Lighthouse Mortgage and Protection Solutions ("LMPS"), the
Group's dedicated division for customers requiring mortgage and
protection advice and included within the Communities division for
segment reporting purposes, increased its revenues by GBP0.11
million or 21 per cent. from GBP0.52 million to GBP0.63 million and
its contribution by GBP0.05 million to GBP0.06 million (2017:
GBP0.01 million). LMPS is now the preferred supplier of such advice
to 15 of the Group's affinity partners.
The Group's asset management business, Luceo Asset Management
("LAM"), launched in September 2016, continued to build steadily in
the period, with assets under management having increased from
GBP37 million at 31 December 2017 to GBP53 million as at 30 June
2018. Gross investment flows from the actively managed fund of fund
products (managed by Octopus Investments) remain healthy at an
average inflow (excluding market corrections) of GBP714,000 per
week. LAM recorded revenues of GBP0.2 million in the period (2017:
GBP0.05 million) and absorbed GBP0.2 million at the contribution
level (2017: GBP0.2 million). The Group will continue to look at
potential new fund products to enhance the Luceo range once the
existing funds have reached the level necessary to contribute after
fixed costs.
The Group has continued to add employers and members into its
proprietary workplace pensions product offering the Lighthouse
Pensions Trust ("LPT"). At 30 June 2018 555 employers with 5,966
active members had used the Corporate Pensions Trust (which
incorporates the LPT) to satisfy their auto-enrolment obligations
and assets under management amounted to GBP9.6 million. The Group
is undertaking a strategic review of this business area, as part of
a Group-wide assessment designed to focus resources on key growth
areas, which is expected to be completed by the end of the current
financial year. Updates will be provided to shareholders in due
course.
Dividends
The Board is pleased to announce an interim dividend of 0.20
pence per ordinary share (2017: 0.12 pence) which will be payable
on 19 October 2018 to shareholders on the register as at 14
September 2018. The Group's ordinary shares will go ex-dividend on
13 September 2018. The last day to make an election in respect of
the dividend reinvestment plan operated by Link Market Services
Trustees Limited will be 28 September 2018.
General economic background
The on-going uncertainties re the shape of any deal for Brexit
and potential disruption to global trading from political
differences between the US and other developed economies continue
to impact on volatilities in both UK and global stock markets.
However, the Group's focus on the UK retail financial services
market continues to enable the Group and its advisers to engage
with and advise customers.
Regulatory developments
Regulatory developments continue to make demands across the
entire spectrum of the financial advice market in the UK, with
MiFID II and GDPR having come into effect in the first half of 2018
and the Insurance Distribution Directive and the extension of the
Senior Persons Regime scheduled to come into effect on 1 October
2018 and 9 December 2019 respectively. The Board is satisfied that
the Group has and will continue to deal appropriately with the
various requirements introduced by the aforementioned new and
amended regulations.
Strategy and Outlook
The Group remains positive as to achieving market expectations
for the full year and continues with its strategy of developing its
own proprietary product offerings in the asset management and
workplace solutions markets whilst at the same time focusing on
opportunities within its affinity and wealth advisory businesses
that provide higher margins. With cash resources available, the
Group is well placed to fund both internal growth strategies and
external opportunities. In addition the Group will continue to look
for operational efficiencies across its businesses.
Prospective Board Changes
I have advised the Board that, in the light of current guidance
on Corporate Governance and my having served as a Director of the
Company since July 2007 and as Chairman since August 2012, it is my
intention to stand down from the Board of the Company and not stand
for re-election as a Director at the next Annual General Meeting of
the Company in May 2019.
I should like to thank my colleagues on the Board and the
excellent executive team led by Malcolm Streatfield for all their
help and support over the years. It has been a pleasure to work
with such a professional and dedicated team and I wish the Company
and my fellow Directors well in working towards what we all believe
should be a rewarding future. The Nominations Committee will start
the process of looking for a new Chairman and Non-Executive
Director in the near future.
Richard Last
Chairman
3 September 2018
Lighthouse Group plc
Consolidated statement of comprehensive income
for the six months ended 30 June 2018
Unaudited Unaudited Audited
6 months 6 months Year ended
ended 30 ended 30 31 December
June 2018 June 2017 2017
GBP'000 GBP'000 GBP'000
Revenue 26,876 25,673 54,111
Cost of sales (19,686) (18,680) (39,439)
Gross profit 7,190 6,993 14,672
Administrative expenses
Other operating expenses (5,543) (5,686) (11,485)
Underlying earnings before
interest, tax, depreciation,
amortisation and non-cash
share-based payments 1,647 1,307 3,187
----------- -----------
Depreciation and amortisation (178) (137) (274)
Non-cash share-based payments (183) (39) (385)
----------- ----------- -------------
Total administrative expenses (5,904) (5,862) (12,144)
----------- ----------- -------------
Operating profit 1,286 1,131 2,528
Finance revenues 7 1 3
Finance costs (29) (7) (10)
Profit before taxation 1,264 1,125 2,521
Tax charge - - 200
Profit for the period 1,264 1,125 2,721
Total comprehensive income
for the period 1,264 1,125 2,721
=========== =========== =============
Profit for the period attributable
to:
Equity holders of the parent 1,264 1,125 2,721
------------------------------------ ----------- ----------- -------------
Total comprehensive income
for the period attributable
to:
Equity holders of the parent 1,264 1,125 2,721
------------------------------------ ----------- ----------- -------------
Basic earnings per share 0.99p 0.88p 2.13p
=========== =========== =============
Adjusted (*) basic earnings
per share 0.80p 0.71p 1.59p
======== ======== ========
Diluted earnings per share 0.91p 0.83p 1.98p
======== ======== ========
Adjusted (*) diluted earnings
per share 0.73p 0.67p 1.49p
====== ====== ======
(*) Adjusted basic and diluted earnings per share calculated
after deduction of a standard tax
charge of 19 per cent. (2017: 19.25 per cent.) to aid
comparability
Lighthouse Group plc
Consolidated statement of changes in equity
for the six months ended 30 June 2018
Special Reserves Retained Total attributable
Share non- distributable arising earnings to equity
capital reserve from share shareholders
based payments
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 January
2018 1,277 1,999 1,487 6,924 11,687
Total recognised
income and
expense for
the period - - - 1,264 1,264
Dividends paid - - - (383) (383)
Share-based
payment - - 183 - 183
At 30 June
2018 1,277 1,999 1,670 7,805 12,751
========== ==================== ================ ========== ===================
At 1 January
2017 1,277 1,999 1,102 4,586 8,964
Total recognised
income and
expense for
the period - - - 1,125 1,125
Dividends paid - - (230) (230)
Share-based
payment - - 39 - 39
---------- -------------------- ---------------- ---------- -------------------
At 30 June
2017 1,277 1,999 1,141 5,481 9,898
========== ==================== ================ ========== ===================
Lighthouse Group plc
Consolidated statement of financial position
at 30 June 2018
Unaudited Unaudited Audited
30 June 30 June 31 December
2018 2017 2017
GBP'000 GBP'000 GBP'000
Assets
Non-current assets
Intangible assets 5,198 5,170 5,131
Property, plant and equipment 1,400 1,180 1,397
Deferred Tax 950 750 950
7,548 7,100 7,478
---------- ---------- -------------
Current assets
Trade and other receivables 6,236 8,279 8,187
Cash and cash equivalents 9,571 8,508 8,733
---------- ---------- -------------
15,807 16,787 16,920
---------- ---------- -------------
Total assets 23,355 23,887 24,398
---------- ---------- -------------
Current liabilities
Trade and other payables (8,001) (8,394) (8,789)
Provisions (1,714) (3,214) (2,846)
---------- ---------- -------------
(9,715) (11,608) (11,635)
---------- ---------- -------------
Non-current liabilities
Trade and other payables - (389) -
Provisions (889) (1,992) (1,076)
(889) (2,381) (1,076)
---------- ---------- -------------
Total liabilities (10,604) (13,989) (12,711)
---------- ---------- -------------
Net assets 12,751 9,898 11,687
========== ========== =============
Capital and reserves
Called up share capital 1,277 1,277 1,277
Special non-distributable
reserve 1,999 1,999 1,999
Other reserves - share-based
payments 1,670 1,141 1,487
Retained earnings 7,805 5,481 6,924
Total equity attributable
to equity holders of the Company
being total equity 12,751 9,898 11,687
========== ========== =============
The interim financial information was approved by the Board of
Directors on 3 September 2018 and was signed on its behalf by
Malcolm Streatfield
Chief Executive
Peter Smith
Finance Director
Lighthouse Group plc
Consolidated statement of cash flows
For the six months ended 30 June 2018
Unaudited Unaudited Audited
6 months 6 months year ended
ended 30 ended 30 31 December
June 2018 June 2017 2017
GBP'000 GBP'000 GBP'000
Operating activities
Profit before tax for the period 1,264 1,125 2,521
Adjustments to reconcile profit for
the period to net cash outflows from
operating activities
Finance revenues (7) (1) (3)
Finance costs 29 7 10
Depreciation of property, plant and
equipment 120 77 150
Amortisation of intangible assets 58 60 124
Share-based payments 183 39 385
Change in trade and other receivables 1,951 725 817
Change in trade and other payables (788) (907) (479)
Change in provisions (1,319) (848) (2,132)
Cash generated by operations 1,491 277 1,393
Finance costs paid (29) (7) (10)
Net cash inflow from operating activities 1,462 270 1,383
-------------------------------------------- ----------- ----------- -------------
Investing activities
Purchase of property, plant and equipment (123) (17) (307)
Purchase of intangible assets (125) - (25)
Finance revenues received 7 1 3
-------------------------------------------- ----------- ----------- -------------
Net cash outflow from investing activities (241) (16) (329)
-------------------------------------------- ----------- ----------- -------------
Financing activities
Bank loan - (17) (439)
Dividends paid to equity shareholders (383) (230) (383)
Net cash outflow from financing activities (383) (247) (822)
-------------------------------------------- ----------- ----------- -------------
Increase in cash and cash equivalents 838 7 232
Cash and cash equivalents at the
beginning of the period 8,733 8,501 8,501
Cash and cash equivalents at the
end of the period 9,571 8,508 8,733
-------------------------------------------- ----------- ----------- -------------
Lighthouse Group plc
Notes to the financial information
for the six months ended 30 June 2018
1. Basis of preparation
The interim financial information, which comprises the
consolidated statement of comprehensive income, consolidated
statement of changes in equity, consolidated statement of financial
position and consolidated statement of cash flows and the related
explanatory notes has been prepared on the basis of the accounting
policies set out in the Group accounts for the year ended 31
December 2017. It is unaudited but has been reviewed by the
auditor.
This information does not constitute statutory accounts for the
purpose of section 435 of the Companies Act 2006. A copy of the
statutory accounts for the year ended 31 December 2017, prepared
under International Financial Reporting Standards, as adopted for
use in the European Union, has been delivered to the Registrar of
Companies and contained an unqualified auditors' report.
2. Earnings per share
The calculation of the basic and diluted earnings per share
attributable to equity shareholders of the parent company is based
on the following data:
Unaudited Unaudited Audited
6 months ended 6 months Year ended
30 June 2018 ended 30 31 December
June 2017 2017
Earnings for the purposes
of basic and dilutive
earnings per share (GBP'000) 1,264 1,125 2,721
================ ============== ==============
Weighted average number
of ordinary shares for
the purpose of basic
earnings per share 127,700,298 127,700,298 127,700,298
Effect of the dilutive
potential on ordinary
shares: share options 11,620,095 7,258,833 9,378,939
---------------- -------------- --------------
Weighted average number
of ordinary shares for
the purpose of diluted
earnings per share 139,320,393 134,959,131 137,079,237
================ ============== ==============
As at 30 June 2018 there were nil (30 June 2017: 548,936; 31
December 2017: 52,554) options that existed which could potentially
dilute basic earnings per share in the future, but were regarded as
being anti-dilutive and therefore were not included in the
calculation of dilutive shares, as their exercise price was higher
than the average mid-market price of the Company's ordinary shares
during the period.
3, Segment information
Segment information for the Group for the six months ended 30
June 2018 is set out below:
Six months ended 30 June 2018
National Communities Wealth Other Total
advisory segments
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Total revenues 10,064 26,707 5,349 168 42,288
Less: inter-segment
revenues - (15,412) - - (15,412)
--------- ------------ ---------- ---------- ---------
External revenues 10,064 11,295 5,349 168 26,876
Cost of sales (6,420) (9,415) (3,583) (268) (19,686)
--------- ------------ ---------- ---------- ---------
Gross profit 3,644 1,880 1,766 (100) 7,190
Directly allocated
operating expenses (1,113) (617) (1,372) (60) (3,162)
--------- ------------ ---------- ---------- ---------
Segment profit before
allocated indirect
operating expenses 2,531 1,263 394 (160) 4,028
--------- ------------ ---------- ----------
Allocated indirect
operating expenses (2,381)
---------
Underlying EBITDA 1,647
Depreciation and amortisation (178)
Non-cash share-based
payments charge (183)
---------
Operating profit 1,286
Finance revenues 7
Finance costs (29)
---------
Profit before taxation 1,264
---------
Six months ended 30 June 2017
National Communities Wealth Other Total
advisory segments
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Total revenues 9,248 25,620 4,598 53 39,519
Less: inter-segment
revenues - (13,846) - - (13,846)
--------- ------------ ---------- ---------- ---------
External revenues 9,248 11,774 4,598 53 25,673
Cost of sales (5,781) (9,775) (3,030) (94) (18,680)
--------- ------------ ---------- ---------- ---------
Gross profit 3,467 1,999 1,568 (41) 6,993
Directly allocated
operating expenses (930) (808) (1,188) (136) (3,062)
--------- ------------ ---------- ---------- ---------
Segment profit before
allocated indirect
operating expenses 2,537 1,191 380 (177) 3,931
--------- ------------ ---------- ----------
Allocated indirect
operating expenses (2,624)
---------
Underlying EBITDA 1,307
Depreciation and
amortisation (137)
Non-cash share-based
payments charge (39)
---------
Operating profit 1,131
Finance revenues 1
Finance costs (7)
---------
Profit before taxation 1,125
---------
Assets and liabilities information by segment is not provided as
the Directors reviewed such information at an aggregated level
during the period. Luceo Asset Management is included within the
Other Segments information above and further information is set out
in the Chairman's Statement.
4. A copy of the Interim Statement is being sent to all
shareholders and copies are available for collection indefinitely
from the Group's Head Office (address: Lighthouse Group plc, 26
Throgmorton Street, London, EC2N 2AN) or at the Group's website
(www.lighthousegroup.plc.uk).
INDEPENT REVIEW REPORT TO LIGHTHOUSE GROUP PLC
Conclusion
We have been engaged by the Company to review the condensed set
of financial statements in the half-yearly report for the six
months ended 30 June 2018 which comprises the condensed
consolidated statement of comprehensive income, the consolidated
statement of changes in equity, the condensed consolidated
statement of financial position, the consolidated statement of cash
flows and the related explanatory notes.
Based on our review, nothing has come to our attention that
causes us to believe that the condensed set of financial statements
in the half-yearly report for the six months ended 30 June 2018 is
not prepared, in all material respects, in accordance with IAS 34
Interim Financial Reporting as adopted by the EU and the AIM
Rules.
Scope of review
We conducted our review in accordance with International
Standard on Review Engagements (UK and Ireland) 2410 Review of
Interim Financial Information Performed by the Independent Auditor
of the Entity issued by the Auditing Practices Board for use in the
UK. A review of interim financial information consists of making
enquiries, primarily of persons responsible for financial and
accounting matters, and applying analytical and other review
procedures. We read the other information contained in the
half-yearly report and consider whether it contains any apparent
misstatements or material inconsistencies with the information in
the condensed set of financial statements.
A review is substantially less in scope than an audit conducted
in accordance with International Standards on Auditing (UK) and
consequently does not enable us to obtain assurance that we would
become aware of all significant matters that might be identified in
an audit. Accordingly, we do not express an audit opinion.
Directors' responsibilities
The half-yearly report is the responsibility of, and has been
approved by, the directors. The directors are responsible for
preparing the half-yearly report in accordance with the AIM
Rules.
As disclosed in note 1, the annual financial statements of the
Group are prepared in accordance with International Financial
Reporting Standards as adopted by the EU. The directors are
responsible for preparing the condensed set of financial statements
included in the half-yearly financial report in accordance with IAS
34 as adopted by the EU.
Our responsibility
Our responsibility is to express to the Company a conclusion on
the condensed set of financial statements in the half-yearly report
based on our review
The purpose of our review work and to whom we owe our
responsibilities
This report is made solely to the Company in accordance with the
terms of our engagement. Our review has been undertaken so that we
might state to the Company those matters we are required to state
to it in this report and for no other purpose. To the fullest
extent permitted by law, we do not accept or assume responsibility
to anyone other than the company for our review work, for this
report, or for the conclusions we have reached.
Ravi Lamba
for and on behalf of KPMG LLP
Chartered Accountants
15 Canada Square
London
E14 5GL
3 September 2018
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IR QXLFBVKFFBBL
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