TIDMLRM
RNS Number : 9965M
Lombard Risk Management PLC
20 October 2016
20 October 2016
Lombard Risk Management
("Lombard Risk", the "Company" or the "Group")
Interim results for the six months ended 30 September 2016
Lombard Risk Management plc (AIM: LRM), a leading provider of
integrated collateral management and regulatory reporting solutions
for the financial services industry, is pleased to announce its
interim results for the six months ended 30 September 2016.
Financial Highlights
-- Record first-half revenue of GBP15.2m (2015: GBP10.8m), up 41.2%
-- Order book of contracted revenue at GBP9.2m (2015: GBP6.8m)
-- Annually recurring revenue up 22% to GBP6.1m (2015: GBP5.0m)
-- Sales for the period up 58% on the previous year, with software licence sales up 106%
-- EBITDA of GBP1.5m (2015: GBP0.5m)
-- Loss before tax of GBP0.1m (2015: loss of GBP1.8m)
-- Loss per share of 0.05p (2015: loss per share of 0.66p)
-- Cash at period end of GBP6.9m (2015: GBP2.7m) with no debt (2015: GBPNil)
-- Equity placing to raise GBP8.0m completed in June 2016 and
Open Offer raising GBP0.3m completed in July 2016
Operational Highlights
-- Launch of cloud-based collateral management system, AgileCOLLATERAL(TM)
-- Investment in state-of-the-art Birmingham offices allowing
critical development to be completed on-shore
-- Two new clients for AgileREPORTER(R) for OFSAA
Current trading and outlook
-- Trading in line with management's expectations and delivering to plan
-- Lombard Risk remains well placed to service all its clients
as the Governance, Risk and Compliance sector continues to
experience strong growth
Alastair Brown, CEO of Lombard Risk commented:
"With the increasing strength of our recurring revenues, an
order book of GBP9.2m and the transformation of the Lombard Risk
organisation largely complete, the Board faces the second half of
the year with optimism. Whilst the Financial Services industry as a
whole remains under pressure, the Governance, Risk and Compliance
sector continues to experience strong growth and the Company
remains well placed to service all our clients.
"I would like to express my sincere thanks to the Lombard Risk
staff across our offices in London, Shanghai, New York, Singapore,
Hong Kong, Tokyo and Frankfurt who have worked tirelessly to
deliver these results. Their efforts are allowing us to deliver an
ambitious plan, and collectively they create an organisation which
is a privilege to lead. In addition, I would like to thank the
Company's investors and shareholders who have supported the Company
through this period of change."
For further information, please contact:
Lombard Risk Management Tel: 020 7593 6700
plc
Alastair Brown, CEO
Nigel Gurney, CFO
finnCap Tel: 020 7220 0500
Stuart Andrews
Carl Holmes
Scott Mathieson
WG Partners LLP (Joint Tel: 020 3705 9330
Broker)
David Wilson
Claes Spång
Chris Lee
Tel: 020 7653 9850
Newgate Communications Email: lombard@newgatecomms.com
Bob Huxford
Charlotte Coulson
Adam Lloyd
The information communicated in this announcement is inside
information for the purposes of Article 7 of Regulation
596/2014.
About Lombard Risk
Lombard Risk is a leading provider of regulatory reporting and
collateral management solutions to the financial services industry.
Through intelligent automation and optimisation, Lombard Risk's
clients are able to improve their approach to risk management,
gaining the agility they need to have a competitive advantage. As
well as bringing immediate and urgent solutions to clients' needs,
Lombard Risk's global team of experts look beyond today's reporting
and collateral management to develop technology solutions that help
them adapt as industry challenges evolve.
Counting over 30 of the world's 'Top 50' financial institutions
among its clients, Lombard Risk has been a trusted partner for 27
years. Founded in 1989 and headquartered in London, it has offices
in New York and Asia Pacific (Hong Kong, Shanghai, Singapore and
Tokyo), and service centres in Germany, Atlanta, Cape Town and
Miami. Find out more at lombardrisk.com
Chief Executive Officer's statement
It gives me great pleasure to report that Lombard Risk has
enjoyed a period of strong revenue growth in the six months to 30
September 2016 achieving record first-half revenues of GBP15.2m, an
increase of 41.2%. Following the significant changes to the
executive team in the previous financial period, the renewed focus
on core product areas has allowed us to deliver in line with the
plans set out during our successful equity fundraising earlier this
year. We have been executing against our delivery objectives,
announcing AgileCOLLATERAL(TM)during the period, and preparing for
the opening of the new state-of-the-art technology development
centre in Birmingham this November. Our strategic alliance with
Oracle continues to develop with a further two sales of
AgileREPORTER(R)as part of the Oracle analytics suite successfully
closed in the half. The Board and the executive team remain
confident in the markets within which Lombard Risk operates, our
two-year plan and our ability to execute it.
Record sales
Sales for the period were up 58% and, importantly software
licence sales increased 106%, whilst the increase in services was a
more measured 26% leaving these two business lines almost evenly
balanced. Sales in EMEA, a region which accounts for circa 50% of
the business, grew 44% and in North America a very encouraging
159%. A weaker first quarter in APAC led to a small sales decline
in the region; however, recognised revenue in this region grew as a
result of major contract wins in previous periods. We closed the
period with a backlog of orders contracted but not yet recognised
of GBP9.2m (2015: GBP6.8m).
In our regulatory reporting business, we closed two new Oracle
Financial Services Analytical Applications ("OFSAA") deals, one
cross-sold to an existing (globally systemically important bank)
collateral management customer, the other to a new client for
Lombard Risk. This brings the number of deals closed under the
Oracle strategic alliance to five, and the Board is encouraged by
the pipeline for AgileREPORTER(R) for OFSAA for the second half of
the year. Direct regulatory reporting business was also brisk, with
an encouraging number of clients taking additional reports in key
jurisdictions in line with the continued rollout of various
regulatory programmes and Lombard Risk's investment to support
banks navigating the continuing waves of regulation.
Our world-class collateral management solution, COLLINE(R) ,
continued to enjoy strong growth with significant new wins in North
America and a number of existing clients extending their licences
to take advantage of both previously available modules and new
regulatory and Exchange Traded Derivatives enhancements. All
clients affected by the regulation changes in September purchased
the regulatory module and were ready for the go-live date, and we
face the next deadline for uncleared margin rules (January 2017)
with confidence for our clients and optimism for our collateral
business.
Overall 125 contracts were executed in the first half,
demonstrating the return on the investment made in salesforce
personnel and training. There is good visibility of strong pipeline
for Q3, and the final sales vacancies in Asia were filled with new
joiners starting on 1 October, giving Lombard Risk the execution
capability it needs to capitalise on the market opportunities we
anticipate.
A diverse portfolio
Our business is spread across North America, EMEA and Asia
Pacific, and the recognised revenue for the period is split almost
evenly between collateral management and regulatory reporting (53%
collateral management; 47% regulatory reporting). EMEA is the
largest region at 50% of the business, but the split between Euro
and Sterling denominated business means that globally 58% of our
revenues are non-sterling.
This position gives us a natural hedge against any potential
impact of BREXIT, and to date we are yet to experience any
identifiable impact on our business. European clients, who paused
to reflect post the referendum result, quickly resumed normal
project activities, and much of our sales are driven by
non-negotiable regulatory timetables. The rest of our business is
driven by banks' desire to reduce operational costs and risks, and
again these pressures are only amplified by anticipation of the
impact of BREXIT on the European macro-economies. Were BREXIT to
introduce more diversity into the regulatory landscape, we would of
course be beneficiaries, but at this time we consider that to be
unlikely.
Raising funds to invest for growth
The equity placing in June and the subsequent open offer raised
GBP8.3m gross, giving us the opportunity to accelerate development
of both our product lines and invest in the Company's development
facilities. This has allowed us to launch AgileCOLLATERAL, a
cloud-based collateral management system which offers the
functionality of our market-leading COLLINE(R) solution in a
modular, light-touch delivery format. The speed with which we are
developing this product, designed to help buy-side clients meet the
stricter uncleared collateral margin requirements being extended
from January 2017, underlines the new focus on delivery at Lombard
Risk. This is evidenced further by the investment in a
state-of-the-art software development facility in Birmingham,
allowing us to move critical user interface, domain intensive,
rapid and iterative development from our existing technology centre
in Shanghai to the UK. We have secured excellent premises, made
offers to the first new staff members and are due to open the
facility in November. As we enter the second half, we are also
continuing the acceleration of the feature set and jurisdictional
coverage of AgileREPORTER(R) as
planned. Lombard Risk continues to invest and maintain its
world-class software, upholding its position as a leading provider
of regulatory reporting and collateral management solutions.
Financial review
Recognised revenue rose by 41.2% against the comparable period
last year to GBP15.2m (2015: GBP10.8m). Annually recurring revenues
for the half year totalled GBP6.1m (2015: GBP5.0m), representing
40.1% (2015: 46.3%) of total revenues. Regulatory Reporting
revenues rose by 22.3% to GBP7.1m (2015: 5.8m) and Risk Management
revenues rose by 63.1% to GBP8.1m (2015: GBP5.0m). The Company
experienced revenue growth across all regions: EMEA revenues rose
by 33.9% to GBP7.6m (2015: GBP5.7m); North America revenues rose by
50.1% to GBP5.2m (2015: GBP3.4m); and APAC revenues rose by 47.9%
to GBP2.4m (2015: GBP1.6m).
Net cash at 30 September 2016 is GBP6.9m (2015: GBP2.7m)
following the fundraise of GBP8.3m of gross proceeds at 8.75p per
share. The proceeds of the fundraise have enabled investment in
both the Company's products and its infrastructure and as a result
of this we have experienced some increases in the cost base of the
Group. This has resulted in a loss before tax of GBP0.1m (2015:
loss before tax of GBP1.8m). Earnings before interest, taxation,
depreciation and amortisation ("EBITDA") were GBP1.5m (2015:
GBP0.5m).
Headcount as at 30 September was 378 (2015: 319) as the Company
has strengthened its resources across a number of key areas, in
particular sales, product and development.
The Company's accounting policies allow for the capitalisation
and amortisation of certain software development costs. Capitalised
development costs in the period totalled GBP2.8m (2015: GBP2.8m),
representing 46.6% (2015: 66.5%) of total technology and support
costs. The increase in total technology spending reflects the
accelerated investment in the Company's next generation products in
both the risk management and regulatory reporting segments of the
business.
The capitalisation of development costs has an impact on the
interpretation of the financial performance of the Company.
Internally, the Company's operating budget and monthly management
accounts measure financial performance assuming no such
capitalisation. Applying this assumption would result in negative
EBITDA for the six-month period of GBP1.2m (2015: negative EBITDA
of GBP2.3m) and a loss before tax of GBP1.4m (2015: loss of
GBP2.5m).
Dividend
The Company suspended dividends at the end of the period to 31
March 2016 reflecting the considerable investment being made during
the growth phase of the business. The Company does not propose to
pay an interim dividend.
Outlook
The second half of the financial year will be a period of
sustained investment for Lombard Risk, as we fully engage in the
delivery of our next-generation products and our new software
development facility. Notwithstanding this, with the increasing
strength of our recurring revenues, an order book of GBP9.2m and
the transformation of the Lombard Risk organisation largely
complete, the Board faces the second half of the year with
optimism. Whilst the Financial Services industry as a whole remains
under pressure, the Governance, Risk and Compliance sector
continues to experience strong growth and the Company remains well
placed to service all our clients.
I would like to express my sincere thanks to the Lombard Risk
staff across our offices in London, Shanghai, New York, Singapore,
Hong Kong, Tokyo and Frankfurt who have worked tirelessly to
deliver these results. Their efforts are allowing us to deliver an
ambitious plan, and collectively they create an organisation which
is a privilege to lead. In addition, I would like to thank the
Company's investors and shareholders who have supported the Company
through this period of change.
Alastair Brown
Chief Executive Officer
19 October 2016
Consolidated unaudited interim statement of comprehensive
income
For the six months ended 30 September 2016
Unaudited Unaudited
Six Six Audited
months months Year
ended ended ended
30 September 30 September 31 March
2016 2015 2016
Note GBP000 GBP000 GBP000
------------------------------------ ---- ------------- ------------- ---------
Continuing operations
Revenue 15,196 10,762 23,714
Cost of sales (26) (97) (175)
------------------------------------ ---- ------------- ------------- ---------
Gross profit 15,170 10,665 23,539
Administrative expenses (13,663) (10,137) (21,638)
------------------------------------ ---- ------------- ------------- ---------
EBITDA 1,507 528 1,901
Depreciation, amortisation
and impairment (1,686) (2,271) (4,088)
Net finance income / (expense) 66 (19) (19)
------------------------------------ ---- ------------- ------------- ---------
Loss before taxation (113) (1,762) (2,206)
Taxation charge 3 (75) (159) (729)
------------------------------------ ---- ------------- ------------- ---------
Loss for the period from continuing
operations (188) (1,921) (2,935)
------------------------------------ ---- ------------- ------------- ---------
Loss for the period from continuing
operations attributable to:
Owners of the Parent (188) (1,921) (2,935)
Other comprehensive income
Exchange differences on translating
foreign operations 103 (95) 64
------------------------------------ ---- ------------- ------------- ---------
Total comprehensive income
for the period (85) (2,016) (2,871)
------------------------------------ ---- ------------- ------------- ---------
Loss per share
Basic (pence) 2 (0.05) (0.66) (0.98)
Diluted (pence) 2 (0.05) (0.66) (0.98)
------------------------------------ ---- ------------- ------------- ---------
Consolidated unaudited interim statement of financial
position
As at 30 September 2016
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
30 September 30 September 31 March
2016 2015 2016
GBP000 GBP000 GBP000
------------------------------------- ------------- ------------- ---------
Non-current assets
Property, plant and equipment 610 374 399
Goodwill 6,013 5,841 5,910
Other intangible assets 17,920 15,066 16,551
Trade and other receivables 1,843 1,013 726
Deferred tax asset 221 869 262
------------------------------------- ------------- ------------- ---------
26,607 23,163 23,848
------------------------------------- ------------- ------------- ---------
Current assets
Trade and other receivables 7,770 5,636 6,240
Cash and cash equivalents 6,868 2,733 3,342
------------------------------------- ------------- ------------- ---------
14,638 8,369 9,582
------------------------------------- ------------- ------------- ---------
Total assets 41,245 31,532 33,430
------------------------------------- ------------- ------------- ---------
Current liabilities
Trade and other payables (3,784) (2,482) (4,363)
Deferred income (7,812) (6,452) (7,326)
------------------------------------- ------------- ------------- ---------
Total liabilities (11,596) (8,934) (11,689)
------------------------------------- ------------- ------------- ---------
Net assets 29,649 22,598 21,741
------------------------------------- ------------- ------------- ---------
Equity
Share capital 2,433 1,951 1,958
Share premium account 20,620 13,156 13,221
Foreign exchange reserves 80 (182) (23)
Other reserves 1,908 1,831 1,800
Retained Profit 4,608 5,842 4,785
------------------------------------- ------------- ------------- ---------
Equity attributable to owners of the
Parent 29,649 22,598 21,741
------------------------------------- ------------- ------------- ---------
Consolidated unaudited interim statement of changes in
equity
For the six months ended 30 September 2016
Total
attributable
Profit to the
Share Foreign and owners Non-
Share premium exchange Other loss of the controlling Total
capital account reserves reserves account Company interest equity
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
------------------------ -------- -------- --------- --------- -------- ------------- ------------ -------
Balance at 1 April
2015 1,750 9,404 (87) 1,739 7,963 20,769 (119) 20,650
------------------------ -------- -------- --------- --------- -------- ------------- ------------ -------
Issue of share capital 201 3,752 - - - 3,953 - 3,953
Acquisition of minority
interest - - - - (119) (119) 119 -
Share-based payment
charge - - - 148 - 148 - 148
Share options lapsed
or exercised - - - (56) 56 - - -
Dividends - - - - (137) (137) - (137)
------------------------ -------- -------- --------- --------- -------- ------------- ------------ -------
Transactions with
owners directly
in equity 201 3,752 - 92 (200) 3,845 119 3,964
------------------------ -------- -------- --------- --------- -------- ------------- ------------ -------
Loss for the period - - - - (1,921) (1,921) - (1,921)
Other comprehensive
income
Exchange differences
on translating foreign
operations - - (95) - - (95) - (95)
------------------------ -------- -------- --------- --------- -------- ------------- ------------ -------
Total comprehensive
income for the period - - (95) - (1,921) (2,016) - (2,016)
------------------------ -------- -------- --------- --------- -------- ------------- ------------ -------
Balance at 30 September
2015 1,951 13,156 (182) 1,831 5,842 22,598 - 22,598
------------------------ -------- -------- --------- --------- -------- ------------- ------------ -------
Total
attributable
Profit to the
Share Foreign and owners Non-
Share premium exchange Other loss of the controlling Total
capital account reserves reserves account Company interest equity
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
------------------------ -------- -------- --------- --------- -------- ------------- ------------ -------
Balance at 1 October
2015 1,951 13,156 (182) 1,831 5,842 22,598 - 22,598
------------------------ -------- -------- --------- --------- -------- ------------- ------------ -------
Issue of share capital 7 65 - - - 72 - 72
Acquisition of minority
interest - - - - 119 119 (119) -
Share-based payment
charge - - - 35 - 35 - 35
Share options lapsed
or exercised - - - (66) (56) (122) - (122)
Dividends - - - - (106) (106) - (106)
------------------------ -------- -------- --------- --------- -------- ------------- ------------ -------
Transaction with
owners directly
in equity 7 65 - (31) (43) (2) (119) (121)
------------------------ -------- -------- --------- --------- -------- ------------- ------------ -------
(Loss) / profit
for the year - - - - (1,014) (1,014) 119 (895)
Other comprehensive
income
Exchange differences
on translating foreign
operations - - 159 - - 159 - 159
------------------------ -------- -------- --------- --------- -------- ------------- ------------ -------
Total comprehensive
income for the year - - 159 - (1,014) (856) 119 (737)
------------------------ -------- -------- --------- --------- -------- ------------- ------------ -------
Balance at 31 March
2016 1,958 13,221 (23) 1,800 4,785 21,741 - 21,741
------------------------ -------- -------- --------- --------- -------- ------------- ------------ -------
Total
attributable
Profit to the
Share Foreign and owners Non-
Share premium exchange Other loss of the controlling Total
capital account reserves reserves account Company interest equity
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
------------------------ -------- -------- --------- --------- -------- ------------- ------------ -------
Balance at 1 April
2016 1,958 13,221 (23) 1,800 4,785 21,741 - 21,741
------------------------ -------- -------- --------- --------- -------- ------------- ------------ -------
Issue of share
capital 475 7,399 - - - 7,874 - 7,874
Share-based payment
charge - - - 119 - 119 - 119
Share options lapsed
or exercised - - - (11) 11 - - -
Transaction with
owners directly
in equity 475 7,399 - 108 11 7,993 - 7,993
------------------------ -------- -------- --------- --------- -------- ------------- ------------ -------
Loss for the period - - - - (188) (188) - (188)
Other comprehensive
income
Exchange differences
on translating
foreign operations - - 103 - - 103 - 103
------------------------ -------- -------- --------- --------- -------- ------------- ------------ -------
Total comprehensive
income for the
period - - 103 - (188) (85) - (85)
------------------------ -------- -------- --------- --------- -------- ------------- ------------ -------
Balance at 30 September
2016 2,433 20,620 80 1,908 4,608 29,649 - 29,649
------------------------ -------- -------- --------- --------- -------- ------------- ------------ -------
Consolidated unaudited interim statement of cash flow
For the six months ended 30 September 2016
Unaudited Unaudited
Six Six Audited
months months Year
ended ended ended
30 September 30 September 31 March
2016 2015 2016
GBP000 GBP000 GBP000
------------------------------------------ ------------- ------------- ---------
Cash flows from operating activities
Loss for the period (188) (1,921) (2,935)
Tax charge 75 159 729
Net finance (income) / expense (66) 19 19
------------------------------------------ ------------- ------------- ---------
Operating loss (179) (1,743) (2,187)
Adjustments for:
Depreciation 211 127 262
Amortisation and impairment 1,475 2,146 3,826
Share-based payment charge 119 148 61
Loss on acquisition of non-controlling
interest - - 119
(Increase) / decrease in trade and
other receivables (2,647) 1,116 799
(Decrease) / increase in trade and
other payables (579) (1,264) 617
Increase / (decrease) in deferred
income 486 (770) 104
Foreign exchange difference 103 (27) 12
------------------------------------------ ------------- ------------- ---------
Cash (used in) / generated by operations (1,011) (267) 3,613
Tax credit (paid) / received (34) 10 57
------------------------------------------ ------------- ------------- ---------
Net cash (used in) / generated by
operating activities (1,045) (257) 3,670
------------------------------------------ ------------- ------------- ---------
Cash flows from investing activities
Interest received 66 - 18
Purchase of property, plant and equipment
and computer software (572) (209) (439)
Capitalisation of development expenditure (2,797) (2,840) (5,893)
------------------------------------------ ------------- ------------- ---------
Net cash used in investing activities (3,303) (3,049) (6,314)
------------------------------------------ ------------- ------------- ---------
Cash flows from financing activities
Shares issued, net of issue costs 7,874 3,954 4,025
Interest paid - (19) (37)
Dividends paid - (137) (243)
------------------------------------------ ------------- ------------- ---------
Net cash flow generated by financing
activities 7,874 3,798 3,745
------------------------------------------ ------------- ------------- ---------
Net increase in cash and cash equivalents 3,526 492 1,101
Cash and cash equivalents at beginning
of period 3,342 2,241 2,241
------------------------------------------ ------------- ------------- ---------
Cash and cash equivalents at end
of period 6,868 2,733 3,342
------------------------------------------ ------------- ------------- ---------
Notes to the interim report
For the six months ended 30 September 2016
1. Basis of preparation
This interim report was approved by the Board on 19 October
2016.
These unaudited consolidated financial statements are for the
six months ended 30 September 2016. They have been prepared in
accordance with International Financial Reporting Standards
("IFRS") and International Financial Reporting Interpretation
Committee ("IFRIC") interpretations as at 30 September 2016, as
adopted by the European Union. They do not include any of the
information required for full annual financial statements and
should be read in conjunction with the consolidated financial
statements of the Group for the year ended 31 March 2016.
The preparation of financial statements under IFRS requires the
Board to make judgements, estimates and assumptions that affect the
application of accounting policies, the reported amounts of
statement of financial position items at the period end and the
reported amount of revenue and expense during the reporting period.
The estimates and associated assumptions are based on historical
experience and various other factors that are believed to be
reasonable under the circumstances, the results of which form the
basis of making judgements that are not readily apparent from other
sources. However, the actual results may differ from these
estimates. The estimates and underlying assumptions are reviewed on
an ongoing basis.
This condensed consolidated financial information does not
comprise statutory accounts within the meaning of Section 434 of
the Companies Act 2006. Statutory accounts for the year ended 31
March 2016 were approved on 25 May 2016. These accounts, which
contain an unqualified audit report under Section 495 of the
Companies Act 2006 and which did not make any statements under
Section 498 of the Companies Act 2006, have been delivered to the
Registrar of Companies in accordance with Section 441 of the
Companies Act 2006.
2. Loss per share
Basic loss per share has been calculated by dividing the loss on
ordinary activities after taxation attributable to the owners of
the Parent by the weighted average number of ordinary shares of
0.5p each (Ordinary Shares) in issue during each period.
Diluted loss per share is calculated by adjusting the weighted
average number of Ordinary Shares in issue on the assumption of
conversion of all dilutive potential Ordinary Shares. The Group has
only one category of dilutive potential Ordinary Shares, being
share options granted under the Enterprise Management Incentive
Plan and Unapproved Scheme.
Unaudited Unaudited
Six months Six months Audited
ended ended Year ended
30 September 30 September 31 March
2016 2015 2016
------------------------------------ ------------- ------------- -----------
Loss for the period and basic
and diluted loss attributable
to Ordinary Shareholders (GBP000) (188) (1,921) (2,935)
------------------------------------ ------------- ------------- -----------
Weighted average number of Ordinary
Shares 354,589,248 291,960,440 298,488,801
Loss per share (pence) (0.05) (0.66) (0.98)
------------------------------------ ------------- ------------- -----------
Effect of dilutive share options:
Adjusted weighted average number
of Ordinary Shares 354,589,248 294,961,089 298,488,801
Diluted loss per share (pence) (0.05) (0.66) (0.98)
------------------------------------ ------------- ------------- -----------
3. Taxation
The taxation charge is based on the effective tax rate expected
to apply for the full year, taking into account the anticipated
benefit of brought forward tax losses. The effective tax rate is
higher than the standard tax rate, principally as a result of
movements in the deferred tax asset recognised within the Group. In
addition, the charge for this interim period includes GBP34,000 of
current tax paid by overseas subsidiaries.
Company information
Company registration number
3224870
Directors
Alastair Brown
Chief Executive Officer
Nigel Gurney
Chief Financial Officer
Philip Crawford
Non-executive Chairman
John McCormick
Senior Non-executive Director
Steve Rogers
Non-executive Director
Alexander (Sandy) Broderick
Non-executive Director
Company Secretary
Nigel Gurney
Registered office
7th Floor
60 Gracechurch Street
London EC3V 0HR
Nominated adviser and joint broker
finnCap Limited
60 New Broad Street
London EC2M 1JJ
Joint broker
WG Partners LLP
85 Gresham Street
London EC2V 7NQ
Auditor
Grant Thornton UK LLP
Grant Thornton House
Melton Street
Euston Square
London NW1 2EP
Corporate solicitors
Memery Crystal
44 Southampton Buildings
London WC2A 1AP
Registrars
Computershare Investor Services PLC
PO Box 859
The Pavilions
Bridgwater Road
This information is provided by RNS
The company news service from the London Stock Exchange
END
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