TIDMMES
RNS Number : 9052Z
Messaging International Plc
30 September 2009
Messaging International Plc / Market: AIM / Epic: MES / Sector: Technology
30 September 2009
Messaging International Plc
('Messaging International' or 'the Company')
Interim Results
Messaging International Plc, the AIM traded company and provider of converged
messaging products and services, announces its results for the six months ended
30 June 2009.
Highlights
* Steady trading with new partnerships agreed and existing alliances strengthened
* Good pipeline of new business opportunities
* Pre-tax loss of GBP173,224 (2008: loss GBP199,028) on turnover of GBP1,122,326
(2008: GBP727,697)
* Progress expanding into new geographic territories including Russia, Western
Europe and South America
* Ongoing research and development - new services include a 'celebrity voices
feature' for Text-to-Landline customers
Chairman's Statement
Trading during the first half of 2009 has been steady, having agreed new
partnerships, strengthened existing alliances and generated a strong pipeline of
new business opportunities. Our existing relationships with major international
mobile operators, including the likes of Sprint Nextel, Rogers Wireless, Telus
and Bell Canada, also continue to bear fruit as they adopt new add-ons to
existing products and expand into new territories.
Financial Results
The results for the six months ended 30 June 2009 show a pre-tax loss of
GBP173,224 (2008: loss GBP199,028) on turnover of GBP1,122,326, which is a 54.2
per cent. increase on last year (2008: GBP727,697).
The Company's cash position as at 30 June 2009 was GBP297,669 (2008:
GBP210,383).
The board does not recommend the payment of an interim dividend.
Operations Review
Our blue-chip client base is undoubtedly impressive, however it is always
difficult to gauge how much exact turnover each client will generate. Our
relationship with Sprint Nextel ('Sprint'), for example, is very strong, with
considerable revenue generated from this affiliation. Due to the popularity of
our Text-to-Landline service with Sprint customers, we have launched various
additional applications and features exclusively for these users such as the
'Record Your Name' personalisation feature and most recently, a celebrity voices
feature whereby personalised messages can be delivered using top voice
impersonators of Hollywood stars, which have proved very popular.
We have made good progress branching out into new geographic territories and
signing up additional corporate entities and telecom operators. Early in the
year we launched our Text-to-Landline service with Uralsviazinform, considered
as one of the four leading mobile operators in Russia. We also signed up various
new enterprise customers including Zim, one of the largest global shipping
companies, Ramada Hotels and a number of Israeli high schools.
Our pipeline of new opportunities is strong. During the period we answered many
requests for proposals in Europe and hope to convert several of these into new
contracts having received positive feedback. We also conducted several trials
with major Western European and South American operators, which we are
particularly pleased about as they give us direct access into two of the largest
mobile markets, where until now, we have only had a limited presence.
We are constantly evolving and looking for new revenue streams to meet demand.
Our research and development division therefore forms a major part of the
business as we look to build and sustain competitive advantages. Importantly, to
help us in this respect, in June 2009 the Company was approved for a further
research project of approximately $250,000 from the Israeli Office of the Chief
Scientist to mainly enhance our video streaming and download solutions.
Prospects
With more than half of the world now using mobile phones, mobile messaging is
growing at a staggering rate and our Company is at the forefront of the
industry. Importantly, we are increasingly being recognised by global mobile
operators as a company which can deliver innovative, cost effective solutions to
satisfy the needs of their customers. Looking forward, we are confident that
this trend will carry on and that the numbers of users will continue to rise
throughout the remainder of the year and beyond.
H Furman
Chairman
29 September 2009
For further information visit www.telemessage.com or contact:
+---------------------+---------------------------+-----------------------+
| Guy Levit | Messaging International | Tel: + 972 3 9225252 |
| | Plc | |
+---------------------+---------------------------+-----------------------+
| Mark Percy | Seymour Pierce Limited | Tel: +44 (0) 20 7107 |
| | | 8000 |
+---------------------+---------------------------+-----------------------+
| Catherine Leftley | Seymour Pierce Limited | Tel: +44 (0) 20 7107 |
| | | 8000 |
+---------------------+---------------------------+-----------------------+
| Susie Callear | St Brides Media & Finance | Tel: +44 (0) 20 7236 |
| | Ltd | 1177 |
+---------------------+---------------------------+-----------------------+
Consolidated income statement for the six months ended 30 June 2009
+---------------------------+-------+--+-------------+--+-------------+--+-------------+
| | Notes | | Unaudited | | Unaudited | | Audited |
| | | | six months | | six months | | year ended |
| | | | ended | | ended | |31 December |
| | | | 30 June | | 30 June | | 2008 |
| | | | 2009 | | 2008 | | |
+---------------------------+-------+--+-------------+--+-------------+--+-------------+
| | | | GBP | | GBP | | GBP |
+---------------------------+-------+--+-------------+--+-------------+--+-------------+
| | | | | | | | |
+---------------------------+-------+--+-------------+--+-------------+--+-------------+
| Revenues | 2 | | 1,122,326 | | 727,697 | | 1,742,632 |
+---------------------------+-------+--+-------------+--+-------------+--+-------------+
| Cost of revenue | | | (581,425) | | (361,980) | | (822,712) |
+---------------------------+-------+--+-------------+--+-------------+--+-------------+
| | | | | | | | |
+---------------------------+-------+--+-------------+--+-------------+--+-------------+
| Gross profit | | | 540,901 | | 365,717 | | 919,920 |
+---------------------------+-------+--+-------------+--+-------------+--+-------------+
| | | | | | | | |
+---------------------------+-------+--+-------------+--+-------------+--+-------------+
| Operating expenses | | | | | | | |
+---------------------------+-------+--+-------------+--+-------------+--+-------------+
| Research and development | | | (182,266) | | (204,180) | | (293,333) |
+---------------------------+-------+--+-------------+--+-------------+--+-------------+
| Sales and marketing | | | (296,251) | | (132,992) | | (542,283) |
+---------------------------+-------+--+-------------+--+-------------+--+-------------+
| Administrative and | | | (216,124) | | (227,573) | | (418,210) |
| general costs | | | | | | | |
+---------------------------+-------+--+-------------+--+-------------+--+-------------+
| | | | | | | | |
+---------------------------+-------+--+-------------+--+-------------+--+-------------+
| Total operating expenses | | | (694,641) | | (564,745) | | (1,253,826) |
+---------------------------+-------+--+-------------+--+-------------+--+-------------+
| | | | | | | | |
+---------------------------+-------+--+-------------+--+-------------+--+-------------+
| Operating loss | | (153,740) | | (199,028) | | (333,906) |
+-----------------------------------+--+-------------+--+-------------+--+-------------+
| Finance income | | | - | | - | | 69 |
+---------------------------+-------+--+-------------+--+-------------+--+-------------+
| Finance cost | | | (19,484) | | - | | (33,430) |
+---------------------------+-------+--+-------------+--+-------------+--+-------------+
| | | | | | | | |
+---------------------------+-------+--+-------------+--+-------------+--+-------------+
| Loss before taxation | | | (173,224) | | (199,028) | | (367,267) |
+---------------------------+-------+--+-------------+--+-------------+--+-------------+
| | | | | | | | |
+---------------------------+-------+--+-------------+--+-------------+--+-------------+
| Taxation | 3 | | - | | - | | - |
+---------------------------+-------+--+-------------+--+-------------+--+-------------+
| | | | | | | | |
+---------------------------+-------+--+-------------+--+-------------+--+-------------+
| Loss for the financial | | | (173,224) | | (199,028) | | (367,267) |
| period | | | | | | | |
+---------------------------+-------+--+-------------+--+-------------+--+-------------+
| | | | | | | | |
+---------------------------+-------+--+-------------+--+-------------+--+-------------+
| | | | | | | | |
+---------------------------+-------+--+-------------+--+-------------+--+-------------+
| | | | | | | | |
+---------------------------+-------+--+-------------+--+-------------+--+-------------+
| Loss per share | | | | | | |
+-----------------------------------+--+-------------+--+-------------+--+-------------+
| | | | | | | | |
+---------------------------+-------+--+-------------+--+-------------+--+-------------+
| Basic and diluted loss | | | (0.07)p | | (0.08)p | | (0.15)p |
| per share | 4 | | | | | | |
+---------------------------+-------+--+-------------+--+-------------+--+-------------+
| | | | | | | | |
+---------------------------+-------+--+-------------+--+-------------+--+-------------+
| | | | | | | | |
+---------------------------+-------+--+-------------+--+-------------+--+-------------+
Consolidated statement of comprehensive income for the six months ended 30 June
2009
+---------------------------+-------+--+-------------+--+-------------+--+-------------+
| | Notes | | Unaudited | | Unaudited | | Audited |
| | | | six months | | six months | | year ended |
| | | | ended | | ended | |31 December |
| | | | 30 June | | 30 June | | 2008 |
| | | | 2009 | | 2008 | | |
+---------------------------+-------+--+-------------+--+-------------+--+-------------+
| | | | GBP | | GBP | | GBP |
+---------------------------+-------+--+-------------+--+-------------+--+-------------+
| | | | | | | | |
+---------------------------+-------+--+-------------+--+-------------+--+-------------+
| Exchange difference on | | | 39,609 | | (378) | | 74,438 |
| translation of foreign | | | | | | | |
| operations | | | | | | | |
+---------------------------+-------+--+-------------+--+-------------+--+-------------+
| | | | | | | | |
+---------------------------+-------+--+-------------+--+-------------+--+-------------+
| Foreign exchange | | | - | | - | | 669,645 |
| difference arising from | | | | | | | |
| restating the carrying | | | | | | | |
| value of goodwill | | | | | | | |
| associated with foreign | | | | | | | |
| operations | | | | | | | |
+---------------------------+-------+--+-------------+--+-------------+--+-------------+
| | | | | | | | |
+---------------------------+-------+--+-------------+--+-------------+--+-------------+
| | | | (173,224) | | (199,028) | | (367,267) |
| Loss for the period/year | | | | | | | |
+---------------------------+-------+--+-------------+--+-------------+--+-------------+
| | | | | | | | |
+---------------------------+-------+--+-------------+--+-------------+--+-------------+
| | | | | | | | |
+---------------------------+-------+--+-------------+--+-------------+--+-------------+
| Total recognised income | | | (133,615) | | (199,406) | | 376,816 |
| and expense for the | | | | | | | |
| period/year | | | | | | | |
+---------------------------+-------+--+-------------+--+-------------+--+-------------+
| | | | | | | | |
+---------------------------+-------+--+-------------+--+-------------+--+-------------+
| | | | | | | | |
+---------------------------+-------+--+-------------+--+-------------+--+-------------+
Consolidated Statement of financial position as at 30 June 2009
+------------------------+-------+--+-------------+--+-------------+--+-------------+
| | Notes | | Unaudited | | Unaudited | | Audited |
| | | | as at | | as at | | as at |
| | | | 30 June | | 30 June | |31 December |
| | | | 2009 | | 2008 | | 2008 |
+------------------------+-------+--+-------------+--+-------------+--+-------------+
| | | | GBP | | GBP | | GBP |
+------------------------+-------+--+-------------+--+-------------+--+-------------+
| | | | | | | | |
+------------------------+-------+--+-------------+--+-------------+--+-------------+
| Non current assets | | | | | | | |
+------------------------+-------+--+-------------+--+-------------+--+-------------+
| Goodwill | | | 3,906,262 | | 3,236,617 | | 3,906,262 |
+------------------------+-------+--+-------------+--+-------------+--+-------------+
| Tangible assets | | | 48,313 | | 27,210 | | 52,744 |
+------------------------+-------+--+-------------+--+-------------+--+-------------+
| Other investments | | | 118,927 | | 107,500 | | 135,330 |
+------------------------+-------+--+-------------+--+-------------+--+-------------+
| | | | 4,073,502 | | 3,371,327 | | 4,094,336 |
+------------------------+-------+--+-------------+--+-------------+--+-------------+
| | | | | | | | |
+------------------------+-------+--+-------------+--+-------------+--+-------------+
| Current assets | | | | | | | |
+------------------------+-------+--+-------------+--+-------------+--+-------------+
| Cash and cash | | | 297,669 | | 210,383 | | 300,653 |
| equivalents | | | | | | | |
+------------------------+-------+--+-------------+--+-------------+--+-------------+
| Trade and other | | | 484,791 | | 428,617 | | 576,907 |
| receivables | | | | | | | |
+------------------------+-------+--+-------------+--+-------------+--+-------------+
| | | | 782,460 | | 639,000 | | 877,560 |
+------------------------+-------+--+-------------+--+-------------+--+-------------+
| | | | | | | | |
+------------------------+-------+--+-------------+--+-------------+--+-------------+
| Total assets | | | 4,855,962 | | 4,010,327 | | 4,971,896 |
+------------------------+-------+--+-------------+--+-------------+--+-------------+
| | | | | | | | |
+------------------------+-------+--+-------------+--+-------------+--+-------------+
| Current liabilities | | | | | | | |
+------------------------+-------+--+-------------+--+-------------+--+-------------+
| Trade and other | | | (288,235) | | (307,088) | | (382,856) |
| payables | | | | | | | |
+------------------------+-------+--+-------------+--+-------------+--+-------------+
| Borrowings | | | (165,830) | | - | | (109,282) |
+------------------------+-------+--+-------------+--+-------------+--+-------------+
| | | | (454,065) | | (307,088) | | (492,138) |
+------------------------+-------+--+-------------+--+-------------+--+-------------+
| | | | | | | | |
+------------------------+-------+--+-------------+--+-------------+--+-------------+
| Non current | | | | | | | |
| liabilities | | | | | | | |
+------------------------+-------+--+-------------+--+-------------+--+-------------+
| Borrowings | | | (96,879) | | | | (42,174) |
+------------------------+-------+--+-------------+--+-------------+--+-------------+
| Provisions | | | (145,772) | | (121,000) | | (165,879) |
+------------------------+-------+--+-------------+--+-------------+--+-------------+
| | | | (242,651) | | (121,000) | | (208,053) |
+------------------------+-------+--+-------------+--+-------------+--+-------------+
| | | | | | | | |
+------------------------+-------+--+-------------+--+-------------+--+-------------+
| Total liabilities | | | (696,716) | | (428,088)) | | (700,191) |
+------------------------+-------+--+-------------+--+-------------+--+-------------+
| | | | | | | | |
+------------------------+-------+--+-------------+--+-------------+--+-------------+
| Net assets | | | 4,159,246 | | 3,582,239 | | 4,271,705 |
+------------------------+-------+--+-------------+--+-------------+--+-------------+
| | | | | | | | |
+------------------------+-------+--+-------------+--+-------------+--+-------------+
| | | | | | | | |
+------------------------+-------+--+-------------+--+-------------+--+-------------+
| | | | | | | | |
+------------------------+-------+--+-------------+--+-------------+--+-------------+
| Share capital | | | 1,176,900 | | 1,176,900 | | 1,176,900 |
+------------------------+-------+--+-------------+--+-------------+--+-------------+
| Share premium account | | | 4,266,227 | | 4,266,227 | | 4,266,227 |
+------------------------+-------+--+-------------+--+-------------+--+-------------+
| Revenue reserves | | | (2,033,194) | | (1,826,131) | | (1,881,126) |
+------------------------+-------+--+-------------+--+-------------+--+-------------+
| Foreign exchange | | | 749,313 | | (34,757) | | 709,704 |
| reserves | | | | | | | |
+------------------------+-------+--+-------------+--+-------------+--+-------------+
| | | | | | | | |
+------------------------+-------+--+-------------+--+-------------+--+-------------+
| Shareholders' equity | 5 | | 4,159,246 | | 3,582,239 | | 4,271,705 |
+------------------------+-------+--+-------------+--+-------------+--+-------------+
| | | | | | | | |
+------------------------+-------+--+-------------+--+-------------+--+-------------+
Consolidated cash flow statement for the six months ended 30 June 2009
+----------------------------------+--+-------------+--+-------------+--+-------------+
| | | Unaudited | | Unaudited | | Audited |
| | | six months | | six months | | year ended |
| | | ended | | ended | |31 December |
| | | 30 June | | 30 June | | 2008 |
| | | 2009 | | 2008 | | |
+----------------------------------+--+-------------+--+-------------+--+-------------+
| | | GBP | | GBP | | GBP |
+----------------------------------+--+-------------+--+-------------+--+-------------+
| Cash flow from operating | | | | | | |
| activities | | | | | | |
+----------------------------------+--+-------------+--+-------------+--+-------------+
| Loss before taxation | | (153,740) | | (199,028) | | (333,906) |
+----------------------------------+--+-------------+--+-------------+--+-------------+
| Adjustments for: | | | | | | |
+----------------------------------+--+-------------+--+-------------+--+-------------+
| Share based payments | | 21,156 | | (2,389) | | 11,887 |
+----------------------------------+--+-------------+--+-------------+--+-------------+
| Depreciation and amortisation | | 12,234 | | 6,784 | | 24,896 |
+----------------------------------+--+-------------+--+-------------+--+-------------+
| Amortised finance costs | | 19,201 | | - | | 4,790 |
+----------------------------------+--+-------------+--+-------------+--+-------------+
| Foreign currency translation | | 23,938 | | (378) | | 43,287 |
| adjustments | | | | | | |
+----------------------------------+--+-------------+--+-------------+--+-------------+
| | | 76,529 | | 4,017 | | 84,860 |
+----------------------------------+--+-------------+--+-------------+--+-------------+
| | | (77,211) | | (195,011) | | (249,046) |
| Operating cash flow before | | | | | | |
| working capital movements | | | | | | |
+----------------------------------+--+-------------+--+-------------+--+-------------+
| | | | | | | |
+----------------------------------+--+-------------+--+-------------+--+-------------+
| Decrease/(increase) in | | 92,116 | | (48,007) | | (196,297) |
| receivables | | | | | | |
+----------------------------------+--+-------------+--+-------------+--+-------------+
| (Decrease)/increase in payables | | (94,621) | | 106,568 | | 182,336 |
+----------------------------------+--+-------------+--+-------------+--+-------------+
| (Decrease)/increase in | | - | | - | | (1,018) |
| provisions | | | | | | |
+----------------------------------+--+-------------+--+-------------+--+-------------+
| | | (2,505) | | 58,561 | | (14,979) |
+----------------------------------+--+-------------+--+-------------+--+-------------+
| | | | | | | |
+----------------------------------+--+-------------+--+-------------+--+-------------+
| Cash outflow from operating | | (79,716) | | (136,450) | | (264,025) |
| activities | | | | | | |
+----------------------------------+--+-------------+--+-------------+--+-------------+
| | | | | | | |
+----------------------------------+--+-------------+--+-------------+--+-------------+
| Investing activities | | | | | | |
+----------------------------------+--+-------------+--+-------------+--+-------------+
| Interest paid | | (19,484) | | - | | (5,234) |
+----------------------------------+--+-------------+--+-------------+--+-------------+
| Purchase of tangible assets | | (14,195) | | (8,947) | | (43,092) |
| Investment | | - | | - | | 12,946 |
+----------------------------------+--+-------------+--+-------------+--+-------------+
| Net cash used in investing | | (33,679) | | (8,947) | | (35,380) |
| activities | | | | | | |
+----------------------------------+--+-------------+--+-------------+--+-------------+
| | | | | | | |
+----------------------------------+--+-------------+--+-------------+--+-------------+
| Financing activities | | | | | | |
+----------------------------------+--+-------------+--+-------------+--+-------------+
| Net borrowings | | 110,411 | | - | | 244,278 |
+----------------------------------+--+-------------+--+-------------+--+-------------+
| Net cash from financing | | 110,411 | | - | | 244,278 |
| activities | | | | | | |
+----------------------------------+--+-------------+--+-------------+--+-------------+
| | | | | | | |
+----------------------------------+--+-------------+--+-------------+--+-------------+
| Net decrease in cash and cash | | (2,984) | | (145,397) | | (55,127) |
| equivalents | | | | | | |
+----------------------------------+--+-------------+--+-------------+--+-------------+
| | | | | | | |
+----------------------------------+--+-------------+--+-------------+--+-------------+
| Cash and cash equivalents at the | | 300,653 | | 355,780 | | 355,780 |
| beginning of the period/year | | | | | | |
+----------------------------------+--+-------------+--+-------------+--+-------------+
| | | | | | | |
+----------------------------------+--+-------------+--+-------------+--+-------------+
| Cash and cash equivalents at the | | 297,669 | | 210,383 | | 300,653 |
| end of the period/year | | | | | | |
+----------------------------------+--+-------------+--+-------------+--+-------------+
Notes to the interim report
For the six months ended 30 June 2009
1. Basis of preparation and consolidation
The financial information contained in the interim results has been prepared in
accordance with International Financial Reporting Standards ('IFRS') as adopted
by the European Union. It has been prepared in accordance with IAS 34 - Interim
Financial Reporting and does not include all of the information required for
full annual financial statements.
The financial information contained in these interim results for the six months
ended 30th June 2009 and 30th June 2008 are un-audited. The comparative figures
for the year ended 31st December 2008 do not constitute statutory financial
statements of the group within the definition of S434 of the Companies Act 2006.
Full audited accounts of the group in respect of that financial period prepared
in accordance with IFRS, which we received an unqualified audit opinion have
been delivered to Registrar of Companies.
The interim results have been drawn up using accounting policies and
presentation consistent with those disclosed and applied in the annual report
and accounts for the year ended 31 December 2008 except for the adoption of the
following new and amended reporting standards, which are effective for periods
commencing on or after 1 January 2009:
* IAS1 (revised) - "Presentation of Financial Statements"
A new primary statement, "Consolidated Statement of Changes in Equity" is
required containing information previously disclosed in the notes to the
accounts. In addition, the Consolidated Statement of Recognised Income and
Expense is replaced with the Consolidated Statement of Comprehensive Income,
which may be shown separately or combined with the Income Statement.
* IFRS8 - "Operating Segments"
This standard replaces IAS14 - "Segment Reporting" which required operating
segments to be analysed into Primary (business) and Secondary (geographical)
segments. IFRS8 requires that operating segments should be aligned with those
reviewed by the "Chief Operating Decision Maker" which is considered to be the
Board of Directors.
Various other amendments to standards and interpretations of standards are
effective for periods commencing on or after 1 January 2009 as detailed in the
2008 Annual Report, none of which have any impact on reported results.
The accounting policies used in the interim statement are consistent with those
used in the financial statements for the year ended 31 December 2008 and are in
accordance with International Financial Reporting Standards.
The consolidated income statement and balance sheet include the financial
statements of the Company and its subsidiary undertakings up to 30 June 2009.
2. Turnover
+-------------------------+--+---------------+--+---------------+--+----------------------+
| | | Unaudited | | Unaudited | | Audited |
| | | six months | | six months | | year ended |
| | | ended | | ended | | 31 December |
| | | 30 June 2009 | | 30 June 2008 | | 2008 |
+-------------------------+--+---------------+--+---------------+--+----------------------+
| | | GBP | | GBP | | GBP |
+-------------------------+--+---------------+--+---------------+--+----------------------+
| | | | | | | |
+-------------------------+--+---------------+--+---------------+--+----------------------+
| North America | | 980,939 | | 528,410 | | 1,246,099 |
+-------------------------+--+---------------+--+---------------+--+----------------------+
| Rest of the World | | 141,387 | | 199,287 | | 496,533 |
+-------------------------+--+---------------+--+---------------+--+----------------------+
| | | 1,122,326 | | 727,697 | | 1,742,632 |
+-------------------------+--+---------------+--+---------------+--+----------------------+
| | | | | | | |
+-------------------------+--+---------------+--+---------------+--+----------------------+
3 No provision has been made for taxation as the group has losses available
to carry forward against future trading profits. No deferred tax asset has been
recognised in accordance with International Accounting Standard 12.
4. Basic and diluted loss per share
The calculation of the loss per ordinary share is based on the loss after
taxation for the six month period to 30 June 2008 of GBP173,224 (2008:
GBP199,028) and 235,380,000 ordinary shares being the weighted verage number
of shares in the period. (2008: 235,380,000).
5. Movement to shareholders' equity
+----------------------------------+--+---------------+--+---------------+--+--------------+
| | | Unaudited | | Unaudited | | Audited |
| | | six months | | six months | | Year ended |
| | | ended | | ended | | 31 December |
| | | 30 June 2009 | | 30 June 2008 | | 2008 |
+----------------------------------+--+---------------+--+---------------+--+--------------+
| | | GBP | | GBP | | GBP |
+----------------------------------+--+---------------+--+---------------+--+--------------+
| | | | | | | |
+----------------------------------+--+---------------+--+---------------+--+--------------+
| Loss for the period | | (173,224) | | (199,028) | | (367,267) |
+----------------------------------+--+---------------+--+---------------+--+--------------+
| Foreign Exchange reserves | | 39,609 | | (378) | | 744,083 |
| movements | | | | | | |
+----------------------------------+--+---------------+--+---------------+--+--------------+
| Equity settled share based | | 21,156 | | (2,389) | | 110,855 |
| payments | | | | | | |
+----------------------------------+--+---------------+--+---------------+--+--------------+
| | | (112,469) | | (201,795) | | 487,671 |
+----------------------------------+--+---------------+--+---------------+--+--------------+
| Equity at the beginning of the | | 4,271,705 | | 3,784,034 | | 3,784,034 |
| period | | | | | | |
+----------------------------------+--+---------------+--+---------------+--+--------------+
| Equity at the end of the period | | 4,159,246 | | 3,582,239 | | 4,271,705 |
| | | | | | | |
+----------------------------------+--+---------------+--+---------------+--+--------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR SEWFWUSUSESU
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