TIDMQRT
RNS Number : 5799X
Quarto Group Inc
30 August 2022
The Quarto Group, Inc.
(the "Company", "Quarto", "Group")
Half-Year Results for the Six Months Ended 30 June 2022
The Quarto Group Inc. (LSE: QRT), the leading global illustrated
book publisher, announces its unaudited half-year results for the
six months ended 30 June 2022.
Results ($m) H1 2022 H1 2021
------------------------------- -------- --------
Group Revenue 61.9 56.9
Adjusted(1) Group Operating
Profit 6.7 4.0
Group Operating Profit 7.2 4.0
Adjusted(1) Profit before Tax 6.1 3.1
Profit before Tax 6.6 3.0
Profit after Tax 4.7 2.1
Net Debt 5.6 16.4
1. Adjusted measures are stated before amortization of acquired
intangibles and exceptional items.
Headlines
-- Revenue up 9% at $61.9m against 2021.
-- Operating profit of $7.2m up from $4m in 2021, partly due to
the continued cost reduction program implemented in 2018.
-- Net debt reduced in last 12 months by $10.8m (66%) to $5.6m
driven by the cost reduction program, improved trading, dynamic
inventory management and reduced finance costs.
Chief Executive, Alison Goff commented on the half year
position:
"This is an encouraging set of results following on from the
growth in 2021. Revenue has continued to grow delivering a higher
than expected operating profit, in what is seasonally, our weakest
half of the year.
Quarto had strong sales in the first half of 2022 across both
its UK and US segments.
Quarto UK continued the momentum from last year with 10% revenue
growth up $2.5m to $27.2m, with operating profit up $1m to $3.1m.
Strong business to business sales were a key driver together with a
solid trade performance. Bestsellers within the period include The
Queen, a new title in 2022 in our very successful Little People Big
Dreams series, as well as National Parks of the USA which was
published in 2018. My Beautiful Voice by Joseph Coelho which was
published in 2021, was the winner of the Indie Book Award 2022 in
the picture book category. We were also awarded the IPG
Sustainability Award for our Ivy Kids Imprint, which has set new
sustainability standards in publishing.
Quarto US saw an 8% revenue growth up $2.6m to $34.7m, again
driven by strong business to business sales. Operating profit also
increased by 8% to $4.1m. Custom sales grew in excess of 120% in
the period as we continued to focus on utilising our intellectual
property of existing titles. We continue to see Beautiful Boards
and All New Square Foot Gardening perform strongly.
We are now focused on the second half of the year, which will be
a critical time for Quarto, as we expect the trading environment to
be particularly challenging. This is due to the current high cost
of living and continued volatility in freight, in respect to
capacity issues resulting in higher freight costs. However, I am
confident we have the right plans in place to capture all possible
opportunities to ensure a satisfactory year-end position.
The Board remains focused on continuing its efforts to keep
costs under control, drive sales, whilst maintaining the debt
reduction and developing further growth strategies for the
remainder of 2022, 2023 and beyond."
-S -
The Legal Identifier of the Company is 549300BJ2WPX3QUATW58.
For further information, please contact:
The Quarto Group Inc. +44 (0)20 7700 6700
Daniel Logan, Group Finance Director
Michael Clarke, Company Secretary
About The Quarto Group
The Quarto Group (LSE: QRT) creates a wide variety of books and
intellectual property products, with a mission to inspire life's
experiences. Produced in many formats for adults, children and the
whole family, our products are visually appealing, information rich
and stimulating.
The Group encompasses a diverse portfolio of imprints and
businesses that are creatively independent and expert in developing
long-lasting content across specific niches of interest.
Quarto sells and distributes its products globally in over 50
countries and 40 languages, through a variety of sales channels,
partnerships and routes to market.
Quarto employs c.300 talented people in the US and the UK. The
group was founded in London in 1976. It is domiciled in the US and
listed on the London Stock Exchange.
For more information, visit quarto.com or follow us on Twitter
at @TheQuartoGroup.
CHIEF EXECUTIVE'S STATEMENT
SUMMARY
Trading was encouraging for the first six months of 2022.
Revenue was up 9% year on year at $61.9m following on from the
growth in 2021(H1 2021: $56.9m). Revenue increased year on year in
2021 by 21% (H1 2020: $46.9m).
Our Adult imprints performed strongly, with revenues up 12% year
on year. Revenues from Children imprints was also up 6% year on
year. Gross profit margin was ahead of prior year at 36.4% (H1
2021: 31.8%) driven by a reduction in pre-publication amortization,
despite pressure on print and freight costs.
The increased revenues and substantial benefits from the cost
reduction program initiated in late 2018 that continued through the
pandemic, resulted in an adjusted group operating profit of $7.2m
(H1 2021: $4.0m). The adjusted profit before tax was $6.6m (H1
2021: $3.1m).
Both our US and UK reporting segments improved their trading
performance year on year, resulting in a significant improvement in
the Group's adjusted operating result, as shown in the table
below.
Net debt at 30 June 2022 was $5.6m (H1 2020: $16.4m) a decrease
of $10.8m over the twelve-month period, with minimal movement in
the last 6 months (See note 7.) This strong cash generation has
been driven by the improved trading, dynamic inventory management,
cost reduction program and reduced finance costs.
The book trade market in the first six months of 2022 proved to
be resilient, continuing the recovery seen in 2021. The co-edition
market also performed strongly year on year.
OPERATING REVIEW
Revenue ($m) H1 2022 H1 2021 H1 2020
--------------------------- -------- -------- --------
United States 39.7 36.3 28.7
United Kingdom 6.6 7.9 6.4
Rest of the World 8.0 6.1 5.6
Europe 7.6 6.6 6.2
--------------------------- -------- -------- --------
Total Revenue 61.9 56.9 46.9
--------------------------- -------- -------- --------
Adjusted Operating Profit H1 2022 H1 2021 H1 2020
($m)
--------------------------- -------- -------- --------
US Publishing 4.1 3.8 (0.4)
UK Publishing 3.1 1.0 (0.6)
Group overhead (0.5) (0.8) (0.8)
--------------------------- -------- -------- --------
Total adjusted operating
profit 6.7 4.0 (1.8)
--------------------------- -------- -------- --------
Note: Revenue is shown by destination; adjusted operating profit
is shown by segment.
The Group's increase in revenue this year to date, is a result
of strong business to business sales. Whilst our sales to
traditional retailer and specialists accounts have seen growth,
online sales have decreased year on year.
UK-based Frances Lincoln Children's Books imprint continues to
drive forward, with the Little People, Big Dreams series continuing
to be a highlight, with over 6 million copies sold in the English
language to date. We have expanded the list to include
inspirational role models such as Marcus Rashford, Nelson Mandela
and the continuing success of David Attenborough.
In the US, our New York-based Adult imprints, especially
Chartwell, Wellfleet Press and Rock Point, continue to perform
strongly led by Beautiful Boards and MBS titles.
Co-edition is ahead of prior year both in English and Foreign
language however, as we move into H2, we are expecting this to be a
challenging market.
In respect to Custom, we have seen new opportunities driving
revenue growth and we expect this to become a larger part of our
business-to-business revenue in the latter half of 2022 and the
coming years.
International English language sales are up year on year, driven
predominantly by Canada, with sales to Australia down year on
year.
We continue to see a reduction in our financing costs, as we
drive down the Group's net debt.
OUTLOOK
As we move into H2 this financial year, we expect to see a
turbulent second half of the year, with the cost-of-living crisis
impacting both the US and UK trade sales. We are also seeing a
sharper fall in online sales than expected, impacted not only by
the increased cost of living, but as the consumer returns to
purchase books from the traditional book stores. Business to
business sales is continuing to hold firm, with particular growth
through the custom channel. However, we expect this channel to
become increasingly more challenging.
We have taken the decision to close our Distribution Service,
where we provide Sales & Logistic services for third party
customers, which will start to impact our sales from July 2022. We
have also decided to sell Smart Lab, our Toy imprint, in order to
focus on our core publishing business.
Whilst the volatility in freight has reduced, costs remain at
the high levels of last year, along with pressure on print prices.
We continue to try to mitigate these costs and have actively
increased our use of local print suppliers as well as review our
inventory policy, to ensure we print at the most efficient
quantities. We expect this pressure on print and freight to
continue for the foreseeable future.
However, I am confident we have the right plans in place to
capture all possible opportunities to ensure a satisfactory
year-end position. The Board remains focused on continuing its
efforts to keep costs under control, drive sales, whilst
maintaining the debt reduction and developing further growth
strategies for the remainder of 2022, 2023 and beyond.
On behalf of the Board, I would like to thank all our staff,
readers, customers, suppliers and shareholders around the world,
for their continued support and commitment.
Alison Goff
Chief Executive Officer
THE QUARTO GROUP, INC.
Condensed Consolidated Income Statement
For the six months ended 30 June 2022
Six months
Six months to Year ended
to 30 June 31 December
30 June 2022 2021 2021
Unaudited Unaudited Audited
Note $'000 $'000 $'000
Continuing operations
Revenue 3 61,908 56,864 151,483
Cost of sales (39,391) (38,775) (103,897)
----------------------------------------- ---- ------------- ---------- ------------
Gross profit 22,517 18,089 47,586
Distribution costs (3,699) (3,562) (8,439)
Impairment of financial assets (301) (689) (874)
Administrative expenses (11,836) (9,858) (22,314)
----------------------------------------- ----
Operating profit before amortisation
of acquired intangibles and exceptional
items 6,681 3,980 15,959
----------------------------------------- ---- ------------- ---------- ------------
Amortisation of acquired intangibles - (7) (7)
Exceptional items 4 491 - -
----------------------------------------- ---- ------------- ---------- ------------
Operating profit 3 7,172 3,973 15,952
Finance costs (545) (929) (1,796)
----------------------------------------- ---- ------------- ---------- ------------
Profit before tax 6,627 3,044 14,156
Taxation 5 (1,904) (895) (4,230)
Profit for the period 4,723 2,149 9,926
========================================= ==== ============= ========== ============
Attributable to:
Owners of the parent 4,723 2,149 9,926
========================================= ==== ============= ========== ============
Earnings/(loss) per share (cents)
From continuing operations
Basic 6 11.5 5.3 24.3
Diluted 6 11.5 5.3 24.3
THE QUARTO GROUP, INC.
Condensed Consolidated Statement of Comprehensive Income
For the six months ended 30 June 2022
Six months Six months Year ended
to to 31 December
30 June 2022 30 June 2021 2021
Unaudited Unaudited Audited
$'000 $'000 $'000
Profit for the period 4,723 2,149 9,926
Other comprehensive income which
may be reclassified to profit
or (loss)
Foreign exchange translation
differences (2,833) 255 (506)
Tax relating to items that may
be reclassified to profit or
loss - - 66
--------------------------------- ------------- ------------- ------------
Total comprehensive income for
the period 1,890 2,404 9,486
================================= ============= ============= ============
Attributable to:
Owners of the parent 1,890 2,404 9,486
================================= ============= ============= ============
THE QUARTO GROUP, INC.
Condensed Consolidated Balance Sheet
31 December
30 June 2022 30 June 2021 2021
As at 30 June 2022 Note Unaudited Unaudited Audited
$'000 $'000 $'000
Non-current assets
Goodwill 18,622 19,429 19,286
Other intangible assets 2 101 51
Property, plant and equipment 4,419 6,112 5,181
Intangible assets: Pre-publication
costs 27,040 39,958 29,941
Deferred tax assets 2,437 3,604 2,436
----------------------------------- ---- ------------ ------------ -----------
Total non-current assets 52,520 69,204 56,895
----------------------------------- ---- ------------ ------------ -----------
Current assets
Inventories 22,552 17,366 20,393
Trade and other receivables 38,293 34,473 51,242
Cash and cash equivalents 7 8,106 19,044 28,432
Assets Held for Sales 8 2,360 0 0
----------------------------------- ---- ------------ ------------ -----------
Total current assets 71,311 70,883 100,067
----------------------------------- ---- ------------ ------------ -----------
Total assets 123,831 140,087 156,962
----------------------------------- ---- ------------ ------------ -----------
Current liabilities
Short term borrowings 7 (3,116) (3,905) (5,438)
Trade and other payables (42,083) (41,992) (53,789)
Lease liabilities (1,111) (1,426) (1,363)
Tax payable (5,420) (4,117) (7,467)
Total current liabilities (51,730) (51,440) (68,057)
----------------------------------- ---- ------------ ------------ -----------
Non-current liabilities
Medium and long-term borrowings 7 (10,596) (31,498) (28,508)
Deferred tax liabilities (2,933) (6,347) (3,130)
Tax payable (386) (386) (386)
Lease liabilities (3,087) (4,289) (3,672)
Total non-current liabilities (17,002) (42,520) (35,696)
----------------------------------- ---- ------------ ------------ -----------
Total liabilities (68,732) (93,960) (103,753)
----------------------------------- ---- ------------ ------------ -----------
Net assets 55,099 46,127 53,209
=================================== ==== ============ ============ ===========
Equity
Share capital 4,089 4,089 4,089
Paid in surplus 48,701 48,701 48,701
Retained earnings and other
reserves 2,309 (6,663) 419
----------------------------------- ---- ------------ ------------ -----------
Total equity 55,099 46,127 53,209
=================================== ==== ============ ============ ===========
THE QUARTO GROUP, INC.
Condensed Consolidated Statement of Changes in Equity
For the six months ended 30 June 2022
Equity
attributable
to owners
Paid in Translation Retained of the
Share capital surplus reserve earnings parent
$000 $000 $000 $000 $000
Balance at 1 January
2021 4,089 48,701 (5,607) (3,470) 43,713
Profit for the period - - - 2,149 2,149
Foreign exchange translation
differences - - 255 - 255
Total comprehensive (expense)/income
for the period - - 255 2,149 2,404
------------------------------------- ------------- -------- ----------------------- ---------- -------------
Share based payment charge - - - 10 10
------------------------------------- -------------
Transactions with owners
Balance at 30 June 2021 4,089 48,701 (5,352) (1,311) 46,127
===================================== ============= ======== ======================= ========== =============
Balance at 1 January
2022 4,089 48,701 (6,047) 6,466 53,209
Profit for the period - - - 4,723 4,723
Foreign exchange translation
differences - - (2,833) - (2,833)
Total comprehensive income
for the period - - (2,833) 4,723 1,890
------------------------------------- ------------- -------- ----------------------- ---------- -------------
Share based payment charge - - - - -
Balance at 30 June 2022 4,089 48,701 (8,880) 11,189 55,099
===================================== ============= ======== ======================= ========== =============
THE QUARTO GROUP, INC.
Condensed Consolidated Statement of Changes in Equity
For the year ended 31 December 2021
Equity
attributable
Paid in Translation Retained to owners
Share capital surplus reserve earnings of the parent
$000 $000 $000 $000 $000
Balance at 1 January
2021 4,089 48,701 (5,607) (3,470) 43,713
Profit for the year - - - 9,926 9,926
Foreign exchange translation
differences - - (506) - (506)
Tax relating to items
that may be reclassified
to profit or loss - - 66 - 66
Total comprehensive
income for the year - - (440) 9926 9,486
----------------------------- ------------- -------- ----------------------- ---------- --------------
Share based payment
credit - - - 10 10
----------------------------- ------------- -------- ----------------------- ---------- --------------
Transactions with owners - - - 10 10
Balance at 31 December
2021 4,089 48,701 (6,047) 6,466 53,209
============================= ============= ======== ======================= ========== ==============
THE QUARTO GROUP, INC.
Condensed Consolidated Cash Flow Statement
For the six months ended 30 June 2022
Six months
to Six months Year ended
30 June to 31 December
2022 30 June 2021 2021
Unaudited Unaudited Audited
$'000 $'000 $'000
Profit for the period 4,723 2,149 9,926
Adjustments for:
Net finance costs 545 929 1,796
Depreciation of property, plant
and equipment 696 766 1,741
Software amortization 50 51 101
Tax charge 1,904 895 4,230
Profit on disposal of right-of-use - -
assets -
Share based payments 0 10 10
Amortisation and amounts written
off acquired intangibles - 7 7
Amortisation and amounts written
off pre-publication costs 10,176 12,026 31,000
Forgiveness of the Cares Act Loan (2,275) - -
(Gain) / Loss on disposal of property,
plant & equipment 58 - -
Operating cash flows before movements
in working capital 15,877 16,833 48,811
Increase in inventories (5,253) (1,867) (5,036)
Decrease / (Increase) in receivables 10,664 10,239 (7,106)
(Decrease) / Increase in payables (10,276) (7,371) 4,035
--------------------------------------------- ---------- ------------- ------------
Cash generated by operations 11,012 17,834 40,704
Income taxes paid (3,614) (1,156) (3,053)
--------------------------------------------- ---------- ------------- ------------
Net cash from operating activities 7,398 16,678 37,651
Investing activities
Investment in pre-publication costs (8,997) (10,911) (20,229)
Purchases of property, plant and
equipment (35) (56) (111)
Net cash used in investing activities (9,032) (10,967) (20,340)
Financing activities
Interest payments (182) (1,923) (1,866)
Lease payments (837) (712) (1,426)
External loans repaid (17,629) (31,567) (30,840)
External loans drawn - 25,118 22,994
Net cash used in financing activities (18,648) (9,084) (11,138)
Net (decrease)/increase in cash
and cash equivalents (20,282) (3,373) 6,173
Cash and cash equivalents at beginning
of period 28,432 22,079 22,079
Foreign currency exchange differences
on cash and cash equivalents (44) 338 180
--------------------------------------------- ---------- ------------- ------------
Cash and cash equivalents at end
of period 8,106 19,044 28,432
============================================= ========== ============= ============
THE QUARTO GROUP, INC.
Notes to the condensed financial statements
1. Interim Statement
These interim consolidated financial statements are for the half
year to 30 June 2022. They were approved by the board on 30 August
2022. These results are unaudited and have not been reviewed by the
Group's auditor. The comparative figures for the six months to 30
June 2021 were unaudited and derived from the interim financial
statements for that period.
The information for the year ended 31 December 2021 does not
constitute statutory accounts as defined in section 434 of the
Companies Act 2006. A copy of the statutory accounts for that year
has been delivered to the Registrar of Companies. The auditor's
report on those accounts was not qualified, did not include a
reference to any matters to which the auditor drew attention by way
of emphasis without qualifying the report and did not contain
statements under section 498 (2) or (3) of the Companies Act
2006.
Basis of preparation
These interim financial statements have been prepared in
accordance with the Disclosure and Transparency Rules of the
Financial Conduct Authority and with IAS 34, "Interim Financial
Reporting".
The Group's forecast and projections, taking account of
reasonably possible changes in trading performance, show that the
Group will be able to operate well within the level of its current
banking facilities. The Directors have therefore adopted a going
concern basis in preparing the Interim Information.
2. Accounting policies
The accounting policies, significant judgements and key sources
of estimation adopted in the preparation of this Interim Report are
consistent with those applied by the Group in its consolidated
financial statements for the year ended 31 December 2021.
THE QUARTO GROUP, INC.
Notes to the condensed financial statement
3. Segmental analysis
Six months to 30 June 2022 US Publishing UK Publishing Total
$000 $000 $000
Revenue 34,650 27,258 61,908
================ ================ ========
Operating profit before amortisation
of acquired intangibles and
exceptional items 4,096 3,115 7,211
Amortisation of acquired intangibles - - -
---------------- ---------------- --------
Segment result 4,096 3,115 7,211
Unallocated corporate expenses (530)
Exceptional items 491
--------
Operating profit 7,172
Finance costs (545)
--------
Profit before tax 6,627
Tax charge (1,904)
--------
Profit after tax 4,723
========
Six months to 30 June 2021 US Publishing UK Publishing Total
$000 $000 $000
Revenue 32,085 24,779 56,864
============== ============== =======
Operating profit before amortisation
of acquired intangibles and
exceptional items 3,792 1,029 4,821
Amortisation of acquired intangibles (7) - (7)
-------------- -------------- -------
Segment result 3,785 1,029 4,814
Unallocated corporate expenses (841)
Exceptional items -
Operating profit 3,973
Finance costs (929)
-------
Profit before tax 3,044
Tax charge (895)
-------
Profit after tax 2,149
=======
Year ended 31 December 2021 US Publishing UK Publishing Total
$000 $000 $000
Revenue 81,062 70,421 151,483
============== ============== ========
Operating profit before amortisation
of acquired intangibles and
exceptional items 10,024 7,001 17,025
Amortisation of acquired intangibles (7) - (7)
-------------------------------------- -------------- -------------- --------
Segment result 10,017 7,001 17,018
Unallocated corporate expenses (1,066)
Corporate exceptional items -
--------
Operating profit 15,952
Finance costs (1,796)
--------
Profit before tax 14,156
Tax (4,230)
--------
Profit after tax 9,926
========
THE QUARTO GROUP, INC.
Notes to the condensed financial statements
3. Segmental analysis (continued)
Geographical revenue
The Group generates its revenue in the
following geographical areas:
Six months Six months Year ended
to to 31 December
30 June 2022 30 June 2021
Unaudited 2021 Audited
$'000 Unaudited $'000
$'000
United States 39,712 36,315 93,399
United Kingdom 6,556 7,851 20,241
Europe 7,616 6,661 21,204
Rest of the World 8,024 6,087 16,639
Total 61,908 56,864 151,483
========================= =============== =========== =============
4. Exceptional Items
Six months Six months
to to Year ended
30 June 30 June 31 December
2022 2021 2021
Unaudited Unaudited Audited
$'000 $'000 $'000
Exceptional items comprised:
Impairment costs on remeasurement of
Disposal Group (see note 8) (1,781) - -
Forgiveness of Cares Act Loan 2,272 - -
Total 491 - -
===================================== =========== =========== =============
5. Taxation
Taxation for the six months to 30 June 2022 is based on the
Group estimated underlying tax rate for the year.
THE QUARTO GROUP, INC.
Notes to the condensed financial statements
6. Earnings per share
Six months
to Six months Year ended
30 June to 31 December
2022 30 June 2021 2021
Unaudited Unaudited Audited
$'000 $'000 $'000
From continuing operations
Profit/ for the purposes of basic and
diluted earnings per share, being net
profit/ attributable to owners of the
parent 4,723 2,149 9,926
Amortisation of acquired intangibles
(net of tax) 0 5 5
Exceptional items (net of tax) (369) - -
-------------------------------------------- ---------- ------------- ------------
Earnings for the purposes of adjusted
earnings per share 4,354 2,154 9,931
============================================ ========== ============= ============
Number Number Number
Weighted average number of shares 40,889,000 40,889,000 40,889,100
Dilutive outstanding options awards - 43,482 -
-------------------------------------------- ---------- ------------- ------------
Diluted weighted average number of shares 40,889,000 40,932,482 40,899,100
============================================ ========== ============= ============
Earnings/(loss) per share (cents) Cents Cents Cents
From continuing operations
Basic 11.5 5.3 24.3
Diluted 11.5 5.3 24.3
Adjusted basic 10.6 5.3 24.3
Adjusted diluted 10.6 5.3 24.3
7. Net debt
30 June 31 December
30 June 2022 2021 21
Unaudited Unaudited Audited
$'000 $'000 $'000
Net debt comprised:
Cash and cash equivalents 8,106 19,044 28,432
Short term borrowings (3,116) (3,905) (5,438)
Medium and long-term borrowings (10,596) (31,498) (28,508)
Net debt (5,606) (16,359) (5,514)
============= =========== ============
At 30 June 2022, the Group has a $15.3m club facility,
comprising a term loan, revolving credit facility and overdraft.
These facilities expire on 16 July 2024 and are subject to
covenants, which were all met in the current period. In addition,
the Group has $8.0m of sub-ordinated loans with related parties,
repayable on 31 August 2024 and a loan of $0.1m relating to
government support given under the Coronavirus Aid, Relief and
Economic Security Act of the USA (see note 4).
THE QUARTO GROUP, INC.
Notes to the condensed financial statements
8. Disposal group held for sale
At the reporting date, management had committed to sell Smart
Lab, our toy imprint. Accordingly, that imprint is presented as a
disposal group held for sale. Whilst no disposal has been agreed,
we have received a non-binding offer. Efforts to sell the disposal
group have continued and a sale is expected to be completed by
September 2022.
Assets and liabilities of disposal group held for sale
$000's
Non-current assets 16
Current assets 2,344
Assets held for Sale 2,360
=======
Non-current assets held for sale are Pre-publication costs.
9. Principal risks and uncertainties facing the Group
There have been no changes to the principal risks and
uncertainties facing the Group since the year-end. These are
disclosed on pages 19 to 21 of the 2021 Annual Report.
10. Financial instruments
There are no material differences between the fair value of
financial instruments and their carrying value.
11. Management Statement
This Interim Management Report (IMR) has been prepared solely to
provide additional information to shareholders to assess the
Group's strategies and the potential for those strategies to
succeed. The IMR should not be relied on by any other party or for
any other purpose.
The IMR contains certain forward-looking statements. These
statements are made by the directors in good faith based on the
information available to them up to the time of their approval of
this report but such statements should be treated with caution due
to the inherent uncertainties, including both economic and business
risk factors, underlying any such forward-looking information.
Responsibility statement
We confirm that to the best of our knowledge:
a) the condensed set of financial statements, which has been
prepared in accordance with IAS 34 "Interim Financial Reporting",
gives a true and fair view of the assets, liabilities, financial
position and profit or loss of the issuer, or the undertakings
included in the consolidation as a whole as required by DTR
4.2.4R;
b) the interim management report includes a fair review of the
information required by DTR 4.2.7R (indication of important events
during the first six months and description of principal risks and
uncertainties for the remaining six months of the year); and
c) the interim management report includes a fair review of the
information required by DTR 4.2.8R (disclosure of related party
transactions and changes therein).
By the order of the board
Alison Goff Andrew Cumming
Chief Executive Officer Chairman
30 August 2022 30 August 2022
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