RNS Number : 2814B
Research Pharmaceutical SRV, Inc
13 August 2008
ReSearch Pharmaceutical Services, Inc.
Unaudited Quarterly Report for the period ended June 30, 2008
ReSearch Pharmaceutical Services, Inc.("RPS" or the "Company"), a leading provider of integrated clinical development outsourcing
solutions to the bio-pharmaceutical industry, is pleased to announce its unaudited second quarter results for the three month period ended
June 30, 2008. These statements include unaudited comparative results for RPS which merged with Cross Shore Acquisition Corporation ("Cross
Shore") on August 30, 2007.
In addition, RPS announces that it has today filed a Form 10-Q in the U.S., as required by the Securities and Exchange Commission
("SEC"). A copy of the Form 10-Q is available on our website (www.rpsweb.com).
Financial highlights for the three months ended June 30, 2008
* Service revenues for the second quarter of 2008 of $40.3 million grew $11.5 million or 39.8% as compared to the same period in
2007.
* EBITDA for the second quarter of 2008 of $2.4 million grew $0.5 million or 26% as compared to the same period in 2007.
* Net income before provision for income taxes for the second quarter of 2008 of $2.0 million grew $0.9 million or 88% as compared
with net income before provision for income taxes of $1.1 million for the same period in 2007.
* As of June 30, 2008 the Company had approximately $10.7 million in cash plus $15 million of unused bank line availability.
Financial highlights for the six months ended June 30, 2008
* Service revenues for the six months ended June 30, 2008 of $78.3 million grew $23.5 million or 42.8% as compared to the same
period in 2007.
* EBITDA for the six months ended June 30, 2008 of $5.1 million grew $1.5 million or 43% as compared to the same period in 2007.
* Net income before provision for income taxes for the six months ended June 30, 2008 of $4.3 million grew $5.8 million as compared
with net loss before benefit for income taxes of $1.4 million for the same period in 2007.
A description of each non-GAAP financial measure and the related reconciliation to the comparable GAAP measure are located at the end of
this press release.
Operational highlights
The second quarter of 2008 results demonstrate the continuing growth of the Company reflecting the addition of new business wins as well
as growth within existing client programs.
During the second quarter, the Company continued to invest in its core clinical infrastructure to further strengthen its position as a
leading provider of integrated, flexible solutions, prepare for our continued global expansion, and expand our full-service project
capabilities in support of growing client demand. We expect that these investments will fuel our continued growth and lead to greater
opportunities in the future.
Additionally, during the second quarter, the Company added four new Non-executive Directors to the Board who are expected to provide
additional levels of industry and business expertise.
Commenting on the second quarter results, Daniel M. Perlman, Chairman and CEO of RPS said:
"Once again, the growth of our service revenues demonstrates the continued acceptance of our unique business model. Our clients continue
to rely on our expertise in their quest to reduce overall research and development costs while improving the quality and speed of drug
development."
For further information please contact:
ReSearch Pharmaceutical Services, Inc. +1 215 540 0700
Dan Perlman, Chief Executive Officer
Steven Bell, Chief Financial Officer
Nominated Adviser and UK Broker: +44 20 7012 2100
Arbuthnot Securities Limited
James Steel / Richard Tulloch
ReSearch Pharmaceutical Services, Inc.
Unaudited Quarterly Report to June 30, 2008
Background on RPS
ReSearch Pharmaceutical Services, Inc. ("RPS" or the "Company") was incorporated in Delaware on January 30, 2006 as Cross Shore
Acquisition Corporation ("Cross Shore"), a blank check company formed to serve as a vehicle for the acquisition of a then unidentified
operating business engaged in the delivery of business services to consumers and companies in the United States. On April 24, 2006 Cross
Shore consummated its initial public offering on the Alternative Investment Market ("AIM") of the London Stock Exchange, and on April 26,
2007, entered into an Agreement and Plan of Merger (the "Merger Agreement") with ReSearch Pharmaceutical Services, Inc. ("Old RPS"). Upon
the completion of the merger with Old RPS on August 30, 2007, Cross Shore changed its name to ReSearch Pharmaceutical Services, Inc. Prior
to the merger with Old RPS, Cross Shore had no operating business other than searching for an acquisition target.
Headquartered in Ft. Washington, Pennsylvania, with subsidiary offices across Latin and South America, RPS is a leading provider of
integrated clinical development outsourcing solutions to the bio-pharmaceutical industry. RPS provides services in connection with the
design, initiation and management of clinical trials programs that are required to obtain regulatory approval to market bio-pharmaceutical
products. RPS is a next generation CRO serving the bio-pharmaceutical industry. Our innovative business model combines the expertise of a
traditional CRO with the ability to provide flexible outsourcing solutions that are fully integrated within our clients' clinical drug
development infrastructure. This approach was designed to meet the varied needs of small, medium and large bio-pharmaceutical companies.
Operating review of the three months ended 30 June 2008 compared to three months ended 30 June 2007
* Revenues: Service revenues increased 39.8% to $40.3 million for the three months ended June 30, 2008 from $28.8 million for the
three months ended June 30, 2007 as we generated additional business from existing and new customers. The majority of the increase is
related to the continued build from existing contracts with several pharmaceutical companies in our Clinical Master Service Provider
("CMSP") programs. CMSP revenue for the three months ended June 30, 2008 grew 72.7% over the comparable prior period, and accounted for
60.8% of our total service revenue for the three months ended June 30, 2008.
Reimbursement revenues and offsetting reimbursable out-of-pocket costs fluctuate from period to period due primarily to the level of
pass-through expenses in a particular period. Reimbursement revenues and reimbursable out-of-pocket costs increased 32.4% to $4.6 million
during the three months ended June 30, 2008 from $3.4 million during the three months ended June 30, 2007. The increase is due primarily to
an increase in the number of staff incurred expenses on client programs.
* Direct Costs: Direct costs increased 45.0% to $30.1 million or 74.7% of service revenues for the three months ended June 30, 2008
as compared to $20.7 million or 72.0% of service revenues for the three months ended June 30, 2007. The increase in direct costs is directly
correlated with the increase in revenues as described above, as well as an increase in certain direct costs at a rate greater than the
increase in revenues. The primary costs included in direct costs are operational staff payroll and related taxes and benefits.
* Selling, general and administrative expenses: Selling, general and administrative expenses ("SG&A") increased 26.5% to $7.8
million for the three months ended June 30, 2008 from $6.1 million for the three months ended June 30, 2007 to support the increase in
revenues. The primary reason for the increase in SG&A costs was an increase in the number of corporate personnel, which resulted in
increases in employee-related costs such as new salaries, as well as increases in salaries for existing employees, bonuses, commissions,
health benefits and payroll taxes to $4.9 million for the three months ended June 30, 2008 as compared to $4.0 million for the three months
ended June 30, 2007. Although total SG&A expenses increased for the three month period ended June 30, 2008, SG&A expenses, as a percentage
of service revenues, decreased to 19.3% for the three months ended June 30, 2008 as compared to 21.3% for the three months ended June 30,
2007. The decrease is attributable to the Company's ability to leverage fixed infrastructure costs and contain semi-variable overhead costs at a slower rate of growth than revenues.
* Depreciation and amortization expense: Depreciation and amortization expense increased 84.0% to $0.4 million for the three months
ended June 30, 2008 as compared to $0.2 million for the three months ended June 30, 2007 due primarily to an increase in the depreciable
asset base.
* Income from operations: Income from operations increased to $2.0 million for the three months ended June 30, 2008 as compared to
income from operations of $1.7 million for the three months ended June 30, 2007. The increase is attributable to growth in revenues in
excess of the corresponding growth in direct costs and SG&A costs as described above.
* Interest income and expense: Interest income increased to $71,000 during the three months ended June 30, 2008 due to an increase
in the level of investable cash on hand subsequent to Old RPS' August 30, 2007 merger with Cross Shore. Interest expense decreased to
$89,000 for the three months ended June 30, 2008 from $0.6 million during the three months ended June 30, 2007. The decrease is due to the
payoff of the outstanding balance on our line of credit and the outstanding notes payable subsequent to the merger with Cross Shore on
August 30, 2007.
* Provision for income taxes: The provision for income taxes for the three months ended June 30, 2008 decreased to $0.9 million as
compared to a provision for income taxes of $2.5 million for the three months ended June 30, 2007. Our effective tax rate for the three
months ended June 30, 2007 was significant as the interest charge related to the put warrant liability incurred in the first quarter of 2007
was non-deductible for income tax purposes. Accordingly, the income tax expense recorded in the three months ended June 30, 2007 is
reflective of that rate. The provision for income taxes recorded during the three months ended June 30, 2008 is reflective of our recurring
effective tax rate.
* Net income (loss): As a result of the factors discussed above, net income for the three months ended June 30, 2008 increased to
$1.2 million or $0.04 per basic share and $0.03 per diluted share, for the three months ended June 30, 2008 from a net loss of $1.4 million
for the three months ended June 30, 2007 or $(0.27) per share, basic and diluted.
Operating review of the six months ended 30 June 2008 compared to six months ended 30 June 2007
* Revenues: Service revenues increased 42.8% to $78.3 million for the six months ended June 30, 2008 from $54.9 million for the six
months ended June 30, 2007 as we generated additional business from existing and new customers. The majority of the increase is related to
the continued build from existing contracts with several pharmaceutical companies in our CMSP programs. CMSP revenue for the six months
ended June 30, 2008 grew 78.4% over the comparable prior period, and accounted for 61.1% of our total service revenue for the six months
ended June 30, 2008.
Reimbursement revenues and offsetting reimbursable out-of-pocket costs fluctuate from period to period due primarily to the level of
pass-through expenses in a particular period. Reimbursement revenues and reimbursable out-of-pocket costs increased 20.3% to $8.3 million
during the six months ended June 30, 2008 from $6.9 million during the six months ended June 30, 2007. The increase is due primarily to an
increase in the number of staff incurred expenses on client programs.
* Direct Costs: Direct costs increased 47.2% to $58.4 million or 74.5% of service revenues for the six months ended June 30, 2008 as
compared to $39.7 million or 72.3% of service revenues for the six months ended June 30, 2007. The increase in direct costs is directly
correlated with the increase in revenues as described above, as well as an increase in certain direct costs at a rate greater than the
increase in revenues. The primary costs included in direct costs are operational staff payroll and related taxes and benefits.
* Selling, general and administrative expenses: Selling, general and administrative expenses ("SG&A") increased 27.7% to $14.9
million for the six months ended June 30, 2008 from $11.7 million for the six months ended June 30, 2007 to support the increase in
revenues. The primary reason for the increase in SG&A costs was an increase in the number of corporate personnel, which resulted in
increases in employee-related costs such as new salaries, as well as increases in salaries for existing employees, bonuses, commissions,
health benefits and payroll taxes to $9.2 million for the six months ended June 30, 2008 as compared to $7.6 million for the six months
ended June 30, 2007. Although total SG&A expenses increased for the six month period ended June 30, 2008, SG&A expenses, as a percentage of
service revenues, decreased to 19.0% for the six months ended June 30, 2008 as compared to 21.2% for the six months ended June 30, 2007. The
decrease is attributable to the Company's ability to leverage fixed infrastructure costs and contain semi-variable overhead costs at a slower rate of growth than revenues.
* Depreciation and amortization expense: Depreciation and amortization expense increased 92.4% to $0.8 million for the six months
ended June 30, 2008 as compared to $0.4 million for the six months ended June 30, 2007 due primarily to an increase in the depreciable asset
base.
* Income from operations: Income from operations increased to $4.3 million for the six months ended June 30, 2008 as compared to
income from operations of $3.1 million for the six months ended June 30, 2007. The increase is attributable to growth in revenues in excess
of the corresponding growth in direct costs and SG&A costs as described above.
* Interest income and expense: Interest income increased to $162,000 during the six months ended June 30, 2008 due to an increase in
the level of investable cash on hand subsequent to Old RPS' August 30, 2007 merger with Cross Shore. Interest expense decreased to $140,000
for the six months ended June 30, 2008 from $4.6 million during the six months ended June 30, 2007. The decrease is due to the payoff of the
outstanding balance on our line of credit and the outstanding notes payable subsequent to the merger with Cross Shore on August 30, 2007.
Interest expense from the six months ended June 30, 2007 includes a $3.8 million non-cash charge to mark our put warrant liability to market
during the period. The put warrants were exchanged for shares of Cross Shore common stock in connection with the Cross Shore merger on
August 30, 2007.
* Provision for income taxes: The provision for income taxes for the six months ended June 30, 2008 increased to $1.8 million versus
a benefit of $3.3 million for the six months ended June 30, 2007. Our effective tax rate for the six months ended June 30, 2007 was
significant as the interest charge related to the put warrant liability is non-deductible for income tax purposes. Accordingly, the income
tax benefit recorded in the six months ended June 30, 2007 is reflective of that rate. The provision for income taxes recorded during the
six months ended June 30, 2008 is reflective of our recurring effective tax rate.
* Net income (loss): As a result of the factors discussed above, net income for the six months ended June 30, 2008 increased to
$2.5 million or $0.08 per basic share and $0.07 per diluted share, for the six months ended June 30, 2008 from net income of $1.8 million
for the six months ended June 30, 2007 or $0.29 per basic share and $0.11 per diluted share.
Balance Sheet and Cash Flow
The Company maintains a working capital line of credit with a bank, with a maximum potential borrowing capacity of $15.0 million. At
June 30, 2008, there were no outstanding borrowings under this facility. Interest on outstanding borrowings under this facility is at the
bank's prime rate (5.00% at June 30, 2008). The credit facility contains various financial and other covenants, including a prohibition on
paying dividends or distributions (other than dividends or distributions payable in our stock). At June 30, 2008, we were in compliance with
these covenants. The facility is secured by all of our corporate assets. At June 30, 2008, we had available cash and cash equivalent
balances of $10.7 million and working capital of $33.5 million, which we believe will provide sufficient liquidity for the next twelve
months.
During the six months ended June 30, 2008, our operating activities provided cash of $1.2 million, a decrease of $0.5 million from the
corresponding amount for the six months ended June 30, 2007. Cash provided by operating activities during the six month period ended June
30, 2008 can be attributed to net income of $2.5 million, supplemented by non-cash charges for depreciation of $0.8 million, and stock based
compensation of $0.3 million, an increase in customer deposits of $0.2 million, and a decrease in accounts receivable, net of allowance for
doubtful accounts of $1.2 million, or 3.7%, to $30.9 million at June 30, 2008 from $32.1 million at December 31, 2007 primarily related to
the improved timing of cash collections.
These sources of cash were offset by the use of cash in other operating assets and liabilities of $3.7 million consisting primarily of a
decrease of $1.1 million in deferred revenue, a decrease of $0.5 million in accrued expenses, a decrease of $0.8 million in accounts
payable, an increase in prepaid expenses and other current assets of $0.2 million, and by an increase of $1.0 million in our income taxes
payable/recoverable.
Cash used in investing activities for the six months ended June 30, 2008 totaled $1.0 million, consisting primarily of the increase in
restricted cash of $0.2 million and the purchase of property and equipment totaling $0.8 million.
Cash used in financing activities for the six months ended June 30, 2008 totaled $0.6 million, consisting primarily of principal
payments on capital lease obligations of $0.5 million.
SEC Filings
RPS has today filed with the United States Securities and Exchange Commission a quarterly report on Form 10-Q, which details the
Company's business operations along with detailed financials statements.
Further details relating to RPS, its operations and its accounting and operating policies, are set out in the Form 10-Q, copies of which
can be obtained from the Company's website at www.rpsweb.com.
Supplemental non-GAAP financial information
EBITDA is defined as net income (loss) before interest expense, income taxes and depreciation and amortization. The Company believes
that net income is the most directly comparable GAAP measurement to EBITDA. EBITDA is presented because the Company believes it is useful to
investors as a widely accepted financial indicator of a company's ability to service and/or incur indebtedness and because such disclosure
provides investors with additional criteria used by the Company to evaluate our operating performance and the performance bonuses of certain
of our employees. EBITDA is not defined under GAAP, should not be considered in isolation or as a substitute for a measure of our liquidity
or performance prepared in accordance with GAAP and is not indicative of income from operations as determined under GAAP. EBITDA and other
non-GAAP financial measures have limitations which should be considered before using these measures to evaluate the Company's liquidity or
financial performance. EBITDA does not include interest expense, income tax expense or depreciation and amortization expense, which may be necessary in evaluating the Company's operating
results and liquidity requirements or those of businesses we may acquire. The Company's management compensates for these limitations by
using EBITDA as a supplement to GAAP results to provide a more comprehensive understanding of the factors and trends affecting our business
or any business we may acquire. Our computation of EBITDA and Adjusted EBITDA may not be comparable to other similarly titled measures
provided by other companies, because not all companies calculate this measure in the same fashion.
The following table and related notes reconciles net income (loss) to EBITDA:
(in thousands) (in thousands)
Three months ended Six months ended
June 30, June 30,
2008 2007 2008 2007
Reconciliation of net income (loss) to EBITDA:
Net income (loss) $1,153 ($1,382) $2,476 $1,848
Provision (benefit) for income 859 2,454 1,823 (3,280)
taxes
Interest (income) expense, net 18 639 (22) 4,570
Depreciation and amortization 419 228 784 408
EBITDA $2,449 $1,939 $5,061 $3,546
Daniel M. Perlman, Chairman and CEO
August 13, 2008
Financial Data
ReSearch Pharmaceutical Services, Inc. and Subsidiaries
Consolidated Balance Sheets
June 30, December 31,
2008 2007
Assets (unaudited)
Current assets:
Cash and cash equivalents $10,715,852 $11,060,255
Restricted cash 1,559,704 1,321,877
Accounts receivable, less allowance for doubtful 30,927,427 32,117,662
accounts of $594,000 at June 30, 2008 and
$547,000 at December 31, 2007 respectively.
Prepaid expenses and other current assets 2,329,484 1,671,674
Total current assets $45,532,467 $46,171,468
Intangible assets, net 275,536 275,536
Property and equipment, net 4,347,852 3,343,371
Other assets 347,934 253,471
Deferred tax asset 375,173 375,173
Total assets $50,878,962 $50,419,019
Liabilities and stockholders' equity
Current liabilities:
Accounts payable $672,552 $1,442,881
Accrued expenses 5,366,774 6,489,902
Customer deposits 1,559,704 1,321,877
Deferred revenue 3,915,406 5,026,042
Current portion of capital lease obligations 568,845 536,106
Total current liabilities $12,083,281 $14,816,808
Customer deposits 4,500,000 4,500,000
Other liabilities 294,079 258,860
Capital lease obligations, less current portion 900,922 414,002
Total liabilities $17,778,282 $19,989,670
Stockholders' equity:
Common stock, $.0001 par value: 3,220
Authorized shares - 150,000,000 at June 30, 2008 3,255
and December 31, 2007, respectively, issued and
outstanding shares - 32,547,406 and 32,199,223 at
June 30, 2008 and December 31, 2007,
respectively.
Additional paid-in capital 36,332,103 36,078,600
Accumulated other comprehensive income (8,035) 50,305
Accumulated deficit (3,226,643) (5,702,776)
Total stockholders' equity $33,100,680 $30,429,349
Total liabilities and stockholders' equity $50,878,962 $50,419,019
ReSearch Pharmaceutical Services, Inc. and Subsidiaries
Consolidated Statements of Operations
Three Months Ended June Six Months Ended June 30,
30,
2008 2007 2008 2007
(unaudited) (unaudited)
Service revenue $40,286,342 $28,811,211 $78,334,195 $54,853,432
Reimbursement revenue 4,554,955 3,439,534 8,349,497 6,937,874
Total revenue 44,841,297 32,250,745 86,683,692 61,791,306
Direct costs 30,076,813 20,739,044 58,392,836 39,657,330
Reimbursable out-of-pocket 4,554,955 3,439,534 8,349,497 6,937,874
costs
Selling, general, and 7,759,741 6,133,971 14,880,251 11,650,830
administrative expenses
Depreciation and 418,969 227,760 784,265 407,677
amortization
Income from operations 2,030,819 1,710,436 4,276,843 3,137,595
Interest expense 89,405 638,850 139,931 4,569,838
Interest income 71,155 - 162,001 -
Net income before provision 2,012,569 1,071,586 4,298,913 (1,432,243)
for income taxes
Provision (benefit) for income 859,485 2,453,932 1,822,780 (3,279,837)
taxes
Net income $1,153,084 ($1,382,346) $2,476,133 $1,847,594
Accretion of preferred stock - (121,200) - (242,400)
Net income applicable to $1,153,084 ($1,503,546) $2,476,133 $1,605,194
common shares
Net income per common share:
Basic $0.04 ($0.27) $0.08 $0.29
Diluted $0.03 ($0.27) $0.07 $0.11
Weighted average number of
common shares outstanding:
Basic 32,545,476 5,507,998 32,487,641 5,504,731
Diluted 34,133,310 5,507,998 34,089,090 17,265,917
ReSearch Pharmaceutical Services, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
Six Months Ending June 30,
2008 2007
(unaudited)
Net income $2,476,133 $1,847,594
Adjustments to reconcile net income to
net cash provided by operating
activities:
Depreciation 784,265 239,593
Amortization of intangible assets - 168,084
Amortization of debt discount - 92,568
Interest charge related to put warrant - 3,817,918
liability
Stock-based compensation 267,253 35,394
Changes in operating assets and
liabilities:
Accounts receivable 1,190,235 (1,832,027)
Income taxes payable/recoverable (1,017,568) (3,279,837)
Prepaid expenses and other current (231,681) (834,320)
assets
Other assets (94,463) 35,776
Accounts payable (770,329) (815,396)
Accrued expenses (531,689) 262,628
Customer deposits 237,827 627,927
Deferred revenue (1,110,636) 1,051,946
Other liabilities 35,219 290,958
Net cash provided by operating 1,234,566 1,708,806
activities
Investing activities
Change in restricted cash (237,827) 623,470
Purchase of property and equipment (765,987) (1,010,306)
Net cash used in investing activities (1,003,814) (386,836)
Financing activities
Net borrowings (repayments) on lines - (1,222,570)
of credit
Principal payments on capital lease (542,331) (12,642)
obligations
Merger consideration, net of fees paid (17,880) -
Proceeds from the exercise of stock 8,951 -
options
Net cash used in financing activities (551,260) (1,235,212)
Effect of exchange rates on cash and (23,895) 29,523
cash equivalents
Net change in cash and cash (344,403) 116,281
equivalents
Cash and cash equivalents, beginning 11,060,255 197,024
of period
Cash and cash equivalents, end of $10,715,852 $313,305
period
Supplemental disclosures of cash flow
information
Cash paid during the period for:
Interest $162,001 $751,920
Income taxes $1,792,780 $893,680
Supplemental disclosures of noncash
financing activities
Accretion of preferred stock dividends $- $242,400
Acquisition of fixed assets under $1,022,759 $-
capital leases
NOTES
The unaudited results contained herein reflect the operations of RPS only and do not contain any operating results for Cross Shore.
Comparative results for 2007 reflect the results of Old RPS prior to its merger with Cross Shore.
The functional currency of RPS is U.S. dollars because that is the currency of the primary economic environment in which the company
operates. These unaudited financial statements are presented in U.S. dollars.
The unaudited financial statements are presented in conformity with accounting principles generally accepted in the United States and
have been prepared using the same accounting policies as set forth in the financial statements for the year ended December 31, 2007.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This document contains "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995.
Forward-looking statements can be identified by words such as "anticipates", "intends", "plans", "seeks", "believes", "estimates", "expects"
and similar references to future periods, or by the inclusion of forecasts or projections. Forward-looking statements are based on the
Company's current expectations and assumptions regarding its business, financial condition, the economy and other future conditions. Because
forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in
circumstances that are difficult to predict. The Company's actual results may differ materially from those contemplated by the
forward-looking statements. The Company cautions you therefore that you should not rely on any of these forward-looking statements as
statements of historical fact or as guarantees or assurances of future performance. Important factors that could cause actual results to differ materially from those in the forward-looking statements include regional,
national or global political, economic, business, competitive, market and regulatory conditions including: our ability to identify
liabilities associated with RPS; our ability to manage pricing and operational risks; our ability to manage foreign operations; changes in
technology; and our ability to acquire or renew contracts. Any forward-looking statement made in this document speaks only as of the date on
which it is made. Factors or events that could cause the Company's actual results to differ may emerge from time to time, and it is not
possible for the Company to predict all of them. The Company undertakes no obligation to publicly update any forward-looking statement,
whether as a result of new information, future developments or otherwise, unless otherwise required to do so by law or regulation.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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