TIDMBIOM
RNS Number : 8026J
Biome Technologies PLC
16 April 2020
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 ("MAR")
16 April 2020
Biome Technologies plc
("Biome", "the Company" or "the Group")
Final Results 2019
Biome Technologies plc announces its audited Final Results for
the year ended 31 December 2019.
Highlights:
Final Results
-- A strong year for the Bioplastics division with reported
revenue growth of 81% over 2018 and enters 2020 with its strongest
pipeline of customer positions and prospects
-- Stanelco RF division revenues, as expected, returned to a
more normalised revenue level after the exceptional demand levels
experienced in 2018
-- Reported Group EBITDA loss of GBP0.5m (2018: EBITDA profit of
GBP0.6m), in line with expectations, with Group operating loss of
GBP1.0m (2018: profit of GBP0.1m)
-- Group cash position at 31 December 2019 was GBP2.1m (31 December 2018: GBP2.6m)
Covid-19 Update
-- The Group has been monitoring the impact of Covid-19 since
the outbreak began and is caring for its staff and customers and
adjusting its continuing commercial and manufacturing activities
accordingly
-- Bioplastics division is in a strong growth phase, with the
many market opportunities expected to grow this year in the food
and beverage sector, particularly in the USA and with new
opportunities continuing to emerge
o The Group is focussed on taking best advantage of these
opportunities although there may be supply chain disruption as well
as potential impact in demand for these products in the near
future
-- Stanelco RF division will be more adversely impacted than the
Bioplastics division. The large Stanelco RF customers are based in
China and India and there is an economic slowdown in these
territories in addition to pre-existing overcapacity in the optical
fibre market
o The Board believes Covid-19 will further delay any upturn in
orders for Stanelco RF's furnaces
-- The Board is implementing a number of measures to reduce the
Group's cost s and manage its cash-flow. These include:
o A voluntary 20% reduction in base sa lary for the Executive
Directors and Non-Executive Directors for a period of three months
from 1 May 2020
o Use of the UK Government 's "furlough scheme"
o Curtailment of any discretionary operational and capital
expenditure
-- Impact of Covid-19 on Biome during the first quarter of 2020
was limited, with trading in the quarter in line with management's
expectations at the time of the Group's trading update on 30
January 2020
-- As at 14 April 2020 the Group had a cash balance of GBP1.7m and no debt
Paul Mines, Chief Executive Officer said : "2019 saw an
encouraging performance from the Group's Bioplastics division in in
terms of revenue growth and a broadening of its customer and
product base. The demand for bioplastic packaging from the coffee
sector that underpins the division's revenues is showing resilience
in the current crisis. We will continue to work our cash resources
to maximise our ability to overcome the challenges posed by
Covid-19 and deliver good medium-term growth for shareholders"
- Ends -
For further information please contact: Biome
Technologies plc
Paul Mines, Chief Executive Officer
Declan Brown, Group Finance Director
www.biometechnologiesplc.com Tel: +44 (0) 2380 867
100
Allenby Capital
David Hart/Alex Brearley (Nominated Adviser)
Kelly Gardiner (Broker)
www.allenbycapital.com Tel: +44 (0) 20 3328
5656
About Biome
Biome Technologies plc is an AIM listed, growth-orientated,
commercially driven technology group. Our strategy is founded on
building market-leading positions based on patented technology and
serving international customers in valuable market sectors. We have
chosen to do this by developing products in application areas where
the value-added pricing can be justified and that are not reliant
on government legislation. These products are driven by customer
requirements and are compatible with existing manufacturing
processes. They are market rather than technology-led.
The Group comprises two divisions, Biome Bioplastics Limited and
Stanelco RF Technologies Limited. Biome Bioplastics is a leading
developer of highly-functional, bio-based and biodegradable
plastics. The company's mission is to produce bioplastics that
challenge the dominance of oil-based polymers. Stanelco RF
Technologies designs, builds and services advanced radio frequency
(RF) systems. Dielectric and induction heating products are at the
core of a product offering that ranges from portable sealing
devices to large furnaces for the fibre optics markets
www.biometechnologiesplc.com
www.biomebioplastics.com and www.thinkbioplastic.com
www.stanelcorftechnologies.com
Chairman's Statement
The Group's encouraging performance in 2019 was notable for the
improvement in the prospects and performance of the Bioplastics
division and the raising of GBP1.2m, net of costs, in new equity
funds in October to support its anticipated further growth.
The Bioplastics division, driven by a variety of new product
launches with both existing and new customers, increased reported
revenues substantially. Encouragingly, the trajectory of demand for
bioplastics in a number of markets inflected upwards significantly
during the year. The underlying drivers of this change in demand
are fundamental, being the development of a low carbon economy (in
response to climate change) and the better management of plastic
waste. Consumers and brands are changing their purchasing practices
with regard to plastics and there are early signs of legislative
response. The division entered 2020 with its strongest pipeline of
customer positions and prospects and continues to move towards
being the principal revenue generator within the Group.
As anticipated the Stanelco RF division returned to a more
normalised revenue level after the exceptional demand levels
experienced in 2018. The division's main source of income remains
the supply of furnaces to the fibre optic cable market. Whilst it
is clear that the medium-term prospects for this market are strong,
driven by the demand for 5G telecoms and internet connectivity, in
the short-term the Board believes that there will be over-capacity
and subdued demand for the capital goods that the division
manufactures.
The Group has been monitoring the impact of Covid-19 since the
outbreak began and is caring for its staff and customers and
adjusting its activities accordingly. Both divisions continue their
operations with staff working from home wherever possible. The
Stanelco RF division continues its manufacturing on a limited basis
and, in particular, is providing service support to medical and
energy sector customers in the UK. Manufacturing for the
Bioplastics division continues in line with customer demand in both
the USA and Europe with associated commercial and technical support
provided remotely from the UK.
Demand in early 2020 for both divisions was as expected with a
strong demand-pull from the bioplastics market. However, travel and
operating constraints are having an increasing effect. At this time
it is too early to predict with any confidence the likely overall
impact that there may be on the business from Covid-19. Biome
Technologies is a resilient business, bolstered by the additional
cash raised in October 2019 to support its growth plan. The Group
has a strong management team in place and has consistently
demonstrated that it can adapt and respond quickly to changing
market conditions.
The Board remains confident in its strategy and believes that
the Group is well positioned to benefit from the growth of the
global bioplastics market. Clearly, current conditions are evolving
fast and the Group will provide further updates as the situation
develops.
Results
Group reported revenues totalled GBP7.4m (which includes
government grant income of GBP0.4m (2018: GBP0.4m) recorded as
other operating income) compared with GBP8.9m in 2018, which was in
line with market expectations and reflects the significant increase
in the Bioplastics division revenues and subdued demand in the
Stanelco RF division. Gross margins at Group level (including
government grant income) were 47% (2018: 54%), largely as a result
of the change in mix of Group revenues towards the Bioplastics
division.
The Group's loss before interest, taxation, depreciation,
amortisation, and share option scheme charges ("EBITDA") was
GBP0.5m (2018: EBITDA profit of GBP0.6m), which is in line with
market expectations, with the Group also recording an operating
loss of GBP1.0m (2018: operating profit of GBP0.1m). The loss after
taxation was GBP0.9m (2018: profit after tax of GBP0.1m). The basic
loss per share in 2019 was 35 pence (2018: earnings per share of 6
pence).
The Bioplastics division's reported revenues, inclusive of
government grant income, increased substantially in the year to
GBP3.4m (2018: GBP1.9m) as a result of strong demand for its
existing products as well as sales of its newly launched products
in the year. The division recorded a reduced EBITDA loss for the
year of GBP0.3m (2018: EBITDA loss of GBP0.5m) as a result of the
increased revenue levels with some of this benefit being offset by
increased spend on research and development on novel
biotechnology-based materials (supported by government grants). The
resultant operating loss also reduced to GBP0.6m (2018: loss of
GBP0.8m).
The Stanelco RF division's revenues were GBP4.0m (2018: GBP7.0m)
as revenues reduced from the exceptionally high level of demand for
fibre optic furnaces in 2018. This division recorded an EBITDA
profit for the year of GBP1.2m (2018: GBP2.7m). Operating profit
also reduced, reflecting the lower revenue levels, to GBP1.1m
(2018: GBP2.6m).
The Group's cash balances at 31 December 2019 were GBP2.1m (31
December 2018: GBP2.6m). Working capital levels increased year on
year as the Bioplastics division's revenues increased requiring
additional stocks as well as increased receivables balances. Within
the Stanelco RF division there was a working capital outflow as a
result of the unwinding of customer deposits from the previous year
during the first quarter of 2019.
The Group successfully raised GBP1.2m of equity, net of costs,
during the year to support the growth, and increased working
capital requirements, in the Bioplastics division. Capitalised
investment in product development was GBP0.3m (2018: GBP0.3m).
Markets
The Bioplastics division continues to see increasing demand,
predominantly in overseas markets, in the conversion of end
products from traditional petro-chemical based persistent materials
to bio-based and biodegradable alternatives. Whilst the price
differential between the two options remains, adoption will
continue to be driven by markets which have the clearest consumer
focus, such as single use packaging. It should be noted that the
division is seeing the greatest adoption of its products in the US
although increasing demand is also appearing across Europe and the
UK. As such markets grow, metrics to better dimension them are
emerging with indications that a number of the main markets have
doubled over the last 12-18 months. The division continues to focus
its efforts on supplying solutions to specific customer
requirements rather than the larger, but lower margin, volume
market. Varied short-term impacts from the Covid-19 crisis are
emerging. Enhanced demand is being seen from the division's long
standing customers serving the on-line food and drink market
(particularly coffee). Reduced demand is apparent from those
serving the restaurant sector and those in the early stages of new
product deployment. Robust revenue growth is anticipated to
continue in this division in the medium term.
The Stanelco RF division's principal products and revenues are
derived from the production and maintenance of furnaces for the
manufacture of fibre optical cable. During 2018 there was an
exceptional level of capacity expansion by the division's customers
resulting in the previously announced exceptional revenue levels in
that year. 2019 saw a return to a more normalised level of furnaces
delivered. Market intelligence currently indicates that there is
over capacity in the fibre optic cable market and therefore it is
anticipated that the number of fibre optic furnaces sold in 2020
will reduce further. Whilst an upturn in fibre optic cable demand
had been envisaged for the end of 2020 into 2021, this is likely to
be delayed given current global circumstances. The division is also
continuing to explore other markets which can utilise its expertise
in induction heating.
The Group is also monitoring the potential downside associated
with the UK not concluding a trade arrangement with the European
Union at the end of this year. However, this is not deemed to be a
significant risk for the Group as the majority of the Bioplastics
products that are sourced within the European Union are either sold
locally into the continental European market or exported directly
to the North American market. Within the Stanelco RF division, its
products are generally bespoke with a lead time of over a month and
therefore tariffs or customs delays can be incorporated into the
sales contract.
Strategy
The Group's strategy is to build a leading position in its
chosen markets. Products have been developed in both divisions
which are focussed closely on customer requirements and where the
Group feels it has commercial and technical edge. Development work
is focussed on areas where it is believed that there is the
potential for us to be the supplier of choice and where the Group
can achieve satisfactory returns.
The Group has just completed its second year of the three
covered by high-level Key Performance Indicators (KPIs) that the
Board adopted for the period 2018 to the end of 2020. These KPIs
were set with attainment at the end of a three-year horizon being
as important as year by year performance.
The KPI's status as at the end of year two is:
-- KPI: Compound Group reported revenue growth (including
government grant income) of 25% per annum across the Group and 40%
compound reported revenue growth in the Bioplastics division.
In 2019 neither the Group or the Bioplastics division met this
target although the Bioplastics division exceeded this level of
growth within the year.
-- KPI: Diversify the Group's reported revenues by product and
market to ensure that no one product or end customer contributes
more than 15% of revenues by the end of 2020.
Good progress towards achieving this KPI has been made. In 2019
only two customers had more than 15% of Group reported revenues,
one in each of the Bioplastics and Stanelco RF divisions, with each
accounting for approximately 17% of Group revenues.
-- KPI: Increase investment in the Group's next generation of
products by spending significantly more per annum on average than
the GBP0.3m per annum average spend over the previous strategic
objective cycle.
The Group met this target in 2019 with GBP1.0m spent in the year
of which GBP0.4m was spent on developing its near-term product
pipeline plus an additional GBP0.6m on its medium-term Industrial
Biotechnology programme (funded in part by GBP0.4m of government
grants).
Given the impact of the Covid-19 virus, the Board will reset the
KPI time horizon to a four-year period (rather than the current
three years) which will cover the period to the end of 2021. Future
reporting will be adjusted accordingly.
Biome Bioplastics
The Bioplastics division had a very encouraging year with a
mixture of strong demand for its existing product line plus new
product launches resulting in reported revenues increasing by 81%
year on year (including government grant income).
The increase in reported revenues has come from a number of new
market opportunities mainly in the US market. The projects
commercialising in the year have included the rigid ring to
complete the coffee pod offering plus a biodegradable pod for the
nutrition market. Revenues have also increased within both the UK
and Europe although this is relatively minor compared to the
increase in revenues to the US.
The division's medium-term research activities in Industrial
Biotechnology continued in the year focussing on the development of
a new range of performance polymers with properties which are
expected to improve the existing generation of products. This work,
which is supported by government grants, is based on the use of
advanced Industrial Biotechnology techniques to form polymers from
waste bi-products. Two of the government grant-backed projects
successfully concluded in the year and further grants are being
sought to continue this work. These polymers are subject to patent
applications.
Stanelco RF Technology
The Stanelco RF division saw a predicted lower level of activity
from the exceptional year it had in 2018. The excess capacity in
the fibre optic cable market is taking longer than anticipated to
unwind as growth has faltered, and therefore a lower level of
demand for the division's fibre optic furnaces is expected to
continue into 2020. It should be noted, however, that the division
still remained cash positive.
The Stanelco RF division remains committed to a strategy to sell
products that complement its expertise outside the furnace market
and a number of other end use markets are being explored to
diversify away from the cyclical fibre optic furnace market.
Board and Personnel Changes
As announced in January 2020, Declan Brown, Group Finance
Director, has decided to step down from the Board and leave the
Company at the end of April to pursue a new challenge. He has
helped the Company enormously over the last six years, particularly
in setting in place the foundations for the Bioplastics business.
The Board wishes him well.
David Hughes will join the business as a non-main Board Interim
Finance Director in mid-April. David is a chartered accountant who
qualified with KPMG. He spent his early career as a CFO in large
corporates such as Simon Engineering, ABB, Calor Gas both in the UK
and internationally. He has spent the last 15 years as CFO/COO in a
variety of PE-backed businesses including specific experience in
both the engineering and biotechnology sectors. The Board looks
forward to his contribution.
Also, during the year, Sally Morley, previously Commercial
Director for the Bioplastics division, was promoted to Managing
Director of the division. This promotion has been combined with the
strengthening of the Bioplastics team as it looks to service the
current, and anticipated growth curve of the business.
Outlook
It is apparent to the Board that Covid-19, with the resultant
restrictive social and travel practices and associated economic
impact is having an impact on the operations of the Group. It is
too early at this stage to be confident in trying to make any
accurate overall forecasts of the impact that Covid-19 will have,
for example, on employees, customers or growth. However, we will do
our utmost to keep shareholders abreast of developments and any
unanticipated further impact on the Group.
We are implementing a number of measures to reduce the Group's
costs and manage its cash-flow in this period. These include a
voluntary 20% reduction in base salary for the Executive Directors
and Non-Executive Directors for a period of three months from 1 May
2020, use of the UK Government's "furlough scheme" and curtailment
of any discretionary operational and capital expenditure. These and
other potential actions are being reviewed on a regular basis.
Consideration is also being given to other relevant UK Government
business support schemes.
We believe that the Bioplastics division is in a strong growth
phase, with the many market opportunities we have already forecast
to grow this year in the food and beverage sector, and with new
opportunities continuing to emerge. We are focussed on taking best
advantage of these opportunities although there may be supply chain
disruption as well as potential impact in demand for these products
in the forthcoming period. In contrast, the Stanelco RF division
will be more adversely impacted than the Bioplastics division. The
large Stanelco RF customers are based in China and India and
reference has already been made to the slowdown in these
territories and the overcapacity in the optical fibre market. We
believe Covid-19 will further delay any upturn in orders for
Stanelco RF's furnaces. We have adjusted our expectations for the
Group accordingly.
Given the lead times to which the Company's divisions operate,
the impact of Covid-19 on Biome during the first quarter of the
financial year was limited, with trading in the quarter in line
with management's expectations at the time of the Group's trading
update on 30 January 2020. A full trading update for the first
quarter will be made on 22 April 2020, in line with Company's usual
reporting timetable.
We will continue to work our cash resources to maximise our
ability to overcome the challenges posed by Covid-19 and deliver
good medium-term growth for shareholders.
John Standen
Chairman
Strategic Report
Biome Technologies plc is a growth orientated, commercially
driven technology group. Its strategy is founded on building
market-leading positions based on patented technology and serving
international customers in the biodegradable plastics and radio
frequency heating sectors. We have chosen to do this by developing
products in application areas where value-added pricing can be
justified and that are not reliant on government legislation. These
products are driven by customer requirements and are compatible
with existing manufacturing processes. They are market rather than
technology led.
The directors consider its shareholders, employees, customers
and suppliers as its key stakeholders and the divisional analysis
below outlines the strategies that have been adopted to promote the
success of the Group and to meet its objectives.
Biome Bioplastics Division
Reported revenues in the Bioplastics division (inclusive of
government grant income of GBP0.4m (2018: GBP0.4m) recorded as
within other operating income) increased to GBP3.4m (2018:
GBP1.9m). This increase in reported revenues, relating to existing
products as well as new product launches, reflects the increased
activity and enquiry levels that currently exist both in the
Bioplastics division and also the wider market. Staffing levels
were adjusted accordingly to accommodate this increased activity,
which is anticipated to maintain its upward trajectory over the
coming years. The net effect of the increase in revenues was to
decrease the division's operating loss to GBP0.6m (2018: loss of
GBP0.8m).
Markets
Plastic waste has remained a key topic for the environment both
in the UK and overseas. Whilst public opinion in the UK has
continued to focus on this area there is still a continuing debate
as to how to combat this problem. As such the UK market remains a
smaller part of the Bioplastics division's short-term focus with
the more immediate sales opportunities and growth being in the US
market.
Cost and functionality will remain key hurdles over the wide
spread adoption of bioplastics over petro-chemical plastics.
Current adoption is therefore driven by consumer pull, and their
willingness to pay a premium for biodegradability/compostability,
or government legislation. To overcome these hurdles the
Bioplastics division focuses on areas of the market where there is
a high technical performance requirement, the cost of the
biomaterial is a small fraction of the end product price, and where
there is a consumer willingness to convert to a biodegradable
material.
Research and development within the Bioplastics division is
therefore focussed on these three areas and in particular targeted
towards customer requirements for a biodegradable solution. The
commercial lifecycle of our products can be categorised in the
following stages of the product lifecycle:
-- Research phase - technology and product development occurring
within Biome's own laboratories or at external support
facilities
-- Development phase - the product is being developed and tested
with small scale supplies to customers for end use testing
-- Initial manufacturing phase - the product is signed off by
the customer as suitable for its requirements and is now undergoing
significant long-term testing to ensure the end product can be run
in commercial quantities across the supply chain
-- Commercial phase - the product has been through the above
phases with the customer and is now achieving regular and
significant sales with the end product being purchased and used by
the final consumer
Technical Development
Biome Bioplastic's development work remains focussed on
innovative developments where there is a customer requirement for
the product and a willingness to pay a premium for the
environmental attributes. During 2019, the development team
commercialised three new products, including the rigid ring for the
coffee pod offering and also a pod for the nutritional supplements
market. Initial sales of these products commenced during 2019 and
it is anticipated that sales in these products will grow throughout
2020.
The Bioplastics division also continued its work in medium term
Industrial Biotechnology research into the transformation of
lignocellulose (often sourced from agricultural waste) into low
cost bioplastics using microbial and enzymatic routes. If
successful, it is anticipated that this work will result in
bioplastics at a cost comparable to current petro-based plastics
which has the potential to transform the demand for bioplastics.
This development work is supported by a number of research grants
with research expenditure, both in terms of headcount and other
sub-contracting and materials costs, increased in the year as two
of the projects reach their conclusion and work is transferred from
the universities. Patent applications have been made to support the
materials and technology under development.
Stanelco RF Technologies Division
The Stanelco RF division is a specialist engineering business
focused on the design and manufacture of electrical/electronic
systems based on advanced radio frequency technology.
The division's core offering is the supply of fibre optic
furnaces, although the business is also exploring other markets
where its expertise in induction heating can be utilised. Total
revenues in 2019 of GBP4.0m were lower than the prior year (2018:
GBP7.0m) due to the previously reported exceptional demand
experienced in the prior year. Operating profit for the period was
GBP1.1m (2018: GBP2.6m).
The business currently focuses on four key revenue streams:
Optical Fibre Furnace Systems
The Stanelco RF division is a world leader in the design and
manufacture of induction furnace systems used in the manufacture
and processing of silica glass "preforms" to produce optical fibre.
Each system is bespoke to customers' exact requirements. There is
currently a reported imbalance in the global demand for optical
fibre compared to the installed capacity base. Whilst this
overcapacity is expected to reverse in the medium term the Group
anticipates that there will be a lower level of demand for fibre
optic furnaces in 2020.
Plastic Welding Equipment
These units are used in a multitude of end-user applications
including the nuclear, medical and industrial sectors. The
equipment is provided in either hand-held, mobile or fully
automated static solutions, dependent on customers'
requirements.
Induction Heating Equipment
The division sells bespoke induction heating equipment into
other market sectors. Whilst this is a small part of the division's
sales it is a strategic aim to increase the equipment offering of
the division into other markets.
Service and Spares
The business continues to support its large installed equipment
base through the provision of maintenance support, system upgrades
and specialist spares across the globe.
Principal risks and uncertainties
The business is subject to a number of risks. The Directors have
set out below the principal risks facing the business. The
Directors continually review the risks identified below and, where
possible, processes are in place to monitor or mitigate all of
these risks.
Covid-19
The potential impact of this virus is evolving. The Group
operates on a global level and is exposed to potential restrictions
in the supply of raw materials, lower customer demand, and
production ceasing due to either travel restrictions or employees
being infected by the virus. This would have consequential
implications to the Group results and its cash balances.
Whilst it is impossible to plan for every possible scenario the
Group has looked to protect the effectiveness of its workforce by
minimising, where possible, the interaction of members of teams
performing similar tasks, remote working and restricting
travel.
The Group also has a flexible overhead base which will enable it
to adapt and flex operations as this highly uncertain event across
the globe unfolds.
Brexit
There still remains a risk that the UK will leave the European
Union without a 'deal' or with less than optimal arrangements in
place, which could lead to short term turmoil and uncertainty in
the ability to import and export goods between the UK and European
Union and uncertainty as to the rights of employees within the
Group who originate from the European Union.
The majority of the Bioplastics products that are produced in
the European Union are sold either locally into the continental
European market or exported directly to the US market. Deliveries
of these goods are not therefore transported through the UK and
therefore import and export delays are not considered a significant
risk for the division.
The Stanelco RF division focusses on bespoke equipment which is
designed to the customers' specification. These items have a lead
time of over a month and therefore there is the ability to
incorporate increased time required to export to the European Union
if required.
The Group employs a number of European Union nationals and is
providing assistance to them in applying to the EU Settlement
Scheme in order to secure their employment eligibility and rights
post the UK's exit from the European Union.
Political, economic and regulatory environment
The Group is subject to political, economic and regulatory
factors in the various countries in which it operates. There may be
a change in government regulation or policies which materially
and/or adversely affect the Group's ability to successfully
implement its strategy. The Directors aim to focus their product
range on areas where demand is not reliant on government
regulation.
The Group exports the majority of its products and therefore
fluctuations in exchange rates may affect product demand in
different regions and may adversely affect the profitability of
products provided by the Group in foreign markets where payment is
made for the Group's products in local currency.
The Directors are informed regularly of the potential impact of
exchange rate movements on the business and act to mitigate any
adverse movements wherever possible. In order to mitigate the
medium term impact of any adverse exchange rate movements, the
Group will look to move production and match the currency of its
input costs with those of the contractual selling price thereby
reducing the currency movement risk to the gross margin of the
product.
The Group's products and manufacturing processes utilise a
number of raw materials and other commodities. In particular the
Bioplastics division requires a few, key raw materials to
manufacture its biodegradable polymer resins. There are very few
suppliers of these key raw materials and with the current increased
demand for biodegradable products there is a risk that the division
may not be able to purchase the required volumes of materials to
meet customer demand or that prices may be increased at short
notice. To try and mitigate this risk the division is seeking to
validate new materials coming onto the market which may be used in
substitution.
Some of the Group's products are employed in the food and
pharmaceutical industries, both of which are highly regulated.
There is a risk that the Group may lose contracts or be subject to
fines or penalties for any non-compliance with the relevant
industry regulations. The Group ensures its staff are well versed
in the regulatory environment of its end-use industries and
regularly reviews its product portfolio to ensure compliance with
relevant regulations.
Intellectual property
Although the Group attempts to protect its intellectual
property, there is a risk that patents will not be issued with
respect to applications now pending. Furthermore, there is a risk
that patents granted or licensed to Group companies may not be
sufficiently broad in their scope to provide protection against
other third party technologies. The Group takes professional advice
from experienced patent attorneys and works hard to win patents
applied for and to ensure that the scope is sufficiently broad.
Other companies are actively engaged in the development of
bioplastics. There is a risk that these companies may have applied
for (or been granted) patents which impinge on the areas of
activity of the Group. This could prevent the Group from carrying
out certain activities or, if the Group manufactures products which
breach (or may appear to breach) such patents there is a risk that
the Group could become involved in litigation which could be costly
and protracted and ultimately be liable for damages if the breach
is proven.
The Group keeps up-to-date with its competitors' product
developments and patent portfolios and aims to ensure that no
infringements occur. Professional advice is sought from experienced
patent attorneys if there are any concerns.
Competition
There is a risk that competitors may be able to develop products
and services that are more attractive to customers, either through
price or technical performance, than the Group's products and
services.
The Group aims to be ahead of the competition through working
closely with customers to produce products that meet their exact
requirements rather than offering "off the shelf" solutions.
Commercialisation of new products
There is a risk that the Group will not be successful in the
commercialisation of its products from early-stage research and
development to full-scale commercial sales. The Group develops a
number of products and some may not prove to be successful.
Specifically, the risks associated with the product life cycle are
as follows:
-- Research and Development phase - the development of the
products may prove not to be technically feasible or do not exactly
match the perceived customer need
-- Initial manufacturing phase - whilst the product matches the
customer needs it may not be able to be produced at the required
commercial speeds and/or at the required efficiency and quality
-- Commercialisation phase - the product may be superseded
either through price or a competitor product being more
advanced
The Directors ensure that regular reviews of product development
are undertaken so that unsuccessful developments can be terminated
early in their life cycle. Impairment testing of the capitalised
costs is performed twice a year with any impaired capitalised costs
written off.
Customers
The Group's ability to generate revenues for a number of its
products is reliant on a small number of customers. If one of these
customers was to significantly reduce its orders, then this could
have a significant impact on the Group's results.
The Group works closely with its customers with the aim of
ensuring that its products evolve in line with their requirements.
In addition, the Group is continually seeking to add to its
customer base and, as its revenues grow, seeks to become less
dependent on any single customer.
Suppliers and Raw Materials
The Group is reliant on a few key suppliers to manufacture its
products. If one of these was to cease supplying the market or
demand for these key products exceeding supply then this could have
a significant impact on the Group's ability to fulfil its orders
and achieve its strategic aims.
The Group is constantly testing and seeking alternative
suppliers of raw materials to reduce its reliance on a small number
of key suppliers.
Financial review
The KPIs which the Board uses to assess the performance of the
Group are detailed in the Chairman's Statement. The Chairman's
statement forms part of the Strategic Report.
The summary results for the Group are shown below.
2019 2018 Growth
GBP'm GBP'm
LIKE-FOR-LIKE COMPARISONS
Revenues
Biome Bioplastics
- Revenues 3.0 1.5
- Grant income (Other operating
income) 0.4 0.4
-------- --------
3.4 1.9 81%
Stanelco RF 4.0 7.0 (43%)
Reported Group revenues 7.4 8.9 (16%)
======== ========
EBITDA
Biome Bioplastics (0.3) (0.5)
Stanelco RF 1.2 2.7
Central costs (1.4) (1.6)
Reported EBITDA (0.5) 0.6
Less depreciation, amortisation
and equity share option charges:
Biome Bioplastics (0.3) (0.3)
Stanelco RF (0.1) (0.1)
Central costs (0.1) (0.1)
-------- --------
(0.5) (0.5)
(Loss)/profit from Operations
Biome Bioplastics (0.6) (0.8)
RF Technologies 1.1 2.6
Central Costs (1.5) (1.7)
-------- --------
Like for Like Operating Profit/(loss) (1.0) 0.1
Non-current assets 1.5 1.1
Inventories 0.6 1.0
Trade and other receivables 1.9 0.9
Cash 2.1 2.6
Trade and other payables (1.5) (1.8)
Long term lease commitments (0.4) -
Net assets 4.2 3.8
======== ========
Revenues
Reported Group revenues, including grant income included as
other operating income, decreased in the year to GBP7.4m from
GBP8.9m due to the return to a more normalised level of Stanelco RF
revenues which have almost been offset by significant increases in
revenues within the Bioplastics division.
A reclassification has been made to both 2019 and the 2018 prior
year comparative in the consolidated income statement to move
government grant income from revenues to other operating income.
This is purely to present the classification of this income in
accordance with the requirements of IAS 20 (Accounting for
Government Grants).
EBITDA
Reported EBITDA for the year was a loss of GBP0.5m (2018: profit
of GBP0.6m). This reduction in EBITDA is a direct result of the
lower revenues in the Stanelco RF division. This has been slightly
offset by increases in revenues in the Bioplastics division as well
as reduced overhead costs.
Operating profits/(losses)
The Group recorded an operating loss for the year of GBP1.0m
compared to an operating profit of GBP0.1m in the prior year.
Administrative costs across the Group in 2019 were GBP4.5m
(2018: GBP4.7m). When the non-cash effects of depreciation,
amortisation and equity settled share option charges are removed,
the cash administrative expenses in 2019 decreased to GBP4.0m
compared to prior year (2018: GBP4.2m). This decrease in expenses
is mainly attributable to a decrease within the Stanelco RF
division, as costs were scaled back as a result of the lower
activity levels, and also lower incentive scheme costs within
central costs. These cost savings were partially offset by an
increase in spend in the grant backed Industrial Biotechnology
research work.
The Group also adopted IFRS 16, the new accounting standard for
leases using the modified retrospective approach. After a review of
the lease obligations the Group concluded that only two car leases
required opening adjustments. No other opening adjustments were
required as all the other leases had either less than twelve months
to expiry or were of low value. The Group has, however, signed a
new property lease on 11 March 2020 which has been back dated to
the expiry of the old lease on 11 October 2019 and this lease has
been brought onto the statement of financial position as at the
year end as a right-of-use asset. The total value of right-of-use
assets brought onto the statement of financial position in the year
amounted to GBP0.5m with a corresponding lease liability recorded
also.
Investment in product research and development was GBP1.1m in
the year (2018: GBP0.9m), which includes the research work in the
grant backed Industrial Biotechnology, of which GBP0.3m (2018:
GBP0.3m) was capitalised in the year. Tax R&D claims resulted
in a credit being received in the year of GBP0.1m (2018: credit of
GBP0.1m).
The Group recorded a loss after tax for the year of GBP0.9m
(2018: profit after tax of GBP0.1m), giving a basic loss per share
of 35p (2018: earnings per share of 6p).
Statement of financial position
The carrying value of intangible assets relate to capitalised
development costs predominantly within the Biome Bioplastics
division for development of the Group's own intellectual property
and product range.
As at 31 December 2019, there was GBP0.9m of capitalised
development costs (2018: GBP0.9m) within the Group's statement of
financial position, of which GBP0.5m relates to BiomeMesh. An
assessment is made at least annually which assumes future potential
market take up of the products and the margins achievable.
Cashflow
2019 2018
GBP'm GBP'm
Cashflow
(Loss)/profit from operations (1.0) 0.1
Adjustment for non-cash items 0.5 0.6
Movement in working capital (1.1) -
Cash (utilised)/generated by operations (1.6) 0.7
Investment activities (0.3) (0.4)
R&D Tax credit 0.2 -
Financing activities 1.2 -
Net (decrease)/increase in cash (0.5) 0.3
Opening cash balance 2.6 2.3
Closing cash balance 2.1 2.6
The cash utilised from operations, before working capital
movements, was GBP0.5m (2018: cash generation of GBP0.7m) mainly
reflecting the decrease in performance within the Stanelco RF
division compared to the prior year. Working capital movements
reflected the increases in working capital required in the
Bioplastics division as its revenues increased significantly as
well as the unwind of customer deposits in place for the Stanelco
RF division at the beginning of the year. As a result, the cash
utilised by operations during 2019 was GBP1.6m (2018: cash
generated GBP0.7m).
Investment in the year in capitalised product development and
capex (excluding the effect of IFRS 16) was GBP0.3m (2018:
GBP0.4m). The effect of the adoption of IFRS 16 (Leases) resulted
in the new property lease for the main building being brought onto
the statement of financial position as at 31 December 2019. This
also had the effect of increasing capex and the resultant liability
in financing activities by GBP0.5m. Also included in financing
activities for 2019 was the placement of new shares in the Company
raising GBP1.2m net of costs. R&D tax credits received in 2019
and were GBP0.2m (2018: nil).
The resultant closing cash position was GBP2.1m (2018:
GBP2.6m).
Going concern
The Directors have prepared forecasts for the period of 12
months following the approval of the accounts, which have been
drawn up with appropriate regard for the current macroeconomic
environment, including the current Covid-19 situation, the impact
of Brexit at the end of the year, and the circumstances in which
the Group operates. These were prepared with reference to the
forward order book, prospects and repeat business within the
Stanelco RF division, and the existing base business and
anticipated increased volume from new products within the
Bioplastics division. In particular the directors have put
considerable focus on the potential impacts that the evolving
Covid-19 situation may have on the Group's operations and
performance, including potential delays to projected orders,
product development, supply chain, operational capacity, and access
to further development capital.
As mentioned in the Chairman's Statement the Board believes that
the Covid-19 situation will have a more severe impact on the
Stanelco RF division than that of the Bioplastics division. A
number of scenarios have been modelled which assume limited sales
for a three-month and six-month period as well as reverse stress
testing using a worse case scenario where there are no sales for a
protracted period running into quarter one of 2021. Our use of
three months as one of the scenarios uses the experience of China,
now experiencing a return to near normality following a twelve week
period and also six months based on a continuation of the current
situation, the Group's exposure to international markets and a
longer timeframe before a return to normality. These scenarios have
been combined with various cost cutting measures, including use of
the government furlough scheme, to mitigate some of these
downsides. Whilst there are multiple uncertainties associated with
the evolving Covid-19 situation in determining the appropriateness
of the going concern assumption the directors believe that, given
the flexibility in the overhead base, the Group's cash resources
should be sufficient to operate for a period of twelve months from
the date of approval of the accounts. The Group successfully raised
GBP1.2m net of expenses in October 2019 and as at 14 April 2020 has
cash balances of GBP1.7m.
As a result of this process, at the time of approving the
financial statements, the Directors consider that the Company and
the Group have sufficient resources to continue in operational
existence for the foreseeable future, and accordingly, that it is
appropriate to adopt the going concern basis in the preparation of
the financial statements.
By order of the Board.
Paul Mines
Chief Executive Officer
CONSOLIDATED STATEMENT
OF COMPREHENSIVE INCOME
For the year ended 31 December 2019
2019 2018
Total
Total Restated*
----------------------------------------- --------- -------- ----------
Note GBP'000 GBP'000
----------------------------------------- --------- -------- ----------
REVENUE 4a - 4c 6,957 8,459
Cost of sales (3,933) (4,042)
GROSS PROFIT 3,024 4,417
Other operating income 436 391
Administrative expenses (4,480) (4,745)
4a - 4c,
PROFIT/(LOSS) FROM OPERATIONS 5 (1,020) 63
Investment revenue 6 4
Finance charges (9) -
Foreign exchange (loss)/gain - 17
PROFIT/(LOSS) BEFORE TAXATION (1,023) 84
Taxation/ 6 146 59
PROFIT/(LOSS) AND TOTAL COMPREHENSIVE
INCOME FOR THE YEAR (877) 143
======== ==========
Basic earnings/(loss) per share - pence 7 (35) 6
Diluted earnings/(loss) per share -
pence 7 (35) 5
======== ==========
* See note 4a
CONSOLIDATED STATEMENT
OF FINANCIAL POSITION
As at 31 December 2019
2019 2018
Restated*
Note GBP'000 GBP'000
--------------------------------------- ----- -------- ----------
NON-CURRENT ASSETS
Other intangible assets 8 883 918
Property, plant and equipment 9 653 185
-------- ----------
1,536 1,103
-------- ----------
CURRENT ASSETS
Inventories 10 555 955
Trade and other receivables 1,885 873
Cash and cash equivalents 2,126 2,614
-------- ----------
4,566 4,442
-------- ----------
TOTAL ASSETS 6,102 5,545
======== ==========
CURRENT LIABILITIES
Trade and other payables 11 1,381 1,792
Lease liabilities 12 76 -
1,457 1,792
-------- ----------
NON-CURRENT LIABILITIES
Lease liabilities 12 438 -
-------- ----------
438 -
-------- ----------
TOTAL LIABILITIES 1,895 1,792
======== ==========
NET ASSETS 4,207 3,753
======== ==========
EQUITY
Share capital 140 118
Share premium account 1,250 77
Capital redemption reserve 4 4
Share options reserve 377 316
Translation reserve (85) (85)
Retained profits/(losses) 2,521 3,323
EQUITY ATTRIBUTABLE TO EQUITY HOLDERS
OF THE PARENT AND TOTAL EQUITY 4,207 3,753
======== ==========
* See note 4a
The financial statements were approved by the Board on 15 April
2020.
Signed on behalf of the Board of Directors
Paul Mines (Chief Executive)
Declan Brown (Group Finance Director)
15 April 2020
CONOLIDATED STATEMENT
OF CHANGES IN EQUITY
As at 31 December 2019
Share Capital Share
Share premium Redemption options Translation Retained TOTAL
capital account Reserve reserve reserves earnings EQUITY
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1 January
2019 118 77 4 316 (85) 3,323 3,753
========= ========= ============ ========= ============ ========== ========
Share options charges
in year - - - 136 - - 136
Issue of share
capital 22 1,173 - - - - 1,195
Cancellation of
expired share options - - - (75) - 75 -
Transactions with
owners 22 1,173 - 61 - 75 1,331
--------- --------- ------------ --------- ------------ ---------- --------
Loss for the year - - - - - (877) (877)
Total comprehensive
income for the
year - - - - - (877) (877)
--------- --------- ------------ --------- ------------ ---------- --------
Balance 31 December
2019 140 1,250 4 377 (85) 2,521 4,207
========= ========= ============ ========= ============ ========== ========
Balance at 1 January
2018* 117 12 4 219 (85) 3,070 3,337
==== === ====== ===== ====== ======
Share options charges
in year - - - 218 - - 218
Issue of share
capital 1 54 - - - - 55
Exercise of share
options - 11 - (11) - - -
Cancellation of
expired share options - - - (110) - 110 -
Transactions with
owners 1 65 - 97 - 110 273
---- --- ------ ----- ------ ------
Profit for the
year - - - - - 143 143
Total comprehensive
income for the
year - - - - - 143 143
---- --- ------ ----- ------ ------
Balance 31 December
2018* 118 77 4 316 (85) 3,323 3,753
==== === ====== ===== ====== ======
* See note 4a
CONSOLIDATED STATEMENT
OF CASH FLOWS
For the year ended 31 December 2019
2019 2018
GBP'000 GBP'000
------------------------------------------- -------- --------
(Loss)/profit from operations (1,020) 63
Adjustment for:
Amortisation and impairment of intangible
assets 317 290
Depreciation of property, plant and
equipment 77 57
Share based payments 136 218
Foreign exchange 9 16
-------- --------
Cash generated before movement in
working capital (481) 644
Decrease/(increase) in inventories 400 (158)
(Increase)/decrease in receivables (1,087) 521
(Decrease)/increase in payables (405) (277)
-------- --------
Cash utilised by operations (1,573) 730
Corporation tax received 205 -
Interest paid (2) -
-------- --------
Net cash inflow from operating activities (1,370) 730
-------- --------
Cash flows from investing activities
Interest received 6 4
Investment in intangible assets (282) (293)
Purchase of property, plant and equipment (27) (120)
-------- --------
Net cash used in investing activities (303) (409)
-------- --------
Financing activities
Proceeds of issue of ordinary share
capital 1,300 -
Costs of issue of ordinary share
capital (104) -
Repayment of obligations under leasing
activities (11) -
-------- --------
1,185 -
-------- --------
Net increase/(decrease) in cash and
cash equivalents (488) 321
Cash and cash equivalents at beginning
of year 2,614 2,293
Effect of foreign exchange rate changes - -
-------- --------
Cash and cash equivalents at end
of year 2,126 2,614
======== ========
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 December 2019
1. NON-STATUTORY FINANCIAL STATEMENTS
The financial information set out in this preliminary results
announcement does not constitute the Group's statutory financial
statements for the year ended 31 December 2019 or 2018 but is
derived from those financial statements. Statutory financial
statements for 2018 have been delivered to the Registrar of
Companies. Those for 2019 will be delivered following the Company's
Annual General Meeting, which, due to Covid-19, will be arranged
for a date in June 2020. The auditors have reported on those
accounts: their reports on those financial statements were
unqualified and did not contain statements under Section 498 of the
Companies Act 2006.
The financial statements, and this preliminary statement, of the
Group for the year ended 31 December 2019 were authorised for issue
by the Board of Directors on 15 April 2020 and the statement of
financial position was signed on behalf of the Board by Paul Mines
and Declan Brown.
2. BASIS OF PREPARATION
The Group's financial statements have been prepared in
accordance with International Financial Reporting Standards
("IFRS") as adopted by the EU.
3. BASIS OF CONSOLIDATION
The Group financial statements consolidate the results of the
Company and all of its subsidiary undertakings drawn up to 31
December 2019. Subsidiaries are entities over which the Group has
control. Control comprises an investor having power over the
investee and is exposed, or has rights, to variable returns from
its involvement with the investee and has the ability to affect
those returns through its power. At 31 December 2019 the subsidiary
undertakings were Biome Bioplastics Limited, Stanelco RF
Technologies Limited, Aquasol Limited, and InGel Technologies
Limited (dormant).
The assets and liabilities of the Biome Technologies plc
Employee Benefit Trust ("EBT") are included within the consolidated
statement of financial position on the basis that the Group has the
ability to exercise control over the EBT.
4a. PRIOR YEAR ADJUSTMENTS
A prior year adjustment has been made, relating to the
reclassification of GBP0.4m of grant income from revenue to other
operating income in the consolidated income statement. This is
purely to correct the classification of this income in accordance
with the requirements of IAS 20 (Accounting for Government Grants).
This reclassification has no impact on the consolidated profit of
the Group for the year end 31 December 2018.
In addition, a further reclassification has been made in the
consolidated statement of financial position to resolve a
historical difference with the subsidiary Ingel Technologies
Limited's share premium account of GBP0.7m being included within
the Group's share premium figure. This balance is being
reclassified to retained profits within the consolidated statement
of financial position. Again, this adjustment has no impact on the
profit of the Group for the year ended 31 December 2018.
Consolidated income statement for the year ended 31 December
2018
As reported Reclassification Restated
of grant
income and
share premium
GBP'000 GBP'000 GBP'000
Revenue 8,850 (391) 8,459
Gross profit 4,808 (391) 4,417
Other operating income - 391 391
Profit from operations 63 - 63
Loss before taxation 84 - 84
Loss after taxation 143 - 143
Consolidated statement of financial position as at 31 December
2018
Reclassification
of grant
income and
As reported share premium Restated
GBP'000 GBP'000 GBP'000
Equity
Share capital 118 - 118
Share premium account 805 (728) 77
Capital redemption reserve 4 - 4
Share options reserve 316 - 316
Translations reserve (85) - (85)
Retained profits 2,595 728 3,323
Equity attributable to equity
holders of the parent and
total equity 3,753 - 3,753
There is no change to the previously reported consolidated
statement of cash flows.
4b. SEGMENTAL INFORMATION FOR YEARED 31 DECEMBER 2019
Central
Bioplastics RF Technologies Costs Total
2019 2019 2019 2019
GBP'000 GBP'000 GBP'000 GBP'000
Revenue from external
customers 2,991 3,966 - 6,957
------------ ---------------- -------- --------
(LOSS)/PROFIT FROM
OPERATIONS (597) 1,081 (1,504) (1,020)
Investment revenue 6
Finance charges (9)
LOSS BEFORE TAXATION (1,023)
========
TOTAL ASSETS 2,292 1,073 2,737 6,102
============ ================ ======== ========
4c. SEGMENTAL INFORMATION FOR YEARED 31 DECEMBER 2018
RESTATED
Central
Bioplastics RF Technologies Costs Total
2018 2018 2018 2018
GBP'000 GBP'000 GBP'000 GBP'000
Revenue from external
customers 1,499 6,960 - 8,459
------------ ---------------- -------- --------
(LOSS)/PROFIT FROM
OPERATIONS (792) 2,601 (1,746) 63
Investment revenue 4
Foreign exchange gain 17
PROFIT BEFORE TAXATION 84
========
TOTAL ASSETS 1,846 945 2,754 5,545
============ ================ ======== ========
The Bioplastics division comprises of Biome Bioplastics Limited
and Aquasol Limited.
5. EARNINGS BEFORE INTEREST, TAXATION, DEPRECIATION, AND
AMORTISATION
The Group, and divisions, define earnings before interest,
taxation, depreciation and amortisation ("EBITDA") as the operating
profit or loss adjusted for share option charges, depreciation, and
amortisation. The Group EBITDA is reconciled as follows:
2019 2018
GBP'000 GBP'000
Operating (loss)/profit (1,020) 63
Amortisation 317 290
Depreciation 77 57
Share option scheme charges 136 218
EBITDA (490) 628
======== ========
6. TAXATION
The Group's policy is to recognise tax credits resulting from
tax R&D claims on a cash received basis. The claim in respect
of the year ended 31 December 2018 has now been settled with the
cash received in during 2019. A tax credit has, therefore, been
recognised in the Group's financial statements in respect of that
claim.
7. EARNINGS PER SHARE
The calculation of earnings per share is based on the loss
attributable to the equity holders of the parent for the year of
GBP877,000 (2018: profit of GBP143,000) and a weighted average of
2,472,038 (2018: 2,357,986) ordinary shares in issue for basic
earnings per share and a weighted average of 2,472,038 (2018:
2,782,194) ordinary shares in issue for diluted earnings per
share.
8. OTHER INTANGIBLE ASSETS
During the year there was a capitalisation of GBP282,000 of
product development costs (2018: GBP293,000). The amortisation
charge for the year was GBP317,000 (2018: GBP290,000).
9. PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment of GBP545,000 were acquired in the
year (2018: GBP120,000). Included in the additions were GBP518,000
of right-of-use assets under the adoption of IFRS 16 Leases. The
depreciation charge for the year was GBP77,000 (2018:
GBP57,000).
10. TRADE AND OTHER RECEIVABLES
Trade and other receivables increased in the year due to
increased levels of trade debtors due to the timing of equipment
sales shipments within the Stanelco RF division at the year end and
also the increased activity levels within the Bioplastics
division.
11. TRADE AND OTHER PAYABLES
Trade and other payables decreased in the year due mainly to
levels of deposits within the Stanelco RF division compared to the
prior year.
12. LEASE LIABILITIES
The Group leases its main building with the previous lease
expiring on 11 October 2019 and a new lease coming into effect on
12 October 2020. The Group has applied the exemption for the
previous lease, as its expiry was less than twelve months from the
adoption date of IFRS 16, and not reflected this on the statement
of financial position as a right-of-use asset. In addition, the
Group has applied the modified retrospective approach for car
leases and not restated the prior year. The leases have been
reflected on the statement of financial position under property,
plant and equipment as right-of-use assets as follows:
Opening Additions Depreciation Closing
Book Value Charge Book Value
GBP'000 GBP'000 GBP'000 GBP'000
Office buildings - 493 (10) 483
Motor Vehicles - 25 (12) 13
------------- ---------- ------------- ------------
Total - 518 (22) 496
Lease liabilities are presented in the statement of financial
position as follow:
As at 1 Lease Obligations Interest Payments As at 31
January Incurred Charged Made December
2019 2019
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Current - 80 9 13 76
Non-current - 438 - - 438
---------- ------------------ --------- --------- ----------
- 518 9 13 514
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
FR BRGDSLDBDGGU
(END) Dow Jones Newswires
April 16, 2020 02:00 ET (06:00 GMT)
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