TIDMPROV
RNS Number : 2290Y
Proventec PLC
20 December 2010
Press Release 20 December 2010
Proventec Plc
("Proventec" or the "Company" or the "Group")
Unaudited Preliminary Results
Proventec Plc (AIM:PROV, Alternext:ALTPC), a provider of
specialist steam cleaning and coatings technologies, today
announces its unaudited preliminary results for the eighteen month
trading period from 1 April 2009 to 30 September 2010.
Financial Highlights
-- Turnover for the period of GBP22.6 million (previous 12
months: GBP15.4 million)
-- Gross profit for the period of GBP8.7 million (previous
12 months: GBP6.6 million)
Operational Highlights
-- Proventec Healthcare has won significant tenders from
the UK NHS Supply Chain and the Scottish NHS
-- Proventec Industrial installed dry steam cleaning equipment
in an automated cleaning line for a leading manufacturer
of motor bikes
-- Proventec Industrial has completed its first 'cleaning
in place' system on a food manufacturing assembly line
for one of the largest international food manufacturers
-- Completed the transfer of the Osprey businesses and Proventec
Healthcare to Proventec's logistical base in Redruth,
Cornwall
-- Osprey rebranded as OspreyFrank to reflect close development
and manufacturing links with Frank GmbH
Post Year-End Highlights
-- Completion of Scheme of Arrangement to provide the Company
with additional working capital, a much simplified balance
sheet and a greatly reduced debt burden.
-- Shares readmitted to trading on AIM
The pro forma balance sheet on page 17 shows what the balance
sheet would look like post Scheme of Arrangement, had the Scheme
been sanctioned on 30 September.
David Chestnutt, Chief Executive of Proventec, commented:
"The recent, successful restructuring of Proventec's finances
marks the conclusion of a turbulent year for the Group. The
strengthened balance sheet and the disposal of two non-core
businesses puts Proventec in a much stronger position to deal with
the financial pressures of trading out of the recession.
"During the period, Proventec has secured significant contracts
in both the Healthcare and Industrial divisions. Food hygiene is
clearly a growing market for dry steam and we are also pleased to
report our first contract win in the automotive industry. These new
opportunities are extremely important for the Group, particularly
as capital spending comes under pressure in the healthcare sector
which has traditionally been a key market for the Group.
"While the current trading shows some limited signs of a better
2011, the outlook for Proventec has been vastly improved as a
result of the adoption of the Scheme of Arrangement. The Board will
continue focus on driving the business forward, securing contracts
and ensuring maximum shareholder value."
For further information, please contact:
Proventec Plc
David Chestnutt, Chief Executive Tel: + 44 (0) 151 706
0626
dchestnutt@proventecplc.com www.proventecplc.com
Seymour Pierce
Nicola Marrin Tel: + 44 (0) 20 7107
8000
Corporate Finance www.seymourpierce.com
Media enquiries:
Abchurch Communications
Henry Harrison-Topham / Simone Elviss Tel: +44 (0) 20 7398
7702
henry.ht@abchurch-group.com www.abchurch-group.com
CHAIRMAN'S STATEMENT
The last few months have been extremely challenging for your
Board who have worked tirelessly to resolve Proventec's funding
issues and to restructure the debt burden following the withdrawal
of financial support by the company's largest shareholder.
Following the reverse takeover in 2005, InnoConcepts NV became
the largest shareholder with approximately 36% of the Ordinary
Shares. In addition it received Convertible Loan Notes, carrying an
8.5% coupon, to the value of GBP10.5 million. The Board of
Proventec agreed to allow InnoConcepts to sell the Loan Notes
subject to the debt being ultimately guaranteed by InnoConcepts.
The Loan Notes were sold to third parties and the Company raised an
additional GBP4 million in 2007 via a further issue that was also
covered by the InnoConcepts guarantee.
In early 2010 the Board formally advised InnoConcepts that based
on current cash flows they did not expect to be able to meet the
loan note interest due in July 2010. This led to discussions with
our advisers about how the Company could best meet its liabilities
to the Loan Note holders. Relying on verbal assurances that
InnoConcepts would support an equity fundraising, discussions
appeared to reach a point in mid-June that sufficient funds would
be made available in a limited fundraising and by further
loans.
Subsequently InnoConcepts advised the Board and the Euronext
stock market in Amsterdam that it was not prepared to support the
Company and invited the Loan Note holders to negotiate directly
with its Board to resolve their debt under the guarantee. With the
sudden and unexpected collapse of discussions that would have
resulted in funding of the required level, your Board was left with
no alternative other than to advise the UK markets that we were
considering our financial options and we could not rule out the
possibility that the Company might have to enter administration.
The shares were subsequently suspended from trading on AIM and
Alternext on 21 June 2010.
From late June onwards and with the assistance of Amsterdams
Effectenkantoor, the Company's advisers in the Netherlands, your
Directors met with a representative committee of loan note holders
and their advisers to work on a Scheme of Arrangement. The result
of this is reflected in the post balance sheet note to the accounts
and was contained in the Circular sent to shareholders on 29
October 2010 and was passed at the General Meeting held on 23
November 2010.
The adoption of the Scheme of Arrangement has provided the
Company with additional working capital, a much simplified balance
sheet and greatly reduced the Company's debt. We have also
cancelled the share options previously granted to the Directors and
certain employees and are trying to arrange for the warrants, that
now have no economic value and which were granted at the time of
the reverse takeover, to be surrendered
The successful conclusion of the Scheme of Arrangement gives the
Company its best chance to deliver its plans and the operational
re-structuring will allow the management to focus on its core
businesses of dry steam equipment and janitorial supplies.
Following the completion of the Scheme of Arrangement Peter
Teerlink, who has been Chairman since 2005, has left the Board and
I have taken over that role. I will look to further strengthen the
Board in the near future.
Your Board will continue to explore all options available to
them in order to try and deliver a secure and profitable future for
the Company.
Michael Hough
Chairman
17 December 2010
CHIEF EXECUTIVE'S REPORT
The financial statements cover the eighteen month trading period
from 1 April 2009 to 30 September 2010. The balance sheet at 30
September 2010 does not reflect the re-construction embodied in the
Scheme of Arrangement that was approved by the two meetings of the
Loan Note holders and the Shareholders which were held on 23
November 2010. The Scheme was formally sanctioned in the High
Court, Chancery Division, on Monday 6 December 2010.
The Chairman has explained the practical effects of the Scheme
of Arrangement which has provided the Company with a more
appropriate balance sheet for its business and a greatly reduced
debt burden.
The pro forma balance sheet reflects the changes resulting from
the approval to the Scheme of Arrangement as if they had been
sanctioned on 30 September 2010. The pro forma balance sheet
reflects:
-- the changes to the loan note debt reduced from GBP14,880,210
to GBP7,000,000
-- the coupon reduced from 8.5% per annum to 4% payable and
3% in additional loan notes
-- the extension of the repayment date from 31 December 2012
to 30 September 2015
-- the removal of the 24.5% premium due on redemption
-- the conversion of loan note debt of GBP7,880,210 and other
debts of GBP6,005,000 into equity at a price of 57 pence
-- the forgiveness of debt comprising unpaid loan note and
other loan interest of GBP1,972,000
This restructuring of the Group's balance sheet puts it in a
better position to deal with the financial pressures of trading out
of the recession. As well as the restructuring of the balance
sheet, your Board has sought to restructure the business and has
disposed of two non-core parts of the Group.
The Magma coatings business was acquired at the time of the
reverse takeover in 2005 and it has developed into a niche
specialist coatings business. It was the Board's intention to sell
this business in the next couple of years after it had grown
further, however an opportunity arose to sell it to the company
that manufactures Magma's products and the Board successfully
concluded the disposal of Magma just before the end of September
2010. The price was realistic given Magma's trading profile and the
potential for its products but the business had been valued at a
considerably higher figure at the time of its acquisition in
2005.
The Board also sanctioned the disposal of the Company's 60%
holding in CryoJet Industrial Services BV. At the time of the
acquisition of this stake in September 2008 the Board believed that
CryoJet would be synergistic with the Group's other activities and
would form the basis of the Proventec Industrial specialist
cleaning division but this ambition was not realised. A number of
management and operational issues caused the Board to reassess its
view on the potential of CryoJet and after a number of meetings
with the original management team in which no headway was made, the
Board decided to mitigate its losses and sold the Company's stake
at a loss.
As a result of these disposals and actions the Board has
embarked on a restructuring of Proventec's operations base in The
Netherlands and has greatly reduced the scope of its business. This
restructuring exercise has almost been completed and Guido
Schoenmakers, our Group Operations Director who has carried out
this task on behalf of the Group, will be leaving the Company in
the New Year. We are most grateful for all Guido's efforts on
behalf of the Group over the last six years and wish him well in
his new career.
In the UK the Company has completed the transfer of the Osprey
businesses and Proventec Healthcare to its logistical base in
Redruth, Cornwall, from where Contico Manufacturing and Spraychem
operate.
The Osprey businesses are to be rebranded as OspreyFrank to
reflect the close development and manufacturing links with Frank
GmbH, the Company's German-based subsidiary.
The trading results for the eighteen months have been affected
by a number of factors, both internal and external. The trading
environment has continued to be difficult although towards the end
of this year there are some small signs that the Company's markets
may be picking up.
The sales of janitorial products have been fairly flat and
margins have been difficult to maintain. This was due to a
combination of the highly competitive domestic market and the
weakness of Sterling against the US dollar and the Euro, the
currencies with which much of Proventec's product range is
purchased.
During the period covered by these accounts Proventec Healthcare
has been successful in winning significant tenders from the UK NHS
Supply Chain and the Scottish NHS. Both contracts have yet to reach
their full potential in terms of sales into the respective NHS
sectors in England and Scotland but they are an indication of the
Group's ability to service this demanding sector.
The Group's equipment sales from OspreyFrank have been affected
by the slow down in capital purchasing by European industry. The
Company has used this time to improve the development of its dry
steam range but the anticipated upturn in the development of the
dry steam market has been put on hold. This is due not only to the
general economic conditions but also to the delay in publication of
the results of the trial of Proventec's equipment following the NHS
sponsored Clinical Trial in the Durham & Darlington Trust,
which started in October 2009 and was completed in February
2010.
The Board understands that publication of the report has been
held back, together with reports on a number of other NHS
initiatives, due to policy decisions within the NHS. While the
Company has not seen the results of the report, the Board is led to
believe that the report will endorse the efficacy and use of dry
steam as a cleaning medium in patient contact areas. Proventec
already knows that regular cleaning with dry steam reduces
bacteria, resulting in a higher standard of hygiene in the hospital
environment and potentially will be of real benefit in the fight to
reduce healthcare acquired infections.
While the time taken to penetrate the healthcare sector is
frustrating, OspreyFrank has made progress in developing and
supplying industrial dry steam cleaning solutions to the food
manufacturing sector where cleaning and hygiene standards are
valued highly.
The Company has completed the first 'cleaning in place' system
on a food manufacturing assembly line for one of the largest
international food manufacturers. The line has been successfully
installed and commissioned and your Board believes will lead to
more business from this customer and this sector.
In conjunction with Proventec's partner, OspreyFrance, the
Company has also been working with a major robotics machine
manufacturer which has installed Proventec's dry steam cleaning
equipment in an automated cleaning line for a leading manufacturer
of motor bikes. The steel surface for painting has to be prepared
to the highest standard of cleanliness before painting and dry
steam has solved this problem, given that solvents are now being
phased out and banned in the industrial environment.
Such developments prove that dry steam generation has a future
as a general and specialist cleaning medium but it has not yet
achieved universal acceptance. However, I am pleased to note that
more and more companies in the food manufacturing sector are now
looking at dry steam as a possible solution to solving their
cleaning requirements in new industrial installations.
The comparison between figures from one period to the other is
made more difficult by the removal of the figures for the
discontinued operations and the resultant changes to gross
profit.
Including the figures for the discontinued operations the
comparable turnover and gross profit for the two periods are:
18 months Previous 12 months
GBP'000 GBP'000
Turnover 22,622 15,390
Gross profit 8,773 6,617
This reflects a fall in turnover based on a simple time
apportionment of 3% and a reduction in gross profit on the same
basis of 17% which reflects the challenging trading
environment.
The accounts also include a charge for interest paid and payable
of GBP2.36 million. As a result of the adoption of the Scheme of
Arrangement, this will produce a write back of interest payable in
the next period's accounts of those amounts of interest that have
been waived and forgiven, which at 30 September 2010 amounted to
approximately GBP1.7 million.
Following the restructuring of the Group there is further
substantial impairment of those assets and the cost of investments
acquired as part of the reverse takeover in 2005. With the benefit
of hindsight and in the context of a post recession economy, it is
appropriate to impair and write down those costs and the resultant
goodwill arising thereon. This is entirely consistent with
International Financial Reporting Statements and reflects the value
attributed to the rescheduling of our long and short-term debt as
set out in the Scheme of Arrangement.
Outlook
While the current trading shows some limited signs of a better
2011, the outlook for Proventec has been vastly improved as a
result of the adoption of the Scheme of Arrangement and your Board
will continue to work hard for the benefit of all our
shareholders.
I would like to thank Peter Teerlink who resigned from the Board
with effect from the date of adoption of the Scheme. Peter became
Chairman following the reverse takeover of the Group in 2005 and
has been a great champion of the business. He had close links with
InnoConcepts, our former largest shareholder, which proved to be a
good relationship that worked for the benefit of both Groups until
the change of control in InnoConcepts in late 2009, and I wish him
well for the future.
Finally, may I also express my personal thanks to my fellow
Board members, colleagues and our lawyers, Pinsent Masons, for all
their support in what has been a most interesting and challenging
time.
David Chestnutt
Chief Executive
17 December 2010
UNAUDITED CONSOLIDATED BALANCE SHEET AS AT 30 SEPTEMBER 2010
Unaudited 31 March
2010 2009
GBP'000 GBP'000
Assets
Non-current assets
Property, plant and equipment 497 906
Goodwill 5,985 27,125
Other intangible assets 541 4,949
Available for sale financial assets - 12
Investments accounted for using
the equity method 17 8
___________ __________
7,040 33,000
___________ __________
Current assets
Inventories 3,077 2,848
Trade and other receivables 3,638 4,149
Cash and cash equivalents 678 1,095
___________ __________
7,393 8,092
___________ __________
___________ __________
Total assets 14,433 41,092
___________ __________
EQUITY AND LIABILITIES
Equity attributable to equity holders
of the parent
Share capital 1,543 1,242
Other reserves 11,612 12,297
Retained earnings (25,831) 3,444
___________ __________
(12,676) 16,983
Minority interest (31) 252
___________ __________
Total equity (12,707) 17,235
___________ __________
Non-current liabilities
Long term borrowings 14,633 14,260
Deferred tax 70 -
___________ __________
Total non-current liabilities 14,703 14,260
___________ __________
Current liabilities
Trade and other payables 7,422 6,798
Current portion of long term borrowings 5,015 2,799
Current tax payable - -
___________ __________
Total current liabilities 12,437 9,597
___________ __________
Total liabilities 27,140 23,857
___________ __________
Total equity and liabilities 14,433 41,092
___________ __________
UNAUDITED CONSOLIDATED INCOME STATEMENT
FOR THE PERIOD ENDED 30 SEPTEMBER 2010
Unaudited
Period ended Year ended
30 September 31 March
2010 2009
GBP'000 GBP'000
Continuing operations
Revenue 19,741 14,694
Cost of Sales (12,829) (8,394)
___________ ___________
Gross profit 6,912 6,300
Administrative expenses
-recurring (10,379) (6,660)
Impairment of goodwill (13,706) (16,000)
Impairment of investments - (3,260)
Impairment of Intangible
assets (2,842) -
Impairment of receivables (505) (7,458)
-------------- ------------
Total administrative
expenses (27,432) (33,378)
___________ __________
Operating loss (20,520) (27,078)
Finance costs (2,370) (1,508)
Share of associates
and joint ventures operating (54) 28
profit ___________ __________
Loss before taxation (22,944) (28,558)
Tax credit/(expense) (96) 748
___________ _________
Loss for the period
from continuing operations (23,040) (27,810)
Loss for the period
from discontinued operations (6,413) (90)
__________ ___________
Loss for the period (29,453) (27,900)
========= ==========
Attributable to:-
Equity holders of the
parent (29,360) (27,853)
Minority interest (93) (47)
__________ _________
(29,453) (27,900)
========= ========
(Loss)/earnings per
share (pence)
From continuing operations
Basic (155.7) (226.7)
Diluted (155.7) (226.7)
From continuing and
discontinuing operations
Basic (199.2) (227.4)
Diluted (199.2) (227.4)
UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 SEPTEMBER 2010
Unaudited
Period ended Year ended
30 September 31 March
2010 2009
GBP'000 GBP'000
(Loss) for the period
from continuing operations (23,040) (27,810)
Net exchange differences
on translating foreign
operations (1,699) 5,764
Profit/(loss) for the
period from discontinued
operations 158 (90)
Loss recognised on disposal
of discontinued operations (6,571) -
__________ __________
Total comprehensive
income/(expenses) for
the period (31,152) (22,136)
__________ __________
Total comprehensive
income / (expenses)
attributable to:-
Equity holders of the
parent (31,059) (22,089)
Minority interest (93) (47)
__________ __________
(31,152) (22,136)
__________ __________
UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 SEPTEMBER 2010
Foreign
Share Share Share Retained Currency Share Minority
capital premium options earnings Reserve Warrants Interests Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 April
2009 1,242 155 85 3,444 10,586 1,471 252 17,235
--------- --------- -------- --------- --------- --------- ---------- ---------
Comprehensive
income
Loss for the
period - - - (29,360) - - (93) (29,453)
Other
comprehensive
income
Unrealised
exchange
movement - - - - (1,699) - - (1,699)
--------- --------- -------- --------- --------- --------- ---------- ---------
Total
comprehensive
income - - - (29,360) (1,699) - (93) (31,152)
Issue of
shares 301 1,099 - - - - - 1,400
Cancellation
of options - - (85) 85 - - - -
On disposal (190) (190)
--------- --------- -------- --------- --------- --------- ---------- ---------
Movement in
period 301 1,099 (85) (29,275) (1,699) - (283) (29,942)
--------- --------- -------- --------- --------- --------- ---------- ---------
At 30
September
2010 1,543 1,254 - (25,831) 8,887 1,471 (31) 12,707
========= ========= ======== ========= ========= ========= ========== =========
For the year
ended 31 March
2009
At 1 April
2008 12,170 21,107 58 (855) 4,822 1,471 32 38,805
--------- --------- -------- --------- --------- --------- ---------- ---------
Comprehensive
income
Loss for the
year - - - (27,853) - - (47) (27,900)
Other
comprehensive
income
Unrealised
exchange
movement - - - - 5,764 - - 5,764
--------- --------- -------- --------- --------- --------- ---------- ---------
Total
comprehensive
income - - - (27,853) 5,764 - (47) (22,136)
Issue of
shares 248 24 - - - - - 272
Issue of
Options - - 27 - - - - 27
Reduction of
Share
capital (11,176) - - 11,176 - - - -
Cancellation
of share
premium - (20,976) - 20,976 - - - -
On acquisition - - - - - - 267 267
Movement in
year (10,928) (20,952) 27 4,299 5,764 - 220 (21,570)
--------- --------- -------- --------- --------- --------- ---------- ---------
At 31 March
2009 1,242 155 85 3,444 10,586 1,471 252 17,235
========= ========= ======== ========= ========= ========= ========== =========
UNAUDITED CONSOLIDATED CASH FLOW STATEMENT
FOR THE PERIOD ENDED 30 SEPTEMBER 2010
Unaudited
Period ended Year ended
30 September 31 March
2010 2009
GBP'000 GBP'000
Cash flows from operating activities
Cash generated from continuing operations (2,717) 348
Interest received 15 121
Interest paid (1,278) (1,442)
Tax received 1 9
__________ __________
Net cash flow from continuing operating
activities (3,979) (964)
__________ __________
Cash flows from investing activities
(continuing operations)
Acquisition of subsidiaries (net
of cash acquired) - (1,112)
Increase in investments (51) (6)
Proceeds from sale of property,
plant and equipment - -
Proceeds from sale of available
for sale financial assets 50 -
Purchase of property, plant and
equipment (176) (293)
Purchase of intangible assets (44) (81)
__________ __________
Net cash flow from investing activities (221) (1,492)
__________ __________
Cash flows from financing activities
(continuing operations)
(Repayment of)/proceeds from new
loans 2,451 (712)
Proceeds from issue of equity instruments 1,504 272
Payments in respect of hire purchase (87) (54)
Costs in issuing equity instruments (104) -
__________ __________
Net cash flow from financing activities 3,764 (494)
__________ __________
Net cash flow from discontinued 19 3
operations __________ __________
Net (decrease) in cash and cash
equivalents (417) (2,947)
Cash and cash equivalents at beginning
of the period 1,095 4,042
__________ __________
Cash and cash equivalents at end
of the period 678 1,095
__________ __________
The financial information in this preliminary announcement is
not audited and does not constitute statutory accounts within the
meaning of s434 of the Companies Act 2006 (as amended). Group
financial statements for 2010 will be delivered to the Registrar of
Companies in due course. The Board of Directors approved this
financial information on 17 December 2010. Statutory accounts for
the year ended 31 March 2009, which were prepared in accordance
with the International Accounting Standards and International
Financial Reporting Standards (collectively IFRS) and International
Financial Reporting Interpretation Committee (IFRIC)
interpretations adopted by the EU, have been filed with the
Registrar of Companies. The auditors' report on those accounts was
unqualified and did not contain a statement made under s498 (2) or
(3) of the Companies Act 2006.
ACCOUNTING POLICIES
The principal accounting policies adopted in the preparation of
these financial statements are set out below. These policies have
been consistently applied to all the periods presented, unless
otherwise stated.
Basis of preparation
These consolidated financial statements of the Group have been
prepared in accordance with International Financial Reporting
Standards (IFRS), including the following new or amended standards
which have been adopted for the first time. This adoption has not
had a significant impact on the financial statements.
-- IFRS 8 Operating segments
-- IAS 1 (Revised) Presentation of financial statements
-- IAS 1 and IAS 32 (Amendment) Presentation of Financial
statements and Financial instruments
-- IAS 27 Consolidated and separate financial statements
-- IFRS 7 Financial instruments : Disclosure
-- IAS 39 Financial instruments : Recognition and measurement
-- IFRS 3 Business combinations
IFRS issued but not yet applied
The following standards and interpretations were issued and
available for early application but have not yet been applied by
the group in these financial statements. The group intends to apply
these standards and interpretations when they become effective:
-- IAS 32 Financial instruments: Presentation
-- IFRS 9 Financial instruments: Recognition and measurement
-- IAS 24: Related party disclosures
-- FRC: UK Corporate Governance Code
It is not expected that adoption of these standards or
interpretations will have a material impact on the financial
statements.
UNAUDITED PRO FORMA CONSOLIDATED BALANCE SHEET SHOWING THE
EFFECT OF THE SCHEME OF ARRANGEMENT ON THE BALANCE SHEET AS IF IT
HAD TAKEN EFFECT ON 30 SEPTEMBER 2010
Unaudited Unaudited
Pro forma Actual
2010 2010
GBP'000 GBP'000
Assets
Non-current assets
Property, plant and equipment 497 497
Goodwill 5,985 5,985
Other intangible assets 541 541
Available for sale financial assets - -
Investments accounted for using
the equity method 17 17
__________ ___________
7,040 7,040
__________ ___________
Current assets
Inventories 3,077 3,077
Trade and other receivables 3,638 3,638
Cash and cash equivalents 1,678 678
__________ ___________
8,393 7,393
__________ ___________
__________ ___________
Total assets 15,433 14,433
__________ ___________
EQUITY AND LIABILITIES
Equity attributable to equity holders
of the parent
Share capital 3,979 1,543
Other reserves 23,062 11,612
Retained earnings (24,522) (25,831)
__________ ___________
2,519 (12,676)
Minority interest (31) (31)
__________ ___________
Total equity 2,488 (12,707)
__________ ___________
Non-current liabilities
Long term borrowings 7,292 14,633
Deferred tax 70 70
__________ ___________
Total non-current liabilities 7,362 14,703
__________ ___________
Current liabilities
Trade and other payables 5,573 7,422
Current portion of long term borrowings 10 5,015
Current tax payable - -
__________ ___________
Total current liabilities 5,583 12,437
__________ ___________
Total liabilities 12,945 27,140
__________ ___________
Total equity and liabilities 15,433 14,433
----------------- ------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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