TIDMSDU
RNS Number : 2220A
Schroder UK Growth Fund PLC
22 December 2017
Half Year Report
Schroder UK Growth Fund plc (the "Company") hereby submits its
Half Year Report for the period ended 30 October 2017 as required
by the UK Listing Authority's Disclosure Guidance and Transparency
Rule 4.2.
The Half Year Report is also being published in hard copy format
and an electronic copy of that document will shortly be available
to download from the Company's website
www.schroders.co.uk/ukgrowth. Please click on the following link to
view the document:
http://www.rns-pdf.londonstockexchange.com/rns/2220A_-2017-12-22.pdf
The Company has submitted a pdf of the hard copy format of its
Half Year Report to the National Storage Mechanism and it will
shortly be available for inspection at
www.morningstar.co.uk/uk/NSM.
Enquiries:
Andrea Davidson
Schroder Investment Management Limited Tel: 020 7658 4430
22 December 2017
LEI number: 549300XX386SYWX8XW22
Interim Management Report
Chairman's Statement
Performance
The first half of the financial year saw a continuation of a key
theme drawn out in my last annual statement, with domestic
political developments producing ongoing challenges.
In the six months to 31 October 2017, the Company's net asset
value ("NAV") total return was 3.6% while the benchmark, the FTSE
All-Share Index, produced a total return of 5.9%. The share price
fared better over the period, producing a total return of 6.1%,
assisted by the buy back of over 1.7 million shares.
The relative underperformance reflects ongoing negative market
sentiment towards portfolio stocks with direct exposure to the UK
economy. This is frustrating where the investee companies have a
strong combination of value and quality, which are integral to the
Manager's investment process.
Further comment on performance and investment policy and
strategy can be found in the Manager's Review.
Earnings and dividends
The Board, having been encouraged by the dividend announcements
of the companies held in the portfolio and their dividend
prospects, has declared a first interim dividend of 3.00 pence
(2017: 2.70 pence) per share, an increase of 11.1%, for the year
ending 30 April 2018. The first interim dividend will be payable on
31 January 2018 to shareholders on the register on 5 January
2018.
Gearing
The Company has access to gearing through a combination of a
revolving credit facility and an overdraft. The credit facility
remained undrawn throughout the period and at the end of the period
the net cash position was 0.6%. The Manager will utilise the
Company's borrowing facility when suitable opportunities arise. The
Board sets internal guidelines for the Manager's use of gearing
which are reviewed periodically but are subject to net effective
gearing not representing more than 20% of shareholders' funds at
the time of borrowing.
Share buy backs
The share buy back policy seeks to operate in the best interests
of shareholders by taking into account the relative level of the
Company's share price discount when compared with peer group
trusts, the absolute level of discount, volatility in the level of
discount and the impact from share buy back activity on the
long-term liquidity of the Company's issued shares.
The share price discount to NAV narrowed from 13.9% to 11.9%
during the period, with a total of 1,735,500 shares having been
bought back for holding in treasury. A further 1,423,000 shares
have been bought back since the end of the period.
Board succession
As discussed in my annual statement, Stella Pirie retired as a
Director at the Annual General Meeting in August, with Andrew
Westenberger having succeeded her as Audit Committee Chairman. The
Board continues to review its composition and to consider its
succession and refreshment policies.
Outlook
There have been times in the last 18 months when it has felt
that little can keep the UK stock market down. There may be
uncertainty about the UK's future out of the EU; the Conservative
government may be less secure; and interest rates may be rising for
the first time this cycle, but the market is still a sixth higher
than in the middle of last year.
One cause has been the bounce in corporate profitability after
sterling's fall and the increase in commodity prices, but one
wonders how much longer both will continue to drive the market. As
importantly for your Company, the rise has been concentrated in a
relatively small number of sectors. Your portfolio has increasingly
been concentrated in some of the out-of-favour shares left behind.
It has impaired short term performance, but buying good value often
does initially. Market interest will broaden, and when it does we
want the portfolio invested in high-quality companies with the
opportunity for significant positive share price re-rating.
Carolan Dobson
Chairman
21 December 2017
Manager's Review
Market background
The UK stock market rose 5.9% over the period (FTSE All-Share
Index total return, source: Thomson Reuters) against the backdrop
of a sustained and synchronised recovery in the global economy.
The International Monetary Fund upgraded its global growth
forecast for 2017 to 3.6% from 3.2% in real terms reflecting
improving economic data whilst inflationary pressures have remained
benign. This supportive environment allowed investors to overlook a
comparatively turbulent geopolitical backdrop, and more cyclical
areas of the market outperformed. Long-term government bond yields
rose reflecting more hawkish rhetoric from central banks, including
the Bank of England. There was a resulting rotation towards sectors
correlated with rising bond yields towards the end of the period.
Industrial commodity prices rallied against a generally favourable
outlook for global demand, which supported both the mining and oil
sectors. In contrast, mixed domestic economic data, the prospect of
rising interest rates, the UK general election and uncertainty over
the outcome of Brexit negotiations put more domestically-exposed
sectors under pressure.
Performance
The Company's NAV rose 3.6%, lagging the 5.9% return for the
benchmark.
6 months to end Impact
October 2017 (%)
---------------------- -------
FTSE All-Share Index +5.9
Stock selection -2.3
Sector allocation +0.2
Costs -0.3
Residual/rounding +0.1
NAV total return +3.6
Source: Schroders/Thomson Reuters
Post the Brexit vote and the general election, a significant
valuation divergence is apparent within the market with those
stocks exposed to the domestic economy increasingly discounting the
risks of a disorderly Brexit outcome or change in government. A
number of the stocks in the portfolio exposed to these factors have
performed poorly notwithstanding decent operational updates over
the period or signs that prior problems have stabilised.
FirstGroup, the bus and rail operator, retraced the gains of the
first half of the year on the back of marginally weaker results
from its Transit and Greyhound divisions and fears over bus and
rail renationalisation. Significant progress, however, has been
made in stabilising underperforming divisions whilst cash
generation is set to improve as capital expenditure normalises and
expensive debt matures.
Balfour Beatty performed relatively poorly notwithstanding
evidence of operational improvement being delivered. Management has
delivered on cost savings targets and cash delivery whilst the
investment case has strengthened as legacy problem contracts have
reached financial close. The company is well-supported by the
Private Finance Initiative (PFI) assets on its balance sheet and is
set to see a significant improvement in margins as historic
contracts roll off. A profit warning from a competitor and fears
over the outlook for PFI contracts under a Labour government have
seen the shares fall. However, the former should prove positive for
margins and the contractual position and international diversity of
the PFI portfolio provide comfort.
The relative performance of Standard Chartered versus HSBC was a
drag on performance. Standard Chartered's investment case is based
on our view that it is well-capitalised, the balance sheet is
well-provisioned and its exposure to higher growth economies should
drive an improvement in returns in the coming years. Real evidence
of accelerating revenue growth in its transaction banking, lending
management and retail divisions has been masked by the more
volatile financial markets and corporate finance divisions.
On a more positive note, Computacenter has performed strongly on
the back of stronger than expected half-year results underpinned by
strong growth in its supply chain business in Germany. News that
the company intends to make an additional cash return to
shareholders of c.GBP100m was well-received.
Specialist annuity provider, Just Retirement Group, performed
strongly on news that first half new business margins were expected
to exceed expectations. This improvement in margin should bring
forward the time when the group achieves capital self
sufficiency.
Finally, our overweight exposure to the Oil & Gas sector was
a positive contributor following strong third-quarter results.
Higher oil prices coupled with cost and capital discipline saw BP
and Shell deliver results well ahead of expectations. Scepticism
over the sustainability of dividends has been replaced by optimism
over the date at which scrip dividends will be turned off.
Top 5 positive and negative contributors
Portfolio Active Total
weight weight return Impact
Top 5 positive (%) (%) (%) (%)
----------------------- ---------- ------- ------- -------
Just Retirement Group 3.1 3.1 26.4 +0.6
South32 2.0 2.0 29.7 +0.6
Shire 0.0 -1.6 -17.9 +0.4
Imperial Brands 0.0 -1.4 -17.6 +0.4
Computacenter 2.1 2.1 24.6 +0.4
Total +2.4
Portfolio Active Total
weight weight return Impact
Top 5 negative (%) (%) (%) (%)
---------------- ---------- ------- ------- -------
FirstGroup 2.3 2.2 -19.4 -0.6
HSBC 1.6 -4.5 19.0 -0.5
Balfour Beatty 3.6 3.5 -5.6 -0.4
Centrica 2.6 2.1 -8.8 -0.3
Aviva 4.5 3.6 -2.1 -0.3
Total -2.1
Source: Schroders, 6 months to 31 October 2017. Weights are
averages over the period. Active weight is the average stock weight
relative to the FTSE All-Share Index. Impact is the contribution to
performance relative to the FTSE All-Share Index. Total return
refers to the return of the stock whilst in the portfolio over the
period; when not held it refers to the return of the stock in the
index over the period.
Portfolio activity
We took advantage of a pull back in the mining sector to add
both South32 and Glencore to the portfolio. We initiated a position
in Australian-headquartered South32 as we were attracted by its
strong cash generation, exposure to aluminium/alumina where
pollution-related supply-side reforms are supportive, a rapidly
building net cash position and a management team willing to return
it to shareholders. Similarly, we added Glencore to the portfolio.
Financial gearing has fallen significantly over the past two years
on the back of self-help measures and a recovery in free cashflow
as commodity prices have risen. The company's marketing business
has been tested through the cycle and the shares offer a high free
cash flow yield on long-term commodity prices.
On the domestic front, we initiated a position in Capita.
Following a poor period of contract execution and value-destructive
acquisitions, Capita was left with a geared balance sheet and a low
valuation. Historically considered a high quality, defensive stock,
we believe the recent strengthening of the balance sheet leaves the
group well-capitalised and the valuation implies limited success
for the incoming CEO in restoring the business to previous levels
of profitability. We also added Ten Entertainment, an operator of
bowling alleys and On the Beach, an online tour operator, to the
portfolio.
We exited a number of positions where the investment case or
value opportunity had played out or we saw better relative value
within the sector. As such, we exited holdings in BAE Systems, NEX
Group, Morrison's, Sainsbury's, Mitchells & Butlers and
ITV.
Investment outlook
We focus on cyclically cheap companies and companies that have
the potential to deliver high levels of free cash flow. We believe
that valuation is a key determinant of future returns and at
present we are seeing attractive valuation opportunities in some of
the more domestic cyclical areas of the market, where companies'
earnings move in line with the UK's economic cycle (e.g. Balfour
Beatty, Tesco, Lloyds, Marks & Spencer, Capita and Ladbrokes).
Whilst uncertainty around the UK's exit from the European Union is
set to continue with upcoming trade negotiations, we believe this
risk has been more than discounted in current valuations.
We are also finding opportunities where there is an earnings
recovery element to the investment case. Examples include Standard
Chartered, Tesco and Balfour Beatty, which we believe should
perform independent of the economic cycle. Tangible evidence that
management action to improve performance is gaining traction does
not yet appear to have been fully recognised. We therefore remain
confident the portfolio is well-positioned to benefit from an
improvement in market sentiment towards domestic stocks and as
further evidence of improving operational delivery
materialises.
The outlook for the global economy appears buoyant, but we
remain mindful that valuations for the market remain high in
aggregate whilst market volatility remains low despite heightened
uncertainty following the general election and as the Brexit
negotiations start. These factors make us reluctant to use the
borrowing facility at the moment.
10 largest overweight positions
Portfolio Index
weight weight Difference
(%) (%) (%)
----------------------- ---------- ------- -----------
Standard Chartered 5.3 0.8 4.5
Balfour Beatty 4.2 0.1 4.1
Tesco 4.5 0.6 3.9
Aviva 4.4 0.8 3.6
Just Retirement Group 3.5 0.0 3.5
Pearson 3.3 0.2 3.1
South32 2.8 0.0 2.8
Lloyds Banking Group 4.4 2.0 2.4
Marks & Spencer 2.3 0.2 2.1
Centrica 2.4 0.4 2.0
Source: Schroders, as at 31 October 2017
Schroder Investment Management Limited
21 December 2017
Securities shown are for illustrative purposes only and should
not be viewed as a recommendation to buy or sell.
Principal risks and uncertainties
The principal risks and uncertainties with the Company's
business fall into the following categories: strategy and
competitiveness risk; investment management risk; financial risks;
accounting, legal and regulatory risk; custodian and depositary
risk; and service provider risk. A detailed explanation of the
risks and uncertainties in each of these categories can be found on
pages 11 and 12 of the Company's published Annual Report and
Accounts for the year ended 30 April 2017. These risks and
uncertainties have not materially changed during the six months
ended 31 October 2017.
Going concern
Having assessed the principal risks and uncertainties, and the
other matters discussed in connection with the viability statement
as set out on page 13 of the published Annual Report and Accounts
for the year ended 30 April 2017, the Directors consider it
appropriate to adopt the going concern basis in preparing the
accounts.
Related party transactions
There have been no transactions with related parties that have
materially affected the financial position or the performance of
the Company during the six months ended 31 October 2017.
Directors' responsibility statement
The Directors confirm that, to the best of their knowledge, this
set of condensed financial statements has been prepared in
accordance with United Kingdom Generally Accepted Accounting
Practice (UK GAAP) and with the Statement of Recommended Practice,
"Financial Statements of Investment Companies and Venture Capital
Trusts" issued in November 2014 and updated in January 2017 and
that this Interim Management Report includes a fair review of the
information required by 4.2.7R and 4.2.8R of the Financial Conduct
Authority's Disclosure Guidance and Transparency Rules.
Income Statement
for the six months ended 31 October 2017 (unaudited)
(Unaudited) (Unaudited) (Audited)
For the six months ended 31 For the six months ended 31 For the year ended 30 April
October 2017 October 2016 2017
Revenue Capital Total Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------- -------- -------- ------------ -------- -------- ------------ --------- --------- ----------
Gains on
investments
held at
fair value
through
profit or
loss - 5,579 5,579 - 23,095 23,095 - 37,665 37,665
Income from
investments 5,710 - 5,710 4,734 - 4,734 10,068 - 10,068
Other interest
receivable
and similar
income - - - 1 - 1 1 - 1
---------------- -------- -------- ------------ -------- -------- ------------ --------- --------- ----------
Gross return 5,710 5,579 11,289 4,735 23,095 27,830 10,069 37,665 47,734
Investment
management
fee (231) (539) (770) (219) (512) (731) (443) (1,033) (1,476)
Administrative
expenses (233) - (233) (185) - (185) (375) - (375)
---------------- -------- -------- ------------ -------- -------- ------------ --------- --------- ----------
Net return
on ordinary
activities
before
taxation 5,246 5,040 10,286 4,331 22,583 26,914 9,251 36,632 45,883
Taxation
on ordinary
activities (2) - (2) - - - (3) - (3)
---------------- -------- -------- ------------ -------- -------- ------------ --------- --------- ----------
Net return
on ordinary
activities
after taxation 5,244 5,040 10,284 4,331 22,583 26,914 9,248 36,632 45,880
---------------- -------- -------- ------------ -------- -------- ------------ --------- --------- ----------
Return per
share 3.39p 3.26p 6.65p 2.72p 14.18p 16.90p 5.83p 23.09p 28.92p
---------------- -------- -------- ------------ -------- -------- ------------ --------- --------- ----------
The "Total" column of this statement is the profit and loss
account of the Company. The "Revenue" and "Capital" columns
represent supplementary information prepared under guidance issued
by The Association of Investment Companies. The Company has no
other items of other comprehensive income, and therefore the net
return on ordinary activities after taxation is also the total
comprehensive income for the period.
All revenue and capital items in the above statement derive from
continuing operations. No operations were acquired or discontinued
in the period.
Statement of Changes in Equity
For the six months ended 31 October 2017 (unaudited)
Called-up Capital Warrant Share
share Share redemption exercise purchase Capital Revenue
capital premium reserve reserve reserve reserves reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------- ---------- -------- ----------- --------- --------- --------- -------- ---------
At 30 April
2017 40,229 9,875 19,759 417 69,236 156,103 8,753 304,372
Net return
on ordinary
activities
after taxation - - - - - 5,040 5,244 10,284
Repurchase
of the Company's
own shares
into treasury - - - - (3,025) - - (3,025)
Dividends
paid in
the period - - - - - - (4,198) (4,198)
------------------- ---------- -------- ----------- --------- --------- --------- -------- ---------
At 31 October
2017 40,229 9,875 19,759 417 66,211 161,143 9,799 307,433
------------------- ---------- -------- ----------- --------- --------- --------- -------- ---------
For the six months ended 31 October 2016 (unaudited)
Called-up Capital Warrant Share
share Share redemption exercise purchase Capital Revenue
capital premium reserve reserve reserve reserves reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------- ---------- -------- ----------- --------- --------- --------- --------- ---------
At 30 April
2016 40,229 9,875 19,759 417 77,191 119,471 7,938 274,880
Net return
on ordinary
activities
after taxation - - - - - 22,583 4,331 26,914
Repurchase
of the Company's
own shares
into treasury - - - - (2,617) - - (2,617)
Dividends
paid in
the period - - - - - - (4,166) (4,166)
------------------- ---------- -------- ----------- --------- --------- --------- --------- ---------
At 31 October
2016 40,229 9,875 19,759 417 74,574 142,054 8,103 295,011
------------------- ---------- -------- ----------- --------- --------- --------- --------- ---------
For the year ended 30 April 2017 (audited)
Called-up Capital Warrant Share
share Share redemption exercise purchase Capital Revenue
capital premium reserve reserve reserve reserves reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------------- ---------- -------- ----------- --------- --------- --------- -------- --------
At 30 April
2016 40,229 9,875 19,759 417 77,191 119,471 7,938 274,880
Net return on
ordinary activities
after taxation - - - - - 36,632 9,248 45,880
Repurchase of
the Company's
own shares into
treasury - - - - (7,955) - - (7,955)
Dividends paid
in the year - - - - - - (8,433) (8,433)
---------------------- ---------- -------- ----------- --------- --------- --------- -------- --------
At 30 April
2017 40,229 9,875 19,759 417 69,236 156,103 8,753 304,372
---------------------- ---------- -------- ----------- --------- --------- --------- -------- --------
Statement of Financial Position
at 31 October 2017 (unaudited)
(Unaudited) (Unaudited) (Audited)
31 October 31 October 30 April
2017 2016 2017
GBP'000 GBP'000 GBP'000
---------------------------------------- ------------ ------------ ----------
Fixed assets
Investments held at fair value through
profit or loss 305,052 289,427 300,204
---------------------------------------- ------------ ------------ ----------
Current assets
Debtors 908 640 4,357
Cash at bank and in hand 1,980 5,597 1,712
---------------------------------------- ------------ ------------ ----------
2,888 6,237 6,069
---------------------------------------- ------------ ------------ ----------
Current liabilities
Creditors: amounts falling due within
one year (507) (653) (1,901)
---------------------------------------- ------------ ------------ ----------
Net current assets 2,381 5,584 4,168
---------------------------------------- ------------ ------------ ----------
Total assets less current liabilities 307,433 295,011 304,372
---------------------------------------- ------------ ------------ ----------
Net assets 307,433 295,011 304,372
---------------------------------------- ------------ ------------ ----------
Capital and reserves
Called-up share capital 640,229 40,229 40,229
Share premium 9,875 9,875 9,875
Capital redemption reserve 19,759 19,759 19,759
Warrant exercise reserve 417 417 417
Share purchase reserve 66,211 74,574 69,236
Capital reserves 161,143 142,054 156,103
Revenue reserve 9,799 8,103 8,753
---------------------------------------- ------------ ------------ ----------
Total equity shareholders' funds 307,433 295,011 304,372
---------------------------------------- ------------ ------------ ----------
Net asset value per share 199.82p 185.85p 195.63p
---------------------------------------- ------------ ------------ ----------
Notes to the Accounts
1. Financial Statements
The information contained within the accounts in this half year
report has not been audited or reviewed by the Company's
independent auditors.
The figures and financial information for the year ended 30
April 2017 are extracted from the latest published accounts of the
Company and do not constitute statutory accounts for that year.
Those accounts have been delivered to the Registrar of Companies
and included the report of the auditors which was unqualified and
did not contain a statement under either section 498(2) or 498(3)
of the Companies Act 2006.
2. Accounting policies
Basis of accounting
The accounts have been prepared in accordance with United
Kingdom Generally Accepted Accounting Practice and with the
Statement of Recommend Practice "Financial Statements of Investment
Trust Companies and Venture Capital Trusts" issued by the
Association of Investment Companies in November 2014 and updated in
January 2017.
All of the Company's operations are of a continuing nature.
The accounting policies applied to these accounts are consistent
with those applied in the accounts for the year ended 30 April
2017.
3. Taxation on ordinary activities
The Company's effective corporation tax rate is nil, as
deductible expenses exceed taxable income. Taxation on ordinary
activities comprises overseas tax deducted at source, net of any
rebates.
4. Return per share
(Unaudited) (Unaudited)
Six months Six months (Audited)
ended ended Year ended
31 October 31 October 30 April
2017 2016 2017
----------------------------------- ------------ ------------ ------------
Revenue return (GBP'000) 5,244 4,331 9,248
Capital return (GBP'000) 5,040 22,583 36,632
----------------------------------- ------------ ------------ ------------
Total return (GBP'000) 10,284 26,914 45,880
----------------------------------- ------------ ------------ ------------
Weighted average number of shares
in issue during the period 154,525,984 159,278,376 158,643,285
Revenue return per share 3.39p 2.72p 5.83p
Capital return per share 3.26p 14.18p 23.09p
----------------------------------- ------------ ------------ ------------
Total return per share 6.65p 16.90p 28.92p
----------------------------------- ------------ ------------ ------------
5. Dividends paid
(Unaudited) (Unaudited)
Six months Six months (Audited)
ended ended Year ended
31 October 31 October 30 April
2017 2016 2017
---------------------------------- ------------ ------------ -----------
GBP'000 GBP'000 GBP'000
---------------------------------- ------------ ------------ -----------
Second interim dividend of 2.70p
(2016: 2.60p) 4,198 4,166 4,166
First interim dividend of 2.70p - - 4,267
---------------------------------- ------------ ------------ -----------
4,198 4,166 8,433
---------------------------------- ------------ ------------ -----------
A first interim dividend of 3.00p (2016: 2.70p) per share,
amounting to GBP4,616,000 (2016: GBP4,267,000) has been declared
payable in respect of the year ending 30 April 2018.
6. Called-up share capital
Changes in issued shares are as follows:
(Unaudited) (Unaudited)
Six months Six months (Audited)
ended ended Year ended
31 October 31 October 30 April
2017 2016 2017
GBP'000 GBP'000 GBP'000
---------------------------------------- ------------ ------------ -----------
Opening balance of 155,589,184 (30
April 2016: 160,375,184) shares of
25p each 38,897 40,094 40,094
Repurchase of 1,735,500 (six months
ended 31 October 2016: 1,637,000 and
year ended 30 April 2017: 4,786,000)
shares into treasury (434) (410) (1,197)
---------------------------------------- ------------ ------------ -----------
Subtotal of 153,853,684 (31 October
2016: 158,738,184 and 30 April 2017:
155,589,184) shares 38,463 39,684 38,897
7,063,500 (31 October 2016: 2,179,000
and 30 April 2017: 5,328,000) shares
held in treasury 1,766 545 1,332
---------------------------------------- ------------ ------------ -----------
Closing balance of 160,917,184 (31
October 2016 and 30 April 2017: same)
shares of 25p each, including shares
held in treasury. 40,229 40,229 40,229
---------------------------------------- ------------ ------------ -----------
7. Net asset value per share
Net asset value per share is calculated by dividing total equity
shareholders' funds by the number of shares in issue, excluding
shares held in treasury, at 31 October 2017 of 153,853,684 (31
October 2016: 158,738,184 and 30 April 2017: 155,589,184).
8. Financial instruments measured at fair value
The Company's financial instruments that are held at fair value
comprise its investment portfolio. At 31 October 2017, all
investments in the Company's portfolio were categorised as Level 1
in accordance with the criteria set out in paragraph 34.22
(amended) of FRS 102. That is, they are all valued using unadjusted
quoted prices in active markets for identical assets (31 October
2016 and 30 April 2017: same).
9. Events after the interim period that have not been reflected
in the financial statements for the interim period
The Directors have evaluated the period since the interim date
and have not noted any significant events which have not been
reflected in the financial statements.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR BLLFLDLFXFBE
(END) Dow Jones Newswires
December 22, 2017 05:37 ET (10:37 GMT)
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