Final Results

API Group PLC 28 November 2002 API GROUP PLC Preliminary Results for the year ended 30 September 2002 28 November 2002 RESTRUCTURING AND COST EFFICIENCIES IMPROVE OPERATING PERFORMANCE AND STRENGTHEN BALANCE SHEET â€¢ Sales down marginally to Â£180.6m (Â£183.4m) reflecting challenging trading conditions â€¢ Group returns to operating profit before exceptional items and goodwill amortisation reflecting benefits of operating efficiencies â€¢ Loss before tax, exceptional items and goodwill amortisation reduced significantly - Â£1.4m compared to Â£4.5m â€¢ Loss per share before exceptional items and goodwill amortisation reduced by 63% to 4.5p â€¢ Balance sheet strengthened with borrowings down to Â£14.8m (Â£23.7m) and gearing reduced to 24.2% (35.5%) â€¢ Operating cash flow improved â€¢ Strong improvement in Foils and Laminates and Metallised Paper, disappointing performance in Converted Products â€¢ Good opportunities to develop businesses in 2003 and further improve returns Commenting on the results and prospects, Chairman David Hudd said: 'The improvement in operating profit during the year, achieved against a background of tough trading conditions, reduced demand and increased competition serves to illustrate both the benefits of the cost efficiency programmes and the resilience and strength of many of the Group's businesses. Although trading conditions are expected to remain challenging across the Group, the Board expects that further improvement will be seen in the current year. Opportunities to develop the Group's businesses and to maximise returns on the capital investments made in previous years continue to arise. During 2003, margins will continue to improve and the full year benefits of the progress made in 2002 are expected to be realised.' Enquiries: Derek Ashley 01625 650334 Tim Spratt 020 7831 3113 Group Chief Executive Managing Director API Group plc Financial Dynamics David Walton 01625 650569 Michelle Morton 020 7831 3113 Group Finance Director Financial Dynamics API Group plc EXTRACTS FROM CHAIRMAN'S STATEMENT RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2002 With the restructuring of the last two years completed, our key objectives were to reduce borrowings and to improve operating performance. I am pleased to be able to report that we have made good progress in both these areas despite tough trading conditions. Sales fell marginally from Â£183m to Â£181m and the loss before tax, exceptional items and goodwill amortisation amounted to Â£1.4m, a substantial improvement on the comparable loss of Â£4.5m in 2001. Importantly, the Group returned to an operating profit before exceptional items and goodwill amortisation. The loss per share before exceptional items and goodwill amortisation was 4.5p compared with 12.1p last year. Net Group borrowings were reduced to Â£14.8m from Â£23.7m as a result of tighter controls over working capital and capital expenditure. Net tangible assets per share were 180p (2001 196p). No final dividend is proposed. The Foils and Laminates businesses, which account for some 60% of group sales, performed strongly during the year achieving profits significantly above last year's levels despite weakened demand for luxury consumer goods and associated packaging materials. This included a much better performance from the United States. The Metallised Paper division returned to full production following completion of the consolidation into the Caerphilly facility and losses fell significantly through productivity and efficiency gains. The Converted Products division was a major disappointment, with Tenza experiencing fierce competition in the label sector and Learoyd, which manufactures bags for security and food applications, performing poorly. Vigorous action has been taken to address performance issues and reduce costs in this division. Management have made progress in introducing stronger financial controls and operational disciplines across the Group to improve efficiency and to reduce costs. There is scope for further improvement and achieving synergistic benefits across the Group. The Group's strategy continues to be the development of its principal businesses: Foils and Laminates, Metallised Paper and the flexible packaging businesses of the Converted Products division. Although each of these businesses faces challenges, all of them have opportunities to both increase market share and improve financial returns. Our overriding objective is to enhance value for our shareholders and to provide greater security and improved returns for all of the Group's stakeholders. In recent years, the Group has faced a number of difficult operational and financial issues. Significant progress has been made during the year in restoring the fortunes of the Group and the foundations for further improvement have been laid. EXTRACTS FROM GROUP CHIEF EXECUTIVE'S REVIEW The Group's products are used predominantly in specialised packaging applications in the luxury goods, beverages, tobacco and other consumer goods sectors. Uncertainty following September 11 and continuing weak economic conditions in the US and the UK adversely affected performance during the year, with reduced demand in most areas. Despite the difficult trading conditions, good progress has been made in restoring the performance and financial stability of the Group. Benefits from the site rationalisation, management reorganisation, cost reduction and capital investment programmes undertaken in 2001 have begun to take effect and the performance of the Group is steadily improving. The results achieved in both the first and second halves of the current year represent significant improvements over the corresponding periods in 2001. Our focus on cash generation has resulted in a marked reduction in net debt of Â£8.9m, achieved principally through the introduction of stronger financial discipline and more effective management of working capital. This is particularly encouraging as it has been achieved against a backdrop of challenging trading conditions, continuing capital investment and increasing pressure from both customers and suppliers seeking to improve their own financial positions. A key focus of the Group's senior management during the year has been to encourage greater interaction and communication between business management groups and to better leverage both the technical expertise and purchasing power of the Group. A number of group-wide initiatives have been launched and we are already beginning to see the benefits in reducing waste levels, operational efficiency gains and more effective purchasing. Many of the Group's businesses operate multi-stage, high-speed manufacturing processes that consume large quantities of raw materials. The level of avoidable production waste is a constant issue that costs the Group many millions of pounds each year. During 2002, the Group launched a 'War-On-Waste' initiative designed to make the workforce aware of the level of avoidable waste and to encourage their participation in a team-based approach to identifying and addressing the reasons for waste. The response to this initiative has been very encouraging. Significant savings have already been realised and further benefits are expected to accrue in 2003. Results in the Foils and Laminates and Metallised Paper divisions were encouraging, with both performing better than in the previous year. However, the performance of the Converted Products division, which specialises in the production of flexible packaging products, has been disappointing. In particular, Learoyd Packaging, which manufactures bags for security and food applications, performed poorly and Tenza experienced extremely competitive trading conditions and price pressure in its label printing activity. A number of personnel changes have been made in areas where performance was poor to strengthen management teams, add technical skills and to provide the drive and focus necessary to achieve improved performance. We expect to see benefits from these actions in 2003 and will continue to monitor performance closely. During 2003, we will be reviewing the management and organisational structure to ensure that we are able to most effectively meet the challenges that we face and take full advantage of the Group's capabilities. The businesses in the Foils and Laminates and Metallised Paper divisions each have strong positions in markets with growth potential, sell similar or related products into the same industry sectors and would benefit by working in a more integrated and coherent manner. The businesses in the Converted Products division form an integrated supply chain for the manufacture and distribution of certain polyethylene based flexible packaging products in addition to having their individual customer bases. Further benefits can therefore be derived by leveraging the expertise that exists within the Group. Financial Highlights In the financial year to 30 September 2002, the Group reported an operating profit before exceptional items and goodwill amortisation of Â£0.2m, an improvement of Â£3.1m over the previous year. The loss before tax, exceptional items and goodwill amortisation after charging net interest of Â£1.6m (Â£1.6m), was Â£1.4m (Â£4.5m) on sales of Â£180.6 million (Â£183.4m). The loss per share before exceptional items and goodwill amortisation reduced by 63% to 4.5 pence. Sales in the UK decreased by Â£7.0m (8.5%) due principally to weak demand from the luxury goods and beverages sectors. Sales to Continental Europe increased by Â£5.2m (10.3%) due to favourable exchange rates and a return to full production in the Metallised Paper division following completion of the consolidation of our metallising businesses at Caerphilly. Sales in the US decreased by Â£1.7m (5.6%), due mainly to the uncertainty following September 11, the poor performance of Learoyd Packaging and the elimination of low margin turnover. Sales to the Rest of the World increased by Â£0.7m (3.2%). The Group's net cash inflow from operating activities was Â£13.0m. Working capital was reduced by Â£7.6m, principally due to significant reductions in stocks and debtors achieved in the Foils and Laminates and Metallised Paper divisions. Surplus cash generated during the year was applied to reduce debt and, as a consequence, by 30 September 2002 the Group's net borrowings had fallen to Â£14.8m, compared with Â£23.7m at 30 September 2001. The Group's balance sheet remains strong, with shareholders' funds of Â£61.1m and gearing (defined as net borrowings/shareholders' funds) of 24.2%, compared with 35.5% at the end of the previous financial year. PROSPECTS The improvement in operating profit during the year, achieved against a background of tough trading conditions, reduced demand and increased competition serves to illustrate both the benefits of the cost efficiency programmes and the resilience and strength of many of the Group's businesses. Although trading conditions are expected to remain challenging across the Group, the Board expects that further improvement will be seen in the current year. Opportunities to develop the Group's businesses and to maximise returns on the capital investments made in previous years continue to arise. During 2003, margins will continue to improve and the full year benefits of the progress made in 2002 are expected to be realised. REVIEW OF OPERATIONS Foils and Laminates Foils and Laminates sales fell by 3.4% to Â£107.4m reflecting the challenging trading conditions encountered in the US during the first half of the year and weaker demand from manufacturers of luxury goods and specialist packaging producers in the UK. Despite this, the division's operating profit rose by 96% to Â£4.7m on sharply reduced losses in US Foils. The performance of the US Foils business has improved following the appointment of new management in November 2001. Aggressive cost reduction and margin improvement initiatives have reduced the operating loss to Â£0.8m, compared with Â£3.8m in the previous year. Difficult trading conditions following September 11 impacted sales, but performance in the second half of the year has been particularly encouraging. Progress has been made in realigning the business as a provider of higher margin speciality products. There has been aggressive expansion into metallic ink, pigment and dieless products and a reduced dependency on traditional low-margin commoditised transfer foils. After an exhaustive analysis of the options for consolidation to a single site, the Board has decided that the best option for the business will be to operate both major manufacturing facilities and a programme of upgrades to the Rahway facility in New Jersey has been initiated. Sales in the European Foils business were down 3.8% in the first half due to reduced demand from producers of luxury consumables, fear of recession in the UK and deferral of orders from the Far East. Although there was a partial recovery in the second half and sales were down by only 1.7% for the full year, operating profits deteriorated by 54% to Â£0.5m. Although productivity and manufacturing output improved, price competition depressed margins. The full benefits of the consolidation of foil manufacturing activities in Livingston are now being realised, leaving Salford focused entirely on specialised security products. The Foils business in China continued to perform well, maintaining sales and margins in the face of increased competition from both local and international competitors. Increased sales of high margin decorative holographic foils have offset the reduced prices and margins achievable on traditional low grade graphic foil products. The proportion of sales derived from exports to the Group's European and US businesses is steadily increasing following the successful introduction of the high quality SuperGrafix product range in both markets. The Group continues to work closely with its Chinese management team to transfer technology and expertise and to maintain our position as the leading producer of foil products in China. Laminates experienced difficult trading conditions as demand from the luxury goods and beverage sectors was weak. Although this was partially offset by increased first half sales to the tobacco sector and strong second half sales into the food and consumer goods sectors, total sales were down by 7.2% compared with the previous year. The savings associated with the closure of the Rochdale facility and the transfer of the equipment into Poynton are being realised and this, together with effective management of overheads, ensured that the business performed in line with expectations and that the operating profit margin was maintained. During 2002, the Group committed to significant capital expenditure to support expansion into the food and consumer goods sectors and these investments are expected to generate returns in the near future. Metallised Paper The operating loss before exceptional items and goodwill amortisation was reduced to Â£1.0m compared with a loss of Â£2.9m in the previous year. Sales increased by 9.1% to Â£26.6m. Performance during the first half continued to be adversely affected by the significant disruption associated with the consolidation of metallising activity in Caerphilly. However, as the Caerphilly plant returned to full production capacity, the focus shifted from addressing production issues to managing growth and improving margins. New management was appointed in November 2001; significant productivity gains have been achieved and waste levels and operating costs have been reduced. In particular, a major reorganisation of working practices during the period resulted in a 22% reduction in the workforce, with no impact on capacity. Demand remained solid throughout the period and, although margins were under pressure due to competition from low-cost producers in Southern Europe and the Far East, the division benefited from favourable movements in exchange rates and raw materials prices which partially offset this. The division will continue to benefit from the effects of the consolidation, workforce reorganisation and continuing margin improvement initiatives. Converted Products Converted Products reported an operating loss of Â£1.0m on sales down 2.6% to Â£46.6m compared with a profit of Â£0.2m on sales of Â£47.8m. The Tenza and Learoyd Group businesses produced disappointing performances, while Coated Products performed well reporting increased profits despite sales down by 4.7% in the face of stiff competition. Tenza suffered a 5.7% decline in sales principally due to volume and price reductions in its self-adhesive labels activity. This, together with price competition on other products and continuing pressure on raw materials prices contributed to a decline in operating profits from Â£0.8m to Â£0.3m. Wherever possible, overheads have been reduced and productivity improved. However, a sustained improvement in performance is dependent upon more favourable trading conditions and the success of new product initiatives. The loss incurred by the Learoyd Group increased from Â£1.2m in 2001 to Â£2.3m despite organisational changes and heavy capital investment in earlier years. Improvements in Filmcast, which manufactures cast polypropylene using a new co-extrusion line completed in 2001, were offset by a sharp decline in Learoyd Packaging which specialises in the production of bags for security and food applications. During much of 2002, the management of Learoyd Packaging pursued a volume-based strategy to maintain sales in response to competition in the UK market and the loss of a key distributor in the US. This depressed selling prices, eroded margins and placed additional pressure on production capabilities resulting in significantly increased operating costs. New management is now in place and is attempting to restore profitability by returning to the production of more specialised products at improved margins. Coated Products, which manufactures siliconised release products, increased profits by 30% on sales down by 4.7%. The increase in profitability was achieved through an improved product mix, in particular a reduced dependency on lower-margin release papers for the self-adhesive label printing industry, and better management of operating overheads. Coated Products continues to have many exciting opportunities for the development of new products for medical, hygiene and food applications, both in Europe and the Far East. GROUP PROFIT & LOSS ACCOUNT for the year ended 30 September 2002 __________________________________________________________________________________________________________________ 2002 2001 Restated Â£'000 Â£'000 Turnover 180,580 183,440 Operating profit/(loss) Continuing operations before goodwill amortisation and exceptional items 213 (2,901) Goodwill amortisation (446) (846) Continuing operations before exceptional items (233) (3,747) Exceptional items (2,873) (24,564) Total continuing operations (3,106) (28,311) Profit on disposal of land & buildings 395 33 Loss on ordinary activities before interest and taxation (2,711) (28,278) Net interest (1,599) (1,642) Loss on ordinary activities before taxation (4,310) (29,920) Taxation 1,303 2,398 Loss on ordinary activities after taxation (3,007) (27,522) Equity minority interests (1,097) (984) Loss attributable to shareholders (4,104) (28,506) Dividends - - Balance transferred from reserves (4,104) (28,506) Pence Pence Loss per ordinary 25p share Basic and diluted (12.3) (85.7) Adjusted loss per ordinary 25p share (before exceptional items and goodwill amortisation) Basic and diluted (4.5) (12.1) Dividend per ordinary share - - GROUP BALANCE SHEET as at 30 September 2002 __________________________________________________________________________________________________________________ 2002 2001 Restated Â£'000 Â£'000 Fixed assets Intangible assets 6,413 6,859 Tangible assets 60,124 66,054 Investments 435 435 66,972 73,348 Current assets Stocks 19,356 23,189 Debtors 38,455 42,852 Short term investments 1,500 1,283 Cash at bank and in hand 7,194 7,088 66,505 74,412 Creditors: Amounts falling due within one year (62,584) (69,482) Net current assets 3,921 4,930 Total assets less current liabilities 70,893 78,278 Creditors: Amounts falling due after more than one year (140) (205) Provisions for liabilities and charges (2,742) (3,766) Accruals and deferred income (766) (1,007) Net assets 67,245 73,300 Share capital and reserves Called up share capital 8,463 8,463 Share premium account 50,563 50,563 Revaluation reserve 2,892 2,616 Capital redemption reserve 549 549 Profit and loss account (1,410) 4,479 Shareholders' funds 61,057 66,670 Equity minority interests 6,188 6,630 67,245 73,300 GROUP CASH FLOW STATEMENT for the year ended 30 September 2002 __________________________________________________________________________________________________________________ 2002 2001 Â£'000 Â£'000 Reconciliation of operating loss to net cash inflow from operating activities Operating loss (3,106) (28,311) Amortisation and depreciation less government grants 8,471 8,058 Impairment charge against intangible assets - 12,850 Impairment charge against tangible fixed assets and investments - 1,693 Loss on disposal of fixed assets, other than land & buildings 3 161 Decrease in stocks 3,318 7,302 Decrease in debtors 3,638 9,182 Increase/(decrease) in creditors 604 (1,326) Increase/(decrease) in provisions 55 (2,837) Net cash inflow from operating activities 12,983 6,772 Cash outflow of Â£2,816,000 (2001: Â£6,984,000) resulted from exceptional items incurred during the financial years 2001 and 2002. 2002 2002 2001 2001 Â£'000 Â£'000 Â£'000 Â£'000 Cash flow statement Net cash inflow from operating activities 12,983 6,772 Returns on investment and servicing of finance Interest paid (1,475) (1,807) Interest received 100 165 Dividends paid to minority interests (1,134) (2,509) (1,490) (3,132) Taxation UK 661 (308) Overseas 1,593 2,254 (500) (808) Capital expenditure and financial investment Payments to acquire tangible fixed assets (4,087) (13,378) Receipts from sales of tangible fixed assets 1,005 1,017 Receipt of government grants - (3,082) 860 (11,501) Acquisitions and disposals (103) (139) Equity dividends paid - (2,874) Net cash inflow/(outflow) before use of management of liquid resources and financing 9,543 (11,682) Management of liquid resources Increase in short term investments (312) (1,283) Financing (Decrease)/increase in short term borrowing (11,569) 12,055 Decrease in cash in the period (2,338) (910) Exchange movement (500) 12 Balance sheet movement in net cash (2,838) (898) GROUP CASH FLOW STATEMENT for the year ended 30 September 2002 __________________________________________________________________________________________________________________ Notes to the cash flow statement 2001 Cashflow Exchange 2002 Â£'000 Â£'000 Â£'000 Â£'000 A. Analysis of net debt Cash at bank and in hand 7,088 606 (500) 7,194 Bank overdraft (1,246) (2,944) - (4,190) 5,842 (2,338) (500) 3,004 Short term investment in Chinese Government bonds 1,283 312 (95) 1,500 Short term borrowing (30,798) 11,569 (52) (19,281) Net debt (23,673) 9,543 (647) (14,777) 2002 2001 Â£'000 Â£'000 B. Reconciliation of net cash flow to movement in net debt Decrease in cash (2,338) (910) Increase in short term investments 312 1,283 Decrease/(increase) in short term borrowing 11,569 (12,055) Change in net debt resulting from cash flows 9,543 (11,682) Exchange differences (647) 51 Movement in net debt 8,896 (11,631) Net debt at start of period (23,673) (12,042) Net debt at end of period (14,777) (23,673) OTHER STATEMENTS for the year ended 30 September 2002 __________________________________________________________________________________________________________________ 2002 2001 Restated Â£'000 Â£'000 Statement of total recognised gains and losses Loss attributable to shareholders (4,104) (28,506) Currency translation differences on foreign currency net investments (1,509) 533 Total recognised gains and losses relating to the period (5,613) (27,973) Prior year adjustment (2,400) Total gains and losses recognised since previous annual report (8,013) Reconciliation of movements in shareholders' funds Loss attributable to shareholders (4,104) (28,506) Currency translation differences on foreign currency net investments (1,509) 533 Net deduction from shareholders' funds (5,613) (27,973) Opening shareholders' funds 66,670 94,643 Closing shareholders' funds 61,057 66,670 The prior year adjustment on implementation of Financial Reporting Standard 19 ' Deferred Tax' reduced opening shareholders' funds by Â£2,400,000 (Â£4,400,000). NOTES for the year ended 30 September 2002 __________________________________________________________________________________________________________________ SEGMENTAL ANALYSIS 2002 2001 Â£'000 Â£'000 Analysis of turnover by geographical destination United Kingdom 74,940 81,930 Continental Europe 56,283 51,046 Americas 29,130 30,870 Rest of World 20,227 19,594 180,580 183,440 Profit/(loss) before Turnover interest and tax Net operating assets 2002 2001 2002 2001 2002 2001 Restated Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Geographical analysis by origin United Kingdom 135,527 138,192 (1,878) (983) 56,483 68,827 Continental Europe 3,895 2,580 233 87 1,121 950 Americas 28,835 29,853 (855) (4,590) 14,892 17,344 Rest of World 12,323 12,815 2,713 2,585 6,925 5,480 180,580 183,440 213 (2,901) 79,421 92,601 Exceptional items and goodwill amortisation - - (2,924) (25,377) - - Non operating assets - - - - (12,176) (19,301) 180,580 183,440 (2,711) (28,278) 67,245 73,300 Turnover originating in the United Kingdom includes Â£63,842,000 of sales to overseas destinations (2001: Â£56,517,000). Â£2,442,000 (2001: Â£10,839,000) of the exceptional items and goodwill amortisation arise in the UK, Â£344,000 (2001: Â£14,386,000) arise in the Americas and Â£138,000 (2001: Â£152,000) arise in the Rest of the World Profit/(loss) before Turnover interest and tax Net operating assets 2002 2001 2002 2001 2002 2001 Restated Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Analysis by activity Foils & laminates 107,406 111,229 4,677 2,382 48,545 56,702 Metallised paper 26,594 24,377 (978) (2,872) 7,464 8,364 Converted products 46,580 47,834 (1,031) 197 23,412 27,535 Central costs - - (2,455) (2,608) - - 180,580 183,440 213 (2,901) 79,421 92,601 Exceptional items and goodwill amortisation - - (2,924) (25,377) - - Non operating assets - - - - (12,176) (19,301) 180,580 183,440 (2,711) (28,278) 67,245 73,300 Net operating assets comprise total assets excluding goodwill and investments, less liabilities and exclude dividends, taxation, minority interests and all assets and liabilities of a financing nature. Â£1,525,000 (2001: Â£18,773,000) of the exceptional items and goodwill amortisation relate to the foils and laminates division, Â£413,000 (2001: Â£3,061,000) relate to the metallised paper division, Â£736,000 (2001: Â£2,479,000) relate to the converted products division and Â£250,000 (2001: Â£1,064,000) are central costs. OPERATING LOSS 2002 2001 Â£'000 Â£'000 Exceptional items charged against operating loss compromise Restructuring of operating businesses 2,324 10,650 Cost of major interruptions to production 383 - Impairment of intangible assets - 12,850 Provision against own shares held in ESOP - 1,064 Other 166 - 2,873 24,564 EARNINGS PER SHARE 2002 2001 Restated pence Â£'000 pence Â£'000 Earnings per share are based on Loss attributable to shareholders (12.3) (4,104) (85.7) (28,506) Add exceptional items 7.5 2,478 73.8 24,531 Add goodwill amortisation 1.3 446 2.5 846 Less tax relief (1.0) (325) (2.7) (900) Adjusted loss attributable to ordinary (4.5) (1,505) (12.1) (4,029) shareholders Basic weighted average number of ordinary 33,262,578 33,262,578 shares TAXATION The Group adopted Financial Reporting Standard 19 'Deferred Tax', on 1 October 2001. The implementation of FRS 19 has resulted in a prior year adjustment. The restated comparative figures for the 12 months to 30 September 2001 are set out below. 2002 2001 Restated Â£'000 Â£'000 Taxation credit Taxation credit before adoption of FRS 19 237 398 Effect of adopting FRS 19 1,066 2,000 1,303 2,398 Provisions for liabilities and charges Provisions for liabilities and charges before adoption of FRS 19 1,408 1,366 Effect of adopting FRS 19 1,334 2,400 2,742 3,766 BASIS OF PREPARATION The accounts have been prepared on the basis of the accounting policies set out in the Group's 2001 Annual Report and Accounts for the year ended 30 September 2001 with the exception of the implementation of FRS 19. PUBLICATION OF ABRIDGED ACCOUNTS The preliminary announcement figures for the year ended 30 September 2002 and the comparative figures for the year ended 30 September 2001 are an abridged version of the Group's statutory accounts which carry an unqualified audit report and do not contain a statement under S237 (2) or (3) of the Companies Act 1985. The Group's audited statutory accounts for the year ended 30 September 2002 will be filed in due course with the Registrar of Companies. The Group's audited statutory accounts for the year ended 30 September 2001 have been filed with the Registrar of Companies. The Annual Report and Accounts for the year ended 30 September 2002 will be posted to shareholders by 31 December 2002 prior to the Annual General Meeting on 31 January 2003. Copies of the Annual Report and Accounts will be available to members of the public from 31 December 2002 at the Group's registered office at Second Avenue, Poynton Industrial Estate, Poynton, Cheshire SK12 1ND. This information is provided by RNS The company news service from the London Stock Exchange

Companies

Abrdn Property Income Trust Limited (API)

Monday, 20th May 2024

COMPANIES COVERED:

KWS BLND KNOS

Keywords Studios surges as another London-listed tech firm looks set to be bought out by private equity, Kainos posts 14th consecutive year of growth and British Land sells down its remaining stake in Sheffield’s Meadowhall mall.

Full Archive

UK 100

Latest directors dealings

57 minutes ago Aquila Energy Efficiency Trust (EUR)
1 hour ago Boohoo Group
1 hour ago Tritax Big Box Reit
2 hours ago Standard Chartered
2 hours ago Coca-Cola HBC AG (CDI)

All directors dealings today