Final Results

RNS Number : 3624I
Airea PLC
21 March 2018
 

AIREA plc

Preliminary results for the 18 month period ended 31st December 2017

HIGHLIGHTS

·   Commercial Floorcoverings business Operating Profit before exceptional items of £4.3m           

·   Export sales growth of 58 % over last six months following entry into new geographical markets, strengthening of international dealer network, and successful launch of new products

·   Broader product range of new products based on new technology investment in 2017 has opened up new markets & opportunities as planned

·   Closure of loss making residential carpet business (Ryalux) will be cash generative with receipts from stock realisation & sale of plant and machinery exceeding closure costs

·   The Group's simplification and focus on its core Burmatex business is expected to deliver considerable and sustainable free cash generation in the mid-term, creating considerable shareholder value.

·   At the AGM on 10th May 2018 the board will be seeking authority to return some value to shareholders through a buy-back of up to 6m shares (14.5% of current share capital)

·   Pension deficit reduced by £4.5m to £2.2m with, statutory funding position deficit reduced to zero

·   Strong cash generation and closure of Ryalux businesses supports a 5p special final dividend

·   Total dividend payment (inclusive of the interim dividend) for the financial period of 6.75p

Strategic Report

Principal activity and strategy

The group remains focused on the manufacture, marketing and distribution of floor coverings.  Our approach to strategy is uncomplicated; to develop products that sell, exploit the strength of our combined manufacturing and distribution operation, and deliver robust cash flows to support a progressive dividend policy.

Overview

As recently announced the Company has entered into a formal consultation period with employees concerning the proposed closure of the residential carpets business.  Operating as Ryalux Carpets Limited ("Ryalux"), the residential carpets business offers high quality standard and custom broad loom carpets available through carpet retail outlets.      The Company has proposed the closure of Ryalux Carpets Limited as the business has been loss making for a number of years.  Airea has implemented a range of initiatives in recent years to improve the business, including new product development, rationalisation of sites and strict cost controls. Despite this, the trading environment for residential carpets has worsened and the ongoing trend to cheaper synthetic products has led to further declines in demand for high quality tufted woollen carpets.   In the 18 months to 31 December 2017 Ryalux Carpets Limited generated an operating loss before exceptional items of £3.1m on revenue of £9.9 million. The Company has incurred exceptional costs of £1.7m, inclusive of £1.1m of asset impairment and provisions, associated largely with a reduction in working capital and impairment of assets.  Overall, the closure is likely to be cash generative, with receipts from the realisation of assets being greater than closure costs. 

Going forward the increase in free cash generation arising from the proposed elimination of losses previously incurred by Ryalux will enable increased investment in the highly profitable commercial flooring business operated under the Burmatex brand ("Burmatex").  In the eighteen months to 31 December 2017 the commercial floorcoverings division generated an operating profit before exceptional items of £4.3m on sales of £26.9m.  The investment in new technology made earlier in the period is now coming to fruition with the launch of a series of new products, which will open up new higher value markets.  This adds to the successful launch of a competitively priced entry product, which has already established a significant market share in its own right as well as opening up new opportunities for the rest of the product range.   Burmatex now has a range of products to profitably compete across the broad spectrum of price points.  We are already seeing the benefit in sales growth both in the UK and internationally.

It is pleasing to report that the improved management of liabilities and a refocussed investment strategy has seen a considerable improvement in the funding position of the legacy defined benefits pension scheme.  The accounting deficit reduced by £4.5m to £2.2m. 

We also saw an increase in valuation of the investment property to £3.2m from £2.7m.  The gain, which is highlighted separately in the income statement, results from the increased rent potential following extensive refurbished carried out in the period.

As previously announced, the company's accounting reference date has been changed to the 31st December, necessitating an eighteen month reporting period.  The comparative figures cover a twelve month period, which means they are not directly comparable.  However, moving forward the new reporting period will be more closely aligned to the company's business cycle.

Group results

Revenue for the period was £36.7m (2016: £24.6m).  Operating profit before exceptional items was £1,156,000 (2016: £2,013,000).  The reduction in profitability resulted from the accelerating losses in the residential carpets business.        The exceptional costs of £2.2m (2016: £1.3m) relate in the main to the rationalisation of the residential carpets business and the associated impairment of assets.  The exceptional income of £0.4m arises from the revaluation of the investment property. The operating loss after exceptional items was £578,000 (2016: profit £2,042,000).  Other finance costs relating in the main to the defined benefit pension scheme were £932,000 (2016: £651,000).  After a tax credit of £140,000 (2016: charge £114,000), the loss for the year was £1,370,000 (2016: profit £1,277,000).

Basic loss per share was 3.31p (2016: earnings 3.01p), and basic adjusted earnings per share1 were 1.97p (2016: 2.96p).

Operating cash flows before movements in working capital and other payables were £1,007,000 (2016: £2,041,000).  Working capital decreased by £2,201,000 (2016: £1,009,000) due in the main to the run down of inventories in the residential carpets business. Contributions of £600,000 (2016: £400,000) were made to the defined benefit pension scheme in line with the agreement reached with the trustees based on the 2014 actuarial valuation.  Capital expenditure gross of asset finance of £1,313,000 (2016: £704,000) and investment in intangible assets of £163,000 (2016: £nil) related in the main to the introduction of new technology. 

The reduction of £4.5m in the pension deficit to £2.2m (2016 £6.7m) stemmed principally from strong investment returns on scheme assets.         

Key performance indicators

As part of its internal financial control procedures the board monitors certain financial ratios.  To enable meaningful comparison where figures cover an eighteen month period, they have been reduced to a twelve month equivalent on a simple time apportionment basis.  For the eighteen months to 31st December 2018, adjusted to a twelve month equivalent, value added per employee (the ratio of sales less material costs to average employee numbers) amounted to £69,000 (2016: £70,000), operating return on sales (the ratio of operating profit before exceptional items to revenue) was 3.1% (2016: 8.2%), return on average net operating assets (the ratio of operating profit before exceptional items to average operating assets) was 4.2% (2016: 11.0%) and working capital to sales percentage was 24.8% (2016: 34.3%).  The reduction in the performance indicators is as a result of the deterioration of the residential carpet business.  The directors are confident that the actions taken will drive significant improvement in the future.

Principal risks and uncertainties

The Board has responsibility for determining the nature and extent of the significant risks it is willing to take in achieving its strategic objectives, and ensuring that risks are managed effectively across the group. Risks are identified as being principally based on the likelihood of occurrence and potential impact on the group. The group's principal risks, which remain consistent with the prior year, are identified below, together with a description of how the group mitigates those risks.

The key operational risk facing the business continues to be the competitive nature of the markets for the group's products.  To mitigate this risk the group seeks to improve existing products, introduce new products and achieve high levels of customer service and efficiency.

The majority of the group's revenue arises from trade with flooring contractors and independent retailers.  The activity levels within this customer base are determined by consumer demand created through a wide range of commercial refurbishment and building projects and activity in the housing market.  The general level of activity in these underlying markets has the potential to affect the demand for products supplied by the group.  The group mitigates these factors by closely monitoring sales trends and taking appropriate action early, along with strengthening the product range and developing new channels to market, both at home and abroad, to grow demand across a wider range of markets.

The group operates a defined benefit pension scheme. At present, in aggregate, there is an actuarial accounting deficit between the value of the projected liabilities of this scheme and the assets they hold. The amount of the deficit may be adversely affected by changes in a number of factors, including investment returns, long-term interest rate and price inflation expectations, and anticipated members' longevity. Further increases in pension scheme deficit may require the group to increase the amount of cash contributions payable to the scheme, thereby reducing cash available to meet the group's other operating, investing and financing requirements.  The performance and risk management of the group's pension scheme and deficit recovery plan are regularly reviewed by both the group and the trustees of the scheme, taking actuarial and investment advice as appropriate. The results of these reviews are discussed with the Board and appropriate action taken.  Following the triennial funding valuation of the group's pension scheme as at 1st July 2017, a revised deficit recovery plan was agreed.  Under the plan the company will continue to make annual contributions of £400,000, even though the statutory funding deficit has been eliminated.  This is to allow a gradual reduction in investment risk.

Other risks

Raw material costs are a significant constituent of overall product cost, and are impacted by global commodity markets.  Significant fluctuations in raw material costs can have a material impact on profitability.  The group continuously seeks out opportunities to develop a robust and competitive supply base, substitute new materials and closely monitors selling prices and margins.

The global nature of the group's business means it is exposed to volatility in currency exchange rates in respect of foreign currency denominated transactions, the most significant being the euro. In order to protect itself against currency fluctuations the group has taken advantage of the opportunity to naturally hedge euro revenue with euro payments.  This is done in combination with foreign currency bank accounts and forward exchange contracts.  No transactions of a speculative nature are undertaken. 

Other risks include the availability of necessary materials, business interruption and the duty of care to our employees, customers and the wider public.  These risks are managed through the combination of quality assurance and health and safety procedures, and insurance cover.

The long term impact of the Brexit Referendum is not yet clear in respect of the degree in respect of its impact on future economic growth in the UK market, or on any additional tariffs that may apply to UK businesses trading with the European Union.  The group monitors this position and adjusts its forward plans where appropriate.  It is believed that the group's strength in refurbishment markets, its position as a UK manufacturer with a strong presence in the UK market and strategies of developing new sales channels will act to mitigate the impact of adverse changes and provide opportunities for growth.

Management and personnel

We recognise the hard work and dedication our staff have applied in trying to recover the fortunes of the residential carpets business.  We thank them for the dedication they have continued to show during the most challenging of times.

Current trading and future prospects

The changes we are making to the business and the increased investment in our successful commercial flooring business provides significant opportunities for profitable growth.  Given our confidence in the future prospects of the business, the ongoing improvement in the performance of the commercial floorcoverings business, and the cash surplus arising from the actions taken in the residential carpets operation we will be proposing a special dividend payment.  If approved, a final dividend of 5.0p per share will be paid on 23rd May 2018 to shareholders on the register at close of business on 13th April 2018, with an ex dividend date of 12th April 2018.

MARTIN TOOGOOD                                    NEIL RYLANCE

Chairman                                                     Chief Executive Officer                                               20th March 2018

 

1 Adjusted earnings are earnings adjusted for exceptional operating items (net of tax)

 

 

Enquiries:

 

Neil Rylance                                                                                                                                                                         01924 266561

Chief Executive Officer

 

Roger Salt                                                                                                                                                                              01924 266561

Group Finance Director

 

Richard Lindley                                                                                                                                                                    020 7496 3000

N+1 Singer

 

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

 

The financial information set out in the announcement does not constitute the group's statutory accounts for the 18 month period ended 31 December 2017 or the year ended 30 June 2016.  The financial information for the year ended 30 June 2016 is derived from the statutory accounts for that year which have been delivered to the Registrar of Companies.  The auditors reported on those accounts; their report was unqualified and did not include any statement under s498(2) or s498(3) of the Companies Act 2006.  The consolidated balance sheet at 31 December 2017, the consolidated income statement, the consolidated statement of comprehensive income, the consolidated cash flow statement, the consolidated statement of changes in equity and the segmental reporting for the 18 month period then ended have been extracted from the Group's 2017 statutory financial statements upon which the auditor's opinion is unqualified and does not include any statement under s498(2) or s498(3) of the Companies Act 2006.

The announcement has been agreed with the company's auditor for release.

 

 

 

Consolidated Income Statement

 

 

 

 

 

 

 

 

 

18 month period ended 31st December 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

18 months ended 31st December

 

 

 

12 months ended 30th June

 

 

 

 

 

2017

 

 

 

2016

 

 

 

 

 

£000

 

 

 

£000

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

 

36,749

 

 

 

24,577

 

 

Operating costs

 

 

(37,327)

 

 

 

(22,535)

 

 

 

Operating profit before exceptional items

 

 

1,156

 

 

 

2,013

 

 

 

Exceptional costs

 

 

(2,183)

 

 

 

(1,271)

 

 

 

Pension credit

 

 

 

 

 

1,300

 

 

 

Unrealised valuation gain

 

 

449

 

 

 

 

 

Operating (loss)  / profit

 

 

(578)

 

 

 

2,042

 

 

Finance costs

 

 

(932)

 

 

 

(651)

 

 

(Loss) / profit before taxation

 

 

(1,510)

 

 

 

1,391

 

 

Taxation

 

 

140

 

 

 

(114)

 

 

 

(Loss) / profit attributable to shareholders of the group

 

 

(1,370)

 

 

 

1,277

 

 

 

(Loss) / earnings per share (basic and diluted)

 

 

(3.31)p

 

 

 

3.01 p

 

 

 

 

 

 

 

 

 

 

 

 

 

All amounts relate to continuing operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated Statement of Comprehensive Income

 

 

 

 

 

 

 

18 months ended 31st December 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

18 months ended 31st December

 

12 months ended 30th June

 

 

 

2017

 

2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

£000

 

£000

 

£000

 

£000

 

 

 

 

 

 

 

 

 

 

 

 

(Loss) / profit attributable to shareholders of the group

 

 

 

 

(1,370)

 

 

 

1,277

 

Actuarial gain / (loss) recognised in the pension scheme

 

 

4,827

 

 

 

(291)

 

 

Related deferred taxation

 

 

(862)

 

 

 

(83)

 

 

 

 

 

 

 

3,965

 

 

 

(374)

Unrealised valuation gain

 

 

117

 

 

 

3,009

 

 

Related deferred taxation

 

 

 

 

 

(240)

 

 

 

 

 

 

 

 

117

 

 

 

2,769

 

 

 

 

 

 

 

 

 

 

 

Total other comprehensive income

 

 

 

 

4,082

 

 

 

2,395

 

 

 

 

 

 

 

 

 

 

 

 

Total comprehensive income attributable to shareholders of the group

 

 

 

 

2,712

 

 

 

3,672

 

Consolidated Balance Sheet

 

 

 

 

 

 

 

 

 

 

as at 31st December 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

31st December

 

30th June

 

 

 

 

2017

 

2016

 

 

 

 

£000

 

£000

 

£000

 

£000

 

Non-current assets

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment

 

 

 

 

5,294

 

 

 

5,489

 

Intangible assets

 

 

 

 

124

 

 

 

 

Investment property

 

 

 

 

3,150

 

 

 

2,701

 

Deferred tax asset

 

 

 

 

389

 

 

 

1,264

 

 

 

 

 

 

8,957

 

 

 

9,454

 

Current assets

 

 

 

 

 

 

 

 

 

 

Inventories

 

 

6,937

 

 

 

9,338

 

 

 

Trade and other receivables

 

 

2,893

 

 

 

4,601

 

 

 

Cash and cash equivalents

 

 

3,702

 

 

 

3,114

 

 

 

 

 

 

 

 

13,532

 

 

 

17,053

 

Total assets

 

 

 

 

22,489

 

 

 

26,507

 

Current liabilities

 

 

 

 

 

 

 

 

 

 

Trade and other payables

 

 

(3,745)

 

 

 

(5,505)

 

 

 

Provisions

 

 

(300)

 

 

 

(125)

 

 

 

Obligations under finance leases

 

 

(183)

 

 

 

-

 

 

 

 

 

 

 

 

(4,228)

 

 

 

(5,630)

 

Non-current liabilities

 

 

 

 

 

 

 

 

 

 

Pension deficit

 

 

(2,164)

 

 

 

(6,685)

 

 

 

Deferred tax

 

 

(268)

 

 

 

(241)

 

 

 

Obligations under finance leases

 

 

(510)

 

 

 

 

 

 

 

 

 

 

 

(2,942)

 

 

 

(6,926)

 

Total liabilities

 

 

 

 

(7,170)

 

 

 

(12,556)

 

 

 

 

 

 

15,319

 

 

 

13,951

 

Equity

 

 

 

 

 

 

 

 

 

 

Called up share capital

 

 

 

 

10,339

 

 

 

10,339

 

Share premium account

 

 

 

 

504

 

 

 

504

 

Capital redemption reserve

 

 

 

 

3,617

 

 

 

3,617

 

Revaluation reserve

 

 

 

 

3,126

 

 

 

3,009

 

Retained earnings

 

 

 

 

(2,267)

 

 

 

(3,518)

 

 

 

 

 

 

15,319

 

 

 

13,951

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated Cash Flow Statement

 

 

 

 

 

18 month period ended 31st December 2017

 

 

 

 

 

 

 

18 Months ended 31st December

12 Months ended 30th June

 

 

2017

2016

 

 

 

£000

 

£000

Cash flows from operating activities

 

 

 

 

 

(Loss) / profit for the year

 

 

(1,370)

 

1,277

Depreciation

 

 

927

 

837

Amortisation

 

 

39

 

 

Finance costs

 

 

932

 

651

Profit on disposal of property, plant and equipment

 

 

 

(6)

Tax (credit) / expense

 

 

(140)

 

114

Pension credit

 

 

 

(1,300)

Tangible fixed assets impairment

 

 

708

 

Inventory impairment

 

 

289

 

468

Trade receivables impairment

 

 

71

 

Unrealised valuation gain

 

 

(449)

 

Operating cash flows before movements in working capital

 

 

1,007

 

2,041

Decrease in inventories

 

 

2,112

 

841

Decrease / (Increase) in trade and other receivables

 

 

1,674

 

(189)

(Decrease) / Increase in trade and other payables

 

 

(1,760)

 

232

Increase in provisions for liabilities and charges

 

 

175

 

125

Cash generated from operations

 

 

3,208

 

3,050

 

 

 

 

 

 

Income tax received

 

 

143

 

        61

 

 

(600)

 

(400)

Net cash generated from operating activities

 

 

2,751

 

2,711

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

Payments to acquire tangible fixed assets

 

 

(392)

 

(704)

Payments to acquire intangible fixed assets

 

 

(163)

 

Receipts fro sales of tangible fixed assets

 

 

 

25

Net cash used in investing activities

 

 

(555)

 

(679)

 

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

 

Interest paid

 

 

(26)

 

Finance lease repayments

 

 

(238)

 

Share repurchase

 

 

 

(410)

Equity dividends paid

 

 

(1,344)

 

(391)

Net cash used in financing activities

 

 

(1,608)

 

(801)

 

 

 

 

 

 

Net increase in cash and cash equivalents

 

 

588

 

1,231

Cash and cash equivalents at start of the year

 

 

3,114

 

1,883

Cash and cash equivalents at end of the year

 

 

3,702

 

3,114

 

Consolidated Statement of Changes in Equity

 

 

 

 

 

 

 

18 month period ended 31st December 2017

 

 

 

 

 

 

 

 

 

Share capital

Share premium account

Capital redemption reserve

Revaluation reserve

Profit and loss account

Total equity

 

 

£000

£000

£000

£000

£000

£000

 

 

 

 

 

 

 

 

At 1st July 2015

 

10,851

504

3,105

(3,380)

11,080

Comprehensive income for the year

 

 

 

 

 

 

 

Profit for the year

 

1,277

1,277

Other comprehensive income for the year

 

3,009

(614)

2,395

Total comprehensive income for the year

 

3,009

663

3,672

Contributions by and distributions to owners

 

 

 

 

 

 

 

Share repurchase

 

(512)

512

Consideration paid on share purchase

 

(410)

(410)

Dividend paid

 

(391)

(391)

Total contributions by and distributions to owners

 

(512)

512

(801)

(801)

At 30th June and 1st July 2016

 

10,339

504

3,617

3,009

(3,518)

13,951

Comprehensive income for the period

 

 

 

 

 

 

 

Loss for the period

 

(1,370)

(1,370)

Other comprehensive income for the period

 

117

3,965

4,082

Total comprehensive income for the period

 

117

2,595

2,712

Contributions by and distributions to owners

 

 

 

 

 

 

 

Dividend paid

 

(1,344)

(1,344)

Total contributions by and distributions to owners

 

(1,344)

(1,344)

At 31st December 2017

 

10,339

504

3,617

3,126

(2,267)

15,319

 

Notes to the Financial Statements

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1

SEGMENTAL REPORTING

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The group presents its results in accordance with internal management reporting information which means that the group is reported as two segments. The residential carpets business was separated out during the period, assets revenues and cost allocated accordingly and the segment monitored separately during the period as a result of increasing losses.  The commercial floorcoverings segment focusses on the design and manufacture of floorcoverings to meet the needs of architects, specifiers and contractors for the education, leisure, commercial, healthcare and public sectors.  The residential carpets segment produces standard and bespoke carpets distributed through independent carpet retail outlets.  The performance of the group is monitored and measured and strategic decisions made by the Chief Operating Decision Maker, which is deemed to be the board, on the basis of the group's results.  The group's results include all items presented under IFRS.  This management information therefore accords with group financial information presented in the consolidated income statement and consolidated balance sheet. 

 

Revenue is reported by geographical location of customers, and by market sector.

 

All revenue is generated by operations within the United Kingdom and all assets are located in the United Kingdom. 

 

 

 

18 month period ended 31st December 2017

 

 

 

 

 

 

 

 

Commercial

 

Residential

 

 

Total

 

 

Floorcoverings

 

Carpets

 

 

 

 

 

£000

 

£000

 

 

£000

 

 

 

 

 

 

 

 

Revenue

 

26,890

 

9,859

 

 

36,749

Operating costs

 

(22,658)

 

(14,669)

 

 

(37,327)

Operating profit / (Loss) before exceptional items

 

4,255

 

(3,099)

 

 

1,156

Exceptional costs

 

(472)

 

(1,711)

 

 

(2,183)

Unrealised valuation gain

 

449

 

 

 

449

Operating profit / (Loss)

 

4,232

 

(4,810)

 

 

(578)

Finance costs

 

(932)

 

-

 

 

(932)

Profit /(Loss) before taxation

 

3,300

 

(4,810)

 

 

(1,510)

Taxation

 

186

 

(46)

 

 

140

 

 

3,486

 

(4,856)

 

 

(1,370)

 

 

 

 

 

 

 

 

Depreciation charge

 

291

 

636

 

 

927

Amortisation charge

 

39

 

                    -  

 

 

39

Capital expenditure

 

1,428

 

58

 

 

1,486

Segment assets

 

14,286

 

1,033

 

 

15,319

 

 

 

 

 

 

 

 

Year ended 30th June 2016 (Restated)

 

 

 

 

 

 

 

 

 

Commercial

 

Residential

 

 

Total

 

 

Floorcoverings

 

Carpets

 

 

 

 

 

£000

 

£000

 

 

£000

 

 

 

 

 

 

 

 

Revenue

 

18,066

 

6,511

 

 

24,577

Operating costs

 

(13,424)

 

(9,111)

 

 

(22,535)

Operating profit / (loss) before exceptional items

 

3,342

 

(1,329)

 

 

2,013

Exceptional costs

 

-

 

(1,271)

 

 

(1,271)

Pension credit

 

1,300

 

-

 

 

1,300

Operating profit / (loss)

 

4,642

 

(2,600)

 

 

2,042

Finance costs

 

(651)

 

-

 

 

(651)

Profit / (Loss) before taxation

 

3,991

 

(2,600)

 

 

1,391

Taxation

 

(114)

 

-

 

 

(114)

 

 

3,877

 

(2,600)

 

 

1,277

 

 

 

 

 

 

 

 

Depreciation charge

 

214

 

623

 

 

837

Capital expenditure

 

248

 

456

 

 

704

Segment assets

 

10,722

 

3,229

 

 

13,951

 

 

 

 

 

 

 

 

 

 

 

Analysis of revenue by destination

 

 

 

 

 

 

 

 

 

18 months ended 31st December

 

12 months ended 30th June

 

 

 

 

 

2017

 

2016

 

 

 

 

 

£000

 

£000

 

 

 

 

 

 

 

 

 

 

 

United Kingdom

 

28,717

 

20,246

 

 

 

Republic of Ireland

 

2,050

 

960

 

 

 

Rest of Europe

 

5,215

 

2,866

 

 

 

North America

 

42

 

91

 

 

 

Rest of the World

 

725

 

414

 

 

 

 

 

36,749

 

24,577

 

 

 

 

In accordance with Rule 20 of the AIM Rules, Airea confirms that the annual report and accounts for the period ended 31st December 2017 will be available to view on the Company's website at www.aireaplc.co.uk on 21st March 2018, and will be posted to shareholders by 28th March 2018.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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