Interim Results
Microgen PLC
25 July 2006
microgen
Information Management Solutions
www.microgen.co.uk
25 July 2006
MICROGEN plc ('Microgen')
INTERIM RESULTS FOR THE SIX MONTHS ENDED
30 JUNE 2006
Microgen plc, the Information Management Solutions company reports results for
the six months ended 30 June 2006 in line with the Board's declared operating
margin target and consistent with the investment to drive the organic growth
strategy.
Highlights
• Operating margin before intangible amortisation and exceptional items
of 15.1% in line with 15% declared target range.
• Reinstatement of dividend payments for the first time since 2000 with
an interim dividend of 0.5 pence per share (2005: Nil).
• Adjusted eps (excl. intangible amortisation, exceptional items) of 2.1p
(2005: 2.6p). Basic eps of 2.0p (2005: 2.6p).
• In line with the defined investment programme and market expectations,
operating profit before intangible amortisation and exceptional items of
£3.0 million (2005: £3.3 million). Profit before tax of £2.9 million
(2005: £3.6 million).
• Positive operating cash flow of £1.8 million (2005: £2.5 million)
producing cash of £12.8 million and net funds at 30 June 2006 of £6.8
million.
• Investment in development and support of software products increased by
21%. All costs expensed.
• New name customers include Gasunie, Euler Hermes a subsidiary of AGF and
a member of Allianz, Clydesdale Bank International, Guernsey Branch, a
branch of Clydesdale Bank PLC and a member of National Australia Bank
Group, Close Brothers, Saltus and Guardian Asset Management.
• Awarded framework agreement enabling the Group to provide services under
the Catalist ICT Consultancy catalogue.
Commenting on the results, David Sherriff, Chief Executive Officer of Microgen
plc, said:
'The evolution of Microgen's strategy, to an organic rather than acquisition
focus, will take time to be fully reflected in the financial performance but
significant progress has been made in the period and the early signs are
encouraging. Looking forward, the Board considers that the investments in
software development and sales & marketing, position the Group well in its
target markets.'
Contacts:
David Sherriff, Chief Executive Officer 01252-772315
Mike Phillips, Group Finance Director
Giles Sanderson, Financial Dynamics 020-7831-3113
Haya Chelhot
microgen
Information Management Solutions
www.microgen.co.uk
25 July 2006
MICROGEN plc ('Microgen')
Interim Results for the Six Months ended
30 June 2006
Chief Executive Officer's Statement
At the beginning of April 2006, Microgen announced that in future its strategic
focus would be on the organic development of the Group and in achieving the full
potential of the new products being launched this year. As a result, and given
the Group's strong profitability and operating cash flow, the Board is
recommencing dividend payments for the first time since 2000.
The results announced today reflect this period of strategic transition and
provide some early indications of success in deploying Microgen Aptitude based
solutions. The operating margin before intangible amortisation and exceptional
items at 15.1% is in line with the guidance of 15% given at the time of the
Preliminary Results for 2005 and is towards the upper end of the range for our
peer group in the IT industry.
Group Financial Performance
In the six months ended 30 June 2006, Microgen generated operating profit before
intangible amortisation and exceptional items of £3.0 million (2005: £3.3
million) from revenue of £19.6 million (2005: £21.2 million). Operating margin
before intangible amortisation and exceptional items at 15.1% was in line with
the Group's defined target of around 15%, a slight reduction on 2005 (15.6%),
consistent with the investment in the organic strategy.
Operating profit for the period was £2.8 million (2005: £3.2 million). Profit
before tax in the period was £2.9 million (2005: £3.6 million). Adjusted
earnings per share were 2.1p (2005: 2.6p) with a basic earnings per share of
2.0p (2005: 2.6p). Headcount at 30 June 2006 was 409, of which approximately 7%
were associates, contractors or temporary staff (2005: 431, of which 10% were
associates, contractors or temporary staff).
During the period, the Group produced positive operating cash flow of £1.8
million (2005: £2.5 million) and continues to have a strong balance sheet with
cash of £12.8 million (2005: £17.1 million prior to three acquisitions and
purchase of freehold property) and net funds of £6.8 million at 30 June 2006 .
Consistent with the organic strategy and the strong operating cash flow,
Microgen is recommencing dividend payments to shareholders this year for the
first time since 2000. An interim dividend of 0.5 pence per share (2005: nil)
will be paid on 4 September 2006 to shareholders on the register as at 4 August
2006.
Operational Overview
Microgen's strategy is now focused on driving the organic development of the
Group and achieving the full potential from the investments made over the past
few years and in the new products being launched in 2006. The Group has
completed the final integration of the three acquisitions made during the second
half of 2005 and is focusing the company on growth through the sale of products
and services to the enlarged customer base. Good progress has been made in
these areas and we expect to see the benefits flow through into 2007 and 2008.
Microgen continues to invest significantly in its software products, with
development and support expenditure increasing by 21%, compared to the first
half of 2005. In the period to 30 June 2006, development activities totalled
£3.6 million (2005: £3.0 million), comprising investment in new product/solution
development, customer-funded developments and the support of existing products.
The Group's development strategy is based around Microgen Aptitude which forms
the core architecture for the development of the Group's application software
products, the development of sector and client business solutions and as a
Project and Enterprise Application Platform Suite (APS). All of the Group's
software development activities are managed as a single organisation and have
recently been consolidated into two main locations; Fleet in Hampshire and
Wroclaw in Poland in a further move to make the Development operation as
efficient and cost effective as possible. This has resulted in the announcement
of the closure of product development activities in both South Africa and
Belfast.
Both the Financial Services Division and Commercial Division are focused on
identifying opportunities to position Microgen Aptitude as the technology of
choice either as an APS (on an Enterprise or Project basis) or as the
development platform for a specific business solution incorporating both the
product and Microgen's business and technical consultancy resources. The Group
has invested in an active campaign of marketing into its target market sectors,
demonstrating a strong presence at exhibitions and conferences as well as
strengthening our telemarketing, pre-sales and sales capability. This investment
will continue during the rest of the year to position the Group to realise its
organic growth strategy.
Financial Services: The Financial Services Division contributed 64% of Group
revenue (2005: 63 %), delivering solutions for Wholesale Banking, Derivatives
Trading, Payment Solutions and Asset & Wealth Management. Revenue in the period
decreased to £12.5 million (2005: £13.3 million), primarily due to the
completion of the BACS-IP upgrade cycle which peaked in the first half of 2005
together with the completion in May 2005 of two large contracts for the OST
Business Rules product, the forerunner of Microgen Aptitude. However, operating
margins before group costs increased to 21.5% (2005: 20.7%) resulting in
operating income of £2.7 million (2005: £2.8 million).
The Asset & Wealth Management business unit has enjoyed a strong first half
performance with new business wins at Clydesdale Bank International, Guernsey
Branch, a branch of Clydesdale Bank PLC and a member of National Australia Bank
Group , Guardian Asset Management, Saltus and Close Brothers through sales of
4Series and Microgen Aptitude along with the associated IPR related consultancy.
Whilst the contracts were signed in the first half of the year, most of the
revenue derived from these contracts will be recognised in future periods. In
addition, the first release of Socrates+ was also launched and is undergoing
extensive testing within the business ahead of a planned migration programme of
the current user base starting in Q4 2006.
The Banking business unit continues to strengthen its presence in the sector
with a set of vertical product and solution offerings. The business has achieved
a number of significant new business wins, including those of Microgen Aptitude
to Euler Hermes, subsidiary of AGF and a member of Allianz, which is the first
phase of a wider roll out programme, and ABN AMRO and Triland, currently users
of Cortex, who have committed to the roll out of Cortex+, Microgen's next
generation of core banking product for the metals trading sector, which is based
on Microgen Aptitude. The business has invested significantly in marketing
activity, especially in the area of telemarketing and attendance at industry
seminars and exhibitions. As a result a strong prospect pipeline for its product
based solutions and services is developing. The Payments business has now been
fully integrated into the Banking business unit and as forecast has seen reduced
activity as the BACS IP replacement programme, which was at its peak in the
first three months of 2005, was completed in April 2006. We expect this part of
the business to now enter into a period of steady state performance although we
are actively seeking to identify further opportunities for our Microgen Aptitude
based PCS.
As part of the organic development of this Division Microgen will be opening an
office in Sydney, Australia in order to strengthen the sales and management
presence in the Asia Pacific region as the demand for proven technology
continues to grow. This presence will take time to establish but it is expected
to increase growth in the region in 2007.
Commercial: Revenue in the period was £7.1 million (2005: £7.9 million). Generic
IT consultancy continued to come under pressure and, as a result, operating
margins decreased to 20.3% (2005: 23.3%) producing operating income of £1.4
million (2005: £1.8 million). Microgen continues to reduce its exposure to
lower margin General IT consultancy as these services continue to commoditise.
The strategy for this Division is to transition increasingly towards providing
solutions based on Microgen Aptitude enabling the business to deliver benefits
to target industry vertical sectors whilst continuing to deliver services that
support this strategy (eg Business Intelligence, Data Warehousing).
The Commercial Division has achieved a number of successes in the first half,
including the sale of a Microgen Aptitude based solution to Gasunie, a Dutch
based energy supplier. This contract continues to build on Microgen's
established presence in the European Energy sector. The multi-channel billing
and analysis managed services provided within the Commercial Division benefited
from Virgin Mobile extending its contract with Microgen to provide a complete
bill fulfilment service. Other sectors that have been active include the
Leisure Sector and Emergency Services although the revenue resulting from the
NMIS programme declined in the first half as the programme came to completion
and new business opportunities in this sector slowed as some programmes in the
Home Office suffered delays.
The Division also entered into the Government procurement catalogue process,
Catalist, and Microgen announced in May that the Division had been selected in
four of the procurement categories. This opportunity will allow Microgen to
build on the experience and knowledge gained during the past three years and
expand its presence in both Central and Local Government.
Prospects
The Group's results reflect a continued focus on profitability, combined with
prudent investment to accelerate organic revenue growth. The results are in line
with the defined target operating margin. The Group has invested significantly
in strengthening its sales & marketing activities and in broadening its
geographic reach to take advantage of emerging market opportunities in the
Financial Services sector. These investments are expected to enable the Group
to realise its organic growth ambitions while maintaining strong profitability.
In addition, investment has continued in enhancing existing products and in new
product development, particularly those based on Microgen's core architecture:
Microgen Aptitude. Success in the sale of the products is expected to be
reflected in recurring revenue as the Group continues to follow through on an
Annual License model, whilst recognising the need for some of its clients to
capitalise their investment in new systems by taking a traditional Initial
Licence Fee.
In summary, the Board considers that the performance of the Group in the first
half is in line with the defined evolution of the strategy. Looking forward,
the Board expects the investments in product/solution development and sales &
marketing to position the Group well in its target markets.
David Sherriff
Chief Executive Officer
Microgen plc
GROUP INTERIM INCOME STATEMENT
For the six months ended 30 June 2006
Unaudited six months Unaudited six months Audited year
ended 30 June 2006 ended 30 June 2005 ended 31 Dec 2005
Note Before Total Before Total Before Total
in- in- in- in- in- in-
tangible tangible tangible tangible tangible tangible
amort- amort- amort- amort- amort- amort-
isation isation isation isation isation isation
and and and and and and
except- except- except- except- except- except-
ional ional ional ional ional ional
items items items items items items
£000 £000 £000 £000 £000 £000 £000 £000 £000
Revenue 1 19,608 - 19,608 21,227 - 21,227 40,782 - 40,782
Operating costs (16,645) (162) (16,807) (17,924) (54) (17,978) (33,766) (1,862) (35,628)
Operating profit 1 2,963 (162) 2,801 3,303 (54) 3,249 7,016 (1,862) 5,154
Interest payable and
similar charges (214) - (214) (50) - (50) (159) - (159)
Interest receivable 270 - 270 362 - 362 535 - 535
Profit on ordinary
activities before tax 3,019 (162) 2,857 3,615 (54) 3,561 7,392 (1,862) 5,530
Taxation 3 (863) (942) (1,299)
Retained profit
transferred to
reserves 1,994 2,619 4,231
Earnings per share 4
Basic 2.0p 2.6p 4.2p
Diluted 1.9p 2.6p 4.1p
Adjusted earnings
per share 4
Basic 2.1p 2.6p 5.4p
Diluted 2.1p 2.6p 5.3p
Proposed interim
dividend per share 6 0.5p 0.0p 0.0p
Microgen plc
GROUP STATEMENT OF RECOGNISED INCOME AND EXPENSE
For the six months ended 30 June 2006
Unaudited Unaudited Audited
six six year
months months ended
ended ended
30 June 30 June 31 Dec
2006 2005 2005
£000 £000 £000
Cash flow hedges:
- net fair value gains net of tax 65 - 69
- reclassified and reported in net profit (56) - (1)
Exchange differences on translation of foreign operations (51) 69 84
Net (expense)/income recognised directly in equity (42) 69 152
Profit for the period 1,994 2,619 4,231
Total recognised income and expense for the period 1,952 2,688 4,383
Microgen plc
GROUP BALANCE SHEET
As at 30 June 2006
Unaudited Unaudited Audited
Note as at as at as at
30 June 30 June 31 Dec
2006 2005 2005
ASSETS £000 £000 £000
Non-current assets
Goodwill 61,892 53,272 61,892
Intangible assets 1,248 458 1,410
Property, plant and equipment 9,303 3,544 9,340
Deferred tax asset 1,941 1,642 2,122
74,384 58,916 74,764
Current assets
Inventories 88 126 75
Trade and other receivables 7,346 6,829 8,534
Financial assets - derivative financial instruments 80 - 112
Cash and cash equivalents 12,787 17,101 11,804
20,301 24,056 20,525
LIABILITIES
Current liabilities
Financial liabilities
- borrowings (333) - -
- derivative financial instruments - - (43)
Trade and other payables (13,297) (12,615) (16,015)
Current tax liabilities (1,564) (814) (1,367)
Provisions (467) (680) (565)
(15,661) (14,109) (17,990)
Net current assets 4,640 9,947 2,535
Non-current liabilities
Financial liabilities - borrowings (5,667) - (6,000)
Provisions (808) (1,039) (910)
(6,475) (1,039) (6,910)
NET ASSETS 72,549 67,824 70,389
SHAREHOLDERS' EQUITY
Ordinary shares 5,132 5,079 5,120
Share premium account 11,213 11,143 11,167
Other reserves 37,385 36,723 37,376
Retained earnings 18,819 14,879 16,726
EQUITY SHAREHOLDERS' FUNDS 7 72,549 67,824 70,389
Microgen plc
GROUP CASH FLOW STATEMENT
For the six months ended 30 June 2006
Unaudited Unaudited Audited
six months six months year ended
ended ended
30 June 30 June 31 Dec
2006 2005 2005
Note £000 £000 £000
Cash flows from operating activities
Cash generated from operations 5 1,806 2,472 4,656
Interest received 270 374 551
Interest paid (178) (50) (43)
Tax (paid)/received (482) 82 (302)
Net cash from operating activities 1,416 2,878 4,862
Cash flows from investing activities
Acquisition of subsidiaries (including debt acquired) - - (7,353)
Proceeds from the sale of property, plant and equipment - - 1
Purchase of property, plant and equipment (356) (355) (6,441)
Adjustment to purchase consideration - - 60
Net cash used in investing activities (356) (355) (13,733)
Cash flows from financing activities
Net proceeds from issue of ordinary share capital 58 - 28
Net proceeds from borrowings - - 6,000
Net cash from financing activities 58 - 6,028
Net increase/(decrease) in cash and cash equivalents 1,118 2,523 (2,843)
Opening cash and cash equivalents 11,804 14,600 14,600
Effects of exchange rate changes (135) (22) 47
Closing cash and cash equivalents 12,787 17,101 11,804
Microgen plc
Notes to interim financial information
1 Segmental Information
The segmental information below reflects the divisional operating structure of the Group, which is the primary
segmentation of the operating performance reviewed by the Board.
Unaudited six months ended Unaudited six months ended Audited year ended
30 June 2006 30 June 2005 31 Dec 2005
Revenue Financial Commercial Total Financial Commercial Total Financial Commercial Total
services services services
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Software based 10,048 968 11,016 10,173 1,204 11,377 19,549 2,089 21,638
Managed services 635 3,960 4,595 799 4,101 4,900 1,659 8,730 10,389
General consultancy 1,847 2,150 3,997 2,339 2,611 4,950 3,898 4,857 8,755
Total revenue 12,530 7,078 19,608 13,311 7,916 21,227 25,106 15,676 40,782
Development costs (3,179) (399) (3,578) (2,501) (464) (2,965) (5,162) (1,002) (6,164)
Other operating costs (6,660) (5,242) (11,902) (8,049) (5,604) (13,653) (14,232) (11,135) (25,367)
Total operating costs (9,839) (5,641) (15,480) (10,550) (6,068) (16,618) (19,394) (12,137) (31,531)
Operating profit
before group
overheads 2,691 1,437 4,128 2,761 1,848 4,609 5,712 3,539 9,251
Group overheads (1,165) (1,306) (2,235)
Operating profit before
intangible amortisation
and exceptional items 2,963 3,303 7,016
Divisional intangible
amortisation and
exceptional costs
- Intangible
amortisation (153) (9) (162) (54) - (54) (167) (9) (176)
- Property
provision - - - - - - 107 (258) (151)
- Restructuring costs - - - - - - (1,124) (105) (1,229)
Divisional operating
profit 2,538 1,428 2,707 1,848 4,528 3,167
Group exceptional costs
- Goodwill adjustment - - (300)
- Property provision - - 93
- Restructuring costs - - (99)
Total intangible
amortisation and
exceptional costs (162) (54) (1,862)
Operating profit 2,801 3,249 5,154
Net finance income 56 312 376
Profit before tax 2,857 3,561 5,530
Taxation (863) (942) (1,299)
Profit for the period 1,994 2,619 4,231
For the six months ended 30 June 2005, £770,000 has been reallocated from
Software based to General consultancy within Financial Services.
2. Basis of preparation
This financial information comprises the group interim balance sheet as at 30
June 2006 and 30 June 2005, related group interim statements of income, cash
flows and recognised income and expense and related notes for the six months
then ended of Microgen plc (hereinafter referred to as 'financial information').
This financial information has been prepared in accordance with the Listing
Rules of the Financial Services Authority. In preparing this financial
information management has used the principal accounting policies as set out in
the group's annual financial statements for the year ended 31 December 2005 on
pages 27 to 33.
The group has chosen not to adopt IAS 34, 'Interim financial statements', in
preparing its 2006 interim statements and, therefore, this interim financial
information is not in compliance with IFRS.
3. Taxation
The tax charge of £863,000 is at an effective tax rate of 30.2% (2005: 26.5%) of
the profit before tax.
4. Earnings per share
Unaudited six Unaudited six Audited year
months ended months ended ended 31 Dec
30 June 2006 30 June 2005 2005
pence pence pence
Earnings per share
Basic 2.0 2.6 4.2
Diluted 1.9 2.6 4.1
Adjusted earnings per share
Basic 2.1 2.6 5.4
Diluted 2.1 2.6 5.3
The earnings per share for June 2005 has been restated to be on a consistent
basis with other periods. As a result, the basic and diluted adjusted earnings
have increased from 2.5p to 2.6p per share.
To provide an indication of the underlying operating performance the adjusted
earnings per share calculation above excludes intangible amortisation,
exceptional items and has a tax charge based on the effective rate.
Unaudited six Unaudited six Audited year
months ended months ended ended 31 Dec
30 June 2006 30 June 2005 2005
pence pence pence
Basic earnings per share 2.0 2.6 4.2
Exceptional charge net of tax - - 1.0
Prior years' tax charge - - 0.1
Intangible amortisation net of tax 0.1 - 0.1
Adjusted earnings per share 2.1 2.6 5.4
5. Cash generated from operations
Unaudited Unaudited
six months six months Audited
ended ended year ended
30 June 2006 30 June 31 Dec
2005 2005
£000 £000 £000
Profit for the period 1,994 2,619 4,231
Adjusted for:
Taxation 863 942 1,299
Depreciation 405 488 813
Loss on disposal of property, plant and equipment - 85 195
Amortisation of intangibles 162 54 176
Share-based payment expense 150 75 198
Change in value of goodwill - - 300
Interest income (270) (362) (535)
Interest expense 214 50 159
Changes in working capital:
(Increase)/decrease in inventories (13) (26) 58
Decrease in receivables 1,187 1,281 1,157
Decrease in payables (2,720) (2,009) (2,332)
Decrease in provisions (166) (725) (1,063)
Cash generated from operations 1,806 2,472 4,656
6. Equity dividends on ordinary shares
Unaudited Unaudited
six months six months Audited
ended ended year ended
30 June 30 June 31 Dec
2006 2005 2005
£000 £000 £000
Proposed but not recognised as a liability:
Interim dividend for the year ending 31 December 2006: 0.5
pence per share (2005: £nil) 513 - -
The proposed interim dividend was approved by the Board on 24 July 2006 but was
not included as a liability as at 30 June 2006, in accordance with IAS 10
'Events after the Balance Sheet date'. This interim dividend will be payable on
4 September 2006 to shareholders on the register at the close of business on 4
August 2006.
7. Statement of changes in equity
Share Share Retained Other Total
capital premium earnings reserves
£'000 £'000 £'000 £'000 £'000
At 1 January 2006 5,120 11,167 16,726 37,376 70,389
Shares issued under share option schemes 12 46 - - 58
Cash flow hedges
- net fair value gains net of tax - - - 65 65
- reclassified and reported in net profit - - - (56) (56)
Exchange rate adjustments - - (51) - (51)
Share options - value of employee service - - 150 - 150
Retained profit for the period - - 1,994 - 1,994
At 30 June 2006 5,132 11,213 18,819 37,385 72,549
8. Statement by the directors
The financial information in this interim statement has been prepared in
accordance with the accounting policies set out in the 31 December 2005 annual
report.
The financial information does not constitute statutory accounts within the
meaning of section 240 of the Companies Act 1985. This interim statement has
not been audited by the company's Auditors. Statutory accounts for Microgen plc
for the year ended 2005, on which the Auditors gave an unqualified report, have
been delivered to the Registrar of Companies. The directors of Microgen plc
accept responsibility for the information contained in this announcement. To
the best of their knowledge and belief (having taken all reasonable care to
ensure that such is the case) the information contained in this announcement is
in accordance with the facts and does not omit anything that is likely to affect
the import of such information.
Copies of this statement are being posted to shareholders and will also be
available on the investor relations page of our website (www.microgen.co.uk).
Further copies are available from the Company Secretary at Fleet House, 3
Fleetwood Park, Barley Way, Fleet GU51 2QJ.
Independent review report to Microgen plc
Introduction
We have been instructed by the company to review the financial information for
the six months ended 30 June 2006 which comprises the group interim balance
sheet as at 30 June 2006 and the related group interim statements of income,
cash flows and recognised income and expense for the six months then ended and
related notes. We have read the other information contained in the interim
report and considered whether it contains any apparent misstatements or material
inconsistencies with the financial information.
Directors' responsibilities
The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by the directors. The Listing Rules
of the London Stock Exchange require that the accounting policies and
presentation applied to the interim figures should be consistent with those
applied in preparing the preceding annual accounts except where any changes, and
the reasons for them, are disclosed.
This interim report has been prepared in accordance with the basis set out in
Note 2.
Review work performed
We conducted our review in accordance with guidance contained in Bulletin 1999/4
issued by the Auditing Practices Board for use in the United Kingdom. A review
consists principally of making enquiries of group management and applying
analytical procedures to the financial information and underlying financial data
and, based thereon, assessing whether the disclosed accounting policies have
been applied. A review excludes audit procedures such as tests of controls and
verification of assets, liabilities and transactions. It is substantially less
in scope than an audit and therefore provides a lower level of assurance.
Accordingly we do not express an audit opinion on the financial information.
This report, including the conclusion, has been prepared for and only for the
company for the purpose of the Listing Rules of the Financial Services Authority
and for no other purpose. We do not, in producing this report, accept or assume
responsibility for any other purpose or to any other person to whom this report
is shown or into whose hands it may come save where expressly agreed by our
prior consent in writing.
Review conclusion
On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 30 June 2006.
PricewaterhouseCoopers LLP
Chartered Accountants
London
25 July 2006
Notes:
(a) The maintenance and integrity of the Microgen plc web site is the
responsibility of the directors; the work carried out by the auditors does not
involve consideration of these matters and, accordingly, the auditors accept no
responsibility for any changes that may have occurred to the interim report
since it was initially presented on the web site.
(b) Legislation in the United Kingdom governing the preparation and
dissemination of financial information may differ from legislation in other
jurisdictions.
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