Final Results
Carr's Milling Industries PLC
12 November 2007
Monday 12 November 2007
CARR'S MILLING INDUSTRIES PLC
Unaudited Preliminary Announcement
Carr's (CRM.L), the agriculture, food and engineering group, announces unaudited
results for the 52 week period to 1 September 2007 which are creditable in the
context of challenging market conditions, particularly in the important areas of
flour and UK animal feed. The Group's pre-tax profit would have improved but for
the impact of an unprecedented increase in wheat prices on the Food Division.
FINANCIAL HIGHLIGHTS
•Revenue up 4.2% to £252.8m (£242.6m)
•Adjusted* pre-tax profit down 17.1% to £6.1m (£7.3m )
•Adjusted* earnings per share down 6.2% to 56.0p (59.7p)
•Dividends per share up 5.6% to 19p (18p) - double those in 2002
* Adjusted disregards non-recurring items and amortisation of intangible assets
OPERATIONAL HIGHLIGHTS
Agriculture:
•Operating profit (before retirement benefit charge) of £5.1m (£5.0m) was
achieved on revenue up 6.6% at £185.9m (£174.5m)
•Compound feed improved market share and profitability
•Crystalyx low-moisture feed blocks increased sales in all areas, save
sheep, in the UK and achieved revenues ahead of expectations in the German
JV
•Fertiliser performed well, after a slow start
•Retailing and Machinery increased both revenue and profit
•In the US, low-moisture feed blocks increased volumes and achieved profit
little changed in local currency terms
Food:
•In a much more difficult market for flour, operating profit (before
retirement benefit charge) more than halved to £1.1m (£2.5m) on revenue up
2.4% to £57.0m (£55.7m)
•The profit decrease reflected delays in passing on the full impact of the
c.80% increase in the average price of wheat, in a competitive market place.
•Sales volumes were down, mainly due to the short term loss of a major
customer
•Further significant savings in production and distribution costs were
achieved
Engineering:
•Operating profit (before retirement benefit charge) totalled £1.0m
(£1.1m) on revenue of £9.6m (£12.2m)
•Bendalls completed three large storage tanks and an automated
flask-handling facility for Sellafield's nuclear decommissioning programme
•Bendalls delivered the top structure for the world's first large-scale
commercial tidal turbine for Northern Ireland
•Bendalls was successful in winning substantial orders for LNG conversion
plants in Chile and Peru
Commenting on the result, Chris Holmes, CEO, said:
'Whilst disappointed not to be able to deliver a 9th successive period of growth
in adjusted EPS, the Board believes that, overall, conditions are favourable for
a resumption in the upward trend in the Group's results. The increase in bread
and milk prices achieved by the Group's customers is helping to improve returns
in our food and agricultural businesses. Our animal feed market share increased
and our new products are showing good progress. We are constantly monitoring our
costs and looking to improve our operating performance. We are committed to
increasing shareholder value by growing our core businesses and developing
opportunities in new markets. Trading in the new financial year has started
well, overall, and is in line with our expectations.'
Presentation:
Today, there will be a presentation to brokers' analysts and private client
brokers between 13:00 and 14:00, over a sandwich lunch, at the offices of
Bankside Consultants, 1 Frederick's Place, London EC2R 8AE. Those wishing to
attend are asked to contact Bankside Consultants.
Enquiries:
Carr's Milling Industries plc 01228-554 600
Chris Holmes (Chief Executive Officer)
Ron Wood (Finance Director)
Bankside Consultants Limited
Charles Ponsonby 020-7367 8851
charles.ponsonby@bankside.com
CHAIRMAN'S STATEMENT
I am pleased to announce unaudited results for the 52 week period to 1 September
2007 which are creditable in the context of challenging market conditions,
particularly in the important areas of flour and UK animal feed. Adjusted
pre-tax profit is lower than the prior period, as expected, but it is slightly
higher than anticipated in February's Trading Statement. The Group's pre-tax
profit would have improved but for the impact of an unprecedented increase in
wheat prices on the Food Division.
During the period, the average price of wheat increased by approximately 80%.
This price increase impacted the Group's flour milling business and, to a lesser
extent, its animal feed business, as it was unable to pass on increases in raw
material costs, fully and immediately, to its customers. In addition, for the
period, the farm gate milk price received by the Group's customers averaged no
more than 18p per litre, which compares with 24p per litre ten years ago, an
uneconomically low level.
Happily, market conditions have improved for both Food and Agriculture since the
period end. Food is benefiting from the price increases in August and November
for flour, together compensating for much of the increased raw material costs,
and Agriculture is benefiting from its dairy farming customers being notified of
an increase in the farm gate milk price to an average of c. 27p per litre.
FINANCIAL OVERVIEW
Revenue in the 52 week period to 1 September 2007 increased by 4.2% to £252.8m
(2006: £242.6m). The pre-tax profit was £5.5m (2006: £6.3m) and basic earnings
per share, benefiting from an unusually low effective tax rate of 22.2% (2006:
31.5%), were 50.7p (2006: 51.0p). Adjusted to disregard non-recurring items and
the amortisation of intangible assets (as set out in Note 3), pre-tax profit
decreased by 17.1% to £6.1m (2006: £7.3m) and adjusted basic earnings per share
were 6.2% lower at 56.0p (2006: 59.7p).
Total shareholders' equity increased by 31.7% to £26.8m (2006: £20.4m),
reflecting the profit for the period and the decrease in net retirement benefit
obligations as a result of favourable investment performance, higher bond yields
and additional contributions.
Net debt increased to £15.4m (2006: £13.9m) but gearing reduced to 57.4% (2006:
68.3%). Net finance costs of £1.0m (2006: £1.0m) were covered a substantial 6.2
times (2006: 7.9 times) by adjusted Group operating profit.
DIVIDENDS
The Board is proposing an increase in the final dividend per share of 8.0% to
13.5p (2006: 12.5p). If approved by shareholders at the AGM to be held on 8
January 2008, the dividend will be paid on 17 January 2008 to shareholders on
the register at the close of business on 14 December 2007, with the shares going
ex-dividend on 12 December 2007.
Together with the unchanged interim dividend per share of 5.5p paid on 31 May
2007, the proposed dividends per share for the period total 19.0p (2006: 18.0p),
up 5.6%, covered 2.9 times (2006: 3.3 times) by adjusted earnings per share.
This would be the sixth successive annual increase in dividends per share and
the total proposed for the period is double the 9.5p paid five years ago, in
2002.
BUSINESS REVIEW
Agriculture
Operating profit (before retirement benefit charge) of £5.1m (2006: £5.0m) was
achieved on revenue up 6.6% at £185.9m (2006: £174.5m).
United Kingdom
Agriculture achieved both profit and revenue gains against a challenging
marketplace. The persistence of low farm gate milk prices and high energy costs,
together with higher raw material feed and fertiliser costs, had a negative
effect on results.
Compound feed did well in both market share and profitability. Sales benefited
from the marketing of new products, notably AminoMax, an innovative by-pass
protein feed ingredient to enhance animal health and milk yield. The
restructuring and integration into Carrs Billington Agriculture of Pye Bibby
Agriculture, which was acquired in July 2005, was completed in September 2006.
Crystalyx low-moisture feed blocks, increased sales in all areas, apart from
sheep brands, because of the mild winter, which reduced the demand for
supplementary feeding.
Fertiliser performed well, after a slow start. The increased cost of fertiliser
to the farmer, caused by higher energy costs and increased worldwide demand as a
result of the expanded acreage of bio-fuel crops, resulted in a slight decrease
in sales volumes.
Carr's Agricultural Retailing and Carr's Machinery increased both revenue and
profit from its 14 branches across the north of England and in Scotland.
Johnstone Fuels & Lubricants was acquired in January and merged with Wallace
Oils. The Group intends to grow its business in this activity, should suitable
opportunities present themselves.
Bibby Agriculture performed exceptionally well, gaining market share.
Overseas
In the US, Animal Feed Supplement, which produces Smartlic and Feed in a Drum
low-moisture animal feed blocks, increased its volumes. Its profit was little
changed in local currency terms, but suffered from the 10% weakening in the
average $/£ exchange rate during the period.
In Germany, Crystalyx Products, the joint venture in conjunction with Agravis,
achieved revenues ahead of expectations, in Germany and Eastern Europe.
Crystalyx is manufactured at a plant at Oldenburg, north-west Germany.
Food
In a much more difficult market for flour, operating profit (before retirement
benefit charge) more than halved to £1.1m (2006: £2.5m) on revenue up 2.4% to
£57.0m (2006: £55.7m).
Wheat prices rose steadily during the period, culminating in a sudden, very
sharp increase in the summer of 2007 as the markets responded to intensifying
concerns about global supply and demand. The divisional profit decrease
reflected delays in passing on the full impact of these raw material price
increases in a competitive market place. However, further significant savings in
production and distribution costs were made during the period.
Sales volumes were also down, mainly as a result of the short-term loss of a
major customer.
Engineering
Operating profit (before retirement benefit charge) totalled £1.0m (2006: £1.1m)
on revenue of £9.6m (2006: £12.2m).
Bendalls completed three large storage tanks and an automated flask-handling
facility for Sellafield Limited's nuclear decommissioning programme in Cumbria.
Bendalls was also active in the renewable energy market and delivered the top
structure for the world's first large-scale commercial tidal turbine for Marine
Current Turbines Limited's Strangford Lough project in Northern Ireland,
scheduled for installation in early 2008. In addition, Bendalls was successful
in winning some substantial orders for conversion plants in Chile and Peru, for
the fast-growing liquefied natural gas market, and for the supply of process
equipment for low-sulphur fuel plants in the UK, which are being built to meet
new EU emission legislation.
Of the smaller businesses, Carrs MSM traded well and has entered the current
period with a strong order book, whilst R Hind traded satisfactorily.
Outlook
Agriculture will benefit appreciably from improved customer confidence following
the recent increase in the farm gate milk price. The flour price increases in
August and November should together enable the Food Division to return to more
acceptable levels of profitability. In Engineering, Bendalls and Carrs MSM have
strong order books. Overall, therefore, conditions are favourable for resumption
in the upward trend in the Group's results.
Richard Inglewood
Chairman
UNAUDITED CONSOLIDATED INCOME STATEMENT
for the period ended 1 September 2007
Notes Unaudited Audited
52 week 52 week
period period
2007 2006
£'000 £'000
Revenue 2 252,753 242,576
Cost of sales (218,603) (206,658)
---------- ----------
Gross profit 34,150 35,918
Net operating expenses (28,365) (28,802)
---------- ----------
Group operating profit 5,785 7,116
Analysed as:
Operating profit before non-recurring items
and amortisation 6,192 7,987
Non-recurring items and amortisation 3 (407) (871)
---------- ----------
Group operating profit 5,785 7,116
Interest income 392 378
Other finance income 95 143
Interest expense (1,484) (1,532)
Share of post-tax profit in associate and
joint ventures 738 218
---------- ----------
Profit before taxation 2 5,526 6,323
Taxation (1,225) (1,989)
---------- ----------
Profit for the period 4,301 4,334
========== ==========
Profit attributable to minority interests 120 139
Profit attributable to equity shareholders 4,181 4,195
---------- ----------
4,301 4,334
========== ==========
Earnings per share
Basic 4 50.7p 51.0p
Diluted 49.9p 50.4p
Adjusted earnings per share
Basic 4 56.0p 59.7p
UNAUDITED CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE
for the period ended 1 September 2007
Note Unaudited Audited
52 week 52 week
period period
2007 2006
£'000 £'000
Foreign exchange translation differences
arising on translation of overseas subsidiaries (253) (150)
Actuarial gains/(losses) on retirement
benefit obligation:
-Group 4,570 (3,900)
-Share of associate 1,437 206
Taxation (charge)/credit on actuarial
movement on retirement benefit obligation:
-Group (1,595) 1,170
-Share of associate (459) (62)
------------ ---------------
Net income/(expense) recognised directly in
equity 3,700 (2,736)
Profit for the period 4,301 4,334
------------ ---------------
Total recognised income and expense for the
period 8 8,001 1,598
============ ===============
Attributable to minority interests 8 120 139
Attributable to equity shareholders 8 7,881 1,459
------------ ---------------
8,001 1,598
============ ===============
UNAUDITED CONSOLIDATED BALANCE SHEET
at 1 September 2007
Note Unaudited Audited
2007 2006
£'000 £'000
Assets
Non-current assets
Goodwill 1,016 235
Other intangible assets 444 802
Property, plant and equipment 28,481 29,172
Investment property 756 794
Investment in associate 2,456 982
Interest in joint ventures 935 704
Other investments 251 254
Financial assets
- Derivative financial instruments 132 37
- Non-current receivables 100 208
Deferred tax assets 3,228 5,162
---------- -----------------
37,799 38,350
---------- -----------------
Current assets
Inventories 14,853 11,944
Trade and other receivables 35,481 33,546
Current tax assets 82 1
Cash at bank and in hand 1,315 2,292
---------- -----------------
51,731 47,783
---------- -----------------
---------- -----------------
Total assets 89,530 86,133
---------- -----------------
Liabilities
Current liabilities
Financial liabilities
- Borrowings (10,717) (9,682)
- Derivative financial instruments (10) (27)
Trade and other payables (28,478) (25,387)
Current tax liabilities (570) (1,324)
---------- -----------------
(39,775) (36,420)
---------- -----------------
Non-current liabilities
Financial liabilities
- Borrowings (5,971) (6,512)
Retirement benefit obligation (9,807) (15,796)
Deferred tax liabilities (3,418) (3,600)
Other non-current liabilities (1,705) (1,524)
---------- -----------------
(20,901) (27,432)
---------- -----------------
---------- -----------------
Total liabilities (60,676) (63,852)
---------- -----------------
---------- -----------------
Net assets 28,854 22,281
========== =================
UNAUDITED CONSOLIDATED BALANCE SHEET
at 1 September 2007(continued)
Note Unaudited Audited
2007 2006
£'000 £'000
Shareholders' equity
Ordinary shares 8 2,064 2,058
Share premium 8 5,073 5,004
Treasury share reserve 8 (101) -
Equity compensation reserve 8 95 22
Foreign exchange reserve 8 (483) (230)
Other reserve 8 1,570 1,601
Retained earnings 8 18,574 11,895
------------ ------------------
Total shareholders' equity 8 26,792 20,350
Minority interests in equity 8 2,062 1,931
------------ ------------------
Total equity 8 28,854 22,281
============ ==================
UNAUDITED CONSOLIDATED CASH FLOW STATEMENT
for the period ended 1 September 2007
Note Unaudited Audited
52 week 52 week
period period
2007 2006
£'000 £'000
Cash flows from operating activities
Cash generated from operations 5 6,906 11,069
Interest received 389 379
Interest paid (1,407) (1,755)
Tax paid (2,053) (2,454)
------------ ----------
Net cash generated from operating activities 3,835 7,239
------------ ----------
Cash flows from investing activities
Acquisition of subsidiaries (net of cash
acquired) (1,141) (3)
Investment in joint ventures - (710)
Net payment of loans to joint ventures (90) (280)
Purchase of intangible assets (11) (9)
Proceeds from sale of property, plant and
equipment 121 192
Purchase of property, plant and equipment (1,896) (2,901)
Proceeds from sale of investment property 96 -
Proceeds from sale of investments 1 1
Receipt of non-current receivables 100 -
Purchase of own shares held in trust (101) -
------------ ----------
Net cash used by investing activities (2,921) (3,710)
------------ ----------
Cash flows from financing activities
Net proceeds from issue of ordinary share capital 75 32
Finance lease principal repayments (1,005) (1,047)
Repayment of borrowings (83) (2,487)
Dividends paid to shareholders (1,486) (1,358)
------------ ----------
Net cash used by financing activities (2,499) (4,860)
------------ ----------
Effect of exchange rate changes (97) (88)
------------ ----------
Net decrease in cash and cash equivalents (1,682) (1,419)
Cash and cash equivalents at beginning of the
period 1,084 2,503
------------ ----------
Cash and cash equivalents at end of the period (598) 1,084
============ ==========
NOTES TO THE UNAUDITED PRELIMINARY STATEMENT
1. Basis of preparation
The unaudited Group's Preliminary Announcement for the periods ended 1 September
2007 and 2 September 2006 are not statutory accounts within the meaning of
Section 240 (5) of the Companies Act 1985. The Group's auditors,
PricewaterhouseCoopers LLP, have made a report under Section 235 of the Act on
the Group's statutory accounts for the period ended 2 September 2006. Such
report was unqualified and did not contain a statement under 237 (2), (3) or (4)
of the Act and such accounts have been delivered to the Registrar of Companies.
The Group's accounting policies can be found in the statutory accounts.
2. Segmental analysis
Operating
Revenue profit/(loss)*
2007 2006 2007 2006
£'000 £'000 £'000 £'000
Agriculture - normal 185,930 174,492 5,235 4,998
- non-recurring and amortisation - - (90) (44)
Food - normal 57,035 55,700 1,419 3,333
- non-recurring and amortisation - - (317) (827)
Engineering 9,574 12,171 1,018 1,055
Other 214 213 (313) (325)
------- ------- -------- -------
252,753 242,576 6,952 8,190
======= =======
Retirement benefit charge (1,167) (1,074)
Interest income 392 378
Other finance income 95 143
Interest expense (1,484) (1,532)
Share of post-tax profit of
associate 496 393
Share of post-tax profit/(loss)
of joint ventures 242 (175)
-------- -------
Profit before taxation 5,526 6,323
======== =======
*before deduction of retirement benefit charge
It is not possible to allocate the assets and liabilities of the defined benefit
pension scheme across the segments. Therefore, this is shown as a reconciling
item.
3. Non-recurring items and amortisation
2007 2006
Amount Tax credit Amount Tax credit
£'000 £'000 £'000 £'000
Group operating profit:
Immediate recognition
of negative goodwill - - 77 -
Amortisation of
intangible assets (407) 114 (948) 284
-------- --------- ------- --------
(407) 114 (871) 284
Share of post-tax profit in
associate and joint ventures:
Impairment of goodwill
and property, plant and
equipment - associate, net
of tax (119) - - -
Amortisation of
intangible assets
and impairment of
goodwill - joint
ventures, net of tax (19) - (129) -
-------- -------- -------- --------
Total non-recurring
items and
amortisation (545) 114 (1,000) 284
======== ======== ======== ========
Profit before taxation 5,526 6,323
Non-recurring items
and amortisation (545) (1,000)
--------- ---------
Adjusted profit before
taxation 6,071 7,323
========= =========
Group operating profit 5,785 7,116
Non-recurring items
and amortisation (407) (871)
---------- ----------
Adjusted Group
operating profit 6,192 7,987
========== ==========
4. Earnings per share
Basic earnings per share are based on profit attributable to shareholders and on
a weighted average number of shares in issue during the period of 8,240,848
(2006 : 8,227,329). The calculation of diluted earnings per share is based on
8,384,975 shares (2006 : 8,328,566).
2007 2006
Earnings Earnings per Earnings Earnings
share pence per share
£'000 £'000 pence
Earnings per
share - basic 4,181 50.7 4,195 51.0
Non-recurring items and
intangible asset amortisation:
Immediate recognition of negative
goodwill - - (77) (0.9)
Amortisation of intangible
assets 407 5.0 948 11.5
Impairment of goodwill and
property, plant and equipment -
associate, net of tax 119 1.5 - -
Amortisation of intangible
asset and impairment of
goodwill - joint ventures,
net of tax 19 0.2 129 1.6
Taxation arising on
non-recurring items (114) (1.4) (284) (3.5)
-------- -------- -------- --------
Earnings per
share - adjusted 4,612 56.0 4,911 59.7
======== ======== ======== ========
5. Cash generated from operations
2007 2006
£'000 £'000
Profit for the period 4,301 4,334
Adjustments for:
Tax 1,225 1,989
Depreciation on property, plant and equipment 3,507 3,391
Loss on disposal of property, plant and equipment 18 27
Depreciation on investment property 19 28
Profit on disposal of investment property (77) -
Loss/(profit) on disposal of investments 3 (1)
Immediate recognition of negative goodwill - (77)
Intangible asset amortisation 446 986
Net fair value (gains)/losses on derivative financial
instruments (17) 27
Net fair value loss on share based payments 84 27
Net foreign exchange differences 3 14
Interest income (392) (378)
Interest expense and borrowing costs 1,491 1,539
Net fair value gains on derivative financial instruments (95) (143)
Share of profit from associate and joint ventures (738) (218)
IAS19 income statement credit in respect of employer
contributions (2,586) (1,297)
IAS19 income statement charge 1,167 1,074
Changes in working capital (excluding the effects of
acquisitions)
(Increase)/decrease in inventories (2,738) 1,003
(Increase)/decrease in receivables (321) 1,903
Increase/(decrease) in payables 1,606 (3,159)
--------- ---------
Cash generated from continuing operations 6,906 11,069
========= =========
6. Pensions
The Group operates its current pension arrangements on a defined benefit and
defined contribution basis. The valuation under the IAS19 accounting basis
showed a deficit net of the related deferred tax asset in the scheme at 1
September 2007 of £7.1m (2 September 2006: £11.1m). The movement in the current
year arose principally as a result of favourable investment performance, higher
bond yields and additional Group contributions.
A Group subsidiary undertaking is a participating employer in a defined benefit
pension scheme of the associate. The IAS19 accounting basis showed a deficit,
for that scheme, net of the related deferred tax asset in the scheme at 1
September 2007 of £1.2m (2006: £4.0m). The Group recognises in its balance sheet
approximately 50% of the deficit and deferred tax asset through its investment
in associate.
In the period, the retirement benefit charge was £1,167,000 (2006: £1,074,000).
7. Analysis of changes in net debt
At 3 Other At 1
September Cash Non-Cash Exchange September
2006 Flow Changes Movements 2007
£'000 £'000 £'000 £'000 £'000
Group
Cash and cash equivalents 2,292 (977) - - 1,315
Bank overdrafts (1,208) (608) - (97) (1,913)
-------- -------- -------- --------- ---------
1,084 (1,585) - (97) (598)
Loans and other
borrowings:
- current (7,634) 83 (500) - (8,051)
- non-current (5,640) - 493 - (5,147)
Finance leases:
- current (840) 1,005 (918) - (753)
- non-current (872) - 48 - (824)
-------- -------- -------- --------- ---------
Net debt (13,902) (497) (877) (97) (15,373)
======== ======== ======== ========= ========
8. Statement of changes in shareholders' equity and minority interest
Equity Foreign
Share Treasury Compen-sation Ex-change Other Total
Share Premium Share Reserve Reserve Re-serves Retained Shareholders' Minority
Group Capital Account Reserve £'000 £'000 £'000 Earnings Equity Interest Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000
----------------- --------- ---------- ------------- ------------- ---------- --------- --------- ------------- -------
----------------- --------- ---------- ------------- ------------- ---------- --------- --------- ------------- -------
Balance at 2,058 5,004 - 22 (230) 1,601 11,895 20,350 1,931 22,281
3 September
2006
Total
recognised
income and
expense for the
period - - - - (253) - 8,134 7,881 120 8,001
Dividends paid - - - - - - (1,486) (1,486) - (1,486)
Equity settled
share-
based payment
transactions,
net of tax - - - 73 - - - 73 11 84
Share options
exercised by
employees 4 20 - - - - - 24 - 24
Allotment of
shares 2 49 - - - - - 51 - 51
Purchase of own
shares held in
trust - - (101) - - - - (101) - (101)
Transfer - - - - - (31) 31 - - -
----------------- --------- ---------- ------------- ------------- ---------- --------- --------- ------------- --------
----------------- --------- ---------- ------------- ------------- ---------- --------- --------- ------------- --------
Balance at
1 September
2007 2,064 5,073 (101) 95 (483) 1,570 18,574 26,792 2,062 28,854
=============== ========= ========= =========== =========== ========== ========= ========= ============= ======== ======
9. The board of directors approved the Preliminary Announcement on 12 November
2007.
10. The financial information included in the Chairman's Statement in this
Preliminary Announcement for the period ended 1 September 2007 is unaudited. The
financial information set out in this Preliminary Announcement does not
constitute the statutory accounts for the periods ended 1 September 2007 and 2
September 2006. The statutory accounts for the period ended 1 September 2007
will be finalised on the basis of the financial information presented by the
directors in this Preliminary Announcement and will be delivered to the
Registrar of Companies following the Company's Annual General Meeting.
11. The Company intends to post the Report & Accounts to shareholders by 12
December 2007. Further copies will be available upon request from the Company
Secretary, Carr's Milling Industries PLC, Old Croft, Stanwix, Carlisle, CA3 9BA
or alternatively on the Company's website: www.carrs-milling.com
This information is provided by RNS
The company news service from the London Stock Exchange
Monday, 13th May 2024
COMPANIES COVERED:
Latest directors dealings
- 54 minutes ago British American Tobacco
- 58 minutes ago F&C Investment Trust
- 1 hour ago F&C Investment Trust
- 1 hour ago Prudential
- 1 hour ago Windward Ltd. (DI)