Interim results for the 6 months to 30 June 2017

RNS Number : 6523P

Curtis Banks Group PLC

04 September 2017

 

4 September 2017

Curtis Banks Group plc

("Curtis Banks", the "Group")

Interim results for the 6 months to 30 June 2017

Curtis Banks Group plc, one of the UK's leading SIPP providers, is pleased to announce its interim results for the six months ended 30 June 2017.

Highlights for the period include:

·     Strong organic growth combined with a full period contribution from Suffolk Life reflected in increased revenue and profit

·     Operating revenue 98% higher than H1 2016. Profit before tax, amortisation and non-recurring costs increased by 85%

·     Diluted EPS, before amortisation and non-recurring costs, 65% higher than H1 2016. Interim dividend increased to 1.5p (2016: 1.0p)

·     Organic new business has continued at an annualised rate of over 9,000 SIPPs

·     Suffolk Life integration progressing well; Group Management Committee operating efficiently and new group-wide brand introduced

·     Further cost efficiencies realised from closure of Chilmark office and about to enter consultation with staff in Market Harborough office

·     Development of enhanced property management capability

·     Chris Macdonald appointed Non-Executive Chairman

		Unaudited 6		Unaudited 6		Audited year ended 31-Dec-16
		month period		month period
		ended		ended
		30-Jun-17		30-Jun-16
Financial Highlights
Operating Revenue		£21.4m		£10.8m		£29.7m
Profit before tax, amortisation and non-recurring costs		£5.0m		£2.7m		£7.1m
Profit margin on profit before tax, amortisation and non-recurring costs		23.4%		25.0%		23.9%
Diluted EPS		5.84p		1.91p		7.02p
Diluted EPS on profit before non-recurring costs and amortisation, less an effective tax rate		7.18p		4.36p		11.07p
Dividends declared per share		1.5p		1.0p		4.0p

Operational Highlights

Number of SIPPs administered		74,900		67,161		72,983
Assets under Administration		£23.1bn		£17.9bn		£20.4bn
Organic growth of SIPPs - gross (number of SIPPs)		4,534		2,409		6,306

Commenting on the results and prospects, Rupert Curtis, CEO of Curtis Banks, said:

"The first half of 2017 has been extremely active for Curtis Banks and we have made substantial progress against our strategic objectives. Our SIPP numbers continue to grow through high levels of organic growth and we now administer over 75,000 SIPPs with over £23bn of assets. This growth is reflected in our strong financial results, which also show the full benefit of our acquisition of Suffolk Life.

The integration of Suffolk Life continues apace and we have established a Group Management Committee and new Group brand.  We have also made considerable progress in rationalising our office network and delivering efficiencies.  As in previous years, we expect performance will be weighted towards the second half of the year and we remain confident about delivering further profitable growth in the future.

I would also like to thank our outgoing Chairman, Chris Banks, for the determination, spirit and intellect that he has demonstrated consistently since we founded Curtis Banks from a standing start in 2009. However, Chris's huge knowledge and experience will not be lost to the Group, and I am delighted that he will continue to be involved in the growth of our business in the role of Founder and Strategic Adviser.

Equally, I am pleased to report that Chris Macdonald, who has served as an independent non-executive director and Chairman of the Compliance Committee since April 2015 has agreed to step up to the role of Chairman."

Analyst Presentation

There will be a presentation for analysts at 9.30am today at Peel Hunt, Moor House, 120 London Wall, London EC2Y 5ET. Those wishing to attend should register their interest with Ellie Reid on [e-mail] or 020 3757 4993.

For more information:

Curtis Banks Group plc	www.curtisbanks.co.uk
Rupert Curtis - Chief Executive Officer Will Self - Deputy Chief Executive Officer	[phone]
Paul Tarran - Chief Financial Officer
Peel Hunt LLP (Nominated Adviser & Broker)	[phone]
Guy Wiehahn Rishi Shah
Camarco	[phone]
Ed Gascoigne-Pees Hazel Stevenson

Notes to Editors:

Curtis Banks administers over 75,000 Self-Invested Pension schemes, principally SIPPs and SSASs. The Group commenced trading in 2009 and has successfully developed, through a combination of organic growth and acquisitions, into one of the largest UK providers of these products. The Group employs approximately 570 staff in its head office in Bristol and regional offices in Ipswich, Dundee and Market Harborough.

For more information - www.curtisbanks.co.uk

 Overview

Curtis Banks Group PLC ("Curtis Banks" or "the Group") is one of the United Kingdom's leading administrators of self-invested pension products, principally SIPPs ("Self Invested Personal Pensions") and SSASs ("Small Self-Administered Schemes"). The Group commenced trading in 2009 and has successfully developed, through a combination of organic growth and acquisitions, into one of the largest UK providers of these products. In May 2015 the shares of Curtis Banks were admitted and listed on the London Alternative Investment Market ("AIM").

The Group completed its largest acquisition to date in May 2016, the purchase of Suffolk Life Group Limited, a long established provider of SIPPs operating through Suffolk Life Pensions Limited and Suffolk Life Annuities Limited. The latter company is an insurance company for the purposes of regulatory and statutory reporting and provides SIPPs through non-participating individual insurance contracts. Due to Suffolk Life Annuities Limited's status as an insurance company, the consolidated results for the whole Group are required to include insurance policyholder assets and liabilities as well as the assets and liabilities and profits attributable to our shareholders.

The Group employs approximately 570 staff in its head office in Bristol and regional offices in Ipswich, Dundee and Market Harborough. Curtis Banks Limited and Suffolk Life Pensions Limited, the Group's principal trading subsidiaries, are authorised by the Financial Conduct Authority to provide trust based SIPP products. Suffolk Life Annuities Limited is regulated by the Prudential Regulatory Authority and the Financial Conduct Authority to provide insurance based SIPP Products. As at 30 June 2017 the Group had almost 75,000 SIPP clients, as well as 329 SSAS clients, with assets under administration of circa £23bn. Within these assets under administration are over 6,000 commercial properties held by the SIPPs.               

The Group currently trades under the names Curtis Banks and Suffolk Life. The Executive Directors have a long involvement in the pensions market and have established a business that focuses on a service-driven proposition for the administration of flexible SIPPs which allow savers to invest in a wide range of investments.

In the eight years since Curtis Banks was established it has grown to become the largest dedicated Full SIPP provider in the UK. The majority of Curtis Banks' clients are introduced by regulated advisory firms with whom long standing relationships have been established. High levels of repeat business are experienced from these firms, which the Group takes as an indicator of good levels of satisfaction with the service that it provides.

 

Financial and Operational Highlights

Operational Highlights		Unaudited 6 month period ended 30-Jun-17		Unaudited 6 month period ended 30-Jun-16		Audited year ended 31-Dec-16
Number of SIPPs Administered		74,900		67,161		72,983
Assets under Administration		£23.1bn		£17.9bn		£20.4bn
Total new gross organic growth of SIPPs		4,534		2,409		6,306

Financial Highlights

·     Strong organic growth combined with a full period contribution from Suffolk Life reflected in increased revenue and profit

·     Operating revenue 98% higher than H1 2016, profit before tax, amortisation and non-recurring costs increased by 85%

·     Diluted EPS, before amortisation and non-recurring costs, 65% higher than H1 2016. Interim dividend increased to 1.5p (2016: 1.0p)

·     Organic new business  has continued at an annualised rate of over 9,000 SIPPs

		Unaudited 6		Unaudited 6		Audited year ended 31-Dec-16
		month period		month period
		ended		ended
		30-Jun-17		30-Jun-16
Operating Revenue		£21.4m		£10.8m		£29.7m
Profit before tax, amortisation and non-recurring costs		£5.0m		£2.7m		£7.1m
Profit margin on profit before tax, amortisation and non-recurring costs		23.4%		25.0%		23.9%
Diluted EPS (pence)		5.84		1.91		7.02
Diluted EPS on profit before non-recurring costs and amortisation, less an effective tax rate (pence)		7.18		4.36		11.07
Dividends declared per share		1.5p		1.0p		4.0p

Chairman's Statement

I am pleased to present the interim results for Curtis Banks for the six month period ended 30 June 2017. These results disclose encouraging growth in profit compared to the equivalent period last year, in part because of the full period contribution this year from our acquisition of Suffolk Life that completed in May 2016, which has helped to propel our business forward.

The period under review has shown revenue increasing by 98% from £10.8m to £21.4m compared to the same period last year, with profit before tax, amortisation and non-recurring costs increasing by 85% from £2.7m to £5.0m.

Our pre-tax profit margin remains at a very respectable level, with the initial dampening effect of the Suffolk Life acquisition in the second half of 2016 now eliminated.  We expect this margin to improve in the second half of the year and over the longer term as our work on aligning our books of business, enhancing revenues and delivering operational efficiencies is realised.

During the current period we have continued to focus on ensuring that the consolidation of the growth over the past few years is delivered to ensure maximum benefit for all our clients, shareholders and staff.  We are progressing on this front with the establishment of our Group Management Committee, a new group wide brand, operational efficiencies, an enhanced property proposition and a process to rationalise our office locations.

We believe the simplicity of our business model and dedication to capturing the opportunities within the SIPP administration space position us well within the complex regulatory environment facing the wider industry at large.  With no exposure to advice risks or direct to consumer distribution, we are able to spend more time developing and growing the area we are experts in.  

Our review of operating systems capabilities has taken longer than anticipated but is progressing well. Our analysis shows that solutions which satisfy our requirements across the Group exist within the options we are reviewing and that they can be delivered without excessive cost and timelines.  We expect to have concluded on this analysis and our commercial negotiations during the second half year and we will provide an update in due course. 

The total number of SIPPs currently administered by the Group now exceeds 75,000 and this is as a result of continued strong new organic growth of all SIPPs.  Our introducer network is fundamental to this continued growth and we are delighted to have retained all our high quality introducers over the period as well as supplementing this with new IFA relationships.

Board

It is fitting that my last results as Chairman of the Group are the first set of results that show the full contribution of our transformational acquisition of Suffolk Life.  Having founded the Group with Rupert Curtis in 2009, we have grown from a standing start to becoming both the largest dedicated Full SIPP provider in the UK and a publicly quoted company.  I am immensely proud of what all of us at Curtis Banks have achieved over this period and I am delighted that Chris Macdonald has accepted the role of Chairman.  Chris is uniquely positioned for this role having founded a highly successful listed wealth management business.  He has worked in the financial services industry since 1982 and we will all benefit from his considerable of experience.

Chairman's Statement (continued)

Dividends

Your Board has declared an interim dividend of 1.5p per share (2016: 1.0p per share) to be paid on 15 November 2017 to shareholders on the register at the close of business on 13 October 2017.  The shares will be marked ex-dividend on 12 October 2017.

Summary and outlook

The increased regulatory pressure on SIPP operators and the increased capital requirements continues to drive consolidation in the industry and we continue to be approached by SIPP operators looking for an exit.  Whilst we will continue to capitalise on the right growth opportunities, both organically or via acquisition, we will only consider acquisitions of high quality books of SIPPs that can easily be aligned with our existing business.  We are also mindful of our focus on ensuring the exceptional growth of the last few years is fully bedded in and that our service levels continue to meet the expectations of our clients and their financial advisers.

The environment and our strong relationships with our introducer network remain encouraging for our continued growth and there are exciting opportunities to both grow our top line and improve our operational efficiencies for the benefit of all our shareholders. 

I step down from the Board leaving the Group in a strong position and can look back and admire the huge achievements that everyone in the Group has accomplished since we founded the business in 2009.  I would like to thank everyone for their unstinting hard work and dedication.  I will continue to be involved in the Group as Founder & Strategic Adviser with a focus on maximising organic and acquisitive opportunities, and look forward to working with my colleagues to deliver the next phase of the Group's growth.

Chris Banks

Executive Chairman

4 September 2017

 

Operational Review

This period has been defined by an intense level of activity in ensuring that we deliver against our stated strategy and a huge amount of progress has been made over the period.  We have established a Group Management Committee to ensure that, post the acquisition of Suffolk Life, all key areas have been consolidated across the Group to ensure there is the right level of governance and control and the required single strategic focus.  This has removed any 'silo' effect of different legal entities and has set the foundation to ensure that operational synergies can be more easily achieved across the Group.

Importantly, we have made huge strides in rationalising our office network.  In January 2017 we closed our Chilmark office which we took on as part of the acquisition of a book of 5,000 SIPPs from European Pensions Management Ltd which completed in July 2016.  In addition to this, we are about to enter into consultation with our staff in our Market Harborough office in relation to the future of that location.  This is with a view to rationalisation of the number of our locations down to three sites.

We have also introduced a new group wide brand which is in the process of being rolled our across the entire organisation both internally and externally.  This reflects the strong culture and ambition of the entire Group, and is a first visible step towards a single market presence and proposition.

As part of our focus on enhancing and diversifying our revenue generation capabilities, we have initiated the design of an expanded proposition to enable us to offer enhanced property management services across the organisation including a range of management, conveyancing and related services.  Post period end, we recruited Paul Anderson, previously a Managing Director at Capita Real Estate and Infrastructure, as Head of Property Services Development.  In addition, we are considering our application to the Solicitors Regulatory Authority as a first step in giving the group the capability to offer complementary legal services. 

The review of our operating systems for the Group has taken longer than anticipated but we are intent on ensuring that we make the right decision and consider all opportunities thoroughly.  By ensuring we take on the optimum systems across the Group, we will then be able to deliver more operational efficiencies which will ultimately lead to an improved operating margin over time.  We have made considerable progress in carrying out a detailed costs benefit analysis of the options available to us and we expect the results of this analysis to be concluded shortly.  Our initial findings show that solutions are available to us from the options we are reviewing that meet our requirements and that can be delivered without excessive cost and within a reasonable timeline.  Due to the commercial nature of our negotiations, we are unable to provide more detailed information until those have concluded.  At this point we will provide a full update. The Group has capitalised IT costs on new operating systems of £2m as at 30 June 2017 (£2m as at 31 Dec 2016). 

We have nevertheless introduced a number of operational efficiencies and this work is ongoing. A key result is reduced staff numbers and costs, with total numbers having fallen despite our continued growth. We see this process continuing, with the opportunity for staff costs to fall further.

Total new SIPP numbers from organic growth in the six months to 30 June 2017 were 4,534. This delivered a gross annualised organic growth rate, excluding third party administered SIPPs, of 14.4%.  Taking into account attrition, the net organic growth rate of new SIPPs was 2,825 and demonstrates a strong level of organic growth.  Full and mid SIPPs administered by the whole Group at 30 June 2017 now total 45,407, together with 19,768 eSIPPs and 9,725 SIPPs administered under third party arrangements.

The average revenue per SIPP, excluding third party administration arrangements, has increased slightly to £604 in the rolling twelve month period to 30 June 2017 from £574 for the year ended 31 December 2016.

Operational Review (continued)

The changes in pension legislation continue to have a positive effect on the business of Curtis Banks by implicitly driving the growth levels in new SIPPs. The Group has seen no significant increase in closures as a result of the new pension freedom abilities, reflecting good quality in our overall book.

Lastly, I would like to thank our outgoing Chairman, Chris Banks, for the determination, spirit and intellect that he has consistently demonstrated, from when we founded Curtis Banks from a standing start in 2009 to bringing the Group to the highly exciting and significant enterprise that it is today.  It is no mean feat to go from a standing start to administering the retirement savings held in over 75,000 SIPPs today.  Chris has always been acutely aware of the trust that our introducers and clients have in us and the service levels and responsibility that we need to show.  He has helped create a business which has a huge amount of potential and I look forward to continuing to work with Chris in his new role as Founder & Strategic Adviser, together with the excellent team we have in place, to deliver our next phase of growth.        

Rupert Curtis

Chief Executive Officer

4 September 2017

 

Financial Review

Operational revenues of £21.4m in six months ended 30 June 2017 have increased by 98% over the comparable period. This is principally through the acquisition of the Suffolk Life Group of Companies on 25 May 2016 supplemented by strong organic growth. In addition we acquired the SIPP administration business of European Pensions Management Limited in July 2016. This latter acquisition has been consolidated into the activities of Suffolk Life.

Suffolk Life contributed £11m of the operational revenue for the period ended 30 June 2017. The acquisition of the Suffolk Life group of companies completed on 25 May 2016 and accordingly the results for period ended 30 June 2016 include only one month of results for Suffolk Life with operating revenues of £1.4m in that period.

During the latter part of 2016 the client banking systems at Suffolk Life were aligned with the virtual banking system operated at Curtis Banks. This allowed for an aligned central treasury function, placing these funds on deposit with more attractive interest rates as well as enabling these accounts to be operated more efficiently. In the period ended 30 June 2017, £4.5m of the Group operating revenues were from interest margin compared to £2.1m in the comparable period in 2016. Interest rates continue to be under pressure with a low Bank of England base rate and we expect this to continue for some time.

Administrative expenses of £16.1m for the six months ended 30 June 2017 have increased by 101% compared to the previous interim period and again this is due principally to the acquisition of the Suffolk Life Group. Suffolk Life administration costs for the six month period to 30 June 2017 amounted to £8.5m. The total administrative costs for Curtis Banks (excluding Suffolk Life) during the period under review were £7.6m compared to £6.7m for the comparable period. This 12% increase, arising largely from the residual effect of high recruitment in the previous year and, compared to the 37% increase for the comparable period in 2015, shows the positive effects of the cost controls and efficiencies put in place following the high levels of recruitment in the previous period that had been needed to support the infrastructure of the growing business.

Staff numbers in the Group have fallen from 591 as at 31 December 2016 to 568 as at 30 June 2017, resulting in a reduction in staff costs.  Staff costs for the period were £10.4m including charges of £0.1m relating to share based payments in respect of options awarded to staff under the various options schemes the Group has in place

The Group has to account for and fully recognise regulatory fees and levies on their due date. Whilst in the past, before the Suffolk Life acquisition, this did not make a material difference to the interim results the high level of such fees within the Suffolk Life group means a significant charge arises in the first half of the year only.  Regulatory fees of £638k have been recognised in the period to 30 June 2017 whilst in the six months to 30 June 2016 this was only £22k. There are not expected to be any further material regulatory fees in the six month period ending 31 December 2017.

The overall operating margins for the Group for the six month period ended 30 June 2017 were 23%. This reduction from the 24% achieved in the full financial year ended 31 December 2016 is largely as a result of the matters discussed in the paragraph above regarding recognition of regulatory fees. It is expected that the margin will increase in the second half of 2017.  If these costs had been evenly spread over the year the operating margin for the period would have been 25%.

Financial Review (continued)

The balance sheet of the Group (excluding policy holder assets and liabilities of Suffolk Life Annuities Limited) remains strong with gross cash of £23m reducing to net cash of £4m after all borrowings. These borrowings comprise the balance of £11m on a term loan repayable evenly over the next 4 years and a revolving credit facility of £8m. 

Suffolk Life acquisition

As a result of the acquisition of Suffolk Life, Suffolk Life Annuities Limited became a wholly owned subsidiary of the Group. Suffolk Life Annuities Limited is an insurance company that writes SIPP products as insurance contracts. These are all non-participating insurance policy contracts and so the Group does not bear any insurance risk. As the policyholder assets and liabilities are shown on the balance sheet of Suffolk Life Annuities Limited, these also show on the Group balance sheet on consolidation. As the policies are non-participating contracts, the Client related assets and liabilities in Suffolk Life Annuities Limited match. In addition the revenues, expenses and investment returns of the non-participating insurance contracts are shown in the consolidated statement of comprehensive income. Again, these income and expense items, investment returns and the movement in the value due to the policy holders equal each other. The consolidated statement of comprehensive income has been presented in a format that allows policy holder income and expenses to be clearly identified. Illustrative balance sheet and cash flow statements as at 30 June 2017, showing the financial position and cash flows of the Group excluding the policy holder assets and liabilities and cash flows, are included in the Notes to the Accounts.

Non recurring costs

Non recurring costs for the period ended 30 June 2017 principally comprise:

·     Acquisition costs of £198,000 relating to the European Pensions Management Limited  transaction that have been expensed in accordance with IFRS 3 Business Combinations;

·     Restructuring costs of £95,000 following acquisitions of businesses.

As referred to in detail in the Chief Executive's Report, following the acquisition of Suffolk Life, we are reviewing our operating systems to ensure that they are appropriate for the Group as a whole. Costs of £2m were capitalised during previous periods that relate to specific proposed new operating systems. If the decision is taken to proceed with these systems then those costs, and any further costs, will be written off over their useful economic life when the systems are operational. Currently the new operating systems being reviewed provide functionality for a significant amount of the business activities of the Group. If the decision however is taken to proceed with other, more appropriate systems then the majority of these costs will be impaired and written off, together with any contract termination costs, once that decision is made, as a non-recurring cost. 

Employee Benefit Trust

During the period under review the Group set up an offshore Employee Benefit Trust ("EBT") to acquire shares in the Company in the market to satisfy future option and long term incentive awards. The EBT is funded by loans from the Group. As at 30 June 2017 the EBT had acquired 99,155 shares in Curtis Banks Group plc funded by a £250,000 loan from the Group. The financial statements of the EBT are consolidated within the overall Group financial statements and these shares are shown on the balance sheet of the Group as Treasury Shares and are included within total equity.

Financial Review

Capital requirements

New capital adequacy requirements for SIPP operators became effective from September 2016 and also Solvency II requirements for Insurance Companies from January 2017. Based on calculations as at 30 June 2017, Curtis Banks Group has a healthy level of headroom above the requirements. Group internal policy is for regulated companies within the Group to hold at least 130% of their required regulatory capital.

The Group's regulated subsidiary companies submit regular returns to the FCA and the PRA relating to their capital resources.  At 30 June 2017 the total regulatory capital requirement across the Group was £11.2m (31 December 2016: £10.3m) and the Group had an aggregate surplus, before internal margin, of £16.01m (31 December 2016: £15.98m) across all regulated entities.  All the regulated firms within the Group maintained surplus regulated capital throughout the period.

Paul Tarran

Chief Financial Officer

 

Independent review report to Curtis Banks Group PLC

Report on the Interim condensed consolidated financial statements

Our conclusion

We have reviewed Curtis Banks Group PLC's Interim condensed consolidated financial statements (the "interim financial statements") in the half-yearly financial report of Curtis Banks Group PLC for the 6 month period ended 30 June 2017. Based on our review, nothing has come to our attention that causes us to believe that the interim financial statements are not prepared, in all material respects, in accordance with the basis of preparation and accounting policies set out in note 2 to the interim financial statements.

Emphasis of matter

Without modifying our conclusion on the interim financial statements, we draw attention to note 2 to the financial statements which describes the basis of accounting adopted in preparing the interim financial statements, including that the interim financial statements do not include all the information required to be disclosed by International Accounting Standard 34, 'Interim Financial Reporting', as adopted by the European Union.

What we have reviewed

The interim financial statements comprise:

·     the condensed consolidated statement of financial position as at 30 June 2017;

·     the condensed consolidated statement of comprehensive income for the period then ended;

·     the condensed consolidated statement of cash flows for the period then ended;

·     the condensed consolidated statement of changes in equity for the period then ended; and

·     the explanatory notes to the interim financial statements.

The interim financial statements included in the half-yearly financial report have been prepared in accordance with the basis of preparation and accounting policies set out in note 2 to the interim financial statements.

As disclosed in note 2 to the interim financial statements, the financial reporting framework that has been applied in the preparation of the full annual financial statements of the Group is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the European Union.

Responsibilities for the interim financial statements and the review

Our responsibilities and those of the directors

The half-yearly financial report, including the interim financial statements, is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the half-yearly financial report in accordance with the AIM Rules for Companies which require that the financial information must be presented and prepared in a form consistent with that which will be adopted in the company's annual financial statements.

Our responsibility is to express a conclusion on the interim financial statements in the half-yearly financial report based on our review. This report, including the conclusion, has been prepared for and only for the company for the purpose of complying with the AIM Rules for Companies and for no other purpose.  We do not, in giving this conclusion, 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.

Independent review report to Curtis Banks Group PLC

Report on the Interim condensed consolidated financial statements (continued)

What a review of interim financial statements involves

We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410, 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity' issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures.

A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK) and, consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

We have read the other information contained in the half-yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the interim financial statements.

PricewaterhouseCoopers LLP

Chartered Accountants

Bristol

 4  September 2017

a)    The maintenance and integrity of the Curtis Banks Group PLC website 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 financial statements since they were initially presented on the website.

b)    Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Curtis Banks Group PLC Condensed consolidated statement of comprehensive income
			Unaudited 6 month period ended 30 June 2017							Unaudited 6 month period ended 30 June 2016							Audited year ended 31 December 2016
			Before amortisation and non-recurring costs		Amortisation and non-recurring costs		Total			Before amortisation and non-recurring costs		Amortisation and non-recurring costs		As restated Total			Before amortisation and non-recurring costs		Amortisation and non-recurring costs		Total
		Notes	£'000		£'000		£'000			£'000		£'000		£'000			£'000		£'000		£'000
Operating revenue			21,362		-		21,362			10,820		-		10,820			29,731		-		29,731
Policyholder investment returns			179,262		-		179,262			45,900		-		45,900			261,639		-		261,639
Revenue			200,624		-		200,624			56,720				56,720			291,370		-		291,370
Administrative expenses			(16,090)		-		(16,090)			(8,012)		-		(8,012)			(22,403)		-		(22,403)
Non-participating investment contract expenses			(17,872)		-		(17,872)			(3,214)		-		(3,214)			(18,268)		-		(18,268)
Changes in provisions: Non-participating investment contract liabilities			(161,390)		-		(161,390)			(42,686)		-		(42,686)			(243,371)		-		(243,371)
Policyholder total expenses			(179,262)		-		(179,262)			(45,900)		-		(45,900)			(261,639)		-		(261,639)
Operating profit before amortisation and non-recurring costs			5,272		-		5,272			2,808		-		2,808			7,328		-		7,328
Non-recurring costs		3	-		(364)		(364)			-		(1,084)		(1,084)			-		(1,690)		(1,690)
Amortisation			-		(561)		(561)			-		(386)		(386)			-		(884)		(884)
Operating profit			5,272		(925)		4,347			2,808		(1,470)		1,338			7,328		(2,574)		4,754
Finance income			32		-		32			76		-		76			117		-		117
Finance costs			(298)		-		(298)			(179)		-		(179)			(381)		-		(381)
Profit before tax			5,006		(925)		4,081			2,705		(1,470)		1,235			7,064		(2,574)		4,490
Tax			(985)		178		(807)			(454)		249		(205)			(1,126)		470		(656)
Total comprehensive income for the period			4,021		(747)		3,274			2,251		(1,221)		1,030			5,938		(2,104)		3,834
Attributable to:
Equity holders of the company							3,269							1,027							3,829
Non-controlling interests							5							3							5
							3,274							1,030							3,834
Earnings per ordinary share on net profit
Basic (pence)		4					6.10							1.96							7.23
Diluted (pence)		4					5.84							1.91							7.02

Curtis Banks Group PLC Condensed consolidated statement of changes in equity
	Issued capital £'000		Share premium £'000		Equity share based payments £'000		Treasury shares £'000		Retained earnings £'000		Total £'000		Non-controlling interest £'000		Total equity £'000
As at 1 January 2016 - audited	225		7,146		97		-		6,163		13,631		9		13,640
Comprehensive income for the period	-		-		-		-		1,027*		1,027*		3		1,030*
Share based payments	-		-		24		-		-		24		-		24
Ordinary shares issued	42		26,260		-		-		-		26,302		-		26,302
Ordinary dividends declared & paid	-		-		-		-		(1,869)		(1,869)		(5)		(1,874)
As at 30 June 2016 - unaudited	267		33,406		121		-		5,321		39,115		7		39,122
Comprehensive income for the period	-		-		-		-		2,802		2,802		2		2,804
Share based payments	-		-		118		-		-		118		-		118
Ordinary shares issued	1		19		-		-		-		20		-		20
Ordinary dividends declared & paid	-		-		-		-		(534)		(534)		-		(534)
As at 31 December 2016 - audited	268		33,425		239		-		7,589		41,521		9		41,530
Comprehensive income for the period	-		-		-		-		3,269		3,269		5		3,274
Share based payments	-		-		127		-		-		127		-		127
Ordinary shares bought by EBT	-		-		-		(250)		-		(250)		-		(250)
Ordinary dividends declared & paid	-		-		-		-		(1,605)		(1,605)		(5)		(1,610)
As at 30 June 2017 - unaudited	268		33,425		366		(250)		9,253		43,062		9		43,071

                         *As restated - see note 2.4 for detail.

Curtis Bank Group PLC Condensed consolidated statement of financial position
			Notes		Unaudited 30-Jun-17 £'000		As restated Unaudited 30-Jun-16 £'000		Audited 31-Dec-16 £'000
ASSETS
Non-current assets
Intangible assets			5		46,937		45,253		47,442
Investment property					1,181,385		1,160,768		1,149,135
Property, plant and equipment					1,079		1,062		1,073
Investments					1,987,136		1,798,828		1,924,913
					3,216,537		3,005,911		3,122,563
Current assets
Trade and other receivables					17,382		14,465		17,523
Cash and cash equivalents					428,617		422,034		447,510
					445,999		436,499		465,033
Total assets					3,662,536		3,442,410		3,587,596
LIABILITIES
Current liabilities
Trade and other payables					13,606		14,336		12,138
Deferred income					10,810		9,591		21,993
Borrowings					25,183		31,105		38,329
Deferred consideration					384		778		641
Current tax liability					785		278		504
					50,768		56,088		73,605
Non-current liabilities
Borrowings					70,668		81,391		77,194
Deferred consideration					626		1,009		821
Non-participating investment contract liabilities					3,497,359		3,264,795		3,394,404
Deferred tax liability					44		5		42
					3,568,697		3,347,200		3,472,461
Total liabilities					3,619,465		3,403,288		3,546,066
Net assets					43,071		39,122		41,530
Equity attributable to owners of the parent
Issued capital					268		267		268
Share premium					33,425		33,406		33,425
Equity share based payments					366		121		239
Treasury shares					(250)		-		-
Retained earnings					9,253		5,321		7,589
					43,062		39,115		41,521
Non-controlling interest					9		7		9
Total equity					43,071		39,122		41,530

Curtis Bank Group PLC Condensed consolidated statement of cash flows
			Notes	Unaudited 6 month period ended 30-Jun-17 £'000		As restated Unaudited 6 month period ended 30-Jun-16 £'000		Audited year ended 31-Dec-16 £'000
Cash flows from operating activities
Profit before tax				4,081		1,235		4,490
Adjustments for:
Depreciation				286		208		519
Amortisation				561		386		884
Interest expense				293		186		387
Share based payment expense				129		24		142
Fair value gains on financial investments				(82,770)		(34,701)		(199,681)
Additions of financial investments				(256,994)		(56,381)		(328,511)
Disposals of financial investments				277,540		79,578		390,603
Fair value gains on investment properties				(20,913)		(2,339)		25,038
Increase in liability for investment  contracts				102,955		26,567		156,175
Changes in working capital:
Decrease/(increase) in trade and other receivables				69		1,469		(6,447)
Increase/(decrease) in trade and other payables				(9,915)		(3,617)		11,024
Taxes paid				(524)		(476)		(667)
Net cash flows from operating activities				14,798		12,139		53,956
Cash flows from investing activities
Purchase of intangible assets				(56)		(14)		(1,533)
Purchase of property, plant & equipment				(71,346)		(18,174)		(101,473)
Receipts from sale of property, plant & equipment				59,717		17,701		85,758
Purchase of treasury shares				(250)		-		-
Net cash flows from acquisitions				(452)		359,631		357,821
Net cash flows from investing activities				(12,387)		359,144		340,573
Cash flows from financing activities
Equity dividends paid				(1,610)		(1,874)		(2,408)
Net proceeds from issue of ordinary shares				-		26,301		26,322
Net increase/(decrease) in borrowings				(19,427)		18,824		21,848
Interest paid				(267)		(130)		(411)
Net cash flows from financing activities				(21,304)		43,121		45,351
Net increase/(decrease) in cash and cash equivalents				(18,893)		414,404		439,880
Cash and cash equivalents at the beginning of the period				447,510		7,630		7,630
Cash and cash equivalents at the end of the period				428,617		422,034		447,510

Curtis Bank Group PLC

Notes to the financial statements

1               Corporate information

Curtis Banks Group PLC ("the Company") is a public limited company incorporated and domiciled in England and Wales, whose shares are publicly traded on the AIM market of the London Stock Exchange PLC.  The interim condensed consolidated financial statements comprise the Company and its subsidiaries ("the Group") and have been prepared on a historical cost convention as modified by the revaluation of land and buildings, derivatives, financial assets and liabilities at fair value through profit and loss. The interim condensed consolidated financial statements have been presented in pounds sterling, with all values rounded to the nearest thousand pounds except when otherwise indicated, and were authorised for issue in accordance with a resolution of the directors on 4 September 2017.

The principal activity of the Group is that of the provision of pension administration services principally for Self Invested Personal Pension schemes ("SIPPs") and Small Self-Administered Pension schemes ("SSASs").  The Group is staffed by experienced professionals who all have proven track records in this sector.

2               Basis of preparation and accounting policies

2.1            Basis of preparation

The interim condensed consolidated financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting except for certain requirements in relation to financial instrument disclosure. . The board has considered the requirements of IAS34 in relation to policyholder assets and liabilities and, given the unit-linked nature of these assets and liabilities, has concluded that revaluing policyholder financial instruments for the purposes of these interim financial statements would incur expense which is disproportionate to any potential benefits of doing so. Further, the board considers that the omission of updated valuations for policyholder financial instruments will not influence the economic decisions of users of these financial statements.

The interim condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the Group's financial statements for the year ended 31 December 2016, which were prepared in accordance with International Financial Reporting Standards adopted by the International Accounting Standards Board ("IASB") and interpretations issued by the International Financial Reporting Interpretations Committee  ("IFRIC") of the IASB (together "IFRS") as adopted by the European Union, and in accordance with the requirements of The Companies Act 2006 applicable to companies reporting under IFRS.

The information relating to the six months ended 30 June 2017 and the six months ended 30 June 2016 is unaudited and does not constitute statutory financial statements within the meaning of section 434 of the Companies Act 2006. The Group's statutory financial statements for the year ended 31 December 2016 have been reported on by its auditor and delivered to the Registrar of Companies. The report of the auditor was unmodified and did not contain a statement under section 498(2) or (3) of The Companies Act 2006.

The interim condensed consolidated financial statements have been reviewed by the auditor and their report to the Board of Curtis Banks Group PLC is included within this interim report.

2               Basis of preparation and accounting policies - continued

2.2            Basis of consolidation

The interim condensed consolidated financial statements consolidate the financial statements of the Company and its subsidiaries up to 30 June each year.

Subsidiaries are fully consolidated from the date of acquisition, being the date on which the Group obtains control, and continue to be consolidated until the date that such control ceases.  The financial statements of subsidiaries are prepared for the same reporting period as the parent company, using consistent accounting policies.  All inter-group balances, income and expenses and unrealised gains and losses resulting from intra-group transactions are eliminated in full.

The trading subsidiaries of Curtis Banks Group PLC as at 30 June 2017 and 30 June 2016 were Curtis Banks Limited, Curtis Banks Investment Management Limited, Suffolk Life Annuities Limited and Suffolk Life Pensions Limited.

Certain trading subsidiaries of Curtis Banks Group PLC hold the entire issued share capital of a number of non-trading trustee companies. All of these companies are nominee companies for the pension products administered by the trading subsidiaries of Curtis Banks Group PLC and have been dormant or non-trading throughout the period and are expected to remain dormant or non-trading.

2.3            Significant accounting policies

The accounting policies adopted in the preparation of the interim condensed consolidated financial statements are consistent with those followed in the preparation of the Group's annual financial statements for the year ended 31 December 2016.

Amendments to IFRSs effective for 2017 have not had a material effect on the results for the 6 months ended 30 June 2017.

New standards issued but not yet effective

The IASB and IFRIC have issued standards and interpretations with an effective date for periods starting on or after the date on which these financial statements start.  Except for IFRS 15 and IFRS 9 no other newly issued standards are expected to potentially have a material impact on the condensed consolidated interim financial statements and the consolidated financial statements to the Group. The potential impact of IFRS 15 and IFRS 9 is currently being evaluated.

Financial statements for the year ending 31 December 2017

The accounting policies adopted in the preparation of the interim condensed consolidated financial statements will be consistent with those to be followed in the preparation of the Group's annual financial statements for the year ending 31 December 2017.

2               Basis of preparation and accounting policies - continued

2.4            Comparative period restatement

The comparative results for the six month period ended 30 June 2016 have been restated to take account of adjustments arising from the audit of the results for the year ended 31 December 2016. The restatements were required as a result of adjustments to the accounting treatment of certain costs associated with the Group's acquisition of Suffolk Life Group and its subsidiaries. The comparative results have also been restated to take account of fair value adjustments arising on the net assets acquired from this acquisition. The fair value adjustments arose within the measurement period defined under IFRS 3 Business Combinations and were included in the audited results for the year ended 31 December 2016.

2.5            Critical accounting judgements and key sources of estimation uncertainty        

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

In preparing the financial statements the Group has selected and applied various accounting policies which are described in the notes to the financial statements. In order to apply these accounting policies the Group has made estimates and judgements concerning the future. Key areas of judgement and estimation uncertainty are disclosed below: 

Client portfolios

Client portfolios acquired are amortised over their estimated useful economic life (UEL) of 20 years.  This UEL is based upon management's historical experience of similar portfolios.

Additionally, the Group reviews whether acquired client portfolios are impaired at least on an annual basis. This comprises an estimation of future cash flows expected to arise from each client portfolio, discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to that asset, together with an estimated rate of attrition for each portfolio.

The carrying value of client portfolios at 30 June 2017 was £15,441,000 (31 December 2016: £15,897,000; 30 June 2016: £14,376,000) as disclosed in note 5.

Computer software

In capitalising the costs of computer software as intangible assets management judge these costs to have an economic value that will extend into the future and meet the recognition criteria under IAS 38. Computer software costs are then amortised over an estimated UEL on a project by project basis.

Additionally, the Group determines whether computer software is impaired at least on an annual basis. This requires an estimation of the value in use. In assessing value in use the estimated future cash flows expected to arise from the software are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to that asset.

The carrying value of computer software capitalised as intangible fixed assets at 30 June 2017 was £2,460,000 (31 December 2016: £2,490,000; 30 June 2016: £1,822,000).

3               Non- recurring costs

Non-recurring costs comprise the following items:

		Unaudited 6 month period ended 30-Jun-17 £'000		As restated Unaudited 6 month period ended 30-Jun-16 £'000		Audited year ended 31-Dec-16 £'000
Set up costs associated with the take on of SIPPs		20		45		50
Exceptional legal fees		-		530		537
Redundancy & restructuring costs following acquisitions		95		-		310
Suffolk Life acquisition costs		46		509		735
European Pensions Management acquisition costs		198		-		58
Establishment of employee benefit trust		5		-		-
		364		1,084		1,690

Exceptional legal fees

During the six month period ended 30 June 2016 the Group entered into an agreement to settle a potential legal claim by another business. The terms of settlement are confidential however no further costs are expected after 30 June 2016 and the total cost included above includes all associated legal fees incurred.

Suffolk Life acquisition costs

The Group incurred a significant level of legal and professional fees in connection with the acquisition of Suffolk Life Group Limited and its subsidiaries. In accordance with IFRS 3 Business Combinations, these have been expensed and treated as non-recurring costs.

European Pensions Management acquisition costs

The Group incurred considerable legal and professional fees in connection with the acquisition of the trade and assets of European Pensions Management Limited. In accordance with IFRS 3 Business Combinations, these have been expensed and treated as non-recurring costs.

4               Earnings per ordinary share

Basic earnings per share amounts are calculated by dividing net profit for the period attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the period.

Diluted earnings per share amounts are calculated by dividing the net profit attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the period plus the weighted average number of ordinary shares that would be issued on the conversion of all the dilutive potential ordinary shares into ordinary shares.

Changes in income or expense that would result from the conversion of the dilutive potential ordinary shares are deemed to be trivial, and therefore no separate diluted net profit is presented. The following reflects the income and share data used in the basic and diluted earnings per share computations:

	Unaudited 6 month period ended 30-Jun-17 £'000		As restated Unaudited 6 month period ended 30-Jun-16 £'000		Audited year ended 31-Dec-16 £'000
Net profit and diluted net profit available to equity holders of the Group	3,269		1,027		3,829
Profit and diluted net profit before non-recurring costs and amortisation available to equity holders of the Group	5,006		2,705		7,064
	Number		Number		Number
Weighted average number of ordinary shares:
Issued ordinary shares at start of period	53,599,769		44,954,769		44,954,769
Effect of shares issued in current period	-		7,551,885		8,031,907
Basic weighted average number of shares	53,599,769		52,506,654		52,986,676
Effect of options exercisable at the reporting date	800,000		266,667		533,333
Effect of options not yet exercisable at the reporting date	1,666,350		948,133		991,959
Effect of shares held by Employee Benefit Trust	(99,155)		-		-
Diluted weighted average number of shares	55,966,964		53,721,454		54,511,968
	Pence		Pence		Pence
Earnings per share:
Basic	6.10		1.96		7.23
Diluted	5.84		1.91		7.02
Earnings per share on profit before non-recurring costs and amortisation, less an effective tax rate:
Basic	7.49		4.46		11.38
Diluted	7.18		4.36		11.07

5               Intangible assets

	Goodwill £'000		Development Costs £'000		Client portfolios £'000		Computer software £'000		Total £'000
Cost
At 1 January 2016	-		151		14,641		1,039		15,831
Additions	-		1		-		835		836
Arising on acquisitions	28,903*		-		1,815		472		31,190
At 30 June 2016	28,903		152		16,456		2,346		47,857
Additions	-		-		-		713		713
Disposals	-		-		-		(95)		(95)
Arising on acquisitions	-		-		1,974		-		1,974
At 31 December 2016	28,903		152		18,430		2,964		50,449
Additions	-		-		4		52		56
At 30 June 2017	28,903		152		18,434		3,016		50,505
Amortisation
At 1 January 2016	-		-		1,477		128		1,605
Charge for the period	-		-		374		12		386
Arising on acquisitions	-		-		229		384		613
At 30 June 2016	-		-		2,080		524		2,604
Charge for the period	-		-		453		45		498
Disposals	-		-		-		(95)		(95)
At 31 December 2016	-		-		2,533		474		3,007
Charge for the period	-		19		460		82		561
At 30 June 2017	-		19		2,993		556		3,568
Net book value
At 31 December 2015	-		151		13,164		911		14,226
At 30 June 2016	28,903		152		14,376		1,822		45,253
At 31 December 2016	28,903		152		15,897		2,490		47,442
At 30 June 2017	28,903		133		15,441		2,460		46,937

*As restated - see note 2.4 for details.

6               Dividends paid and proposed

	Unaudited 6 month period ended 30-Jun-17 £'000		Unaudited 6 month period ended 30-Jun-16 £'000		Audited year ended 31-Dec-16 £'000
Paid during the period:
Equity dividend on ordinary shares:
Ordinary interim dividend declared and paid	1,605		1,869		2,403
	1,605		1,869		2,403

An ordinary interim share dividend was declared and paid on 26 February 2016 equating to 3.5p per ordinary share in respect of the year ended 31 December 2015.

An ordinary interim share dividend was declared and paid on 15 November 2016 equating to 1p per ordinary share in respect of the year ended 31 December 2016.

A further ordinary interim share dividend was declared and paid on 12 May 2017 equating to 3p per ordinary share in respect of the year ended 31 December 2016.

An ordinary interim share dividend of 1.5p per ordinary share is proposed for payment on 15 November 2017 to shareholders on the register as at 13 October 2017. The ex-dividend date is 12 October 2017.

7               Income tax

Tax is charged at 19.25% for the six months ended 30 June 2017 (30 June 2016: 20%) representing the best estimate of the average annual effective tax rate expected to apply for the full year, applied to the pre-tax income of the six month period.

Current tax for current and prior periods is classified as a current liability to the extent that it is unpaid. Any amounts paid in excess of amounts owed are classified as a current asset.

8               Related party transactions

Ordinary share dividends totalling £615,502 were paid to Christopher Banks during the period ended 30 June 2017 (2016: £715,290). Christopher Banks was a director of Curtis Banks Group PLC during the period.

Ordinary share dividends totalling £220,431 were paid to Rupert Curtis during the period ended 30 June 2017 (2016: £256,237). Rupert Curtis is a director of Curtis Banks Group PLC.

Ordinary share dividends totalling £114,113 were paid to Paul Tarran during the period ended 30 June 2017 (2016: £132,199). Paul Tarran is a director of Curtis Banks Group PLC.

9               Illustrative condensed consolidated statement of financial position as at 30 June 2017 split between insurance policy holders and the Group's shareholders

ASSETS					£'000		£'000		£'000
					Group Total		Policyholder		Shareholder
Non-current assets
Intangible assets					46,937		-		46,937
Investment property					1,181,385		1,181,385		-
Property, plant and equipment					1,079		-		1,079
Investments					1,987,136		1,987,135		1
					3,216,537		3,168,520		48,017
Current assets
Trade and other receivables					17,382		8,340		9,042
Cash and cash equivalents					428,617		405,849		22,768
					445,999		414,189		31,810
Total assets					3,662,536		3,582,709		79,827
LIABILITIES
Current liabilities
Trade and other payables					13,606		8,619		4,987
Deferred income					10,810		-		10,810
Borrowings					25,183		22,024		3,159
Deferred consideration					384		-		384
Current tax liability					785		-		785
					50,768		30,643		20,125
Non-current liabilities
Borrowings					70,668		54,707		15,961
Deferred consideration					626		-		626
Non-participating investment contract liabilities					3,497,359		3,497,359		-
Deferred tax liability					44		-		44
					3,568,697		3,552,066		16,631
Total liabilities					3,619,465		3,582,709		36,756
Net assets					43,071		-		43,071
Equity attributable to owners of the parent
Issued capital					268		-		268
Share premium					33,425		-		33,425
Equity share based payments					366		-		366
Treasury shares					(250)		-		(250)
Retained earnings					9,253		-		9,253
					43,062		-		43,062
Non-controlling interest					9		-		9
Total equity					43,071		-		43,071

10             Illustrative condensed consolidated statement of cash flows for the six month period ended 30 June 2017 split between insurance policy holders and the Group's shareholders

				£'000 Group Total		£'000 Policyholder		£'000 Shareholder
Cash flows from operating activities
Profit before tax				4,081		-		4,081
Adjustments for:
Depreciation				286		-		286
Amortisation				561		-		561
Interest expense				293		-		293
Share based payment expense				129		-		129
Fair value gains on financial investments				(82,770)		(82,770)		-
Additions of financial investments				(256,994)		(256,994)		-
Disposals of financial investments				277,540		277,540		-
Fair value gains on investment properties				(20,913)		(20,913)		-
Increase in liability for investment  contracts				102,955		102,955		-
Changes in working capital:
Decrease/(increase) in trade and other receivables				69		382		(313)
Increase/(decrease) in trade and other payables				(9,915)		(11,184)		1,269
Taxes paid				(524)		-		(524)
Net cash flows from operating activities				14,798		9,016		5,782
Cash flows from investing activities
Purchase of intangible assets				(56)		-		(56)
Purchase of property, plant & equipment				(71,346)		(71,091)		(255)
Receipts from sale of property, plant & equipment				59,717		59,717		-
Purchase of treasury shares				(250)		-		(250)
Net cash flows from acquisitions				(452)		-		(452)
Net cash flows from investing activities				(12,387)		(11,374)		(1,013)
Cash flows from financing activities
Equity dividends paid				(1,610)		-		(1,610)
Net decrease in borrowings				(19,427)		(17,848)		(1,579)
Interest paid				(267)		-		(267)
Net cash flows from financing activities				(21,304)		(17,848)		(3,456)
Net increase/(decrease) in cash and cash equivalents				(18,893)		(20,206)		1,313
Cash and cash equivalents at the beginning of the period				447,510		426,055		21,455
Cash and cash equivalents at the end of the period				428,617		405,849		22,768

Curtis Banks Group PLC Company information
Directors
Rupert Curtis - Chief Executive Officer
Paul Tarran - Chief Financial Officer Will Self - Deputy Chief Executive Officer
Chris Macdonald - Non Executive Chairman
Bill Rattray - Non Executive Director
Jules Hydleman - Non Executive Director
Company Secretary
Paul Tarran
Founder and Strategic Adviser
Christopher Banks
Registered Office
3 Temple Quay
Temple Back East
Bristol
BS1 6DZ
Registered Number
07934492
Nominated Adviser and Broker
Peel Hunt LLP
Moor House
120 London Wall
London
EC2Y 5ET
Auditor
PricewaterhouseCoopers
2 Glass Wharf
Bristol
BS2 0FR
Solicitors
Roxburgh Milkins
Merchants House North
Wapping Road
Bristol
BS1 4RW
Registrars
Computer Share
The Pavilions
Bridgewater Road
Bristol
BS13 8AE

 

END

 

 

IR UGUMGBUPMGQG