Preliminary Results

RNS Number : 9139R
Fevertree Drinks PLC
14 March 2016
 

14th March 2016

 

Fevertree Drinks plc ("Fever-Tree")

 

Preliminary Results

 

Fever-Tree, the world's leading supplier of premium carbonated mixers, today announces its Preliminary Results for the year ended for 31 December 2015.

 

Financial highlights1:

 

·      Revenue up 71% to £59.3m (2014: £34.7m)

·      Gross profit margin of 52.1% (2014: 50.9%)

·      Adjusted EBITDA up 82% to £18.2m (2014: £10.0m)

·      Robust balance sheet with net cash at year end of £11.6m (2014: £3.3m)

·      Diluted EPS of 11.48 pence (2014: 1.54 pence)

·      Final dividend of 2.30 pence per share recommended to shareholders, bringing total dividend to 3.08 pence per share (2014: 0.30 pence per share)

 

Operational highlights:

 

·      Sales growth achieved across all regions and all flavours

·      Significant distribution gains in both the On & Off-Trade in the UK

·      New UK Off-Trade listing with Marks & Spencer

·      Successful launch of 150ml can format

·      Listing of 150ml cans in British Airways First Class and Club World cabins as well as lounges throughout the UK

·      Continued strong growth in Ginger Beer & Tonic sales in the USA

·      Appointment of International Director and Supply Chain Director

·      Named the no.1 best-selling and no.1 trending tonic water in Drinks International's survey of world's top 250 bars

 

Post-period highlights:

 

·      Listing of 150ml Naturally Light Tonic Water cans with easyJet

 

Charles Rolls, Executive Deputy Chairman of Fever-Tree said:

 

"Fever-Tree's on-going success is driven by a global consumer desire and demand to drink premium mixers to complement their premium spirits, and our strong first mover advantage. We are increasingly well positioned to take advantage of the growth in both the On and Off-Trade in all geographies with the brand's growing international reputation. We maintain that the premium segment is still in its infancy and will continue to outperform the other drinks categories as global cross-category premiumisation continues to gain prominence."

 

Tim Warrillow, CEO of Fever-Tree said:

 

"2015 was an exceptional first full year for Fever-Tree as a public company in which we continued to strengthen our reputation as the leading international premium mixer brand. In our tenth year of trading we achieved a 71% increase in revenue and 82% increase in adjusted EBITDA, underpinned by strong, improving margins. Growth was strong across all of our four main geographical regions illustrating the global appeal of the brand.  We have had an encouraging start to 2016 and look forward to the future with confidence."

 

 

1 The Preliminary Results refer to adjusted EBITDA and adjusted operating cash flow. Adjusted EBITDA for the year ended December 31 2015 is operating profit of £17.3m before depreciation of £0.1m, amortisation of £0.7m and share based payment charges of £0.1m. Adjusted operating cash flow at 31 December 2015 is cash generated from operations of £12.9m

 

For further information:

 

Fevertree Drinks plc

c/o FTI +44 (0)20 3727 1000

Tim Warrillow, Co-founder and CEO

 

Charles Rolls, Co-founder and Executive Deputy Chairman

 

Andy Branchflower, Finance Director

 

 

 

FTI Consulting - Financial PR

+44 (0)20 3727 1000

Jonathon Brill

fever-tree@fticonsulting.com

Oliver Winters

 

Tom Hufton

 

 

 

Investec Bank plc - Nominated Adviser and Broker

+44 (0)20 7597 4000

Garry Levin

 

Symmie Swil

 

Matt Lewis

 

David Anderson

 

 

Notes to Editors:

 

Fever-Tree is the world's leading supplier of premium carbonated mixers for alcoholic spirits by retail sales value, with distribution to over 50 countries worldwide. Based in the UK, the brand was launched in 2005 to provide high quality mixers which could cater to the growing demand for premium spirits, in particular gin, but also increasingly for vodka, rum and whisky. The Company now sells a range of carbonated mixers to hotels, restaurants, bars and cafes ("On-Trade") as well as selected retail outlets ("Off-Trade"). Approximately 65 per cent of the Group's sales were derived from outside of the UK in financial year 2015, with key overseas markets in the US and Europe.

 

CHAIRMANS STATEMENT 2016

Overview

 

2015 was a notable one for Fever-Tree with the Group achieving sales growth of 71% in its tenth year of trading and its first full financial year as a public company.

 

Results

 

The Group delivered strong results in 2015, with revenue of £59.3 million reflecting a 71% increase compared to 2014. It was pleasing to note that high rates of growth were achieved across all regions and across all flavours and formats, although of particular note is the exceptional performance achieved in the UK, the Group's longest established market, where revenues increased by 84% following a particularly strong second half of the year.  The Group's growth was underpinned by improving margins, with adjusted EBITDA increasing to £18.2m (2014: £10.0m) notwithstanding net foreign exchange headwinds.

 

Dividend

 

The Board is pleased to recommend a final dividend of 2.30 pence per share, bringing the total dividend for 2015 to 3.08 pence per share (2014: 0.30 pence per share).  If approved by the shareholders at the AGM on 21 April 2016, it will be paid on 6 May 2016 to shareholders on the register on 8 April 2016.

 

People

 

It continues to be a great privilege for me to work alongside my fellow Board members and a passionate founder-led executive management team who have made the business the success it is today. Our team continues to grow and  I am pleased to note that in 2015 we  recruited an International Director and Supply Chain Director. These appointments have further strengthened the team and will provide experienced support to the executive management. 

 

Fever-Tree remains a dynamic business driven by a small team of talented individuals and on behalf of the Board and all shareholders, I would like to record our thanks for their fantastic contribution to our continued success.

 

Outlook

 

We have had an encouraging start to 2016, the outlook for the Group remains positive and believe that the continued implementation of our strategy will allow us to build on the success of 2015.  As ever, there remains much to do, and I very much look forward to working with my Board colleagues and the wider Fever-Tree team to continue to deliver growth.

 

 

 

Bill Ronald

Chairman

 

STRATEGIC REPORT

CHIEF EXECUTIVE'S REPORT

At the end of our first full year of trading as a public company, I am pleased to be able to report on an exceptional year for Fever-Tree. We achieved revenue of £59.3m, representing growth of 71% on 2014.  It is particularly encouraging that notable sales growth has been achieved across all regions and all flavours, illustrating both the global appeal of the brand and the extent to which our product range is both complementing and helping to drive the well-established and accelerating premiumisation trend that is transforming the spirits category. 

 

The revenue growth was underpinned by strengthening margins, with a gross profit margin of 52.1% and adjusted EBITDA margin of 30.7%, resulting in £18.2m of adjusted EBITDA generated in the year, growth of 82% on 2014. We ended the year with a robust balance sheet and net cash of £11.6m, an increase of £8.2m on last year.

 

Regional review

We consider our global sales across four regions, being the UK, USA, Rest of Europe ("Europe"), and Rest of the World ("RoW"). 

Following the strong growth in the UK this year it now represents 35% of sales, with 65% of sales generated overseas, reflecting the global appeal of the Fever-Tree brand. 

UK

 

In our largest and longest established market the Group achieved exceptional sales growth of 84% in 2015, capped by a very strong sales performance over the Christmas period. This was particularly notable given that it was achieved against strong comparatives from the prior year. 

 

UK growth was consistent across both the On-Trade and Off-Trade channels.  The excellent performance in the Off-Trade channel was driven by strong growth at our principal retail customers (Waitrose, Tesco and Sainsbury's) following significant distribution gains and the introduction of the new 150ml can format in the second half of the year.  Underlying organic sales growth was also achieved, aided by an increased frequency of promotional positioning on gondola ends and at the front of stores as our retail partners continued to recognise and reflect the increasing relevance and importance of the brand to the premium mixer category.  This was further evidenced by our listing this year at Marks & Spencer and the listing of our 150ml cans in British Airways First Class and Club World cabins as well as lounges throughout the UKFurthermore post year end we have secured a listing of our 150ml Naturally Light Tonic cans with easyJetSales in the On-Trade, where 59% of UK sales are generated, also grew strongly in 2015 on the back of further significant distribution and continued investment in our On-Trade sales team.

 

Across both channels our range of tonics are stimulating renewed interest in a new wave of gin and tonic, and we are in turn  benefitting from the market dynamic of premium gins in the UK.  Tonics continue to be our best-selling and fastest growing products.  Within this, our Naturally Light Tonic performed particularly strongly with growth of 111% in 2015.

 

USA

 

The strong momentum from 2014 continued this year and we were pleased to achieve growth of 65%, which represented growth of 53% on a constant currency basis, adjusting for the strengthening US dollar. Sales in both the On and Off-Trade channels grew strongly.  The popularity of the "Moscow Mule" cocktail continued to drive strong growth in Ginger Beer sales in 2015, which now represent almost 40% of sales in the USA.  However, it was also particularly encouraging that sales growth across our Tonic range was in line with Ginger Beer growth in 2015, reflecting the rising popularity of a premium gin and tonic in the region, on which Fever-Tree is increasingly well placed to capitalise.   

 

Europe

 

Sales growth of 66% was achieved in the region in 2015, which represented growth of 82% on a constant currency basis, adjusting for the weakening Euro.  This exceptional growth continued to be driven by the premium gin and tonic trend sweeping across Western Europe, as demonstrated by the rapid growth in key western European territories including Belgium, the Netherlands, Germany and Italy.  This year we also introduced an initiative to increase penetration within the Off-Trade channel, which resulted in significant new retail listings being achieved in 2015.  These new listings drove a step change in distribution which had a notable positive impact on 2015 sales growth.

 

RoW

 

Growth of 50% was achieved in the region, with which the key territories currently are Canada, Australia and Colombia.  A further 23 territories are also included within this region, however  whilst they provide potential for growth in the future they are not expected to be a significant driver of growth in the short term. 

 

Operational review

 

The Group operates an outsourced business model ensuring minimum capital expenditure requirements and strong cash conversion rates.  Manufacturing and distribution is completely outsourced, with the Group responsible for arranging for the delivery of key ingredients, water, glass, cans and packaging to a manufacturer who bottles or cans the final product from these component parts. 

 

The Group primarily uses a single UK bottler, which retains sufficient manufacturing capacity to cater for our near term growth, with scope to increase capacity in future. In addition to this, during 2015 the Group also began using a second UK bottler for contingency purposes, began manufacturing 150ml cans with a Netherlands-based canner and continued to bottle locally in Germany with the reusable glass bottles required in that market. 

 

Therefore, the Group now works with four different partners to manufacture its products, which underlines the flexibility of the outsourced model and its ability to scale and fulfil the production demands generated by the strong growth that the Group is achieving.  This model enables the Group to grow without the requirement for significant capital investment and allows the  management to focus on realising strategic growth opportunities.

 

The outsourced model also allows the Group to retain relatively low levels of central overhead and headcount.  The addition of an International Director and Supply Chain Director has added expertise and experience in key areas, providing further support to the executive management team.

 

Market developments

 

The Group remains the pioneer and market leader of the premium mixer category, in both market share (estimated to be c.50% globally - EY, September 2014), and reputation. For the second year running Drinks International's survey of the world's top 250 bars stated the Fever-Tree brand was the no.1 best-selling and no.1 trending tonic water.

 

We strongly believe that the established trend towards spirits premiumisation will continue, which is expected to provide ongoing support for Fever-Tree's range of products across regions and channels.  For instance, in the UK, sales of premium gin have grown by a third since 2010 and it is estimated that premium gin could represent 33% of the UK gin category by 2017 (Nielsen).   

 

The trend to premiumisation is being buoyed by the marketing efforts of the premium spirit producers and supported by the On and Off-Trade market who are increasing their focus on both higher margin premium products and the mixability of these products.

 

We believe that as the premium spirits market further develops both in the Group's core markets as well as new territories, demand for premium mixers will continue to grow and as such we remain confident about the future opportunities for the Group.

 

Outlook

 

We have had an encouraging start to 2016 and look forward to the future with confidence. 

 

 

 

Tim Warrillow

Chief Executive

 

FINANCIAL REVIEW

Revenue

Revenue grew by 71% from £34.7m to £59.3m, underpinned by growth across regions, flavours and channels as outlined in the Chief Executive's report.

Gross margin and operating expenses

 

In 2015, despite net foreign exchange headwinds, gross margin improved to 52.1% (2014: 50.9%), primarily driven by production and logistics efficiencies that the Group was able to achieve given the significant increase in sales volumes during the year.

 

Underlying operating expenses2 reduced as a proportion of revenue to 21.4% (2014: 22.0%).  As expected, the Group's central overheads did not scale in line with revenue growth in 2015, however, savings generated were largely offset by increased investment in marketing spend. 

 

The 1.2% improvement in gross profit margin combined with the 0.6% reduction in underlying operating expenses resulted in an improved adjusted EBITDA margin of 30.7% (2014: 28.9%) and adjusted EBITDA growth of 82% to £18.2m (2014: £10.0m).

 

Exceptional costs

 

There were no exceptional costs reported in 2015.  The 2014 exceptional costs of £1.1m were the fees associated with the listing on AIM.

 

Finance expenses

 

The 2015 finance expenses of £0.5m included £0.2m in relation to a release of the bank loan arrangement fee which, following the refinancing of the bank debt after the period-end, in January 2016, will not be on-going.

 

The 2014 finance expenses of £5.6m included £4.0m of shareholder loan note interest expense incurred prior to the IPO in November 2014.  The shareholder loan notes were converted to equity immediately prior to the IPO and so this expense is not on-going.  In addition, the conversion of the shareholder loan notes to equity triggered a one-off £1.1m release of the shareholder loan note arrangement fee in 2014 which again is not on-going.  The on-going expense incurred on the Group's bank loans in 2014 was £0.4m.

 

Tax

 

The effective tax rate in 2015 was 20.46%

 

The effective tax rate in 2014 was 48.6% and was influenced by the level of exceptional costs in each year, as well as the proportion of investor loan note interest deemed to be deductible in line with the Advanced Thin Capitalisation Agreement with HMRC. 

 

Earnings per share and dividends

 

The basic earnings per share for the year are 11.57 pence and the diluted earnings per share for the year are 11.48 pence

 

In order to compare earnings per share year on year, the weighted average number of shares in issue in 2014 has been restated on a pro-forma basis to reflect the post-IPO share capital structure.  The adjustment assumes the total shares issued post-IPO were in issue throughout all of 2014.  In addition, earnings have been adjusted to exclude amortisation, shareholder loan note interest and exceptional items, and the statutory tax rates have been applied (disregarding other tax adjusting items).

 

On this basis, normalised earnings per share for 2015 were 12.10 pence per share and for 2014 were 6.46 pence per share, an increase of 87%.

 

The Board is recommending a final dividend of 2.30 pence per share in respect of 2015 (2014: 0.30 pence per share), which brings the total dividend for 2015 to 3.08 pence per share (2014: 0.30 pence per share).  If approved by the shareholders at the AGM on 21 April 2016, it will be paid on 6 May 2016 to shareholders on the register on 8 April 2016.

 

Cash position

 

The Group had net cash of £11.6m at year end, with £17.6m of cash at the bank offset by £6.1m of bank loans.  In addition the Group has access to a £2m revolving credit facility provided by Lloyds Bank plc.  In January 2016 the bank loans were refinanced to a £10m revolving credit facility of which £6.1m will be drawn. 

 

Working capital

 

Working capital increased by £5.3m during 2015.  This is a 63% increase in working capital compared to revenue growth of 71%.  The level of working capital held at year end included notably elevated levels of trade receivables (109% increase on 2014), which is partly due to the very strong trading performance in December.  Despite this build in trade receivables at year end, adjusted operating cash flow remains strong at 71% of adjusted EBITDA, albeit with significant cash balances to be collected in 2016 on the back of the strong Christmas trading.

 

Capital expenditure

 

Due to the Group's outsourced business model, capital expenditure requirements are low.  The main area of capital expenditure in 2015 was the £0.4m spent on crates used to transport re-usable bottles within Germany, reflecting the strong growth achieved in that territory in the year.  In future, as crates are returned more rapidly from local distributors it is expected that the level of investment required in crates relative to incremental revenue in Germany will decrease.

 

Performance indicators

 

The Group monitors its performance through a number of key indicators.  These are formulated at Board meetings and reviewed at both operational and Board level. 

 

Revenue growth %

 

Group revenue growth was 70.8% in 2015 which was ahead of Board expectations (2014: 48.9%)

 

Gross margin %

 

The Group achieved a gross margin of 52.1% in 2015 which was ahead of Board expectations (2014: 50.9%)

 

Adjusted EBITDA margin%

 

The Group achieved an adjusted EBITDA margin of 30.7% which was ahead of Board expectations (2014: 28.9%)

 

 

Andrew Branchflower

Finance Director

 

2 Underlying operating expenses are defined as administrative expenses less share based payment charges, depreciation, amortisation and exceptional items

 

 

Fevertree Drinks plc

Consolidated statement of comprehensive income

For the year ended 31 December 2015

 

 

 

Year ended

Year ended

 

31 December

31 December

 

 

2015

2014

 

 

£

£

Revenue

 

59,252,617

34,691,034

 

 

 

 

Cost of sales

 

(28,377,765)

(17,028,408)

 

 

 

 

 

 

 

 

Gross profit

 

30,874,852

17,662,626

 

 

 

 

Administrative expenses

 

(13,606,120)

(9,574,793)

 

 

 

 

Adjusted EBITDA*

 

18,182,469

10,014,943

Depreciation

 

(123,924

(84,263)

Amortisation

 

(720,000)

(717,041)

Share based payment charges

 

(69,813)

(9,833)

Exceptional items

 

-

(1,115,973)

 

 

 

 

Operating profit

 

17,268,732

8,087,833

 

 

 

 

Finance costs

 

 

 

Finance income

 

27,970

9,222

Finance expense

 

(536,189)

(5,575,813)

 

 

 

 

 

 

 

 

Profit before tax

 

16,760,513

2,521,242

 

 

 

 

Tax expense

 

(3,429,730)

(1,224,831)

 

 

 

 

Profit for the year and comprehensive income attributable to equity holders of the parent company

 

13,330,783

1,296,411

 

 

 

 

 

 

 

 

Earnings per share for profit attributable to the owners of the parent during the year

 

 

 

Basic (pence)

 

11.57

1.54

Diluted (pence)

 

11.48

1.54

 

 

 

 

 

* Adjusted EBITDA is earnings before interest, tax, depreciation, amortisation, exceptional items, share based payment charges and finance costs.

 

Fevertree Drinks plc

Consolidated statement of financial position

At 31 December 2015

 

 

 

31 December

31 December

 

 

2015

2014

 

 

£

£

Non-current assets

 

 

 

Property, plant and equipment

 

589,410

351,699

Intangible assets

 

43,850,655

44,570,655

Total non-current assets

 

44,440,065

44,922,354

 

 

 

 

Current assets

 

 

 

Inventories

 

6,376,673

4,346,168

Trade and other receivables

 

16,796,154

8,390,202

Derivative financial instruments

 

-

11,051

Cash and cash equivalents

 

17,641,024

9,583,313

Total current assets

 

40,813,851

22,330,734

 

 

 

 

Total assets

 

85,253,916

67,253,088

 

 

 

 

Current liabilities

 

 

 

Trade and other payables

 

(9,256,511)

(4,387,498)

Loans and borrowings

 

(936,086)

(364,445)

Corporation tax liability

 

(1,642,096)

(658,604)

Derivative financial instruments

 

(267,718)

-

Total current liabilities

 

(12,102,411)

(5,410,547)

 

 

 

 

Non-current liabilities

 

 

 

Loans and borrowings

 

(5,137,500)

(5,895,828)

Deferred tax liability

 

(2,590,959)

(2,679,661)

Total non-current liabilities

 

(7,728,459)

(8,575,489)

 

 

 

 

Total liabilities

 

(19,830,870)

(13,986,036)

 

 

 

 

Net assets

 

65,423,046

53,267,052

 

 

 

 

Equity attributable to equity holders of the company

 

 

 

Share capital

 

288,102

288,102

Share premium

 

53,521,386

53,521,386

Capital Redemption Reserve

 

93,189

93,189

Retained earnings

 

11,520,369

(635,625)

 

 

 

 

Total equity

 

65,423,046

53,267,052

 

Fevertree Drinks plc

Consolidated statement of changes in equity

For the year ended 31 December 2015

 

 

Share

Share

Capital Redemption

Retained

Total

 

capital

premium

Reserve

earnings

 

 

£

£

£

£

£

Equity as at 31 December 2013

281,321

186,796

-

(1,941,869)

(1,473,752)

 

 

 

 

 

 

Buy back of shares

(93,189)

-

93,189

-

-

Issue of shares

99,970

53,334,590

-

-

53,434,560

Comprehensive income for the year

-

-

-

1,296,411

1,296,411

Share based payments

-

-

-

9,833

9,833

Equity as at 31 December 2014

288,102

53,521,386

93,189

(635,625)

53,267,052

 

 

 

 

 

 

Comprehensive income for the year

-

-

-

13,330,783

13,330,783

Dividends issued

-

-

-

(1,244,602)

(1,244,602)

Share based payments

-

-

-

69,813

69,813

Equity as at 31 December 2015

288,102

53,521,386

93,189

11,520,369

65,423,046

 

Fevertree Drinks plc

Consolidated statement of cash flows

For the year ended 31 December 2015

 

Year ended

Year ended

31 December

31 December

 

2015

2014

 

£

£

Operating activities

 

 

Profit/(loss) before tax

16,760,513

2,521,242

Finance expense

536,189

5,575,813

Finance income

(27,970)

(9,222)

Depreciation of property, plant and equipment

123,925

84,263

Amortisation of intangible assets

720,000

717,041

Share based payments

69,813

9,833

 

18,182,470

8,898,970

 

 

 

(Increase) in trade and other receivables

(8,405,952)

(2,401,730)

(Increase) in inventories

(2,030,505)

(1,804,395)

Increase/ in trade and other payables

5,143,693

1,482,143

 

(5,292,764)

(2,723,982)

Cash generated from operations before exceptional items

12,889,706

7,290,961

Exceptional items

-

(1,115,973)

Cash generated from operations

12,889,706

6,174,988

 

 

 

Income taxes paid

(2,534,707)

(1,320,121)

 

 

 

Net cash flows from operating activities

10,354,999

4,854,867

 

 

 

Investing activities

 

 

Purchase of property, plant and equipment

(361,635)

(267,723)

Net cash used in investing activities

(361,635)

(267,723)

 

 

 

Financing activities

 

 

Interest (paid)

(294,021)

(1,459,545)

Interest received

27,970

9,222

Loans repaid

(425,000)

(350,000)

Loan note repaid

-

(49,991,087)

Shares issued (net of fees allocated against equity)

-

53,434,561

Dividendspaid

(1,244,602)

-

Net cash used in financing activities

(1,935,653)

1,643,151

 

 

 

Net increase in cash and cash equivalents

8,057,711

6,230,295

 

 

 

Cash and cash equivalents at beginning of period

9,583,313

3,353,018

 

 

 

Cash and cash equivalents at end of period

17,641,024

9,583,313

 

Notes to the preliminary financial statements

 

Basis of preparation

The Group's consolidated financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS") and IFRC Interpretations issued by the International Accounting Standards Board as adopted by the European Union and with those parts of the Companies Act 2006 applicable to companies preparing their financial statements under IFRS.

 

The financial information set out above does not constitute the company's statutory accounts for 2015 or 2014. Statutory accounts for the years ended 31 December 2015 and 31 December 2014 have been reported on by the Independent Auditors.  The Independent Auditors' Report on the Annual Report and Financial Statements for 2015 and 31 December 2014 was unqualified, did not draw attention to any matters by way of emphasis, and did not contain a statement under 498(2) or 498(3) of the Companies Act 2006.

 

Statutory accounts for the year ended 31 December 2014 have been filed with the Registrar of Companies. The statutory accounts for the year ended 31 December 2015 will be delivered to the Registrar in due course.

 

Operating Segments

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision maker has been identified as the management team including the Chief Executive Officer, Executive Deputy Chairman and Chief Financial Officer.

 

The Board considers that although the Group's activity is generated from global sales across four regions (as shown in the Chairman's statement), there is ultimately one overarching reporting and operating segment as defined under IFRS 8.  Management reviews the performance of the Group by reference to total results against budget.

 

The total profit measures are operating profit, adjusted EBITDA and profit for the year, both disclosed on the face of the consolidated statement of comprehensive income. No differences exist between the basis of preparation of the performance measures used by management and the figures in the Group financial statements.

 

Earnings/ (loss) per share

Basic earnings per ordinary share are calculated using the weighted average number of ordinary shares in issue during the financial year of 115,240,896 (31 December 2014: 83,934,200). In the prior year, the weighted average number of ordinary shares in issue has been adjusted retrospectively for the subdivision of shares. Diluted earnings per ordinary share are calculated with reference to 116,094,588 (31 December 2014: 84,068,082) ordinary shares. The effect of the exercise of options on the weighted average number of ordinary shares in issue is 853,692 (31 December 2014: 133,822).

 

Annual General Meeting

The annual general meeting will be held on 21 April 2016 at FTI Consulting, 200 Aldersgate, Aldersgate Street, London, EC1A 4HD at 17.00

 


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