Final Results

RNS Number : 2862W

Schroder Oriental Income Fund Ltd

06 November 2014

 

6 November 2014

ANNUAL REPORT AND ACCOUNTS

Schroder Oriental Income Fund Limited (the "Company") hereby submits its annual financial report for the year ended 31 August 2014 as required by the UK Listing Authority's Disclosure and Transparency Rule 4.1. 

The Company's Annual Report and Accounts for the year ended 31 August 2014 are also being published in hard copy format and an electronic copy will shortly be available to download from the Company's website http://www.schroderorientalincomefund.com.  Please click on the following link to view the document:

The Company has submitted its Annual Report and Accounts to the National Storage Mechanism and it will shortly be available for inspection at www.hemscott.com/nsm.do.

Enquiries:

Louise Richard

Schroder Investment Management Limited                Tel: [phone]

Schroder Oriental Income Fund Limited

Chairman's Statement

Performance

I am pleased to report another strong year for the Company. Despite sterling's strength, the net asset value total return (based on ex-income net asset value) was 10.9% (2013: 15.6%) and the share price total return was 15.2% (2013: 13.0%). These compare with a total return of 11.3% (2013: also 11.3%) for the Reference Index, the MSCI All Countries Pacific ex Japan Index.

The Manager's Review provides a more detailed description of performance, market background and investment outlook for the Company.

Dividends

Revenue earnings per share for the year fell by 7.1% to 8.12 pence per share compared with 8.74 pence per share for the previous year. This decrease was again largely due to the decline in regional currencies relative to sterling during the year.

Three interim dividends totalling 4.50 pence per share have been paid in respect of the year ended 31 August 2014 and the Board has now declared a fourth interim dividend of 3.15 pence per share for the year. This takes total dividends per share for the year ended 31 August 2014 to 7.65 pence, an increase of 2.7% on total dividends of 7.45 pence per share paid in respect of the previous financial year. The fourth interim dividend will be paid on 28 November 2014 to shareholders on the register on 14 November 2014.

Alternative Investment Fund Managers ("AIFM") Directive

In accordance with the AIFM Directive, the Company has, with effect from 17 July 2014, become an Alternative Investment Fund and has appointed Schroder Unit Trusts Limited ("SUTL"), a wholly owned subsidiary of Schroders plc ("Schroders") which has AIFM regulatory permissions, as its Alternative Investment Fund Manager (the "Manager") to provide portfolio management, risk management, administration, accounting and company secretarial services to the Company in accordance with an Alternative Investment Fund Manager Agreement. SUTL has delegated investment management, accounting and company secretarial services to another wholly owned subsidiary of Schroders, Schroder Investment Management Limited.

In addition, the Company has appointed HSBC Bank plc as Safekeeping and Cashflow Monitoring Agent to perform certain duties of a Depositary in accordance with a Depositary Services Agreement pursuant to Article 36 of the AIFM Directive, also with effect from 17 July 2014. An additional fee of 0.9 basis points of net assets will be payable for these services.

Further details of both the Alternative Investment Fund Manager Agreement and the Depositary Services Agreement may be found in the Report of the Directors.

Gearing Policy and AIFM Directive Leverage Limit

During the year under review, the Company renewed its revolving £50 million multi-currency credit facility with Scotiabank Europe PLC for a further year. Gearing stood at 2.1% at the beginning of the year and had increased to 5.1% at 31 August 2014. The level of gearing continues to be monitored closely by the Board and managed as necessary.

The AIFM Directive has introduced a requirement for the Manager to set maximum levels of leverage, using a wider definition than borrowing and including the use of derivatives.

Full details of this leverage limit may be found on the Manager's website at www.schroders.co.uk/its and in the Strategic Report to the 2014 Annual Report.

Issue of Shares and Discount Control Management

Demand for the Company's shares has continued to be strong during the year under review and the asset class has remained attractive for investors. The Board continued to reissue shares from Treasury at a slight premium to asset value in order to provide liquidity to investors and a total of 3,300,000 Ordinary shares were reissued from Treasury during the year. A further 850,000 shares have been reissued from Treasury since the end of the year.

The Board is seeking to renew the existing authorities both to pre-emptively issue shares in the Company and to buy them back, and appropriate resolutions are included in the Notice of the Annual General Meeting. The Board believes that these authorities are valuable tools in the continuing management of the share price volatility relative to net asset value per share.

Outlook

Not only is it pleasing to report another double-digit net asset value total return for the fifth year in a row, the continued interest in your Company's shares is also encouraging. As noted above, market demand has kept the shares trading above net asset value, and we have met some of this demand by issuing shares. Putting this into a longer term context, there are currently 48% more shares in issue than there were at the Company's 2005 launch which, with the portfolio's capital appreciation, makes the net assets nearly three times the size at launch. One consequence is greater liquidity for the shares, allowing larger investors to consider participating in the Company alongside existing shareholders.

It would of course be dangerous to be too triumphalist about this. The Manager's Review mentions a number of risks to the region's markets, and the decline in last year's investment income in sterling terms is a reminder of the short term volatility. Nonetheless, the Company's greater size is, among other things, a reflection of the acceptance among many UK investors of the role Asian income can play in their portfolios.

Annual General Meeting

The Annual General Meeting will be held in Guernsey at 12.00 noon on Thursday, 4 December 2014 and shareholders are invited to attend.

Robert Sinclair

Chairman

5 November 2014

Manager's Review

The net asset value per share of the Company recorded a total return of 10.9% (based on ex-income net asset value) over the 12 months to the end of August 2014. Dividends paid with respect to the year will total 7.65 pence per share (7.45 pence per share for the prior year).

It has been a solid year for the performance of Asian stock markets, which have yielded an 11.3% total return in sterling terms. This is despite marked strength in the pound, which rose significantly against regional currencies, registering a 9% rise versus the Hong Kong dollar and 15% versus the Indonesian Rupiah. The majority of the return came in the second half of the year, aided by a recovery in sentiment on China, continued supportive liquidity conditions and reasonably benign economic data globally, led by a bounce back in the United States following the weather-induced distortions of the first quarter. New Zealand and Taiwan (where the information technology sector was particularly strong) have led the way, while ASEAN markets have generally done well (particularly Thailand and the Philippines), bouncing back from the volatility surrounding the tapering scare of last summer. This strength was supported by evidence that these economies were adapting well to tighter local liquidity with higher policy rates, a stabilisation in foreign currency reserves and an improving export performance. Key laggards were Malaysia, Singapore and Korea.

The year has been marked by some notable political events. In China, the (relatively) new leadership have endeavoured to stamp their authority in setting a new economic direction, with potentially sweeping new policies on urbanisation (reform of the hukou registration system), environmental protection, and SOE restructuring (including official encouragement of higher dividend pay-outs by Government-controlled companies). The drive on official corruption has claimed a number of prominent victims, and has impacted demand in areas as diverse as luxury goods, restaurants and the Macau casino operators. Sentiment, however, remains dominated by perceptions of "official" growth targets and credit conditions, with signs of loosening in the spring leading to a rally in the Chinese equity markets, further aided by announcement of the HK-Shanghai Connect that will facilitate cross-border access to the respective stock markets.

Notable political developments elsewhere included the Thai military coup in May (the tenth since the Second World War) which, following on from six months of flux, was generally well received by investors. Similarly, the election of Joko Widodo as President of Indonesia was seen as a positive development, although the election was less emphatic than expected, and since taking office in October he faces a fractured legislature. In India, the extent of the BJP's victory in the May elections was not anticipated and sparked a further sharp rally in the market led by financials and infrastructure sectors. Finally, in Korea there was much speculation surrounding government proposals to penalise fiscally companies retaining excessive levels of cash, though there were no specific incentives to pay out higher dividends (as opposed to higher capital spending and/or higher wages).

Contrasting sectoral fortunes have been stark in Australia. The generally weak tone of the Australian dollar supported export-oriented companies, although commodity stocks were the notable exception given slowing demand and falling product prices. The incipient weakness in economic activity (further exacerbated by some radical tax reforms from the new Liberal administration) has conditioned a loose monetary stance from the Reserve Bank of Australia, which supported higher-yield domestic stocks.

Portfolio Positioning and Performance

After a difficult first half, the portfolio performed well versus the reference index in the second, and ended the year broadly in line with the reference index for the year as a whole. The key contributors were stock selection in Australia (benefiting from our continued caution on the mining sector), Korea and Singapore. Headwinds were represented by stock selection shortfalls in New Zealand, Taiwan (weakness in telecom stocks) and Hong Kong. Country allocation was generally positive with underweights in China, Korea and Malaysia, and overweights in Thailand and Hong Kong adding value. In sector terms, the main positive contribution came from stock selection in material, energy, industrials and financials.

Australia, Hong Kong, Singapore and Taiwan have remained the main geographic exposures in the portfolio, with Australia and Hong Kong being the main areas where we added over the fiscal year. Thailand remains the most significant emerging ASEAN market, although we reduced exposure modestly over the year. Our biggest under-weightings relative to the reference index remain Korea and China. In sector terms we reduced exposure in consumer, real estate, materials and telecoms, while adding to industrials, information technology, and energy.

Investment Outlook

Arguably the main issue facing investors arises from credit markets rather than equity markets. The latter do not look excessively expensive in valuation terms, but credit markets look like the unnerving mirror image of where they were in 2008. Then, borrowers faced potentially ruinous rates to access credit. Now there appears little discrimination in credit as Spain's borrowing cost converges towards Germany and the US. Meanwhile, it is difficult to ignore the rise in geopolitical risks and continued signs of deflationary pressures, in particular a slower growth trajectory in China. This makes us nervous about predicting short term market direction.

More specific to Asia has been rising investor optimism over government-led economic reform which has become a major theme in China, India, Indonesia and Korea. We wish new leadership in India and Indonesia well, but progress is likely to be very slow going and current euphoria will be subject to severe testing. For Korea, we need to see more convincing evidence of better corporate governance than has been in evidence thus far.

Attention in the region has shifted to China where growth has stabilised amidst a more stimulatory environment in recent months. This has generated a more positive trend for Chinese assets over the summer. The currency has started to appreciate mildly again and property prices have stabilised. While this may appear good news, our firm view is that there is already too much credit in the economy which really needs a sustained period of tightening, not more loosening, to resolve the bad debt problems. There is significant value in China that can be unlocked by reforms and a shift in economic direction but not until some of the past excesses have been recognised.

If the hopes for reform may prove misplaced, there are some positive supports for the region. A combination of steady global economic expansion and falling commodity prices is beneficial to the regional export outlook, and industrial and information technology sectors are important components of the equity markets. National balance sheets are also, in general, sound with high savings rates, foreign exchange reserves and positive current accounts. These provide reassurance that the longer-term scope for domestic demand growth in Asia remains ample.

At a stock level we continue to believe that the longer-term case for income investing in Asia remains securely based. The equity markets offer a diverse range of countries and sectors where solid income stocks can be found, and we take comfort in the strong aggregate metrics of the Company's portfolio in terms of superior cash generation, higher than average returns on equity and lower financial gearing.

Schroder Investment Management Limited

5 November 2014

Principal Risks and Uncertainties

The Board has adopted a matrix of key risks which affect its business and has put in place a robust framework of internal control which is designed to monitor those risks and to enable the Directors to mitigate them as far as possible. The matrix and the monitoring system, which have been in place throughout the year and which are reviewed annually by the Board, assist in determining the nature and extent of the risks the Board is willing to take in achieving its strategic objectives. The principal risks are considered to be as follows:

Investment activity and performance

An inappropriate investment strategy (for example in terms of asset allocation or the level of gearing) may result in underperformance against the market and the companies in the peer group. The Board monitors at each Board meeting the Manager's compliance with the Company's Investment Restrictions.

Financial Risk

The Company is exposed to the effect of market and currency fluctuations due to the nature of its business. A significant fall in regional equity markets or substantial currency fluctuations could have an adverse impact on the market value of the Company's underlying investments. The Board considers the portfolio's risk profile at each Board meeting and discusses with the Manager appropriate strategies to mitigate any negative impact of substantial changes in markets or currency.

The Company utilises a credit facility, currently in the amount of £50 million, which increases the funds available for investment through borrowing. Therefore, in falling markets, any reduction in the net asset value and, by implication the consequent share price movement, is amplified by the gearing. The Directors keep the Company's gearing under constant review and impose strict restrictions on borrowings to mitigate this risk. The Company's gearing continues to operate within pre-agreed limits so that it does not exceed 25%.

A full analysis of the financial risks facing the Company is set out in note 19 on pages 37 to 41 of the 2014 Annual Report.

Strategic Risk

Over time investment vehicles and asset classes can become out of favour with investors or may fail to meet their investment objectives. This may be reflected in a wide discount of the share price to underlying asset value. Directors periodically review whether the Company's investment remit remains appropriate and continually monitor the success of the Company in meeting its stated objectives.

Accounting, Legal and Regulatory Risk

Breaches of the UK Listing Rules, Companies (Guernsey) Law 2008, or other regulations with which the Company is required to comply, could lead to a number of detrimental outcomes and damage the Company's reputation. Breaches of controls by service providers, including the Manager, could also lead to reputational damage or loss.

Statement of Directors' Responsibilities

The Directors are responsible for preparing the financial statements in accordance with applicable Guernsey law and generally accepted accounting principles.

Guernsey Company law requires the Directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the Directors should:

•        select suitable accounting policies and then apply them consistently; and

•        make judgments and estimates that are reasonable and prudent.

The Directors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies (Guernsey) Law, 2008 (as amended). They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Each of the Directors, whose names and functions are listed within the Directors and Advisors section on the inside front cover of the 2014 Annual Report, confirms that, to the best of their knowledge:

•        the financial statements, which have been prepared in accordance with International Financial Reporting Standards as adopted in the EU and with the Companies (Guernsey) Law, 2008, give a true and fair view of the assets, liabilities, financial position and the net return of the Company;

•        the Strategic Report includes a fair review of the development and performance of the business and the position of the Company, together with a description of the principal risks and uncertainties that it faces; and

•        the Annual Report and Accounts, taken as a whole, is fair, balanced and understandable and provides the information necessary for shareholders to assess the Company's performance, business model and strategy.

Going Concern

The Directors believe that, having considered the Company's investment objective (see inside front cover of the 2014 Annual Report), risk management policies (see note 19 to the accounts on pages 37 to 41 of the 2014 Annual Report), capital management policies and procedures (see note 20 to the accounts on page 41 of the 2014 Annual Report), expenditure projections, and the fact that the Company's assets comprise readily realisable securities which can be sold to meet funding requirements if necessary, that the Company has adequate resources, an appropriate financial structure and suitable management arrangements in place to continue the operational existence for the foreseeable future. For these reasons, they consider that there is reasonable evidence to continue to adopt the going concern basis in preparing the final statements.

Statement of Comprehensive Income

for the year ended 31 August 2014

			2014			2013
		Revenue	Capital	Total	Revenue	Capital	Total
		£'000	£'000	£'000	£'000	£'000	£'000
Gains on investments at fair value through profit or loss		-	28,387	28,387	-	28,283	28,283
Net foreign currency gains		-	210	210	-	2,786	2,786
Income from investments		21,074	878	21,952	19,878	-	19,878
Other income		24	-	24	33	-	33
Total income		21,098	29,475	50,573	19,911	31,069	50,980
Management fee		(887)	(2,070)	(2,957)	(815)	(1,902)	(2,717)
Performance fee		-	(1,786)	(1,786)	-	(2,405)	(2,405)
Other administrative expenses		(566)	(3)	(569)	(614)	(5)	(619)
Profit before finance costs and taxation		19,645	25,616	45,261	18,482	26,757	45,239
Finance costs		(272)	(629)	(901)	(325)	(1,416)	(1,741)
Profit before taxation		19,373	24,987	44,360	18,157	25,341	43,498
Taxation		(1,571)	-	(1,571)	(1,586)	-	(1,586)
Net profit and total comprehensive income		17,802	24,987	42,789	16,571	25,341	41,912
Earnings per share		8.12p	11.40p	19.52p	8.74p	13.36p	22.10p

The "Total" column of this statement represents the Company's Statement of comprehensive Income, prepared in accordance with IFRS. The "Revenue and Capital" columns represent supplementary information prepared under guidance issued by the Association of Investment Companies.

All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued in the year.

Statement of Changes in Equity

for the year ended 31 August 2014

		Treasury	Capital
	Share	share	redemption	Special	Capital	Revenue
	capital	reserve	reserve	reserve	reserves	reserve	Total
	£'000	£'000	£'000	£'000	£'000	£'000	£'000
At 31 August 2012	34,709	-	39	150,374	87,641	17,561	290,324
Issue of shares	28,314	-	-	-	-	-	28,314
Issue of Ordinary shares on conversion of "C" shares	49,765	-	-	-	882	-	50,647
Issue and repurchase of Ordinary shares into Treasury	36,092	(36,092)	-	-	-	-	-
Reissue of Ordinary shares from Treasury	-	468	-	-	-	-	468
Net profit	-	-	-	-	25,341	16,571	41,912
Dividends paid in the year	-	-	-	-	-	(15,739)	(15,739)
At 31 August 2013	148,880	(35,624)	39	150,374	113,864	18,393	395,926
Reissue of Ordinary shares from Treasury	-	6,177	-	-	-	-	6,177
Net profit	-	-	-	-	24,987	17,802	42,789
Dividends paid in the year	-	-	-	-	-	(16,436)	(16,436)
At 31 August 2014	148,880	(29,447)	39	150,374	138,851	19,759	428,456

Balance Sheet

at 31 August 2014

		2014	2013
		£'000	£'000
Non current assets
Investments at fair value through profit or loss		451,605	405,696
Current assets
Receivables		2,490	1,674
Cash and cash equivalents		20,575	18,168
		23,065	19,842
Total assets		474,670	425,538
Current liabilities
Payables		(46,214)	(29,612)
Net assets		428,456	395,926
Equity attributable to equity holders
Share capital		148,880	148,880
Treasury share reserve		(29,447)	(35,624)
Capital redemption reserve		39	39
Special reserve		150,374	150,374
Capital reserves		138,851	113,864
Revenue reserve		19,759	18,393
Total equity shareholders' funds		428,456	395,926
Net asset value per share		193.44p	181.46p

Cash Flow Statement

for the year ended 31 August 2014

	2014	2013
	£'000	£'000
Operating activities
Profit before finance costs and taxation	45,261	45,239
Less exchange gains on foreign currency bank loan	(109)	(3,042)
Less gains on investments at fair value through profit or loss	(28,387)	(28,283)
Net purchases of investments at fair value through profit or loss	(17,564)	(78,043)
Increase in receivables	(854)	(478)
Increase in payables	207	1,044
Overseas taxation paid	(1,491)	(1,615)
Net cash outflow from operating activities before interest	(2,937)	(65,178)
Interest paid	(827)	(1,267)
Finance costs paid relating to "C" shares	-	(877)
Net cash outflow from operating activities	(3,764)	(67,322)
Financing activities
Net bank loans drawn down	16,430	5,700
Reissue of Ordinary shares from Treasury	6,177	468
Issue of Ordinary shares	-	64,406
Gross proceeds of "C" share issue	-	50,854
Repurchase of Ordinary shares into Treasury	-	(36,092)
Dividends paid	(16,436)	(15,739)
Net cash inflow from financing activities	6,171	69,597
Increase in cash and cash equivalents	2,407	2,275
Cash and cash equivalents at the start of the year	18,168	15,893
Cash and cash equivalents at the end of the year	20,575	18,168

Notes to the Accounts

1. Accounting Policies

Basis of accounting

The accounts have been prepared in accordance with the Companies Guernsey Law 2008 and International Financial Reporting Standards ("IFRS"), which comprise standards and interpretations approved by the International Accounting Standards Board ("IASB"), together with interpretations of the International Accounting Standards and Standing Interpretations Committee approved by the International Accounting Standards Committee ("IASC"), that remain in effect and to the extent that they have been adopted by the European Union.

Where consistent with the requirements of IFRS, the Directors have sought to prepare the financial statements on a basis compliant with presentational guidance set out in the statement of recommended practice for investment trust companies (the "SORP") issued by the Association of Investment Companies in January 2009.

The policies applied in these accounts are consistent with those applied in the preceding year.

The Company's share capital is denominated in Sterling and this is the currency in which its shareholders operate and expenses are generally paid. The Board has therefore determined that Sterling is the functional currency and the currency in which the accounts are presented.

The accounts have been prepared on the going concern basis. The disclosures on going concern in the Report of the Directors on page 19 of the 2014 Annual Report form part of these financial statements.

2. Income

	2014	2013
Revenue:	£'000	£'000
Income from investments:
Overseas dividends	21,074	19,875
Overseas stock dividends	-	3
	21,074	19,878
Other income
Deposit interest	24	33
Total income	21,098	19,911
Capital:
Special dividend allocated to capital	878	-

3. Management and performance fees

		2014			2013
	Revenue	Capital	Total	Revenue	Capital	Total
	£'000	£'000	£'000	£'000	£'000	£'000
Management fee	887	2,070	2,957	815	1,902	2,717
Performance fee	-	1,786	1,786	-	2,405	2,405
	887	3,856	4,743	815	4,307	5,122

The basis for calculating the management fee and performance fee is set out in the Report of the Directors on page 17 of the 2014 Annual Report.

4. Dividends

	2014	2013
	£'000	£'000
Dividends paid and declared
Second interim dividend of 4.10p in respect of the year ended 31 August 2012	-	7,327
First interim dividend of 2.95p in respect of the year ended 31 August 2013	-	5,551
Second interim dividend of 1.50p in respect of the year ended 31 August 2013	-	2,861
Third interim dividend of 3.00p in respect of the year ended 31 August 2013	6,560	-
First interim dividend of 1.50p in respect of the year ending 31 August 2014	3,283	-
Second interim dividend of 1.50p in respect of the year ending 31 August 2014	3,283	-
Third interim dividend of 1.50p in respect of the year ending 31 August 2014	3,310	-
Total dividends paid in the year	16,436	15,739
	2014	2013
	£'000	£'000
Fourth interim dividend declared of 3.15p (2013: third interim dividend of 3.00p)	6,977	6,546

With effect from 31 May 2013, dividends have been paid on a quarterly basis.

The third interim dividend declared in respect of the year ended 31 August 2013 differs from the amount actually paid due to shares issued after the balance sheet date but prior to the share register record date.

5. Earnings per share

	2014	2013
	£'000	£'000
Net revenue profit	17,802	16,571
Net capital profit	24,987	25,341
Net total profit	42,789	41,912
Weighted average number of Ordinary shares in issue during the year	219,238,697	189,641,302
Revenue earnings per share	8.12p	8.74p
Capital earnings per share	11.40p	13.36p
Total earnings per share	19.52p	22.10p

6. Net asset value per share

	2014	2013
Net assets attributable to shareholders (£'000)	428,456	395,926
Shares in issue at the year end	221,491,574	218,191,574
Net asset value per share	193.44p	181.46p

7. Related Party Transactions

The Company has appointed Schroder Unit Trusts Limited ("the Manager"), a wholly owned subsidiary of Schroders plc, to provide investment management, accounting, secretarial and administration services. Details of the management and performance fee agreement are given in the Report of the Directors on page 17 of the 2014 Annual Report. The management fee payable in respect of the year amounted to £2,957,000 (2013: £2,717,000), of which £1,547,000 (2013: £730,000) was outstanding at the year end. The Company Secretarial fee payable to the Manager amounted to £75,000 (2013: £75,000) of which £37,500 (2013: £29,000) was outstanding at the year end. A performance fee amounting to £1,786,000 (2013: £2,405,000) was payable in respect of the year and the whole of this amount (2013: same) was outstanding at the year end.

If the Company invests in funds managed or advised by the Manager or any of its associated companies, any fees earned by the Manager from those funds is deducted from the management fee payable by the Company. There have been no such investments during the current or comparative year.

Details of Mr Sherwell's connections with the Manager are given on page 16 of the 2014 Annual Report.

The Directors of the Company received fees for their services and details are given in the Remuneration Report on page 24 of the 2014 Annual Report.

Details of Directors' shareholdings in the Company are given in the Report of the Directors on page 16 of the 2014 Annual Report.

8. Status of announcement

2013 Financial Information

The figures and financial information for 2013 are extracted from the published Annual Report and Accounts for the year ended 31 August 2013 and do not constitute the statutory accounts for that year. The 2012 Annual Report and Accounts have been delivered to the Registrar of Companies and included the Report of the Independent Auditors which was unqualified and did not contain a statement under either section 498(2) or section 498(3) of the Companies Act 2006.

2014 Financial Information

The figures and financial information for 2013 are extracted from the Annual Report and Accounts for the year ended 31 August 2014 and do not constitute the statutory accounts for the year. The 2014 Annual Report and Accounts include the Report of the Independent Auditors which is unqualified and does not contain a statement under either section 498(2) or section 498(3) of the Companies Act 2006. The Annual Report and Accounts will be delivered to the Registrar of Companies in due course.

Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.

 

END

 

 

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