Annual Financial Report

RNS Number : 9576J

Schroder UK Mid Cap Fund PLC

22 December 2015

 

22 December 2015

ANNUAL REPORT AND ACCOUNTS

Schroder UK Mid Cap Fund plc (the "Company") hereby submits its annual financial report for the year ended 30 September 2015 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 30 September 2015 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.schroderukmidcapfund.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]

Chairman's Statement

Performance

Following a strong run of outperformance over many years it is disappointing to report underperformance for the year ended 30 September 2015. At the same time the mid cap sector enjoyed a period of strong growth. During the year under review, the Company's net asset value produced a total return of 8.2%, compared to a total return of 12.7% for the Company's benchmark, the FTSE 250 (ex-Investment Companies) Index. The Company's share price produced a total return of 5.0% during the year on weaker market sentiment.

These results reflect the impact of poor commodities prices on a number of stocks with exposure to the oil sector. Long term performance remains strong: the Company has outperformed the benchmark over the 12 years since Schroders assumed the investment management role.

The Manager's Review on pages 6 and 7 of the 2015 Annual Report provides greater detail on performance, market background and investment outlook for the Company.

Revenue return and dividends

I am pleased to report that income generated by the portfolio increased slightly during the year under review: revenue return per share increased by 1.2% from 9.70 pence per share to 9.82 pence per share.

The Directors recommend the payment of a final dividend of 6.70 pence per share for the year ended 30 September 2015, which, together with the interim dividend of 2.50 pence per share paid during the year, makes a total dividend for the year of 9.20 pence per share and represents an increase of 8.2% over dividends declared in respect of the previous financial year.

A resolution approving the payment of the final dividend for the year ended 30 September 2015 will be proposed at the forthcoming Annual General Meeting. If passed, the dividend will be paid on 12 February 2016 to shareholders on the register on 4 January 2016.

Gearing facility

During the year, the Company renewed its £15 million revolving credit facility with Scotiabank (Europe) Plc. At the beginning of the year, the Company held net cash of 4.4%, which had increased to 6.1% at the year end.

While the Company remains ungeared at the date of this Statement, the Board considers that the flexibility to utilise gearing remains an important tool in allowing the Manager to pursue investment opportunities when appropriate. To this end, parameters for the use of gearing have been established and these are reviewed

regularly by the Board. The Company's gearing continues to operate within pre-agreed limits so that gearing does not represent more than 25% of total assets.

Purchase of shares for cancellation and discount management

The discount of the Company's share price to underlying net asset value widened during the year under review, standing at 6.4% at the start of the year and at 9.3% on 30 September 2015. The average discount for the year was 9.0% and ranged

between 4.0% and 15.1%.

At the Company's last Annual General Meeting held on 30 January 2015, the Company was granted authority to purchase up to 14.99% of its issued share capital for cancellation or for holding in Treasury. During the year ended 30 September 2015, the Company did not purchase any shares for cancellation or for holding in Treasury.

The decision whether to purchase shares is considered in Board discussions. Whilst share buy-backs are one method of addressing discount levels, their effectiveness depends on the size and nature of the share register.

Your Board believes that the most sustainable way to close the share price discount is to increase demand for the Company's shares by effective marketing over the longer term, and a continuation of the Company's strong long-term performance track record. In the meantime, the Board will continue to consider on a regular basis whether share purchases should be made, alongside other means of discount control. To provide maximum flexibility for the future, it is proposed that the existing authority be renewed at the forthcoming Annual General Meeting.

Lead portfolio manager stepping down in 2016

As announced on 6 October 2015, Rosemary Banyard has decided to leave Schroders, and will be stepping down as the Company's lead portfolio manager with effect from 31 March 2016. Rosemary will continue to manage the portfolio until that time, following which Andy Brough, who has co-managed the portfolio with Rosemary since Schroders was appointed Manager in May 2003, will assume lead manager responsibility for it.

I would like to take this opportunity on behalf of the Board to thank Rosemary for her contribution to the Company's success and to wish her well for the future.

Retirement of Director

As part of the Board's planned refreshment, Rachel Beagles will retire from the Board at the Annual General Meeting and will not seek re-election as a Director of the Company.

On behalf of the Board, I would like to take this opportunity thank Rachel for her invaluable contribution to the deliberations of the Board and her leadership of the Audit Committee.

The Board has commenced the search for a new Director with a view to making an appointment early in 2016. Andrew Page will succeed Rachel as Chairman of the Audit Committee.

Outlook

One of the most impressive parts of the year under review has been simply how strong mid cap shares have been. It has been a year of growing uncertainties about the prospects for growth around the world, collapsing commodity prices, and in some cases new political risks. Most UK large cap shares are lower than a year ago, but mid cap shares in aggregate are close to their all-time highs.

We remain very optimistic about the longer term future for a carefully selected portfolio of mid cap shares; the Company's history has shown how much money can be made if the selection is good enough, given the wide range of opportunities. Having regard to current market valuations however, the Board and your Manager remain reluctant to use the gearing facility in the short term.

Annual General Meeting

The Company's Annual General Meeting will be held at 12.00 noon on 10 February 2016 and shareholders are encouraged to attend. The meeting will include a presentation by the Manager on the prospects for the UK market and the Company's investment strategy.

Eric Sanderson

Chairman

21 December 2015

Manager's Review

As noted in the Chairman's Statement, over the 12 months to 30 September 2015, the Company's net asset value per share produced a total return of 8.2%. This compared with a total return of 12.7% for the FTSE 250 (ex-investment Companies) Index.

From 1 May 2003 (when Schroders took responsibility for the management of the portfolio) to 30 September 2015, the net asset value produced a total return of 628% and the shares 736% compared to 425% from the chain-linked benchmark over the same period.

The failure to keep up with a strong benchmark last year was primarily attributable to a handful of oil exploration and production, and oil services investments, notably Premier Oil, SOCO International, EnQuest and Lamprell. Collectively they did not represent a significant proportion of total assets, but were very badly hit by the near halving of oil prices in a year. The combination of a slowing Chinese economy, efficiency improvements in US shale production, and the decision by Saudi Arabia to maintain output at lower prices, thereby ceasing to be the world's swing producer, exposed these companies and their high levels of operational gearing.

On a more positive note, two significant contributors last year in the industrial space received trade bids, Domino Printing Sciences from Japan and Alent from the US. In a deflationary world, companies with pricing power arising from strong market positioning also performed well, such as Redrow (housebuilder), Rightmove (property portal) and Dignity (funeral services).

Market background

Mid caps as a whole continued to fare well last year, reflecting their exposure to the UK consumer, who has benefited from falling food and fuel costs and rising employment levels and wages. In contrast, the FTSE 100 index of larger companies - where your Company does not invest - struggled, due to a slowdown in China and many emerging markets, and exposure to oversupplied markets in the oil, mining and food retailing industries.

The continuing success of mid caps has once again attracted corporate activity, with outright bids for Domino Printing Services and Alent, both of which we owned, as well as for TSB, Pace, HellermannTyton, Amlin and a merger proposal for Betfair. There have also been acquisitions enacted by mid cap companies of which two by DCC to consolidate fuel distribution in France were particularly well received.

Portfolio update

New purchases in the past year have included CLS (UK and European property), Crest Nicholson (housebuilder), Intermediate Capital (mezzanine and high yield manager), Lookers (motor retailer), Mitie (facilities services), Rank (bingo and casino operator), RPS (resources and planning consultancy), Segro (UK and European property), and JD Wetherspoon (pub retailer).

Disposals have included Berkeley Group and Taylor Wimpey upon promotion to the FTSE 100 Index, Enquest and Wood Group in the energy sector, CSR and Domino Printing on bids, Kier and Pace.

Outlook

The slowdown in economic activity in China and many emerging markets is likely to cause many industrial groups to fail to meet market forecasts for the second half of the year. The same will be true of oil services names. The Company remains underweight in these areas.

In the UK, central government budget cuts are starting to bite, and also companies employing many low paid workers in the leisure, retail, transport and care sectors will progressively see margin pressures as the National Living wage is introduced. The Company remains underweight in these areas.

The UK housing market remains undersupplied, hence we expect further volume and price appreciation, but tighter regulations limiting bank lending on buy-to-let mortgages will hurt some.

In an era of low growth, we expect mergers and acquisitions activity to continue. This could produce more bid targets in the portfolio (such as the recent acquisitions by Halma and Grafton), but sensible bolt-ons are also likely be well received.

Approximately half of the portfolio's investee companies carry no net debt, enabling them to take advantage of future acquisition opportunities. In addition we expect them in aggregate to lift dividends further, probably in contrast to the wider market.

The Company remains ungeared, with cash at 6.1% at 30 September 2015.

Schroder Unit Trusts Limited

21 December 2015

Principal risks and uncertainties

The Board is responsible for the Company's system of risk management and internal control and for reviewing its effectiveness. The Board has adopted a detailed matrix of principal risks identifying significant strategic, investment, financial, regulatory, custodial and depositary and service provider risks relevant to the Company's business as an investment trust and has put in place an appropriate monitoring system. This system assists the Board in determining the nature and extent of the significant risks it is willing to take in achieving its strategic objectives. Both the principal risks and the monitoring system are subject to robust review at least annually. The last review took place in September 2015.

Risk assessment includes consideration of the scope and quality of the systems of internal control operating within key service providers, and ensures regular communication of the results of monitoring by such providers to the Board, including the incidence of significant control failings or weaknesses that have been identified at any time and the extent to which they have resulted in unforeseen outcomes or contingencies that may have a material impact on the Company's performance or condition. No significant control failings or weaknesses were identified from the Board's ongoing risk assessment which has been in place throughout the financial year and up to the date of this report.

Although the Board believes that it has a robust framework of internal control in place this can provide only reasonable, and not absolute, assurance against material financial misstatement or loss and is designed to manage, not eliminate, risk.

A summary of the principal risks and uncertainties faced by the Company, and actions taken to mitigate these risks and uncertainties, is set out below.

Strategic and competitiveness risk

Over time, the Company's investment strategy and asset class may become out of favour with investors or fail to meet their investment objectives, or the Company's cost base could become uncompetitive, particularly in light of open-ended fund alternatives post the Retail Distribution Review. This may result in a wide discount of the share price to underlying net asset value both in absolute terms and in comparison to the peer group.

In order to mitigate this risk, the Directors periodically review whether the Company's investment remit remains appropriate and monitor the success of the Company in meeting its stated objectives at each Board meeting. The Board monitors the share price relative to net asset value and the marketing and distribution activity undertaken by both the Manager and the corporate broker at each Board meeting.

The level of fees charged by the Manager and the Company's other service providers is also monitored by the Board and the ongoing competitiveness of management fee levels is considered annually by the Management Engagement Committee and the Board.

Investment management risk

The Manager's investment strategy, if inappropriate, may result in the Company underperforming the market and/or peer group companies.

To mitigate this risk, the Board reviews the Manager's compliance with the agreed investment restrictions, investment performance and risk against investment objectives and strategy, the portfolio's risk profile and appropriate strategies employed to mitigate any negative impact of substantial changes in markets. These factors are considered at each Board Meeting; the Board also receives an annual presentation from the Manager's internal audit function and conducts an annual review of the ongoing suitability of the Manager.

Financial risk

In pursuing the investment objectives, the Company is exposed to the effect of market price fluctuations and interest rate movements. A significant fall in UK equity markets would have an adverse impact on the market value of the Company's underlying investments.

To mitigate this risk, the Directors consider the risk profile of the portfolio at each Board meeting and discuss appropriate strategies to mitigate any negative impact of substantial changes in markets with the Manager.

The Board also monitors the Manager's use of gearing and leverage in accordance with agreed guidelines and restrictions set out in the Company's investment policy. The Company utilises a one-year revolving credit facility amounting to £15 million. These arrangements increase the funds available for investment through borrowing. While this has the potential to enhance investment returns in rising markets, in falling markets the impact could be detrimental to performance.

To mitigate this risk, the Directors keep the Company's gearing under review and impose strict restrictions on borrowings. The Company's gearing continues to operate within pre-agreed limits so that it does not exceed 25% of shareholders' funds.

A full analysis of the financial risks facing the Company is set out in note 21 on pages 48 to 51 of the 2015 Annual Report.

Accounting, legal and regulatory risk

In order to continue to qualify as an investment trust, the Company must comply with the requirements of Section 1158 of the Corporation Tax Act 2010. Should the Company not comply with these requirements, it could ultimately lose its investment trust status and capital gains within the Company's portfolio could, as a result, be subject to Capital Gains Tax.

In addition, breaches of the UK Listing Rules, the Companies Act or other regulations with which the Company is required to comply, could lead to a number of detrimental outcomes which could damage the Company's reputation, including suspension from listing on the London Stock Exchange or a qualified audit report.

To mitigate these risks, the Board receives confirmation from the Manager and other key service providers at each Board meeting of compliance with relevant laws and regulations. Shareholder documents and announcements, including the Company's published Half Year and Annual Reports, are subject to stringent review processes, and procedures are in place to safeguard against the disclosure of inside information.

Custody and Depositary risk

Safe custody of the Company's assets may be compromised through control failures by the Depositary, including cyber hacking. To mitigate this risk, the Board receives quarterly reports from the Depositary confirming safe custody of the Company's assets, including cash, and portfolio holdings are independently reconciled by the Manager. In addition the existence of assets is subject to annual independent audit and audited internal controls reports covering custodial arrangements are reviewed by the Audit Committee and any concerns investigated.

Service provider risk

The Company has no employees and has delegated certain functions to a number of service providers, principally the Manager, Depositary and Registrar. Failure of controls and poor performance of any service provider could lead to reputational damage or loss. The Board is therefore reliant on the effective operation of the systems of its service providers. To mitigate this risk, the Board considers regular reports from key service providers and monitors the quality of services provided, and the Management Engagement Committee conducts an annual review of services to ensure that they remain appropriate. The Audit Committee also reviews annual audited internal controls reports from its key service providers, which includes confirmation of business continuity arrangements.

Statement of Directors' responsibilities

The Directors are responsible for preparing the Annual Report, the Strategic Report, the Report of the Directors, the Corporate Governance Statement, the Remuneration Report and the financial statements in accordance with applicable law and regulations.

Company law requires the Directors to prepare financial statements for each financial year. Under that law they have prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Directors must not approve the financial statements unless they are satisfied that they 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 are required to:

•        select suitable accounting policies and then apply them consistently;

•        make judgements and accounting estimates that are reasonable and prudent;

•        state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements respectively; and

•        prepare the financial statements on a going concern basis unless it is inappropriate to presume that the Company will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements and the Remuneration Report comply with the Companies Act 2006. 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 set out on page 20 of the 2015 Annual Report, confirms that, to the best of their knowledge:

•        the financial statements, which have been prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), give a true and fair view of the assets, liabilities, financial position and 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, are fair, balanced and understandable and provide the information necessary for shareholders to assess the Company's performance, business model and strategy.

Going concern

Having assessed the principal risks and the other matters discussed in connection with the viability statement, the Directors consider it appropriate to adopt the going concern basis in preparing the accounts.

A statement on the viability of the Company can be found in the Strategic Report on page 18 of the 2015 Annual Report.

Income Statement     

for the year ended 30 September 2015

	2015			2014
	Revenue	Capital	Total	Revenue	Capital	Total
	£'000	£'000	£'000	£'000	£'000	£'000
Gains on investments held at fair value through profit or loss	-	10,652	10,652	-	12,323	12,323
Income from investments	4,397	674	5,071	4,353	-	4,353
Other interest receivable and similar income	3	-	3	15	-	15
Gross return	4,400	11,326	15,726	4,368	12,323	16,691
Investment management fee	(372)	(869)	(1,241)	(365)	(851)	(1,216)
Performance fee	-	-	-	-	(470)	(470)
Administrative expenses	(485)	-	(485)	(472)	-	(472)
Net return before finance costs and taxation	3,543	10,457	14,000	3,531	11,002	14,533
Finance costs	-	-	-	(19)	(46)	(65)
Net return on ordinary activities before taxation	3,543	10,457	14,000	3,512	10,956	14,468
Taxation on ordinary activities	6	-	6	(6)	-	(6)
Net return on ordinary activities after taxation	3,549	10,457	14,006	3,506	10,956	14,462
Return per share	9.82p	28.93p	38.75p	9.70p	30.31p	40.01p

The "Total" column of this statement is the profit and loss account of the Company. The "Revenue" and "Capital" columns represent supplementary information prepared under guidance issued by The Association of Investment Companies. The Company has no recognised gains and losses other than those included in the results above and therefore no separate statement of total recognised gains and losses has been presented.

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

Reconciliation of Movements in Shareholders' Funds

for the year ended 30 September 2015

	Called-up		Capital		Share
	share	Share	redemption	Merger	purchase	Capital	Revenue
	capital	premium	reserve	reserve	reserve	reserves	reserve	Total
	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000
At 30 September 2013	9,036	13,971	220	2,184	15,477	116,891	3,960	161,739
Net return on ordinary activities	-	-	-	-	-	10,956	3,506	14,462
Dividends paid in the year	-	-	-	-	-	-	(2,874)	(2,874)
At 30 September 2014	9,036	13,971	220	2,184	15,477	127,847	4,592	173,327
Net return on ordinary activities	-	-	-	-	-	10,457	3,549	14,006
Dividends paid in the year	-	-	-	-	-	-	(3,073)	(3,073)
At 30 September 2015	9,036	13,971	220	2,184	15,477	138,304	5,068	184,260

Balance Sheet

at 30 September 2015

	2015	2014
	£'000	£'000
Fixed assets
Investments held at fair value through profit or loss	173,171	165,837
Current assets
Debtors	490	944
Cash at bank and in hand	11,180	7,583
	11,670	8,527
Current liabilities
Creditors: amounts falling due within one year	(581)	(1,037)
Net current assets	11,089	7,490
Net assets	184,260	173,327
Capital and reserves
Called-up share capital	9,036	9,036
Share premium	13,971	13,971
Capital redemption reserve	220	220
Merger reserve	2,184	2,184
Share purchase reserve	15,477	15,477
Capital reserves	138,304	127,847
Revenue reserve	5,068	4,592
Total equity shareholders' funds	184,260	173,327
Net asset value per share	509.80p	479.55p

Cash Flow Statement

for the year ended 30 September 2015

	2015	2014
	£'000	£'000
Net cash inflow from operating activities	2,387	1,192
Servicing of finance
Interest paid	-	(70)
Net cash outflow from servicing of finance	-	(70)
Taxation
Taxation recovered/(paid)	6	(6)
Investment activities
Purchases of investments	(52,658)	(62,760)
Sales of investments	56,261	75,364
Special dividend received allocated to capital	674	-
Net cash inflow from investment activities	4,277	12,604
Dividends paid	(3,073)	(2,874)
Net cash inflow before financing	3,597	10,846
Financing
Bank loan repaid	-	(10,000)
Net cash outflow from financing	-	(10,000)
Net cash inflow in the year	3,597	846

Notes to the Accounts

1.         Accounting Policies

The accounts are prepared in accordance with the Companies Act 2006, United Kingdom Generally Accepted Accounting Practice ("UK GAAP") and with the Statement of Recommended Practice "Financial Statements of Investment Trust Companies and Venture Capital Trusts" (the "SORP") issued by the Association of Investment Companies in January 2009. All of the Company's operations are of a continuing nature.

Sterling is the Company's functional currency and the presentational currency of the accounts.

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

The accounts have been prepared on a going concern basis. The disclosures on going concern in the Report of the Directors on page 24 of the 2015 Annual Report form part of the financial statements. The principal accounting policies adopted are set out below.

2.         Income

	2015	2014
	£'000	£'000
Revenue:
Income from investments:
UK dividends	4,314	4,329
UK property income distributions	32	24
Stock dividends	51	-
	4,397	4,353
Other interest receivable and similar income:
Deposit interest	3	15
Total dividends and interest	4,400	4,368
Capital:
Special dividend allocated to capital	674	-

3.         Investment management fee

		2015			2014
	Revenue	Capital	Total	Revenue	Capital	Total
	£'000	£'000	£'000	£'000	£'000	£'000
Management fee	372	869	1,241	365	851	1,216
Performance fee	-	-	-	-	470	470
	372	869	1,241	365	1,321	1,686

The bases for calculating the investment management fee and performance fee are set out in the Report of the Directors on page 22 of the 2015 Annual Report.

4.         Dividends

(a)        Dividends paid and proposed

	2015 £'000	2014 £'000
2014 final dividend paid of 6.00p (2013: 5.45p)	2,169	1,970
Interim dividend paid of 2.50p (2014: 2.50)	904	904
Total dividends paid in the year	3,073	2,874

	2015 £'000	2014 £'000
2015 final dividend proposed of 6.70p (2014: 6.00p)	2,422	2,169

(b)        Dividends for the purposes of Section 1158 of the Corporation Tax Act 2010 ("Section 1158")

The requirements of Section 1158 are considered on the basis of dividends declared in respect of the financial year as shown below. The revenue available for distribution by way of dividend for the year is £3,549,000 (2014: £3,506,000).

	2015 £'000	2014 £'000
Interim dividend of 2.50p (2014: 2.50p)	904	904
Final dividend of 6.70p (2014: 6.00p)	2,422	2,169
	3,326	3,073

5.         Return per share

	2015 £'000	2014 £'000
Revenue return	3,549	3,506
Capital return	10,457	10,956
Total return	14,006	14,462
Weighted average number of ordinary shares in issue during the year	36,143,690	36,143,690
Revenue return per share	9.82p	9.70p
Capital return per share	28.93p	30.31p
Total return per share	38.75p	40.01p

6.         Net asset value per share

	2015	2014
Net assets attributable to the ordinary shareholders (£'000)	184,260	173,327
Ordinary shares in issue at the year end	36,143,690	36,143,690
Net asset value per share	509.80p	479.55p

7.         Transactions with the Manager

Under the terms of the AlFM Agreement, the Manager is entitled to receive a management fee and a company secretarial fee. The Manager may also be entitled to a performance fee subject to exceeding certain performance criteria. Details of the basis of these calculations are given in the Report of the Directors on page 22 of the 2015 Annual Report. Any investments in funds managed or advised by the Manager or any of its associated companies, are excluded from the assets used for the purpose of the management fee calculation and therefore incur no fee.

The management fee payable in respect of the year ended 30 September 2015 amounted to £1,241,000 (2014: £1,216,000) of which £316,000 (2014: £300,000) was outstanding at the year end. The secretarial fee payable for the year amounted to £120,000 (2014: £117,000) including VAT, of which £31,000 (2014: £30,000) was outstanding at the year end. No performance fee is payable for the year (2014: £470,000) and nil (2014: £470,000) was outstanding at the year end.

No Director of the Company served as a director of any member of the Schroders Group, at any time during the year.

8. Related party transactions

The Company has no related parties other than its Directors. Details of the remuneration payable to Directors are given in the Remuneration Report on page 33 of the 2015 Annual Report and details of Directors' shareholdings are given in the Report of the Directors on page 23 of the 2015 Annual Report.

9. Status of announcement

2014 Financial Information

The figures and financial information for 2014 are extracted from the published Annual Report and Accounts for the year ended 30 September 2014 and do not constitute the statutory accounts for that year. The 2014 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.

2015 Financial Information

The figures and financial information for 2015 are extracted from the Annual Report and Accounts for the year ended 30 September 2015 and do not constitute the statutory accounts for the year. The 2015 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 2015 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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