Preliminary Statement

Treatt PLC 12 December 2005 TREATT PLC PRELIMINARY STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2005 Treatt PLC, the manufacturer and supplier of flavour and fragrance ingredients, primarily natural essential oils and natural extracts, announces today its preliminary results for the year ended 30 September 2005. Summary Profit before tax and exceptional items up 49.8% to Â£3.46 million (2004: Â£2.31 million) EBITDA up 36.3% to Â£4.51m (2004: Â£3.31m) Group turnover increased by 2.2% to Â£32.5 million (2004: Â£31.8 million) Significant one-off stock gains on orange and grapefruit oil Dividends increased 8% to 9.5p per share (2004: 8.8p) Earnings per share before exceptional items increased 48% to 23.7p (2004: 16.0p) Edward Dawnay, Chairman commented: 'The Group has again performed well over the last year with both the UK and US subsidiaries benefiting from significant one-off orange and grapefruit oil stock profits. The prospects for the coming year are good with Treatt USA expected to continue its growth and the Group expecting further benefits from its Enterprise Resource Planning system.' Enquiries: Treatt plc Tel: 01284 702 500 Hugo Bovill Managing Director Richard Hope Finance Director (Mobile on 12 December 2005: 07881 508437) CHAIRMAN'S STATEMENT ______________________________________________________________________________ 'Group profit before tax and exceptionals increased by 50% due to some significant one-off stock gains' 2005 saw Group earnings before interest, tax, depreciation and amortisation increase by 36% to Â£4.51 million (2004: Â£3.31 million) with profit before tax and exceptional items for the year increasing by 50% to Â£3.46 million (2004: Â£2.31 million). Group turnover for the year rose by 2.2% to Â£32.52 million (2004: Â£31.81 million) whilst earnings per share before exceptional items increased by 48% to 23.7 pence (2004: 16.0 pence). The level of the Group's net debt/equity ratio ended the year at just 11% (2004: 9%). The Board is recommending a final dividend of 6.4 pence (2004: 6.1 pence), increasing the total dividend for the year by 8% to 9.5 pence (2004: 8.8 pence) per share. The final dividend will be payable on 10 March 2006 to all shareholders on the register at close of business on 10 February 2006. Whilst the underlying performance of the Group's two subsidiaries, R C Treatt and Treatt USA, were good, the increase in profits for the year, as previously reported in the Interim Statement published in May 2005, was largely due to significant one-off orange and grapefruit stock gains and the absence of last year's orange stock losses. The orange and grapefruit oil profits arose as a result of some sharp price increases following last year's Florida hurricanes combined with the impact of lower than expected production volumes of orange oil in Brazil. As a result, orange oil prices strengthened during the financial year. Following several very challenging years, 2004/5 has proved to be a very good year for R C Treatt. Although turnover only increased by 3.7% to Â£25.1m (2004: Â£24.2m), profits rose by 77% partly assisted by one-off gains from orange and grapefruit oil, the profit growth was achieved across a wide range of value added products. At the same time the turnover and contribution from our aroma chemical business has also shown some modest growth despite the continuing pressure on prices in the first six months of the year. In the second half the company benefited from a general trend for increased prices across a broad spectrum of raw materials as a result of the higher cost of petroleum and a reduction in the supply of certain materials caused by farmers in some parts of the world switching to more profitable crops. An important factor in the improved performance of R C Treatt was the impact of this being the first full financial year for the new J D Edwards Enterprise Resource Planning (ERP) system. The ERP system has had a significant effect on the profitability of R C Treatt by streamlining systems, improving stock management procedures and enhancing the company's ability to manage many thousands of items. Treatt USA again performed well with profits up by 41% reaching another all-time high, and turnover increasing by 2% to $13.8 million. The profitability of Treatt USA grew sharply largely as a result of the high, one-off, margins attributable to orange and grapefruit oil which, as expected, were offset by a 43% increase in payroll, overhead and depreciation expenses. These expenses, which totalled $3.9m (Â£2.1m), were budgeted as part of Treatt USA's growth strategy in order to build the infrastructure to support Treatt USA's current and future growth potential. In July 2005 Treatt USA implemented the full ERP system on schedule thus completing the total integration of the Group's manufacturing systems. Sales of our innovative TreattaromeTM ('From The Named Food') products continued to perform well with year on year growth of 18%. Following the substantial organic growth of the last two years, the Board believe that Treatt USA is now a well established business with a high quality customer base. USA Property During the year the opportunity arose to acquire the neighbouring site to Treatt USA's main Lakeland premises and the Board moved quickly to acquire a further six and a half acre site. Further details are provided in the Operating Review Prospects Despite the relatively depressed state of the flavour and fragrance industry we expect Group sales to increase over the coming year although we do expect operating margins to tighten significantly in some areas and we anticipate that Europe will continue to prove the most difficult region, whilst we remain optimistic about the prospects for growth in North America. We will also continue to look for further opportunities to increase the Group's activity and profitability in the Far East. Over the coming year the Group will continue to benefit from the new ERP system through a process of continuous improvement aimed at providing the best possible service to our customers and maximising the company's operational efficiency. Treatt USA will continue to expand its range of innovative products and take advantage of local taste trends. Overall, we expect that essential oil prices will remain steady, with orange oil remaining firm whilst grapefruit oil prices are not expected to fall from current levels in the near future following the impact of the 2005 hurricane season in Florida which was, as expected, one of the worst on record. As a leading independent manufacturer of natural ingredients for the flavour and fragrance industry, with a presence both in Europe and the United States, Treatt Plc remains in a strong position to grow its business on both sides of the Atlantic. People As ever, our employees in England and the United States have contributed greatly to the success of the Group over the last year and the Board would like to place on record its sincere gratitude to our colleagues for their tremendous dedication and hard work over the last twelve months. During the year Robin Mears retired as Operations Director having worked for the Group for sixteen years and we would like to place on record our thanks to Robin for the important contribution he made during that time. In particular, we are grateful to Robin for the work he undertook to ensure a successful implementation of the ERP system. It is also with sadness that we bid farewell to Geoffrey Bovill, who retired from the Board on 30 September 2005, having served as a Director for 57 years. Geoffrey has played a significant role over this time and his wise counsel will be greatly missed. EDWARD DAWNAY Chairman 9 December 2005 OPERATING REVIEW 2005 ________________________________________________________________________________ 'The ERP system has been central to a significant enhancement in operational performance at R C Treatt' 2005 was a year of operational improvement throughout the Treatt Group. In particular the UK subsidiary, R C Treatt, has obtained significant benefits from the Enterprise Resource Planning (ERP) system. The Group's investment in ERP of Â£1.2 million is being depreciated over seven years and has now started to provide significant added value to the business. Initially, there were some considerable efficiency savings in IT, finance and shipping and this has been followed by operational enhancements through greater order visibility from order intake to customer shipment. This has enabled R C Treatt to shorten lead times to customers still further and for senior management to be able to control and improve the business through a wide range of real time key performance indicators. Following on from the successful R C Treatt implementation, Treatt USA went live with the full ERP system on 1 July 2005 in order to increase the globalisation of Treatt's service to its customers. The new system has settled in well and provides Treatt USA with an excellent infrastructure which will make it easier to process the expected increase in volumes over the coming years. As reported in the Chairman's Statement, during the year an opportunity arose to acquire the neighbouring site to Treatt USA's current premises. Consequently, the company acquired an additional 6.5 acre property most of which has an existing concrete base, together with 9,000 sq ft of warehousing and 2,500 sq ft of office space. The total consideration was $570,000 (Â£308,000) and now increases the Group's total manufacturing facility in the US to 76,000 sq ft. This capital expenditure was funded from Treatt USA's own working capital. Treatt continues to buy from and sell to almost one hundred countries around the world and, thereby, provide a truly global service to many of its multinational customers. Treatt has developed, through the ERP system, an infrastructure with the ability to comply with the many complex legislative requirements necessary for exporting and importing goods throughout the world, enabling it to provide information to customers efficiently as required. Increasingly, legislative and regulatory pressures have placed Treatt's Quality Control laboratories at the forefront of the industry's analytical systems and techniques, and they are therefore able to provide the added value service which customers now require. However, we are concerned at the increasing legislative burdens being placed upon our industry and will continue to play our part in scrutinising forthcoming regulations and persuading governmental bodies to modify their proposals where appropriate. Treatt continues to play an active role in trade organisations throughout the industry, with the Group's Managing Director currently holding the position of President of the International Federation of Essential Oils and Aroma Trades (IFEAT). Trading After the decreases in early 2004 we have seen the price of orange oil, an orange juice by-product, increase again over the last twelve months, from less than $1/kg to around $2.25-$2.50/kg. This increase, together with the absence of last year's losses, has had a significant impact on the financial results for the year. In addition, the four hurricanes which swept through Florida between August and October 2004 caused a great deal of damage to Florida's grapefruit crop, reducing grapefruit volumes to the lowest since 1936. Consequently, grapefruit oil prices rose sharply, which has been reflected in our selling prices. R C Treatt Sales increased by 4% whilst volumes rose by 2% with sales to the top ten customers again representing just over one third of turnover. Overall, the customer base remains widely spread both in terms of size and location, thereby providing a well balanced risk profile. Gross margins for the year increased sharply due to the one-off stock gains referred to earlier. This was further supported by generally rising essential oil and raw material prices following the significant rise in petroleum prices. Treatt USA 2005 was a year of consolidation with US Dollar sales increasing by 2% during the year, having increased by 41% the year before. TreattaromeTM products continued to provide a strong engine for growth. Again margins were substantially higher due to the impact of orange oil and grapefruit oil. Investment for the future R C Treatt As expected, the level of capital expenditure has now returned to historically more normal levels with the focus of investment being on enhancements to our laboratory capabilities, implementing a bar coding system and maximising the efficient use of space at our Bury St. Edmunds site. The bar coding system will be fully integrated with the ERP system and will further enhance the company's operational efficiencies and customer service. Implementation on a phased basis is scheduled to commence in 2006. The Company keeps under constant review the facilities and logistical set up at its plant in England and will make appropriate investments as and when required. The Company will also continue to invest where required in order to increase capacity, improve efficiency or take advantage of market opportunities. Constant changes to legislation both in the UK and EU are also likely to result in further capital expenditure requirements. Treatt USA In addition to the acquisition of the new site adjacent to our existing site, Treatt USA will continue to develop and maximise the efficiency of its existing premises. The new premises will require further investment as it is developed to meet the needs of the business. Although this latest expansion reduces the likelihood of imminent development of the company's existing five acre green field adjacent to the existing plant, the Board will keep this under regular review. Research and Development Both Treatt USA and R C Treatt continue to develop and enhance their research and development activities, through the employment of skilled personnel and investment in technology. In particular, over the last year Treatt USA has expanded its R&D function in order to maximise the growth opportunities in North America. The Group also carries out a significant amount of global research into new and changing raw materials from around the world and continues to develop close partnerships with companies in producing countries in order to develop new sources of raw materials on a financially sustainable basis. Markets Despite an increase in turnover in Europe, this market area has generally proved to be the most difficult in which to achieve growth. This is largely due to the level of industry consolidation which has taken place over the last decade. Similarly, turnover in the UK fell by 6%, although this still remains the largest individual territory. The company also benefited from strong sales in the Far East. Products Turnover of orange oil based products fell by 13% largely due to comparison with the previous year when significant de-stocking was taking place. As a result, orange oil now represents approximately 17% of Group turnover. Treatt USA's growth continues to be spread across a wide product range with significant growth in both value added citrus products and the TreattaromeTM range of natural distillates. Personnel In order to assist us in meeting fluctuations in demand and ensure greater flexibility, we have agreed changes in our contracts of employment with operations personnel in the UK. As a result of the recent growth and development at Treatt USA the Human Resources function has been formalised and the company has undertaken a programme of management and supervisor training and role evaluations in order to create career paths within the organisation. Standard terms and conditions of employment operate for all staff, which do not discriminate against any individual or group of people. FINANCIAL REVIEW 2005 ______________________________________________________________________________ 'EBITDA increased by 36% and dividends up 8%' Performance Analysis Profit and Loss account Group turnover increased by 2.2% during the year to Â£32.52 million (2004: Â£31.81 million). In constant currency, sales at our USA subsidiary, Treatt USA, increased in US Dollars by 2%, whilst R C Treatt's sales rose by 3.7%. Earnings before interest, tax, depreciation and amortisation for the year grew by 36.1% to Â£4.51 million (2004: Â£3.31 million) and Group profit before tax, before exceptional items, rose by 49.8% to Â£3.46 million (2004: Â£2.31 million). The total dividend for the year has been increased by 8.0% to 9.5 pence per share, resulting in dividend cover of 2.5 times earnings. The increase in profitability came from both R C Treatt and Treatt USA who both benefited from the increase in prices for both orange and grapefruit oil based products. This was further supported by continued strong growth in the TreattaromeTM product range in the US whilst sales of aroma chemicals by R C Treatt held up well despite stiff international competition. Gross margins of 32.5% were achieved this year (2004: 26.6%) largely due to the increased margins which arose on orange and grapefruit oil products. Over the year there was a very small strengthening of the US Dollar/Sterling exchange rate although there was a 13% range of $1.73 to $1.95 during the year. Assisted by the ERP system, aroma chemical margins were maintained through improved control of the purchasing and selling of thousands of chemicals. The Group's operating costs increased by 16.6% to Â£7.0 million (2004: Â£6.0 million). This increase was expected as Treatt USA had reached a level of activity which required a stepped increase in its overhead costs in order to support the growth which had taken place and to ensure it was well placed to manage the expected growth of the next few years. As a result total staff numbers across the Group increased to 173 employees, having grown by 5.5% on the previous year. This increase in headcount was predominately a consequence of the growth at Treatt USA. (See Operating Review for further explanation). The Group's net interest payable fell by 27% to Â£90,000 (2004: Â£123,000) having fallen by 41% the year before as a consequence of the elimination of any short term debt. This leaves an outstanding balance of Â£2.3 million relating to the 20 year Industrial Development Loan which was used to finance the purchase of the Lakeland facilities for Treatt USA. Earnings per share before exceptional items increased by 48.1% to 23.7 pence per share (2004: 16.0 pence). The earnings per share after exceptional items increased by 42.8%. Both measures have been shown in order to provide a consistent measure of performance over time and excludes those shares which are held by the Treatt Employee Benefit Trust (EBT) since they do not rank for dividend. 2005 was the second year of the Group's new programme of offering share saving schemes on an annual basis for staff in the UK and USA. This was the first year in which Treatt USA staff were able to exercise their options, whilst the UK schemes provide for three-year savings plans. As part of this programme, options were granted over a further 42,000 shares during the year. Following its establishment in 2004, the EBT acquired a further 200,000 shares during the year in order to satisfy future option schemes without causing any shareholder dilution. Cashflow The cash position for the year was strong with a net outflow of Â£0.5m in spite of an increase in stock investment of Â£3m and capital expenditure of Â£0.9m. Cash inflow from operating activities was Â£2.6 million (2004: Â£5.0 million) with the reduction being attributable to significant stock increases. This investment in stock followed the reduction in 2004 when orange oil prices fell sharply and was more in line with the levels seen in 2003. Capital expenditure for the year increased to Â£0.9m (2004: Â£0.6m) due to the acquisition of the second site in Lakeland, Florida, details of which are provided in the Operating Review. Balance Sheet Over the year Group shareholders' funds have grown to Â£18,538,000 (2004: Â£17,325,000), with net assets per share increasing to Â£1.80 (2004: Â£1.68). This represents an increase of 19% over the last five years. Net current assets represent 64% of shareholders' funds and the Group's land and buildings are all held at historical cost. It should be noted, however, that net assets have been reduced by Â£625,000 as a result of the purchase of shares by the EBT due to the accounting requirements of UITF Abstract 38. This impact will be reversed when these shares are used to satisfy employee share saving schemes. Group Tax Charge The Group's current year tax charge of Â£1,107,000 represents an effective tax rate of 32% (2004: 29%). The overall tax charge of Â£1,082,000 has increased faster than the increase in profits as more of the Group's profit is being subject to USA state and federal taxes at a combined marginal rate of approximately 38%. The US tax charges have also increased disproportionately due to the expiry of certain capital tax relief in relation to the Lakeland property. Treasury Policies The Group operates a conservative set of treasury policies to ensure that no unnecessary risks are taken with the Group's assets. No investments other than cash and other short-term deposits are currently permitted. Where appropriate these balances are held in foreign currencies, but only as part of the Group's overall hedging activity as explained below. The nature of Treatt's activities is such that the Group could be affected by movements in certain exchange rates, principally between Sterling and the US Dollar. This risk manifests itself in a number of ways. Firstly, the value of the foreign currency net assets of Treatt USA can fluctuate with Sterling. Currently these are not hedged, as the risks are not considered to justify the cost of putting the hedge in place. Secondly, with R C Treatt exporting to over 80 countries, fluctuations in Sterling's value can affect both the gross margin and operating costs. Sales are principally made in three currencies in addition to Sterling, with the US Dollar being by far the most significant. Even if a sale is made in Sterling, its price may be set by reference to its US Dollar denominated commodity price and therefore have an impact on the Sterling gross margin. Raw materials are also mainly purchased in US Dollars and therefore a US Dollar bank account is operated, through which Dollar denominated sales and purchases flow. If there is a mismatch in any one accounting period and the Sterling to US Dollar exchange rate changes, an exchange difference will arise. Hence it is Sterling's relative strength against the US Dollar that is of prime importance. As well as affecting the cash value of sales, US Dollar exchange movements can also have a significant effect on the replacement cost of stocks, which affects future profitability and competitiveness. The Group therefore has a policy of maintaining the majority of cash balances, including the main Group overdraft facilities, in US Dollars as this is the most cost effective means of providing a natural hedge against movements in the US Dollar/Sterling exchange rate. Currency accounts are also run for the other main currencies to which R C Treatt is exposed. This policy will protect the Group against the worst of any short-term swings in currencies. International Financial Reporting Standards As a company listed on the London Stock Exchange, Treatt is required to implement International Financial Reporting Standards (IFRS) with effect from accounting periods beginning on or after 1 January 2005. Therefore the next set of full financial statements for the year ended 30 September 2006 will be the first time the Group's results will be published using IFRS. Preliminary work has been completed to assess the full impact of IFRS on the Group's balance sheet and profit and loss account, the result of which is that the Board believe that the most significant effect will flow from IAS19: Employee Benefits which will require the surplus or deficit in the defined benefit pension scheme operated by R C Treatt to be brought on to the balance sheet using similar calculations as prescribed by FRS17 (see note 21). The deficit of the scheme as at 30 September 2005 was Â£2.3 million (net of deferred tax). TREATT PLC PRELIMINARY STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2005 GROUP PROFIT AND LOSS ACCOUNT 2005 2004 Notes Â£'000 Â£'000 Turnover - continuing operations 1 32,521 31,809 Cost of sales (21,952) (23,354) ______ ______ Gross profit 10,569 8,455 Net operating costs - exceptional items 2 - (70) - other operating costs (7,023) (6,025) ______ ______ Operating profit 3,546 2,360 Exceptional profit on sale of fixed assets 2 - 131 ______ ______ Profit on ordinary activities before 3,546 2,491 interest Net interest payable (90) (123) ______ ______ Profit on ordinary activities before taxation 3,456 2,368 Tax on profit on ordinary activities 3 (1,082) (669) Profit on ordinary activities after ______ ______ taxation 2,374 1,699 Dividends 4 (937) (893) ______ ______ Retained profit for the year 1,437 806 ______ ______ Dividends per ordinary share 4 9.5p 8.8p Earnings per share - Basic - after exceptional items 5 23.7p 16.6p - before exceptional items 5 23.7p 16.0p - Diluted 5 23.6p 16.6p GROUP STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES 2005 2004 Â£'000 Â£'000 Profit for the financial year 2,374 1,699 Exchange differences on foreign currency net investments 123 (431) ______ ______ Total recognised gains and losses 2,497 1,268 ______ ______ The figures for the years ended 30 September 2005 and 2004 are an abridged version of the group's audited financial statements, these are not statutory accounts. The figures for the year ended 30 September 2004 have been delivered to the Registrar of Companies. These statements received an unqualified audit opinion and the auditors' report contained no statement under section 237(2) or 237(3) of the Companies Act 1985. TREATT PLC PRELIMINARY STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2005 GROUP BALANCE SHEET 2005 2004 Â£'000 Â£'000 Tangible fixed assets 9,374 9,536 Current Assets Stocks 11,395 8,355 Debtors 5,718 6,007 Cash at bank and in hand 297 809 ______ ______ 17,410 15,171 ______ ______ Creditors: amounts falling due within one year Loan (144) (141) Other creditors (5,472) (4,451) ______ ______ (5,616) (4,592) ______ ______ Net current assets 11,794 10,579 Total assets less current ______ ______ liabilities 21,168 20,115 Creditors: amounts falling due after more than one year Loan (2,179) (2,271) Deferred tax (451) (519) ______ ______ Net assets 18,538 17,325 ______ ______ Capital and reserves Share capital 1,029 1,029 Share premium account 2,143 2,143 Own shares in share trust (625) (278) Profit and loss 15,991 14,431 account Shareholders' funds Equity ______ ______ Interests 18,538 17,325 ______ ______ TREATT PLC PRELIMINARY STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2005 GROUP CASH FLOW STATEMENT 2005 2004 Â£'000 Â£'000 Cash inflow from operating activities 2,630 4,952 Return on investments and servicing of finance (90) (123) Taxation (812) (312) Capital expenditure and financial investment (862) (646) Equity dividends paid (895) (861) ______ ______ Cash (outflow)/inflow before financing (29) 3,010 Financing - net acquisition of own shares by share trust (347) (278) - decrease in debt (144) (142) (Decrease)/increase in cash in the ______ ______ year (520) 2,590 ______ ______ RECONCILIATION OF NET CASH FLOW TO INCREASE IN DEBT (Decrease)/increase in cash in the year (520) 2,590 Cash outflow from change in net debt 144 142 Exchange difference (47) 203 (Increase)/decrease in net debt in the ______ ______ year (423) 2,935 Net debt at 1 October 2004 (1,603) (4,538) ______ ______ Net debt at 30 September 2005 (2,026) (1,603) ______ ______ TREATT PLC PRELIMINARY STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2005 NOTES TO THE PRELIMINARY STATEMENT 2005 2004 Â£'000 Â£'000 1 Turnover by destination : United Kingdom 6,314 6,725 Rest of Europe 9,331 8,674 The Americas 8,816 8,756 Rest of the World 8,060 7,654 ______ ______ 32,521 31,809 ______ ______ 2 Exceptional items : The exceptional items referred to in the Group Profit and Loss Account are categorised as follows : 2005 2004 Â£'000 Â£'000 Reorganisation costs - 70 ______ ______ Profit on the sale of fixed assets - (131) ______ ______ 2005 2004 Â£'000 Â£'000 3 Taxation: UK current year corporation tax 784 395 Overseas current year tax 375 109 Transfer (from)/to deferred tax (52) 176 UK prior year corporation tax (3) (10) Overseas prior year tax (1) 18 Prior year deferred tax (21) (19) ______ ______ 1,082 669 ______ ______ 2005 2004 Â£'000 Â£'000 4 Dividends: Interim declared of 3.1p (2004: 2.7p) per share 310 278 Final proposed of 6.4p (2004: 6.1p) per share 639 615 Over accrual from previous year (12) - ______ ______ Total for the year 937 893 ______ ______ Subject to approval at the Annual General Meeting on 27 February 2006, the final dividend for the year ended 30 September 2005 will be payable on 10 March 2006 to those shareholders on the Register at the close of business on 10 February 2006 (ex-dividend date 8 February 2006). 5 (a) Basic earnings per share: Basic earnings per share is based on the weighted average number of ordinary shares in issue and ranking for dividend during the year of 10,024,533 (2004 :10,248,749) and earnings of : - Â£2,374,000 (2004 : Â£1,699,000), being the profit on ordinary activities after taxation and exceptional items - Â£2,374,000 (2004: Â£1,643,000) being the profit on ordinary activities, after taxation excluding the net impact of exceptional items (2004:Â£61,000) and tax thereon (2004: Â£5,000). The weighted average number of shares excludes shares held by the Treatt Employees' Share Trust. (b) Diluted earnings per share: Diluted earnings per share is based on the weighted average number of ordinary shares in issue and ranking for dividend during the year, adjusted for the effect of all dilutive potential ordinary shares, of 10,050,258 (2004 :10,259,601), and the same earnings as above. This information is provided by RNS The company news service from the London Stock Exchange D FR UKSBRVSRURAA

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