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Jaywing PLC (JWNG)

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Wednesday 26 November, 2014

Jaywing PLC

Half Yearly Report

RNS Number : 9942X
Jaywing PLC
26 November 2014
 



 

Date:   25 November 2014    

On behalf of:   Jaywing plc ("Jaywing", "the Company" or "the Group")

Embargoed:    0700hrs 26 November 2014

 

Jaywing plc

Interim Results 2014/2015

 

Jaywing plc (AIM: JWNG) today announced its interim results for the six months ended 30 September 2014.

 

Performance Highlights

 

·      Gross profit £15.27m; (2013: £10.40m)

 

·      EBITDA* before other income £1.98m; (2013: £1.09m)

 

·      Net debt £5.52m; (2013: £1.88m); undrawn banking facilities of £3.75 million

 

 

·      Adjusted basic earnings per share 1.76 pence; (2013: 1.55 pence)

 

·      Adjusted diluted earnings per share 1.72 pence (2013: 1.50 pence)   

 

 

*Before acquisition related costs and share based payment (credit)/charges

 

 

Commenting on the results, Ian Robinson, Chairman of Jaywing plc, said:

 

"These results show the success of our strategic restructuring and repositioning with significant growth in gross profit and adjusted EBITDA, reflecting the acquisition of Epiphany Solutions on 17th March 2014.

 

Market conditions continue to improve with client spend on the increase as consumer confidence returns.  Many brands are turning their attention to delivering seamless and personalised customer experiences across multiple channels and devices.

Our enlarged business contains all of today's key specialisms - data, analytics, website design and build, search marketing, content marketing, social media and brand communications. With our collaborative business model and culture we are able to provide our clients with fully integrated solutions that treat their customers as individuals and deliver attractive returns on investment."

 

Enquiries:

 

 

Jaywing plc

Michael Sprot (Company Secretary)

Tel: 0114 281 1200

 

Cenkos Securities plc

Nicholas Wells

Tel: 020 7397 8900

 

                         



INTERIM RESULTS

 

The growth in both gross profit and EBITDA as shown in the table below has continued in the six months to 30 September 2014. Gross profit increased to £15.27m (2013: £10.40m) and EBITDA increased to £1.98m (2013: £1.09m).

 

Continuing business EBITDA


6 months to 30 Sept 2014

6 months to 31 March 2014

6 months to 30 Sept 2013

6 months to 31 March 2013


£'000

£'000

£'000

£'000

Revenue

17,261

13,489

13,204

13,923

Direct costs

(1,990)

(2,264)

(2,805)

(3,698)

Gross profit

15,271

11,225

10,399

10,225

Operating expenses excluding depreciation, amortisation, exceptional items, acquisition related costs and (credit)/charges for share based payments

 

 

(13,295)

 

 

(9,999)

(9,305)

(9,136)

Operating profit before depreciation, amortisation, exceptional items, acquisition related costs and (credit)/charges for share based payments

 

 

1,976

 

 

1,226

1,094

1,089

 

The business operates in two divisions: Agency Services and Media & Analysis. The performance of the business in these two areas is shown in note 4.

 

EBITDA in the Agency Services division has fallen slightly to £1.14m (2013: £1.37m), which is partially due to the creation of a new team in Content Marketing. This new team is already starting to show promising signs with a number of new client wins. Pleasingly, our efforts to build the profile of the business following the name change in 2013 have been recognised with the award for "Best Large Agency" at the Prolific North Northern Marketing Awards.

 

The Media & Analysis division has shown significant growth with gross profit increasing to £8.28m (2013: £3.09m) and EBITDA increasing to £2.24m (2013: £0.90m). This includes a full six months of trading from Epiphany which is performing in line with expectations.

 

Net debt at 30 September 2014 was £5.52m, down from £5.81m at 31 March 2014.

 

Overall, the start to the year has been very positive following the re-structuring last year.  The new shape of the business is providing a higher degree of recurring revenues, more cross-selling opportunities and access to the digital data from which our data scientists can develop innovative products and services. 

 

 

 

 

Ian Robinson

Chairman

25 November 2014

Consolidated interim statement of comprehensive income (unaudited)

 



Six months ended

30 Sept 2014

Six months ended

30 Sept 2013

Audited year

ended

31 March 2014


Note

£'000

£'000

£'000











Revenue

    4

17,261

13,204

26,693

Direct costs


(1,990)

(2,805)

(5,069)

Gross profit


15,271

10,399

Other operating income


-

170

312

Amortisation


(1,767)

(733)

(1,549)

Operating expenses


(14,656)

(9,785)

(20,715)

Operating (loss)/profit


(1,152)

51

(328)

Finance income


3

-

Finance costs


(138)

(35)

(52)

Net financing costs


(135)

(35)

(52)

(Loss)/Profit before tax


(1,287)

16

Tax credit/(expense)

  

(9)

(39)

182

Loss for the period from continuing operations


(1,296)

(23)

(198)

Profit for the period from discontinued operations


-

256

256

Loss on measurement to fair value less costs to sell of discontinued operation


-

(4,847)

(4,853)

Loss for the period attributable to the equity holders of the parent


(1,296)

(4,614)

(4,795)






Loss per ordinary share

     6









Basic earnings per share





- Loss from continuing operations


(1.74p)

(0.03p)

(0.27p)

- Loss from discontinued operations


-

(6.16p)

(6.17p)



(1.74p)

(6.19p)

(6.44p)

Diluted earnings per share





- Loss from continuing operations


(1.70p)

(0.03p)

(0.26p)

- Loss from discontinued operations


-

(5.94p)

(6.03p)



(1.70p)

(5.97p)

(6.29p)






 

 

 

 

 

 

 

 

 

 

 



Consolidated interim balance sheet (unaudited)



30 Sept 2014

30 Sept 2013

Audited

31 March 2014


Note

£'000

£'000

£'000

Assets





Non-current assets





Property, plant and equipment


627

336

638

Goodwill


30,446

24,621

30,442

Other intangible assets


9,772

5,487

11,539



40,845

30,444

42,619






Current assets





Trade and other receivables


8,376

6,612

8,691

Cash and cash equivalents


1,204

1

1,994

Assets included in disposal group classified as held for sale


-

8,041

-



9,580

14,654

10,685

Total assets


50,425

45,098

53,304






Liabilities





Current liabilities





Bank overdraft


-

(1,374)

-

Other interest bearing loans and borrowings

7

(4,062)

(500)

(4,612)

Trade and other payables


(8,497)

(3,339)

(8,886)

Tax payable


(713)

(540)

(492)

Provisions


(151)

-

(131)



(13,423)

(5,753)

(14,121)






Non-current liabilities





Other interest bearing loans and borrowings

7

(2,657)

-

(3,188)

Deferred tax liabilities


(1,983)

(1,261)

(2,337)

Liabilities included in disposal group classified as held for sale


-

(4,245)

-



(4,640)

(5,506)

(5,525)

Total liabilities


(18,063)

(11,259)

(19,646)





Net assets


32,362

33,839

33,658






Equity





 

Capital and reserves attributable to equity holders of the company





Share capital


34,051

34,051

34,051

Share premium account


6,608

6,608

6,608

Capital redemption reserve


125

125

125

Shares purchased for treasury


(25)

(25)

(25)

Share option reserve


88

137

88

Retained earnings


(8,485)

(7,057)

(7,189)

Total equity


32,362

33,839

33,658

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



Consolidated interim cash flow statement (unaudited)



Six months ended

30 Sept 2014

Six months ended

30 Sept 2013

Audited year

 ended

31 March 2014


Note

£'000

£'000

£'000

Cash flow from operating activities





Loss for the period


(1,296)

(4,614)

(4,795)

Adjustment for:





Depreciation, amortisation and impairment


1,955

5,931

2,063

Loss on disposal


-

-

5,442

Movement in provisions


20

-

131

Finance income


(3)

-

-

Finance costs


138

35

52

Share based payment (credit)/charge


(5)

-

36

Taxation


9

116

(694)

Operating cash flow before changes in working capital


818

1,468

2,235






(Increase)/decrease  in trade and other receivables


(326)

(591)

366

Increase in trade and other payables


103

55

2,237

Cash generated from operations


595

932

Interest received


3

-

-

Interest paid


(130)

(35)

(41)

Tax paid


-

(314)

(509)

Net cash flow from operating activities


468

583

4,288

Cash flows from investing activities





Acquisition of subsidiary Epiphany Solutions net of cash acquired


-

-

(10,543)

Acquisition of property, plant and equipment


(177)

(93)

(392)

Proceeds from disposal of assets


-

-

3,288

Net cash outflow from investing activities


(177)

(93)

(7,647)

Cash flows from financing activities





Increase in borrowings


-

-

7,800

Repayment of borrowings


(1,081)

(1,000)

(1,632)

Net cash (outflow)/inflow from financing activities


(1,081)

(1,000)

6,168

Net (decrease) / increase in cash, cash equivalents and bank overdrafts


(790)

(510)

2,809

Cash and cash equivalents at beginning of period


1,994

(815)

(815)

Cash and cash equivalents at end of period


1,204

(1,325)

1,994






Cash and cash equivalents comprise:





Cash at bank and in hand


1,204

1

1,994

Bank overdrafts

7

-

(1,326)

-

Cash and cash equivalents at end of period


1,204

(1,325)

1,994






Included in continuing operations


1,204

(1,373)

1,994

Included in disposal group


-

48

-



1,204

(1,325)

1,994











 

 

 

 



Consolidated interim statement of changes in equity (unaudited)

 


Share capital

Share premium account

Hedging reserve

Capital redemption reserve

Treasury Shares

Share option reserve

Retained earnings

Total  equity


£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

 

Balance at 31 March 2013

34,051

6,608

-

125

(25)

137

(2,443)

38,453

 

Loss for the period

-

-

-

-

-

-

(4,614)

(4,614)

Total comprehensive income for the period

-

-

-

-

-

-

(4,614)

(4,614)

Balance at 30 September 2013

34,051

6,608

-

125

(25)

137

(7,057)

33,839










Transfer from share option reserve

-

-

-

-

-

(49)

49

-

Transactions with owners

-

-

-

-

-

(49)

49

-

Loss for the period

-

-

-

-

-

-

(181)

(181)

Total comprehensive income for the period

-

-

-

-

-

-

(181)

(181)

Balance at 31 March 2014

34,051

6,608

-

125

(25)

88

(7,189)

33,658










Loss for the period

-

-

-

-

-

-

(1,296)

(1,296)

Total comprehensive income for the period

-

-

-

-

-

-

(1,296)

(1,296)

Balance at 30 September 2014

34,051

6,608

-

125

(25)

88

(8,485)

32,362

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

1.     General Information

 

Jaywing plc (the "Company") is incorporated and domiciled in the United Kingdom. The Company is listed on the AIM market of the London Stock Exchange. The registered address is Players House, 300 Attercliffe Common, Sheffield, S9 2AG.

 

The interim financial information was approved for issue on 25 November 2014.                        . 

 

 

2.     Basis of preparation

 

The consolidated interim financial statements for the six months ended 30 September 2014 have been prepared in accordance with applicable accounting standards and under the historical cost convention except for certain financial instruments that are carried at fair value.

 

The financial information for the year ended 31 March 2014 set out in this interim report does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006.  The Group's statutory financial statements for the year ended 31 March 2014 have been filed with the Registrar of Companies.  The auditor's report on those financial statements was unqualified and did not contain statements under Section 498 (2) or Section 498 (3) of the Companies Act 2006.

 

The consolidated interim financial information should be read in conjunction with the annual financial statements for the year ended 31 March 2014, which have been prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union.

 

 

 

3.     Accounting policies

 

Except as described below, the principal accounting policies of Jaywing plc and its subsidiaries ("the Group") are consistent with those set out in the Group's 2014 annual report and financial statements.

 

Taxes on income in the interim periods are accrued using the tax rate that would be applicable to expected total annual earnings.

 

The following standards and interpretations of relevance to the Group have been issued but are not yet effective and have not been adopted by the Group:

· IFRS 9 Financial Instruments (effective 1 January 2018)

· IAS 27 (Revised), Separate Financial Statements (effective 1 January 2016)

· IFRS 15 Revenue for Contracts with Customers (effective 1 January 2017)

 

These standards and interpretations are not expected to have any significant impact on the Group's financial statements.

 

Other standards and interpretations in issue but not yet effective are not considered to have any relevance to the Group.

 

 

4.     Segment information (unaudited)

 

The Group reports its business activities in two areas: Agency Services and Media & Analysis being its two primary business activities. Unallocated represents the Group's head office function, along with intragroup transactions.

 

Total assets exclude intangible assets, cash and external borrowings which have not been allocated to operating segments.

 

All the Group's activities are carried out within the UK.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4.     Segment information (unaudited) (continued)

 

Six months ended 30 September 2014







Agency Services

Media & Analysis

Unallocated

Total Group




£'000

£'000

£'000

£'000



Revenue

8,053

9,399

(191)

17,261



Direct costs

(1,058)

(1,123)

191

(1,990)



Gross profit

6,995

8,276

-

15,271



Operating expenses excluding depreciation, amortisation, exceptional items, acquisition related costs and charges for share based payments

(5,853)

(6,038)

(1,404)

(13,295)



Operating profit / (loss) before depreciation, amortisation, exceptional items, acquisition related costs and credit for share based payments

1,142

2,238

(1,404)

1,976



Depreciation

(126)

(58)

(4)

(188)



Amortisation

(458)

(1,309)

-

(1,767)



Compensation for loss of office

(37)

-

-

(37)



Acquisition related costs

(106)

(1,035)

-

(1,141)



Credit for share based payments

-

-

5

5



Operating profit / (loss)

415

(164)

(1,403)

(1,152)



Finance costs




(135)



Profit before tax




(1,287)



Tax expense




(9)



Loss for the period




(1,296)










 

Six months ended 30 September 2013







Agency Services

Media & Analysis

Unallocated

Continuing Group

Disposal Group

Total


£'000

£'000

£'000

£'000

£'000

£'000

Revenue

9,491

4,455

(742)

13,204

7,382

20,586

Direct costs

(2,185)

(1,362)

742

(2,805)

(1,439)

(4,244)

Gross profit

7,306

3,093

-

10,399

5,943

16,342

Operating expenses excluding depreciation, amortisation, exceptional items, acquisition related costs and charges for share based payments

(5,938)

(2,190)

(1,177)

(9,305)

(5,375)

(14,680)

Operating profit/(loss) before depreciation, amortisation, exceptional items, acquisition related costs and charges for share based payments

1,368

903

(1,177)

1,094

568

1,662

Other operating income

153

17

-

170

-

170

Depreciation

(92)

(21)

(4)

(117)

(48)

(165)

Amortisation

(464)

(269)

-

(733)

(187)

(920)

Compensation for loss of office

(41)

-

(115)

(156)

-

(156)

Acquisition related costs

(207)

-

-

(207)

-

(207)

Operating profit / (loss)

717

630

(1,296)

51

333

384

Finance costs




(35)

-

(35)

Profit before tax




16

333

349

Tax expense




(39)

(77)

(116)

(Loss)/profit for the period




(23)

256

233

 

 



 

4.   Segment information (unaudited) (continued)

 

Year ended 31 March 2014 (audited)







Agency Services

Media & Analysis

Unallocated

Continuing Group

Disposal Group

Total


£'000

£'000

£'000

£'000

£'000

£'000

Revenue

17,917

9,875

(1,099)

26,693

7,382

34,075

Direct costs

(3,543)

(2,684)

1,158

(5,069)

(1,439)

(6,508)

Gross profit

14,374

7,191

59

21,624

5,943

27,567

Operating expenses excluding depreciation, amortisation, exceptional items, acquisition related costs and charges for share based payments

(11,749)

(4,878)

(2,677)

(19,304)

(5,375)

(24,679)

Operating profit/(loss) before depreciation, amortisation, exceptional items, acquisition related costs and charges for share based payments

2,625

2,313

(2,618)

2,320

568

2,888

Other operating income

281

31

-

312

-

312

Depreciation

(232)

(41)

(6)

(279)

(48)

(327)

Amortisation

(924)

(625)

-

(1,549)

(187)

(1,736)

Loss before tax on disposal

-

-

-

-

(5,442)

(5,442)

Compensation for loss of office

(66)

-

(116)

(182)

-

(182)

Release of provisions

73

-

125

198

-

198

Acquisition related costs

(270)

(441)

(401)

(1,112)

-

(1,112)

Charges for share based payments

-

-

(36)

(36)

-

(36)

Operating profit / (loss)

1,487

1,237

(3,052)

(328)

(5,109)

(5,437)

Finance income




-

-

-

Finance costs




(52)

-

(52)

Loss before tax




(380)

(5,109)

(5,489)

Tax expense




182

512

694

Loss for the period




(198)

(4,597)

(4,795)








 

Total assets

Agency Services

Media & Analysis

Unallocated

Continuing Group

Disposal Group

Total


£'000

£'000

£'000

£'000

£'000

£'000

30 September 2014

24,487

28,772

(2,834)

50,425

-

50,425

31 March 2014

27,078

28,035

(1,809)

53,304

-

53,304

30 September 2013

24,864

12,087

106

37,057

8,041

45,098








 



 

5.     Tax expense (unaudited)

 

A reconciliation of the charge that would result from applying the standard UK corporation tax rate to profit before tax to the tax charge is given below.

 



Six months ended

30 Sept 2014

Six months ended

30 Sept 2013

Audited year

 ended

31 March 2014



£'000

£'000

£'000

Recognised in the consolidated statement of comprehensive income:





Current year tax


308

320

433

Origination and reversal of temporary differences


(299)

(204)

(1,127)

Total tax charge


9

116

(694)

Loss before tax


(1,287)

(4,498)

(5,489)

Tax charge thereon at UK corporation tax rate of 21% (2013: 23%)


(270)

(1,035)

(1,262)

Effects of:





Non-deductible expenses


240

-

883

Impairment of goodwill


-

1,115

-

Other


39

36

(27)

Prior year adjustment


-

-

(288)

Total tax charge


9

116

(694)

 

 

6.     Loss per share (unaudited)

 



Six months ended

30 Sept 2014

Six months ended

30 Sept 2013

Audited year

 ended

31 March 2014



Pence per share

Pence per share

Pence per

Share

Basic earnings per share





- Loss from continuing operations


(1.74p)

(0.03p)

(0.27p)

- Loss from discontinued operations


-

(6.16p)

(6.17p)



(1.74p)

(6.19p)

(6.44p)

Diluted earnings per share





- Loss from continuing operations


(1.70p)

(0.03p)

(0.26p)

- Loss from discontinued operations


-

(5.94p)

(6.03p)



(1.70p)

(5.97p)

(6.29p)

 

Loss per share has been calculated by dividing the loss attributable to shareholders by the weighted average number of ordinary shares in issue during the period. The calculations of basic and diluted loss per share are:

 



Six months ended

30 Sept 2014

Six months ended

30 Sept 2013

Audited year

 ended

31 March 2014



£'000

£'000

£'000

Loss for the period from continuing operations


(1,296)

(23)

(198)

Loss for the period from discontinued operations


-

(4,591)

(4,597)






Weighted average number of ordinary shares in issue:


Number '000

Number '000

Number '000

Basic


74,505

74,505

74,505

Adjustment for share options, warrants and contingent shares


1,755

2,737

1,755

Diluted


76,260

77,242

76,260






 

 

 

 

 

 

 

 

 

 





Adjusted earnings per share







Six months ended

30 Sept 2014

Six months ended

30 Sept 2013

Audited year

 ended

31 March 2014



Pence per share

Pence per share

Pence per

Share






Basic adjusted earnings per share


1.76p

1.55p

3.23p

Diluted adjusted earnings per share


1.72p

1.50p

3.15p

 

Adjusted earnings per share have been calculated by dividing the profit attributable to shareholders before other income, amortisation, impairment and charges for share based payments by the weighted average number of ordinary shares in issue during the period. The numbers used in calculating the basic and diluted adjusted earnings per share are reconciled below:








Six months ended

30 Sept 2014

Six months ended

30 Sept 2013

Audited year

 ended

31 March 2014



£'000

£'000

£'000

(Loss)/profit before tax and impairment


(1,287)

349

(5,489)

Amortisation


1,767

920

1,736

Loss before tax on disposal


-

-

5,442

Other income


-



Acquisition related costs


1,141

207

1,112

(Credit)/charges for share based payments


(5)

-

36

Adjusted profit attributable to shareholders


1,616

1,476

2,837

Current period tax charge


(308)

(320)

(433)



1,308

1,156

2,404






7.     Bank overdraft, borrowings and loans (unaudited)



30 Sept 2014

30 Sept 2013

Audited

31 March 2014

Summary


£'000

£'000

£'000

Bank overdraft


-

1,326

-

Borrowings, undiscounted cash flows


6,719

500

7,800



6,719

1,826

7,800






Borrowings are repayable as follows:





Within 1 year





  Bank overdraft


-

1,326

-

  Borrowings


4,062

500

4,612

Total due within 1 year


4,062

1,826

4,612






In more than one year but less than two years


1,062

-

1,062

In more than two years but less than three years


1,063

-

1,063

In more than three years but less than four years


532

-

1,063

Total amount due


6,719

1,826

7,800






Average interest rates at the balance sheet date were:


%

%

%

  Overdraft


2.75

3.35

2.75

  Term loan


3.25

-

3.25

  Revolving credit facility


3.25

3.35

3.25

 

As the loans are at variable market rates their carrying amount is equivalent to their fair value.

 

The borrowing facilities available to the Group at 30 September 2014 were £2.5 million (2013: £3.9 million) and, taking into account cash balances within the Group, there was £3.8 million (2013: £2.1 million) of available borrowing facilities.

 

A composite accounting system is set up with the Group's bankers, which allows debit balances on overdraft to be offset across the Group with credit balances.

 

Reconciliation of net debt

Cash at bank and in hand

Overdraft

Borrowings

Net debt


£'000

£'000

£'000

£'000

30 September 2014

1,204

-

(6,719)

(5,515)

31 March 2014

1,994

-

(7,800)

(5,806)

30 September 2013

1

(1,326)

(500)

(1,825)

 

 

8.     Provisions (unaudited)

 



30 Sept 2014

30 Sept 2013

Audited

31 March 2014



£'000

£'000

£'000

At the beginning of the period


131

-

-

Additional provisions


20

-

131

At the end of the period


151

-

131






Provisions relate to leases in the Group where the commercial benefit has either ceased or will cease before the normal expiry period.

 

9.     Share capital (unaudited)

 

Authorised:







45p deferred shares

5p ordinary shares

 


£'000

£'000

 

Authorised share capital at 31 March 2014 and 30 September 2014

45,000

10,000

 




 

 

Allotted, issued and fully paid

 


45p deferred shares

5p ordinary shares



Number

Number

£'000

Issued share capital at 31 March 2014 and at 30 September 2014

67,378,520

74,604,999

34,051





 

No shares were issued in the period.

 

 

10.   Related party transactions (unaudited)

 

There were no significant changes in the nature and size of related party transactions for the period from those disclosed in the Annual Report for the year ended 31 March 2014.



 

 

INDEPENDENT REVIEW REPORT TO JAYWING PLC

 

Introduction

We have been engaged by the company to review the interim financial information in the half-yearly financial report for the six months ended 30 September 2014 which comprises the consolidated interim statement of comprehensive income, the consolidated interim balance sheet, the consolidated interim cash flow statement, the consolidated interim statement of changes in equity and the related notes 1 to 10.  We have read the other information contained in the half-yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the condensed set of financial statements.

 

This report is made solely to the company in accordance with guidance contained in ISRE (UK and Ireland) 2410, 'Review of Interim Financial Information performed by the Independent Auditor of the Entity'. Our review work has been undertaken so that we might state to the company those matters we are required to state to them in a review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company, for our review work, for this report, or for the conclusion we have formed.

 

Directors' responsibilities

The half-yearly financial report is the responsibility of, and has been approved by, the directors. The AIM rules of the London Stock Exchange require that the accounting policies and presentation applied to the interim financial information are consistent with those which will be adopted in the annual accounts having regard to the accounting standards applicable for such accounts.

 

As disclosed in note 2, the annual financial statements of the Group are prepared in accordance with International Financial Reporting Standards as adopted by the European Union. The interim financial information in the half-yearly financial report has been prepared in accordance with the basis of preparation in note 2. 

 

Our responsibility

Our responsibility is to express to the company a conclusion on the interim financial information in the half-yearly financial report based on our review.

 

Scope of review

We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410, 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity'. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

 

Based on our review, nothing has come to our attention that causes us to believe that the interim financial information in the half-yearly financial report for the six months ended 30 September 2014 is not prepared, in all material respects, in accordance with the basis of accounting described in note 2.

 

 

 

 

 

 

 

 

 

 

Grant Thornton UK LLP

Chartered Accountants

Sheffield

25 November 2014

 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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