Interim Results
30/09/2024 07:00
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240930:nRSd1340Ga&default-theme=true
RNS Number : 1340G Alliance Pharma PLC 30 September 2024
For immediate release
30 September 2024
ALLIANCE PHARMA PLC
("Alliance" or the "Group")
Results for the six months ended 30 June 2024
Board expectations for year-end performance remain unchanged
Alliance Pharma plc (AIM: APH), the international healthcare group, is pleased
to announce its interim results for the six months ended 30 June 2024 ("the
Period"). As previously reported in the trading update on 29 July 2024, strong
revenue growth for the Kelo-Cote franchise drove Group see-through(*) revenues
of £84.8m in the Period (H1 23: £82.4m), up 2.8% versus the prior period and
up 5.0% at constant exchange rates ("CER").
The business remains strong, with solid cash generation expected to continue,
and the Board's expectations for Group performance in the full year remain
unchanged.
FINANCIAL SUMMARY
Unaudited six months ended June 30 2024 2024 2023 2023 Growth underlying Growth reported
Underlying (£m) Reported (£m) Underlying (£m) Reported (£m)
Revenue (see-through basis)* 84.8 84.8 82.4 82.4 2.8% 2.8%
Revenue (statutory basis) 83.9 83.9 81.4 81.4 3.0% 3.0%
Gross profit 50.7 50.7 46.9 46.9 8.1% 8.1%
Profit before taxation 12.7 5.9 10.3 6.2 23.3% -4.7%
Basic earnings per share 1.80 0.86 1.58 0.95 13.9% -9.5%
Free cash flow* 8.8 11.0
Cash from operations 14.3 15.5
OPERATING AND FINANCIAL HIGHLIGHTS
· Consumer Healthcare revenues +5.6% CER to £61.4m (H1 23: £59.7m)
with a strong performance in the Kelo-Cote franchise revenues, offsetting
expected declines in Nizoral due to stocking cycles.
· Amberen revenues declined 8.9% CER to £5.2m but remedial actions
are being implemented.
· Other consumer healthcare revenues increased 8.9% CER to £18.7m
(H1 23: £17.2m) with MacuShield up 16.0% CER to £4.8m.
· Prescription medicine revenues grew 3.4% CER to £23.3m (H1 23:
£22.7m) reflecting strong growth in Hydromol (up 9.6% CER to £5.1m) and a
return to stock of certain products.
· Gross margin up 300bp, underlying EBITDA up 6.4% to £19.1m as we
increase investment in marketing and innovation.
· Robust free cash flow of £8.8m (H1 23: £11.0m) driving £8.0m
reduction in net debt to £83.2m at 30 June 2024 (31 December 2023: £91.2m).
· Group leverage of 1.81x as at 30 June 2024 (31 December 2023:
2.05x) and is expected to fall further in H2 to c.1.5x at the end of the year.
DEVELOPING OUR BUSINESS
· Senior management changes implemented to improve efficiency, to
bring the consumer closer to the heart of the business and to accelerate
decision making.
· Innovation pipeline continues to deliver with three significant
launches in the Period: Amberen Energy, Mood and Sleep Gummy, MacuShield Omega
3 tablets and ScarAway Kids formulation. Sales from new product launches
expected to double in FY 2024 versus FY 2023.
· ERP system successfully implemented in China, completing the
roll-out of one-ERP platform across Alliance.
· Continued progress on Sustainability in the Period: publishing
our second, voluntary, TCFD report, becoming a member of the UN Global Compact
and receiving Level 2 Evergreen Assessment as an NHS supplier.
· Successful appeal of Competition and Markets Authority ("CMA")
decision clearing Alliance, and former CEOs Peter Butterfield and John Dawson,
of any wrongdoing. £7.9m provision for potential fine released in FY 2023
accounts.
Commenting on the results, Nick Sedgwick, Chief Executive Officer of Alliance,
said:
"I am pleased by the performance we delivered in H1 24 as we continue to see
the benefits of our investment in both marketing and innovation. Our free cash
flow is expected to build strongly throughout the remainder of 2024, which we
anticipate will enable us to reduce further our net debt and leverage by the
end of the year.
"Since the end of H1 2024 we have strengthened further our marketing
campaigns. I have also implemented a number of senior management changes to
accelerate decision making and to bring the consumer closer to the heart of
the business, and I see further opportunity to deliver efficiency gains and
capability improvements over time.
"The Board's expectation for full year financial performance is unchanged."
* The performance of the Group is assessed using Alternative Performance
Measures ("APMs"), which are measures that are not defined under IFRS, but are
used by management to monitor ongoing business performance against both
shorter term budgets and forecasts and against the Group's longer term
strategic plans. APMs are defined in note 17.
Specifically, see-through revenue includes all sales from Nizoral as if they
had been invoiced by Alliance as principal. For statutory accounting purposes
the product margin relating to Nizoral sales made on an agency basis is
included within Revenue, in line with IFRS 15.
ANALYST MEETING & WEBCAST
A meeting for analysts will be held at 10:00am this morning, 30 September
2024, at Burson Buchanan, 107 Cheapside, London EC2V 6DN. For further details,
analysts should contact alliancepharma@buchanan.uk.com
(mailto:alliancepharma@buchanan.uk.com) .
A live webcast of the analyst meeting will be available at this link:
https://stream.buchanan.uk.com/broadcast/66def9f76b479f7c8e789e9a
(https://stream.buchanan.uk.com/broadcast/66def9f76b479f7c8e789e9a)
Following the meeting, a replay of the webcast will be made available at the
investor section of Alliance's website,
https://www.alliancepharmaceuticals.com/investors/
(https://www.alliancepharmaceuticals.com/investors/%0d)
For further information:
Alliance Pharma plc + 44 (0)1249 466966
Head of Investor Relations: Cora McCallum + 44 (0)1249 705168
ir@allianceph.comk
Burson Buchanan + 44 (0)20 7466 5000
Mark Court / Sophie Wills
alliancepharma@buchanan.uk.com
Deutsche Numis Limited (Nominated Adviser and Joint Broker) + 44 (0)20 7260 1000
Freddie Barnfield / Duncan Monteith / Sher Shah
Investec Bank plc (Joint Broker) + 44 (0) 20 7597 5970
Patrick Robb / Ben Lawrence / Maria Gomez de Olea
About Alliance
Alliance Pharma plc (AIM: APH) is a growing consumer healthcare company. Our
purpose is to empower people to make a positive difference to their health and
wellbeing by making our trusted and proven brands available around the world.
We deliver organic growth through investing in our priority brands and
channels, in related innovation, and through selective geographic expansion to
increase the reach of our brands. Periodically, we may look to enhance our
organic growth through selective, complementary acquisitions.
Headquartered in the UK, the Group employs around 290 people based in
locations across Europe, North America, and the Asia Pacific region. By
outsourcing our manufacturing and logistics we remain asset-light and focused
on maximising the value we can bring, both to our stakeholders and to our
brands.
For more information on Alliance, please visit our website:
www.alliancepharmaceuticals.com (http://www.alliancepharmaceuticals.com)
Trading performance
Overview
The Group delivered see-through revenues of £84.8m in the Period (H1 23:
£82.4m), up 2.8% versus the prior period and up 5.0% at constant exchange
rates ("CER"). Statutory revenue was 3.0% above the prior period at £83.9m
(H1 23: £81.4m) and up 5.3% CER.
Revenue summary
Unaudited six months ended 30 June 2024 2023 Growth CER growth
£m £m
Kelo-Cote franchise 29.2 25.6 14% 18%
Nizoral 8.3 11.1 -25% -21%
Amberen 5.2 5.9 -11% -9%
Other consumer brands 18.7 17.2 9% 9%
Consumer Healthcare 61.4 59.7 3% 6%
Prescription Medicines 23.3 22.7 3% 3%
See-through revenue 84.8 82.4 3% 5%
Statutory revenue - Consumer Healthcare 60.5 58.7 3% 6%
Statutory revenue - Group 83.9 81.4 3% 5%
Consumer Healthcare
Consumer Healthcare revenues of £61.4m were up 2.9% (+5.6% CER) versus the
prior Period (H1 23: £59.7m), benefitting from strong growth in the Kelo-Cote
franchise. On a statutory basis, reported revenues were 3.2% above the prior
Period at £60.5m and up 6.0% CER.
Kelo-Cote - scar prevention and treatment
Revenues from the Kelo-Cote franchise rose 14.2% (18.4% CER) in the Period to
£29.2m (H1 23: £25.6m). Whilst this growth is flattered to some extent by
the weaker than usual prior year, when sales were more heavily weighted to H2
due to the previously discussed destocking by our cross-border ecommerce
partner, in-market sales for Kelo-Cote in China remain strong, up 17% versus
the market growth of 10%. Performance in the US was particularly encouraging
with ScarAway revenues up 16% CER, outpacing market growth of 7%.
Throughout H2 24 we are moving towards a more consistent revenue stream,
reducing the stocking and destocking cycles we've experienced over the last
two years. This is expected to yield mid-single digit revenue growth for the
Kelo-Cote franchise in 2024.
Nizoral - medicated anti-dandruff shampoo
Nizoral performance was impacted by destocking following a build in inventory
in H1 23 ahead of the planned move to a new manufacturer. Consequently,
Nizoral revenues were down 20.9% CER to £8.3m in the Period (H1 23: £11.1m).
With a new head of China in place and a strong team across APAC, new product
launches and further marketing investment planned to activate the brand across
APAC, we remain confident about the mid to long term prospects for the brand.
Amberen - vitamin mineral supplement for the relief of menopause symptoms
(US)
Amberen revenues declined 8.9% CER to £5.2m (H1 23: £5.9m) due to softer
trading on Amazon and as the category continues to shift away from bricks and
mortar.
Our newly launched range of gummies is delivering incremental business through
reaching new consumers, whilst continued action to reduce unauthorised
resellers means we are beginning to see improvements in our share of the buy
box on Amazon. With a new head of North America in place we are conducting an
in-depth review of the business to strengthen our action plan and accelerate
growth.
Other Consumer Healthcare brands
Other consumer healthcare revenues increased 8.9% CER to £18.7m (H1 23:
£17.2m) with MacuShield up 16.0% CER to £4.8m (H1 23: £4.2m) as promotional
activities and new product launches drove strong in-market demand.
Prescription Medicines
Prescription medicine revenues grew 3.4% CER to £23.3m (H1 23: £22.7m)
reflecting continued strong performance in Hydromol (emollient for the
treatment of eczema) with revenues up 9.6% CER to £5.1m (H1 23: £4.7m) and a
return to stock of certain products, including those brands impacted by the
transition from the Medical Devices Directive to the Medical Devices
Regulation.
Forceval (nutritional supplement) revenues increased 13.6% CER to £3.7m (H1
23: £3.3m).
We continue to manage this part of our business actively, to ensure
appropriate levels of investment and financial return.
Prescription medicines continue to deliver a healthy contribution to the
Group's cash flow.
Profit and loss account
We continued to manage our direct costs well in the Period. Around half of our
cost base is related to the price we pay for finished goods, warehousing and
distribution with approximately a quarter relating to labour. The remaining
25% comprises around 15% of discretionary marketing spend and 10% fixed
overheads.
Changes in revenue mix, primarily a higher proportion of Kelo-Cote franchise
revenues, led to a 300 basis point (bp) increase in gross margin to 59.8% of
see-through revenue (H1 23: 56.8%) and an 8.1% increase in gross profit to
£50.7m (H1 23: £46.9m). Gross margin relative to statutory revenue was 60.4%
(H1 23: 57.6%).
We continued our investment in the business in H1 24, improving our operating
capabilities and marketing effectiveness provided to a number of our brands.
Accordingly, underlying operating costs (defined as underlying administration
and marketing expenses, excluding depreciation and underlying amortisation
charges) increased 8.4% to £30.7m (H1 23: £28.4m), representing 36.2% of
see-through revenue (H1 23: 34.5%).
With a modest increase in the IFRS 2 share options charge to £0.8m for the
Period (H1 23: £0.5m), underlying earnings before interest, taxes,
depreciation and amortisation (EBITDA) increased 6.4% in the Period to £19.1m
(H1 23: £18.0m), whilst underlying operating profit (EBIT) increased by 7.6%
to £17.5m (H1 23: £16.3m).
Reported operating profit declined 12.1% to £10.7m (H1 23: £12.2m) following
a £1.1m increase in non-underlying expenses and intangible asset impairments
of £1.5m.
Net finance costs of £4.8m include interest charges of £4.9m (H1 23: £4.6m)
and net exchange gains of £0.1m, representing FX movements versus the prior
period when we recorded a net exchange loss of £1.4m in HY23. With an
underlying tax charge of £3.0m (H1 23: £1.8m) equating to a tax rate of
23.4% (H1 23: 17.3%), underlying basic earnings per share increased 13.9% to
1.80p (H1 23: 1.58p).
Cash generation
We generated £8.8m free cash flow in the Period (H1 23: £11.0m) and
decreased net debt by £8.0m to £83.2m at 30 June 2024 (31 December 2023:
£91.2m). Group leverage (as at 30 June 2024) was 1.81x (31 December 2023:
2.05x).
Net working capital outflow in the period of £0.9m relates to an increase in
inventories and a decrease in accounts payables which is partially offset by a
decrease in receivables. Overall, cash generated from operations was £16.9m
(H1 22: £17.2m).
Net debt and Group leverage are both expected to fall further in H2,
reflecting the Group's strong cash generation, and we now expect to finish the
year with leverage of c.1.5x. Our dividend remains paused whilst we focus on
further net debt reduction.
Innovation and Development (I&D)
We continue to actively invest in our business to maintain strong organic
revenue growth and currently spend some £1m-£2m per annum on I&D, with a
view to generating 10% of net consumer sales from new product innovation in
the future. In H1 24, revenues from new product development reached £3.5m (H1
23: £1.1m), representing 5.7% of consumer health care sales (H1 23: 1.8%).
We launched three significant new products during H1 24, all of which provide
potential for significant organic growth in future years.
The latest gummy in the Amberen range, Amberen Energy, Mood and Sleep, was
launched in the US in Q2 24 targeting the perimenopausal consumer. It has
gained good traction online through both Amazon and our own direct to consumer
website Amberen.com. We have also partnered with Walmart to promote the
product on its social media platforms, and are working with a leading social
media influencer, Dr. Eva Beaulieu, to expand the brand's reach.
In the UK, we have expanded the MacuShield range with the launch of MacuShield
Omega 3. The product was first placed in Boots, both in store and online, then
listed on Amazon from May 2024 ahead of Prime Day in July 2024. The launch was
supported by an extensive PR campaign and is expected to broaden the brand's
reach rather than cannibalise sales of the base brand.
ScarAway Kids scar gel was launched in the US on Amazon in late February 2024
expanding the range of the flagship gel listing.
Operational and corporate developments
The arrival of our new CEO, Nick Sedgwick, in May 2024, has provided fresh
perspective. Whilst the business has transitioned to a predominantly consumer
healthcare company, much of the infrastructure and mindset remains more
aligned with the legacy prescription medicines business. Consequently, we are
working to adapt the Company's culture and capabilities to support our
ambition to become a high-performing consumer healthcare company, placing the
consumer firmly at the heart of all strategic decisions. To date the Chief
Operating Officer role has been removed, to streamline the management
structure and accelerate decision making, and both the Heads of North America
and China have been replaced to support our growth ambitions.
On 23 May 2024 we announced the successful conclusion of our appeal before the
Competition Appeal Tribunal ("CAT") of a decision by the UK Competition and
Markets Authority ("CMA"). In a unanimous judgment, the CAT upheld Alliance's
appeal, finding that there was no agreement to exclude competition from the
market and no breach of competition law. The CMA's decision and £7.9m penalty
imposed on Alliance have been set aside. In particular, the CAT found that
Alliance's two key witnesses, former Alliance CEOs Peter Butterfield and John
Dawson, were both impressive and compelling, with their evidence singled out
by the Tribunal in its concluding remarks. Director disqualification
proceedings brought by the CMA against the two former Alliance CEO's, the
first limb of which was joined to the appeal, have also fallen away. The CMA
has confirmed that it will not appeal the CAT decision.
In 2021 we provided for the potential penalty but reversed this provision in
the FY 2023 accounts.
Continuing our sustainability journey
We continue to make good progress on our sustainability journey, publishing
our second, voluntary, stand-alone TCFD report for 2023 in June 2024. We also
created an online sustainability report to accompany the publication of our
Annual Report in June as we strive to improve further the communication of our
sustainability strategy.
Throughout this year we have focused on developing our social and governance
strategies. Having established a partnership with Slave Free Alliance (SFA) in
2023, in H1 24, the SFA conducted a high-level risk assessment on 15 suppliers
deemed most at risk from a modern slavery perspective. Furthermore, we have
committed to conducting at least five modern slavery audits in person from
this group of 15 high risk suppliers, of which four were completed in H1 24
with no red flags.
We have also joined the UN Global Compact, which is the world's largest global
corporate sustainability initiative. This commits Alliance to meet fundamental
responsibilities in the four areas of human rights, labour, the environment
and anti-corruption.
During the Period, we were pleased to have completed the NHS Evergreen
Sustainable Supplier Assessment. This self-assessment and reporting tool
resulted in Alliance receiving a level 2 accreditation recognising our
comprehensive net zero targets and reporting for carbon emissions. This
accreditation is key to remaining a trusted provider to the NHS, supporting us
to align with their long-term sustainability priorities and their pathway to
net zero emissions.
For further detail, please see the Sustainability section of our website.
Board changes
As announced in February 2024, Jo LeCouilliard stepped down from the Board
with the appointment of Camillo Pane as the new independent Chair of Alliance
that month. Camillo Pane has over 30 years of relevant sector experience. He
has held a number of senior positions at Reckitt Benckiser, including Senior
Vice President and Global Category Officer for Consumer Health, before moving
to Coty Inc, one of the largest beauty companies in the world, where, as CEO,
he led the merger with Procter & Gamble Specialty Beauty. Most recently,
he was Group CEO of Health & Happiness Group, a global health and
nutrition company listed on the Hong Kong Stock Exchange with revenues of
around $2bn.
On 8 May 2024 we announced that Peter Butterfield, Chief Executive Officer
("CEO"), had decided to leave the business and, on 13 May 2024, we announced
that Nick Sedgwick was appointed as Alliance's new CEO.
Nick brings 30 years of consumer goods experience predominantly in health
across European, US and global roles at major multinational companies such as
Reckitt, Coty and Nestlé. Most recently Nick was Regional Director for UK and
Ireland Consumer Health at Reckitt during which time he increased revenue and
improved profitability in the second largest market for the company. Prior to
this, Nick worked at Coty holding a number of senior roles including Senior
Vice President for Global Sales and Commercial Capabilities, Senior Vice
President Sales for the US business and General Manager Consumer Beauty for UK
and Ireland. Throughout his career, Nick has worked in multiple countries,
always delivering high revenue growth through consumer-centric strategies,
high performance teams and excellence in execution.
In order to accelerate the globalisation of the business, simplify the
management structure and to bring the consumer closer to the heart of the
business, the Board decided that the role of COO is no longer required.
Consequently, Jeyan Heper left the business on 31 August 2024.
Current trading and outlook
The second half of 2024 is currently trading in-line with expectations. We
expect Group revenues to continue to build throughout H2 as new product
launches gain momentum. This revenue growth will be used to support further
investment in marketing and innovation. The Board continues to anticipate that
underlying Group profit in FY 2024 will be in line with FY 2023. Net debt and
Group leverage are both expected to continue to fall, with Group leverage
expected to be c. 1.5x at year end, reflecting the Group's strong cash
generation.
Nick Sedgwick
Andrew
Franklin
Chief Executive
Officer
Chief Financial Officer
30 September
2024
30 September 2024
UNAUDITED CONSOLIDATED INCOME STATEMENT
For the six months ended 30 June 2024
Unaudited Unaudited
Six months ended 30 June 2024 Six months ended 30 June 2023
Underlying £000s Non-Underlying £000s Total Underlying £000s Non-Underlying £000s Total
Note (Note 6) £000s (Note 6) £000s
Revenue 4 83,865 - 83,865 81,398 - 81,398
Cost of sales (33,203) - (33,203) (34,536) - (34,536)
Gross profit 50,662 - 50,662 46,862 - 46,862
Operating expenses
Administration and marketing expenses (31,368) (2,080) (33,448) (29,177) (1,000) (30,177)
Amortisation of intangible assets 6 (954) (3,233) (4,187) (948) (3,082) (4,030)
Impairment of intangible assets 6 - (1,474) (1,474) - - -
Share-based employee remuneration (833) - (833) (460) - (460)
Operating profit 17,507 (6,787) 10,720 16,277 (4,082) 12,195
Finance costs
Interest payable and similar charges 5 (4,939) - (4,939) (4,600) - (4,600)
Finance income/(costs) 5 159 - 159 (1,359) - (1,359)
Net finance costs (4,780) - (4,780) (5,959) - (5,959)
Profit before taxation 12,727 (6,787) 5,940 10,318 (4,082) 6,236
Taxation 7 (2,974) 1,697 (1,277) (1,784) 657 (1,127)
Profit for the period attributable to equity shareholders 9,753 (5,090) 4,663 8,534 (3,425) 5,109
Earnings per share
Basic (pence) 9 1.80 0.86 1.58 0.95
Diluted (pence) 9 1.79 0.86 1.58 0.94
All of the activities of the Group are classified as continuing.
UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 30 June 2024
Unaudited Unaudited
Six months ended
Six months ended
30 June 2024 30 June 2023
£000s £000s
Profit for the period 4,663 5,109
Other comprehensive income
Items that may be reclassified to profit or loss:
Interest rate swaps - cash flow hedge (gross) 1,316 -
Interest rate swaps - cash flow hedge (deferred tax) (329) -
Foreign exchange forward contracts - cash flow hedge (gross) (847) (32)
Foreign exchange forward contracts - cash flow hedge (deferred tax) 213 8
Foreign exchange translation differences (gross) (1,007) (9,185)
Foreign exchange translation differences (deferred tax) 252 2,296
Total comprehensive income for the period 4,261 (1,804)
UNAUDITED CONSOLIDATED BALANCE SHEET
As at 30 June 2024
Note Unaudited Audited
30 June 2024 31 December 2023
£000s £000s
Assets
Non-current assets
Goodwill and intangible assets 10 294,321 299,978
Property, plant and equipment 11 5,759 5,721
Deferred tax asset 4,647 4,648
Derivative financial instruments - 77
Other non-current assets 274 404
305,001 310,828
Current assets
Inventories 27,580 25,711
Trade and other receivables 12 45,993 54,716
Derivative financial instruments 468 1,232
Cash and cash equivalents 19,271 22,436
Total current assets 93,312 104,095
Total assets 398,313 414,923
Equity
Ordinary share capital 5,406 5,404
Share premium account 151,702 151,684
Share option reserve 11,907 11,159
Other reserve (329) (329)
Cash flow hedging reserve (469) (822)
Translation reserve 6,656 7,411
Retained earnings 48,029 43,366
Total equity 222,902 217,873
Liabilities
Non-current liabilities
Loans and borrowings 15 102,434 113,646
Other liabilities 14 2,856 3,200
Derivative financial instruments 810 1,771
Deferred tax liability 37,477 37,863
Total non-current liabilities 143,577 156,480
Current liabilities
Corporation tax 1,441 2,454
Trade and other payables 13 29,430 37,066
Provisions 16 558 637
Derivative financial instruments 405 413
Total current liabilities 31,834 40,570
Total liabilities 175,411 197,050
Total equity and liabilities 398,313 414,923
UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six months ended 30 June 2024
Ordinary Share Premium account £000s Share Option reserve £000s Other reserve £000s Cash flow Hedging reserve £000s Translation reserve £000s Retained earnings £000s Total
Share
Capital Equity
£000s
£000s
Balance 1 January 2024 (audited) 5,404 151,684 11,159 (329) (822) 7,411 43,366 217,873
Issue of shares 2 18 - - - - 20
Dividend paid/payable - - - - - - - -
Share options charge (including deferred tax) - - 748 - - - - 748
Transactions with owners 2 18 748 - - - - 768
Profit for the period 4,663 4,663
Other comprehensive income
Interest rate swaps - cash flow hedge (net of deferred tax) - - - - 987 - - 987
Foreign exchange forward contracts - cash flow hedge (net of deferred tax) - - - - (634) - - (634)
Foreign exchange translation differences - - - - - (755) - (755)
Total comprehensive income for the period - - - - 353 (755) 4,663 4,261
Balance 30 June 2024 (unaudited) 5,406 151,702 11,907 (329) (469) 6,656 48,029 222,902
Ordinary Share Premium account £000s Share Option reserve £000s Other reserve £000s Cash flow Hedging reserve £000s Translation reserve £000s Retained earnings £000s Total
Share
Capital Equity
£000s
£000s
Balance 1 January 2023 (restated(1)) 5,400 151,650 10,141 (329) 131 12,430 86,094 265,517
Issue of shares 1 33 - - - - - 34
Dividend paid - - - - - - (9,592) (9,592)
Share options charge (including deferred tax) - - 660 - - - - 660
Transactions with owners 1 33 660 - - - (9,592) (8,898)
Profit for the period - - - - - - 5,109 5,109
Other comprehensive income
Foreign exchange forward contracts - cash flow hedge (net of deferred tax) - - - - (24) - - (24)
Foreign exchange translation differences - - - - - (6,889) - (6,889)
Total comprehensive income for the period - - - - (24) (6,889) 5,109 (1,804)
Balance 30 June 2023 (restated(1)) 5,401 151,683 10,801 (329) 107 5,541 81,611 254,815
1 Restated as per the 2023 Annual Report and Accounts, which are
available from the registered office of this company.
UNAUDITED CONSOLIDATED CASH FLOW STATEMENT
For the six months ended 30 June 2024
Note Unaudited Unaudited
Six months ended Six months ended
30 June 2024 30 June 2023
£000s £000s
Operating activities
Profit for the period before tax 5,940 6,236
Interest payable and similar charges 5 4,939 4,600
Foreign exchange (gain)/loss 5 (74) 1,359
Interest income 5 (85) -
Amortisation and impairment of intangible assets 10 5,661 4,030
Depreciation of property, plant and equipment 11 650 733
Share-based employee remuneration 833 460
Change in inventories (1,869) (2,810)
Change in trade and other receivables 8,853 8,330
Change in trade and other payables (7,923) (5,694)
Cash generated from operations 16,925 17,244
Tax paid (2,615) (1,786)
Cash flows from operating activities 14,310 15,458
Investing activities
Acquisitions and deferred consideration - (207)
Purchase of property, plant and equipment 11 (728) (199)
Net cash used in investing activities (728) (406)
Financing activities
Interest paid and similar charges (4,796) (4,299)
Loan issue costs 15 - (100)
Proceeds from exercise of share options 20 34
Capital lease payments (435) (442)
Dividend paid 8 - (3,197)
Repayment of borrowings 15 (11,217) (12,000)
Net cash used in financing activities (16,428) (20,004)
Net movement in cash and cash equivalents (2,846) (4,952)
Cash and cash equivalents at beginning of period 22,436 31,714
Effects of exchange rate movements (319) (650)
Cash and cash equivalents at end of period 19,271 26,112
NOTES TO THE HALF YEAR REPORT
For the six months ended 30 June 2024
1. General information
Alliance Pharma plc ('the Company') and its subsidiaries (together 'the
Group') acquire, market, and distribute consumer healthcare products and
prescription medicines. The Company is a public limited company, limited by
shares, registered, incorporated, and domiciled in England and Wales in the
UK. The address of its registered office is Avonbridge House, Bath Road,
Chippenham, Wiltshire, SN15 2BB.
The Company is listed on the London Stock Exchange, Alternative Investment
Market ('AIM').
These interim financial statements for the six months ended 30 June 2024 do
not constitute statutory accounts as defined in section 434 of the Companies
Act 2006 and are unaudited. These financial statements have been prepared in
accordance with the AIM rules but not under IAS 34, and should be read in
conjunction with the Group's last annual consolidated financial statements as
at and for the year ended 31 December 2023. They do not include all of the
information required for a complete set of financial statements prepared in
accordance with IFRS Accounting Standards. However, selected explanatory notes
are included to explain events and transactions that are significant to an
understanding of the changes in the Group's financial position and performance
since the last annual financial statements. The auditors' report on those
accounts was unqualified and did not contain statements under section 498 (2)
or section 498 (3) of the Companies Act 2006.
These consolidated financial statements for the six-month period ended 30 June
2024 have been approved for issue by the Board of Directors on 30 September
2024.
2. Going concern
The Group has access to a £150m fully Revolving Credit Facility ('RCF'),
together with a £65m accordion, which is available until August 2026 with an
option to extend for a further two years.
The RCF is drawn in short- to medium-term tranches of debt which are repayable
within 12 months of draw-down. Under the terms of the facility agreement, the
lenders are obliged to revolve maturing loans and the Group is not obliged to
make any loan repayments, provided certain conditions are met, including
covenant compliance. Consequently, the Directors have presented the RCF as a
non-current liability.
The Directors have prepared cash flow forecasts for a period of 12 months from
the date of approval of these financial statements (the going concern period)
and these forecasts indicate that the Group will have sufficient funds, given
the RCF financing available, to meet its liabilities as they fall due for that
period.
Also, the Directors have considered severe but plausible downside scenarios,
including a scenario that models a 25% reduction in the Group's gross profit
in Q4 2024. Even under this severe but plausible downside scenario, forecasts
indicate that the Group will have sufficient funds to meet its liabilities as
they fall due and will continue to comply with its loan covenants throughout
the forecast period. The Directors also considered a reverse stress test
scenario which indicates that a decline in monthly EBITDA against forecast for
a period of 12 months from October 2024 of over 40% would be needed to result
in a breach of loan covenants. The Directors consider this remote. In
addition, there are mitigating actions that Management can take in order to
maintain covenant compliance in even more extreme downside scenarios.
Consequently, the Directors consider that it is highly unlikely it would be
unable to exercise its right to roll over the debt and are confident that the
Group will have sufficient funds to continue to meet its liabilities as they
fall due for at least 12 months from the date of approval of the financial
statements. The Directors have, therefore, determined it is appropriate to
adopt the going concern basis in preparing the financial statements.
3. Accounting policies
Judgements and estimates
The principal judgements and estimates made in this period are the same as
those published by the Group in the 31 December 2023 Annual Report, which is
available on the Group's website: www.alliancepharmaceuticals.com.
Non-underlying items
Amortisation and impairment charges for intangible assets relating to goodwill
and brand and distribution rights are included as non-underlying items.
Significant restructuring costs (for example, relating to office or business
closures), one-off project costs, and the revaluation of deferred tax balances
following substantial tax legislation changes are also included as
non-underlying items. The Directors believe that this classification of
underlying and non-underlying items, when considered together with total
statutory results, provides investors, analysts and other stakeholders with
helpful complementary information to better understand the financial
performance and position of the Group from period to period, and allows the
Group's performance to be more easily compared against the majority of its
peer companies. These measures are also used by management for planning and
reporting purposes. They may not be directly comparable with similarly
described measures used by other companies. For further detail, please refer
to note 6.
Other accounting policies
The remaining accounting policies applied in these interim financial
statements are the same as those published by the Group in the 31 December
2023 Annual Report. The Annual Report is available on the Group's website.
4. Revenue
Revenue information by brand Unaudited Unaudited
Six months ended 30 June 2024 Six months ended 30 June 2023
£000s £000s
Consumer healthcare brands:
Kelo-cote franchise 29,210 25,587
Amberen 5,210 5,855
Nizoral* 7,436 10,068
MacuShield 4,844 4,189
Aloclair 4,371 2,258
Vamousse 2,170 2,227
Other Consumer healthcare brands 7,302 8,477
Total Revenue - Consumer healthcare brands 60,543 58,661
Prescription medicines:
Hydromol 5,105 4,661
Flamma Franchise 3,076 2,939
Forceval 3,716 3,270
Other Prescription medicines 11,425 11,867
Total Revenue - Prescription medicines 23,322 22,737
Total Revenue 83,865 81,398
Revenue information by geography Unaudited Unaudited
Six months ended Six months ended 30 June 2023
30 June 2024 £000s
£000s
Europe, Middle East and Africa (EMEA) 39,150 36,661
Asia Pacific and China (APAC) 29,442 29,986
Americas (AMER) 15,273 14,751
Total Revenue 83,865 81,398
* Nizoral is shown on a net profit basis in statutory revenue. Nizoral
revenue presented on a see-through income statement basis is included as an
alternative performance measure in note 17.
5. Finance costs
Unaudited Unaudited
Six months ended 30 June 2024 Six months ended 30 June 2023
£000s £000s
On loans and overdrafts (4,624) (4,222)
Amortised finance issue costs (142) (321)
Finance costs on interest rate swaps (119) -
Interest on lease liabilities (54) (57)
Interest payable and similar charges (4,939) (4,600)
Interest income 85 -
Net exchange gain/(loss) 74 (1,359)
Finance income/(costs) 159 (1,359)
Net finance costs (4,780) (5,959)
6. Non-underlying items
The Group presents a number of non-IFRS measures which exclude the impact of
significant non-underlying items. This is to allow investors to understand the
underlying trading performance of the Group and can exclude items such as:
amortisation and impairment of acquired intangible assets; restructuring
costs; one-off project costs; gains or losses on disposal; remeasurement and
accounting for the passage of time in respect of contingent considerations;
and the revaluation of deferred tax balances following substantial tax
legislation changes. This assessment requires judgement to be applied by the
Directors as to which transactions are non-underlying and whether this
classification enhances the understanding of the users of the financial
statements.
Unaudited Unaudited
Six months ended 30 June 2024 Six months ended 30 June 2023
£000s £000s
Amortisation of intangible assets 3,233 3,082
Intangible asset impairment 1,474 -
Legal and professional expenditure 980 1,000
Restructuring costs 854 -
Other non-underlying costs 246 -
Total non-underlying items before taxation 6,787 4,082
Non-underlying taxation (1,697) (657)
Total non-underlying items after taxation 5,090 3,425
Amortisation of intangible assets
The amortisation costs of acquired intangible assets are a significant item
considered unrelated to trading performance and, as such, have been presented
as non-underlying. This classification is in line with the majority of peer
companies of the Group.
Intangible asset impairment
The impairment review for the Group's intangible assets resulted in impairment
losses as the carrying value of certain cash-generating units exceeded
estimated recoverable amounts. Further details are provided in note 10. The
impairment losses are significant items resulting from changes in assumptions
for future recoverable amounts. As such, they are considered unrelated to 2024
trading performance, and have been presented as non-underlying.
Legal and professional expenditure
These relate to one-off legal and professional costs.
Restructuring costs
These costs relate to restructuring of the senior leadership team.
7. Taxation
Analysis of charge for the period is as
follows:
Unaudited Unaudited
Six months ended 30 June 2024 Six months ended 30 June 2023
Underlying £000s Non-Underlying £000s Total Underlying £000s Non-Underlying £000s Total
(Note 6) £000s (Note 6) £000s
Corporation tax 2,211 (520) 1,691 914 - 914
Deferred tax 763 (1,177) (414) 870 (657) 213
Taxation 2,974 (1,697) 1,277 1,784 (657) 1,127
The difference between the total tax charge and the amount calculated by
applying the standard rate of UK corporation tax to profit before tax is as
follows:
Unaudited Unaudited
Six months ended 30 June 2024 Six months ended
£000s 30 June 2023
£000s
Profit before taxation 5,940 6,236
Profit before taxation multiplied by standard rate of corporation tax in the 1,485 1,465
United Kingdom at 25.0% (2023: 23.5%)
Effects of:
Non-deductible expenses and non-taxable income - 321
Non-underlying amortisation and impairment - 107
Differences between current and deferred tax rate (note 6) - 75
Different tax rates on overseas earnings (137) (130)
Foreign exchange (71) (711)
Total tax charge 1,277 1,127
8. Dividends
No dividend was declared or paid in respect of the 2023 financial year. No
interim dividend for 2024 has been declared.
Pence/share Six months ended
30 June 2023
£000s
Amounts recognised as distributions to shareholders in 2023
Interim dividend for the 2022 financial year 0.592 3,197
Final dividend for the 2022 financial year 1.184 6,395
9,592
The interim dividend for 2022 was paid on 19 January 2023. The final dividend
for 2022 was paid on 18 July 2023.
9. Earnings per share ('EPS')
Basic EPS is calculated by dividing the earnings attributable to ordinary
shareholders by the weighted average number of Ordinary Shares outstanding
during the period. For diluted EPS, the weighted average number of Ordinary
Shares in issue is adjusted to assume conversion of all dilutive potential
Ordinary Shares.
A reconciliation of the weighted average number of Ordinary Shares used in the
measures is given below:
Weighted average number of shares 000s
Six months ended Six months ended
30 June 2024
30 June 2023
For basic EPS 540,401 540,039
Share options 3,791 1,537
For diluted EPS 544,192 541,576
Six months to Six months to
30 June 2024
30 June 2023
£000s
£000s
Earnings for basic and diluted EPS 4,663 5,109
Non-underlying items (Note 6) 5,090 3,425
Earnings for underlying basic and diluted EPS 9,753 8,534
The resulting EPS measures are:
Six months to Six months to
30 June 2024
30 June 2023
Pence Pence
Basic EPS 0.86 0.95
Diluted EPS 0.86 0.94
Underlying basic EPS 1.80 1.58
Underlying diluted EPS 1.79 1.58
10. Goodwill and intangible assets
Consumer Healthcare brands and distribution rights Prescription Medicines brands and distribution rights Total
£000s £000s £000s
Goodwill Computer software
£000s £000s
Cost
At 1 January 2024 (audited) 34,415 287,352 152,297 15,266 489,330
Exchange adjustments (18) 617 (595) - 4
At 30 June 2024 (unaudited) 34,397 287,969 151,702 15,266 489,334
Amortisation and impairment
At 1 January 2024 (audited) 19,928 88,333 75,862 5,229 189,352
Amortisation for the period (Note 6) - 255 2,978 954 4,187
Impairment for the period (Note 6) - 484 990 - 1,474
At 30 June 2024 (unaudited) 19,928 89,072 79,830 6,183 195,013
Net book amount
At 30 June 2024 (unaudited) 14,469 198,897 71,872 9,083 294,321
At 1 January 2024 (audited) 14,487 199,019 76,435 10,037 299,978
Impairment
All intangible assets are stated at cost less accumulated amortisation and
impairment. For the six-month period to 30 June 2024, a review of all
intangible assets was undertaken to identify any indicators of impairment. For
all intangible assets that show indicators of impairment, the carrying amounts
of the Group's non-financial assets are assessed for impairment; this includes
estimation of the recoverable amount, being the higher of the value in use
basis and the fair value less costs of disposal basis. Amberen is tested at
CGU level as the directors believe this CGU generates largely independent cash
inflows. All other brands are tested at the individual asset level. As a
result of the impairment review for the interim period ended 30 June 2024, the
following impairment charges were identified:
› Following impairment indicators identified, Prescription Medicine brand
and distribution rights assets with a finite life and associated goodwill have
been impaired by £1.0m (2023: £nil) due to viability of future sales in the
current market.
› Following impairment indicators identified, Other Consumer Healthcare
brand and distribution rights assets with a finite life have been impaired by
£0.5m (2023: £nil) due to viability of future sales in the current market.
11. Property, plant and equipment
The Group Computer software and equipment Fixtures, fittings and equipment Plant & machinery Right-of-use lease assets Total
£000s £000s £000s £000s £000s
Cost
At 1 January 2024 (audited) 2,260 4,550 74 5,723 12,607
Additions 46 682 - - 728
Effect of movements in exchange rates (4) - - (36) (40)
At 30 June 2024 (unaudited) 2,302 5,232 74 5,687 13,295
Depreciation
At 1 January 2024 (audited) 2,015 2,432 59 2,380 6,886
Provided in the period 73 198 5 374 650
Effect of movements in exchange rates - - - - -
At 30 June 2024 (unaudited) 2,088 2,630 64 2,754 7,536
Net book amount ,
At 30 June 2024 (unaudited) 214 2,602 10 2,933 5,759
At 1 January 2024 (audited) 245 2,118 15 3,343 5,721
12. Trade and other receivables
Unaudited Audited
30 June 2024 31 December 2023
£000s £000s
Trade receivables 41,385 49,371
Other receivables 1,562 1,716
Prepayments 2,632 3,029
Accrued income 414 600
45,993 54,716
13. Trade and other payables
Unaudited Audited
30 June 2024 31 December 2023
£000s £000s
Trade payables 13,602 18,225
Other taxes and social security costs 707 1,211
Accruals and deferred income 14,002 16,155
Other payables 424 707
Lease liabilities 695 768
29,430 37,066
14. Other non-current liabilities
Unaudited Audited
30 June 2024
£000s 31 December 2023
£000s
Lease liabilities 2,657 3,001
Other non-current liabilities 199 199
2,856 3,200
15. Loans and borrowings
The Group has a £150m fully Revolving Credit Facility, together with a £65m
accordion, and encompasses all denominations in the note below. This facility
is available until August 2026 with an option to extend for a further two
years. This has been classified as a non-current liability.
The bank facility is secured by a fixed and floating charge over the Company's
and Group's assets registered with Companies House.
The Group also has access to an overdraft facility of £2m.
Movements in borrowings are analysed as follows:
£000s
At 1 January 2024 (audited) 113,646
Net repayment of borrowings (11,217)
Amortisation of prepaid arrangement fees 125
Exchange movements* (120)
At 30 June 2024 (unaudited) 102,434
* Exchange movements on loans and borrowings with effective net investment
hedges are reported in other comprehensive income and accumulated in the
translation reserve.
The Group's debt is provided on a floating interest rate basis. The Group is
exposed to risks of rising interest rates on interest costs and the headroom
available under financial covenants. Interest rate hedging products are used
to manage financial exposures and protect covenants when certain trigger
levels are met. The Group uses interest rate swaps to fix the rates paid on a
portion of its debt in order to mitigate against these risks. At 30 June 2024,
the Group had GBP interest rate swaps in place with a nominal value of £60.0m
(31 December 2023: £90.0m).
The interest rate exposure of the financial liabilities of the Group at the
period end was:
Floating rate interest exposure Unaudited Audited
30 June 2024
31 December 2023
£000s
£000s
Bank loans - Sterling denominated 96,817 96,817
Bank loans - US Dollar denominated - 11,162
Bank loans - Euro denominated 6,691 6,865
Total financial liabilities 103,508 114,844
Unamortised issue costs (1,074) (1,198)
Net book value of financial liabilities 102,434 113,646
16. Provisions
Restructuring provision Onerous contract provision Total
£000s
£000s £000s
At 1 January 2024 (audited) 175 462 637
Charge to the income statement - 387 387
Reclassification to inventory - (462) (462)
Exchange differences (4) - (4)
At 30 June 2024 (unaudited) 171 387 558
The restructuring provision of £0.2m at 30 June 2024 (31 December 2023:
£0.2m) relates to the balance of restructuring costs in relation to the
closure of the Milan office following a change to the operating model for our
direct-to-market business in Italy.
The onerous contract provision of £0.4m at 30 June 2024 (31 December 2023:
£nil) relates to estimated legal and settlement costs in relation to a
customer dispute which arose in June 2024. The £0.5m provision brought
forward has been reclassified to inventory provisions as at 30 June 2024
following receipt of the underlying product.
17. Alternative performance measures
The performance of the Group is assessed using Alternative Performance
Measures ('APMs'). The Group's results are presented both before and after
non-underlying items. Adjusted profitability measures are presented excluding
non-underlying items as we believe this provides both management and investors
with useful additional information about the Group's performance and aids a
more effective comparison of the Group's trading performance from one period
to the next and with similar businesses. In addition, the Group's results are
described using certain other measures that are not defined under IFRS and are
therefore considered to be APMs. These measures are used by management to
monitor ongoing business performance against both shorter-term budgets and
forecasts but also against the Group's longer-term strategic plans. APMs used
to explain and monitor Group performance are:
Measure Definition Reconciliation to GAAP measure
Underlying EBIT and EBITDA Earnings before interest, tax and non-underlying items (EBIT also referred to Note A below
as underlying operating profit), then depreciation, amortisation and
underlying impairment (EBITDA).
Calculated by taking profit before tax and financing costs, excluding
non-underlying items and adding back depreciation and amortisation.
EBITDA margin is calculated using see-through revenue.
Free cash flow Free cash flow is defined as cash generated from operations less cash payments Note B below
made for interest payable and similar charges, capital expenditure and tax.
Net debt Net debt is defined as the Group's gross bank debt position net of finance Note C below
issue costs and cash.
Underlying effective tax rate Underlying effective tax rate is calculated by dividing total taxation for Note D below
the year less impact of tax rate changes and non-underlying charges,
by the underlying profit before tax for the year
See-through income statement Under the terms of the transitional services agreement with certain supply Note E below
partners, Alliance receives the benefit of the net profit on sales of Nizoral
from the date of acquisition up until the product licences in the Asia-Pacific
territories transfer to Alliance. The net product margin is recognised as part
of statutory revenue.
The see-through income statement recognises the underlying sales and cost of
sales which give rise to the net product margin, as management consider this
to be a more meaningful representation of the underlying performance of the
business, and to reflect the way in which it is managed.
Constant exchange rate (CER) revenue Like-for-like revenue, impact of acquisitions and total see-through revenue Note F below
stated so that the portion denominated in non-sterling currencies is
retranslated using foreign exchange rates from the previous financial year.
Like-for-like Like-for-like figures compare financial results in one period with those for Not needed
the previous period, excluding the impact of acquisitions and disposals made
in either period.
Operating costs Defined as underlying administration and marketing expenses, Not needed
excluding depreciation and underlying amortisation charges.
17. Alternative performance measures (continued)
A. Underlying EBIT and EBITDA
Reconciliation of Underlying EBIT and EBITDA Unaudited Unaudited
Six months ended
Six months ended
30 June 2024
30 June 2023
£000s £000s
Profit before tax 5,940 6,236
Non-underlying items (Note 6) 6,787 4,082
Net finance costs (Note 5) 4,780 5,959
Underlying EBIT 17,507 16,277
Depreciation (Note 11) 650 733
Underlying amortisation (Note 10) 954 948
Underlying EBITDA 19,111 17,958
B. Free cash flow
Reconciliation of free cash flow Unaudited Unaudited
Six months ended
Six months ended
30 June 2024
30 June 2023
£000s
£000s
Cash generated from operations 16,925 17,244
Financing costs (4,796) (4,299)
Capital expenditure (728) (199)
Tax paid (2,615) (1,786)
Free cash flow 8,786 10,960
C. Net debt
Reconciliation of net debt Unaudited Audited
30 June 2024
£000s 31 December 2023
£000s
Loans and borrowings - non-current (Note 15) (102,434) (113,646)
Cash and cash equivalents 19,271 22,436
Net debt (83,163) (91,210)
D. Underlying effective tax rate
Reconciliation of adjusted underlying effective tax rate Unaudited Unaudited
Six months ended
Six months ended
30 June 2024
30 June 2023
£000s
£000s
Total taxation charge for the year (Note 7) (1,277) (1,127)
Non-underlying tax credit (1,697) (657)
Underlying taxation charge for the year (2,974) (1,784)
Underlying profit before tax for the year 12,727 10,318
Underlying effective tax rate 23.4% 17.3%
17. Alternative performance measures (continued)
E. See-through income statement
Unaudited See-through adjustment Unaudited
Six months ended
Six months ended
30 June 2024 £000s
30 June 2024
statutory values
see-through values
£000s £000s
Revenue (Note 4) 83,865 899 84,764
Cost of sales (33,203) (899) (34,102)
Gross profit 50,662 - 50,662
Gross profit margin 60.4% - 59.8%
Unaudited See-through adjustment Unaudited
Six months ended
Six months ended
30 June 2023 £000s
30 June 2023
statutory values
see-through values
£000s £000s
Revenue (Note 4) 81,398 1,039 82,437
Cost of sales (34,536) (1,039) (35,575)
Gross profit 46,862 - 46,862
Gross profit margin 57.6% - 56.8%
There is no impact from the see-through adjustment on income statement lines
below gross profit.
F. Constant exchange rate revenue
See-through revenue Unaudited Foreign Unaudited
exchange
Six months ended
Six months ended
impact
30 June 2024
CER
30 June 2024 £000s
£000s
£000s
See-through revenue - Consumer Healthcare brands 61,442 1,640 63,082
See-through revenue - Prescription Medicines 23,322 181 23,503
See-through revenue (Note E) 84,764 1,821 86,585
Statutory revenue Unaudited Foreign Unaudited
exchange
Six months ended
Six months ended
impact
30 June 2024
CER
30 June 2024 £000s
£000s
£000s
Statutory revenue - Consumer Healthcare brands 60,543 1,640 62,183
Statutory revenue - Prescription Medicines 23,322 181 23,503
Statutory revenue (Note E) 83,865 1,821 85,686
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END IR VKLFLZKLBBBB