REG - Andrews Sykes Group - Final Results

Andrews SykesAnnouncement

10/05/2019 07:06

RNS Number : 5871Y
Andrews Sykes Group PLC
10 May 2019
 


Andrews Sykes Group plc
Summary of results
For the 12 months ended 31 December 2018
 
 




 


       12 months
              ended
   31 December
                 2018
                £'000
 


          12 months
              ended 
   31 December
                 2017
                £'000
 




Revenue from continuing operations


                     78,563


                     71,300




 


 


 




EBITDA* from continuing operations


                     26,737


                     22,851




 


 


 




Operating profit


                     20,681


                     17,589




 


 


 




Profit after tax for the financial period


                     17,046


                     14,101




 


 


 




Basic earnings per share from total operations (pence)


                     40.39p


                     33.37p




 


 


 




Interim and final dividends paid per equity share (pence)


                     23.80p


                     23.80p




 


 


 




Proposed final dividend per equity share (pence)


                     11.90p


                     11.90p




 


 


 




Net cash inflow from operating activities


                     19,110


                     17,862




 


 


 




Total interim and final dividends paid


                     10,048


                     10,058




 


 


 




Net funds


                     23,381


                     20,293




 
*  Earnings Before Interest, Taxation, Depreciation, profit on sale of property, plant and equipment, Amortisation and non-   
   recurring items as reconciled on the consolidated income statement.
For further information please contact:




Andrews Sykes Group plc
Paul Wood, Group Managing Director
Andrew Phillips, Chief Financial Officer
 


01902 328700
 




GCA Altium Limited  (NOMAD)
Tim Richardson
 


0207 484 4040




Arden Partners plc (Broker)
Steve Douglas
 


020 7614 5900




 
 
 
 
 
 
Andrews Sykes Group plc
Chairman's Statement
Overview and financial highlights
 
Summary
 
The group's revenue for the year ended 31 December 2018 was £78.6 million, an increase of £7.3 million, or 10.2%, compared with the same period last year. This increase had a more than proportionate impact on operating profit which increased by 17.6%, or £3.1 million, from £17.6 million last year to £20.7 million in the year under review. This increase, which follows a 11.2% increase last year, reflects strong and improved performances from both our hire and sales businesses in the UK and Europe and a strong and stable performance from our business in the Middle East.
 
Net finance income was £0.4 million this year compared with net finance costs of £0.3 million in 2017. This is largely attributable to a foreign exchange gain arising on the retranslation of inter-company balances of £0.3 million this year compared with a loss of £0.3 million in 2017. This reflects further weakening of Sterling compared with both the Euro and UAE Dirham.
 
The group has reported an increase in the basic earnings per share of 7.02p, or 21%, from 33.37p in 2017 to 40.39p in the current year. This is mainly attributable to the above improvement in the group's operating profit which has enhanced the quality of earnings. The growth in the basic EPS is indicative of the underlying business performance and strength of the group.
 
The group continues to generate strong cash flows. Net cash inflow from operating activities was £19.1 million compared with £17.9 million last year. Despite shareholder related cash outflows of £10.5 million on ordinary dividends and share buybacks, net funds increased by £3.1 million from £20.3 million at 31 December 2017 to £23.4 million at 31 December 2018.
 
Our policy of returning affordable dividends to shareholders continues and, over the last five financial years, the group has paid £50.3 million in cash to shareholders. This has not been at the
expense of our other obligations; the group pays its external creditors in accordance with their agreed credit terms, it operates well within its banking covenants and has met its obligations as they fall due to fund the defined benefit pension scheme. Therefore, in the light of the improved operating profit and substantial net funds that are available, the Board is once again proposing a further final dividend payment amounting to £5.0 million which, if approved at the forthcoming AGM, will be paid in June 2019.
 
Cost control, cash and working capital management continue to be priorities for the group. Capital expenditure is concentrated on assets that give a good return and in total £7.5 million was invested in the hire fleet this year, £0.6 million more than last year and significantly more than the wasting depreciation charge of £5.9 million. In addition, the group invested a further £1.1 million in property, plant and equipment. These actions will ensure that the group's infrastructure and revenue generating assets are sufficient to support future growth and profitability. Hire fleet utilisation, condition and availability continue to be the subjects of management focus.
 
Operating performance
 
The following table splits the results between the first and second half years:
 




 


Turnover


 Operating profit




 


£'000


£'000




1st half 2018


37,815


9,280




1st half 2017


35,334


8,171




 


 


 




2nd half 2018


40,748


11,401




2nd half 2017


35,966


9,418




 


 


 




Total 2018


78,563


20,681




Total 2017


71,300


17,589




/


 


 




 
The above table demonstrates that the successful performance in the first half of the year continued into the second half. Turnover in the first half of the year showed a 7.0% improvement over the same period in 2017 and, in the second half, the percentage improvement increased to 13.3%. Operating profit for the first half year showed a 13.6% improvement compared with the same period in 2017 and a 21.1% improvement for the second half year. Traditionally, the group makes more profit in the second half year due to the higher profit margins on its air conditioning products which are hired predominantly in the second half of the year. The effect this year was even more pronounced than normal due to the long and hot summer throughout Northern Europe providing excellent opportunities for this area of our business.
 
The operating profit of our main business segment in the UK and Northern Europe increased from £15.2 million last year to £19.1 million in the year under review. During the first quarter a period of very cold weather created good opportunities for our heating and boiler hire activities and this was followed by a long hot summer which provided excellent opportunities for our air conditioning and chiller products. The group's management team took advantage of the opportunities presented to them and the improved profitability would not have been forthcoming without the considerable efforts of all our staff.  The pumping business again performed well following continued success over recent years. Our traditional businesses continue to be developed and supported by the expansion of non-weather dependent niche markets which benefit the performance of our specialist hire divisions. This year's result demonstrates that with properly directed investment, a well maintained hire fleet, a knowledgeable management team and dedicated employees we are able to take full advantage of opportunities when they are presented to us and deliver a strong performance for the benefit of all shareholders.
 
Our hire and sales business in the Middle East had another satisfactory trading year. Although the operating profit for this business segment reduced from £2.9 million in 2017 to £2.4 million in the current year, the majority of this reduction occurred in the first half of the year. Trading showed a significant improvement in the second half of the year..
 
Our fixed installation business sector in the UK returned a reduced operating profit of £0.1 million this year compared with £0.4 million in 2017. The market continues to be fragmented with high levels of price competition.
 
Central overheads were £0.9 million in both the current year and 2017.
 
Profit for the financial year
 
Profit before tax was £21.1 million this year compared with £17.3 million last year, an increase of £3.8 million. This is attributable to the above £3.1 million increase in operating profit which is supplemented by a swing in finance costs from a net charge of £0.3 million last year to a net credit of £0.4 million this year. This was primarily due to foreign exchange rate movements as discussed above.
 
Tax charges increased from £3.2 million in 2017 to £4.0 million this year. The overall effective tax
rate increased from 18.4% in 2017 to 19.0%, primarily due to a change in mix of profits with a greater percentage of the group's profits being earned in Europe this year compared with the Middle East where corporation tax rates are very low. A detailed reconciliation of the theoretical corporation tax charge based on the accounts profit multiplied by 19% and the actual tax charge is given in note 11 to the consolidated financial statements.  Profit for the financial year was £17.1 million compared with £14.1 million last year.
 
Equity dividends
The company paid two dividends during the year. On 25 June 2018, a final dividend for the year ended 31 December 2017 of 11.9 pence per ordinary share was paid and this was followed on 9 November 2018 by the payment of an interim dividend for 2018, also of 11.9 pence per share. Therefore, during 2018, a total of £10.1 million in cash dividends has been returned to our ordinary shareholders.
 
I am pleased to announce that, in view of the group's ongoing profitability and its significant cash resources, the Board has proposed a final dividend for 2018, also of 11.9 pence per ordinary share. If approved at the forthcoming Annual General Meeting this dividend, which in total amounts to £5.0 million, will be paid on 21 June 2019 to shareholders on the register as at 31 May 2019.
 
Share buybacks
 
 The company purchased 87,723 of its own one pence ordinary shares for cancellation during the period for a consideration of £0.4 million. This purchase enhanced earnings per share and was for the benefit of all shareholders. As at 9 May 2019, there remained an outstanding general authority for the directors to purchase 5,195,037 ordinary one pence shares that was granted at last year's Annual General Meeting.
 
The Board believes that it is in the best interests of shareholders if it has this authority in order that market purchases may be made in the right circumstances if the necessary funds are available. Accordingly, at the next Annual General Meeting, shareholders will be asked to vote in favour of a resolution to renew the general authority to make market purchases of up to 12.5% of the ordinary share capital in issue.
 
Net funds
 
At 31 December 2018, the group had net funds of £23.4 million compared with £20.3 million last year, an increase of £3.1 million despite shareholder related cash outflows of £10.5 million on ordinary dividends and share buybacks during the year.
 
Bank loan facilities
The group continues to operate within its bank covenants. In April 2017 a bank loan of £5 million was taken out with the group's bankers, Royal Bank of Scotland. The first loan repayment of £0.5 million was made in accordance with the bank agreement on 30 April 2018. The remaining balance of £4.5 million will be repaid by three equal annual instalments of £0.5 million per annum commencing on 30 April 2019 followed by a final balloon repayment of £3 million due on 30 April 2022.
 
Outlook
 
The group's policy to increase investments in new technologically advanced and environmentally friendly non-seasonal products will be continued into 2019. Investments will also continue in our traditional businesses to ensure we are ready to support our customers in times of extreme weather conditions.
 
The group continues to face both challenges and opportunities in all of its geographical markets but our business remains strong, cash generative and well developed, with positive net funds. The Board remains mindful of the favourable or adverse impact that the weather can have on our business.
 
JG Murray
Chairman
9 May 2019
 
 
 
 
 
 
 
 
Andrews Sykes Group plc
Consolidated Income Statement
For the 12 months ended 31 December 2018
 




 


12 months
               ended
   31 December
                 2018
                £'000


 


12 months
               ended
   31 December
                 2017
                £'000




Continuing operations


 


 


 




 


 


 


 




Revenue
Cost of Sales


                 78,563
               (31,908)


 


                 71,300
               (30,086)




 


 


 


 




Gross profit


                 46,655


 


                 41,214




 


 


 


 




Distribution costs


               (12,073)


 


               (11,571)




 


 


 


 




Administrative expenses


               (13,901)


 


               (12,054)




 


 


 


 




Operating profit


                 20,681


 


                 17,589




 


 


 


 




EBITDA*
Depreciation and impairment losses
Profit on the sale of plant and equipment


                 26,737
                 (6,666)
                      610


 


                 22,851
                 (5,917)
                      655




Operating profit


                 20,681


 


                 17,589




 


 


 


 




 


 


 


 




Finance income
Finance costs


 461
                    (97)


 


                        82
                    (386)




Profit before taxation


                 21,045


 


                 17,285




 


 


 


 




Taxation


                 (3,999)


 


                 (3,184)




 


 


 


 




Profit for the financial period attributable to equity holders of the parent


                 17,046


 


                 14,101




 


 


 


 




There were no discontinued operations in either of the above periods


 


 


 




 


 


 


 




Earnings per share


 


 




 


 


 


 




Basic (pence)


                 40.39p


 


                 33.37p




Diluted (pence)


                 40.39p


 


                 33.37p




 


 


 


 




Interim and final dividends paid per equity share (pence)


                 23.80p


 


                 23.80p




 


 


 


 




Proposed final dividend per equity share (pence)


                 11.90p


 


                 11.90p




 
*  Earnings Before Interest, Taxation, Depreciation, profit on the sale of property, plant and equipment, Amortisation and non-
   recurring items.
 
 
 
 
 
 
 
Andrews Sykes Group plc
Consolidated Statement of Comprehensive Total Income
For the 12 months ended 31 December 2018
 
 




 


     12 months
               ended
     31 December
                  2018
                 £'000


 


12 months
                 ended
     31 December
                  2017
                     £'000




 


 


 


 




Profit for the financial period


 17,046


 


       14,101




 


 


 


 




Other comprehensive (charges) / income


 


 


 




 


 


 


 




Items that may be reclassified to profit and loss:


 


 


 




 


 


 


 




Currency translation differences on foreign operations


405


 


                 (2)




 


 


 


 




Items that will never be reclassified to profit and loss:


 


 


 




Remeasurement of defined benefit assets and liabilities


                   (1,649)


 


                     1,391




Related deferred tax


                      313


 


                      (264)




 


 


 


 




Other comprehensive (charges) / income for the period net of tax


                     (931)


 


                     1,125




 


 


 


 




Total comprehensive income for the period


                   16,115


 


                   15,226




 
 
 
Andrews Sykes Group plc
Consolidated Balance Sheet
As at 31 December 2018
 




 


 


31 December 2018


 


31 December 2017


 




 


 


      £'000


 


    £'000    


 


     £'000


 


      £'000


 




Non-current assets


 


 


 


 


 


 


 


 


 




Property, plant and equipment


 


 


 


23,651


 


 


 


21,911


 




Lease prepayments


 


 


 


             45


 


 


 


                47


 




Deferred tax asset


 


 


 


          677


 


 


 


             102


 




Retirement benefit pension surplus


 


 


 


1,356


 


 


 


  3,364


 




 


 


 


 


25,729


 


 


 


25,424


 




Current assets


 


 


 


 


 


 


 


 


 




Stocks


 


        5,083


 


 


 


        3,860


 


 


 




Trade and other receivables


 


      19,994


 


 


 


      17,852


 


 


 




Cash and cash equivalents


 


      27,862


 


 


 


      25,311


 


 


 




 


 


52,939


 


 


 


47,023


 


 


 




Current liabilities


 


 


 


 


 


 


 


 


 




Trade and other payables


 


    (12,889)


 


 


 


    (12,358)


 


 


 




Current tax liabilities


 


      (2,294)


 


 


 


      (1,696)


 


 


 




Bank loans


 


         (493)


 


 


 


         (493)


 


 


 




Obligations under finance leases


 


           (5)


 


 


 


           (43)


 


 


 




 


 


    (15,681)


 


 


 


    (14,590)


 


 


 




Net current assets


 


 


 


         37,258


 


 


 


         32,433


 




 


 


 


 


 


 


 


 


 


 




Total assets less current liabilities


 


 


 


         62,987


 


 


 


         57,857


 




 


 


 


 


 


 


 


 


 


 




Non-current liabilities


 


 


 


 


 


 


 


 


 




Bank loans


 


      (3,983)


 


 


 


      (4,475)


 


 


 




Obligations under finance leases


 


             -


 


 


 


             (7)


 


 


 




 


 


 


 


          (3,983)


 


 


 


(4,482)


 




Net assets


 


 


 


         59,004


 


 


 


         53,375


 



 
 
 
 
 
 
 
 
 
 



Equity


 


 


 


 


 


 


 


 


 




Called-up share capital


 


 


 


              423


 


 


 


              423


 




Share premium


 


 


 


                13


 


 


 


                13


 




Retained earnings


 


 


 


         54,013


 


 


 


         48,789


 




Translation reserve


 


 


 


           4,300


 


 


 


           3,895


 




Other reserves


 


 


 


              246


 


 


 


              245


 




 




Surplus attributable to equity holders of the parent


 


         58,994


 


 


 


         53,365


 


 




 




Non-controlling interests


 


 


 


                10


 


               


 


                10


 




Total equity


 


 


 


         59,004


 


         


 


         53,375


 




 
 
 
 
 
 
 
Andrews Sykes Group plc
Consolidated Cash Flow Statement
For the 12 months ended 31 December 2018
 
 




 


 
 


          12 months
                ended
     31 December
                   2018
                   £'000


 


          12 months
ended
31 December
2017
£'000




 


 


 


 


 




Cash flows from operating activities


 


 


 


 




Cash generated from operations


 


22,888


 


21,090




Interest paid


 


                            (88)


 


                            (84)




Net UK corporation tax paid


 


                       (2,236)


 


                       (2,142)




Overseas tax paid


 


                       (1,454)


 


                       (1,002)




 


 


 


 


 




Net cash flow from operating activities


 


                       19,110


 


                       17,862




 


 


 


 


 




Investing activities


 


 


 


 




Sale of property, plant and equipment


 


                            944


 


                            861




Purchase of property, plant and equipment


 


                       (7,142)


 


                       (5,790)




Interest received


 


                              41


 


                              51




Net cash flow from investing activities


 


                       (6,157)


 


                       (4,878)




 


 


 


 


 




Financing activities


 


 


 


 




Loan repayments


 


                       (500)


 


                       (5,000)




New loans raised


 


                         -


 


                         4,973




Finance lease capital repayments


 


                          (45)


 


                          (101)




Equity dividends paid


 


                     (10,048)


 


                     (10,058)




Purchase of own shares


 


(438)


 


-




 


 


 


 


 




Net cash flow from financing activities


 


                     (11,031)


 


                     (10,196)




 


 


 


 


 




Net increase in cash and cash equivalents


 


                        1,922


 


                        2,788




 


 


 


 


 




Cash and cash equivalents at the beginning of the period


 


                      25,311


 


                      22,819




Effect of foreign exchange rate changes


 


                         629


 


                         (296)




 


 


 


 


 




Cash and cash equivalents at the end of the period


 


                      27,862


 


                      25,311




 


 


 


 


 




Reconciliation of net cash flow to movement in net funds in the period


 


 


 


 




 


 


 


 


 




Net increase in cash and cash equivalents


 


                         1,922


 


                         2,788




Cash outflow from the repayment of loans and finance leases


 


                         545


 


                         5,101




Cash inflow from the drawdown of new loans net of charges


 


                       -


 


                       (4,963)




Non-cash movement in respect of raising loan finance


 


                            (8)


 


                            (10)




Increase in net funds during the period


 


                         2,459


 


                         2,916




Opening net funds at the beginning of the period


 


                       20,293


 


                       17,673




Effect of foreign exchange rate changes


 


                          629


 


                          (296)




Closing net funds at the end of the period


 


                       23,381


 


                       20,293




 


 


 


 


 




 
 
 
Andrews Sykes Group plc
Consolidated Statement of Changes in Equity
For the 12 months ended 31 December 2018
 




 


Attributable to equity holders of the parent company


 


Minority
interest


 


Total
equity




 
 
 


Share
capital
£'000


Share
Premium
£'000


Retained
earnings
£'000


Translation reserve
£'000


Other
reserves
£'000


 
Total
£'000


 


 
 
      £'000


 


 
 
      £'000




At 31 December 2016


    423


          13 


     43,619


           3,897


         245


     48,197


 


10


  


     48,207




 


 


 


 


 


 


 


 


 


 


 




 


 


 


 


 


 


 


 


 


 


 




Profit for the financial period


         -


            -


     14,101


               -


-


     14,101


 


-


 


     14,101




 


 


 


 


 


 


 


 


 


 


 




Other comprehensive income and (charges):


 


 


 


 


 


 


 


 


 


 




 


 


 


 


 


 


 


 


 


 


 




Items that may be reclassified to profit and loss:


 


 


 


 


 


 


 


 


 


 




Currency translation differences on foreign operations


 
         -


 
            -


 
            -


 
               (2)


 
-


 
            (2)


 


 
-


 


 
            (2)




 


 


 


 


 


 


 


 


 


 


 




Items that will never be reclassified to profit and loss:


 


 


 


 


 


 


 


 


 


 




Remeasurement of defined benefit assets and liabilities


     
         -


 
             -


 
       1,391


   
                 -


 
-


 
       1,391


 


 


 


 
       1,391




Related deferred tax


         -


             -


        (264)


                 -


-


        (264)


 


-


 


        (264)




 


 


 


 


 


 


 


 


 


 


 




Total other comprehensive income and (charges)


     
         -


     
             -


 
       1,127


 
                (2)


-


 
       1,125


 


 
  -


 


     
       1,125




 


 


 


 


 


 


 


 


 


 


 




Transactions with owners recorded directly in equity:


 


 


 


 


 


 


 


 


 


 




 


 


 


 


 


 


 


 


 


 


 




Dividends paid                       


         -


             -


   (10,058)


                  -


-


   (10,058)


 


-


 


   (10,058)




 


 


 


 


 


 


 


 


 


 


 




Total transactions with owners


         -


             -


   (10,058)


                  -


-


   (10,058)


 


-


 


   (10,058)




 


 


 


 


 


 


 


 


 


 


 




At 31 December 2017


    423


          13


     48,789


           3,895


         245


     53,365


 


10


 


     53,375




 


 


 


 


 


 


 


 


 


 


 




 


 


 


 


 


 


 


 


 


 


 




Profit for the financial period


         -


            -


     17,046


               -


-


     17,046


 


-


 


     17,046




 


 


 


 


 


 


 


 


 


 


 




Other comprehensive (charges) and income:


 


 


 


 


 


 


 


 


 


 




 


 


 


 


 


 


 


 


 


 


 




Items that may be reclassified to profit and loss:


 


 


 


 


 


 


 


 


 


 




Currency translation differences on foreign operations


 
         -


 
            -


 
            -


 
               405


 
-


 
          405


 


 
-


 


 
          405




 


 


 


 


 


 


 


 


 


 


 




Items that will never be reclassified to profit and loss:


 


 


 


 


 


 


 


 


 


 




Remeasurement of defined benefit assets and liabilities


     
         -


 
             -


 
     (1,649)


   
                 -


 
-


 
    (1,649)


 


 


 


 
    (1,649)




Related deferred tax


         -


             -


        313


                 -


-


        313


 


-


 


        313




 


 


 


 


 


 


 


 


 


 


 




Total other comprehensive (charges) and income


     
         -


     
             -


 
     (1,336)


 
               405


-


 
      (931)


 


 
  -


 


    
      (931)




 


 


 


 


 


 


 


 


 


 


 




Transactions with owners recorded directly in equity:


 


 


 


 


 


 


 


 


 


 




Purchase of own shares


(1)


-


(438)


-


1


(438)


 


-


 


(438)




Dividends paid                       


         -


             -


   (10,048)


                  -


-


   (10,048)


 


-


 


   (10,048)




 


 


 


 


 


 


 


 


 


 


 




Total transactions with owners


 (1)


             -


   (10,486)


                  -


1


   (10,486)


 


-


 


   (10,486)




 


 


 


 


 


 


 


 


 


 


 




At 31 December 2018


    422


          13


     54,013


           4,300


         246


     58,994


 


10


 


     59,004




 


 


 


 


 


 


 


 


 


 


 




 
 
 
 
Andrews Sykes Group plc
Notes
For the 12 months ended 31 December 2018
 
1.  Basis of preparation
Whilst the information included in this preliminary announcement has been prepared in accordance with the recognition and measurement criteria of International Financial Reporting Standards (IFRSs), this announcement does not itself contain sufficient information to comply with IFRSs. Therefore the financial information set out above does not constitute the company's financial statements for the 12 months ended 31 December 2018 or 31 December 2017 but it is derived from those financial statements.
 
2.  Going Concern
 
The Board remains satisfied with the group's funding and liquidity position. The group has operated throughout the 2018 financial year and until the date of signing these accounts within its financial covenants as contained in the bank agreement.
 
Both loan capital and interest payments have been made in accordance with the bank agreements. The first annual repayment due in accordance with the loan agreement dated 30 April 2017 of £0.5 million was made on 30 April 2018. The group's profit and cash flow projections indicate that the financial covenants included within the new bank loan agreement will be met for the foreseeable future.
 
The group continues to have substantial cash resources which at 31 December 2018 amounted to £27.9 million compared with £25.3 million as at 31 December 2017. Profit and cash flow projections for 2019 and 2020, which have been prepared on a conservative basis taking into account reasonably possible changes in trading performance, indicate that the group will be profitable and generate positive cash flows after loan repayments. These forecasts and projections indicate that the group should be able to operate within the new bank facility agreement and that all associated covenants will be met.
 
The Board considers that the group has considerable financial resources and a wide operational base. As a consequence, the Board believes that the group is well placed to manage its business risks successfully, as demonstrated by the current year's result, despite some uncertain external influences.
 
After making enquiries, the Board has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the Board continues to adopt the going concern basis when preparing the Annual Report and Financial Statements from which this preliminary announcement is derived.
 
 
3.  Distribution of Annual Report and Financial Statements
The group expects to distribute copies of the full Annual Report and Financial Statements that comply with IFRSs by 17 May 2019 following which copies will be available either from the registered office of the company; St David's Court, Union Street, Wolverhampton, WV1 3JE; or from the company's website; www.andrews-sykes.com. The Annual Report and Financial Statements for the 12 months ended 31 December 2017 have been delivered to the Registrar of Companies and those for the 12 months ended 31 December 2018 will be filed at Companies House following the company's Annual General Meeting. The auditor has reported on those financial statements; the report was unqualified, did not draw attention to any matters by way of emphasis without qualifying their report and did not contain details of any matters on which they are required to report by exception.
 
4.  Date of Annual General Meeting
The group's Annual General Meeting will be held at 10.30 a.m. on Tuesday, 18 June 2019 at 2 Eaton Gate, London, SW1W 9BJ.




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END
 
 
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