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RNS Number : 7244S Audioboom Group PLC 18 July 2022
This announcement contains inside information as stipulated under the UK
Market Abuse Regulations ("MAR")
Audioboom Group plc
("Audioboom", the "Group" or the "Company")
Half-Year Report
Audioboom (AIM: BOOM), the leading global podcast company, is pleased to
announce its unaudited half-year results for the six months ended 30 June
2022.
Financial Highlights and KPIs
· Record H1 revenue of US$40.9 million, up 79% on H1 2021 (US$22.8
million)
· Record Q2 revenue of US$21.2 million, up 59% on Q2 2021
(US$13.3million)
· Adjusted EBITDA* profit of US$2.0 million (H1 2021: US$0.2 million)
· Average Q2 global monthly downloads increased to 124.0 million, up
35% on Q2 2021 (92.1 million). Global downloads in May 2022 reached 133.0
million
· Average Q2 brand advertiser count of 376, up 15% on Q2 2021 (326)
· Average global revenue per 1,000 downloads (eCPM) increased to
US$56.66 in Q2 2022, up 12% (Q2 2021: US$50.73)
· Group cash of US$5.8 million with further available funds from the
undrawn US$1.8 million HSBC overdraft
Commercial Highlights
· Continued growth of Showcase, our global advertising marketplace -
revenue from advertising technology in H1 2022 more than 150% greater than in
H1 2021, and now contributing more than 12% to Group revenue
· New demand-side/monetisation partners added to Showcase, including
NZME, Soundstack, and Instreamatic
· Further success for Audioboom Studios with new titles Devils in the
Dark and The Criminal Makeup reaching the top 15 of the UK Apple Podcast chart
· New exclusive partnerships launched in Audioboom's Creator Network
with major podcasts including: The Roman Atwood Podcast; Fair Game with Leah
Remini; and Speak The Truth
· Long-term renewal of key content partnerships in our Premium Network,
including Dark History, Murder Mystery Makeup, No Such Thing As A Fish,
Casefile True Crime, Mile Higher, Strange & Unexplained, Lights Out and
The Sesh
· Climbed to third position (previously fourth) in Triton Digital's
ranker of the largest US podcast publishers based on weekly audience reach for
May 2022
* Earnings before interest, tax, depreciation, amortisation, share based
payments, non-cash foreign exchange movements and material one-off items
Stuart Last, CEO of Audioboom, commented:
"I am delighted to report on another period of strong performance for
Audioboom as we delivered record quarterly revenue in Q2, and increased our H1
revenue by 79% over the same period in 2021. Our adjusted EBITDA for the
period was US$1.8 million higher than H1 2021, while our cash position of
US$5.8 million is the strongest the Company has ever reported.
Those numbers are impressive and are the result of our focus on building a
platform that efficiently powers podcasting for creators and brands. Showcase
- our scalable automated ad marketplace - goes from strength to strength, now
delivering more than 12% of group revenue, while Audioboom Studios in the UK
is consistently creating hit shows for British listeners.
2022 has presented global challenges and the advertising market is not immune
to those, however, podcast revenue is expected to grow at a quicker pace than
most other forms of audio and we are confident that our proven monetisation
model will continue to deliver great value for brands. And with more than
US$68m of advertising bookings secured for 2022 - already 13% more than last
year's total revenue - we are well placed to continue our growth and achieve
our 2022 goals."
Enquiries
Audioboom Group plc
Stuart Last, Chief Executive Officer Tel: +44(0)20 3714 4285
Brad Clarke, Chief Financial Officer
finnCap Ltd (Nominated Adviser and Broker)
Jonny Franklin-Adams/Abigail Kelly/Milesh Hindocha (Corporate Finance) Tel: +44(0)20 7220 0500
Richard Chambers/Harriet Ward (ECM)
About Audioboom
Audioboom is a global leader in podcasting - our shows are downloaded 133
million times each month by 35 million unique listeners around the world.
Audioboom is ranked as the third largest podcast publisher by average weekly
users in the US by Triton Digital.
Audioboom's ad-tech and monetisation platform underpins a scalable content
business that provides commercial services for more than 8,000 podcasts, with
key partners including 'Casefile True Crime' (US), 'True Crime Obsessed' (US),
'The Morning Toast' (US), 'No Such Thing As A Fish' (UK), and 'The Cycling
Podcast' (UK).
Audioboom Studios is home to a slate of content produced by Audioboom
including 'Devils in the Dark', 'F1: Beyond The Grid', 'RELAX!', 'Covert',
'It's Happening with Snooki & Joey', 'Mafia', 'Huddled Masses' and 'What
Makes A Killer'.
Audioboom operates internationally, with operations and global partnerships
across North America, Europe, Asia and Australia. The platform allows content
to be distributed via Apple Podcasts, Spotify, Pandora, Amazon Music, Deezer,
Google Podcasts, iHeartRadio, RadioPublic, Saavn, Stitcher, Facebook and
Twitter as well as a partner's own websites and mobile apps.
For more information, visit audioboom.com.
Chief Executive's Report
Strategy and Business Model
Audioboom powers podcasting for creators and brands. This is the simple
messaging behind our recently updated branding and relaunched website
(https://audioboom.com/) , and highlights the crucial role that Audioboom
plays in the podcast space. Over the past few years, we have generated more
than US$150 million in revenue for our podcast creators and helped thousands
of brands deliver their campaign goals.
The Audioboom platform sits at the heart of a three-sided marketplace,
connecting creators and their content with advertisers and engaged audiences.
Podcasting as a medium can only maximise its value when all three elements of
this marketplace are connected - Audioboom does this at scale, and with great
efficiency.
Creators are the heartbeat of the platform. Our technology enables more than
8,000 podcasters to manage their content publishing process, grow their
audience, distribute with one click to all major listening apps, and see
insights into the consumption of their content with our data and analytics
dashboard.
Audioboom's primary growth strategy continues to be focused on the development
of partnerships with the best creators in podcasting - both established
top-tier podcasters with strong, built-in audiences, and up-and-coming talent
with whom we can partner to help develop their product and support their
growth in listenership. Successful execution of this content growth strategy
can be seen in our Global Monthly Downloads KPI - a measure of consumption -
which has seen growth of 35% over the past year, reaching a new high of 133
million in the month of May.
Growth in downloads is a proxy for the levels of advertising inventory we are
able to produce within the platform. To monetise this fast-growing inventory
we have established an advertising model with two clearly defined products for
brands to buy.
Our Premium advertising offering is a high-value ad unit in which the host of
the podcast delivers campaign messages for the brand and endorses the product
directly to their engaged audience. The ads are native to the content -
minimising ad-skipping - and the performance of the campaigns can be tracked
very accurately through attribution technology, allowing brands to measure
return on investment at an individual podcast level. As a result, our Premium
ad product delivers strong pricing between US$25 and US$50 per 1,000 ad
impressions.
Our second advertising offering, Showcase, is an automated advertising
marketplace in which our technology connects our available advertising
inventory to an ecosystem of ad buyers globally. Ads are pre-produced and
injected into content using Dynamic Ad Insertion (DAI), enabling advertising
campaigns to run across multiple podcasts or genres, or be targeted to
audience groups, locations or key-words. Combined with our proprietary
inventory creation tool, AdRip, Showcase enables the continued remonetisation
of back-catalogue content, even if episodes were first published more than ten
years earlier. Showcase delivered record revenue in May 2022, reaching US$1.2
million. Across 2022 we are on track to make more than four billion
impressions available to advertisers within Showcase.
H1 2022
The success of Showcase has been one clear driver of Audioboom's continued
strong momentum in the first half of 2022. Our year-to-date revenue growth of
79% is significantly higher than the projected US full-year industry growth of
15% (PwC June 2022 Global Entertainment and Media Outlook report), enabling us
to grow market share for the fifth straight year. Our strong performance in H1
2022 was also highlighted in May's Triton Digital Podcast Report, in which
Audioboom became the third biggest podcast publisher in the US in terms of
audience reach.
Another key factor in a successful H1 was the renewal of major creator
partnerships including Casefile True Crime, No Such Thing As A Fish, Dark
History, Murder Mystery Make-up, Mile Higher, Lights Out, The Sesh and Strange
& Unexplained. These podcasts each deliver large audiences and high
volumes of advertising inventory. Key partnerships like these are now being
renewed on longer, three-year terms and will give Audioboom exclusive sales
and distribution rights.
Audioboom Studios, our creative and production arm, continued its expansion
during the period, including the first slate of shows for UK audiences. Devils
in the Dark, developed and produced by Audioboom Studios, debuted in February
2022 and quickly hit number one on the UK True Crime chart and made the top 15
of the overall Apple Podcasts chart. The Criminal Makeup launched in May 2022
and reached number 12 on the UK Apple Podcasts chart.
Financial Review
Group revenue in the first half of 2022 increased by 79% year on year to
US$40.9 million (H1 2021: US$22.8 million). Adjusted EBITDA profit (earnings
before interest, tax, depreciation, amortisation, share based payments,
non-foreign exchange movements and material one off items) significantly
improved to US$2.0 million (H1 2021: US$0.2 million) with the Company
recording positive adjusted EBITDA in every month of H1 2022, as it did
throughout 2021. The total profit before tax for the period improved to US$0.6
million (H1 2021: US$0.5 million loss).
Gross margin reduced slightly to 20% (year to 31 December 2021: 22%).
Audioboom has a mix of revenue streams, contributing different gross margins.
Premium advertising revenue, where the host of the podcast delivers campaign
messages for the brand and endorses the product directly to their engaged
audience, yielded a 21% gross margin in H1 2022. This reflects the
concentration of revenue in the top tier of podcasts where the revenue share
is split 80/20 in the podcasters' favour. Audioboom Studios contributed a 31%
gross margin in H1 2022, and the higher associated gross margin means this
will continue to be a key area of focus going forward for the Company, as well
as that revenue generated via Showcase, which contributed a 29% gross margin
in H1 2022. Sonic Influencer Marketing contributed a 10% gross margin in H1
2022 and the continued growth of this part of the business has also
contributed to overall Group gross margin reducing slightly.
Cost control continues to be of upmost importance, ensuring that the resources
of our lean and efficient company are aligned to our operational demands.
Headcount has increased to 47 (30 June 2021: 37) as we have recruited staff to
support the significant growth over the last 18 months, albeit that, at 47
heads, we remain extremely lean versus our competitors.
Cash collection has continued to increase once again due to overall revenue
growth and, thanks to our efficient internal processes and good relationships
with our customers, we report a debtor day figure of 68, 26 days lower than 31
December 2021 (94). Operating cash inflow before working capital movements of
US$1.9 million was significantly ahead of H1 2021 (H1 2021: US$0.2 million
cash inflow). Net cash generated from operating activities of US$1.5 million
was significantly better than H1 2021 (H1 2021: US$1.8 million outflow). Cash
held at 30 June 2022 of US$5.8 million increased by US$2.8 million from 31
December 2021 (US$3.0 million). This represents the largest cash balance
reported by the Company and is a testament to the internal processes that have
been built over the last four years.
On 14 April 2022, the Company secured a £1.5 million multicurrency overdraft
with HSBC, which was undrawn as at 30 June 2022, giving the Company access to
capital of US$7.6 million, represented by Group cash of US$5.8 million and the
US$1.8 million HSBC overdraft. During the period, both the US$4 million
content funding facility and US$4 million loan facility supplied by SPV
Investments Limited, the entity jointly owned by Michael Tobin, the Company's
Chairman, and Candy Ventures Sarl, the Company's second largest shareholder,
expired.
Outlook
Audioboom's positive outlook continues. We currently have advertising bookings
of more than US$68m for 2022 signed - more than 13% greater than the entirety
of last year's revenue.
Our new business pipeline is strong with significant opportunities to create
new partnerships with top podcasts in the US and UK to expand our creator
network, and in the second half of the year we will be focused on renewing
more of our valuable creator partnerships in order to deliver new premium
advertising inventory.
Audioboom Studios will premiere three new productions in H2 2022 as we
continue our investment into original content creation. We also expect to add
new monetisation partnerships in Showcase as we continue to optimise our
automated ad product.
We do expect the advertising market to be further tested by the economic
downturn and we are seeing a softening in advertiser demand for Q3 2022 as
lower consumer spending impacts the confidence of brands in the space. It is
too early to report if this will continue into Q4, however, podcasting as a
medium showed strong resilience to the downturn caused by the Covid-19
pandemic in 2020 when compared to other ad-supported areas of the media.
Podcasting provides strong and measurable advertising performance, and I
expect this softening in demand to be set against a backdrop of continued
overall revenue growth for the industry. The podcast industry and our business
model are robust, we are well positioned to continue our growth story, and we
are confident in achieving our goals for 2022.
I would like to thank the Audioboom team for their dedication as we build the
world's leading independent podcast business, and our shareholders and
investors for their continued support.
Stuart Last
Chief Executive Officer
Audioboom Group PLC
Consolidated Statement of Comprehensive Income
Unaudited six months to 30 June 2022 Unaudited six months to 30 June 2021 Audited 12
months to 31 Dec 2021
Notes US$'000 US$'000 US$'000
Continuing operations
Revenue 2 40,910 22,783 60,317
Cost of sales (32,650) (17,916) (47,066)
Gross profit 8,260 4,867 13,251
Administrative expenses (7,631) (5,309) (11,452)
Adjusted operating profit 2,047 225 3,133
- Share based payments 9 (2,290) (487) (1,174)
- Depreciation (24) (30) (55)
- Depreciation - leases (125) (114) (252)
- Operating foreign exchange gain / (loss) 1,021 (22) 163
- Restructuring costs - (14) (16)
Operating profit 629 (442) 1,799
Finance costs 3 (63) (16) (87)
Profit / (loss) before tax 566 (458) 1,712
Taxation on continuing operations - - 5,275
Profit / (loss) for the financial period 566 (458) 6,987
Other comprehensive income
Foreign currency reserves translation difference (1,541) 10 6
Total comprehensive (loss) / profit for the period (975) (448) 6,993
Profit / (loss) per share
from continuing operations
Diluted EPS 4 3 cents (3) cents 40 cents
Basic EPS 4 4 cents (3) cents 45 cents
Audioboom Group PLC
Consolidated Statement of Financial Position
Unaudited as at 30 June 2022 Unaudited as at 30 June 2021 Audited as at
31 Dec 2021
Notes US$'000 US$'000 US$'000
ASSETS
Non-current assets
Property, plant and equipment 65 64 77
Right of use asset 452 715 576
Deferred tax asset 4,650 - 4,650
5,167 779 5,303
Current assets
Trade and other receivables 6 18,960 12,381 18,147
Cash and cash equivalents 5,774 1,461 2,969
Deferred tax asset 625 - 625
25,359 13,842 21,741
TOTAL ASSETS 30,526 14,621 27,044
Current liabilities
Trade and other payables 7 (12,598) (8,030) (12,167)
Lease liability 7 (274) - (269)
NET CURRENT ASSETS 12,487 5,812 9,305
Non-current liabilities
Lease liability 7 (220) (466) (358)
NET ASSETS 17,434 6,125 14,250
Equity
Share capital - - -
Share premium 5 62,880 60,873 61,011
Issue cost reserve (2,048) (2,048) (2,048)
Foreign exchange translation reserve (1,811) (266) (270)
Reverse acquisition reserve (3,380) (3,380) (3,380)
Retained earnings (38,207) (49,054) (41,063)
TOTAL EQUITY 17,434 6,125 14,250
Audioboom Group PLC
Consolidated Cash Flow Statement
Unaudited six months to 30 June 2022 Unaudited six months to 30 June 2021 Audited 12 months to 31 Dec 2021
US$'000 US$'000 US$'000
Profit / (loss) from operations 566 (458) 6,987
Profit / (loss) for the period 566 (458) 6,987
Adjustments for:
Deferred tax credit - - (5,275)
Interest payable 63 16 87
Depreciation of fixed assets 24 30 55
Share based payments 2,290 487 1,174
Operating foreign exchange (gain) / loss (1,021) 133 (80)
Cash generated from operating activities before working capital movements 1,922 208 2,948
Increase in trade and other receivables (813) (4,353) (10,120)
Increase in trade and other payables (excluding leases) 611 2,474 6,712
Decrease in lease liability (177) (173) (348)
Net cash generated from / (used in) operating activities 1,543 (1,844) (808)
Investing activities
Purchase of property, plant and equipment - (3) (43)
Net cash used in investing activities - (3) (43)
Financing activities
Proceeds from HSBC US payment protection loan - - 374
HSBC overdraft fees (19) - -
Proceeds from issue of ordinary share capital 1,869 51 189
Net cash generated from financing activities 1,850 51 563
Net increase/(decrease) in cash and cash equivalents 3,393 (1,796) (288)
Cash and cash equivalents at beginning of period 2,969 3,257 3,257
Effect of exchange rate changes on cash and cash equivalents (588) - -
Cash and cash equivalents at end of period 5,774 1,461 2,969
Audioboom Group PLC
Consolidated Statement of Changes in Equity
Share premium Other reserves** Retained earnings Total equity
US$'000 US$'000 US$'000 US$'000
At 31 December 2020 60,822 (5,704) (49,224) 5,894
Loss for the period - - (458) (458)
Issue of shares 51 - - 51
Equity-settled share-based payments - - 628 628
Foreign exchange gain on translation - 10 - 10
of overseas subsidiaries
At 30 June 2021 60,873 (5,694) (49,054) 6,125
Profit for the period - - 7,445 7,445
Issue of shares 138 - - 138
Equity-settled share-based payments - - 546 546
Foreign exchange loss on translation - (4) - (4)
of overseas subsidiaries
At 31 December 2021 61,011 (5,698) (41,063) 14,250
Profit for the period - - 566 566
Issue of shares 1,869 - - 1,869
Equity-settled share-based payments - - 2,290 2,290
Foreign exchange loss on translation - (1,541) - (1,541)
of overseas subsidiaries
At 30 June 2022 62,880 (7,239) (38,207) 17,434
**Other reserves relate to the following reserves: Issue Cost Reserve, Foreign
Exchange Translation Reserve and the Reverse Acquisition Reserve. Full details
are disclosed in the 2021 Annual Report.
Audioboom Group plc
Notes to the financial statements
1. General information and basis of preparation
Audioboom Group plc is incorporated in Jersey under the Companies (Jersey) Law
1991. The Company's ordinary shares of no par value are traded on AIM, a
market operated by the London Stock Exchange.
These consolidated interim financial statements, which are unaudited, have
been approved by the Board of Directors on 15 July 2022. They have been
drawn up using the accounting policies and the basis of presentation expected
to be adopted in the Group's full financial statements for the year ending 31
December 2022, which are not expected to be significantly different to those
set out in note 1 to the Company's audited financial statements for the year
ending 31 December 2021.
The consolidated interim financial statements have been prepared under the
historical cost convention and in accordance with International Financial
Reporting Standards ("IFRS") and with IAS 34 "Interim financial reporting", as
adopted by the UK.
The preparation of financial statements in accordance with IFRS requires the
use of estimates and assumptions that affect the reported amounts of assets
and liabilities, and disclosure of contingent assets and liabilities as at the
date of the financial statements and the reported amounts of revenues and
expenses during the reporting period. Those estimates and assumptions are
consistent with those as reported in the Company's audited financial
statements for the year ending 31 December 2021.
Going concern
These interim financial statements have been prepared on the going concern
basis, which assumes that the Group will have sufficient funds to continue in
operational existence for at least 12 months from the date of approval of
these interim financial statements. The Group ended the period with access to
US$5.8 million of cash, and a £1.5 million overdraft which was undrawn as at
30 June 2022. The Board's forecasts for the Group, including due consideration
of the business forecasting continuing positive EBITDA in 2022, projected
increase in revenues and decreasing cash-burn of the Group and taking account
of reasonable possible changes in trading performance including changes
outside of expected trading performance, indicate that the Group will have
sufficient cash available to continue in operational existence for the next 12
months from the date of approval of these interim financial statements and
beyond. Based on the Board's forecasts, the Group considers that it will not
require additional funding for the foreseeable future for the purposes of
meeting its liabilities as and when they fall due. The Board believes that the
Group is well placed to manage its business risks, and longer-term strategic
objectives, successfully.
Management has carried out sensitivity analyses of the Group's cash flow
models to assess the impact of a range of possible outcomes, including lower
than anticipated revenues, and the mitigations that the Group has available to
it, including a reduction in overhead costs, active working capital management
and the availability of the HSBC overdraft. Accordingly, the Directors are
satisfied that the Group will continue to be able to meet its ongoing
liabilities as and when they fall due in reasonably foreseeable circumstances.
Therefore, the Directors consider the going concern basis of preparation of
these interim financial statements appropriate.
2. Revenue
The Group's operations are principally located in the UK and the USA. The
Group's revenue from external customers by geographical location is detailed
below:
Unaudited six months to 30 June 2022 Unaudited six months to 30 June 2021 Audited 12 months to 31 Dec 2021
US$'000 US$'000 US$'000
United Kingdom and Rest of the World 1,750 1,052 2,536
USA 39,160 21,731 57,781
Total 40,910 22,783 60,317
3. Finance costs
Unaudited six months to 30 June 2022 Unaudited six months to 30 June 2021 Audited 12 months to 31 Dec 2021
US$'000 US$'000 US$'000
Lease interest 44 16 87
Overdraft arrangement fee 19 - -
Total 63 16 87
4. Profit per share
Basic earnings per share (EPS) is calculated by dividing the loss attributable
to shareholders by the weighted average number of ordinary shares in issue
during the period.
IAS 33 requires presentation of diluted EPS when a company could be called
upon to issue shares that would decrease earnings per share, or increase the
loss per share. For a loss-making company with outstanding share options, net
loss per share would be decreased by the exercise of share options. Therefore,
for the six months ended 30 June 2021, as per IAS 33:36, the anti-dilutive
potential ordinary shares are disregarded on the calculation of diluted EPS.
Reconciliation of the loss and weighted average number of ordinary shares used
in the calculation are set out below:
30-June-22
Profit Weighted average number of shares Per share amount
US$'000 Thousand Cents
Basic EPS
Profit attributable to equity shareholders 567 15,928 4
Diluted EPS
Profit attributable to equity shareholders 567 17,433 3
30-June-21
Loss Weighted average number of shares Per share amount
US$'000 Thousand Cents
Basic and Diluted EPS (458) 15,679 (3)
Loss attributable to shareholders:
31-December-21
Profit Weighted average number of shares Per share amount
US$'000 Thousand Cents
Basic EPS
Profit attributable to equity shareholders 6,987 15,695 45
Diluted EPS
Profit attributable to equity shareholders 6,987 17,353 40
5. Share capital
Issued and fully paid - ordinary shares of no par value
At 31 December 2021 15,768,017
At 30 June 2022 16,286,752
During the period 168,735 new ordinary shares were issued to satisfy the
exercise of existing share options under the Company's Share Option Scheme
2014 by current employees. During the period, 350,000 new ordinary shares were
issued to satisfy the exercise of existing warrants.
The total number of instruments over equity (including both share options and
warrants) outstanding at the period end was 1,587,308.
6. Trade and other receivables
The trade and other receivables at the end of the period included trade
receivables (US$15.2 million) and accrued sales income (US$1.6 million), and
US$2.2 million relating to deposits (US$0.2 million), prepaid expenses (US$0.4
million) and advance talent payments (US$1.6 million).
7. Trade and other payables
The trade and other payables at the end of the period included US$11.4 million
relating to trade payables and accrued content partner costs, other current
liabilities (US$0.9 million) and an HSBC US payroll protection loan (US$0.4
million) which is expected to be forgiven and not repaid. The Company
currently accrues all costs based on contract terms. Payables relating
to leases total US$0.5 million - US$0.3 million due in under one year and
US$0.2 million due in more than one year.
8. Related party transactions
During the period, there were no related party transactions. The US$4 million
loan facility and the US$4 million content funding facility provided by SPV
Investments Limited, the entity jointly owned by Michael Tobin, the Company's
Chairman, and Candy Ventures Sarl, the Company's second largest shareholder,
expired on 7 February 2022 and 19 June 2022 respectively.
9. Share based payments
During the period, 442,831 share options were issued to qualifying current
employees with an exercise price of £15.55.
ENDS
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