- Part 4: For the preceding part double click ID:nRSe3461Pc
£000
Net insurance premium revenue 21,730 2,622 24,352 7,118 1,468 - 32,938
Fee and commission income 14,431 1,326 15,757 19,000 12 - 34,769
Net investment return 92,909 43,364 136,273 (29,550) 1,822 112 108,657
Total revenue (net of reinsurance payable) 129,070 47,312 176,382 (3,432) 3,302 112 176,364
Other operating income 1,224 5,141 6,365 2,553 479 - 9,397
Segmental income/(expenses) 130,924 52,453 182,747 (879) 3,781 112 185,761
Net insurance contract claims and benefits incurred (68,903) (61,287) (130,190) (3,851) 376 - (133,665)
Net change in investment contract liabilities (40,343) (467) (40,810) 29,581 - - (11,229)
Fees, commission and other acquisition costs (870) (14) (884) (11,581) (157) - (12,622)
Administrative expenses:
Amortisation charge on software assets - - - (1,340) - - (1,340)
Depreciation charge on property and equipment (22) - (22) (180) - - (202)
Other (5,283) (4,607) (9,890) (4,909) (1,734) (2,178) (18,711)
Operating expenses (603) - (603) (2,308) - - (2,911)
Financing costs - (1) (1) (403) - (822) (1,226)
Share of profit/(loss) from associates - - - (428) - - (428)
Profit/(loss) before tax and consolidation adjustments 14,270 (13,923) 347 3,702 2,226 (2,888) 3,427
Other operating expenses:
Charge for amortisation of acquired value of in-force business (2,324) (302) (2,626) (1,725) (294) - (4,645)
Charge for amortisation of acquired value of customer relationships - - - (114) - - (114)
Fees, commission and other acquisition costs - - - 1,572 - - 1,572
Segmental income less expenses 11,946 (14,225) (2,279) 3,435 1,972 (2,888) 240
Profit before tax 11,946 (14,225) (2,279) 3,435 1,972 (2,888) 240
Income tax credit/(expense) 144 (333) (684) 1,110 237
Profit after tax (2,135) 3,102 1,288 (1,778) 477
(iv) Segmental balance sheet as at 30 June 2016
CA S&P Movestic Waard Group Other Group Activities Total
£000 £000 £000 £000 £000 £000
Total assets 1,835,090 1,187,101 2,380,344 204,527 35,631 5,642,693
Total liabilities (1,715,423) (1,145,106) (2,307,514) (125,701) (53,537) (5,347,281)
Net assets 119,667 41,995 72,830 78,826 (17,906) 295,412
Investment in associates - - 4,721 - - 4,721
Additions to non-current assets - - 11,894 7 - 11,901
(v) Segmental income statement for the year ended 31 December 2016
CA S&P UK Total Movestic Waard Group Other Group Activities Total
£000 £000 £000 £000 £000 £000 £000
Net insurance premium revenue 42,103 4,886 46,989 14,903 2,658 - 64,550
Fee and commission income 29,000 2,610 31,610 41,296 26 - 72,932
Net investment return 206,748 131,155 337,903 169,130 8,464 184 515,681
Total revenue (net of reinsurance payable) 277,851 138,651 416,502 225,329 11,148 184 653,163
Other operating income 2,568 10,792 13,360 3,751 503 - 17,614
Segmental income 280,419 149,443 429,862 229,080 11,651 184 670,777
Net insurance contract claims and benefits incurred (139,748) (123,454) (263,202) (7,695) (1,464) - (272,361)
Net change in investment contract liabilities (98,393) (2,206) (100,599) (168,508) - - (269,107)
Fees, commission and other acquisition costs (1,641) (23) (1,664) (25,089) (330) - (27,083)
Administrative expenses:
Amortisation charge on software assets - - - (1,243) - - (1,243)
Depreciation charge on property and equipment - - - (197) - - (197)
Other (11,017) (9,443) (20,460) (12,800) (3,664) (8,251) (45,175)
Operating expenses (1,203) (1) (1,204) (3,209) - 19 (4,394)
Financing costs - (2) (2) (1,629) - (1,641) (3,272)
Share of profit from associates - - - 150 - - 150
Profit before tax and consolidation adjustments 28,417 14,314 42,731 8,860 6,193 (9,689) 48,095
Other operating expenses:
Charge for amortisation of acquired value of in-force business (5,643) (604) (6,247) (3,554) (618) - (10,419)
Charge for amortisation of acquired value of customer relationships - - - (236) - - (236)
Fees, commission and other acquisition costs - - - 3,245 - - 3,245
Segmental income less expenses 22,774 13,710 36,484 8,315 5,575 (9,689) 40,685
Profit/(loss) before tax 22,774 13,710 36,484 8,315 5,575 (9,689) 40,685
Income tax (expense)/credit (6,663) (7) (1,721) 2,986 (5,405)
Profit/(loss) after tax 29,821 8,308 3,854 (6,703) 35,280
(vi) Segmental balance sheet as at 31 December 2016
CA S&P Movestic Waard Group Other Group Activities Total
£000 £000 £000 £000 £000 £000
Total assets 1,829,944 1,217,546 2,718,156 207,160 122,957 6,095,763
Total liabilities (1,728,019) (1,155,556) (2,638,490) (122,655) (57,482) (5,702,202)
Net assets 101,925 61,990 79,666 84,505 65,475 393,561
Investment in associates - - 5,433 - - 5,433
Additions to non-current assets - - 11,894 - - 11,894
5. Business combinations
On 5 April 2017, Chesnara plc acquired the entire issued share capital (100%) of Legal & General Nederland
Levensverzekering Maatschappij N.V. (Legal & General Nederland) an open book life assurance company based in Netherlands,
from Legal & General Group plc, a UK based financial services group for a total consideration of E161,236,164
(approximately £137.5m), comprising E160.0m base consideration plus interest for the period to completion of E1.2m. On 11
April 2017, it was announced that the newly acquired company was to be re-branded as Scildon. Scildon's policy base is
predominantly made up of individual protection and savings contracts. It is open to new business and sells protection,
individual savings and group pension contracts via a broker-led distribution model. The acquisition creates scale and
presence in the Dutch market and leaves us well positioned to take advantage of any further value adding opportunities that
may arise.
The acquisition of this shareholding has given rise to a profit on acquisition of £20.7m calculated as follows:
Book Value Provisional fair value adjustments Fair value
£000 £000 £000
Assets
Intangible assets
Deferred acquisition costs 11,763 (11,763) -
Acquired value of in-force business - 66,296 66,296
Software assets 1,002 - 1,002
Property and equipment 4,022 - 4,022
Investment properties 981 - 981
Reinsurers' share of insurance contract provisions 1,314 - 1,314
Financial assets:
Holdings in collective investment schemes at fair value through income 811,715 - 811,715
Debt securities at fair value through income 1,058,393 - 1,058,393
Insurance and other receivables 15,567 - 15,567
Prepayments 12,647 - 12,647
Total financial assets 1,898,322 - 1,898,322
Deferred tax asset 8,168 - 8,168
Defined benefit pension scheme surplus 1,056 - 1,056
Income taxes 127 - 127
Cash and cash equivalents 19,533 - 19,533
Total assets 1,946,288 54,533 2,000,821
Liabilities
Insurance contract provisions 1,736,389 - 1,736,389
Derivatives 23,725 - 23,725
Deferred tax liabilities 10,919 13,634 24,553
Payables related to direct insurance contracts 31,967 - 31,967
Income taxes 10,324 - 31,967
Other payables 15,595 - 10,324
Total liabilities 1,828,919 13,634 1,842,553
Net assets 117,369 40,899 158,268
Net assets acquired 158,268
Total consideration, paid in cash (137,526)
Profit arising on business combination 20,742
The assets and liabilities at the acquisition date in the table above are stated at their provisional fair values and may
be amended for 12 months after the date of acquisition in accordance with IFRS 3, Business Combinations. It should be
noted that a restatement of insurance contract provisions is planned to take place in the second half of 2017, as reported
in note 1 Basis of preparation. The Group does not anticipate that this change in measurement basis for insurance contract
liabilities will materially alter the overall reported profit arising on acquisition as any consequential change in
insurance contract liabilities is expected to result in an equal and opposite change to the "acquisition value of in-force
business" intangible asset.
Acquired receivables: Within the net assets acquired are reinsurance related and other receivable balances totalling
£16.9m, which are held at fair value. For all receivables other than reinsurers' share of insurance contract provisions
the gross contractual amounts receivable are equal to fair value. The reinsurers' share of insurance contract provisions
receivable balance of £1.3m is discounted as a result of the long-term nature of this asset.
Acquired value of in-force business: The acquisition has resulted in the recognition of net of tax intangible asset
amounting to £49.7m, which represents the present value of the future post-tax cash flows expected to arise from policies
that were in force at the point of acquisition. The asset has been valued using a discounted cash flow model that projects
the future surpluses that are expected to arise from the business. The model factors in a number of variables, of which
the most influential are; the policyholders' ages, mortality rates, expected policy lapses, expenses that are expected to
be incurred to manage the policies and future investment growth, as well as the discount rate that has been applied. This
asset will be amortised over its expected useful life.
Gain on acquisition: As shown above, a gain of £20.7m has been recognised on acquisition. Under IFRS 3, a gain on
acquisition is defined as being a "bargain purchase". At the point of price negotiation and subsequent deal completion,
Legal & General was following a strategic plan to dispose of non-core businesses, which included its Dutch operation. In
the opinion of the Directors this resulted in a disposal pricing strategy for Legal & General Nederland that sought to
offer an attractive investment opportunity for potential buyers.
Acquisition-related costs: The costs in respect of the transaction amounted to £8.1m. £4.1m of these costs have been
included in Administration Expenses, of which £3.8m was recognised within the Consolidated Statement of Comprehensive
Income in 2016, with the remainder recognised in the current period. Transaction costs of £3.3m were incurred in respect
of the equity fund-raising and were deducted from equity in 2016. Debt fund-raising costs amounted to £0.8m and will be
amortised over the life of the loan using the effective interest rate method of amortisation.
Results of Scildon: The results of Scildon have been included in the consolidated financial statements of the Group with
effect from 5 April 2017. Net insurance premium revenue for the period was £37.0m, with contribution to overall
consolidated profit before tax of £7.0m, before the amortisation of the AVIF and deferred acquisition cost intangible
assets. Had Scildon been consolidated from 1 January 2017, the Consolidated Statement of Comprehensive Income would have
included net insurance premium revenue of £94.6m, and would have contributed £5.4m to the overall consolidated profit
before tax.
6. Borrowings
Unaudited 30 June 31 December
2017 2016 2016
£000 £000 £000
Bank loan 101,665 52,580 52,697
Amount due in relation to financial reinsurance 37,957 31,157 34,146
Total 139,622 83,737 86,843
The bank loan subsisting at 30 June 2017 comprises the following:
- on 3 April 2017 tranche one of a new facility was drawn down, amounting to £40.0m. This facility is unsecured and is
repayable in ten six-monthly instalments on the anniversary of the draw down date. The outstanding principal on the loan
bears interest at a rate of 2.00 percentage points above the London Inter-Bank Offer Rate and is repayable over a period
which varies between one and six months at the option of the borrower. The proceeds of this loan facility were utilised,
together with existing Group cash, to repay in full, the pre-existing loan facilities totalling £52.8m.
- on 3 April 2017 tranche two of the new loan facility was drawn down, amounting to E71.0m. As with tranche one, this
facility is unsecured and is repayable in ten six-monthly instalments on the anniversary of the draw down date. The
outstanding principal on the loan bears interest at a rate of 2.00 percentage points above the European Inter-Bank Offer
Rate and is repayable over a period which varies between one and six months at the option of the borrower.
The fair value of the sterling bank loan at 30 June 2017 was £40,000,000 (31 December 2016: £52,800,000).
The fair value of the euro denominated bank loan at 30 June 2017 was E71,000,000 (£62,329,910).
The fair value of amounts due in relation to financial reinsurance was £37,903,000 (31 December 2016: £34,396,000).
Bank loans are presented net of unamortised arrangement fees. Arrangement fees are recognised in profit or loss using the
effective interest rate method.
7. Financial instruments fair value disclosures
The table below shows the determination of the fair value of financial assets and financial liabilities according to a
three-level valuation hierarchy. Fair values are generally determined at prices quoted in active markets (Level 1).
However, where such information is not available, the Group applies valuation techniques to measure such instruments.
These valuation techniques make use of market-observable data for all significant inputs where possible (Level 2), but, in
some cases it may be necessary to estimate other than market-observable data within a valuation model for significant
inputs (Level 3).
The Group held the following financial instruments at fair value at 30 June 2017. There have not been any transfers of
assets or liabilities between levels of the fair value hierarchy. There are no non-recurring fair value measurements.
Fair value measurement at 30 June 2017 using
Level 1 Level 2 Level 3 Total
Financial assets £000 £000 £000 £000
Equities
Listed 497,569 - - 497,569
Holdings in collective investment schemes 5,032,115 11,422 - 5,043,537
Debt securities - fixed rate
Government Bonds 935,306 2,699 - 938,005
Corporate Bonds 667,169 - - 667,169
Debt securities - floating rate
Listed 6,002 - - 6,002
Total debt securities 1,608,477 2,699 - 1,611,176
Policyholders' funds held by the group 245,687 - - 245,687
Derivative financial instruments 418 1,996 - 2,414
Total 7,384,266 16,117 - 7,400,383
Current 4,862,206
Non-current 2,538,177
Total 7,400,383
Financial liabilities
Investment contracts at fair value through income - 3,281,368 - 3,281,368
Liabilities related to policyholders' funds held by the group 245,687 - - 245,687
Derivative financial instruments - 23,188 - 23,188
Total 245,687 3,304,556 - 3,550,243
Holdings in collective investment schemes
Included within Holdings in collective investment schemes are amounts held by Scildon, which represents a unit-linked fund
containing a mixture of government bonds. The value of the fund is calculated using an internal market model. These amounts
have been classified as level 2 in the above hierarchy table as the overall fund price is not collectively quoted but is
valued using market-observable data.
Debt securities
The debt securities classified as Level 2 are Dutch government bond-type products, held by our newly acquired Dutch
subsidiary Scildon. These assets are valued by the use of valuation models maintained by the holding investment managers,
using the Dutch government interest rate curve plus an additional 20 basis point margin to represent the illiquid nature of
the assets.
These assets have been classified as Level 2 because the third-party valuation models include observable inputs to the
valuation of these assets, including yield curves.
Derivative financial instruments
Within derivative financial instruments is a financial reinsurance embedded derivative related to our Movestic operation.
The Group has entered into a reinsurance contract with a third party that has a section that is deemed to transfer
significant insurance risk and a section that is deemed not to transfer significant insurance risk. The element of the
contract that does not transfer significant insurance risk has two components and has been accounted for as a financial
liability at amortised cost and an embedded derivative asset at fair value.
The embedded derivative represents an option to repay the amounts due under the contract early at a discount to the
amortised cost, with its fair value being determined by reference to market interest rate at the balance sheet date. It is,
accordingly, determined at Level 2 in the three-level fair value determination hierarchy set out above.
The derivative balance classified as a Level 2 liability, predominantly relates to interest rate swaps held within our
Scildon operation, to hedge some of the risk of changes in the value of its obligations under insurance contract
liabilities. The valuation of these derivatives is modelled using market observable variables and are hence classified as
Level 2.
Investment contract liabilities
The Investment contract liabilities in Level 2 of the valuation hierarchy represent the fair value of non-linked and
guaranteed income and growth bonds liabilities valued using established actuarial techniques utilising market observable
data for all significant inputs, such as investment yields.
Except as detailed in the following table, the Directors consider that the carrying value amounts of financial assets and
financial liabilities recorded at amortised cost in the financial statements are approximately equal to their fair values:
Carrying amount Fair value
30 June 30 June 31 December 30 June 30 June 31 December
2017 2016 2016 2017 2016 2016
£000 £000 £000 £000 £000 £000
Financial liabilities:
Borrowings 139,622 83,737 86,843 140,233 84,536 87,196
Borrowings consist of bank loans and an amount due in relation to financial reinsurance.
The fair value of the bank loans are taken as the principal outstanding at the balance sheet date.
The amount due in relation to financial reinsurance is fair valued with reference to market interest rates at the balance
sheet date.
There were no transfers between levels 1, 2 and 3 during the period.
The Group holds no Level 3 liabilities as at the balance sheet date.
8. Defined benefit pension scheme obligations
Scildon has a defined benefit plan, the costs of which are calculated using the projected unit credit method. This means
that the cost of providing pensions charged to the profit and loss account are placed over the service lives of employees,
according to actuarial calculations. The obligations are calculated as the difference between the present value of pension
obligations, net of the fair value of the existing plan assets. The present value of pension liabilities is determined by
discounting the expected future retirement benefits at the rate of return on high quality corporate bonds in euros, which
have a similar remaining period to when the pension payments are expected to be incurred. Any deficiency is recognised as a
liability in the consolidated balance sheet, and any surplus is recognised as an asset. Actuarial gains and losses arising
from deviations from expected outcomes are recognised as revaluations through other comprehensive income and are recognised
directly in equity.
Scildon is required to contribute a cost covering premium. This cost covering premium contains the actuarial cost of newly
arising unconditional benefits (using the pension fund's assumptions), the related administration cost and related buffer
requirements. The pension fund does not guarantee the nominal benefits. In case of underfunding the nominal benefits can
be reduced. Scildon is not obliged to pay for:
- Past service benefit increases due to wage increases;
- Past service benefit increases due to (full) indexation of past service benefits to active participants;
- Past service benefit increases due to (full) indexation of past service benefits to deferred participants and
participants receiving benefits;
- Catch up contributions (e.g. for a transitory plan); and
- Fund deficits.
Vested benefits have been funded with the pension fund which manages the assets. Newly arising benefits are funded through
contributions to the pension fund. The agreement between Scildon and the pension fund contains provisions that the pension
fund may grant discounts and/or restitutions to Scildon, if the funding position of the pension fund exceeds a certain
level and outlooks are positive.
The assets and liabilities of the defined benefit scheme are shown below.
30 June
2017
£000
Total fair value of assets 46,217
Present value of scheme liabilities (45,802)
Net surplus in the scheme 415
The surplus at the date of acquisition was £1,056,000. The movement to 30 June 2017 is primarily due to current service
costs, together with broadly offsetting asset and liability valuation movements. There were no employer contributions into
the scheme in the period post acquisition.
9. Approval of consolidated report for the six months ended 30 June 2017
This condensed consolidated report was approved by the Board of Directors on 30 August 2017. A copy of the report will be
available to the public at the Company's registered office, 2nd Floor, Building 4, West Strand Business Park, West Strand
Road, Preston, PR1 8UY and at www.chesnara.co.uk.
SECTION D: ADDITIONAL INFORMATION
financial calendar
31 August 2017
Interim results for the six months ending 30 June 2017 announced.
7 September 2017
Ex dividend date.
8 September 2017
Interim dividend record date
11 October 2017
Interim dividend payment date.
29 March 2018
Results for the year ending 31 December 2017 announced.
KEY CONTACTS
Registered and Head Office
2nd Floor, Building 4
West Strand Business Park
West Strand Road
Preston
Lancashire
PR1 8UY
Tel: 01772 972050
www.chesnara.co.uk
Legal Advisors
Ashurst LLP
Broadwalk House
5 Appold Street
London
EC2A 2HA
Addleshaw Goddard LLP
One St Peter's Square
Manchester
M2 3DE
Auditor
Deloitte LLP
Chartered Accountants and Statutory Auditor
Saltire Court
20 Castle Terrace
Edinburgh
EH1 2DB
Registrars
Capita Asset Services
The Registry
34 Beckenham Road
Beckenham
Kent
BR3 4TU
Joint Stockbrokers
Panmure Gordon
One New Change
London
EC4M 9AF
Shore Capital Stockbrokers Limited
Bond Street House
14 Clifford Street
London
W1S 4JU
Bankers
National Westminster Bank plc
135 Bishopsgate
London
EC2M 3UR
The Royal Bank of Scotland
8th Floor, 135 Bishopsgate
London
EC2M 3UR
Lloyds Bank plc
3rd Floor, Black Horse House
Medway Wharf Road
Tonbridge
Kent
TN9 1QS
Public Relations Consultants
FWD
145 Leadenhall Street
London
EC3V 4QT
Corporate Advisors
Shore Capital Stockbrokers Limited
Bond Street House
14 Clifford Street
London
W1S 4JU
GLOSSARY
AGM Annual General Meeting.
ALM Asset Liability Management - management of risks that arise due to mismatches between assets and liabilities.
APE Annual Premium Equivalent - an industry wide measure that is used for measuring the annual equivalent of regular and single premium policies.
CA Countrywide Assured plc.
CALH Countrywide Assured Life Holdings Limited and its subsidiary companies.
Cash Generation This represents the operational cash that has been generated in the period. The cash generating capacity of the group is largely a function of the movement in the solvency position of the insurance subsidiaries within the group, and takes account of the
buffers that management has set to hold over and above the solvency requirements imposed by our regulators. Cash generation is reported at a group level and also at an underlying divisional level reflective of the collective performance of each of the
divisions prior to any group level activity.
DNB De Nederlandsche Bank is the central bank of the Netherlands and is the regulator of our Dutch subsidiaries,
DPF Discretionary Participation Feature - A contractual right under an insurance contract to receive, as a supplement to guaranteed benefits, additional benefits whose amount or timing is contractually at the discretion of the issuer.
Dutch Business Scildon and the Waard Group, consisting of Waard Leven N.V., Hollands Welvaren Leven N.V., Waard Schade N.V. and Waard Verzekeringen B.V.
EcV Economic Value is a financial metric that is derived from Solvency II own funds that is broadly similar in concept to European Embedded Value. It provides a market consistent assessment of the value of existing insurance businesses, plus adjusted net asset
value of the non-insurance business within the group.
FCA Financial Conduct Authority.
FI Finansinspektionen, being the Swedish Financial Supervisory Authority.
Form of Proxy The form of proxy relating to the General Meeting being sent to Shareholders with this document.
FSMA The Financial Services and Markets Act 2000 of England and Wales, as amended.
Group The company and its existing subsidiary undertakings.
Group Own Funds In accordance with the UK's regulatory regime for insurers it is the sum of the individual capital resources for each of the regulated related undertakings less the book-value of investments by the group in those capital resources.
Group SCR In accordance with the UK's regulatory regime for insurers it is the sum of individual capital resource requirements for the insurer and each of its regulated undertakings.
Group Solvency Group solvency is a measure of how much the value of the company exceeds the level of capital it is required to hold in accordance with Solvency II regulations.
HCL HCL Insurance BPO Services Limited.
IFRS International Financial Reporting Standards.
IFA Independent Financial Adviser.
KPI Key performance indicator.
LGN LGN or Legal & General Nederland refers to the legal entity Legal & General Nederland Levensverzekering Maatschappij N.V acquired by Chesnara in April 2017.
London Stock Exchange London Stock Exchange plc.
LTI Long-Term Incentive Scheme - A reward system designed to incentivise executive directors' long-term performance.
Movestic Movestic Livförsäkring AB.
Modernac Modernac SA, an associated company which is 49% owned by Movestic.
New business The present value of the expected future cash inflows arising from business written in the reporting period.
Official List The Official List of the Financial Conduct Authority.
Ordinary Shares Ordinary shares of five pence each in the capital of the company.
Own Funds Own Funds - in accordance with the UK's regulatory regime for insurers it is the sum of the individual capital resources for each of the regulated related undertakings less the book-value of investments by the company in those capital resources.
ORSA Own Risk and Solvency Assessment.
PRA Prudential Regulation Authority.
QRT Quantitative Reporting Template.
ReAssure ReAssure Limited.
Resolution The resolution set out in the notice of General Meeting set out in this document.
RMF Risk Management Framework.
Scildon Scildon.
Shareholder(s) Holder(s) of Ordinary Shares.
Solvency II A fundamental review of the capital adequacy regime for the European insurance industry. Solvency II aims to establish a set of EU-wide capital requirements and risk management standards and has replaced the Solvency I requirements.
SICAV A type of open-ended investment fund in which the amount of capital in the fund varies according to the number of investors. Shares in the fund are bought and sold based on the fund's current net asset value.
STI Short-Term Incentive Scheme - A reward system designed to incentivise executive directors' short-term performance.
SCR In accordance with the UK's regulatory regime for insurers it is the sum of individual capital resource requirements for the insurer and each of its regulated undertakings.
Swedish Business Movestic and its subsidiaries and associated companies.
S&P Save & Prosper Insurance Limited and Save & Prosper Pensions Limited.
TCF Treating Customers Fairly - a central PRA principle that aims to ensure an efficient and effective market and thereby help policyholders achieve fair outcomes.
TSR Total Shareholder Return, measured with reference to both dividends and capital growth.
UK or United Kingdom The United Kingdom of Great Britain and Northern Ireland.
UK Business CA and S&P.
This information is provided by RNS
The company news service from the London Stock Exchange