For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250930:nRSd2980Ba&default-theme=true
RNS Number : 2980B Dillistone Group PLC 30 September 2025
30 September 2025
Dillistone Group Plc
("Dillistone", the "Company" or the "Group")
Interim Results & Investor Presentation
Dillistone Group PLC, the AIM quoted supplier of software for the
international recruitment industry, announces Interim Results for the six
months to 30 June 2025.
Summary
· Group H1 adjusted operating profit down at £0.079m (H1 2024:
£0.133m).
· Total revenue of £2.173m (H1 2024: £2.519m), down 14% in a tough
recruitment market.
· H1 New business sales for mature products exceed the total for all of
FY 2024.
· Recurring revenues represented 91% (H1 2024: 91%) of Group revenue.
· Net cash generated from operating activities stable at £0.528m
(2024: £0.529m).
· Utilisation of bank facility at period end of £0.080m (2024:
utilisation £0.172m) reflecting ongoing repayment of Government support
loans. Final repayment due in July 2026.
· Board expects to deliver full year results in line with adjusted PTP
market expectations.
Post Period
· Talentis showing strong improvement in performance in Q3, with
significant growth of more than 30% in ARR and a contract win which, once
live, will be our largest executive search competitive displacement in more
than five years.
· Strong feedback from migrating customers, with multiple 5* Talentis
executive search software reviews on G2:
https://www.g2.com/products/talentis-executive-search-software/reviews
(https://www.g2.com/products/talentis-executive-search-software/reviews)
Commenting on the results and prospects, Giles Fearnley, Non-Executive
Chairman, said:
"I am pleased to confirm that the Group expects to deliver results in line
with expectations for EBITDA and adjusted pre-tax profit in 2025
I am also pleased to report that we now expect 2026 to be our first year of
revenue growth since 2022 and only our second since 2016. We believe that much
of that growth will be driven by Talentis."
* Note: "Adjusted" refers to activities before
acquisition, reorganisation and one-off costs
Investor Presentation: 15:00 BST on Thursday 2 October 2025
Dillistone is pleased to announce that Jason Starr and Ian Mackin will provide
a live presentation relating to the Interim Results via the Investor Meet
Company platform on 02 October 2025, 15:00 BST.
The presentation is open to all existing and prospective investors. Questions
can be submitted at any time during the live presentation.
Investors can sign up to Investor Meet Company for free and can join the
Dillistone presentation via the following link:
https://www.investormeetcompany.com/dillistone-group-plc/register-investor
(https://urldefense.proofpoint.com/v2/url?u=https-3A__www.investormeetcompany.com_dillistone-2Dgroup-2Dplc_register-2Dinvestor&d=DwMGaQ&c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&r=w0eRsxUu2UsBq3ls_LxRof2qWu3awsg_DX4QZ6SGwrQ&m=rxZo_5B3-Ch1dO13DViwnkBh16uQeiJYgAM3EwPKyzdGlESFGAowhe7IvFv0ox80&s=W1lzv3bvoOgPfpG-hXA7dZ0UeCDsNmqh5vGE-YFkrxM&e=)
Investors who already follow Dillistone on the Investor Meet Company platform
will automatically be invited.
This announcement contains inside information for the purposes of Article 7 of
the UK version of Regulation (EU) No 596/2014 which is part of UK law by
virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon
the publication of this announcement via a Regulatory Information Service,
this inside information is now considered to be in the public domain.
Enquiries:
Dillistone Group Plc
Giles Fearnley Chairman 01256 297 000
Jason Starr Chief Executive Officer
Ian Mackin Finance Director
Zeus (Nominated adviser and Broker)
Mike Coe Director, Investment Banking 020 3829 5000
Chairman's Statement
Over the last few years, I've found myself reporting on a fairly consistent
theme. A challenging market for recruitment software, improvements in EBITDA
margin, acceptable performance for our contingency targeted products, let down
by disappointing performance for our executive search solutions.
At face value, H1 2025 represents more of the same. EBITDA margin has improved
once again (H1 2025 26.8% vs H1 2024 25.8%), our executive search performance
has been poor, while our contingency products report both positive and
negative results.
The bulk of our executive search revenue comes from our FileFinder platform
and this has unquestionably lost market share over recent years. Our Talentis
product was designed to be its successor and, until recently, revenue has
disappointed. I am delighted to report, however, that recent months have seen
a dramatic upturn in performance for this platform, and I take pleasure in
providing more details on this transformation below.
Executive search review:
As noted above, our executive search business has struggled over recent years,
but we are pleased to report signs of real progress, driven by our flagship
Talentis product.
Talentis was conceived as an all-in-one candidate sourcing / CRM platform for
executive search. When initially launched, it had primary strengths as a
sourcing tool, but CRM functionality was considered light by many buyers.
As a result, many of the early buyers of Talentis purchased it primarily for
its sourcing functionality. The revenue associated with this was of low
quality, with many of the subscriptions being on a month-to-month basis and of
low value.
In Q4 of last year, we reached the conclusion that the product had reached a
level where it was feature rich enough to be marketed as a successor platform
to FileFinder and competitor CRMs. As a result, we subsequently positioned the
product differently and increased its prices.
During the period in review, we saw our first "full" migrations into Talentis.
Client feedback has been very positive, with a number of 5* executive search
software reviews for Talentis appearing on G2:
https://www.g2.com/products/talentis-executive-search-software/reviews
(https://www.g2.com/products/talentis-executive-search-software/reviews)
During 2025, the mix of clients has changed away from sourcing customers
paying on a month to month basis, towards CRM customers on annually recurring
contracts. Indeed, while only 22% of new users signed in 2024 were under
annual (or longer) commitments, the figure in 2025 M1-M8 has risen to 59%, and
with the figure for M6-M8 up to 85%.
These new customers often have more users and often pay a higher price.
The change in positioning has caused the number of clients on the platform to
fall during the early part of the year. However, since then, the number of
licenced users and MRR have both increased with much of that increase
happening in Q3. Exit MRR at the end of Q3 is likely be 19% up on the
equivalent figure at the end of Q4 2024, and well over 30% up on the end of Q2
2025.
Talentis remains a low part of our overall revenue, but it is now our fastest
growing product - both in terms of new customer logos and migrations. While
much of the revenue growth in Q2-Q3 came from FileFinder migrations into
Talentis, our contracted orders for Q4 indicates a far higher percentage of
revenue coming from clients that are new to the Group. This includes our
largest competitive displacement in the executive search sector for over five
years.
Our Talentis B2C product, which trades under the name "GatedTalent", continues
to make a contribution.
Contingency review:
As has been previously mentioned, the recruitment market in general has
struggled over the past few years and the contingent space has been no
exception. Organisations across the globe have been reducing their permanent
and temporary headcount requirements.
The majority of our contingency clients are based in the UK which specifically
has shown a significant and sustained downturn since the 2022 post-Covid peak.
The ONS reports a drop of roughly 45% in vacancies over the past three years.
This directly impacts the recruitment agency market and this is felt by us
through clients reducing their own staff and hence licence numbers.
Whilst a nervous economic background has led to an overall reduction in user
numbers over the last 12 months, there is some early evidence of recovery. We
have seen a recent small upturn in the number of customers purchasing
additional licences for our Infinity product as well as the number of licences
in each transaction. On a rolling 6-month basis, additional licence sales from
existing customers are up just under 50% compared to June 2024.
In the period we rolled out first phase of our Mid-Office Online Timesheet
solution to positive feedback from the users. The second phase which expands
its functional capability to appeal to a wider user base was put on general
release towards the end of Q3.
We are pleased to report the continued adoption of our Candidate Portal add-on
for our Infinity product and a further significant update to this portal
adding functionality to support shift offers and selection is due to be
released by the end of the year. In August, we also released an improved
version of our consultant mobile app, Infinity Connect, and in addition we are
looking forward to releasing the further enhancements to the AI features for
the core Infinity product in Q4.
The above additions, along with our ongoing development of these products,
have enabled our contingent new business sales in H1 to exceed those in the
whole of FY24.
Our ISV product has seen a number of enhancements delivered to the customer
base along with a significant improvement to the test score and results
systems. Furthermore, the previous work undertaken to enhance our content
creation infrastructure has meant we have been able to efficiently deliver a
number of bespoke client requests in the period. Whilst not directly
attributable to these product enhancements we have seen increased order
volumes for ISV in comparison to prior year.
Financial performance
Revenue
Group revenue in H1 FY2025 reduced to £2.173m from £2.519m in H1 FY2024.
Recurring revenues decreased by 14% to £1.966m over the comparable period
last year (2024: £2.293m).
Recurring revenues represented 91% of total revenues (2024: 91%).
Non-recurring revenues were down 14% at £0.150m (2024: £0.175m).
Adjusted EBITDA*
The adjusted EBITDA* decreased by 10% to £0.583m from £0.650m in H1 FY2024.
This however still resulted in another increase in EBITDA margin to 26.8%,
compared to 25.8% in H1 FY2024.
Operating profit/(loss) and profit/(loss) before tax
The Group operating profit, before acquisition related, reorganisation and
other items, decreased by 41% to stand at £0.079m from £0.133m in H1 FY2024.
Inclusive of acquisition related and other items, the operating profit was
£0.024m compared to a profit of £0.065m in H1 FY2024.
The loss before tax increased to (£0.048m) from (£0.015m) in H1 FY2024.
Taxation
The net tax credit for H1 is £0.028m (H1 FY2024: £0.006m).
Balance sheet
The Group's net assets increased slightly to £3.288m (H1 FY2024: £3.206m)
with trade and other receivables decreasing to £0.310m (H1 FY2024: £0.493m).
Trade and other payables also decreased to £1.509m (H1 FY2024: £2.005m).
R&D development
The Group capitalised £0.414m in development costs in the period (H1 FY2024:
£0.436m) as the business continued its commitment to developing its products.
Amortisation of development costs was £0.485m (H1 FY2024: £0.489m)
Financing
The CBIL loan balance stands at £0.300m (31 December 2024: £0.450m) and, on
the current payment profile, will be repaid by June 2026.
The Group also has two convertible loans totalling £0.700m (31 December 2024:
£0.700m), which will not be repaid until the CBIL loan has been repaid. The
two convertible loans were made by current and former Directors of the Group.
The Group also added in FY2025 H1 a loan agreement to a related party
totalling £0.120m (31 December 2024: £nil).
Cashflow
Net cash generated from operating activities was broadly unchanged at £0.528m
(2024: £0.529m).
Net change in cash improved by 97% to (£0.004m) (H1 FY2024: (£0.153m)).
At 30 June 2025, we had a utilisation of our bank facility of (£0.080m)
(2024: utilisation £0.172m).
Summarised cashflow H1 FY2025 H1 FY2024
£'000 £'000
Adjusted net cash from normalised operating activities 528 529
Investing Activities - net (419) (441)
Financial Activities - net (113) (241)
Net change in cash and cash equivalents (4) (153)
Cash and cash equivalents at beginning of year (74) (19)
Effect of foreign exchange rate changes (2) -
Cash and cash equivalents at 30(th) June (80) (172)
Outlook
We are now seeing positive momentum with our Talentis product. While this
momentum will come too late to change the shape of our numbers in 2025, I am
pleased to confirm that the Group expects to deliver results in line with
expectations for EBITDA and adjusted pre-tax profit in 2025
I am also pleased to report that we now expect 2026 to be our first year of
revenue growth since 2022 and only our second since 2016. We believe that much
of that growth will be driven by Talentis.
Giles Fearnley
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Note 6 Months ended 30 June Year ended 31 Dec
2025 2024 2024
Unaudited Unaudited Audited
£'000 £'000 £'000
Revenue 4 2,173 2,519 4,903
Cost of sales (224) (269) (503)
Gross profit 1,949 2,250 4,400
Administrative expenses (1,925) (2,185) (4,235)
Result from operating activities 4 24 65 165
Analysed as:
Result from operating activities before acquisition related, reorganisation 79 133 269
and other items
Acquisition related, reorganisation and other items 5 (55) (68) (104)
Result after acquisition related items 24 65 165
Financial cost (72) (80) (152)
(Loss) / Profit before tax (48) (15) 13
Tax income 6 28 6 27
(Loss) / Profit for the period (20) (9) 40
Other comprehensive income net of tax:
Currency translation differences (7) (2) (4)
Total comprehensive (loss) / income for period net of tax (27) (11) 36
Earnings per share (pence)
Basic 8 (0.10) (0.05) 0.20
Diluted (0.10) (0.05) 0.20
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 30 June 2025 As at 30 June 2024 As at 31 Dec 2024
Unaudited Unaudited Audited
ASSETS £'000 £'000 £'000
Non-current assets
Goodwill 3,415 3,415 3,415
Intangible assets 2,520 2,700 2,618
Right of use assets 193 219 206
Property plant & equipment 13 19 14
6,141 6,353 6,253
Current assets
Trade and other receivables 310 493 430
Current tax receivable - - 1
Cash and cash equivalents - - -
310 493 431
Total assets 6,451 6,846 6,684
EQUITY AND LIABILITIES
Equity
Share capital 1,021 983 1,021
Share premium 1,653 1,631 1,653
Merger reserve 365 365 365
Convertible loan reserve 14 14 14
Retained earnings 150 91 170
Share option reserve 29 57 29
Translation reserve 56 65 63
Total equity 3,288 3,206 3,315
Liabilities
Non current liabilities
Trade and other payables 116 169 148
Lease liabilities 181 3 182
Borrowings 820 700 850
Deferred tax 223 236 223
Total non-current liabilities 1,340 1,108 1,403
Current liabilities
Trade and other payables 1,393 1,836 1,564
Lease liabilities 18 218 28
Borrowings 300 300 300
Current tax payable 32 6 -
Utilisation of bank facility 80 172 74
Total non-current liabilities 1,823 2,532 1,966
Total liabilities 3,163 3,640 3,369
Total liabilities and equity 6,451 6,846 6,684
The interim report was approved by the Board of directors and authorised for
issue on 29 September 2025. They were signed on its behalf by:
JS
Starr
IJ Mackin
CONSOLIDATED STATEMENT OF CASH FLOWS
As at 30 June As at 31 December
2025 2024 2024
Unaudited Unaudited Audited
£'000 £'000 £'000
Operating Activities
(Loss) before tax (48) (9) 13
Adjustment for
Financial cost 72 80 152
Depreciation and amortisation 531 584 1,131
Share option expense - - 2
Other including foreign exchange adjustments arising from operations (5) (2) 14
Operating cash flows before movements in working capital 550 653 1,312
Decrease / (Increase) in receivables 120 66 129
(Decrease) in payables (203) (184) (483)
Net taxation (Paid) / repaid 61 (6) 1
Net cash generated from operating activities 528 529 959
Investing Activities
Purchases of property plant and equipment (5) (5) (8)
Sale of fixed assets - - 1
Investment in development costs (414) (436) (881)
Net cash used in investing activities (419) (441) (888)
Financing Activities
Finance cost (72) (80) (152)
Lease payments made (11) (11) (16)
Issue of Shares - 60
Proceeds from loan notes 120 300
Bank loan repayments (150) (150) (300)
Net cash generated from financing activities (113) (241) (108)
Net change in cash and cash equivalents (4) (153) (37)
Cash and cash equivalents at beginning of the period (74) (19) (19)
Effect of foreign exchange rate changes (2) - (18)
Cash and cash equivalents at end of period (80) (172) (74)
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Share Merger Retained Convertible Share Foreign Total
capital premium Reserve earnings loan reserve option exchange
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Balance at 31 December 2024 1,021 1,653 365 170 14 29 63 3,315
Comprehensive income
Loss for the 6 months ended 30 June 2025 - - - (20) - - - (20)
Other comprehensive income -
Exchange differences on translation of overseas operations - - - - - - (7) (7)
Total comprehensive profit - - - (20) - - (7) (27)
Transactions with owners
Share option charge - - - - - - - -
Balance at 30 June 2025 1,021 1,653 365 150 14 29 56 3,288
Balance at 31 December 2023 983 1,631 365 100 14 57 67 3,217
Comprehensive income
Loss for the 6 months ended 30 June 2024 - - - (9) - - - (9)
Other comprehensive income -
Exchange differences on translation of overseas operations - - - - - - (2) (2)
Total comprehensive profit - - - (9) - - (2) (11)
Transactions with owners
Share option charge - - - - - - - -
Balance at 30 June 2024 983 1,631 365 91 14 57 65 3,206
OTES TO THE INTERIM
NOTES TO THE UNAUDITED INTERIM REPORT
CONSOLIDATED STATEMENT OF
1. Basis of Preparation
The financial information for the six months ended 30 June 2025 included in
this condensed interim report comprises the consolidated statement of
comprehensive income, the consolidated statement of financial position, the
consolidated statement of cash flows, the consolidated statement of changes in
equity and the related notes.
The financial information in these interim results is that of the holding
company and all of its subsidiaries (the Group). It has been prepared in
accordance with UK adopted international accounting standards but does not
include all of the disclosures that would be required under International
Financial Reporting Standards (IFRSs). The accounting policies applied by the
Group in this financial information are the same as those applied by the Group
in its financial statements for the year ended 31 December 2024 and are those
which will form the basis of the 2025 financial statements.
The comparative financial information presented herein for the year ended 31
December 2024 does not constitute full statutory accounts for that period. The
Group's annual report and accounts for the year ended 31 December 2024 have
been delivered to the Registrar of Companies. The Group's independent
auditor's report on those statutory accounts was unqualified, did not draw
attention to any matters by way of emphasis, and did not contain a statement
under 498(2) or 498(3) of the Companies Act 2006.
Going concern
The directors have continued to perform detailed forecasting on a regular
basis taking into account current trading and expectations and cash balances
and, having reflected upon these forecasts, the directors of the Company
continue to adopt the going concern basis of accounting in preparing the
financial statements.
Dillistone Group Plc is the Group's ultimate parent company. It is a public
listed company and is domiciled in the United Kingdom. The address of its
registered office and principal place of business is 9 Cedarwood, Crockford
Lane, Chineham Business Park, Basingstoke, RG24 8WD. Dillistone Group Plc's
shares are listed on the Alternative Investment Market (AIM).
2. Share Based Payments
The Company operates two share option schemes. The fair value of the options
granted under these schemes is recognised as an employee expense with a
corresponding increase in equity. The fair value is measured at grant date
and spread over the period at the end of which the option holder may exercise
the option. The fair value of the options granted is measured using the
Black-Scholes model.
3. Reconciliation of adjusted operating profits to
consolidated statement of comprehensive income
6 months ended 30 June 2025 and 30 June 2024
Adjusted operating profits Acquisition and reorganisation related items Adjusted operating profits Acquisition and reorganisation related items
30-Jun-2025 2025* 30-Jun-2025 30-Jun-2024 2024* 30-Jun-2024
£'000 £'000 £'000 £'000 £'000 £'000
Revenue 2,173 - 2,173 2,519 - 2,519
Cost of sales (224) - (224) (269) - (269)
Gross profit 1,949 - 1,949 2,250 - 2,250
Administrative expenses (1,870) (55) (1,925) (2,117) (68) (2,185)
Results from operating activities 79 (55) 24 133 (68) 65
Financial cost (72) - (72) (80) - (80)
(Loss) before tax 7 (55) (48) 53 (68) (15)
Tax (charge) / income 23 5 28 (7) 13 6
Profit / (loss) for the period 30 (50) (20) 46 (55) (9)
Other comprehensive income net of tax:
Currency translation differences (7) - (7) (2) - (2)
Total comprehensive (loss) / profit for the year net of tax 23 (50) (27) 44 (55) (11)
* see accounts note 5
Earnings per share - from continuing activities
Basic 0.15p (0.10p) 0.23p (0.05p)
Diluted 0.15p (0.10p) 0.23p (0.05p)
Year Ended 31 December 2024
Adjusted operating profits Acquisition and reorganisation related items
31 December 2024* 31 December 2024
2024
£'000 £'000 £'000
Revenue 4,903 - 4,903
Cost of sales (503) - (503)
Gross profit 4,400 - 4,400
Administrative expenses (4,131) (104) (4,235)
Results from operating activities (inc furlough) 269 (104) 165
Financial cost (152) - (152)
Profit / (Loss) before tax 117 (104) 13
Tax income 5 22 27
Profit / (Loss) for the year 122 (82) 40
Other comprehensive income net of tax:
Currency translation differences (4) - (4)
Total comprehensive Profit / (Loss) for the year net of tax 118 (82) 36
* see accounts note 5
Earnings per share - from continuing activities
Basic 0.61p 0.20p
Diluted 0.61p 0.20p
4. Segment reporting
Results
Year ended
6 months ended 30 June 31 Dec
2025 2024 2024
£'000 £'000 £'000
Results from operating activities
Ikiru People 59 112 237
Central 20 21 32
Reorganisation and other costs (28) - 12
Amortisation of acquisition intangibles and other one off costs or income (27) (68) (116)
Result from operating activities 24 65 165
Geographical segments
The following table provides an analysis of the Group's revenues by
geographical market.
Year ended
6 months ended 30 June 31 Dec
2025 2024 2024
£'000 £'000 £'000
UK 1,730 1,941 3,750
Europe 179 250 464
Americas 151 189 382
Australia 71 68 131
ROW 42 71 176
2,173 2,519 4,903
4. Segment reporting (continued)
Business Segment
The following table provides an analysis of the Group's revenues by products
and services.
Year ended
6 months ended 30 June 31 Dec
2025 2024 2024
£'000 £'000 £'000
Recurring 1,966 2,293 4,394
Non recurring 150 175 395
Third party revenues 57 51 114
2,173 2,519 4,903
'Recurring income' represents all income recognised over time, whereas
'Non-recurring income' represents all income recognised at a point in time.
Recurring income includes all support services, software as a service income
(SaaS) and hosting income. Non-recurring income includes sales of new
licenses, and income derived from installing those licenses including
training, installation, and data translation. Third party revenues arise
from the sale of third party software.
Business Sector
The following table provides an analysis of the Group's revenues by market
sector.
Year ended
6 months ended 30 June 31 Dec
2025 2024 2024
£'000 £'000 £'000
Contingent 1,486 1,620 3,460
Executive Search 687 899 2,135
2,173 2,519 5,595
5. Acquisition related items and other one off costs
Year ended
6 months ended 30 June 31 Dec
2025 2024 2024
£'000 £'000 £'000
Reorganisation and other costs 28 - -
Lease Termination - - -
Grants received from overseas jurisdictions - - (12)
Amortisation of acquisition intangibles 27 68 116
Total 55 68 104
6. Tax
Year ended
6 months ended 30 June 31 Dec
2025 2024 2024
£'000 £'000 £'000
Current tax (8) (1) (1)
Prior year adjustment - current tax - - (5)
Deferred tax release (13) (9) (9)
Prior year adjustment - deferred tax - 17 17
Deferred tax rate change (2) - (7)
Deferred tax re acquisition intangibles (5) (13) (22)
Tax credit for the period (28) (6) (27)
The tax charge is calculated for each jurisdiction based on the estimated
position for the year. Deferred tax has been provided at a rate of 25%
(2024: 25%).
7. Dividends
The Board has decided not to pay an interim dividend (2024: nil per share).
8. Earnings per Share
Year ended
6 months ended 30 June 31 Dec
2025 2024 2024
Basic earnings per share
Profit / (Loss) attributable to ordinary shareholders (£20,000) (£9,000) £40,000
Weighted average number of shares 20,418,021 19,668,021 19,922,119
Basic earnings / (loss) per share (pence) (0.10) (0.05) 0.20
9. Related party transactions
The Company has related party relationships with its subsidiaries, its
directors, and other employees of the Company with management responsibility.
The Group issued £120,000 in loan notes which carry interest at 10.85% per
annum payable quarterly in arrears to a related party during the period.
The Directors participated in the issue of convertible loan notes in 2017
which carry interest at 8.15% per annum payable quarterly in arrears.
The Directors participated in the issue of convertible loan notes in 2024
which carry interest at 9.85% per annum payable quarterly in arrears.
There were no transactions with any other related parties.
10. Cautionary statement
This Interim Report has been prepared solely to provide additional information
to shareholders to assess the Company's strategies and the potential for these
strategies to succeed. The Interim Report should not be relied on by any other
party or for any other purpose. The Interim Report contains certain
forward-looking statements with respect to the financial condition, results of
operations and businesses of the Company. These statements are made in good
faith based on the information available to them up to the time of their
approval of this report. However, such statements should be treated with
caution as they involve risk and uncertainty because they relate to events and
depend upon circumstances that will occur in the future. There are a number
of factors that could cause actual results or developments to differ
materially from those expressed or implied by these forward-looking
statements. The continuing uncertainty in global economic outlook inevitably
increases the economic and business risks to which the Company is exposed.
Nothing in this announcement should be construed as a profit forecast.
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 EAPNNAEFSEFA