REG - British Honey Co. - Results for the 9 months ended 31 December 2020
29 June 2021
The British Honey Company plc
Audited Results for the 9 month Trading Period ended 31 December 2020
Revenues increased to £1.5 million; Net cash of £2.46 million at period-end;
Positive trading momentum maintained into current financial year
Well positioned for profitable growth;
The British Honey Company plc ("British Honey", "BHC" or "the Company"), the producer of premium British Honey, Honey-infused spirits and alcohol sanitiser products, is pleased to announce its audited Final Results for the nine-month period ended 31 December 2020. These are the first set of full year results since its successful IPO and admission to trading on the Aquis Growth Exchange in March 2020.
Commenting on the results, British Honey's Chairman and CEO, Michael Williams said:
"Like so many other consumer-driven businesses, the largest single influence during the period has been the Covid-19 pandemic, which was prevalent throughout. I am pleased to report that the Company reacted quickly and positively in March last year to the changed economic environment and its effects upon "on-premise" spirits sales, switching spare production capacity to alcohol-based sanitiser products and enhancing its online spirits offering both in terms of direct B2B sales and the integration of the Company's proprietary software systems into third party online systems. Particularly pleasing was the resultant significant increase in online sales, where integration with these third party platforms, which provide key e-commerce sales channels, has been enhanced by the very successful adoption of Shopify which has facilitated seamless order management with a number of large online retailers including, but not limited to, Amazon's Seller Central Platform, Ocado, Virgin Wines, BHC's own website, and Masters of Malt.
"Reflecting a strong performance in the last quarter of 2020, including the important Christmas period, total revenues from continuing operations increased by approximately 270% over the corresponding period in 2019."
Financial Highlights
· Oversubscribed Placing and IPO in March 2020 raising £4.25m for the Company
· Strong performance over the last quarter of 2020 with big increase in online sales
· Total revenue from continuing operations during the period increased to £1.55 million (12 months to 31 March 2020: £0.63 million
· Gross profit increased to £0.92 million (12 months to 31 March 2020: £0.27 million)
· Operating loss before exceptional items significantly reduced to £0.72 million (12 months to 31 March 2020: £1.27 million loss)
· Loss per share of (12.95 pence); 12 months to 31 March 2020 (42.33 pence loss)
· Healthy net cash position at period-end of £2.46 million
Operational highlights
· Acquisition of The London Distillery Company ("TLDC") - manufacturers of Dodd's Gin and limited edition whiskies in January 2020
· Further expansion into huge US spirits market with Collaboration Agreement and Share-Swap investment recently extended to 28 December 2021 with List Distillery LLC
· Joint-venture Agreement with Cottisford Limited; expansion into whiskey production with second distillery and bonded warehouse under construction, with completion expected during 2021
· Continued investment in market-leading proprietary IT/Software systems and infrastructure
· Exclusive international Licensing Agreement signed with English Heritage
· Expansion of spirits brands, creating new flavours and offerings, including the successful release of a range of ready to drink products aimed at the fast-growing hard seltzer and low alcohol categories
Post-period highlight
· Transformational £10 million acquisition of Union Distillers Limited and associated capital raise
On current trading and prospects, Mr Williams added:
"The Company's focus has been to build scale and to concentrate on business fundamentals. The Group has made significant progress in 2020 and this positive trading momentum has continued into the current Financial Year, not least with the successful acquisition of Union Distillers Limited, completed in February. As Covid restrictions continue to be eased, the hospitality sector is gradually returning to normal and should be fully open by the summer. This will provide further opportunities for an improved performance by BHC with its considerably expanded product range and manufacturing capacity.
"The Company is well placed both commercially and financially to achieve further growth in 2021 and beyond, taking full advantage of a significant shift in consumer purchasing and lifestyle habits. With these ongoing changes to the behaviour of consumer spending, the Company is also able to deploy the necessary resources and investment to meet this demand and to drive its growth strategy forward, maximising the opportunities available to it. It is financially robust, with a strong cash position, an extensive and growing premium quality spirits range, a flexible business model and a highly skilled workforce.
"I look forward to reporting on further progress during the current year."
Enquiries:
British Honey Company plc
Michael Williams, Chairman and CEO
Brooke Wiseman, Marketing Director
Tel: +44 (0)7976 559243
Email: brooke@britishhoney.com
finnCap - AQSE Corporate Adviser & Joint Broker
Carl Holmes / George Dollemore (corporate finance)
Richard Chambers (ECM)
Tel: +44 (0)20 7220 0500
Stanford Capital Partners - Joint Broker
Patrick Claridge / John Howes / Bob Pountney
Tel: +44 (0)20 3815 8880
Walbrook PR Limited - Financial PR
Paul Vann / Anysia Virdi
Tel: +44 (0)20 7933 8780
+44 (0)7768 807631
paul.vann@walbrookpr.com
About British Honey Company
Launched in 2014, BHC has an extensive collection of award-winning spirits brands crafted at its onsite distillery in Buckinghamshire. Its impressive range began with Keepr's British Honey Spirits infused with 100% pure honey from its own fully traceable apiaries and includes gin, rum, bourbon, vodka and a ready to drink selection of hard seltzers and a low alcohol gin and tonic.
In 2020 it expanded further after acquiring the brands of the London Distillery Company (Dodd's Organic Gin, Rye and Single Malt Whiskeys), securing an exciting partnership agreement with English Heritage to produce its gins and launching an affordable luxury spirits range, 1606. In the same year, BHC also developed its first alcohol sanitiser product in the UK in response to the Covid-19 outbreak.
Future plans will see BHC open a second distillery on Oxfordshire's Tusmore Estate, expected late 2021, where it will produce a Tusmore Single Estate Triple Distilled Premium English Whiskey to add to its Single Malt Tusmore Whiskey, of which investment casks are currently available to purchase.
Review by the Chairman and Chief Executive, Michael Williams
The nine months ended 31 December 2020 saw the Company focus on building a solid and flexible platform for growth.
Finance review
Over the period, the Company recorded a loss for the year of £1.22m (March 2020: £1.96m loss), equating to a loss of 12.95 pence per share (March 2020: loss of 42.33 pence per share), with a net cash outflow of £1.58m (March 2020: inflow of £3.53m). The loss has been funded by cash reserves.
However, reflecting a strong performance over the last quarter of 2020, including the Christmas period, total revenues from continuing operations increased to approximately £1.5m for the nine months ending December 2020 (a c.270% increase over the corresponding period in 2019). Cash balances at the period end stood at £2.46m (31 March 2020: £4.03m).
Particularly pleasing was the significant increase in the proportion of online sales, where integration with third party platforms, which provide key e-commerce sales channels, has been enhanced by the very successful adoption of Shopify. This e-commerce platform has facilitated seamless order management with a number of large online retailers including, but not limited to, Amazon Seller Central Platform, which went "live" last August, Ocado, Virgin Wines, BHC's own website and Masters of Malt. At the period end, combined online sales accounted for approximately 18% of total revenues, with approximately £0.15m of online revenue being recorded in the period from September to December 2020, representing approximately 30% of revenues. This increase is in line with a rise in consumers shopping online due to the COVID-19 pandemic.
The Company expects to continue investing in its online IT infrastructures and connectivity to online retailers.
The Company's strategically important collaboration and Trading Agreement with US List Distillery LLC ("List"), based in Florida, which was signed at the end of March 2020, has enabled BHC to expand its product range to include List's rum, bourbon and rye whisky, whilst also generating export sales of the Company's London Dry Gin which List is selling via its US distribution channels. On 30 June, as a result of this deepening relationship between both parties, BHC announced that it had entered into a share swap agreement with the owners of List. The Agreement saw the Company obtain a 10% membership interest in List and the owners of List receiving 425,532 new ordinary shares in the Company. The terms of the Agreement, which allow BHC to acquire the remaining issued shares in List, have recently been extended to 28 December 2021. Although currently relatively modest, overseas sales, particularly to the United States and China, are an important element of BHC's growth strategy, notwithstanding the COVID pandemic which has impacted on BHC's ability to operate in both of these countries. BHC will continue exploring these markets as and when the pandemic ceases to be a threat to the health and wellbeing of its staff. The Company is pursuing other M&A opportunities internationally whilst the UK remains a key focus in an area ripe for consolidation, by leveraging the Company's well invested platform.
BHC is also actively seeking out new opportunities to deploy its proven product development skills in partnership with others, such as the exclusive international licensing agreement signed with English Heritage in August, and which is starting to gain traction in the UK. During the period, BHC has expanded its range of spirits brands, creating new flavours and offerings, including the successful release of a range of ready to drink products aimed at the fast-growing hard seltzer and low alcohol categories, to take full advantage of changing consumer tastes.
Acquisitions
In January 2020, prior to its IPO, the Company successfully completed the acquisition of The London Distillery Company ("TLDC") - manufacturers of Dodd's Gin and limited edition whiskies - purchasing TLDC's assets and ongoing business for a consideration of £65,975 in cash and the issue of 132,363 shares. The business was subsequently integrated within BHC's facilities.
In October 2020 the Company entered into discussions to purchase Union Distillers Ltd based in Market Harborough, Leicestershire. Union Distillers was founded in 2012 by Mark Gamble and Lyn Taylor. Over the past eight years it has grown to become an independent producer and distributor of proprietary and "own-label" spirits. It has well-invested infrastructure which includes its own stills and bonded warehouse. The acquisition of Union Distillers completed, post period end, in February 2021.
Union has a strong manufacturing capability, established brands and an extensive and growing retail and wholesale customer base. Union will benefit from BHCs own platform, in particular its software infrastructure. Products include its premium, proprietary "Two Birds" spirits range comprising of gin, vodka, rum and absinthe. In addition, Union distils spirits on behalf of a range of B2B customers including some major German supermarkets with a UK presence. Like BHC, Union is also SALSA, SMETA, Kosher bottling and Soil Association Organic accredited.
During the period, the Company has sought to establish a scalable platform which can be utilised by new brands, whether owned by BHC or third parties, with the aim of providing a seamless end-to-end service. The Board believes that BHC has developed a back-office system which is unique in the UK marketplace, enabling significant cost-saving benefits for less integrated producers and a means to achieve economies of scale and production efficiencies within any businesses acquired by the BHC. The Company's focus has been to build scale and to concentrate on business fundamentals. The Board believes BHC is now well placed for growth and is set to benefit from revenue and margin growth following the successful integration of the two acquisitions made during the period.
Outlook
The positive cash surplus generated by the Company has enabled it to be well positioned to deal with the uncertainties that COVID-19 has created for the industry in the next 12 months. There is ongoing change in the behaviour of consumer spending and together with its distillers, the Company is able to put resources into areas that require investment to meet this demand.
The Group has made significant progress in 2020 and this has continued into the current financial year, not least with the successful completion of the acquisition of Union Distillers. As Covid restrictions continue to be eased, the hospitality sector is gradually returning to normal and should be fully open by the summer. This will provide further opportunities for an improved performance by BHC with its considerably expanded product range and manufacturing capacity. The Company is well placed both commercially and financially to achieve further growth in 2021, taking advantage of a noticeable change in consumer purchasing and lifestyle habits and building increasing value for shareholders.
Michael Williams
Chairman and Chief Executive
29 June 2021
The British Honey Company PLC Financial Review 9 Month Period Ended 31 December 2020
The British Honey Company Plc (BHC) has delivered strong growth since its foundation in 2015. An expanding portfolio of quality spirits brands have either been developed in-house such as Keeprs, or acquired such as Dodd's, 1606 and, most recently, Two Birds, following the acquisition of Union Distillers Limited ("Union") in February 2021, post period-end. In addition, "white label" sales have also contributed significantly to revenue growth over the period.
Growth in turnover and gross profit over the last 3 financial periods is as follows. During the period the company changed its accounting reference date from 31st March to 31st December in order to align its year-end reporting with the commercial operating cycle of the business. Consequently, the current period covers the 9 months ended 31 December 2020 and so is not entirely comparable with the other comparative periods.
9 months
12 months
12 months
31 Dec 2020
31 Mar
2020
31 Mar 2019
£'000
£'000
£'000
Turnover
1,547
634
558
Gross Profit
917
265
238
Operating losses before exceptional items and share based payments for the 9 month period ended 31st December 2020 totalled £0.72m compared with £1.27m for the 12 months to 31st March 2020. These losses have been funded by a number of equity capital issues, detailed in the Audited Accounts, (including support from existing shareholders), the latest, post period-end, being in February 2021, which raised £4.59m net of expenses. An additional £1.63m was raised by a Convertible Loan Stock issue. These two latest issues contributed towards the £5.03m cash element of the acquisition of Union. The remainder of the purchase consideration comprised £3m of BHC shares issued to the shareholders of Union with a £2m earn-out based on sales achieved.
The Company's cash reserves were £2.46m at 31st December 2020. Following the fund-raising and purchase of Union, there remained £2.68m in liquid reserves in BHC and a further £0.27m in Union, post period-end, at 31st March 2021.
BHC circumnavigated the Covid pandemic by the innovative thinking of the Board, being one of the first spirits producers in the UK to utilise alcohol in stock and distilling capacity to produce sanitiser. This was sold online and, as retail outlets quickly sold out of stock, customers increasingly turned online where BHC was able to generate sanitiser sales of £0.503m during April and May 2020. This provided the business with an additional material revenue stream at the start of the year, which, as expected, gradually reduced over the following months to represent less than 10% of the total revenue by the period-end.
In February 2021, BHC acquired Union Distillers Ltd (Union) and sales in the first quarter of 2021 across the group grew to £1.429m. Sales of the Company's own spirits brands, including Keepr's, Dodd's and newly acquired Two Birds, represented 29 per cent of total revenues, with third-party sales comprising the remaining 71 per cent.
The Company experienced strong growth in online sales during the period which has continued into the current year. Sales of non-alcoholic and low-alcohol products (NO-LOW), introduced during the period, continue to rise and are expected to be meaningful contributors going forward. Both increases reflect a noticeable change in consumer purchasing and lifestyle habits with an increasing focus on balanced, healthy living. The Company is exploring a range of new products to enhance its B2C proposition which will continue to drive sales of our own brands.
Online sales growth has been driven in large part by the Group's market-leading, proprietary software technology, which has enabled seamless integration with a number of third party platforms, providing key online sales channels. BHC has invested in people, infrastructure and IT software each year since 2015 and remains firmly committed to continuing this investment as it builds ever greater and improved connectivity to other online retailers to facilitate continued sales growth. This has included £0.13m on the development of the FileMaker IT system which is central to the robust operating systems that support the stock management, sales ordering and filing of the Duty Returns to HMRC. These development costs have been capitalised as an Intangible Asset.
This sales trend has continued into the current year with combined online sales in Q1 2021 accounting for approximately 21 per cent of own brand sales.
Further investment in production and warehousing capacity totalling £0.5m is being made, including a new bottling line which is expected to be operational before the year end. This line will increase capacity to c. 4m bottles p.a. A new 5cl bottling line is also being installed which will allow the production of 1,000 miniatures per hour and the Company has already received its first order for 5cl miniatures with production to begin shortly.
The COVID pandemic has impacted on BHC's ability to operate in its two key overseas target markets, the United States, where BHC already has an established partner, and is a shareholder in List Distillery LLP, based in Florida, and in China, as a result of travel restrictions and a consequential inability to carry out adequate due diligence on operations there. Notwithstanding these challenges, the Company continued shipments to the US and has received its first order from China for the majority of its Brand Portfolio (Keepr's, Dodd's, 1606, English Heritage, London Distillery Company). The Group's Chinese partners have opened the first Keepr's bar, which will exclusively sell the Company's products.
Additional investment in sales and marketing has enabled the in-house team to adapt to the ever changing routes to market, and our experienced Master Distillers are creating and developing new flavours that appeal to the consumers.
The Company will focus primarily on organic growth but will continue to seek and review selective acquisition opportunities that are earnings enhancing. The Company is in a financially robust position and well placed for further profitable growth.
Alistair Wallace
Chief Finance Officer
29 June 2021
Statement of Profit or Loss for the period ended 31 December 2020
9 months ended 31/12/2020
12 months ended 31/03/2020
Notes
£
£
Continuing operations
Revenue
1,547,066
634,562
Cost of sales
(630,573)
(369,502)
Gross profit
916,493
265,060
Government grants
7,445
-
Profit on disposal of fixed assets
7,880
1,960
Other income
40,300
-
Administrative expenses
(1,689,329)
(1,537,627)
Exceptional expenses
(245,048)
(477,554)
Share based payments
(213,943)
(211,875)
Operating loss
(1,176,202)
(1,960,036)
Finance costs
(3,509)
(4,665)
Finance income
3,223
1,822
Share of net loss of joint venture accounted for using the equity method
(43,281)
-
Loss before income tax
(1,219,769)
(1,962,879)
Income tax
4,429
-
Loss for the year
(1,215,340)
(1,962,879)
Earnings per share expressed in pence per share:
Basic
(12.95)
(42.33)
Statement of Comprehensive Income for the period ended 31 December 2020
9 months ended 31/12/2020
12 months ended 31/03/2020
Notes
£
£
Loss for the year
(1,215,340)
(1,962,879)
Other comprehensive income
- -
-
Total comprehensive income for the year
(1,215,340)
(1,962,879)
Statement of Financial Position for the period ended 31 December 2020
As at 31/12/2020
As at 31/03/2020
Notes
£
£
Assets
Non-current assets
Intangible assets
259,528
231,860
Land, property, plant and equipment
647,745
636,801
Right-of-use asset
112,675
140,844
Investments
556,998
-
1,576,946
1,009,505
Current assets
Inventories
614,127
408,904
Trade and other receivables
708,453
379,053
R&D Tax credit
4,425
40,398
Cash and cash equivalents
2,458,244
4,033,559
3,785,249
4,861,914
TOTAL ASSETS
5,362,195
5,871,419
Liabilities
Non-current liabilities
Financial liabilities - borrowings
Interest bearing loans and borrowings
(117,309)
(119,599)
Current liabilities
Trade and other payables
(418,486)
(417,975)
Financial liabilities - borrowings
Interest bearing loans and borrowings
(38,816)
(44,864)
(457,302)
(462,839)
TOTAL LIABILITIES
(574,611)
(582,438)
NET ASSETS
4,787,584
5,288,981
Equity
Shareholders' equity
Called up share capital
952,546
909,993
Share premium
4,764,137
4,306,690
Share based payment reserve
490,086
276,143
Retained earnings
(1,419,185)
(203,845)
TOTAL EQUITY
4,787,584
5,288,981
Statement of Changes in Equity for the period ended 31 December 2020
Called up
Share
Based
share
Share
payment
Retained
Total
capital
premium
reserve
earnings
equity
£
£
£
£
£
Balance at 1 April 2019
346,583
2,317,460
196,792
(1,497,560)
1,363,275
Changes in equity
Issue of share capital
563,410
5,242,720
-
-
5,806,130
Issue costs
(129,379)
(129,379)
Equity-settled share-
based payment transactions
-
(62,737)
274,571
211,834
Exercise of share options
-
-
(195,220)
195,220
-
Capital reduction
-
(3,061,374)
-
3,061,374
-
Total comprehensive income
-
-
-
(1,962,879)
(1,962,879)
Balance at 31 March 2020
909,993
4,306,690
276,143
(203,845)
5,288,981
Balance at 1 April 2020
909,993
4,306,690
276,143
(203,845)
5,288,981
Changes in equity
Issue of share capital
42,553
457,447
-
-
500,000
Equity-settled share-
based payment transactions
-
-
213,943
-
213,943
Exercise of share options
Capital reduction
Total comprehensive income
-
-
-
(1,215,340)
(1,215,340)
Balance at 31 December 2020
952,546
4,764,137
490,086
(1,419,185)
4,787,584
Statement of Cash Flows for the period ended 31 December 2020
9 months
ended
31/12/2020
12 months ended
31/03/2020
Notes
£
£
Cash flows from operating activities
Cash generated from operations
1
(1,317,662)
(1,642,717)
Interest element of HP & lease payments paid
(3,509)
(4,665)
Tax (paid) / refunded
2
40,402
-
Net cash from operating activities
(1,280,769)
(1,647,382)
Cash flows from investing activities
Payments for internally generated software development costs
(60,092)
(36,875)
Payments for the purchase of brand intangibles
-
(11,045)
Payments for the purchase of property, plant and equipment
(192,246)
(267,503)
Proceeds from the sale of for property, plant and equipment
63,187
18,748
Payments to acquire investments
(100,280)
-
Interest received
3,223
1,822
Net cash from investing activities
(286,208)
(294,853)
Cash flows from financing activities
Additions to finance lease liabilities
41,600
-
Principal elements of finance lease payments
(49,938)
(34,988)
Net proceeds from issue of shares
-
5,510,823
Net cash from financing activities
(8,338)
5,475,835
Increase/(decrease) in cash and cash equivalents
(1,575,315)
3,533,600
Cash and cash equivalents at beginning of year
4,033,559
499,959
Cash and cash equivalents at end of year
2,458,244
4,033,559
Non-cash transactions
The Company issued 425,532 ordinary shares in the year as part of the share swap with List Distillery LLC as per note 15.
The Company issued financial instruments over its ordinary share capital as outlined in note 25.
Condensed Notes to the Financial Statements for the period ended 31 December 2020
1. Statutory information
The British Honey Company Plc is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
On 14th December 2020 the Company has been elevated to the Apex segment of the Aquis Stock Exchange.
2. Accounting policies
This note provides a list of the significant accounting policies adopted in the preparation of these financial statements to the extent they have not already been disclosed in the other notes. These policies have been consistently applied to all the years presented, unless otherwise stated. The financial statements have been prepared on a historical cost basis.
(a) Basis of preparation
During the period the company changed its accounting reference date from 31st March to 31st December in order to align its year-end reporting with the commercial operating cycle of the business. Consequently, the current period covers the 9 months ended 31 December 2020 and so is not entirely comparable with the comparative period.
The Company reclassified the comparatives for 31 March 2020 for share-based payments and exceptional expenses. This is now included separately on the face of the profit and loss statement in the case of share-based payments and both are included in arriving at operating loss. The Directors feel that this more accurately reflects the nature of these items.
(i.) Compliance with IFRS
The financial statements of The British Honey Company Plc have been prepared in accordance with International Accounting Standards in conformity with the Companies Act 2006 ('Adopted IFRS'). For all accounting notes, please see full audited accounts on the Company's website.
(ii.) New standards and interpretations not yet adopted
There were no new standards, amendments or interpretations applied to the financial statements in the period.
The Company has not applied the following new and revised IFRSs that have been issued but are not yet effective and not early adopted.
Standard
Impact on initial application
Effective date
IFRS 3 (Amendments)
Business combinations - reference to conceptual framework
*1 January 2022
IAS 16 (Amendments)
Property, plant and equipment
*1 January 2022
Annual Improvements
Annual Improvements to IFRS 2018-2020 cycle
*1 January 2022
IAS 1
Classification of Liabilities as Current or Non-Current.
1 January 2022
*Subject to endorsement
The directors do not expect that the adoption of the Standards listed above will have a material impact on the financial statements of the Company.
2. Accounting policies (continued)
(iii.) Going concern
On 24 February 2021, the company completed a second public offering in order to raise funds for the purchase of Union Distillers Ltd, which is in line with the company's growth strategy. The funds raised have helped the company maintain cash whilst expanding its activities.
Considering the effects that COVID-19 has had on the economy, off-trade sales via different online platforms have created future revenue streams that the company believes will be of benefit in the future. The on-trade market has fallen away with the closure of the hospitality sector. As this industry begins to reopen, then the directors anticipate increased revenues from on-trade sales. Sales from e-commerce have continued to expand on platforms such as Amazon, Not On The High Street and Gin To My Tonic and this is expected to continue throughout the year.
Given the Company's cash position and diversified activities and notwithstanding the severity of the economic impact of COVID-19, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and therefore continues to adopt the going concern basis in preparing its financial statements.
3. Comparative Figures
The reporting period is shorter than a year, therefore comparative amounts are not comparable to the current balances.
4. Subsequent Events
Please refer to the Directors' report for further disclosure of subsequent events.
Board Appointment - Mark Gamble has joined the Board of BHC as an Executive Director
Convertible Loan Note - The company has entered into an agreement on the 24th February 2021 for a new £1.63 million unsecured convertible loan facility (the "CLN") arranged with Mr Khaled Said
The investment in List Distillery LLC - The timeframe for completion of the mutual Share-Swap Agreement extended (originally announced on 30th June 2020 with an extension announced 29th October 2020) from 28th February 2021 to 28th December 2021.
Acquisition of Union Distillers Limited - 24th February 2021, the company completed the 100% acquisition of Union Distillers Limited for an initial consideration of £8 million and an earn-out consideration of up to £2.0 million.
5. Approval of Annual Financial Statements
The financial statements were approved by the Board of Directors on 28th June 2021.
6. Distribution of Full Year Statement
An electronic version of this Statement will be available on the Company's website and copies will be emailed and posted to shareholders shortly.
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