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RNS Number : 3073B Hydrogen Utopia International PLC 30 September 2025
The information contained within this announcement is deemed to constitute
inside information as stipulated under the retained EU law version of the
Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part
of UK law by virtue of the European Union (Withdrawal) Act 2018. The
information is disclosed in accordance with the Company's obligations under
Article 17 of the UK MAR. Upon the publication of this announcement, this
inside information is now considered to be in the public domain.
30 September 2025
Hydrogen Utopia International PLC
(the "Company" or "HUI")
Interim Results
Hydrogen Utopia International PLC, a company specialising in turning
non-recyclable mixed waste plastic into hydrogen and other carbon-free fuels,
new materials or distributed renewable heat, is pleased to announce its
results for the six months to 30 June 2025.
CEO Shareholders' Letter
Dear Shareholders,
I write to you today with a sense of gratitude, reflection, and a pinch of
frustration.
On the cover of the Forbes Middle East edition, Mr Ali Al Dhaheri of Tadweer
Group is quoted as saying: "The waste sector is underrated… If we look at
what can be done with it, it becomes a resource." That statement resonates
deeply with the vision we at Hydrogen Utopia International have been pursuing
for years. And yet, such recognition has been largely absent from European
leadership. For too long, we have faced significant barriers, even with
world-class partners, Electron, Linde, and Sweco, working alongside us, as
Europe repeatedly hesitated to deploy technologies capable of transforming
unrecyclable waste into hydrogen.
The EU's declarations of decarbonisation have often remained aspirational
rather than actionable. The Just Transition Fund and Mechanism, intended to
support decarbonisation and job creation, have fallen short. Hydrogen costs in
Europe, ranging between €5 and €15 per kilogram, remain unsustainably
high. While Europe speaks of abandoning fossil fuels and scaling hydrogen,
practical pathways have yet to be followed.
Meanwhile, the Gulf States, often misunderstood as "petrol economies," are
driving rapid and meaningful progress. In the GCC, waste-to-hydrogen is
embraced as "super green hydrogen," and innovation is rewarded rather than
blocked by strangling bureaucracy. Europe has yet to recognise what the Gulf
already understands: this is the future.
The situation in Europe is stark. Incinerators continue to be built, illegal
landfills proliferate, Poland alone has an estimated 400-750, and recycling
facilities are closing under operational and economic pressures. Blue Cycle in
the Netherlands, Biffa in the UK, Veolia in Germany, all shutting down.
Borealis, Dow, Neste are abandoning projects. Recycling, as it has been
practiced, has proven insufficient. The only way forward is a true circular
economy, where waste hydrocarbons are being transformed into clean energy and
destroyed efficiently, cleanly, and economically. Europe will inevitably rely
on hydrogen imports from the Middle East and North Africa, bound by the
consequences of inaction.
Where Europe hesitated, the MENA region welcomed us. Upon announcing our entry
into this market, we received extraordinary generosity, particularly from the
Kingdom of Saudi Arabia and Oman. On the day of our announcement, our share
price surged, and interest from across the Middle East poured in. They saw
what Europe had yet to see: the value and potential of Inentec technology,
proven for 13 years and now repurposed for hydrogen production at the moment
the market is ready. This is the breakthrough HUI has pursued with diligence
and patience.
Our focus must remain true to the core purpose of Hydrogen Utopia.Europe
miscalculated. Hydrogen for transport was introduced prematurely, hydrogen
stations are closing, and bus and heavy-duty vehicles projects are stalling.
The real opportunity lies in decarbonising heavy industry, steel, cement, and
construction, while simultaneously addressing the waste problem. With
Inentec's TRL9 technology, HUI is positioned to lead in this space with
practical, scalable solutions.
I would like to express my heartfelt gratitude to our long-term Shareholders
for their unwavering support. My deepest thanks also go to Howard White for
standing by me in securing the option for the Inentec technology and for
investing alongside me with conviction. Additionally, I wish to acknowledge
our brokers, Novum Securities, for their generosity and commitment in
expressing their willingness to work for shares at £1.625 over the past
months and for the year ahead and to be locked in for a year, a gesture of
trust and belief for which I am profoundly grateful. I would further like to
thank our corporate advisors, Alfred Henry, whose tireless dedication has been
invaluable to us.
It is equally important to underline that our Board has worked without
remuneration for more than a year, choosing to preserve every pound for the
matters that truly shape our future. This is not a lifestyle company. We are
not here for comfort or convenience. We are here to fight, to build, and to
deliver. Every member of this Board believes wholeheartedly in our vision, and
together we stand united in our mission to make Hydrogen Utopia a success. We
have achieved so much with so little.
With united and continued support, we will deliver on the vision that has
always defined us: to turn waste into a resource, hydrogen into strength, and
ambition into tangible, world-changing results, which will result in receiving
substantial royalty streams from large-scale developments.
Finally, the pieces fit. We have the right TRL 9 technology, in the right
region, at the right time. We are no longer knocking on closed doors. We are
walking through open ones.
Aleksandra Binkowska
Chief Financial Executive
29 September 2025
Chairman's Statement
I write this statement with a heavy heart, having stepped into the shoes of
Simon Mann, who passed away suddenly. On the very day of his death, Simon was
full of energy, preparing to "dash" to an HUI-related meeting. His loss is
deeply felt by us all. Simon was not only a dear friend of mine and an ally of
the CEO who appointed him, but also a gateway to a world that was, until then,
less familiar to us as our primary focus had been Europe. His vision and
courage paved the way for new thinking, and we are determined to carry his
legacy forward. As Simon so often reminded us, "HUI must work because it's
right", a principle that remains the cornerstone of everything we do. His
influence is evident in our strategy today, particularly our growing expansion
into the Middle East, which we are following with determination and purpose as
we build on the foundations he laid.
This has been a year of both challenge and achievement for Hydrogen Utopia
International. Despite external headwinds and the difficult realities facing
the wider European policy environment, where the European Union is falling
short of its stated ambitions on green transition, we have been resolute in
pursuing the right opportunities for growth and impact. Through prudent,
perseverant financial management and a spirit of sacrifice at the leadership
level, we have created what can only be described as a small miracle. Our CEO
has lent her own shares to provide a cushion for the Company; the CEO and
myself have invested our own capital rather than drawing down on the Company's
reserves. By combining frugality with focus, we have been able to secure an
option to deploy a TRL9 technology in MENA, an extraordinary milestone for
HUI.
Our commitment to efficiency is further reflected in the fact that the Board
draws no salary. Every member contributes not for personal gain but for the
long-term success of the Company. This lean, disciplined approach has allowed
us to preserve resources, while at the same time accelerating operations
rather than slowing them down. Our accounts demonstrate how negligible our
cash burn has been in comparison to what we have accomplished, particularly
when measured against the dilution and scale of fundraising typical in our
sector.
This year we also welcomed two highly capable Directors to the Board. Mr Naser
Nuredini, former Minister of Environment and Physical Planning of North
Macedonia, brings invaluable expertise in advancing climate policy across the
Balkans, a region with a clear trajectory toward EU accession. At the same
time, the appointment of Mr Richard Fish marks a particularly significant
development for HUI. Richard is one of the world's most respected experts in
plasma technology, with a long and distinguished career in scaling and
commercialising advanced energy solutions. I first had the privilege of
working with him many years ago during the early days of AFC Energy, where his
insights and technical leadership left a lasting impression on me. His
decision to join our Board is both an endorsement of HUI's strategy and a
powerful addition to our capability. As we look toward deploying InEnTec's
TRL9 system in the Middle East, Richard's expertise will be central in
ensuring that the technology is not only implemented effectively but also
optimised for commercial scale and long-term success. His knowledge and
standing in the industry significantly strengthen HUI's credibility, both with
partners and with the market at large.
In addition, we have engaged consultants with proven track records in the
Middle East, specifically in the Kingdom of Saudi Arabia and Oman. These
markets represent the front line of global energy transition, and our
technology is ideally suited to contribute to their ambitious decarbonisation
agendas.
I would also like to take this opportunity to highlight the remarkable support
we continue to receive from our long-term shareholders, who have stood by us
over many years, remain fully engaged and supportive of our strategy. Their
confidence in HUI is both a validation of what we have achieved and a
foundation for what lies ahead.
In closing, I would emphasise that our Board today is stronger, more focused,
and more determined than ever before. We have combined experience, vision, and
efficiency with a commitment to building and commercialising InEnTec's TRL9
system in the Middle East and hopefully beyond
Howard White
Non-Executive Chairman
29 September 2025
For more information about the Company, please refer to our website:
www.hydrogenutopia.eu (http://www.hydrogenutopia.eu)
For further information, please contact:
Hydrogen Utopia International PLC
Aleksandra Binkowska
+44 20 3811 8770
Alfred Henry Corporate Finance Limited (LSE Corporate Adviser)
Nick Michaels/Maya Klein
Wassink
+44 20 8064 4056
Novum Securities Limited (Broker)
Jon Belliss/Colin
Rowbury
+44 20 7399 9400
Interim Management Report
Commercial, technological and business development
When HUI began its journey, the landscape for funding new technologies
appeared limitless. Yet, just as we launched our first fundraising round, the
Omicron wave struck and markets effectively shut down. Despite this, we were
fortunate to secure support from a group of early believers, primarily friends
and family, alongside Novum Securities, who backed us through those difficult
first steps.
Since then, the investment climate has shifted dramatically. The never-ending
waves of COVID, geopolitical conflicts that haven't been resolved until now,
rising inflation, and higher interest rates have all reshaped investor
appetite, leaving little room for risk. Unproven technologies, especially in
the climate space, became particularly hard to finance. While we secured a
number of EU grants, regulatory and structural challenges prevented us from
fully realising them. The lesson was clear: success requires proven,
technology.
That is why HUI has secured the exclusive right to negotiate licenses for
InEnTec's PEM Melter technology, an established solution with more than 70
patents, a 13-year commercial operating track record, and multiple systems
successfully deployed worldwide. The exclusive rights are for MENA, a region
with significant demand for scalable hydrogen solutions.
The PEM Melter operates at 2,500°C, delivering ultra-clean syngas through a
two-stage process: first, an oxygen-blown gasifier, followed by plasma
polishing. This robust technology has been operating across 11 global sites
and has demonstrated consistent performance across a wide variety of
feedstocks, including unsorted plastics, shredded tyres, PFAs, wind turbine
blades, and other hard-to-recycle materials.
From a single modular 125-ton-per-day unit, the system can produce around
4,000 tons of hydrogen annually. When scaled to 10 front-end PEM Melter
systems using shared cleanup and hydrogen extraction infrastructure, output
increases to 40,000 tons of hydrogen per year, delivered at highly competitive
prices. The scale of this technology makes it capable of fuelling some of the
world's most energy-intensive industries, such as steel and cement.
As CEO of HUI, I want to make it clear that we are not giving up on HUI's
primary technology. Its deployment will take time, as it depends on the
further development of the automotive hydrogen market, which ultimately must
happen. Our smaller HUI systems will be ideally placed to serve local and
municipal heavy-duty vehicle fleets once that demand emerges. The world's
reserves of oil, coal, and natural gas are finite. Beyond them, hydrogen is
not just an alternative; it is the inevitable future.
I would also like to extend my gratitude to Mr Richard Fish, who has recently
joined the HUI Board. A seasoned expert in plasma gasification, Mr Fish brings
unparalleled experience and insight that are already proving invaluable to our
work with InEnTec. Importantly, he has also taken an active interest in HUI's
own proprietary technology, for which I am deeply grateful. His support
strengthens both our immediate project and our long-term vision.
At HUI, we are determined to stand at the forefront of the energy transition.
With proven technology ready to scale today, and pioneering systems prepared
for tomorrow, we are building a bridge between immediate opportunity and
long-term necessity. Our mission is not only to deliver hydrogen at
competitive prices, but to help power industries, cities, and nations towards
a cleaner, more resilient, and sustainable future.
Related party transactions
Ohrid Organics Limited (“OOL") is a company with a majority ownership by
Howard White, who is also a director of HUI PLC. HUI PLC provided an initial
loan to OOL in 2023.
Outlook
The outlook for the Group remains very positive and the Board looks forward to
the second half of the
year with a high degree of confidence in the ongoing execution of its
strategy. Despite the macro-economic backdrop, the Group is moving forward
with current and future projects as expected.
Financial Performance
· Admin expenses for the half year of £186k (H1 2024: £496k)
· Gross Loss for period decreased to £202k (H1 2024: £419k)
· Cash at bank as at 30 June 2025 of £373k (H1 2024: £239k)
Principal risks
The Directors consider that the principal risks and uncertainties which could
have a material effect on the Group's performance identified in the Annual
Report 2024 are also applicable for a period of six months from 31 December
2024.
The Directors continue to monitor the risks associated with currency
fluctuations and believe that the strategy put in place reduces this risk
significantly.
Unaudited Consolidated Statement of Comprehensive Income for the period ending
30 June 2025
Six months Six months Year ended December 31
ended ended
June 30 June 30
2025 2024 2024
£ £ £
(Unaudited) (Unaudited) (Audited)
Administrative expenses (185,892) (503,711) (861,712)
Exceptional items - - 275,846
Operating loss (185,892) (503,711) (585,866)
Other revenue - 100,000 100,000
Investment revenues 118 268 2,433
Finance costs (15,587) (14,924) (29,937)
Loss on ordinary activities before taxation (201,361) (418,367) (513,370)
Income tax income (322) (211) (826)
Loss and total comprehensive income for the period (201,683) (418,578) (514,196)
Basic and Diluted Earnings per share from continuing operations (pence) (0.05) (0.11) (0.13)
Unaudited Consolidated Statements of Financial Position as at 30 June 2025
30 June 2025 30 June 2024 31 December 2024
£ £ £
(Unaudited) (Unaudited) (Audited)
Non-Current assets
Intangible assets 606,125 606,125 606,125
Property, plant and equipment 839 1,224 1,032
Investment in Financial Assets 459,744 183,898 459,744
1,066,708 791,247 1,066,901
Current assets
Trade and other receivables 1,053,118 1,152,545 1,102,945
Cash and bank balances 373,197 238,795 266,994
1,426,315 1,391,340 1,369,939
Current liabilities
Trade and other payables 135,616 101,663 156,061
Borrowings 927,283 613,606 870,182
1,062,899 715,269 1,026,243
Net current assets 363,416 676,071 343,696
Net assets 1,430,124 1,467,318 1,410,597
Equity
Share capital 399,806 385,520 385,520
Share premium 5,451,568 5,248,679 5,248,679
Other reserves 345,079 185,560 341,044
Retained earnings (4,766,329) (4,352,441) (4,564,646)
Total equity 1,430,124 1,467,318 1,410,597
Unaudited Consolidated Statement of Changes in Equity for the period ending 30
June 2025
Share Share premium Other reserves Retained profits Total equity
capital
£ £ £ £ £
Balance at 1 January 2024 (audited) 385,520 5,248,679 273,865 (4,050,450) 1,857,614
Loss for the six months ended 30 June 2024 - - - (418,578) (418,578)
Share based payment expense - - 28,282 - 28,282
Balance at 30 June 2024 (unaudited) 385,520 5,248,679 302,147 (4,469,028) 1,467,318
Loss for the six months ended 31 December 2024 - - - (95,618) (95,618)
Share based payment expense - - 38,897 - 38,897
Balance at 31 December 2024 (audited) 385,520 5,248,679 341,044 (4,564,646) 1,410,597
Loss for the six months ended 30 June 2025 (201,683) (201,683)
Issue of share capital 14,286 235,714 250,000
Share issue costs (32,825) (32,825)
Share based payment expense 4,035 4,035
Balance at 30 June 2025 (unaudited) 399,806 5,451,568 345,079 (4,766,329) 1,430,124
Unaudited Consolidated Statement of Cash Flows for the period ended 30 June
2025
Six Months ended 30th June Six Months ended 30th June Year ended 31st December
2025 2024 2024
£ £ £
(Unaudited) (Unaudited) (Audited)
Cash flow from operating activities
Profit/(loss) for the period (201,361) (418,578) (513,370)
Other income - (100,000) (100,000)
Investment Income (118) (268) (2,433)
Finance costs 15,587 14,924 29,937
Disposal of property, plant and equipment - - -
Depreciation, amortisation and impairment 192 193 386
(Revaluation)/Impairment of intangibles - - (275,846)
Equity settled share based payment expense 4,035 28,282 67,179
(Increase)/decrease in trade and other receivables (39,503) 3,690 55,671
Increase/(decrease) in trade and other payables (9,857) (111,065) (41,655)
Tax (paid)/received (322) - (826)
Net cash generated for/(absorbed in) operating activities (231,347) (582,822) (780,957)
Cash flows from investing activities
Purchase of unincorporated business - - -
Purchase of Intangible assets - - -
Purchase of property, plant and equipment - - -
Receipts from agreements - 100,000 100,000
Investment deposits 94,000 (550,916) (551,319)
Investment in Financial Assets - - -
Interest received 118 268 454
Net cash generated for/(absorbed in) investing activities 94,118 (450,648) (450,865))
Cash flows from financing activities
Proceeds from issue of shares 217,175 - -
Proceeds from shares to be issued - - -
Proceeds from borrowings 41,844 - 241,564
Interest paid (15,587) (14,924) (29,937)
Net cash generated for/(absorbed in) financing activities 243,432 (14,924) 211,627
Net increase in cash & cash equivalents 106,203 (1,048,394) (1,020,195)
Cash and equivalent at beginning of period 266,994 1,287,189 1,287,189
Cash and equivalent at end of period 373,197 238,795 266,994
Notes to the Interim Financial Information
1. General information
Hydrogen Utopia International Plc is a company incorporated and domiciled in
England and Wales. The Company's registered office is C/O Laytons Llp,
Yarnwicke, 119-121 Cannon Street, London, EC4N 5AT. The Company is listed on
the LSE main market (ticker: HUI).
The unaudited consolidated financial information comprises the financial
information of Hydrogen Utopia International Plc, HU2021 International UK
Limited, Hydropolis United Sp.Z.O.O., Plastic Gold IKE, Alister Future
Technologies (AFT) Limited, Eranova Longford Limited and HU Future B.V. (the
"Group").
The principal activities of the entities in the Group are as follows: -
Name of company Country of incorporation Principal activities
Hydrogen Utopia International plc England and Wales Holding company
HU2021 International UK Limited England and Wales SPV
Hydropolis United Sp.Z.O.O. Poland Energy producer
Plastic Gold I.K.E Greece Energy producer
Alister Future Technologies (AFT) Ltd Ireland SPV
Eranova Longford Limited Ireland Energy producer
HU Future B.V. The Netherlands SPV
There have been no significant changes in these activities during the relevant
financial periods.
The consolidated interim financial information has been prepared in accordance
with UK adopted International Accounting Standards (IFRSs). The interim
financial information does not constitute full financial statements within the
meaning of Section 435 of the Companies Act 2006. The interim results have not
been audited or reviewed by the Company's auditors. The unaudited interim
results have been prepared under the historical cost convention, in accordance
with the Companies Act 2006 and applicable accounting standards in the United
Kingdom.
The comparative figures for the year ended 31(st) December 2024 for the
Company are extracted from the audited financial statements which contained an
unqualified audit report and did not contain statements under Sections 498 to
502 of the Companies Act 2006.
The Directors have considered all available information about future events
when considering going concern. The Directors have prepared and reviewed cash
flow forecasts for 12 months following the date of these Financial Statements.
The projections show that the Company will have sufficient funding to be able
to continue as a going concern on the basis of its cash balances as at 30 June
2025.
2. Presentational currency
The financial information has been presented in sterling ("£") the
Group's presentational currency. The functional currency of the Group is
sterling ("£").
3. Summary of significant accounting policies
The same accounting policies and methods are used in the Interims as compared
with the most recent financial statements, the year ended 31(st) December
2024, these Interims should be read in conjunction with them, which can be
found here https://www.hydrogenutopia.eu/investors
(https://www.hydrogenutopia.eu/investors)
Investment in Financial Assets are measured at fair value, any interest or
dividend income are recognised in profit and loss.
The tax charge on profits assessable has been calculated at the rates of tax
prevailing, based on existing legislation, interpretation and practices in
respect thereof.
4. Segmental reporting
IFRS 8 requires operating segments to be identified on the basis of internal
reports about components of the Operating Group that are regularly reviewed by
the chief operating decision maker (which takes the form of the Board of
Directors) as defined in IFRS 8, in order to allocate resources to the segment
and to assess its performance.
Based on management information there is one operating segment. Revenues are
reviewed based on the services provided.
No single customer has accounted for more than 10% of total revenue during the
periods presented.
5. Related Party Disclosure
As at 30 June 2025 the group was owed £250 by Plastic Power Limited (A
Binkowska) and £403 by The Plastic Neutrality Pledge (A Binkowska).
6. Significant events during the period
On 28 January 2025, there was an update on Ohrid Organics DOO (OO) on the
sales, crops and facilities as well as the announcement that it is profitable
allowing for the repayment of obligations to HUI.
On 9 May 2025, unfortunately HUI had to make a distressing announcement about
the passing of the Non-executive Chairman Simon Mann. During that period and
since our thoughts are with his family and friends as it was a huge loss to us
all.
On 6 June 2025, HUI first announced its agreement with InEnTec for the
distribution of the technology in the MENA region.
On 10 June 2025, HUI provided an update on Ohrid Organics.
On 11 June 2025, the placing of 14,285,715 new ordinary shares at the price of
1.75p per share was announced.
On 16 June 2025, Naser Nuredini was appointed as a Non-Executive Director with
specialist knowledge of waste and environmental issues as he previously served
as the Minister of Environment and Physical Planning for the Republic of North
Macedonia.
7. Called up share capital
Authorised Nominal value 30 Jun 25 30 Jun 24 31 Dec 24
(Unaudited) (Unaudited) (Audited)
£ £ £
399,805,714 Ordinary £0.001 399,805 385,520 385,520
8. Basic and diluted earnings per share
The calculation of earnings per share is based on the following earnings and
number of shares.
Six months Six months Year ended 31 December 2024
Ended 30 June 2025 Ended 30 June 2024
(Unaudited) (Unaudited) (Audited)
£ £ £
Total comprehensive loss (201,683) (418,578) (514,196)
Weighted average number of ordinary shares 386,107,084 385,520,000 385,520,000
Earnings per share
Basic and diluted earnings per share (pence) (0.05) (0.11) (0.13)
9. Intangible assets and Property, plant and equipment
Intangible assets Computers Total
£ £ £
Cost
At 1 January 2024 606,125 1,928 608,083
Adjustments (1) (1)
At 30 June 2024 606,125 1,927 608,052
Additions - - -
At 31 December 2024 606,125 1,927 608,052
Adjustments - - -
At 30 June 2025 606,125 1,927 608,052
Accumulated depreciation and impairment
At 1 January 2024 - 510 510
Charge for the period - 193 193
At 30 June 2024 - 703 703
Charge for the period - 192 193
At 31 December 2024 - 896 896
Charge for the period - 193 193
At 30 June 2025 - 1,089 1,089
Carrying amount
At 1 January 2024 606,125 1,418 607,543
At 30 June 2024 606,125 1,224 607,350
At 31 December 2024 606,125 1,032 607,157
At 30 June 2025 606,125 839 606,964
10. Related party transactions
All Group related parties transactions are unchanged from the 6 months ended
31 December 2024. For further information on the Group's related parties,
please refer to the Group's Annual Report 2024.
11. Events after the reporting period
On 25 July 2025, HUI informed the market about converting the non-binding
agreement with InEnTec into a binding agreement with a right of first
refusal to offer the same terms as any third party who may express an interest
in the InEnTec Technology in the MENA region.
On 29 July 2025, the Company appointed an additional Non-Executive Director,
Richard Fish, who among other roles over his illustrious career has worked
extensively with plasma gasification over the last 15 years.
On 18 August 2025, HUI announced its road map to cheap hydrogen within the
MENA region using the InEnTec technology; HUI has the right to negotiate a
proposed access to exclusive licences for InEnTec's advanced TRL9 in the
MENA region.
On 15 August 2025, HUI brought on board Iman Ramani as a local representative
for the Gulf Cooperation Council ("GCC) with a strong focus on the Kingdom of
Saudi Arabia ("KSA).
22 September 2025, HUI announced that it partnered with Shabab Ahmed and
Mohamed Al Mir who have extensive expertise in Oman.
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