REG - Kelso Group Holdings - Interim results for six months ended 30 June 2024
30/09/2024 07:00
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RNS Number : 1601G Kelso Group Holdings PLC 30 September 2024
30 September 2024
Kelso Group Holdings Plc ("Kelso" or the "Company")
Strategy Update and Interim results for the six months ended 30 June 2024
A highly concentrated investor in UK small and mid-cap listed companies.
Driving value enhancement through active engagement
Kelso, the main market listed acquisition vehicle, is pleased to announce its
consolidated unaudited interim results for the six months ended 30 June 2024
("H1-24") alongside a strategy update.
Portfolio highlights:
· NCC Group Plc: Kelso's largest holding with a year to date gain
of 37%.
· THG Plc: Post period end, Board of THG announced the intention to
demerge the Ingenuity division and move the remaining business to the Premium
Index of the London Stock Exchange.
· Angling Direct Plc: Potential for company's sub scale European
business to be demerged or closed, to focus on the opportunities available to
its market leading UK business.
· The Works.co.uk Plc: In February 2024, John Goold and Mark
Kirkland joined the Board. In March 2024, TW announced it was moving from the
Main Market to AIM. In June 2024, a seasoned stock market executive was
appointed as the new chairman.
Strategy Update:
· Alongside its core investment approach, Kelso will now look to
seed and invest in listed single company acquisition vehicles which target
both listed and private companies as well as divisions of undervalued UK
businesses where we believe there is considerable upside.
Outlook
· Positive outlook, with the directors of Kelso continuing to
believe that they will achieve a medium term IRR of 25% following the 55%
appreciation in the first year of operation.
Sir Nigel Knowles, Chairman, Kelso Group, said:
"We are delighted to present our interim results in our second year as a UK
focussed active investor, identifying, engaging and unlocking trapped value in
the UK stock market. Our strategy delivered a 55% IRR in our first year and we
are confident in continuing to outperform our target IRR of 25% going forward.
Alongside our existing strategy, Kelso's strategy will include investing in
listed single company acquisition vehicles where we believe there is
considerable upside. I would like to thank our shareholders for their
commitment to Kelso."
For further information, please contact:
Kelso Group Holdings plc +44 (0) 75 4033 3933
John Goold, Chief Executive Officer
Mark Kirkland, Chief Financial Officer
Jamie Brooke, Chief Investment Officer
Zeus (Broker) +44 (0) 20 3829 5000
Nick Cowles, Ed Beddows, John Moran (Investment Banking)
Ben Robertson (Corporate Broking)
Camarco (Financial PR) +44 (0) 20 3757 4980
Billy Clegg, Tom Huddart
Chairman's Statement, Sir Nigel Knowles
During H1-24, Kelso continued in its second year as a UK focussed active
investor, identifying, engaging and unlocking trapped value in the UK stock
market, particularly in the small and mid-cap arena. It has been focussed on
building its acquisition vehicle for the long term with the aim of creating a
substantial UK acquisition company.
Strategy Update
Kelso's strategy has evolved during 2024 and, alongside its core investment
approach, will now look to seed and invest in listed single company
acquisition vehicles which target listed, unlisted and divisions of
undervalued UK businesses where we believe there is considerable upside. In
each case Kelso will work with industry specialists.
Kelso announces today that it will seed its first acquisition vehicle, Selkirk
Group Plc ("Selkirk"), a new single company acquisition vehicle, which it
intends to list on the AIM market in due course.
Kelso will continue to be a UK active investor and we remain confident in the
potential upside of our existing holdings and believe that our medium term IRR
target of at least 25% will be met having achieved 55% in our first year.
I am very grateful to my board of directors for their contribution and their
belief in what Kelso is trying to achieve. I would also like to welcome the
new shareholders that joined our register in H1-24 and thank those that joined
us in 2023. We have worked with many of our shareholders previously and, as a
whole, they offer Kelso excellent value creation ideas. The Board continues to
own c.21% of Kelso and so remains completely aligned with our shareholders.
Chief Executive Statement, John Goold
Kelso continues to make progress in 2024 building a business for the long
term. The team remain focussed on creating value for our shareholders and are
confident in the portfolio making above market returns. We have continued our
focussed efforts to unlock value in our four core investments whilst planning
for the next stage of our journey, as outlined by our Chairman. We are
especially excited about the next phase of growth, as we plan to augment our
strategy by seeding and investing in single stock acquisition vehicles where
the Company sees value and opportunity, our first being Selkirk Group Plc. Our
executive team have in the past worked on situations where significant value
has been created by executing such strategies and it is our firm intention to
replicate that success.
Review of H1-24
In February 2024, Kelso raised £1.9 million at a placing price of 3.0p, which
was the maximum which could be raised without issuing a new prospectus. This
followed a £3.0 million placing in June 2023 at 2.5p and £3.0 million
placing in January 2023 at 2.0p.
Total operating costs in H1-24 were £161k, including £67k of audit and
accountancy fees, £79k of professional costs and £15k of other admin
expenses. The fixed running cost of Kelso is still expected to be in the
region £300k a year, before exceptional professional costs. As in 2023, Board
expenses have been kept to a minimum, the Directors have drawn no salaries and
there have been no property costs. Our principal costs have been fund raising,
listing, legal, accountancy and audit fees. Operating costs in H1-23 of £400k
included one off cash costs around Kelso's initial set up. Over the medium
term, Kelso's aim is, on an annual basis, to cover these running costs with
fees earned.
Realised gains on investments in the period were £221k and other income was
£44k (consultancy services £21k, dividend income £21k and interest received
£2k) giving a total income of £265k. As a result, Kelso achieved a small
cash surplus in H1-24 of £74k.
Mark to market non-cash unrealised losses in the first half were £0.9
million. This mark to market non cash fall was predominantly driven by the
fall in THG shares between January and the end of June 2024.
Post interest, consultancy services and dividend income the total H1-24
operating loss, including mark to market investments, was £809k. Following
the appreciation of NCC shares post 30 June 2024 and the recent THG results,
where management announced their intention to demerge Ingenuity and move to
the Premium Index, the directors of Kelso are optimistic that this mark to
market loss will reverse in the second half of the year. The directors of
Kelso continue to believe that they will achieve a medium term IRR of 25%
following the 55% appreciation in the first year of operation.
As at 30 June, Kelso's investments stood at £9.5 million (H1-23: £6.5
million).
NCC Group Plc ("NCC")
NCC, the Cyber Security and Software Escode business, has become Kelso's
biggest investment during 2024 and we now own 3.0 million shares at an average
cost price of 125p. We applaud the actions of the NCC board in 2024, as they
have combined excellent investor relations through capital markets education
sessions, with trading upgrades, including most recently in September, and a
highly enhancing material disposal announced in August. NCC's share price has
risen from 30 June 2024, when it was 152.6p, to 176.8p where it sits at 27
September. This gives us a year-to-date gain of 37% from the position on 1
January 2024 of 128.8p. Despite this share price rise, we still believe that
the sum of the parts of the two separate businesses equates to more than the
current market capitalisation. The turnaround in the Cyber Division appears to
be coming through more rapidly than initially expected with significant upside
to come. Our analysis, however, particularly draws us to Escode, the software
escrow business, which we believe would be a valuable standalone business with
its sustainable revenue showing improving growth, high market share, 40%+ EBIT
margins, near 20 year excellent financial track record and consistently high
cashflow generation.
THG Plc ("THG")
THG, remains our second largest investment where we own 5.0 million shares at
an average cost price of 61p. The shares were at 62.2p at 30 June 2024 and
57.1p on 27 September 2024. We are extremely pleased that alongside their
recent Interim Results in September, the Board announced that it is their
intention to demerge the Ingenuity division and move the remaining business to
the Premium Index of the London Stock Exchange. Whilst it is disappointing
that the share price has not reacted positively to this news, we continue to
believe that both actions will result in material gains to the value of THG
when these actions are completed over the coming months. Importantly, the
demerger will allow investors to allocate their investment to align with their
risk appetite. It will result in Ingenuity, an exciting high growth, high
potential value business with significant losses to be considered separately
to the two world class, highly profitable e-commerce businesses, namely THG
Beauty and MyProtein, with the latter remaining on the UK market Premium List.
We support this move and do not believe that the current market capitalisation
remotely reflects the valuation of these two businesses.
Angling Direct Plc ("AD")
AD, the clear UK market leader in all things fishing, including its TV
channel, remains a smaller Kelso holding with 2.5 million shares, purchased at
an average cost price of 35p. During the latest Half-Year Trading Update
released by AD on 21 August 2024, revenue was £45.9 million, of which 37.0%
was generated through its UK Online division, with 52 stores across the UK,
and a market share which is at least 5x more than the next biggest specialist
retailer. Net cash as at 31 July 2024 was £17.0 million. The market
capitalisation of AD at 27 September 2024 was c.£27.4 million. Kelso
continues to believe strongly that AD's sub scale European business should be
demerged or closed to focus on the opportunities available to its market
leading UK business. Full year broker forecasts to January 2025 are for
revenue of £88.4 million and EBITDA of £3.2 million, that would be decently
higher without the European losses. Given the market capitalisation of the
company and strength of trading, Kelso also believes strongly that at least
some of the net cash should be used to buy back its shares thus enhancing
shareholder value for the long term.
The Works.co.uk Plc ("TW")
TW, the high street retailer of arts and crafts with over 500 shops and near
£300m of revenue is one of our two smaller investments where we believe there
is an opportunity for significant value uplift from its c.£15.7 million
market capitalisation as at 27 September 2024. The business has a strong
balance sheet with tangible net assets significantly greater than the market
capitalisation. We hold 3.75 million shares which were purchased at an average
price of 32p, which at the end of this reporting period were value at 23.8p.
In February 2024, John Goold and Mark Kirkland joined the board of TW to help
the company with its strategy and investor relations on an interim basis,
after being invited in by shareholders during considerable change. In March
2024, TW announced it was moving to AIM from the Main Market, a more relevant
market for a company of the size of TW. In June 2024, a new chairman was
appointed, a seasoned stock market turnaround executive. In August 2024, it
was announced that one of the NED's was stepping down and that a new NED would
be sought, a process that remains in progress. John Goold and Mark Kirkland
are pleased with the progress of the business and believe the main building
blocks are in place to effect the necessary change. The company's broker is
forecasting EBITDA to rise in the current year by c.40% to £8.5 million for
the year to 30 April 2025.
Selkirk Group Holdings (Selkirk), will be Kelso's first dedicated investment
acquisition vehicle targeted at making an outright single company acquisition.
Its target will be one of either a private company that it brings to market, a
publicly listed UK company or a division of a UK listed company. In each case
the transaction will constitute a reverse takeover. Selkirk will work with
specialist sector management of the sector that the vehicle targets. It will
incentivise senior quality management with an on market private equity style
incentive scheme.
Conclusion
I would like to thank our board for their commitment so far during 2024 and in
the busy few months ahead. The board of Kelso continues to keep central costs
to a minimum and the Board has not taken salaries during the reporting period.
I would also like to thank our shareholders for their commitment to Kelso. In
early 2025, we will hold a shareholder presentation in London to fully update
our shareholders on strategy and performance.
Responsibility statement
We confirm that to the best of our knowledge:
a) the condensed set of financial statements has been prepared in
accordance with IAS 34 'Interim Financial Reporting';
b) the interim management report includes a fair review of the information
required by DTR 4.2.7R (indication of important events during the first six
months and description of principal risks and principal risks and
uncertainties for the remaining six months of the year); and
c) the interim management report includes a fair review of the information
required by DTR 4.2.8R (disclosure of related parties' transactions and
changes therein).
Principal Risks and Uncertainties
The principal risks and uncertainties affecting the business activities of the
Company remain those detailed in the Annual Report and Accounts 2023, a copy
of which is available on the Company website at www.Kelsoplc.com.
The Board considers that these remain a current reflection of the risks and
uncertainties facing the business for the remaining six months of the
financial year.
Condensed Interim Consolidated Statement of Comprehensive Income
For the six months ended 30 June 2024 (Unaudited)
Note 6 months ended 6 months ended 12 months ended 31 December 2023
30 June 2024 30 June 2023
(unaudited) (unaudited) (audited)
£ £ £
Revenue
(Loss)/gains on investments 5 (675,873) 1,760,358 2,577,401
Administrative expenses
Staff costs (relating to 14 (74,962) (243,671) (107,616)
MIP)
Audit and accountancy fees (66,656) (61,116) (95,772)
Professional costs (79,494) (59,398) (230,738)
Other administrative expenses (14,672) (36,938) (26,304)
Profit /(Loss) from operations (911,657) 1,359,235 2,116,971
Other income 41,833 - 31,500
Finance income 1,831 - 3,714
Finance expense (15,676) (63,447) (121,217)
Profit /(Loss)before taxation (883,669) 1,295,788 2,030,968
Income tax 7 220,917 (259,625) (471,436)
Profit /(Loss)for the period (662,752) 1,036,163 1,559,532
Profit/(loss) for the period attributable to:
Owners of the parent (645,713) 1,036,163 1,534,314
Non-controlling interests (17,039) - 25,218
(662,752) 1,036,163 1,559,532
Earnings/(loss) per share (Pence) attributable to the ordinary equity holders
of the parent
Basic 6 (0.17) (0.33) 0.56
Diluted 6 (0.17) (0.33) 0.54
Condensed Interim Consolidated Balance Sheet
As at 30 June 2024 (Unaudited)
As at As at As at
30 June 30 June 31 December
2024 2023 2023
Note (unaudited) (unaudited) (audited)
£ £ £
Assets
Current
Investment 9 9,473,715 6,520,000 7,868,400
Trade and other receivables 36,591 8,497 6,722
Cash and cash equivalents 312,758 3,080,953 240,332
Total assets 9,823,064 9,609,450 8,115,454
Liabilities
Current
Trade and other payables 10 (256,856) (198,028) (305,527)
Non-current
Other payables 11 (752,937) (2,156,768) -
Deferred tax liabilities 12 (69,922) (259,625) (274,913)
Total liabilities (1,079,715) (2,614,421) (580,440)
Net assets 8,743,349 6,995,029 7,535,014
Equity
Share capital 13 3,755,700 3,175,250 3,129,750
Share Premium Reserve 4,364,752 3,240,077 3,194,577
Capital redemption reserve 45,500 - 45,500
Other reserves 182,578 - 107,616
Retained Profit/ (Loss) 345,480 538,542 991,193
Equity attributable to owners of the Group 8,694,010 6,953,869 7,468,636
Non-controlling interest 49,339 41,160 66,378
Total equity 8,743,349 6,995,029 7,535,014
Condensed Interim Consolidated Changes in Equity
As at 30 June 2024 (Unaudited)
Share Capital Share Premium Capital redemption reserve Other reserves Retained Earnings Total attributable to owners of parent Non-controlling interest Total Equity
£ £ £ £ £ £ £ £
At 1 January 2023 475,250 320,150 - - (497,621) 297,779 - 297,779
Comprehensive income for the period
Profit for the period - - - - 1,036,163 1,036,163 - 1,036,163
Total comprehensive income for the period - - - - 1,036,163 1,333,942 - 1,333,942
Transaction with owners
Issue of Share Capital 2,700,000 2,919,927 - - - 5,619,927 41,160 5,661,087
Total transactions with owners 2,700,000 2,919,927 - - - 5,619,927 41,160 5,661,087
At 30 June 2023 3,175,250 3,240,077 - - 538,542 6,953,869 41,160 6,995,029
Shares cancelled during the year (45,500) (45,500) 45,500 - (45,500) (91,000) - (91,000)
Share based payments - - - 107,616 - 107,616 - 107,616
Comprehensive income for the period
Profit for the period 498,151 498,151 25,218 523,369
Total comprehensive income for the period - - - - 498,151 498,151 25,218 523,369
At 31 December 2023 3,129,750 3,194,577 45,500 107,616 991,193 7,468,636 66,378 7,535,014
Comprehensive income for the period
Loss for the period - - - - (645,713) (645,713) (17,039 (662,752)
Total comprehensive income for the period - - - - (645,713) (645,713) (17,039) (662,752)
Transaction with owners
Share based payments - - - 74,962 - 74,962 - 74,962
Issue of Share Capital 625,950 1,170,175 - - - 1,796,125 - 1,796,125
Total transactions with owners 625,950 1,170,175 - 74,962 - 1,871,087 - 1,871,087
At 30 June 2024 3,755,700 4,364,752 45,500 182,578 345,480 8,694,010 49,339 8,743,349
Condensed Interim Consolidated Statement of Cash Flows
As at 30 June 2024 (Unaudited)
As at As at As at
30-Jun 30-Jun 31-Dec
Note 2024 2023 2023
(unaudited) (unaudited) (audited)
£ £ £
Cash flows from operating activities
Profit/(Loss) for the year (662,752) 1,036,163 1,559,532
Unrealised loss/(gain) on investments 5 897,251 (1,760,358) (1,432,303)
Increase in MIP provision 74,962 243,671 107,616
Corporation/deferred tax (220,915) 259,625 471,436
Finance income (1,831) - (3,714)
Finance expenses 15,676 63,447 121,217
102,391 (157,452) 823,784
Movement in working capital:
Decrease/(increase) in trade and other receivables (29,869) (2,800) 2,284
Increase/ (Decrease) in trade and other payables (32,747) 157,140 64,806
Cash generated from operations (62,616) 154,340 67,090
Net cash used in operating activities 39,775 (3,112) 890,874
Cash flows from Investing activities
Payments to acquire current assets investments 9 (3,741,676) (4,361,074) (9,972,293)
Proceeds on sale of current assets investments 9 1,239,110 1,514,528 3,536,196
(2,502,566) (2,846,546) (6,436,097)
Cash flows from financing activities
Issue of ordinary shares 13 1,796,125 5,619,927 5,619,927
Issue of shares - non-controlling interest - 41,160 41,160
Purchase of ordinary shares for cancellation - - (91,000)
CFD funding 752,937 - -
Finance costs (15,676) (63,447) (121,217)
Finance income 1,831 - 3,714
Net cash used in financing activities 2,535,217 5,597,640 5,452,584
Net cash (decrease)/increase in cash and cash equivalents 72,426 2,747,982 (92,639)
Cash and cash equivalents at the beginning of year 240,332 332,971 332,971
Cash and cash equivalents at the end of the year 312,758 3,080,953 240,332
Notes to the interim results
1. Basis of preparation
Kelso Group Holdings Plc is a public limited company incorporated in the
United Kingdom under the Companies Act 2006 (registration number:11504186).
The Company's ordinary shares are admitted to trading on the main market of
the London Stock Exchange.
These interim financial statements for the six months ended 30 June 2024
should be read in conjunction with the financial statements for the year ended
31 December 2023, which have been prepared in accordance with International
Financial Reporting Standards ("IFRSs") as applied in accordance with the
provisions of the Companies Act 2006. The interim report and accounts do not
include all the information and disclosures required in the annual financial
statements.
2. Significant accounting policies
The interim report and accounts have been prepared in accordance with IAS34
(Interim Financial Statements) and on the basis of the accounting policies,
presentation and methods of computation as set out in the Company's December
2023 Annual Report and Accounts, except for those that relate to new standards
and interpretations effective for the first time for periods beginning on (or
after) 1 January 2024 and will be adopted in the 2024 annual financial
statements.
The financial information is presented in Pounds Sterling, rounded to the
nearest pound and has been prepared under the historical cost convention.
The interim report and accounts do not comprise statutory accounts within the
meaning of section 434 of the Companies Act 2006. These interim financial
statements were approved by the Board of Directors on 27 September 2024. The
results for the six months to 30 June 2024 and the comparative results for the
six months to 30 June 2023 are unaudited. The figures for the year ended 31
December 2023 are extracted from the audited statutory accounts of the Company
for that period.
3. New accounting standards adopted at 1 January 2024
There are no significant pronouncements which have become effective from 1
January 2024 that have a significant impact on the Group's interim condensed
consolidated financial statements.
4. Estimates and judgements
The valuation of the investment portfolio is determined in accordance with the
Group's valuation principles. All listed investments are measured at fair
value and based on active market prices. Unrealised holding gains and losses
are recognised in other comprehensive income. On sale, net gains and losses
previously accumulated in other comprehensive income are transferred to
retained earnings. Deferred tax provision is made on the unrealised gain at
the year-end on the assumption that the gain will be realised and the Group
will continue to be profitable.
Estimates included within these financial statements relates to the Management
Incentive Plan (MIP). The directors believe that the performance and market
condition of the MIP will be met and a return hurdle between 8% and 15% p.a
will be achieved by year 3. The directors believe that none of these estimates
carry a significant estimation uncertainty, nor do they bear a significant
risk of causing material adjustments to the carrying amounts of assets and
liabilities within the foreseeable future.
5. Revenue
Revenue represents realised and unrealised gains and losses on investments.
6 months 6 months 12 months
ended ended ended
30 June 2024 30 June 2023 31 December 2023
(unaudited) (unaudited) (audited)
Realised gains 221,378 288,225 1,145,098
Unrealised (loss)/gains (897,251) 1,472,133 1,432,303
Total (loss)/gains (675,873) 1,760,358 2,577,401
6. Profit / (Loss) per share
Basic Profit/(loss) per share is calculated by dividing the Profit/(loss)
attributable to equity holders of the Company by the weighted average number
of ordinary shares in issue during the period.
6 months ended 6 months ended 12 months ended 31 December 2023
30 June 2024 30 June 2023
(unaudited) (unaudited) (audited)
Profit/(loss) from operations £ (645,713) 1,036,163 1,534,314
Weighted average number of shares 373,855,317 317,525,000 285,488,322
Basic profit/(loss) per share Pence (0.17) 0.33 0.56
Diluted profit/(loss) per share Pence (0.17) 0.33 0.54
7. Taxation
Deferred tax is recognised in respect of all timing differences that have
originated but not reversed at the reporting date. These have been applied on
both realised and unrealised profits.
Deferred tax is measured using tax rates and laws that have been enacted or
substantively enacted by the reporting date that are expected to apply to the
reversal of the timing difference.
Deferred tax liability has been provisioned in line with reported profits in
current reporting period net of past tax losses.
8. Events after the reporting period
There were no events after the interim report date to disclose.
9. Investments
Fully paid shares Shares acquired under CFD Total
Additions 6,442,191 3,530,102 9,972,293
Disposals (6,094) (3,530,102) (3,536,196)
Fair value adjustments 1,432,303 - 1,432,303
As at 1 January 2024 7,868,400 - 7,868,400
Additions 2,988,739 752,937 3,741,676
Disposal (1,239,110) - (1,239,110)
Fair value adjustments (896,891) (360) (897,251)
8,721,138 752,577 9,473,715
10. Current liabilities
30 June 2024 30 June 2023 31 December 2023
Trade payables 37,115 163,810 40,678
Other taxes and social security 12,743 29,440 12,743
Other payables 26,400 4,778 55,583
Income tax 180,598 - 196,523
256,856 198,028 305,527
11. Non-current liabilities
30 June 2024 30 June 2023 31 December 2023
Investment funding 752,938 1,913,097 -
Other payables - 243,671 -
752,938 2,156,768 -
At 30 June 2024, the market value of investments under CFD was £752,578 (30
June 2023: £4,265,710), with a leverage of £752,937 (30 June 2023:
£1,913,097). The equity value of the CFD account was £nil (30 June 2023:
£2,352,613) with cash held in the margin account of £nil (30 June 2023:
£2,005,000). Shares held under the CFD agreement are secured by way of first
fixed charge on all instruments and related rights, including cash held in the
linked share dealing account.
12. Deferred tax
30 June 2024 30 June 2023 31 December 2023
Deferred tax 69,922 259,625 274,913
13. Share capital
Issued and fully paid 2024 2024 2023 2023
Number £ Number £
Ordinary shares of £0.01 each
At 1 January 2023 312,975,000 3,129,750 47,525,000 475,250
Shares issued 62,594,999 625,950 270,000,000 2,700,000
Shares cancelled - - (4,550,000) (45,500)
At 30 June 2024 375,569,999 3,755,700 312,975,000 3,129,750
On 24 January 2023, the Kelso Group Holdings PLC issued 150,000,000 ordinary
shares for cash for a value of £3,000,000 and on 24 March 2023 the Kelso
Group Holdings PLC issued an additional 120,000,000 ordinary shares for cash
for a value of £3,000,000. The total number of ordinary shares in issue at 30
June 2023 was 317,525,000. All the shares have the same right to receive
dividends and the repayment of capital and represents one vote at the
shareholders' meeting.
In 2023, Kelso Group Holdings PLC cancelled 4,550,000 of its own shares for
£91,000.
On 30 January 2024, the Kelso Group Holdings PLC issued 62,594,999 ordinary
shares for cash for a value of £1,877,850.
14. Related Party transactions
As stated in the Company's financial statements at 31 December 2023, a
Management Incentive Plan ("MIP") has been established, at a cost to the
participants of £41,160, in exchange for A shares in Kelso Ltd and based on
the results for the six months to 30 June 2024, a provision in relation to the
MIP of £74,962 (2023: £243,671) was made.
Other than the shares relating to the MIP, Kelso Ltd is a wholly owned
subsidiary of Kelso Group Holdings Plc and acts as the main trading entity of
the Group.
15. Distribution of Interim Reports
A copy of the interim report will be available shortly on the Group's website
(www.Kelsoplc.com)
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. END IR EANNNALXLEFARecent news on Kelso group
See all newsREG - Kelso Group Holdings - Notice of AGM
AnnouncementREG - Kelso Group Holdings - Director/PDMR Shareholding
AnnouncementREG - Kelso Group Holdings - Purchase of Shares & PDMR Shareholding
AnnouncementREG - Kelso Group Holdings - Transaction in Own Shares
AnnouncementREG - Kelso Group Holdings - FY24 Results
Announcement