REG - Kingswood Holdings - Kingswood 2023 Half-year Report
29/09/2023 07:00
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RNS Number : 0878O Kingswood Holdings Limited 29 September 2023
Kingswood 2023 Half-year Report
Kingswood Holdings Limited (AIM: KWG), the international, fully integrated
wealth and investment management group, is pleased to announce its unaudited
interim financial results for the half year ended 30 June 2023.
H1 2023 Group Operating Profit was £5.0m, £0.5m or 10% higher than H1 2022.
UK & Ireland revenue increased by 41% compared to the same period last
year, of which 86% is recurring in nature. UK & I Operating Profit was
£7.7m and in line with expectations.
US revenue decreased by 38% compared to the same period last year, impacted by
a slowdown in capital market activity. Operating Profits were £0.6m, falling
short of expectation, though with recovery expected in H2 2023.
Group Assets under Management and Advice (AuM/A) at June 2023 were £12.0bn,
having increased by £1.5bn compared to December 2022, supported by UK&I
acquisitions of Barry Fleming & Partners (BFP) and Moloney Investments Ltd
(MMPI) and in the US by the on-boarding of an additional 9 registered
representatives.
In the UK, migration of AuA into its Discretionary Central Investment
Propositions, notably the IBOSS AM MPS solution has gathered pace with AuM
reaching £1.05bn in June 2023, up from £0.65bn on December 2022 - an
increase of 62%.
David Lawrence, Kingswood Chief Executive Officer, commented:
“I am delighted to share our interim financial results for 2023. Despite
continued economic and market uncertainties, the group has delivered strong
growth year over year, and we continue to build the business into a leading
participant in the sector. Our business fundamentals remain strong, with
positive net asset growth, high levels of recurring revenue and very low
adviser and consequently client attrition.
“We continue to have a clear growth focus across the business with
complementary investment in our People, Technology and Client Experience to
enable and support this. Whilst our focus remains on inorganic opportunities
with which we have a proven integration model, organic growth has seen an
increased focus across our three drivers of more advice for more clients,
migration of AuA into our investment propositions and growing our IBOSS IFA
distribution channel.
“In the US, whilst market conditions have impacted performance, the
fundamentals across both the investment banking and alternatives divisions
give us confidence that as markets recover an accelerated growth trajectory
will re-appear.”
H1’23 - Strategic Highlights:
* UK & Ireland successfully completed the purchase of Moloney Investments
Ltd (MMPI) and Barry Fleming & Partners (Tax, Trusts and Investment
Planning) Limited (BFP):-
* 1. 70% acquisition of MMPI, a leading financial advisory group based in Dublin
with €0.8bn AuM/A and EBITDA of c.€4.0m
2. BFP, an IFA business based in Berkshire with £150m AuA and Operating
Profit
of c.£0.2m.
* BFP, an IFA business based in Berkshire with £150m AuA and Operating Profit
of c.£0.2m.
* UK & Ireland AuM/A increased by £1.4bn to £9.5bn in H1’23, driven by
acquisitions and encouraging levels of organic growth:
* 1. Inorganic growth: £0.85bn client assets onboarded following the
acquisitions
of MMPI and BFP
2. Strong levels of growth from vertical integration: £1.05bn client assets
under our own management, an increase of £0.4bn compared to FY’22
3. Institutional growth: £80m AuM net inflows in H1’23, with client assets
17%
higher year on year.
* Strong levels of growth from vertical integration: £1.05bn client assets
under our own management, an increase of £0.4bn compared to FY’22
* Institutional growth: £80m AuM net inflows in H1’23, with client assets 17%
higher year on year.
* IBOSS has been ranked by Next Wealth as the sixth fastest growing
discretionary fund manager by assets and percentage of assets over the past 12
months. We have retained our 5 Star and 5 Diamond Defaqto ratings and gained
further recognition from the adviser community by scooping three accolades at
the Citywire Wealth Manager Awards. In 2023, IBOSS hopes to become the only
DFM provider to win FTAdviser’s 5 Star Award for four consecutive years.
* Kingswood was named as one of the UK's ‘Best Workplaces for Women’ in
2023, by Great Place to Work. We continue to make progress in addressing
diversity imbalances across the organisation and remain committed to
increasing the female representation of our UK adviser population to at least
25% in the medium term, compared to current levels of 20% (2022: 19%).
* Kingswood Go, our UK focused digital finance app and portal, is a great
success with 3,525 clients registered and readily using the app. The app also
enables us to serve smaller clients in an efficient and cost-effective manner.
Accordingly, we can target clients at an earlier stage of their wealth
journey.
* We strive to maintain the highest level of service for our clients as
reflected in our ‘Vouchedfor’ rating of 4.8 / 5.0.
* Kingswood exhibits a strong Consumer Duty culture and pays particular
attention to the needs of clients with characteristics of vulnerability. We
successfully delivered in our Consumer Duty requirements by the 31(st) July
2023 deadline.
* Inorganic growth continues to see focus with two transactions currently in
exclusive discussions. We continue undertake a highly effective process of
integration where the clients sit at the heart of this process.
* Kingswood US unveiled Kingswood Investments, a comprehensive in-house
investment banking and capital markets division - which is set to contribute
to future revenue generation, with its inaugural deal scheduled to close in
September. This addition, along with the business' existing investment banking
team in Florida and SPAC Advisory team, positions Kingswood US as a provider
of one of the industry's most extensive investment banking services.
* Kingswood US has invested in cutting-edge technology within the wealth
management sector, ensuring that its advisors have access to a top-tier
technology platform. The integration of Altigo, an industry-leading automated
alternative investment platform, surpassed 1,200 subscriptions, representing
$129 million in investments in just three years.
* Kingswood US achieved recognition in the USA Today list of Best Financial
Advisory Firms, a ranking compiled by Statista for USA Today. This accolade
resulted from assessing over 31,000 RIAs, narrowing it down to the top 500
firms based on their asset under management growth, client and peer
recommendations, both in the short and long term.
* Our US footprint further expanded in the first half of the year adding nine
new registered representatives and supporting growth in our total AuM/A in
Kingswood US.
* Kingswood US has obtained approval from FINRA (Financial Industry Regulatory
Authority) to broaden its authorized business activities. This development
positions the company to continue its natural growth trajectory. The revised
membership agreement grants the opportunity for the potential employment of
325 individuals, the operation of up to one hundred offices; and engagement in
research activities. These approvals mark a significant milestone for
Kingswood US, allowing the company to strengthen its capabilities, extend its
reach, and solidify its standing in the market. This expanded scope of
operations aligns seamlessly with Kingswood's strategy for organic growth and
enlarging its market presence.
H1’23 - Financial Highlights
* Group revenue of £62.7m decreased by £17.6m, or 22%, compared to H1’22.
This was due to a decrease of £24.4m in US revenues is reflected in US
Investment Banking as macro-economic headwinds and market volatility led to a
slowdown in capital market activity. The increase of £6.8m across UK &
Ireland revenues has been achieved through a combination of acquisitions and
organic growth.
* 86% of UK revenue is recurring in nature, providing a strong, annuity-style
fee stream. Investment Banking fees are a larger portion of Kingswood US
revenues, and transactional in nature, which means that recurring revenue for
the Group was 33% compared to 28% in 2022.
* Operating Profit of £5.0m was £0.5m, or 10%, higher than H1’22 reflecting
acquisitions in the UK & Ireland partly offset by the reduction in profits
from lower US Investment Banking revenues in the US business.
* Within Kingswood US, Investment Banking experienced a 48% decline in revenue
compared to the previous year, delivering $33.5 million, down from $65
million in 2022. This decrease was primarily attributed to lower deal volumes
due to challenging macroeconomic conditions. Despite this decline, the
business maintains a strong recruitment pipeline for new advisers, with a
particular focus on developing consistent and recurring revenue streams
through client asset management. During the first half of 2023, Kingswood US
expanded its presence in the U.S. by adding 9 new registered representatives
and increasing AUM/A by $0.4 billion, contributing to a 32% increase in
fee-based revenue.
The Kingswood Board believes Operating Profit is the most appropriate
indicator to explain the underlying performance of the Group. The definition
of Operating Profit is profit before finance costs, amortisation and
depreciation, gains and losses, and exceptional costs (business re-positioning
and transaction costs)
£’000 (unless otherwise stated) H1'23 H1'22 Change % Change £
Wealth Planning 16,715 12,864 30% 3,851
Investment Management 3,917 3,588 9% 329
Kingswood Ireland 2,533 - n/a 2,533
Kingswood US 39,565 63,937 (38)% -24,372
Total Revenue 62,730 80,389 (22)% -17,659
Recurring Revenue 33% 28%
Kingswood UK&I 7,729 5,810 33% 1,919
Kingswood US 591 1,529 (61)% -938
Division Operating Profit 8,320 7,339 13% 981
Central Costs (3,355) (2,834) (18)% (521)
Operating Profit 4,965 4,505 10% 460
£’000 (unless otherwise stated) H1'23 FY'22 Change % Change £
Total Equity 64,806 73,967 12% (9,161)
Total Cash 24,126 19,642 23% 4,484
Key Metrics 0
AUM/A (£m) 11,954 10,453 14% 1,501
# of UK&I Advisers 116 100 16% 16
# of US RIA/IBD reps 241 232 4% 9
Outlook
In our 2022 Annual Report we stated that our “near term” target for the
group was to get to £12.5bn of AuA. We are delighted that, despite difficult
conditions, we have made strong progress against this objective and at June
2023 our AuA/M now stands at £12bn (£10.5bn at December 2022).
In the first half of the year, we have increased the amount of assets under
our own management in our market leading discretionary propositions by £0.4bn
to £1.05bn. A strong suite of initiatives are in place to encourage
vertical integration. We believe there remains a significant further
opportunity within our existing wealth advisory AuA to increase from our
current levels of 20.5% to 40%, over a three-year term, subject to client
suitability.
We stated an expectation for a total group proforma operating profit of
£14.7m for 2023 in our 2022 annual results. Whilst our UK and Ireland
business is tracking broadly in line with expectations, difficult conditions
in the US lead to us revising this expectation to £13.6m due to lower than
expected Investment Banking / Capital Markets activity and a more cautious
approach in the US to users of our Alternatives division, as investors sought
better returns across a broader range of opportunities.
We remain confident in the success of our ambitious long-term growth strategy,
grounded in supporting our clients to protect and grow their wealth.
Our new advisory clients, which are historically derived from professional
introducer base and referrals, continue to see strong inflows into the
business, despite volatile market conditions. We also continue to invest in a
range of lead generation and digital tools to widen reach to new and younger
demographics.
In the second half of the year, we expect further organic growth and positive
net inflows, and the business remains well positioned as financial markets
begin to recover.
For further details, please contact:
Kingswood Holdings Limited +44 (0)20 7293 0730
David Lawrence www.kingswood-group.com (http://www.kingswood-group.com/)
Cavendish Capital Markets Limited Ltd (Nomad & Broker) +44 (0)20 7220 0500
Simon Hicks / Abigail Kelly
GreenTarget (for Kingswood media) +44 (0)20 7324 5498
Jamie Brownlee / Ellie Basle Jamie.Brownlee@greentarget.co.uk (mailto:Jamie.Brownlee@greentarget.co.uk)
The Group's Nominated Adviser and Broker, finnCap Ltd, has now changed its
name to Cavendish Capital Markets Limited following completion of its own
corporate merger.
Company Registration No. 42316 (Guernsey)
KINGSWOOD HOLDINGS LIMITED
CONSOLIDATED INTERIM UNAUDITED FINANCIAL STATEMENTS
FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2023
Page
KINGSWOOD HOLDINGS LIMITED
CONTENTS
Financial and Operational Review 1 - 2
Interim Consolidated Statement of Comprehensive Income 3 - 4
Interim Consolidated Statement of Financial Position 5 - 6
Interim Consolidated Statement of Changes in Equity 7 - 8
Interim Consolidated Statement of Cash Flows 9
Notes to the Interim Consolidated Financial Statements 10 - 26
Group Review:
The Group has continued to build momentum in 2023 and revenue and operating
profit have grown despite unfavourable market conditions. Our business
continues to grow organically in both the UK and US and our acquisition
activity is slowing down, as planned. We have a strong leadership team that
is driving tangible results and realising our ambition to become a leading
fully integrated International wealth & investment management business.
Finance Review:
We have maintained both cost and balance sheet discipline in the first half of
2023. Our focus is to maximise shareholder returns through Operating Profit
growth combined with minimising our weighted average cost of capital. We also
continue to maintain a strong discipline in how we think about the businesses
we acquire, ensuring that the multiples we pay are within our risk appetite
and funding profile.
Kingswood’s financial performance remained resilient in H1’23 against a
continued backdrop of market volatility. Group Assets under Management and
Advice (AuM/A) of £12.0bn at FY’23 represents a £1.5bn, or 14%, increase
compared to FY’22.
Group revenue was £62.7m, a 22% decrease year on year. US Investment Banking
revenues are lower as macro-economic headwinds and market volatility led to a
slowdown in capital market activity. In the UK and Ireland a 41% revenue
increase was achieved through a combination of acquisitions and organic
growth.
Operating Profit of £5.0m is 10% higher than 2022, driven by a £1m reduction
in US profits and continued acquisition and organic growth. Central costs have
increased by reflecting an increase in the central resources required to
support a larger business.
The overall result for H1’23 was a loss before tax of £8.6m reflecting
£0.3m of acquisition-related deferred consideration expenses, £3.0m
amortisation and depreciation, £5.8m finance costs and £5.0m business
re-positioning and transaction costs.
The Group had £24.1m of cash as at H1’23, an increase of £4.5m since 31
December 2022 with a positive cashflow from operating activities.
Highlights – UK & Ireland:
We have continued to build momentum on our strategic growth plans over the
first half of the year, following the acquisition of Moloney Investments Ltd
(MMPI) and Barry Fleming & Partners (BFP). The 70% acquisition of MMPI, a
leading advisory group based in Dublin with €0.8bn AuM/A and annual
Operating Profit of c.€4.0m, is a highly strategic acquisition for the Group
providing access to the attractive Irish wealth management market whilst also
offering diverse new avenues for growth. The purchase of BFP, an IFA business
based in Berkshire has added £150m AuA contributing c.£0.2m annual Operating
Profit.
The hard work and dedication of our staff enables us to continually deliver
against our buy, build and grow strategy at pace whilst maintaining the
highest levels of service and experience for our clients, as reflected in our
‘Vouchedfor’ rating of 4.8 / 5.0. We expect organic growth in both initial
and ongoing fees post integration through accretive assets under influence
and, despite continued economic uncertainty, the UK business generated healthy
net client asset inflows over the first half of the year.
The business delivered double-digit revenue and operating profit growth in
H1’23. Revenue of £23.2m was £6.7m (41%) higher and over 80% of revenues
are recurring in nature, providing the strong, annuity style revenue stream
required to deliver sustainable, long term returns to our shareholders.
AuM/A increased by £1.4bn to £9.5bn over H1’23, driven by acquisitions and
encouraging levels of organic growth. There were strong levels of vertical
integration over the period, with client retail Assets under our own
Management (AuM) in IBOSS AM MPS and Personal DFM now totalling £1.05bn, an
increase from £0.65bn at FY’22. Institutional net asset inflows were £80m
in the first six months of the year, with total AuM 17% higher year on year.
US Highlights:
The US business continues to place a strong emphasis on maintaining a robust
recruitment pipeline for new advisers, with a specific focus on cultivating
reliable and recurring revenue streams through the management of client
assets. In the first half of 2023, we extended our presence in the US by
adding 9 new registered representatives and increasing our assets under
management and advisement (AUM/A) by $0.2bn.
In the first half of the year (H1), operating profit saw a decrease of 69%
on a YoY basis, delivering $0.7m (2022: $2.3m). The decrease in operating
profit was primarily driven within revenue, which saw a decline of 41%
resulting in Group revenues of $48.4 million (2022: $82.2m). The escalating
geopolitical tensions, the conflict in Ukraine, rising inflation rates, and
the looming spectre of a global recession are collectively exerting additional
stress on wealth management firms. These factors are especially challenging
because they are contributing to lower growth in assets under management
(AuM), which, in turn, is putting a strain on profitability.
Investment Banking: Revenue in our Investment Banking division declined by 48%
compared to the previous year, amounting to $33.5 million (compared to $65
million in 2022). This decrease was primarily due to subdued deal volumes
resulting from unfavourable macroeconomic conditions. The situation was
exacerbated by challenges in the banking and financial services sectors,
compounded by the collapse of Silicon Valley Bank. However, we anticipate a
rebound in deal volumes towards historical levels in the second half of the
year as market conditions improve. Additionally, H1 marked the establishment
of Kingswood Investments (KWUS' internal investment banking team), which is
set to contribute to revenue generation in H2, with its inaugural deal
scheduled to close in September.
Our Alternatives division experienced a revenue decline of 47% resulting in
$2.3 million in revenue (compared to $4.4 million in 2022) This decline was
attributed to shifting investment dynamics, as investors sought better returns
across a broader range of opportunities, reducing reliance on riskier
investments. Although there were concerns about asset value markdowns in
private markets, the demand remains robust and is anticipated to align with
historical performance in H2.
On a positive note, Advisor Fees category recorded a 32% revenue increase,
delivering $5.3 million in revenue (compared to $3.9 million in 2022). This
growth was fuelled by a 20 year-on-year increase in the number of advisors,
contributing an additional $450 million in AuM.
These results reflect our ability to adapt to changing market conditions,
seize growth opportunities, and maintain a strong footing in our core
revenue-generating sectors. While challenges persist, we are optimistic about
the prospects for the remainder of the fiscal year.
KINGSWOOD HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 JUNE 2023
Six months to Six months to Year ended
30 June 2023 30 June 2022 31 Dec 2022
(unaudited) (unaudited) (audited)
Notes £'000 £'000 £'000
Revenue 3 62,730 80,389 145,998
Direct expenses (37,314) (60,330) (103,878)
Gross profit 25,416 20,059 42,120
Operating staff costs (14,034) (10,283) (23,720)
Other operating costs (6,417) (5,271) (9,704)
Total operating costs (20,451) (15,554) (33,424)
Operating profit 4,965 4,505 8,696
Non-operating costs:
Business re-positioning costs (369) (1,202) (1,964)
Finance costs (7,138) (1,455) (6,398)
Amortisation and depreciation (2,957) (1,863) (4,507)
Acquisition-related items:
Other (losses) / gains 4 - - (23)
Remuneration charge (deferred consideration) 10 (259) 6,309 (1,852)
Goodwill adjustment 8 - (6,364) -
Restructuring and integration costs (4,161) (1,621) (4,924)
Loss before tax (9,919) (1,691) (10,972)
Tax (175) (139) (4,480)
Loss after tax (10,094) (1,830) (6,492)
Other comprehensive income / (loss)
Items that may not be reclassified to profit or loss
Exchange differences on translation of foreign operations - (417) -
Total comprehensive loss (10,094) (2,247) (6,492)
Six months to Six months to Year ended
30 June 2023 30 June 2022 31 Dec 2022
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
- Owners of the parent company (10,537) (2,545) (7,797)
- Non-controlling interests 443 715 1,305
Total comprehensive loss is attributable to:
- Owners of the parent company (10,537) (2,962) (7,797)
- Non-controlling interests 443 715 1,305
Loss per share:
- Basic loss per share 5 £ (0.05) £ (0.01) £ (0.04)
- Diluted loss per share 5 £ (0.01) £ (0.00) £ (0.01)
The notes on pages 10 - 26 form an integral part of the financial statements.
30 Jun 2023 30 Jun 2022 31 Dec 2022
(unaudited) (unaudited) (audited)
Notes £'000 £'000 £'000
Non-current assets
Property, plant and equipment 6 916 916 832
Right-of-use assets 7 3,298 3,071 3,553
Goodwill and other intangible assets 8 148,658 97,231 123,469
Deferred tax asset 4,492 - 4,492
157,364 101,218 132,346
Current assets
Short term investments 49 72 52
Trade and other receivables 10,380 7,207 9,274
Cash and cash equivalents 24,126 20,693 19,624
34,555 27,972 28,950
Total assets 191,919 129,190 161,296
Current liabilities
Trade and other payables 13,892 18,515 17,597
Deferred consideration payable 10 15,513 14,286 20,771
29,405 32,801 38,368
Non-current liabilities
Deferred consideration payable 10 12,559 10,304 9,228
Other non-current liabilities 2,519 2,956 2,806
Loans and borrowings 64,984 - 24,343
Deferred tax liability 17,646 7,521 12,584
Total liabilities 97,708 53,582 87,329
Net assets 64,806 75,608 73,967
Equity
Share capital 11 10,846 10,846 10,846
Share premium 11 8,224 8,224 8,224
Preference share capital 12 70,150 70,150 70,150
Other reserves 16,168 11,597 14,373
Foreign exchange reserve (1,087) 417 (422)
Retained (loss) (42,132) (27,638) (31,595)
Equity attributable to the owners of the Parent Company 62,169 73,596 71,576
Non-controlling interests (NCI) 2,637 2,012 2,391
Total equity 64,806 75,608 73,967
The notes on pages 10 - 26 form an integral part of the financial statements.
The financial statements of Kingswood Holdings Limited (registered number
42316) were approved and authorised for issue by the Board of Directors, and
signed on its behalf by:
David Hudd
Chairman
Date: 29(th) September 2023
KINGSWOOD HOLDINGS LIMITED
INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
Share capital and share premium Preference share capital Other reserves Foreign exchange reserve Retained earnings Equity attributable to the owners of the parent Company NCI Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Balance at 1 January 2022 19,070 70,150 11,041 (488) (23,800) 75,973 925 76,898
Loss for the period - - - - (2,545) (2,545) 715 (1,830)
Movement on NCI - - - - - - 372 372
Consolidation adjustment - - - - (1,293) (1,293) - (1,293)
Foreign exchange gain - - - 905 - 905 - 905
Share based remuneration - - 556 - - 556 - 556
Balance at 30 June 2022 (unaudited) 19,070 70,150 11,597 417 (27,638) 73,596 2,012 75,608
(Loss) / profit for the period - - - - (5,252) (5,252) 590 (4,662)
Movement on NCI - - - - - - (351) (351)
Other adjustment - - - - 1,293 1,293 - 1,293
Share based remuneration - - 296 - - 296 - 296
Preference share capital reserve - - 2,480 - - 2,480 - 2,480
Foreign exchange loss - - - (839) 2 (837) 140 (697)
Balance at 31 December 2022 (audited) 19,070 70,150 14,373 (422) (31,595) 71,576 2,391 73,967
(Loss) / profit for the period - - - - (10,537) (10,537) 443 (10,094)
Movement on NCI - - - - - - (197) (197)
Consolidation adjustment - - - - - - - -
Foreign exchange movement - - - (665) - (665) - (665)
Share based remuneration - - 498 - - 498 - 498
Preference share capital - - 1,297 - - 1,297 - 1,297
Foreign exchange gain - - - - - - - -
Balance at 30 June 2023 (unaudited) 19,070 70,150 16,168 (1,087) (40,835) 62,169 2,637 66,806
Period Period Year ended
30 Jun 2023 30 Jun 2022 31 Dec 2022
(unaudited) (unaudited) (audited)
Notes £'000 £'000 £'000
Net cash generated from / (used in) operating activities 13 3,852 (8,989) (2,704)
Investing activities
Property, plant and equipment purchased (99) (50) (113)
Acquisition of investments (28,458) (13,180) (32,272)
Remuneration charge (deferred consideration) (6,953) (173) (10,774)
Net cash used in investing activities (35,510) (13,403) (43,159)
Financing activities
Interest paid (3,565) (11) (21)
Lease payments (430) (454) (852)
Dividends paid to non-controlling interests - - (811)
New loans (repaid) / loans received 40,607 (156) 23,784
Net cash (used in)/generated from financing activities 36,612 (621) 22,100
Net (decrease)/increase in cash and cash equivalents 4,954 (23,013) (23,763)
Cash and cash equivalents at beginning of Period 19,624 42,933 42,933
Effect of foreign exchange rates (452) 771 454
Cash and cash equivalents at end of Period 24,126 20,691 19,624
The notes on pages 10 - 26 form an integral part of the financial statements.
1 Accounting policies
General information
Kingswood Holdings Limited is a company incorporated in Guernsey under The
Companies (Guernsey) Law, 2008. The shares of the Company are traded on the
AIM market of the London Stock Exchange (ticker symbol: KWG). The nature of
the Group’s operations and its principal activities are set out in the
Strategic Report. Certain subsidiaries in the Group are subject to the FCA’s
regulatory capital requirements and therefore required to monitor their
compliance with credit, market and operational risk requirements, in addition
to performing their own assessment of capital requirements as part of the
ICAAP.
1.1 Basis of accounting
The Group’s interim condensed consolidated financial statements are prepared
and presented in accordance with IAS 34 ‘Interim Financial Reporting’. The
accounting policies adopted by the Group in the preparation of its 2022
interim report are consistent with those disclosed in the annual financial
statements for the year ended 31 December 2021.
The information relating to the six months ended 30 June 2022 and the six
months ended 30 June 2021 do not constitute statutory financial statements and
has not been audited. The interim condensed consolidated financial statements
do not include all the information and disclosures required in the annual
financial statements and should be read in conjunction with the Group’s most
recent annual financial statements for the year ended 31 December 2021.
1.2 Changes in significant accounting policies
The Group has applied the same accounting policies and methods of computation
in its interim consolidated financial statements as in its 2022 annual
financial statements.
1.3 Significant accounting policies
Going concern
The Directors review the going concern position of the Group on a regular
basis as part of the monthly reporting process which includes consolidated
management accounts and cash flow projections and have, at the time of
approving the financial statements, a reasonable expectation that the Group
has adequate resources to continue in operational existence for the
foreseeable future. Accordingly, the Directors continue to adopt the going
concern basis of accounting in preparing the financial statements.
Revenue recognition
Performance obligations and timing of revenue recognition
The majority of the Group’s UK revenue, being investment management fees and
ongoing wealth advisory, is derived from the value of funds under management /
advice, with revenue recognised over the period in which the related service
is rendered. This method reflects the ongoing portfolio servicing required to
ensure the Group’s contractual obligations to its clients are met. This also
applies to the Group’s US Registered Investment Advisor (“RIA”)
business.
For certain commission, fee-based and initial wealth advisory income, revenue
is recognised at the point the service is completed. This applies in
particular to the Group’s US Independent Broker Dealer (“IBD”) services,
and its execution-only UK investment management. There is limited judgement
needed in identifying the point such a service has been provided, owing to the
necessity of evidencing, typically via third-party support, a discharge of
pre-agreed duties.
1 Accounting policies
The US division also has significant Investment Banking operations, where
commission is recognised on successful completion of the underlying
transaction.
Determining the transaction price
Most of the Group’s UK revenue is charged as a percentage of the total value
of assets under management or advice. For revenue earned on a commission
basis, such as the US broker dealing business, a set percentage of the trade
value will be charged. In the case of one-off or ad hoc engagements, a fixed
fee may be agreed.
Allocating amounts to performance obligations
Owing to the way in which the Group earns its revenue, which is largely either
percentage-based or fixed for discrete services rendered, there is no
judgement required in determining the allocation of amounts received. Where
clients benefit from the provision of both investment management and wealth
advisory services, the Group is able to separately determine the quantum of
fees payable for each business stream.
Further details on revenue, including disaggregation by operating segment and
the timing of transfer of service(s), are provided in note 3 below.
2 Critical accounting judgements and key sources of estimation uncertainty
In the application of the Group’s accounting policies, which are described
in note 1, the Directors are required to make judgements, estimates and
assumptions about the carrying amounts of assets and liabilities that are not
readily apparent from other sources. The estimates and associated assumptions
are based on historical experience and other factors that are considered to be
relevant. Actual results may differ from these estimates.
Critical judgements in applying the Group's accounting policies
The following are the critical judgements that the Directors have made in the
process of applying the Group’s accounting policies that had the most
significant effect on the amounts recognised in the financial statements.
Assessment of control
Control is considered to exist where an investor has power over an investee,
or else is exposed, and has rights, to variable returns. The Group determines
control to exist where its own direct and implicit voting rights relative to
other investors afford the Group – via its board and senior management –
the practical ability to direct, or as the case may be veto, the actions of
its investees.
The company holds 50.1% of voting rights in Kingswood US, LLC, parent company
of the US and its subsidiaries, as well as a majority stake in the US
division’s advisory board when grouped with affiliated entities. The Group
has thus determined that the Company has rights, to variable returns from
involvement with Kingswood US, LLC and its subsidiaries; and the ability to
use power over the US Group to affect the amount of those returns, as such the
Company has consolidated the sub-group as subsidiaries with a 49.9%
non-controlling interest.
The company holds 70% of voting rights in Moloney Investments Limited, parent
company of Ireland and its subsidiaries, as well as a majority stake in the
Ireland division’s advisory board when grouped with affiliated entities. The
Group has thus determined that the Company has the practical ability to direct
the relevant activities of Moloney Investments Limited and its subsidiaries
and has consolidated the sub-group as subsidiaries with a 30% non-controlling
interest.
2 Critical accounting judgements and key sources of estimation uncertainty
Estimates and Assumptions
Intangible assets:
Expected duration of client relationships
The Group makes estimates as to the expected duration of client relationships
to determine the period over which related intangible assets are amortised.
The amortisation period is estimated with reference to historical data on
account closure rates and expectations for the future. During the period,
client relationships were amortised over a 10-20 year period.
Goodwill
The amount of goodwill initially recognised as a result of a business
combination is dependent on the allocation of the purchase price to the fair
value of the identifiable assets acquired and the liabilities assumed. The
determination of the fair value of the assets and liabilities is based, to a
considerable extent, on management’s judgement. Goodwill is reviewed
annually for impairment by comparing the carrying amount of the Cash
Generating Units (CGU) to their expected recoverable amount, estimated on a
value-in-use basis. The CGUs are based on the business segments as outlined in
note 3.
Share-based remuneration:
Share based payments
The calculation of the fair value of share-based payments requires assumptions
to be made regarding market conditions and future events. These assumptions
are based on historic knowledge and industry standards. Changes to the
assumptions used would materially impact the charge to the Statement of
Comprehensive Income.
Deferred tax:
Recoverability of deferred tax assets
The amount of deferred tax assets recognised requires assumptions to be made
to the financial forecasts that probable sufficient taxable profits will be
available to allow all or part of the asset to be recovered.
Leases:
Estimating the incremental borrowing rate
The Group cannot readily determine the interest rate implicit in leases where
it is the lessee, therefore, it uses its incremental borrowing rate to measure
lease liabilities. This is the rate of interest that the Group would have to
pay to borrow over a similar term, and with a similar security, the funds
necessary to obtain an asset of a similar value to the right-of-use asset in a
similar economic environment.
The incremental borrowing rate therefore reflects what the Group ‘would have
to pay’, which requires estimation when no observable rates are available or
when they need to be adjusted to reflect the terms and conditions of the lease
(for example, when leases are not in the subsidiary’s functional currency).
The Group estimates the incremental borrowing rate using observable inputs
(such as market interest rates) when available and is required to make certain
entity-specific estimates (such as the subsidiary’s stand-alone credit
rating).
Deferred consideration:
Payment of deferred consideration
The Group structures acquisitions such that consideration is split between
initial cash or equity settlements and deferred payments. The initial value of
the contingent consideration is determined by EBITDA and/or revenue targets
agreed on the acquisition of each asset. It is subsequently remeasured at its
fair value through the Statement of Comprehensive Income, based on the
Directors’ best estimate of amounts payable at a future point in time, as
determined with reference to expected future performance. Forecasts are used
to assist in the assumed settlement amount.
3 Business and geographical segments
Information reported to the Group’s Non-Executive Chairman for the purposes
of resource allocation and assessment of segment performance is focused on the
category of customer for each type of activity.
The Group’s reportable segments under IFRS 8 are as follows: investment
management, wealth planning and US operations.
The Group has disaggregated revenue into various categories in the following
table which is intended to depict how the nature, amount, timing and
uncertainty of revenue and cash flows are affected by economic date and enable
users to understand the relationship with revenue segment information provided
below.
The following is an analysis of the Group’s revenue and results by
reportable segment for the year to 31 December 2021. The table below details a
full year's worth of revenue and results for the principal business and
geographical divisions, which has then reconciled to the results included in
the Statement of Comprehensive Income:
Investment management Wealth planning US IRE Group Total
operations operations
Perioded Ended 30 June 2023
Continuing operations: £'000 £'000 £'000 £’000 £'000 £'000
Revenue (disaggregate
by timing):
Non-recurring 452 2,053 37,514 1,743 - 41,762
Recurring 3,465 14,662 2,051 790 - 20,968
External sales 3,917 16,715 39,565 2,533 - 62,730
Direct expenses (569) (793) (35,952) - - (37,314)
Gross profit 3,348 15,922 3,613 2,533 - 25,416
Operating profit / (loss) 1,379 5,589 591 761 (3,355) 4,965
Business re-positioning costs (76) (104) - (64) (368)
(124)
Finance costs (7) (87) (8) (1) (7,035) (7,138)
Amortisation and depreciation (9) (823) - (2,107) (2,957)
(18)
Remuneration charge (deferred consideration) - - - (259) (259)
Transaction costs (61) (272) - (3,828) (4,161)
Goodwill adjustment - - - - -
Profit / (loss) before tax from continuing operations 1,226 4,303 459 (16,649) (9,919)
742
Tax - (157) (14) (4) - (175)
Profit / (loss) after tax from continuing operations 1,226 4,146 445 (16,649) (10,094)
738
3 Business and geographical segments
Perioded Ended 30 June 2022 Investment management Wealth planning US Group Total
operations
Continuing operations: £'000 £'000 £'000 £'000 £'000
Revenue (disaggregated by timing):
Non-recurring 465 1,776 55,944 - 58,185
Recurring 3,123 11,088 7,993 - 22,204
External sales 3,588 12,864 63,937 - 80,389
Direct expenses (717) (519) (59,094) - (60,330)
Gross profit 2,871 12,345 4,843 - 20,059
Operating (loss) / profit 685 5,125 1,529 (2,834) 4,505
Business re-positioning costs (140) (336) (397) (329) (1,202)
Finance costs (1) (70) (3) (1,381) (1,455)
Amortisation and depreciation - (687) 42 (1,218) (1,863)
Remuneration charge (deferred consideration) - (42) - 6,351 6,309
Transaction costs - - - (1,621) (1,621)
Goodwill adjustment - - - (6,364) (6,364)
Profit / (loss) before tax from continuing operations 544 3,990 1,171 (7,396) (1,691)
Tax - (129) 11 (21) (139)
Profit / (loss) after tax from continuing operations 544 3,861 1,182 (7,417) (1,830)
3 Business and geographical segments
Year Ended 31 December 2022 Investment management Wealth planning US Group Total
operations
(audited)
Continuing operations: £'000 £'000 £'000 £'000 £'000
Revenue (disaggregated by timing):
Non-recurring 931 2,045 118,396 - 121,322
Recurring 6,252 15,169 9,431 23 28,394
External sales 7,183 17,214 127,827 23 149,716
Direct expenses (1,476) (913) (118,108) - (120,497)
Gross profit 3,176 16,301 9,719 23 29,219
Operating (loss) / profit 365 5,779 5,123 (4,940) 6,327
Business re-positioning costs (177) (239) (263) (885) (1,564)
Finance costs - (72) 2 (4,857) (4,927)
Amortisation and depreciation - (1,197) (212) (990) (2,399)
Other gains - - - (3,056) (3,056)
Remuneration charge (deferred consideration) - (3,691) - (3,318) (7,009)
Transaction costs - (4) - (1,832) (1,836)
(Loss) / profit before tax from continuing operations 188 576 4,650 (19,878) (14,464)
Tax - (16) (317) (428) (761)
(Loss) / profit after tax from continuing operations 188 560 4,333 (20,306) (15,225)
4 Other (losses) / gains
Six months to Six months to Year Ended
30 June 2023 30 June 2022 31 December 2022
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Additional payments due on acquired businesses - - -
Unrealised gain/(loss) on investment - - (23)
- - (23)
5 Earnings per share
Six months to Six months to Year ended
30 Jun 2023 30 Jun 2022 31 Dec 2022
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Loss from continuing operations for the purposes of basic loss per share, (10,537) (2,545) (7,797)
being net loss attributable to owners of the Group
Number of shares
Weighted average number of ordinary shares for the purposes of basic loss per 216,920,719 216,920,719 216,920,724
share
Effect of dilutive potential ordinary shares:
Share options 6,624,664 8,580,094 5,897,018
Convertible preference shares in issue 525,217,205 469,263,291 512,407,029
Weighted average number of ordinary shares for the purposes of diluted loss 748,762,592 694,764,104 735,224,771
per share
Continuous operations:
Basic loss per share £(0.05) £(0.01) £(0.04)
Diluted loss per share £(0.01) £(0.00) £(0.01)
Total loss:
Basic loss per share £(0.05) £(0.01) £(0.04)
Diluted loss per share £(0.01) £(0.00) £(0.01)
6 Tangible Assets
Fixtures and equipment
£'000
Cost
At 1 January 2022 1,655
Additions 86
Acquisitions NBV 61
At 30 June 2022 1,802
Additions 27
Acquisitions NBV 19
Reclassifications 1,438
FX on opening 17
At 31 December 2022 3,303
Additions 99
Acquisitions NBV 160
Reclassifications 39
FX on opening (7)
At 30 June 2023 3,594
Accumulated depreciation
At 1 January 2022 714
Depreciation charged in the Period 172
At 30 June 2022 886
Depreciation charged in the Period 138
Reclassifications 1,438
FX on opening 9
At 31 December 2022 2,471
Depreciation charged in the Period 153
Reclassifications 39
FX on opening 15
At 30 June 2023 2678
Net book value
At 30 June 2023 916
At 31 December 2022 832
At 30 June 2022 916
7 Right-of-use assets
Land and buildings
£'000
Cost
At 1 January 2022 4,089
Movement due to FX 8
Additions 742
At 30 June 2022 4,839
Current year adjustment (137)
Movement due to FX (8)
Additions 963
At 31 December 2022 5,657
Current year adjustment 137
Additions 66
At 30 June 2023 5,860
Accumulated depreciation
At 1 January 2022 1,370
Depreciation charged in the Period 398
At 30 June 2022 1,768
Current year adjustment (25)
Depreciation charged in the Period 361
At 31 December 2022 2,104
Current year adjustment 25
Depreciation charged in the Period 433
At 30 June 2023 2,562
Net book value
At 30 June 2023 3,298
At 31 December 2022 3,553
At 30 June 2022 3,071
8 Goodwill and other intangible assets
Goodwill Other intangible assets Total
£'000 £'000 £'000
Cost
At 1 January 2022 45,150 42,615 87,765
Additions 11,226 13,449 24,675
Revaluation of acquisition (6,364) - (6,364)
At 30 June 2022 50,012 56,064 106,076
Additions 7,176 20,042 27,218
Exchange adjustments 629 - 629
At 30 December 2022 57,817 76,106 133,923
Additions 7,306 20,554 27,860
Movement due to FX (315) 14 (301)
Disposals - - -
At 30 June 2023 64,808 96,674 161,482
Accumulated amortisation
At 1 January 2022 2,279 5,231 7,510
Charge for period - 1,335 1,335
At 30 June 2022 2,279 6,566 8,845
Disposals
Charge for period - 1,609 1,609
At 31 December 2022 2,279 8,175 10,454
Disposals
Charge for period - 2,370 2,370
At 30 June 2023 2,279 10,545 12,824
8 Goodwill and other intangible assets (continued)
Net book value
As at 30 June 2023 62,529 86,129 148,658
As at 31 December 2022 55,538 67,931 123,469
As at 30 June 2022 47,733 49,498 97,231
9 Lease liabilities
The lease liabilities are included in trade and other payables and other
non-current liabilities in the statement of financial position.
Land and buildings
£'000
At 1 January 2022 3,274
Additions 735
Interest expense 95
Lease payments (451)
At 30 June 2022 3,653
Additions 920
Interest expense 52
Lease payments (401)
At 31 December 2022 4,274
Additions 66
Interest expense 71
Lease payments (430)
At 30 June 2023 3,981
The Group recognises a right-of-use asset and a lease liability at the lease
commencement date. The right-of-use asset is initially measured at cost, and
subsequently at cost less any accumulated depreciation and impairment losses
and adjusted for certain re-measurements of the lease liability.
9 Lease liabilities (continued)
The lease liability is initially measured at the present value of the lease
payments that are not paid at the commencement date, discounted using the
Group’s incremental borrowing rate.
The lease liability is subsequently increased by the interest cost on the
lease liability and decreased by lease payment made.
The Group has applied judgement to determine the lease term for some lease
contracts in which it is a lessee that includes renewal options. The
assessment of whether the Group is reasonably certain to exercise such options
impacts the lease term, which significantly affects the amount of lease
liabilities and right-of-use assets recognised.
10 Deferred consideration payable
Six Months to Six Months to Year Ended
30 June 2023 30 June 2022 31 December 2022
£'000 £'000 £'000
Deferred consideration payable on acquisitions: 28,072 24,590 29,999
- falling due within one year 15,513 14,286 20,771
- due after more than one year 12,559 10,304 9,228
The deferred consideration payable on acquisitions is due to be paid in cash.
The deferred consideration liability is contingent on performance requirements
during the deferred consideration period. The value of the contingent
consideration is determined by EBITDA and/or revenue targets agreed on the
acquisition of each asset, as defined under the respective Share or Business
Purchase Agreement. As at the reporting date, the Group is expecting to pay
the full value of its deferred consideration as all acquisitions are on target
to meet the requirements.
Previously all deferred consideration payable on acquisitions was recorded as
a deferred liability and included in the fair value of assets. However, in
circumstances where the payment of deferred consideration is contingent on the
seller remaining within the employment of the Group during the deferred
period, the contingent portion of deferred consideration is not included in
the fair value of consideration paid, rather is treated as remuneration and
accounted for as a charge against profits over the deferred period.
11 Share capital
Six months to Six months to Year ended Six months to Six months to Year ended
30 June 2023 30 June 2022 31 Dec 2022 30 June 2023 30 June 2022 31 Dec 2022
(unaudited) (unaudited) (audited) (unaudited) (unaudited) (audited)
Shares Shares Shares £'000 £'000 £'000
Ordinary shares issued:
Fully paid 216,920,719 216,920,719 216,920,719 10,846 10,846 10,846
216,920,719 216,920,719 216,920,719 10,846 10,846 10,846
Share capital and share premium
Number of ordinary shares Par value Share premium Total
'000 £'000 £'000 £'000
At 1 January 2022 216,921 10,846 8,224 19,070
Issued during year - - - -
As at 30 June 2022 216,921 10,846 8,224 19,070
At 31 December 2022 216,921 10,846 8,224 19,070
Issued during year - - - -
At 30 June 2023 216,921 10,846 8,224 19,070
Ordinary shares have a par value of £0.05 per share. They entitle the holder
to participate in dividends, and to share in the proceeds of winding up the
company in proportion to the number of, and amounts paid on, shares held. On a
show of hands, every holder of ordinary shares present at a meeting in person
or by proxy, is entitled to one vote and upon a poll each share is entitled to
one vote.
Kingswood Holdings Limited does not have a limit on the amount of authorised
capital.
As at 31 December 2022 KPI (Nominees) Limited held 144,125,262 Ordinary
Shares, representing 66.4 per cent of ordinary shares in issue at year end.
12 Preference share capital
Six Months to Six Months to Year Ended Six Months to Six Months to Year Ended
30 June 2023 30 June 2022 31 Dec 2022 30 June 2023 30 June 2022 31 Dec 2022
(unaudited) (unaudited) (audited) (unaudited) (unaudited) (audited)
Shares Shares Shares £'000 £'000 £'000
Convertible preference shares issued:
Fully paid 77,428,443 77,428,443 77,428,443 77,428 77,428 77,428
77,428,443 77,428,443 77,428,443 77,428 77,428 77,428
Six Months to Six Months to Year Ended
30 June 2023 30 June 2022 31 Dec 2022
(unaudited) (unaudited) (audited)
Equity component 70,150 70,150 70,150
Liability component - - -
70,150 70,150 70,150
On 12 September 2019, Kingswood Holdings Limited entered into a subscription
agreement with HSQ Investment Limited, a wholly owned indirect subsidiary of
funds managed and/or advised by Pollen Street Capital, to subscribe for up to
80 million irredeemable convertible preference shares, at a subscription price
of £1 each (the Subscription). Pollen Street Capital is a global, independent
alternative asset investment management company, established in 2013 with
currently £3.2 billion gross AUM across private equity and credit strategies,
focused on the financial and business services sectors, with significant
experience in speciality finance.
All irredeemable convertible preference shares convert into new ordinary
shares at Pollen Street Capital’s option at any time from the earlier of an
early conversion trigger or a fundraising, or automatically on 31 December
2023. Preferential dividends on the irredeemable convertible preference shares
accrue daily at a fixed rate of five per cent per annum from the date of
issue. Effective 17 December 2021 onwards, these will be settled via the issue
of additional ordinary shares, thereby extinguishing the liability component.
13 Notes to the cash flow statement
Cash and cash equivalents comprise cash and cash equivalents with an original
maturity of three months or less. The carrying amount of these assets is
approximately equal to their fair value.
Six Months to Six Months to Year Ended
30 June 2023 30 June 2022 31 Dec 2022
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Loss before tax (9,919) (1,691) (10,972)
Depreciation and amortisation 2,957 1,863 4,507
Goodwill adjustment - 6,364 -
Finance costs 6,639 1,455 6,398
Remuneration charge (deferred consideration) 259 (7,399) 1,852
Acquisition of investments - - 586
Share-based payment expense 499 556 878
Other losses / (gains) - - 23
Foreign exchange gain - 12 -
Tax paid (175) (139) (22)
Operating cash flows before movements in working capital 260 1,021 (3,250)
(Increase)/decrease in receivables 6,318 786 1,821
Increase/(decrease) in payables (2,726) (10,796) (7,775)
Net cash inflow / (outflow) from operating activities 3,852 (8,989) (2,704)
14 Financial instruments
The following table states the classification of financial instruments and is
reconciled to the Statement of Financial Position:
30 Jun 2023 30 Jun 2022 31 Dec 2022
Carrying amount Carrying amount Carrying amount
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Financial assets measured at amortised cost
Trade and other receivables 10,181 5,846 9,273
Cash and cash equivalents 24,126 20,693 19,624
Financial liabilities measured at amortised cost
Trade and other payables (11,316) (16,530) (16,130)
Other non-current liabilities (2,519) (222) (2,806)
Lease liability (1,462) (3,653) (1,467)
Financial liabilities measured at fair value through profit and loss
Deferred consideration payable (28,072) (24,590) (29,999)
(9,060) (18,456) (21,505)
Financial instruments not measured at fair value includes cash and cash
equivalents, trade and other receivables, trade and other payables, and other
non-current liabilities.
Due to their short-term nature, the carrying value of cash and cash
equivalents, trade and other receivables, and trade and other payables
approximates fair value.
Item Fair value Valuation technique Fair value hierarchy level
£'000
Deferred consideration payable 28,072 Fair value of deferred consideration payable is estimated by discounting the Level 3
future cash flows using the IRR inherent in the company's acquisition price.
15 Related party transactions
Remuneration of key management personnel
The remuneration of the Directors, who are the key management personnel of the
Group, is set out below in aggregate for each of the categories specified in
IAS 24 Related Party Disclosures.
Six months to Six months to Year ended
30 June 2023 30 June 2022 31 Dec 2022
(unaudited) (unaudited) (audited)
2023 2022 2022
£'000 £'000 £'000
Salaries and other short-term employee benefits 665 103 678
Other related parties
During the period, KHL incurred fees of £50,000 (30 June 2022: £58,333; 31
December 2022: £116,000) from KPI (Nominees) Limited in relation to
Non-Executive Director remuneration. At 30 June 2023, £nil of these fees
remained unpaid (30 June 2022: £nil; 31 December 2022: £nil).
Fees received from Moor Park Capital Partners LLP, in which Gary Wilder holds
a beneficial interest, relating to property related services provided by KHL
totalled £nil for the period ended 30 June 2023 (30 June 2022: £23,708; 31
December 2022: £23,708), of which £nil (30 June 2022: £nil; 31 December
2022: £nil) was outstanding at 30 June 2023.
Fees paid for financial and due diligence services to Kingswood LLP, in which
Gary Wilder and Jonathan Massing hold a beneficial interest, totalled £69,469
for the period to 30 June 2023 (30 June 2022: £420,807; 31 December 2022:
£479,955), of which £nil (30 June 2022: £nil; 31 December 2022: £nil) was
outstanding at 30 June 2023.
16 Ultimate controlling party
As at the date of approving the financial statements, the ultimate controlling
party of the Group was KPI (Nominees) Limited.
17 Events after the reporting date
There were no significant events after the reporting period.
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