REG - Brunner Investment - Final Results
20/02/2020 07:00
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RNS Number : 5350D Brunner Investment Trust PLC 20 February 2020
19 February 2020
THE BRUNNER INVESTMENT TRUST PLC
Final Results for the year ended 30 November 2019.
The following comprises extracts from the Company's Annual Financial Report
for the year ended 30 November 2019. The full annual financial report is
being made available to be viewed on or downloaded from the company's website
at www.brunner.co.uk. Copies will be posted to shareholders shortly.
MANAGEMENT REPORT
Chairman's Statement
Performance
The company's Net Asset Value (NAV) per ordinary share rose by 13.2% on a net
dividends reinvested basis with debt at fair value, our key performance
measure. This was ahead of the composite benchmark index (70% FTSE World Ex-UK
and 30% FTSE All-Share Index) which rose by 12.6% on a total return basis over
the period.
Global equity markets were volatile through 2019 and this produced
opportunities for long term stock pickers as individual share prices often got
temporarily mispriced during these bouts of market instability.
A full investment review which goes into more detail can be found on page 29
of the annual financial report.
We were delighted that, in response to Brunner's strong long-term performance
and strategic focus, the trust was a shortlisted finalist in the highly
competitive 'Overseas' category of the Investment Week - Investment Company of
the Year Awards. It is encouraging to see Brunner recognised in this way.
Earnings per share
Strong underlying dividend growth from the investment portfolio contributed to
an increased level of income and earnings. Earnings per share for the year
rose by 10.1%, from 19.7p to 21.7p.
Benefits from improved costs of debt
When I wrote to you last year I described how the company's balance sheet had
been transformed and simplified during the year following the repayment and
refinancing of expensive long-term debentures. The weighted average interest
rate on all structural borrowings and preference stock is now 3% compared to
9% previously and the current level of structural debt and preference stock is
7.2% of net assets.
Continued focus on dividends
The continuing dividend growth in the investment portfolio, combined with
lower annual cost of debt and strong revenue reserves means the company is
again in a strong position to pay an above inflation increase in dividends
over the previous year.
It is proposed that a fourth and final dividend of 6.0p per share will be paid
on 3 April 2020 to shareholders on the Register of Members at close of
business on 28 February 2020, bringing the total payment for 2019 to 19.98p,
an increase of 10.1% on last year. Dividend payments for the year are fully
covered by earnings per share of 21.7p, allowing a further increase in the
company's revenue reserves to 28.6p per share, after the payment of the third
quarterly and proposed final dividends.
This is the second successive year of the company increasing dividends by 10%
and dividend levels have now reflected the benefits of the lower debt costs.
Dividend growth in future years will broadly reflect underlying growth in
earnings. However underlying portfolio earnings growth has been strong and
revenue reserves at 28.6p per share cover the annual dividend 1.4 times, which
is a considerable position of strength for future years. The board continues
to view the delivery of a reliable income stream to investors as an important
factor.
Should shareholders approve the proposed dividend, it would push the company
to 48 years of successive dividend increases. The company retains its status
as a 'dividend hero', as defined by the Association of Investment companies
(AIC).
Discount management
I am pleased to report that demand for your company's shares has been strong,
particularly in the latter portion of 2019. This has led to a significant
narrowing of the share price discount to NAV, ending 2019 at just under 6%. As
a result, the average discount to NAV at which the company's shares trade over
the year has narrowed once more from 9.2% last year to 8.6% this year. We
believe that we are seeing the fruits of our pursuit of a clear long-term
strategy as detailed at the 2018 year end:
- Focused global equity proposition
- Consistent growth in dividends supported by strong revenue reserves
- Balanced stock picking approach with demonstrable returns in a range of
market environments
- Efficient capital structure
- Active PR and marketing programme
Buy back of shares into treasury
There were no buybacks during the year under review, but the board is seeking
renewal of shareholder approval to buy back shares for the next year. This is
being sought so the company may retain a mechanism to manage the discount of
share price to NAV should it be needed. Buying back shares may help to reduce
the volatility of the discount and could enhance the underlying NAV but also
reduces the size of the company which may make it less attractive to some
investors. In addition to seeking renewed authority to buy back shares at the
annual general meeting, we will also be asking for approval to be able to hold
these shares in treasury rather than immediately cancelling them. More
information is given in the Directors' Report on page 64 of the annual
financial report, but any shares issued or sold from treasury will be at a
premium to NAV to ensure that existing shareholders benefit from the
transaction.
Spreading the message
The board recognises the importance of a coherent programme of activity aimed
at stimulating demand in the market for the company's shares. Through the
year, Brunner has continued its marketing and communications programme that
includes targeted advertising and proactive contact with national and trade
journalists. As a closed-ended investment trust, the creation of sustained
demand for the company's shares is a benefit to all shareholders. As with any
expense for the supply of services to the company, the board monitors the
costs for marketing and PR, and the associated results, to ensure they remain
appropriate.
Environmental, Social and Governance matters - responsible investment
Our manager has an active approach to investment. AllianzGI has a dedicated
ESG research team working with the portfolio managers to integrate ESG factors
into investment decisions. We firmly support our manager's view that there is
value in working with companies in the portfolio on environmental, social,
governance and business conduct issues. This helps unlock potential,
identifies risk, creates broader societal gains and as a result delivers value
to shareholders. There is more detail on the engagement with the portfolio
companies on page 19 of the annual financial report and in the investment
manager's review on pages 36 to 38 of the annual financial report.
Board succession
As I noted in the last annual report, whilst maintaining the tenure of
experienced long-standing directors has facilitated a smooth transition during
a period of strategy development and implementation for the company over the
past few years, we are undertaking a process of recruitment aimed at
refreshing the composition of the board as director retirements start to take
place. That process began this year and we were happy to announce the
appointment of Amanda Aldridge as a non-executive director of the company with
effect from 1 December 2019 and of Andrew Hutton as a non-executive director
of the company with effect from 20 April 2020. Amanda will become Chair of the
Audit Committee on 1 April 2020. I am looking forward to working with both
Amanda and Andrew on the Brunner board.
Vivian Bazalgette retired from the board on 22 November 2019 - the board will
greatly miss Vivian who made an invaluable contribution to the company,
providing excellent counsel and guidance as a colleague and as Senior
Independent Director. We wish him well for the future.
Ian Barlow will retire as our audit committee chairman after the AGM on 1
April and will be retiring from the Board in late 2020. We remain committed to
keeping shareholders fully informed as we progress the process of refreshing
the board whilst ensuring a balance of skills and relevant experience is
maintained for the benefit of the company and its shareholders.
Outlook
We had thought as some of the uncertainty that plagued global markets through
2019 falls away that economic and corporate growth would pick up or at least
there would be a clearer outlook. This would allow companies to plan better
for the future and this increased confidence could spur improved corporate
spending and growth. However, at the time of writing it is impossible to know
whether the current outbreak of the Coronavirus will remain a human tragedy or
also develop into a significant economic problem as global trade becomes
disrupted. Also, the eventual outcome of the Brexit negotiations remains far
from clear.
Equity markets are still attractively valued when compared to bond markets. We
believe that the manager's strategy of carefully buying quality companies,
backed by the detailed analysis carried out to ensure every investment held in
the portfolio is justified, will continue to serve the company well in the
future. At a time of rapid technological change, it remains particularly
important for the portfolio to maintain a sharp focus on stocks with the
potential for structural growth, providing good cash returns for shareholders
and which have strong management teams guiding them. We also remain committed
to our view that working with portfolio companies on environmental, social,
governance and business conduct issues should remain a key factor of the
investment process.
Annual General Meeting
The Annual General Meeting will be held at Trinity House, Trinity Square,
Tower Hill, London, EC3N 4DH on Wednesday 1 April 2020 at 12 noon, and on
behalf of the board, I look forward to meeting those shareholders who are able
to attend.
Carolan Dobson
Chairman
19 February 2020
Risk Policy
The board operates a risk management policy to ensure that the level of risk
taken in pursuit of the board's objectives and in implementing its strategy
are understood. The principal risks identified by the board are set out in the
table below, together with the actions taken to mitigate these risks. The
process by which the directors monitor risk is described in the Audit
Committee Report on page 71 of the annual financial report.
Principal Risks
A more detailed version of the table below, in the form of a risk matrix, is
reviewed and updated by the audit committee at least twice yearly. The
principal risks are broadly unchanged from the previous year.
Risk Appetite
The directors' approach to risk is to identify where there are risks and to
note mitigating actions taken and then to look at the probability of the event
and consider the extent to which the resulting residual risk is acceptable,
which is defined as the board's risk appetite. As a result of this exercise
the risks are rated as 'red' or 'high' when the risk is of concern and
sufficient mitigation measures are not possible or not yet in place; 'amber'
or 'moderate' when the risk is of concern but sufficient measures are defined
and have been or are being implemented; and 'green' or 'acceptable' when the
risk is acceptable and no additional measures are needed. The nature of the
company's business means that a certain amount of risk must be taken for the
objectives to be met and it is not surprising that portfolio risk measures are
allocated amber ratings.
Principal Risks identified Controls and mitigation Risk Appetite*
Portfolio Risk · The board meets with the portfolio managers and considers asset Amber
allocation, stock selection and levels of gearing on a regular basis and has
· Significant market movements may adversely impact the investments set investment restrictions and guidelines that are monitored and reported on
held by the company increasing the risk of loss or challenges to the by AllianzGI.
investment strategy.
· The board monitors yields and can modify investment parameters
· Reduction of dividends across the market affecting the portfolio and consider a change to dividend policy.
yield and the ability to pay in line with dividend policy.
· The board receives reports from the manager on the stress testing
· Exposure to significant exchange rate volatility could affect the of the portfolio at least twice each year and contact is made with the
performance of the investment portfolio. chairman and board if necessary between board meetings.
· Currency movements are monitored closely and are reported to the
board.
Business Risk · The board manages these risks by diversification of investments Green
through its investment restrictions and guidelines which are monitored and on
· An inappropriate investment strategy e.g. asset allocation or the which the board receives reports at every meeting. The board monitors the
level of gearing may lead to underperformance against the company's benchmark implementation and results of the investment process with the investment
index and peer group companies, resulting in the company's shares trading on a managers, who attend all board meetings, and reviews data which shows risk
wider discount. factors and how they affect the portfolio. The manager employs the company's
gearing tactically within a strategic range set by the board. The board also
meets annually specifically to discuss strategy, including investment
strategy.
Operational Risk · AllianzGI carries out regular monitoring of outsourced Green
administration functions, this includes compliance visits and risk reviews
· Risk of inadequate procedures for the identification, evaluation where necessary. Results of these reviews are monitored by the board.
and management of risks at outsourced providers including Allianz Global
Investors (AllianzGI), and AllianzGI's outsourced administration provider, · Agreed Service Level Agreements (SLAs) and Key Performance
State Street Bank & Trust Company, HSBC Bank plc (Depositary and Indicators (KPIs) are in place and the board receives reports against these.
Custodian) and Link Asset Services (Registrar).
Emerging Risks and Uncertainties: The board also considers the impact from
emerging risks that are not yet know or fully identifiable, such as economic,
regulatory and political risks arising from the implementation of the UK's
exit from the European Union or other geopolitical factors. Cyber security
risks and Brexit risks are discussed more fully on page 18 of the annual
financial report. The board maintains close relations with its advisers
(auditors, lawyers and manager) and will make preparations for mitigation of
these risks as and when they are known or can be anticipated.
Risk Appetite:
Green Risk is acceptable, no additional measures needed
Amber Risk is of concern, but sufficient measures are defined and
implemented
Red Risk is of concern, sufficient mitigation measures not possible
or not yet in place
In addition to the principal risks described above, the board has identified
more general risks, for example relating to compliance with accounting, tax,
legal and regulatory requirements and to the provision of services from third
parties. As in all companies, the board is alert to the risks of financial
crime and threat of cyber attacks and monitors reports provided by third party
service providers on how these threats are being handled. After ensuring that
there are appropriate measures in place, the board considers that these risks
are effectively mitigated.
Statement of Directors' Responsibilities
The directors are responsible for preparing the annual report and the
financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each
financial year. Under that law the directors have elected to prepare the
financial statements in accordance with United Kingdom Generally Accepted
Accounting Practice (United Kingdom Accounting Standards and applicable law).
Under company law the directors must not approve the financial statements
unless they are satisfied that they give a true and fair view of the state of
affairs of the company and of the profit or loss of the company for that
period. In preparing these financial statements, the directors are required
to:
· select suitable accounting policies and then apply them
consistently;
· make judgements and estimates that are reasonable and prudent;
· state whether applicable UK accounting standards have been
followed; and
· prepare the financial statements on the going concern basis
unless it is inappropriate to presume that the company will continue in
business.
The directors are responsible for keeping adequate accounting records that are
sufficient to show and explain the company's transactions and disclose with
reasonable accuracy at any time the financial position of the company and
enable them to ensure that the financial statements comply with the Companies
Act 2006. They are also responsible for safeguarding the assets of the company
and hence for taking reasonable steps for the prevention and detection of
fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the
corporate and financial information included on the company's website.
Legislation in the United Kingdom governing the preparation and dissemination
of financial statements may differ from legislation in other jurisdictions.
Statement under Disclosure Guidance and Transparency Rule 4.1.12
The directors, at the date of the approval of this Report, each confirm to the
best of their knowledge that:
· the financial statements, prepared in accordance with United
Kingdom Generally Accepted Accounting Practice, give a true and fair view of
the assets, liabilities, financial position and profit of the company;
· the Strategic Report includes a fair review of the development
and performance of the business and the position of the company, together with
a description of the principal risks and uncertainties that they face; and
· the annual financial report, taken as a whole, is fair, balanced
and understandable and provides the information necessary for shareholders to
assess the company's performance, business model and strategy.
This responsibility statement was approved by the board of directors on 19
February 2020 and signed on its behalf by:
Carolan Dobson
Chairman
PORTFOLIO BREAKDOWN as at 30 November 2019
Region % of Invested Funds
North America 41.3
United Kingdom 24.7
Continental Europe 23.3
Pacific Basin 8.1
Japan 2.6
Total 100.00
TOP 20 HOLDINGS as at 30 November 2019
Name % of InvestedFunds Sector
Value (£)
Microsoft 21,202,673 4.87 Software & Computer Services
United Health 14,815,882 3.40 Health Care Equipment & Services
Munich Re 13,862,122 3.18 Non-Life Insurance
Roche Holdings 12,962,591 2.98 Pharmaceuticals & Biotechnology
Taiwan Semiconductor 11,971,863 2.75 Technology Hardware & Equipment
Accenture 11,498,545 2.64 Support Services
Visa 11,271,839 2.59 Financial Services
The Cooper Companies 10,167,578 2.33 Health Care Equipment & Services
Shell 10,137,232 2.33 Oil & Gas Producers
Estée Lauder 9,852,633 2.26 Personal Goods
Agilent 9,756,651 2.24 Electronic & Electrical Equipment
Ecolab 9,526,599 2.19 Chemicals
GlaxoSmithKline 8,770,000 2.01 Pharmaceuticals & Biotechnology
Adidas 8,436,550 1.94 Personal Goods
AIA 8,327,458 1.91 Life Insurance
AbbVie 8,071,758 1.85 Pharmaceuticals & Biotechnology
Schneider Electric 7,694,165 1.77 Electronic & Electrical Equipment
AMETEK 7,583,927 1.74 Electronic & Electrical Equipment
Microchip Technology 7,391,878 1.70 Technology Hardware & Equipment
Itochu 7,181,639 1.65 General Industrials
210,483,583 48.33 % of Total Invested Funds
INCOME STATEMENT
for the year ended 30 November 2019
2019
Revenue Capital Total Return
£ £ £
(Note C)
Gains on investments held at fair value through profit or loss - 44,532,408 44,532,408
Losses on foreign currencies - (113,939) (113,939)
Income 11,504,521 - 11,504,521
Investment management fee (544,156) (1,269,696) (1,813,852)
Administration expenses (661,219) (799) (662,018)
Profit before finance costs and taxation 10,299,146 43,147,974 53,447,120
Finance costs: interest payable and similar charges (289,632) (619,284) (908,916)
Profit on ordinary activities before taxation 10,009,514 42,528,690 52,538,204
Taxation (761,084) - (761,084)
Profit after taxation attributable to ordinary shareholders 9,248,430 42,528,690 51,777,120
Earnings per ordinary share
(basic and diluted) (Note B) 21.66p 99.62p 121.28p
BALANCE SHEET
as at 30 November 2019
2019
£
Fixed assets
Investments held at fair value through profit or loss 435,569,013
Net current liabilities (6,718,559)
Total assets less current liabilities 428,850,454
Creditors - amounts falling due after more than one year (25,063,910)
Total net assets 403,786,544
Capital and reserves
Called up share capital 10,673,181
Capital redemption reserve 5,326,819
Capital reserve 371,014,001
Revenue reserve 16,772,543
Equity shareholders' funds 403,786,544
Net asset value per ordinary share 945.8p
INCOME STATEMENT
for the year ended 30 November 2018
2018
Revenue Capital Total Return
£ £ £
(Note C)
Gains on investments at fair value through profit or loss - 3,230,518 3,230,518
Losses on foreign currencies - (140,338) (140,338)
Income 10,968,206 - 10,968,206
Investment management fee (537,597) (1,254,394) (1,791,991)
Administration expenses (606,637) (1,391) (608,028)
Profit before finance costs and taxation 9,823,972 1,834,395 11,658,367
Finance costs: interest payable and similar charges (723,962) (10,458,860) (11,182,822)
Profit (loss) on ordinary activities before taxation 9,100,010 (8,624,465) 475,545
Taxation (702,378) - (702,378)
Profit (loss) after taxation attributable to ordinary shareholders 8,397,632 (8,624,465) (226,833)
Earnings (loss) per ordinary share
(basic and diluted) (Note B) 19.67p (20.20p) (0.53p)
BALANCE SHEET
as at 30 November 2018
2018
£
Fixed assets
Investments held at fair value through profit or loss 381,787,312
Net current assets 3,541,188
Total assets less current liabilities 385,328,500
Creditors - amounts falling due after more than one year (25,055,376)
Total net assets 360,273,124
Capital and reserves
Called up share capital 10,673,181
Capital redemption reserve 5,326,819
Capital reserve 328,485,311
Revenue reserve 15,787,813
Equity shareholders' funds 360,273,124
Net asset value per ordinary share 843.9p
STATEMENT OF CHANGES IN EQUITY
For the year ended 30 November 2019
Called up Share Capital Capital Redemption Reserve Capital Reserve Revenue Reserve Total
£ £ £ £ £
Net assets at 1 December 2017 10,673,181 5,326,819 337,109,776 14,904,100 368,013,876
Revenue profit - - - 8,397,632 8,397,632
Dividends on ordinary shares - - - (7,513,919) (7,513,919)
Capital loss - - (8,624,465) - (8,624,465)
Net assets at 30 November 2018 10,673,181 5,326,819 328,485,311 15,787,813 360,273,124
Net assets at 1 December 2018 10,673,181 5,326,819 328,485,311 15,787,813 360,273,124
Revenue profit - - - 9,248,430 9,248,430
Dividends on ordinary shares - - - (8,269,581) (8,269,581)
Unclaimed dividends - - - 5,881 5,881
Capital profit - - 42,528,690 - 42,528,690
Net assets at 30 November 2019 10,673,181 5,326,819 371,014,001 16,772,543 403,786,544
CASH FLOW STATEMENT
For the year ended 30 November 2019
2019 2018
£ £
Operating activities
Profit before finance costs and taxation* 53,447,120 11,658,367
Less: Gains on investments held at fair value through profit or loss (44,532,408) (3,230,518)
Add: Special dividends credited to capital 306,476 -
Less: Overseas tax suffered (761,084) (702,378)
Add: Losses on foreign currency 113,939 140,338
Purchase of fixed asset investments held at fair value through profit or loss (58,125,352) (58,464,100)
Sales of fixed asset investments held at fair value through profit or loss 49,985,728 65,927,432
Decrease (increase) in other receivables 57,398 (84,741)
(Decrease) increase in other payables (50,763) 39,789
Net cash inflow from operating activities 441,054 15,284,189
Financing activities
Interest paid and similar charges (845,893) (13,874,360)
Repayment of Stepped Rate Interest Loan - (18,200,000)
Repayment of Fixed Rate Interest Loan - (28,000,000)
Proceeds from Revolving Credit Facility - 8,000,000
Proceeds from 2.84% Fixed Rate Note 2048 - 24,601,800
Dividend paid on cumulative preference stock (22,499) (22,500)
Dividends paid on ordinary shares (8,269,581) (7,513,919)
Unclaimed dividends over 12 years 5,881 -
Net cash outflow from financing activities (9,132,092) (35,008,979)
(8,691,038) (19,724,790)
Decrease in cash and cash equivalents
11,132,616 30,997,744
Cash and cash equivalents at the start of the year
Effect of foreign exchange rates (113,939) (140,338)
Cash and cash equivalents at the end of the year 2,327,639 11,132,616
Comprising:
Cash at bank 2,327,639 11,132,616
* Cash inflow from dividends was £10,468,821 (2018 - £10,982,138) and cash
inflow from interest was £14,750 (2018 - £15,759).
NOTES
Note A
The financial statements have been prepared under the historical cost
convention, except for the revaluation of financial instruments held at fair
value through profit or loss and in accordance with applicable United
Kingdom law and UK Accounting Standards (UK GAAP), including Financial
Reporting Standard 102 - the Financial Reporting Standard applicable in the
United Kingdom and Republic of Ireland (FRS 102) and in line with the
Statement of Recommended Practice "Financial Statements of Investment Trust
Companies and Venture Capital Trusts" issued by the Association of Investment
Companies (AIC SORP) in November 2014 and updated in October 2019. The
amended SORP is not mandatory for adoption until periods beginning on or after
1 January 2019. Therefore it has been early adopted.
Note B
The earnings per ordinary share is based on a weighted average number of
shares in issue of 42,692,727 (2018 - 42,692,727) ordinary shares in issue.
Note C
The total return column of this statement is the profit and loss account of
the company.
The supplementary revenue return and capital return columns are both prepared
under the guidance published by the Association of Investment Companies.
All revenue and capital items in the Income Statement derive from continuing
operations. No operations were acquired or discontinued in the year.
The net profit for the year disclosed in the Income Statement represents the
company's total comprehensive income.
Transaction costs and stamp duty on purchases amounted to £123,785 (2018 -
£92,101) and transaction costs on sales amounted to £15,540 (2018 -
£36,825).
Note D
Investments - As the company's business is investing in financial assets with
a view to profiting from their total return in the form of increases in fair
value, financial assets are designated as held at fair value through profit or
loss in accordance with FRS 102 Section 11: 'Basic Financial Instruments' and
Section 12: 'Other Financial Instruments'. The company manages and evaluates
the performance of these investments on a fair value basis in accordance with
its investment strategy, and information about investments is provided on this
basis to the board.
Note E
Dividends on Ordinary Shares
2019 2018
£ £
Dividends paid on ordinary shares:
Third interim dividend - 4.05p paid 14 December 2018 (2017 - 3.50p) 1,729,055 1,494,245
Final dividend - 6.00p paid 5 April 2019 (2018 - 6.00p) 2,561,564 2,561,564
First interim dividend - 4.66p paid 25 July 2019 (2018 - 4.05p) 1,989,481 1,729,055
Second interim dividend - 4.66p paid 19 September 2019 (2018 - 4.05p) 1,989,481 1,729,055
8,269,581 7,513,919
Dividends payable at the year end are not recognised as a liability under FRS
102 Section 32 'Events After the End of the Reporting Period' (see Annual
Financial Report page 86 - Statement of Accounting Policies). Details of these
dividends are set out below.
2019 2018
£ £
Third interim dividend - 4.66p paid 12 December 2019 (2018 - 4.05p) 1,989,481 1,729,055
Final proposed dividend - 6.00p payable 3 April 2020 (2019 - 6.00p) 2,561,564 2,561,564
4,551,045 4,290,619
The proposed final dividend accrued is based on the number of shares in issue
at the year end. However, the dividend payable will be based on the numbers of
shares in issue on the record date and will reflect any changes in the share
capital between the year end and the record date.
All dividends disclosed in the tables above have been paid or are payable from
the revenue reserves.
Note F
The financial information for the year ended 30 November 2019 has been
extracted from the statutory accounts for that year. The auditor's report on
those accounts was unqualified and did not contain a statement under either
section 498(2) or (3) of the Companies Act 2006. The annual financial report
has not yet been delivered to the registrar of companies.
The financial information for the year ended 30 November 2018 has been
extracted from the statutory accounts for that year which have been delivered
to the registrar of companies. The auditor's report on those accounts was
unqualified and did not contain a statement under either section 498(2) or
section 498(3) of the Companies Act 2006.
The full annual financial report will shortly be available to be viewed on or
downloaded from the company's website at www.brunner.co.uk. Neither the
contents of the company's website nor the contents of any website accessible
from hyperlinks on the company's website (or any other website) is
incorporated into, or forms part of this announcement.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
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