REG - Northern Bear Plc - Preliminary Results
18/07/2022 07:00
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RNS Number : 7255S Northern Bear Plc 18 July 2022
18 July 2022
Northern Bear PLC
("Northern Bear" or the "Company")
Preliminary results for the year ended 31 March 2022
The board of directors of Northern Bear (the "Board") is pleased to announce
its unaudited preliminary results for the year ended 31 March 2022 ("FY22")
for the Company and its subsidiaries (together, the "Group").
Financial summary
· Revenue of £61.1m (2021: £49.2m)
· Adjusted EBITDA* of £3.6m (2021: £2.3m)
· Adjusted operating profit* of £2.6m (2021: £1.4m)
· Adjusted basic earnings per share* of 9.8p (2021: 5.5p)
· Cash generated from operations of £2.2m (2021: £3.8m)
· Net cash position at year end of £2.2m (2021: net cash of
£2.1m)
· Impairment charge in relation to A1 Industrial Trucks goodwill of
£2.6 million
· Legal claim against Springs Roofing settled in July 2022 for
£0.6 million
* stated prior to the impact of impairments, amortisation, and other one-off
costs
Jeff Baryshnik, Non-Executive Chairman of Northern Bear, commented:
"We are pleased to announce strong operating results for the year ended 31
March 2022, despite the ongoing challenges facing our industry."
"It is a testament to the executive team and the subsidiary operating teams
that FY22 operating results exceed those of the comparable pre-pandemic year
ended 31 March 2020."
For further information contact:
Northern Bear PLC
Jeff Baryshnik - Non-Executive Chairman +44 (0) 166 182 0369
Tom Hayes - Finance Director +44 (0) 166 182 0369
Strand Hanson Limited (Nominated Adviser and Broker) +44 (0) 20 7409 3494
James Harris
James Bellman
Chairman's Statement
Introduction
I am pleased to report the results for the year to 31 March 2022 ("FY22") for
Northern Bear and its subsidiaries (together, the "Group").
Despite industry-wide challenges with respect to both the availability and
increasing prices of construction materials, along with the well-publicised
issues relating to attracting and retaining employees in our industry, we are
pleased to announce strong adjusted operating results, as defined below, for
FY22 which have exceeded those from the prior year to 31 March 2021 ("FY21")
as well as those from the comparable pre-pandemic year to 31 March 2020
("FY20").
Trading
In the interim report for the six months to 30 September 2021 ("HY22"), we
noted the industry-wide challenges with respect to both the availability and
price inflation of construction materials, along with the well-publicised
issues relating to attracting and retaining employees in our industry. Despite
the impact of these headwinds, we reported that our Group generated strong
adjusted operating results, defined as operating profit stated prior to
amortisation, one-off costs, and impairment charges, in HY22. Our companies
have strong and well-established supplier relationships and, on the whole,
have been able to work with our robust supply chain to ensure continuity of
supply for contracts.
This situation has continued through the second half of FY22, and the Group
has generated strong adjusted operating results that exceed those from the
prior year of FY21, as well as those from the comparable pre-pandemic year of
FY20.
The Group reported an overall operating loss of £0.7 million (2021: £1.5
million), and a retained loss of £1.3 million (2021: £1.8 million). Both
are stated after amortisation, one-off costs, and impairment charges, more
detail on which is provided below and where the principal items are goodwill
impairment of £2.6 million (2021: £2.8 million) and provision for settlement
of a legal claim of £0.6 million (2021: nil). Operating profit for FY22,
before amortisation, one-off costs, and impairment charges, was £2.6 million
as compared with £1.4 million in FY21.
Northern Bear Roofing
Despite the issues with materials and labour in the roofing industry, our
Roofing division has performed well in FY22 and maintains a strong order book.
This result is a testament to our three Managing Directors, their teams, and
their excellent relationships with our supply chain.
Alan Chapman, our Heritage Manager and a Director at Wensley Roofing Limited,
recently retired as planned, with Adam Rhodes assuming the role after a
two-year transition period. We thank Alan for his contributions and wish Adam
the best in his new role.
As announced on 8 July 2002, we decided to settle, for the sum of £0.6
million, a legal claim against Springs Roofing Limited ("Springs") brought by
Engie Regeneration (FHM) Limited ("Engie"), where court proceedings had been
issued in December 2021 for an original claim of £1.9 million. While the
Springs directors believed the claim was without merit, we took into
consideration the commercial risk of litigation and the potential for
irrecoverable costs to be incurred in defending the claim. Springs and
Northern Bear's other subsidiaries retain excellent commercial relationships
with Engie's (recently renamed to Equans) regional and national management
team. As such, Engie (Equans) continues to be an important and valued
customer for the Group. There are no other pending legal claims against the
Group or its subsidiaries, and we are not aware of any matter that could lead
to a material legal claim.
Northern Bear Construction
The businesses in our Construction division performed well on the whole in
FY22, and H. Peel & Sons Limited ("H Peel") has seen some stabilisation of
its core markets.
MGM Limited ("MGM"), our specialist construction and refurbishment business,
has seen continued exceptional performance. Along with recruiting new staff,
MGM alleviated some of the pressure on its surveyors and contract managers by
employing a buyer to optimise supply chain availability and pricing. This
released the surveyors and contracts managers to concentrate more on their
site work. The order book is historically strong, and this business continues
to grow steadily.
H Peel, our fit out and interiors business, continued to experience
challenging trading conditions in FY22 due to the ongoing impact of COVID-19
on its core hospitality and leisure markets. We are cautiously hopeful of a
continued stabilisation in H Peel's core markets, and of a resultant
improvement in H Peel's trading.
J Lister Electrical Limited ("J Lister"), our electrical contractor, saw
improved profitability during FY22. In light of current order book levels,
we are optimistic that trading at J Lister will continue to improve in the
current financial year.
Isoler Limited ("Isoler"), our fire protection contracting business, has
continued to perform very strongly, with an impressive and growing reputation
for good quality workmanship. Isoler has won expanded mandates from a general
contractor customer and a local social housing provider during FY22.
Northern Bear Materials Handling
Our materials handling business, A1 Industrial Trucks Limited ("A1"), has seen
an improvement in its profitability despite disruption to new truck sales. We
are now expecting lead times for the delivery of forklift trucks to be in the
region of 30 to 40 weeks due to supply chain interruptions, which could lead
to a challenging outlook over the medium term. As a result, we recorded an
impairment of goodwill of £2.6m in our FY22 results with respect to A1, which
is further described below.
Fortunately, A1 has now moved into its new premises on the Team Valley trading
estate in Gateshead, providing a larger footprint in a superior location that
will increase A1's profile. We also accelerated investment in the fork-lift
fleet during FY22 in anticipation of continued supply chain challenges. This
investment, coupled with the possibility of being positioned to attract more
business from the numerous companies renting property on this well-known
trading estate, leads to an exciting time for the business notwithstanding the
ongoing supply chain challenges.
Other matters
As in prior years, we have presented amortisation and certain other
adjustments separately within the Consolidated Statement of Comprehensive
Income, to provide an indication of underlying trading performance. The
adjustments in the current year are for the impairment charge related to A1
(as described further above and below), amortisation of acquired intangibles,
and provision for settlement of the Springs legal claim (as described above)
and related legal costs. Adjustments in the prior year include the
impairment charge related to H Peel and amortisation. Calculations
supporting alternative performance measures are included in the notes below.
During FY21, when our businesses were unable to operate on site, with the
consequent furloughing of direct and indirect employees, we received
significant sums from the Government's Coronavirus Job Retention Scheme.
These amounts are shown in other operating income for FY21 and total £1.5
million. The majority of the related staff costs are included in cost of
sales for FY21, and this consequently impacted reported gross margin that
year. During FY22, such amounts were much lower and totalled under £0.1
million.
The operating profit before amortisation and other adjustments contributed by
our trading subsidiaries was £3.7 million (2021: £2.1 million), which was
offset by corporate and central costs of £1.1 million (2021: £0.7
million). The central costs in FY21 were unusually low due to temporary
savings in corporate and central costs due to lower activity levels and
voluntary salary reductions. Should future subsidiary profits increase via
organic growth or acquisition, central costs would not be expected to increase
proportionately and this would, therefore, provide some operating leverage.
Impairment charge
As mentioned above, we recorded an impairment of goodwill related to A1, our
materials handling business, of £2.6m for FY22.
Goodwill is a non-cash accounting estimate which arises on acquisition of
subsidiaries. We had noted in our annual report and financial statements for
FY21 that there was limited headroom when comparing the recoverable amount to
the carrying value of goodwill at the balance sheet date. Despite some
improvement in A1's trading performance during FY22, the supply chain
disruptions and challenging industry outlook led us to record this impairment
for FY22.
The large majority of goodwill relates to acquisitions made in the Group's
early years between 2006 and 2008. These acquisitions were completed at a
time when different accounting standards were in place which did not require
separate identification of acquired intangible assets and permitted
capitalisation of deal costs, resulting in a higher goodwill balance than
would be likely under current standards. Notwithstanding this, having
impaired goodwill related to H Peel and A1, the remaining carrying value of
goodwill is comfortably supported by current trading levels.
Cash Flow and Bank Facilities
The Group had a substantial net cash position (defined as cash balances less
the amount drawn down on our revolving credit facility) of £2.2 million at 31
March 2022 (£2.1 million at 31 March 2021). Cash generated from operations
during the year was £2.2 million (2021: £3.8 million). These excess cash
balances have, to an extent, normalised post year-end, although the Group's
financial position remains strong.
As we have emphasised in previous years' results, our net cash/bank debt
position represents a snapshot at a particular point in time and can move by
up to £1.5 million in a matter of days, given the nature, size and variety of
contracts that we work on and the related working capital balances.
The lowest position during the year was £1.6 million net bank debt, the
highest was £2.5 million net cash, and the average was £0.1 million net bank
debt.
We have made limited use of our committed £1 million overdraft and £3.5
million revolving credit facility in FY22. While the Group's working capital
requirements will continue to vary depending on the ongoing customer and
contract mix, we believe that our financial position and bank facilities
provide us with ample cash resources for the Group's ongoing operational
requirements.
Growth Initiatives
We have continued to challenge our subsidiary management teams to consider
opportunities to expand their businesses over the medium term, notwithstanding
the challenging trading conditions during FY22. This could include a degree
of geographic expansion and/or the opportunity to broaden their product and
service offerings.
Supply Chain and Outlook
It has been widely publicised that industry-wide challenges continue with
respect to both the availability and price inflation for construction
materials. Our companies have strong and well-established customer and
supplier relationships and have been able, on the whole, to work with both
groups to ensure continuity of supply for contracts and to pass on cost
increases where possible.
However, we have seen some impact on our results and expect this situation
could provide a short-term headwind to operations until industry supply and
demand revert to more typical levels.
Our forward order book remains strong and should support our trading
performance in the coming months, subject to potential supply chain challenges
and the business-specific considerations noted in the trading statement
above.
We regularly report that the timing of Group turnover and profitability is
difficult to predict despite the continued strong order book, and our results
can also be volatile on a month to month basis. We will continue to update
shareholders with ongoing trading updates.
Strategy & Dividend
Following Board changes in late 2021, including my appointment as
Non-Executive Chairman, I commenced a process of engaging with the Board and
management to discuss and review the Group's strategy and approach to capital
allocation. This review remains ongoing and, in recent months, we have
assessed two potentially accretive acquisitions of a more substantial size
than those we have made previously. Ultimately, these did not come to
fruition. We continue to explore avenues for increasing shareholder value.
As a result of our ongoing review, which includes dividend policy, we did not
declare a final dividend for the year ended 31 March 2022. I would note that
we have the cash resources available to pay a final dividend commensurable
with prior year dividends, should we have decided to declare one. Any future
dividends would be in line with the Group's relative performance, after taking
into account the Group's available resources, working capital requirements,
corporate opportunities, debt obligations, and the macro-economic
environment.
People
Anil Khera
Anil Khera joined us as a Non-Executive Director in November 2021. Mr Khera
began his career at Credit Suisse, within DLJ Real Estate Capital Partners,
before joining Blackstone's real estate investment team in 2006 where he spent
10 years, becoming a managing director of the Real Estate Capital Markets team
in 2011. In 2016, Mr Khera founded Node Living, a fully integrated residential
investment, development and management company based in London which operates
across Europe and North America. I would like to welcome Anil to the Board and
look forward to working with him over the coming years.
Harry Samuel
Harry Samuel joined us as a Non-Executive Director in November 2021. Mr Samuel
spent over 20 years across various leadership roles within Royal Bank of
Canada ("RBC"). This included roles as Global Head of Funding and Liquidity
Asset Management, Foreign Exchange and Commodities, and Fixed Income and
Currencies, before becoming CEO of RBC Capital Markets Europe in 2011 and
subsequently CEO of RBC Investor & Treasury Services and Chair of RBC's
European Executive Committee from 2013 to 2019. Mr Samuel currently serves as
CEO of Affordable Housing Communities Limited and Managing Director of
Affordable Housing and Healthcare Group Limited, a leading UK developer,
constructor and operator of shared ownership communities working in
partnership with local authorities, NHS Trusts and institutional investors to
create socially impactful developments. I would like to welcome Harry to the
Board and look forward to working with him over the coming years.
Our workforce
As always, our loyal, dedicated, and skilled workforce is a key part of our
success and we make every effort both to retain and protect them through
continued training and health and safety compliance, supported by our health
and safety advisory business, Northern Bear Safety Limited.
Conclusion
I am pleased with the Group's results for the year, particularly in light of
the ongoing headwinds and challenges facing our industry.
I would like to once again thank all of our employees for their hard work and
commitment during a challenging year, and our shareholders for their continued
support.
Jeff Baryshnik
Non-Executive Chairman
18 July 2022
Consolidated statement of comprehensive income
for the year ended 31 March 2022
2022 2021
£000 £000
Revenue 61,098 49,182
Cost of sales (48,642) (40,726)
Gross profit 12,456 8,456
Other operating income 99 1,549
Administrative expenses (10,005) (8,640)
Operating profit (before amortisation and other adjustments) 2,550 1,365
One-off costs (648) -
Impairment charge (2,612) (2,807)
Amortisation of intangible assets arising on acquisitions (13) (13)
Operating loss (723) (1,455)
Finance costs (156) (176)
Loss before income tax (879) (1,631)
Income tax expense (449) (162)
Loss for the year (1,328) (1,793)
Total comprehensive income attributable to equity holders of the parent (1,328) (1,793)
Earnings per share from continuing operations
Basic loss per share (7.1)p (9.6)p
Diluted loss per share (7.1)p (9.6)p
Consolidated balance sheet
at 31 March 2022
2022 2021
£000 £000
Assets
Property, plant and equipment 4,413 3,596
Right of use asset 1,702 1,094
Intangible assets 15,419 18,044
Trade and other receivables 708 872
Total non-current assets 22,242 23,606
Inventories 1,404 974
Trade and other receivables 12,152 9,843
Cash and cash 3,233 2,114
equivalents
Total current assets 16,789 12,931
Total assets 39,031 36,537
Equity
Share capital 190 190
Capital redemption reserve 6 6
Share premium 5,169 5,169
Merger reserve 9,703 9,703
Retained earnings 5,907 7,218
Total equity attributable to equity holders of the Company 20,975 22,286
Liabilities
Loans and borrowings 1,000 -
Trade and other payables 58 122
Lease liabilities 1,606 1,039
Deferred tax liabilities 879 487
Total non-current liabilities 3,543 1,648
Loans and borrowings 38 28
Deferred consideration - 50
Trade and other payables 13,210 11,936
Provisions 600 -
Lease liabilities 609 533
Current tax payable 56 56
Total current liabilities 14,513 12,603
Total liabilities 18,056 14,251
Total equity and liabilities 39,031 36,537
Consolidated statement of changes in equity
for the year ended 31 March 2022
Share Capital Share Merger Retained Total
capital
premium
reserve
earnings
equity
redemption reserve
£000 £000 £000 £000 £000 £000
At 1 April 2020 190 6 5,169 9,703 9,011 24,079
Total comprehensive income for the year
Loss for the year - - - - (1,793) (1,793)
At 31 March 2021 190 6 5,169 9,703 7,218 22,286
At 1 April 2021 190 6 5,169 9,703 7,218 22,286
Total comprehensive income for the year
Loss for the year - - - - (1,328) (1,328)
Transactions with owners, recorded directly in equity
Exercise of share options - - - - 17 17
At 31 March 2022 190 6 5,169 9,703 5,907 20,975
Consolidated statement of cash flows
for the year ended 31 March 2022
2022 2021
£000 £000
Cash flows from operating activities
Operating loss for the year (723) (1,455)
Adjustments for:
Depreciation of property, plant and equipment 671 600
Depreciation of lease asset 374 373
Amortisation 13 13
Impairment charge 2,612 2,807
(Profit)/loss on sale of property, plant and equipment (29) -
2,918 2,338
Change in inventories (430) 33
Change in trade and other receivables (2,145) (1,434)
Change in trade and other payables 1,810 2,867
Cash generated from operations 2,153 3,804
Interest paid (101) (176)
Tax paid (57) (252)
Net cash flow from operating activities 1,995 3,376
Cash flows from investing activities
Proceeds from sale of property, plant and equipment 588 420
Acquisition of property, plant and equipment (1,747) (1,200)
Acquisition of subsidiary (net of cash acquired) (50) (50)
Net cash from investing activities (1,209) (830)
Cash flows from financing activities
Issue of borrowings 1,010 -
Repayment of borrowings - (3,503)
Repayment of lease liabilities (694) (587)
Proceeds from the exercise of share options 17 -
Net cash from financing activities 333 (4,090)
Net increase/(decrease) in cash and cash equivalents 1,119 (1,544)
Cash and cash equivalents at start of year 2,114 3,658
Cash and cash equivalents at end of year 3,233 2,114
Notes
1 Basis of preparation
This announcement has been prepared in accordance with the Company's
accounting policies, which in turn are prepared in accordance with the
requirements of the Companies Act 2006 and UK-adopted international accounting
standards.
The accounting policies are the same as those applied in preparation of the
financial statements for the year ended 31 March 2021, apart from the
following standards, amendments and interpretations, which became effective
for the first time, and which were adopted by the Group for the financial year
ended 31 March 2022:
· Interest Rate Benchmark Reform - Phase 2 (Amendments to IFRS 9,
IAS 39, IFRS 7, IFRS 4 and IFRS 16) - effective date on or after 1 January
2021.
· Covid 19-Related Rent Concessions Beyond 30 June 2021 (Amendment
to IFRS 16 Leases) - effective date on or after 1 April 2021.
Their adoption has not had any material impact on the disclosures or amounts
reported in the financial statements.
For the purposes of their assessment of the appropriateness of the preparation
of the Group's accounts on a going concern basis, the directors have
considered the current cash position and forecasts of future trading including
working capital and investment requirements.
During the year the Group met its day to day working capital requirements
through an existing £1 million bank overdraft and a £3.5 million revolving
credit facility. At 31 March 2022 the Group had net cash of £2.2 million
based on £3.2 million cash and £1.0 million drawn on the revolving credit
facility. The overdraft facility was last renewed on 17 June 2022 for the
period to 31 May 2023. The Group's revolving credit facility was most
recently renewed on 19 March 2020 and is committed to 31 May 2023. The
Directors have a reasonable expectation of successful renewal for both the
overdraft and revolving credit facilities based on a long standing and strong
working relationship with the bank.
The Group's forecasts and projections, taking account of reasonable possible
changes in trading performance, show that the Group and the Company should
have sufficient cash resources to meet its requirements for at least the next
12 months. Accordingly, the adoption of the going concern basis in preparing
the financial statements remains appropriate.
2 Status of financial information
The financial information set out above does not constitute the Company's
financial statements for the years ended 31 March 2022 or 31 March 2021.
The financial statements for 2022 will be finalised on the basis of the
financial information presented by the Directors in this preliminary
announcement and will be delivered to the Registrar of Companies following the
Company's Annual General Meeting. The results are unaudited; however, we do
not expect there to be any difference between the numbers presented and those
within the annual report.
The financial information for the year ended 31 March 2021 is derived from the
financial statements for that year, which have been delivered to the Registrar
of Companies. The auditor has reported on the 2021 financial statements;
their report was i) unqualified, ii) did not include references to any matters
to which the auditors drew attention by way of emphasis, without qualifying
their report, and iii) did not contain a statement under section 498(2) or (3)
of the Companies Act 2006.
3 Alternative performance measures
The Group uses Adjusted Operating Profit, Adjusted EBITDA, and Adjusted EPS as
supplemental measures of the Group's profitability, in addition to measures
defined under IFRS. The directors consider these useful due to the exclusion
of specific items that could impact a comparison of the Group's underlying
profitability, and is aware that shareholders use these measures to assist in
evaluating performance.
The adjusting items for the alternative measures of profit are either
recurring but non-cash charges (amortisation of acquired intangible assets),
one-off non-cash items (impairment charges), or one-off exceptional items
(provision for settlement of legal claim and associated costs).
Adjusted operating profit is calculated as below:
2022 2021
£'000 £'000
Operating loss (as reported) (723) (1,455)
One-off costs 648 -
Impairment charge 2,612 2,807
Amortisation of intangible assets arising on acquisitions 13 13
Adjusted operating profit 2,550 1,365
Adjusted EBITDA is calculated as below:
2022 2021
£'000 £'000
Adjusted operating profit (as above) 2,550 1,365
Depreciation of property, plant and equipment 671 600
Depreciation of lease asset 374 373
Adjusted EBITDA 3,595 2,338
Adjusted basic and diluted earnings per share is presented in note 4 below.
4 Earnings per share
Basic earnings per share is the profit or loss for the year divided by the
weighted average number of ordinary shares outstanding, excluding those in
treasury, calculated as follows:
2022 2021
Loss for the year (£000) (1,328) (1,793)
Weighted average number of ordinary shares excluding shares held in treasury
for the proportion of the year held in treasury ('000)
18,674 18,665
Basic loss per share (7.1)p (9.6)p
The calculation of diluted earnings per share is the profit or loss for the
year divided by the weighted average number of ordinary shares outstanding,
after adjustment for the effects of all potential dilutive ordinary shares,
excluding those in treasury, calculated as follows:
2022 2021
Loss for the year (£000) (1,328) (1,793)
Weighted average number of ordinary shares excluding shares held in treasury
for the proportion of the year held in treasury ('000)
18,674 18,665
Effect of potential dilutive ordinary shares ('000) 42 43
Diluted weighted average number of ordinary shares excluding shares held in
treasury for the proportion of the year held in treasury ('000)
18,716 18,708
Diluted loss per share (7.1)p (9.6)p
The following additional earnings per share figures are presented as the
directors believe they provide a better understanding of the trading
performance of the Group.
Adjusted basic and diluted earnings per share is the profit or loss for the
year, adjusted for impairment charges, acquisition related items and one-off
costs, divided by the weighted average number of ordinary shares outstanding
as presented above.
Adjusted earnings per share is calculated as follows:
2022 2021
Loss for the year (£000) (1,328) (1,793)
Impairment charge 2,612 2,807
One-off costs 648 -
Amortisation of intangible assets arising on acquisitions 13 13
Corporation tax effect of above items (123) -
Adjusted profit for the year (£000) 1,822 1,027
Weighted average number of ordinary shares excluding shares held in treasury
for the proportion of the year held in treasury ('000)
18,674 18,665
Adjusted basic earnings per share 9.8p 5.5p
Adjusted diluted earnings per share 9.7p 5.5p
5 Other operating income
2022 2021
£'000 £'000
Coronavirus Job Retention Scheme receipts 63 1,460
Grants received 12 65
Rental income 24 24
99 1,549
6 Finance costs
2022 2021
£'000 £'000
On bank loans and overdrafts 101 97
Finance charges on lease liabilities 55 79
156 176
7 Loans and borrowings
2022 2021
£'000 £'000
Non-current liabilities
Secured bank loans 1,000 -
1,000 -
Current liabilities
Other loans 38 28
38 28
The Group retains a £3.5 million revolving credit facility and a £1.0
million overdraft facility, both with Virgin Money plc, for working capital
purposes.
As at 31 March 2022, a total of £1.0 million (2021: £nil) was drawn down on
the revolving credit facility, providing a net cash figure at 31 March 2022 of
£2.2 million (2021: £2.1 million) after offsetting cash and cash equivalents
of £3.2 million (2021: £2.1 million).
The revolving credit facility was renewed on 19 March 2020 and is committed
until 31 May 2023. The overdraft facility was last renewed on 17 June 2022
and is next due for routine review and renewal on 31 May 2023.
8 Availability of financial statements
The Group's Annual Report and Financial Statements for the year ended 31 March
2022 are expected to be approved by 25 July 2022 and will be posted to
shareholders during the week commencing 25 July 2022. Further copies will be
available to download on the Company's website at:
http://www.northernbearplc.com/ (http://www.northernbearplc.com/) . It is
intended that the Annual General Meeting will take place at the Company's
registered office, A1 Grainger, Prestwick Park, Prestwick, Newcastle upon
Tyne, NE20 9SJ, at 2:00pm on 14 September 2022.
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of
the European Union (Withdrawal) Act 2018.
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