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REG - RM PLC - Final Results <Origin Href="QuoteRef">RM.L</Origin> - Part 2

- Part 2: For the preceding part double click  ID:nRSF9792Da 

                 Adjustments          Total                                 Adjusted   Adjustments  Total      
                                                                                                                                                                                            Note  £000                         £000                 £000                                  £000       £000         £000       
                                                                                                                                                                                                                                                                                                                             
                                                                                   Revenue                                                                                                  2     185,863                      -                    185,863                               167,615    -            167,615    
                                                                                   Cost of sales                                                                                                  (112,857)                    -                    (112,857)                             (100,365)  -            (100,365)  
                                                                                   Gross profit                                                                                                   73,006                       -                    73,006                                67,250     -            67,250     
                                                                                   Operating expenses                                                                                             (50,908)                     (5,904)              (56,812)                              (48,421)   (2,907)      (51,328)   
                                                                                   Profit from operations                                                                                   2     22,098                       (5,904)              16,194                                18,829     (2,907)      15,922     
                                                                                   Investment income                                                                                        3     365                          -                    365                                   279        -            279        
                                                                                   Finance costs                                                                                            4     (1,920)                      (45)                 (1,965)                               (1,012)    (74)         (1,086)    
                                                                                   Profit before tax                                                                                              20,543                       (5,949)              14,594                                18,096     (2,981)      15,115     
                                                                                   Tax                                                                                                      5     (2,594)                      851                  (1,743)                               (3,941)    472          (3,469)    
                                                                                   Profit for the year                                                                                            17,949                       (5,098)              12,851                                14,155     (2,509)      11,646     
                                                                                                                                                                                                                                                                                                                             
                                                                                                                                                                                                                                                                                                                             
                                                                                   Earnings per ordinary share                                                                                                                                                                                                               
                                                                                   - basic                                                                                                  6     22.0p                                             15.8p                                 17.4p                   14.4p      
                                                                                   - diluted                                                                                                6     21.9p                                             15.7p                                 17.4p                   14.4p      
                                                                                   Paid and proposed dividends per share                                                                    7                                                                                                                                
                                                                                   - interim                                                                                                                                                        1.65p                                                         1.50p      
                                                                                   - final                                                                                                                                                          4.95p                                                         4.50p      
                                                                                   Adjustments to results have been presented to give a better guide to business performance (see note 2).  
                                                                                                                                                                                                                                                                                                                             
                                                                                   All amounts were derived from continuing operations.                                                                                                                                                   
                                                                                                                                                                                                                                                                                                                             
 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME                                    
 for the year ended 30 November 2017                                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                               Year ended           Year ended                   
                                                                                                                                                                                                                               30 November 2017      30 November 2016            
                                                                                                                                                                                                                               Note                                              £000                £000         
                                                                                                                                                                                                                                                                                                                  
 Profit for the year                                                                                                                                                                                                                                                             12,851              11,646       
 Items that will not be reclassified subsequently to profit or loss                                                                                                                                                                                                                       
 Defined Benefit Pension Scheme remeasurements                                                                                                                                                                                 12                                                17,960              (23,555)     
 Tax on items that will not be reclassified subsequently to profit or loss                                                                                                                  5                                  (3,123)                                           3,970    
 Items that are or may be reclassified subsequently to profit or loss                                                                                                                                                                                                            
 Fair value (loss)/gain on hedged instruments                                                                                                                                                                                                                                    (1,306)             515          
 Exchange (loss)/gain on translation of overseas operations                                                                                                                                                                    (36)                                              261      
 Tax on items that are or may be reclassified subsequently to profit or loss                                                                                                                5                                  (80)                                              32       
 Other comprehensive income/(expense)                                                                                                                                                                                                                                            13,415              (18,777)     
 Total comprehensive income/(expense) for the year attributable to equity holders                                                                                                                 26,266                                            (7,131)                      
 CONSOLIDATED BALANCE SHEET                                                                                                                                                                                                                         
                                                                                                                                                                                                  At 30 November 2017          At 30 November 2016  
                                                                                                                                                                                            Note  £000                         £000                 
 Non-current assets                                                                                                                                                                                                                                 
 Goodwill                                                                                                                                                                                         45,164                       14,067               
 Intangible assets                                                                                                                                                                                20,377                       704                  
 Property, plant and equipment                                                                                                                                                                    10,369                       6,219                
 Defined Benefit Pension Scheme surplus                                                                                                                                                     12    495                          -                    
 Other receivables                                                                                                                                                                          8     1,144                        1,153                
 Deferred tax assets                                                                                                                                                                        5     6,484                        8,793                
                                                                                                                                                                                                  84,033                       30,936               
 Current assets                                                                                                                                                                                                                                     
 Inventories                                                                                                                                                                                      19,413                       10,689               
 Trade and other receivables                                                                                                                                                                8     29,147                       24,403               
 Cash and short-term deposits                                                                                                                                                                     1,797                        39,987               
                                                                                                                                                                                                  50,357                       75,079               
 Total assets                                                                                                                                                                                     134,390                      106,015              
 Current liabilities                                                                                                                                                                                                                                
 Trade and other payables                                                                                                                                                                   9     (57,636)                     (54,521)             
 Tax liabilities                                                                                                                                                                                  (632)                        (1,259)              
 Provisions                                                                                                                                                                                 10    (3,436)                      (3,536)              
 Overdraft                                                                                                                                                                                        (2,028)                      -                    
                                                                                                                                                                                                  (63,732)                     (59,316)             
 Net current (liabilities)/assets                                                                                                                                                                 (13,375)                     15,763               
 Non-current liabilities                                                                                                                                                                                                                            
 Other payables                                                                                                                                                                             9     (852)                        (971)                
 Provisions                                                                                                                                                                                 10    (3,019)                      (3,157)              
 Deferred tax liability                                                                                                                                                                     5     (2,993)                      -                    
 Defined Benefit Pension Scheme obligation                                                                                                                                                  12    (20,731)                     (34,775)             
 Loan                                                                                                                                                                                       14    (13,188)                     -                    
                                                                                                                                                                                                  (40,783)                     (38,903)             
 Total liabilities                                                                                                                                                                                (104,515)                    (98,219)             
 Net assets                                                                                                                                                                                       29,875                       7,796                
 Equity attributable to shareholders                                                                                                                                                                                                                
 Share capital                                                                                                                                                                              11    1,890                        1,890                
 Share premium account                                                                                                                                                                            27,035                       27,035               
 Own shares                                                                                                                                                                                       (1,406)                      (1,987)              
 Capital redemption reserve                                                                                                                                                                       94                           94                   
 Hedging reserve                                                                                                                                                                                  (427)                        879                  
 Translation reserve                                                                                                                                                                              (159)                        (123)                
 Retained earnings - (deficit)                                                                                                                                                                    2,848                        (19,992)             
 Total equity                                                                                                                                                                                     29,875                       7,796                
                                                                                                                                                                                                                                                                                                                                             
 
 
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 
 
 for the year ended 30 November 2017                                                                                                                                                     
                                                Share capital  Share premium  Own shares  Capital redemption reserve  Hedging reserve  Translation reserve  Retained earnings  Total     
                                          Note  £000           £000           £000        £000                        £000             £000                 £000               £000      
                                                                                                                                                                                         
 At 1 December 2015                             1,890          27,035         (2,510)     94                          364              (384)                (7,342)            19,147    
 Profit for the year                            -              -              -           -                           -                -                    11,646             11,646    
 Other comprehensive (expense)/income           -              -              -           -                           515              261                  (19,553)           (18,777)  
 Total comprehensive (expense)/income           -              -              -           -                           515              261                  (7,907)            (7,131)   
 Transactions with owners of the Company                                                                                                                                                 
 Share-based payment awards exercised           -              -              840         -                           -                -                    (1,450)            (610)     
 Purchase of own shares                         -              -              (317)       -                           -                -                    -                  (317)     
 Share-based payment fair value charges         -              -              -           -                           -                -                    1,006              1,006     
 Ordinary dividends paid                  7     -              -              -           -                           -                -                    (4,299)            (4,299)   
 At 30 November 2016                            1,890          27,035         (1,987)     94                          879              (123)                (19,992)           7,796     
 Profit for the year                            -              -              -           -                           -                -                    12,851             12,851    
 Other comprehensive (expense)/income           -              -              -           -                           (1,306)          (36)                 14,757             13,415    
 Total comprehensive (expense)/income           -              -              -           -                           (1,306)          (36)                 27,608             26,266    
 Transactions with owners of the Company                                                                                                                                                 
 Share-based payment awards exercised           -              -              581         -                           -                -                    (581)              -         
 Share-based payment fair value charges         -              -              -           -                           -                -                    821                821       
 Ordinary dividends paid                  7     -              -              -           -                           -                -                    (5,008)            (5,008)   
 At 30 November 2017                            1,890          27,035         (1,406)     94                          (427)            (159)                2,848              29,875    
 
 
 CONSOLIDATED CASH FLOW STATEMENT                                                                              
 for the year ended 30 November 2017                           Year ended         Year ended         
                                                               30 November 2017   30 November 2016   
                                                               Note               £000               £000      
 Profit before tax                                                                14,594             15,115    
 Investment income                                             3                  (365)              (279)     
 Finance costs                                                 4                  1,965              1,086     
 Profit from operations                                                           16,194             15,922    
 Adjustments for:                                                                                              
 Acquisition related costs                                     2                  2,643              525       
 Impairment of intangible assets                                                  33                 77        
 Amortisation of intangible assets                                                1,107              247       
 Depreciation and impairment of property, plant and equipment                     2,289              2,223     
 Gain on sale of operations                                                       -                  (135)     
 Loss on disposal of other intangible assets                                      21                 -         
 Loss/(gain) on disposal of property, plant and equipment                         135                (5)       
 (Gain)/loss on foreign exchange derivatives                                      (1,306)            684       
 Share-based payment charge                                                       821                1,006     
 Increase in provisions                                                           1,997              2,557     
 Defined Benefit Pension Scheme administration cost            12                 552                845       
 Operating cash flows before movements in working capital                         24,486             23,946    
 (Decrease)/increase in inventories                                               (27)               173       
 Decrease in receivables                                                          5,443              1,056     
 Decrease in trade and other payables                                             (7,129)            (10,863)  
 Utilisation of onerous lease and dilapidations provisions     10                 (308)              (345)     
 Utilisation of employee-related restructuring provisions      10                 (1,697)            (184)     
 Utilisation of other provisions                               10                 (236)              (396)     
 Cash generated from operations                                                   20,532             13,387    
 Defined benefit pension scheme cash contributions             12                 (4,187)            (11,984)  
 Tax paid                                                                         (2,019)            (3,567)   
 Income on sale of finance lease debt                                             9                  6         
 Net cash inflow from operating activities                                        14,335             (2,158)   
 Investing activities                                                                                          
 Interest received                                                                307                255       
 Repayment of loans by third parties                                              16                 16        
 Acquisition net of cash acquired                              13                 (58,407)           -         
 Acquisition related costs                                                        (2,834)            -         
 Proceeds from sale of operations                                                 -                  759       
 Proceeds on disposal of property, plant and equipment                            12                 43        
 Purchases of property, plant and equipment                                       (1,150)            (1,333)   
 Purchases of other intangible assets                                             (176)              (456)     
 Amounts transferred from short term deposits                                     3,014              2,986     
 Net cash generated by/(used in) investing activities                             (59,218)           2,270     
 Financing activities                                                                                          
 Dividends paid                                                7                  (5,008)            (4,299)   
 Drawdown of borrowings                                        14                 14,000             -         
 Borrowing facilities arrangement and commitment fees                             (1,098)            (422)     
 Interest paid                                                                    (224)              -         
 Purchase of own shares                                                           -                  (317)     
 Satisfaction of share-based payment awards                                       -                  (610)     
 Net cash used in financing activities                                            7,670              (5,648)   
 Net (decrease)/increase in cash and cash equivalents                             (37,213)           (5,536)   
 Cash and cash equivalents at the beginning of the year                           36,973             42,320    
 Effect of foreign exchange rate changes                                          9                  189       
 Cash and cash equivalents at the end of the year                                 (231)              36,973    
 
 
1. Preliminary announcement 
 
The preliminary results for the year ended 30 November 2017 have been prepared
in accordance with those International Accounting Standards (IAS) and
International Financial Reporting Standards (IFRS) issued by the International
Accounting Standards Board (IASB) and adopted for use in the EU and therefore
comply with Article 4 of the EU IAS Regulation applied in accordance with the
provisions of the Companies Act 2006. However, this announcement does not
contain sufficient information to comply with IFRS. The Group expects to
publish a full Strategic Report, Directors' Report and financial statements
which will be delivered before the Company's annual general meeting on 21
March 2018. The full Strategic Report and Directors' Report and financial
statements will be published on the Group's website at www.rmplc.com. 
 
The financial information set out in this preliminary announcement does not
constitute the Group's statutory accounts for the year ended 30 November 2017.
Statutory accounts for 2016 have been delivered to the Registrar of Companies
and those for 2017 will be delivered following the Company's annual general
meeting. The auditor's reports on both the 2017 and 2016 accounts were
unqualified, did not draw attention to any matters by way of emphasis without
qualifying their report and did not contain statements under s498(2) or (3) of
the Companies Act 2006 or equivalent preceding legislation. This Preliminary
announcement was approved by the Board of Directors on 5 February 2018. 
 
Consolidated Income Statement presentation 
 
The Directors assess the performance of the Group using an adjusted operating
profit and profit before tax.  The Directors use this measurement basis as it
excludes the effect of transactions that could distort the understanding of
the Group's performance for the year and comparability between periods.  This
includes making certain adjustments for income and expense which are one-off
in nature, or non-cash items and those with potential variability year on year
which might mask underlying performance.  Further details are provided in Note
2. 
 
Basis of preparation 
 
The financial statements have been prepared on the historical cost basis
except for certain financial instruments, share-based payments and pension
assets and liabilities which are measured at fair value. The preparation of
financial statements, in conformity with generally accepted accounting
principles, requires the use of estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of contingent assets
and liabilities at the date of the financial statements and the reported
amounts of revenues and expenses during the reporting period. Although these
estimates are based on the Directors' best knowledge of current events and
actions, actual results ultimately may differ from those estimates. 
 
Significant accounting policies 
 
The accounting policies used for the preparation of this announcement have
been applied consistently. 
 
2. Operating segments 
 
The Group's business is supplying products, services and solutions to the UK
and international education markets. Information reported to the Group's Chief
Executive for the purposes of resource allocation and assessment of segmental
performance is focussed on the nature of each type of activity. 
 
The Group is structured into three operating divisions: RM Resources, RM
Results and RM Education. The exited business in the year relates to
SpaceKraft. 
 
A full description of each division, together with comments on its performance
and outlook, is given in the Strategic Report. Corporate Services consists of
central business costs associated with being a listed company and non-specific
pension costs. 
 
This Segmental analysis shows the results and assets of these divisions.
Revenue is that earned by the Group from third parties. 
 
Net financing costs and tax are not allocated to segments as the funding, cash
and tax management of the Group are activities carried out by the central
treasury and tax functions. 
 
 Segmental results                                                                               
                                  RM         RM       RM         Corporate  Exited      Total    
 Year ended 30 November 2017      Resources  Results  Education  Services   Businesses  
                                  £000       £000     £000       £000       £000        £000     
 Revenue                                                                                         
 UK                               67,826     26,566   68,828     -          -           163,220  
 Europe                           7,413      3,258    678        -          -           11,349   
 North America                    1,618      -        231        -          -           1,849    
 Asia                             1,226      204      691        -          -           2,121    
 Middle East                      3,922      -        8          -          -           3,930    
 Rest of the world                1,627      1,590    177        -          -           3,394    
                                  83,632     31,618   70,613     -          -           185,863  
 Adjusted profit from operations  11,604     7,761    6,552      (3,819)    -           22,098   
 Investment income                                                                      365      
 Adjusted finance costs                                                                 (1,920)  
 Adjusted profit before tax                                                             20,543   
 Adjustments (see note 2)                                                               (5,949)  
 Profit before tax                                                                      14,594   
                                                                                                 
                                  RM         RM       RM         Corporate  Exited      Total    
 Year ended 30 November 2016      Resources  Results  Education  Services   Businesses  
                                  £000       £000     £000       £000       £000        £000     
 Revenue                                                                                         
 UK                               46,779     26,925   75,450     -          151         149,305  
 Europe                           5,249      3,231    1,138      -          -           9,618    
 North America                    1,723      -        232        -          -           1,955    
 Asia                             981        117      50         -          -           1,148    
 Middle East                      2,815      -        9          -          -           2,824    
 Rest of the world                1,288      1,307    170        -          -           2,765    
                                  58,835     31,580   77,049     -          151         167,615  
 Adjusted profit from operations  10,156     6,798    5,820      (3,926)    (19)        18,829   
 Investment income                                                                      279      
 Adjusted finance costs                                                                 (1,012)  
 Adjusted profit before tax                                                             18,096   
 Adjustments (see note 2)                                                               (2,981)  
 Profit before tax                                                                      15,115   
                                                                                                 
 
 
 Segmental assets                                                                    
                      RM         RM       RM         Corporate  Exited               
                      Resources  Results  Education  Services   Businesses  Total    
                      £000       £000     £000       £000       £000        £000     
 At 30 November 2017                                                                 
 Segmental            103,935    6,324    15,627     205        -           126,091  
 Other                                                                      8,299    
 Total assets                                                               134,390  
                                                                                     
                      RM         RM       RM         Corporate  Exited               
                      Resources  Results  Education  Services   Businesses  Total    
                      £000       £000     £000       £000       £000        £000     
 At 30 November 2016                                                                 
 Segmental            31,968     7,085    17,803     217        -           57,073   
 Other                                                                      48,942   
 Total assets                                                               106,015  
 
 
 Adjustments to administrative expenses                                                                    
                                                                     Year ended         Year ended         
                                                                     30 November 2017   30 November 2016   
                                                                     £000               £000               
                                                                                                           
 Amortisation of acquisition-related intangible assets               503                8                  
 Gain on sale of operations                                          -                  (135)              
 Share-based payment charges                                         821                1,006              
 Net increase/(release) of provisions for onerous lease contracts    353                (90)               
 Acquisition related costs                                           2,643              525                
 Restructuring costs                                                 1,584              1,593              
                                                                     5,904              2,907              
 
 
Recurring items: 
 
These are items which occur regularly but which management judge to have a
distorting effect on the underlying results of the Group or are not regularly
monitored for the purpose of determining business performance. These items
include the amortisation of acquisition related intangible assets and
share-based payment charges. 
 
Recurring items are adjusted each year irrespective of materiality to ensure
consistent treatment. 
 
Highlighted items: 
 
These are items which are non-recurring and are identified by virtue of either
their size or their nature. These items can include, but are not restricted
to, impairment of held for sale assets and related transaction costs; changes
in the provision for onerous lease contracts; the gain/loss on sale of
operations and restructuring and acquisition costs. As these items are one-off
or non-operational in nature, management considers that they would distort the
Group's underlying business performance. 
 
During the year an onerous provision was created for the top floor of the head
office property and an onerous provision release was made for the continued
sub-letting of one of the Group's properties. For further details see Note
10. 
 
During the year, the Group incurred professional advisor costs relating to the
acquisition and integration of The Consortium, see Note 13 for further
details. Restructuring costs were incurred during the year which also relate
to the integration of The Consortium. 
 
In the prior year, the restructuring of the Infrastructure part of the RM
Education division was undertaken to move away from some of the lowest margin
transactional elements such as network infrastructures, network installation
and third-party hardware sales.  This lead to a reduction of broadly 10% of
the RM Education UK staff and a one-off exceptional charge of £1.6m. 
 
 3. Investment income                                                              
                                       Year ended         Year ended         
                                       30 November 2017   30 November 2016   
                                                          £000               £000  
 Bank interest                                            47                 123   
 Income on sale of finance lease debt                     168                46    
 Other finance income                                     150                110   
                                                          365                279   
 
 
 4. Finance costs                                                                                               
                                                                   Year ended         Year ended         
                                                                   30 November 2017   30 November 2016   
                                                                   Note               £000               £000   
                                                                                                                
 Borrowing facilities arrangement fees and commitment fees                            524                421    
 Net finance costs on defined benefit pension scheme               12                 1,049              498    
 Unwind of discount on long term contract provisions                                  49                 37     
 Unwind of discount on onerous lease and dilapidations provisions  10                 91                 84     
 Interest on bank loans and overdrafts                                                229                -      
 Other finance costs                                                                  23                 46     
                                                                                      1,965              1,086  
 
 
 5. Tax                                                                                                                                   
 a) Analysis of tax charge in the Consolidated Income Statement                                                                           
                                                                                           Year ended         Year ended         
                                                                                           30 November 2017   30 November 2016   
                                                                                                              £000               £000     
 Current taxation                                                                                                                         
 UK corporation tax                                                                                           2,976              2,924    
 Adjustment in respect of prior years                                                                         (1,555)            302      
 Overseas tax                                                                                                 387                296      
 Total current tax charge                                                                                     1,808              3,522    
 Deferred taxation                                                                                                                        
 Temporary differences                                                                                        (6)                173      
 Adjustment in respect of prior years                                                                         104                (237)    
 Overseas tax                                                                                                 (163)              11       
 Total deferred tax (credit)                                                                                  (65)               (53)     
 Total Consolidated Income Statement tax charge                                                               1,743              3,469    
                                                                                                                                          
 b) Analysis of tax charge/(credit) in the Consolidated Statement of Comprehensive Income  
                                                                                           Year ended         Year ended         
                                                                                           30 November 2017   30 November 2016   
                                                                                                              £000               £000     
 UK corporation tax                                                                                                                       
 Defined benefit pension scheme                                                                               (428)              (1,241)  
 Share based payments                                                                                         -                  (142)    
 Deferred tax                                                                                                                             
 Defined benefit pension scheme movements                                                                     3,481              (2,325)  
 Defined benefit pension scheme escrow                                                                        -                  (749)    
 Share based payments                                                                                         80                 110      
 Deferred tax relating to the change in rate                                                                  70                 345      
 Total Consolidated Statement of Comprehensive Income tax charge/(credit)                                     3,203              (4,002)  
 
 
 c) Reconciliation of Consolidated Income Statement tax charge                                                                                                                                                                                  
 The tax charge in the Consolidated Income Statement reconciles to the effective rate applied by the Group as follows:  
                                                                                                                                                                                                                                                                 
                                                                                                                          Year ended 30 November 2017                          Year ended 30 November 2016  
                                                                                                                          Adjusted                     Adjustments      Total                               Adjusted  Adjustments        Total  
                                                                                                                          £000                         £000                    £000                                   £000                      £000     £000    
                                                                                                                                                                                                                                                                 
 Profit on ordinary activities before tax                                                                                 20,543                       (5,949)                 14,594                                 18,096                    (2,981)  15,115  
                                                                                                                                                                                                                                                                 
 Tax at 19.33% (2016: 20%) thereon:                                                                                       3,971                        (1,150)                 2,821                                  3,619                     (596)    3,023   
 Effects of:                                                                                                                                                                                                                                                     
 - change in tax rate on carried forward                                                                                  -                            -                       -                                      65                        -        65      
   deferred tax assets                                                                                                                                                                                                                                           
 - other expenses not deductible for tax                                                                                  211                          321                     532                                    110                       -        110     
   purposes                                                                                                                                                                                                                                                      
 - other temporary timing differences                                                                                     (38)                         (22)                    (60)                                   -                         151      151     
 - R&D tax credit                                                                                                         -                            -                       -                                      (10)                      -        (10)    
 - effect of profits/losses in various overseas tax jurisdictions                                                         (100)                        -                       (100)                                  81                        -        81      
 - gain on sale of operations                                                                                             -                            -                       -                                      -                         (27)     (27)    
 - Prior period adjustments - UK                                                                                          (280)                        -                       (280)                                  (28)                      -        (28)    
 - Prior period adjustments - overseas                                                                                    (1,170)                      -                       (1,170)                                104                       -        104     
 Tax charge in the Consolidated Income Statement                                                                          2,594                        (851)                   1,743                                  3,941                     (472)    3,469   
                                                                                                                                                                                                                                                                 
 
 
 d) Deferred tax                                                                                                                                                                                                                                                                                                                                                                                                 
 The Group has recognised deferred tax assets as these are anticipated to be recoverable against profits in future periods. The major deferred tax assets and liabilities recognised by the Group and movements thereon are as follows:  
 Group                                                                                                                                                                                                                                   Accelerated tax depreciation  Defined                              Share-based payments  Short-term timing differences  Acquisition related intangible assets  Total    
                                                                                                                                                                                                                                                                        benefit pension scheme obligation                                                                                                        
                                                                                                                                                                                                                                         £000                          £000                                 £000                  £000                           £000                                   £000     
                                                                                                                                                                                                                                                                                                                                                                                                                 
 At 1 December 2015                                                                                                                                                                                                                      734                           3,932                                423                   1,033                          (1)                                    6,121    
 Credit/(charge) to income                                                                                                    

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