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RNS Number : 5356A SpaceandPeople PLC 26 September 2022
26 September 2022
SpaceandPeople plc
("SpaceandPeople" or the "Group")
Interim results for the six months ended 30 June 2022
SpaceandPeople (AIM:SAL), the retail, promotional and brand experience
specialist which facilitates and manages the sale of promotional and retail
merchandising space in shopping centres and other high footfall venues,
announces its interim results for the six months ended 30 June 2022.
Highlights
Financial
o Group revenue up 119% to £2.4m (H1 2021: £1.1m) as almost all venues
were open for business compared with the majority being closed for a large
part of H1 2021. However, revenue remained below pre-pandemic levels of £3.8m
in H1 2019
o Group gross profit up 91% to £1.5m (H1 2021: profit of £0.8m and H1
2019: profit of £2.3m)
o Significant reduction in adjusted operating loss to £0.3m (H1-2021: loss
of £1.0m)¹. Reported operating loss of £0.3m comparable with H1 2021
o Net cash outflow from operating activities of £0.5m (H1 2021: £0.1m)
primarily due to reduction in trade creditors
o Facility headroom at 30 June 2022 of £1.4m (30 June 2021: £1.5m) which
has been broadly maintained post period end at £1.6m at 23 September 2022 (23
September 2021: £1.4m)
o Net bank debt as at 30 June 2022 of £1.0m (30 June 2021: £1.1m), with
bank debt repayments of £0.2m since 30 June 2021
Operational
o Recovery in brand experience and strong recovery in retail markets as
pandemic lockdowns ended in quarter one in the UK
o New and unique, full-service, kiosk retailing programme "Rock Up and Pop
Up" launched in UK shopping centres to encourage and enable new retailers into
venues
o Launched "Experiential Space" website(www.experientialspace.co.uk
(http://www.experientialspace.co.uk/) ), giving promoters enhanced online
access to venue information and chat function to allow comparison of sites on
offer and facilitate faster bookings
o German business fully operational since April 2022 following the end of
Covid-19 restrictions
¹ £nil adjustment for pandemic governmental support in H1 2022 (H1 2021:
£0.7m)
Contact details:
SpaceandPeople Plc 0845 241 8215
Nancy Cullen, Gregor Dunlay
Zeus Capital Limited (Nominated Adviser and Broker) 0203 829 5000
David Foreman, Jamie Peel, Ed Beddows
Chief Executive's Interim Operating Statement
I am delighted to be presenting the 2022 interim results for SpaceandPeople
that show significant recovery and improvement in our trading following the
exceptionally challenging market conditions caused by the pandemic during the
first half periods in 2021 and 2020. Although we started 2022 with some
restrictions still in place, they did not impact our trading to the extent
that lockdowns had in the past and our ability to hit the ground running
shortly after our markets re-opened, helped us to drive increased revenue and
perform well without ongoing government support. As well as reinvigorating our
existing business, we have pressed ahead with product innovation and
recruitment of sales staff to enable us to continue our recovery towards
pre-pandemic levels and beyond.
When comparing H1 2022 with H1 2021 there is a notable upswing in revenue (up
119%), but of course our business remained badly affected by lockdowns in
2021, affecting January until April in the UK and January until June in
Germany. This year also got off to a slow start, with the threat of Covid
remaining high in January in both the UK and Germany. As a result, footfall at
all our venues was slow to recover during this period and for a few months
afterward. Despite the recovery in revenue to £2.4m, there is still some way
to go to get back to the £3.8m of revenue we generated in H1 2019 and beyond.
It is also important to note that, statutory Group operating loss results do
not during the review period, provide an accurate portrayal of the progress
made by the business. These reported results show a small deterioration in
losses made, but if adjusting for the £0.7m of Government grant and salary
support received last year, which was not repeated in H1-2022, true
operational progress is considerably more apparent.
As a business we are focusing our efforts on keeping costs down but also
ensuring that the majority of our cost base is client facing (both venue and
space buyers). Over the past six months we have recruited sales staff back
up to 2019 levels but have kept overall costs down from £1.8m (H1 2019) to
£1.6m (H1 2022).
Trading
Retail
As we found following our emergence from previous lockdown periods, it was our
retail business that was the first to recover, with strong demand from many
existing retailers and some new retail concepts, such as pet related and
homeware products being high on the list of new retailers to trial our venues.
Much of our focus this year has been in looking at ways in which we can bring
new retailers into venues, that align closely with our property clients'
wishes to add vitality, improve quality and bring a point of difference to
their venues. It was during H1 2022, that we invested in resource to develop
our new programme of Retail Kiosks and associated services known as "Rock Up
and Pop Up".
Rock Up and Pop Up is an evolutionary step for SpaceandPeople, aimed at
offering a more comprehensive retail service to nascent retailers who want to
trial physical retailing, but who have been unable to access resource in terms
of high-quality kiosks, staffing, business planning and merchandising
expertise, all of which we are able to offer. The H1 2022 results reflect some
initial investment in this programme, but no revenue as yet. This programme
aims to complement and ultimately evolve the current RMU programme towards a
more comprehensive service for retailers and a significantly more vibrant,
high-quality offering for our venues. The first kiosk for Rock Up and Pop Up
was HeartScent who retail gifts and homeware and this was placed into Braehead
Shopping Centre near Glasgow in May 2022.
Brand Experience
Our Brand Experience business has been slower to return, with confidence
levels regarding brands' willingness to engage in face-to-face interaction
only returning to almost pre pandemic levels over this summer. Initially,
activity focussed on food and drink sampling (such as Alpro, Eat Natural,
Kind, Evian. Ocean Spray) and on food delivery (including Tesco, Gorillas,
Grubby, Hello Fresh and Graze). It is encouraging to note whilst I write this
report, that the summer return to activity looks set to continue and that
engagement and the ability for brands to create and support social media
outreach with high quality and entertaining activity is still a very viable
and relevant media. We have also invested in this area with the launch of our
online listing platform for venues. The website, www.experientialspace.co.uk
(http://www.experientialspace.co.uk) , is SpaceandPeople's venue database,
which enables agencies and brands to browse a comprehensive listing of indoor
and outdoor venues and to compare and contrast demographics, spaces sizes and
weekly footfall. The website also features live chat as well as email and
phone access to our staff.
Local promotions and customer acquisition
Local promotions and customer acquisition business has been relatively more
affected as a result of a slowdown in bookings from the charity sector and
issues across the board for acquisition companies due to the availability of
staff. Whilst this is a much smaller part of our overall business, it is still
creating a drag on revenue. Whilst we anticipate a slight uplift in this
business during the second half of 2022, we do not anticipate a quick return
to pre-pandemic revenue levels.
Germany
In Germany, we faced a completely different set of challenges. Restrictions
remained in place (mask wearing in all shops and proof of vaccination needing
to be shown in many public places) until April 2022 and revenue, although
significantly better than H1 2021 (H1 2022: £0.58m compared with H1 2021:
£0.09m), still reflects a more challenging trading environment. The German
business is now fully back up and running and we look forward to a better
second half, as we rollout new concept food kiosks as well as developing the
existing business.
Outlook
It is good to see footfall returning to our venues in the post Covid period
with shopping centres reporting footfall levels of at least 80% of pre-Covid
levels. Footfall at railway stations is also coming back and we anticipate the
continuing return of commuters over the next six months as the desire and
opportunity to work from home continues to wane.
We are not, however, immune to the wider issues that are currently affecting
the UK and German economies. Although Group second half performances will
remain stronger than first halves, we anticipate that higher energy costs and
inflation will have an effect on discretionary spending in the run up to
Christmas. We are, however, a resilient business with diverse income streams.
We have traded successfully through economically challenging conditions in the
past and I have every confidence that we will continue to do so.
Overall, therefore, I am pleased with the Group's performance for this period.
The business has rebuilt successfully post Covid and continues to see growth
across all sectors. We are keen to support our property partners, observing
market trends and supporting their development and we will continue to invest
in additional staff recruitment and development as we evolve our products and
services to better meet the new challenges facing the retail sector.
With our business focus in mind, I would also like to add that I am delighted
to welcome John Scott onto our Board as a non-executive director. John has
extensive experience and understanding of the retail sector having worked in
senior international management positions as well as providing consultancy
services through his own businesses. John therefore joins us with a deep
understanding of our business and the challenges and opportunities that exist
and he will support and challenge the executive team to develop and build the
work of the retail division in both the UK and internationally.
During August 2022, SpaceandPeople announced that it has established
the SpaceandPeople plc Employee Benefit Trust (the "EBT") for the benefit of
current and future employees. The EBT will act independently of the Company
and is expected to make market purchases of the ordinary shares of
SpaceandPeople in order to, among other things, satisfy current and potential
future option exercises of vested options granted pursuant to share option
agreements. The EBT will be funded by way of a loan from SpaceandPeople
and the Board believes that the formation of the EBT will help in attracting
new talent and incentivising existing members of the management team.
With the launch of and investment in Rock Up and Pop Up as well as our new
experiential website, www.experientialspace.co.uk, we have developed
innovative new services that support our two key revenue streams; Brand
Experience and Pop-up Retail, and we are aiming for these to contribute to and
stimulate our growth over the coming years. SpaceandPeople has the ability to
deliver the most comprehensive portfolio of spaces for brands and retailers to
research, launch and showcase their products. By developing new marketing
platforms to promote our venues, combined with new retail delivery options, we
will continue to expand and dominate this sector.
Nancy Cullen
26 September 2022
Independent Auditor's Review Report on Interim Financial Information
Conclusion
We have reviewed the accompanying balance sheet of Spaceandpeople plc as of
June 30, 2022 and the related statements of income, changes in equity and cash
flows for the six-month period then ended, and a summary of significant
accounting policies and other explanatory notes.
Based on our review, nothing has come to our attention that causes us to
believe that the accompanying interim financial information does not present
fairly, in all material respects the financial position of the entity as at
June 30, 2022, and of its financial performance and its cash flows for the
six-month period then ended in accordance with UK adopted International
Accounting Standard 34, "Interim Financial Reporting".
Basis for Conclusion
We conducted our review in accordance with International Standard on Review
Engagements 2410 (UK), "Review of Interim Financial Information Performed by
the Independent Auditor of the Entity". A review of interim financial
information consists of making inquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other review
procedures. A review is substantially less in scope than an audit conducted in
accordance with International Standards on Auditing and consequently does not
enable us to obtain assurance that we would become aware of all significant
matters that might be identified in an audit. Accordingly, we do not express
an audit opinion.
Conclusions Relating to Going Concern
Based on our review procedures, which are less extensive than those performed
in an audit as described in the Basis of Conclusion section of this report,
nothing has come to our attention to suggest that management have
inappropriately adopted the going concern basis of accounting or that
management have identified material uncertainties relating to going concern
that are not appropriately disclosed.
This conclusion is based on the review procedures performed in accordance with
this ISRE, however future events or conditions may cause the entity to cease
to continue as a going concern.
Responsibilities of directors
Management is responsible for the preparation and fair presentation of this
interim financial information in accordance with UK adopted International
Accounting Standard 34, "Interim Financial Reporting".
In preparing the half-yearly financial report, the directors are responsible
for assessing the company's ability to continue as a going concern,
disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the directors either intend to
liquidate the company or to cease operations, or have no realistic alternative
but to do so.
Auditor's Responsibilities for the review of the financial information
In reviewing the half-yearly report, we are responsible for expressing to the
Company a conclusion on the condensed set of financial statement in the
half-yearly financial report. Our conclusion, including our Conclusions
Relating to Going Concern, are based on procedures that are less extensive
than audit procedures, as described in the Basis for Conclusion paragraph of
this report.
Azets Audit Services
Chartered Accountants
Statutory Auditors
Titanium 1
King's Inch Place
Renfrew
PA4 8WF
Date: 23 September 2022
Consolidated Group Statement of Comprehensive Income
For the six months ended 30 June 2022
Notes 6 months to 30 June '22 6 months to 30 June '21 12 months to 31 December '21
(Unaudited) (Unaudited) (Audited)
£'000 £'000 £'000
Revenue 4 2,413 1,102 4,020
Cost of sales (869) (292) (1,211)
Gross profit 1,544 810 2,809
Administration expenses (1,996) (1,765) (3,456)
Other operating income 132 704 800
Operating (loss)/profit (320) (251) 153
Finance costs (57) (15) (78)
(Loss)/profit before taxation (377) (266) 75
Taxation 66 124 97
Loss after taxation (311) (142) 172
Profit / (loss) from discontinued operation - 12 12
(Loss) / profit for the period
(311) (130) 184
Other comprehensive income
Foreign exchange differences on translation of foreign operations 11 3 (38)
Total comprehensive (loss)/income for the period (300) (127) 146
Earnings/(loss) per share 10
Basic (16.0)p (6.5)p* 9.4p*
Diluted (16.0)p (6.5)p* 8.9p*
*Restated
Consolidated Group Statement of Financial Position
At 30 June 2022
Notes 30 June '22 30 June '21 31 December '21
(Unaudited) (Unaudited) (Audited)
£'000 £'000 £'000
Assets
Non-current assets:
Goodwill 5 6,881 6,881 6,881
Property, plant & equipment 6 640 851 690
Deferred tax 364 323 297
7,885 8,055 7,868
Current assets:
Trade & other receivables 2,134 1,862 2,196
Current tax receivable - 173 6
Cash & cash equivalents 7 618 760 1,380
2,752 2,795 3,582
Total assets 10,637 10,850 11,450
Liabilities
Current liabilities:
Trade & other payables 3,999 3,709 4,339
Lease liabilities 176 207 189
Borrowings repayable within one year 8 322 247 297
4,497 4,163 4,825
Non-current liabilities:
Lease liabilities 284 490 308
Borrowings repayable after one year 8 1,320 1,639 1,481
1,604 2,129 1,789
Total liabilities 6,101 6,292 6,614
Net assets 4,536 4,558 4,836
Equity
Share capital 9 195 195 195
Share premium 4,868 4,868 4,868
Special reserve 233 233 233
Retained earnings (760) (738) (460)
Total equity 4,536 4,558 4,836
Consolidated Group Statement of Cash Flows
For the six months ended 30 June 2022
Notes 6 months to 30 June '22 6 months to 30 June '21 12 months to 31 December '21
(Unaudited) (Unaudited) (Audited)
£'000 £'000 £'000
Cash flow from operating activities
Cash outflow from operations (418) (127) 680
Interest paid (57) (15) (78)
Taxation 5 11 177
Net cash (outflow) / inflow from operating activities (470) (131) 779
Cash flows from investing activities
Purchase of property, plant & equipment 6 (62) (23) (80)
Disposal of property, plant & equipment 6 68 - -
Net cash inflow / (outflow) from investing activities 6 (23) (80)
Cash flows from financing activities
Bank loans drawn 8 - 1,000 1,000
Bank loans repaid 8 (137) (864) (972)
Payment of finance lease obligations (161) (61) (186)
Net cash (outflow) / inflow from financing activities (298) 75 (158)
(Decrease) / increase in cash and cash equivalents (762) (79) 541
Cash at beginning of period 1,380 839 839
Cash at end of period 7 618 760 1,380
Reconciliation of operating profit to net cash flow from operating activities
Operating (loss) / profit (320) (251) 153
Gain/ (loss) on disposal - 12 (28)
Depreciation of property, plant & equipment 167 208 375
Effect of foreign exchange rate moves 13 3 (33)
Decrease / (increase) in receivables 62 128 (271)
(Decrease) / increase in payables (340) (227) 484
Cash flow from operating activities (418) (127) 680
Consolidated Group Statement of Changes in Equity
For the six months ended 30 June 2022
Share capital Share premium Special reserve Retained earnings Non-controlling Total equity
Six months to 30 June '22 Interest
£'000 £'000 £'000 £'000 £'000 £'000
At 1 January '22 195 4,868 233 (460) - 4,836
Foreign currency translation - - - 11 - 11
Loss for the period - - - (311) - (311)
At 30 June '22 195 4,868 233 (760) - 4,536
Share capital Share premium Special reserve Retained earnings Non-controlling Total equity
Six months to 30 June '21 Interest
£'000 £'000 £'000 £'000 £'000 £'000
At 1 January '21 195 4,868 233 (587) (24) 4,685
Foreign currency translation - - - 3 - 3
Loss for the period - - - (130) - (130)
Other movement (24) 24 -
At 30 June '21 195 4,868 233 (738) - 4,558
Notes to the financial statements
For the six months ended 30 June 2022
1. General information
SpaceandPeople plc is a limited liability company incorporated and domiciled
in Scotland (registered number SC212277) which is quoted on AIM (ticker: SAL).
This condensed consolidated interim financial information has been reviewed,
but not audited, by the auditors, and their independent review is set out
earlier in this report. It does not constitute statutory accounts as defined
by Section 434 of the Companies Act 2006. The financial information for the 12
months to 31 December 2021 has been extracted from the statutory accounts for
that period. These published accounts were reported on by the auditors without
qualification or an emphasis of matter reference and did not include a
statement under section 498 of the Companies Act 2006 and have been delivered
to the Registrar of Companies.
This condensed consolidated interim financial information was approved by the
board on 23 September 2022.
2. Basis of preparation
This condensed consolidated interim financial information for the six months
ended 30 June 2022 has been prepared in accordance with IAS 34 'Interim
financial reporting'. The condensed consolidated interim financial information
should be read in conjunction with the financial statements of the Group for
the period ending 31 December 2021 which were prepared on a going concern
basis under the historical cost convention in accordance with International
Financial Reporting Standards (IFRS) as adopted by the UK, and those parts of
the Companies Act 2006 applicable to companies reporting under IFRS.
3. Accounting policies
The accounting policies adopted in the preparation of the condensed
consolidated interim financial information are consistent with those applied
in the financial statements of the Group for the year ended 31 December 2021.
Reclassification
In the interim period to 30 June 2021, the Group inaccurately presented
certain grant income within Administrative expenses. As such, an adjustment
has been processed to classify this appropriately in the comparative figures
presented. As a result, Administrative expenses and other operating income
have both increased by £252,000 from the previous interim report presented
for the period to 30 June 2021. There is no impact to the reported loss before
tax , cash or any other figures presented.
Going Concern
The Directors are required to prepare the statutory financial statements on
the going concern basis unless it is inappropriate to presume that the Group
will continue in business. In satisfaction of this responsibility the
Directors have considered the Group's ability to meet its liabilities as they
fall due.
The Group meets its day-to-day cash requirements through working capital
management and the use of existing bank overdraft and loan. Management
information tools including budgets and cash flow forecasts are used to
monitor and manage current and future liquidity. The current and future
financial position of the Group, its cash flows and liquidity position
continue to be reviewed by the Directors. They take a prudent view on the
continuing recovery in the Group's business post covid lockdowns and have
stress tested these assumptions to ensure that cash flows and liquidity are
sufficiently robust to allow the Group to continue to trade during this
period.
The Group has term loans in place that mature in 2025 and 2027 along with
overdraft facilities available until 2024. Covenants are in place that reflect
the current trading position and a reasonable forecasted view of the Group's
financial performance.
The Group continues to manage its cash flows prudently and the Directors are
confident that the current resources and available funding facilities will
provide sufficient headroom to meet the forecast cash requirements. The
Group's current and long-term forecast outlook has provided further assurance
to the Directors regarding its financial position.
Accordingly, the Directors consider that it is appropriate to prepare the
financial statements on the going concern basis.
4. Segmental reporting
The Group maintains its head office in Glasgow and an office in Hamburg,
Germany. These are reported separately. In addition, the retail business, now
trading as POP Retail, has a subsidiary in Germany. The Group has determined
that these are the principal operating segments as the performance of these
segments is monitored separately and reviewed by the board.
The following table presents revenue and profit and loss information regarding
the Group's two business segments - Promotional Sales and Retail, split by
geographic area. The Other segment represents the Group's previous investment
in SpaceandPeople India. Segment profit / (loss) before tax below is presented
after including discontinued operations.
Promotions Retail Retail Head Other Group
UK UK Germany Office
£'000 £'000 £'000 £'000 £'000 £'000
Six months to 30 June '22
Revenue 1,222 609 582 - - 2,413
Segment (loss) / profit before tax 244 16 (32) (605) - (377)
Six months to 30 June '21
Revenue 769 233 100 - - 1,102
Segment (loss) / profit before tax including discontinued operations 151 (105) 74 (386) 12 (254)
12 months to31 December '21
Revenue 2,132 1,022 866 - - 4,020
Segment profit / (loss) before tax including discontinued operations 655 62 131 (773) 12 87
5. Goodwill
30 June '22 30 June '21 31 December '21
Net book value £'000 £'000 £'000
Opening and closing balance 6,881 6,881 6,881
6. Property, plant and equipment
30 June '22 30 June '21 31 December '21
Net book value £'000 £'000 £'000
Opening balance 690 1,028 1,028
IFRS16 Lease additions 123 8 8
Additions 62 23 90
Forex - - (5)
Disposals (68) - (56)
Depreciation (167) (208) (375)
Closing balance 640 851 690
The right of use lease liabilities are secured against the right of use
assets.
7. Cash & cash equivalents
30 June '22 30 June '21 31 December '21
£'000 £'000 £'000
Cash at bank and on hand 618 760 1,380
8. Borrowings
At the reporting date the Group had the following borrowings:
30 June '22 30 June '21 31 December '21
£'000 £'000 £'000
Bank loans:
Less than one year 322 247 297
Greater than one year 1,320 1,639 1,481
1,642 1,886 1,778
As at 30 June 2022, SpaceandPeople plc had £1.64 million (2021: £1.89
million) of CBILS term loans, £0.66 million of which expire in April 2025 and
£0.98 million expire in January 2026. SpaceandPeople plc also had £0.75
million of overdraft facilities of which £nil was used as at 30 June 2022
(2021: £50k). The bank facilities are secured by floating charge over the
Group's assets and are subject to interest between 3.25% to 3.8% plus base.
9. Called up share capital
Allotted, issued and fully paid 30 June '22 30 June '21 31 December '21
Class Nominal value
Ordinary 1p £ - 195,196 195,196
Number - 19,519,563 19,519,563
Class Nominal value
Ordinary 10p £ 195,196 - -
Number 1,951,957 - -
On 7 June 2022, at the Company's annual general meeting, shareholders approved
the consolidation of the Company's ordinary share capital, resulting in every
10 existing ordinary shares of 1 pence each being consolidated into 1 new
ordinary share of 10 pence each. The Company's issued share capital now
consists of 1,951,957 Ordinary Shares with one voting right each. The Company
does not hold any ordinary shares in treasury. Therefore, the total number of
ordinary shares and voting rights in the Company is 1,951,957. There is no
change to the pound sterling value as a result of the share consolidation.
10. Earnings per share
Earnings per share (EPS) has been calculated using the loss after taxation
attributable to owners of the company for the period and the weighted average
number of shares in issue.
30 June '22 30 June '21 31 December '21
£'000 £'000 £'000
(Loss) / profit after tax for the period attributable to owners of the Company (311) (130) 184
Discontinued operation - (12) (12)
(Loss) / profit after tax for the period before non-recurring costs (311) (142) 172
attributable to owners of the Company
Weighted average number of shares in issue during the period
'000 '000 '000
- 10p ordinary shares 1,952 - -
- 1p ordinary shares - 19,520 19,520
- Share options - - 1,232
- Diluted ordinary 10p shares 1,952 - -
- Diluted ordinary 1p shares - 19,520 20,752
Adjusted weighted average for impact of share consolidation 1,952 1,952 2,075
The weighted average number of ordinary shares is adjusted retrospectively for
all periods presented for any change in the number of number shares
outstanding without a corresponding change in resources. Accordingly, basic
and diluted EPS has been restated for the comparative periods to 30 June 2021
and 31 December 2021.
In the period to 30 June 2022 and 30 June 2021, there are share options
outstanding as at the end of each period which, if exercised, would increase
the number of shares in issue. However, in these periods, there is an
anti-dilutive effect and as such the effects of anti-dilutive potential
ordinary shares are ignored in calculating diluted EPS.
11. Post reporting date events
In August 2022, SpaceandPeople PLC established an Employee Benefit Trust for
the benefit of its current and future employees and subsequently granted
76,000 new share options to the company's executive directors and other
employees.
In September 2022, the group appointed Mr John Scott as an Independent
Non-Executive Director to its Board.
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