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RNS Number : 2217G Totally PLC 14 November 2022
14 November 2022
Totally plc
("Totally", "the Company" or "the Group")
Interim results for the six months ended 30 September 2022
Continued progress, well-positioned for current and future opportunities
Totally plc (AIM: TLY), a leading provider of a range of healthcare services
across the UK and Ireland, is pleased to announce its unaudited interim
results for the six months ended 30 September 2022.
Financial highlights
· Group turnover up 14.1% to £70.3 million (H1 2022: £61.6
million)
· Gross profit up 2.6% to £11.9 million (H1 2022: £11.6 million)
· Increase in EBITDA profit to £3.4 million (H1 2022: £3.3
million)
· Profit before tax of £1.0 million (H1 2022: £0.9 million)
· Cash position of £7.4 million at 30 September 2022 (31 March
2022: £15.3 million) reflecting the impact of changes in our working capital
model and accelerated growth
· Proposed interim dividend of 0.5p per share (H1 2022: 0.5p) to be
paid in February 2023
Operational highlights
· Delivered services to approximately 1.25 million patients during the
reporting period
· Awarded extensions to 15 existing urgent care contracts amounting to
c.£37 million in value, underpinning recurring income and reflecting the
quality of service and strength of relationships with NHS partners
· Step in contract awarded for the provision of NHS 111 services in Devon
valued at up to £850,000, which has been extended until January 2023 for an
additional contract value of up to £700,000
· Five-year contract extension awarded to Energy Fitness Professionals
for the management of gyms across 34 sites for the Royal Mail, worth c.£2.5
million and extending the existing 18-year relationship to provide additional
services
· One new contract and four contract extensions, collectively valued at
approximately c.£9.5 million, awarded to Pioneer Healthcare to support the
reduction of NHS waiting lists across multiple specialities
· All Care Quality Commission (CQC) registerable services continue to be
rated as GOOD (including those recently inspected) reflecting Totally's
commitment to excellent patient care during continued pressure across the
healthcare industry
Chairman's statement
We are pleased to report the Group's interim results for the six months ended
30 September 2022.
The operating environment has continued to be challenging for everyone in
healthcare, and as the winter months approach, cases of COVID-19 and seasonal
flu are, as expected, on the increase. This brings both opportunities and
challenges for the Group. Totally has a strong track record of managing
services in difficult conditions and was established to support the NHS in the
management of demand fluctuations just like this.
Our most recent acquisition, Pioneer Healthcare, is responding to significant
levels of demand for outsourcing and Any Qualified Provider (AQP) services.
Responding to this growth opportunity is a priority for the Group.
We remain committed to the delivery of high-quality, responsive services that
support our partners, the NHS and commissioners. The scale of the opportunity
remains significant, with demand outstripping supply and waiting lists
continuing to sit at all-time highs. We will continue to invest in our
businesses and in new opportunities that enhance earnings opportunities and
increase shareholder value.
I want to pass my ongoing thanks to our exceptional teams. Our people are
our greatest asset, helping us respond quickly, professionally and with
flexibility to the needs of our NHS commissioners.
Bob Holt OBE
Chairman
14 November 2022
Operational review
The UK has experienced a comparatively easier period in terms of COVID-19
during the last six months. Nevertheless, demand has remained high and as the
usual winter pressures begin to surface, cases of COVID-19 are now starting to
rise again, alongside seasonal flu. We are already taking precautions to
ensure the safety of our staff and our patients so that we can continue
supporting our NHS colleagues when they need it most.
Group performance was in line with management expectations in terms of revenue
and earnings. Cash reserves are reduced as we invested in the delivery of
services, supported recent acquisitions and positioned ourselves to provide
further support to the NHS as it faces greater challenges than ever before.
During the period we invested in new technology to support growth and security
and managed a changing working capital profile following the acquisition of
Pioneer Healthcare as outsourcing and AQP services increased. In accordance
with the standard NHS contract, inflationary uplifts were applied to existing
contracts and, due to current inflationary pressures, there is ongoing
dialogue with commissioners regarding further adjustments.
As we enter what is traditionally the busiest period of the year for
healthcare, plans for managing winter pressures are being finalised with NHS
partners, including the potential for new and improved resilience services
which will ensure that patients can continue to be treated quickly and to
support the NHS's commitment to keep services operating throughout the winter
period. We look forward to updating investors as these discussions conclude.
Urgent Care
Totally's Urgent Care division continues to deliver core services on behalf of
the NHS across the UK, including 23 urgent treatment centres, GP out-of-hours,
clinical assessment services, and online and telephonic 111 services. We
have seen a return to increasing demand within urgent care, with numbers of
patients seen within urgent treatment centres significantly higher than the
previous year. The division was awarded 15 contract extensions during the
period, collectively worth c.£37million. These extensions underpin recurring
revenue by securing the continuation of existing contracts and demonstrate the
excellent long-term relationships held between Totally and commissioners
across the country. Our services will provide millions of people with access
to the healthcare they need during what could be another difficult winter.
In addition, Totally has further demonstrated its ability to support the NHS
by stepping in to deliver NHS 111 services within Devon. The short-term,
initial contract, worth up to £850,000 was rapidly mobilised to provide
support during a period of difficulty and was awarded due to Totally's
considerable experience in providing quality, resilient and responsive
services. We are now continuing to support the delivery of NHS 111 services
in Devon until January 2023 in a further contract valued at up to £700,000.
During the period, Totally also retained GOOD overall ratings from the CQC for
three urgent treatment centres in London: Northwick Park Hospital, Central
Middlesex Hospital, and Ealing Hospital. This is a significant outcome during
continued pressure across the healthcare industry and reflects Totally's
commitment to excellent patient care. As a result, all of Totally's CQC
registerable services continue to be rated as GOOD.
Pioneer Healthcare
This is the first reporting period to include an update on Pioneer Healthcare,
which now incorporates Totally Healthcare (our already established insourcing
business). Demand for insourcing and outsourcing services continues to rise as
focus increases on identifying ways to reduce waiting lists, which have
continued to increase as patients come forward for treatment delayed due to
the COVID-19 pandemic. Pioneer's national AQP (Any Qualified Provider) status
places it in an excellent position to play a role in the reduction of waiting
lists and respond to the latest commitment from the Government to ensure that
patients can choose their preferred provider from all healthcare providers,
including those in the independent sector.
As Pioneer's working capital model is different to the rest of the Group and
income is not received as quickly as in other parts of the business, our cash
position during the initial period of reporting has been disproportionately
impacted, and in particular, over recent months as growth increased beyond
management expectations. The position will normalise over coming quarters.
Both insourcing and outsourcing represent significant growth opportunities for
the Group. During the period, the number of patients supported via
insourcing and outsourcing increased substantially to c.22,000, reflecting the
acquisition of Pioneer and growth. In order to support the significant
growth potential, Totally has and will continue to invest in Pioneer to ensure
we remain able to support the NHS throughout this difficult period and respond
to all growth opportunities.
During the first six months of the financial year, Pioneer has won a new
one-year outsourcing contract valued at approximately £5 million, delivered
new services across England awarded from framework agreements and been awarded
four contract extensions for insourcing and outsourcing valued collectively at
approximately £4.5 million.
We are now seeing an increase in opportunities as the NHS refines its plans to
meet commitments for no further increases in waiting list numbers across
England, and the continuation of services throughout winter. We expect this
part of the business to continue to grow as a result.
Planned Care
Planned Care, which includes the delivery of physiotherapy services in
clinics, health centres and prisons across England, is now operating at
pre-pandemic levels. Community dermatology services are also back to full
capacity and delivering face-to-face and remote services to NHS patients. We
continue to work with commissioners to identify ways in which we can
contribute to the reduction of the current backlog of patients whose referrals
and treatments were delayed during the pandemic.
We are seeing new opportunities being presented by commissioners for
physiotherapy services and dermatology services and will update shareholders
as these opportunities materialise.
Energy Fitness Professionals
Revenue within Energy Fitness Professionals was strong due to three new
contract wins, equipment installations for clients seeking to refresh their
wellbeing proposition for staff and a five-year contract extension for the
delivery of the Royal Mail's on-site gyms across 34 sites in the UK. New
contracts included gym refurbishment and the relaunch of an existing wellbeing
service for global video game giant Electronic Arts ("EA") in the UK.
Alongside the refurbishment of the existing facilities at EA's UK office,
Energy Fitness Professionals launched a new digital service enabling employees
to view live gym information, communicate through the exclusive digital chat
forum, make bookings, follow online workouts and programmes, and participate
in live-streamed exercise classes such as yoga and pilates.
Outlook
The healthcare sector has responded to immense challenges over the last two
and a half years and it continues to be a difficult time for all healthcare
provider organisations. Healthcare operators must respond to increasing
demands on recruitment alongside rising energy costs and inflation, whilst
identifying ways to improve the healthcare outcomes of all patients and
staying ready to respond to the challenges that COVID-19 continues to bring,
as part of our new normal. This requires all providers, the NHS and those
within the private sector, to seek new ways of working and models of care.
We have proven that we can deliver quality patient care whilst services are
under pressure and maintain GOOD ratings on all CQC registered services.
Recruitment remains a priority across the Group and we have invested
significantly to ensure our growth trajectory is underpinned with robust
systems and processes to ensure we can provide capacity to address service
pressures. This is not a new challenge for Totally but one that we faced and
responded to for many years. Pioneer also has a well-established model for
the recruitment of clinical staff, underpinned by long-term relationships,
which somewhat protects this area of the business from the wider challenges of
recruitment faced elsewhere.
In response to mounting financial pressures, experienced by all businesses
within the UK, we continue to seek out and identify new opportunities to drive
efficiencies as part of our business-as-usual cost management processes. This
includes the close ongoing monitoring of all contracts held to ensure these
remain viable both financially, and in terms of service delivery requirements.
Despite the recognised uncertainties that once again come with the winter
period, we remain confident that the business is well-positioned, to continue
to support the NHS through this ongoing challenge and the Board remains
confident that results for the full financial year will be in-line with
consensus market expectations.
I would like to thank our team for their continued hard work and commitment to
delivering exceptional care. Similarly, we thank our shareholders for their
continued support, and look forward to updating the market on further progress
in due course.
Wendy Lawrence
Chief Executive Officer
14 November 2022
Investor presentation
Wendy Lawrence, Chief Executive Officer, and Lisa Barter, Chief Financial
Officer, will provide a live presentation relating to the Company's interim
results via the Investor Meet Company at 10:00 a.m. (UK) on Wednesday, 16
November 2022. The online presentation is open to all existing and potential
shareholders and will consist of a presentation followed by a Q&A session.
Questions can be submitted pre-event via the Investor Meet Company dashboard
or at any time during the live presentation.
Investors can sign up to Investor Meet Company for free and add to
meet Totally plc via:
https://www.investormeetcompany.com/totally-plc/register-investor
(https://www.investormeetcompany.com/totally-plc/register-investor)
Investors who already follow Totally plc on the Investor Meet
Company platform will automatically be invited.
For further information please contact:
Totally plc 020 3866 3330
Wendy Lawrence, Chief Executive
Bob Holt, Chairman
Allenby Capital Limited (Nominated Adviser & Joint Corporate Broker) 020 3328 5656
Nick Athanas / Piers Shimwell (Corporate Finance)
Amrit Nahal (Sales & Corporate Broking)
Canaccord Genuity Limited (Joint Corporate Broker) 020 7523 8000
Bobbie Hilliam / Alex Aylen
Yellow Jersey PR 020 3004 9512
Sarah Hollins / Henry Wilkinson / Annabelle Wills
Notes to editors
Totally is a leading provider of healthcare and wellbeing services across
the UK and Ireland, working in partnership with the NHS, other healthcare
providers and corporate customers to help address the challenges of increased
demand for healthcare services.
The Company is committed to pursuing a progressive buy-and-build consolidation
strategy within the fragmented healthcare market and looks to capitalise on
the attractive opportunities that its disruptive service model offers to
generate value to shareholders.
Totally helps healthcare commissioners and hospitals ensure patients can
access the most appropriate care quickly and efficiently by delivering quality
urgent care services, such as NHS 111 and urgent treatment centres and
elective care services, such as community dermatology clinics and first
contact practitioner. Totally also delivers additional clinical capacity
through insourcing and outsourcing arrangements to trusts and hospitals
tackling growing waiting lists. Our corporate customer services also play a
role in reducing reliance on healthcare by promoting healthy lifestyles and
physical and mental health.
Totally Urgent Care
Totally Urgent Care is made up of Vocare and Greenbrook Healthcare. Both
businesses have a strong heritage. Vocare was established in 1996 as Northern
Doctors Urgent Care to provide urgent care services in the North
of England and continues to deliver urgent treatment centres and GP Out of
Hours services across the North of England as well as national support for
NHS 111. Greenbrook was established in 2006 and cares for NHS patients
across London and the home-counties through the delivery of urgent treatment
centres.
Pioneer Healthcare
Pioneer Health Care was established in 2007 and has grown under the direction
of three senior NHS consultants. Pioneer delivers a wide range of acute
services to NHS patients, in partnership with independent healthcare sector
private hospitals across England, to help the NHS reduce waiting lists whilst
maintaining patient care and quality. Pioneer can offer services through
insourcing and outsourcing agreements and through its Any Qualified Provider
status. Totally Healthcare, Totally's insourcing business, which was launched
in 2019 and previously made up Totally's insourcing division, was incorporated
into Pioneer in 2022 following its acquisition.
Totally Planned Care
Totally Planned Care is made up of About Health and Premier Physical
Healthcare. The businesses are focused on giving patients access to the right
care quickly, reducing pressure on other NHS services and, ultimately,
reducing waiting lists. About Health has been delivering community-based
specialist care with a focus on delivering prompt assessment and treatment
across the country since 2008. Premier Physical Healthcare, established in
2007, provides high quality physiotherapy and podiatry to NHS patients, often
within a community GP practice, and to the prison service.
Energy Fitness Professionals ("EFP")
EFP is a corporate fitness provider established in 1990 to address a gap in
the market for workplace fitness, which has grown to offer a range of services
covering workplace wellbeing. EFP manages 58 gyms on behalf of its corporate
customers, with more than 11,500 members.
More information can be found at:
www.totallyplc.com (http://www.totallyplc.com/)
Interim Consolidated Income Statement
For the six months ended 30 September 2022
Six Months ended 30 September 2022 Six Months ended 30 September 2021 Year ended 31 March 2022
(unaudited) (unaudited) (audited)
£000 £000 £000
Revenue 70,300 61,566 127,373
Cost of sales (58,376) (49,952) (104,504)
Gross profit 11,924 11,614 22,869
Administrative expenses (8,516) (8,309) (16,730)
Other income - - 26
Exceptional items - - (179)
EBITDA 3,408 3,305 5,986
Depreciation and amortisation (2,249) (2,309) (4,516)
Operating profit 1,159 996 1,470
Finance costs (119) (75) (210)
Profit before tax 1,040 921 1,260
Income tax (150) 215 (179)
Profit after tax 890 1,136 1,081
Earnings per share
Basic: Pence 0.48 0.62 0.59
Diluted: Pence 0.47 0.62 0.58
Adjusted Earnings per share
Basic: Pence 1.06 1.13 2.04
Diluted: Pence 1.05 1.12 2.00
All activities relate to continuing operations.
Interim Consolidated Statement of Changes in Equity
For the six months ended 30 September 2022
Share capital Share premium Retained earnings Equity Shareholders' funds
£000
£000 £000 £000
At 1 April 2022(Audited) 18,723 1,053 15,634 35,410
Comprehensive profit for the period (Unaudited) - - 890 890
Credit on issue of warrants and options (Unaudited) - - 61 61
At 30 September 2022 (Unaudited) 18,723 1,053 16,585 36,361
At 1 April 2021 (Audited) 18,219 2 15,753 33,974
Comprehensive profit for the period (Audited) - - 1,081 1,081
Issue of share capital (Audited) 504 1,051 - 1,555
Dividend payment (Audited) - - (1,367) (1,367)
Credit on issue of warrants and options (Audited) - - 167 167
At 31 March 2022 (Audited) 18,723 1,053 15,634 35,410
At 1 April 2021 (Audited) 18,219 2 15,753 33,974
Comprehensive profit for the period (Unaudited) - - 1,136 1,136
Issue of share capital (Unaudited) 7 10 - 17
Dividend authorised (Unaudited) - - (456) (456)
Credit on issue of warrants and options (Unaudited) - - 61 61
At 30 September 2021 (Unaudited) 18,226 12 16,494 34,732
Interim Consolidated Statement of Financial Position
As at 30 September 2022
Six Months ended 30 September 2022 Six Months ended 30 September 2021 Year ended 31 March 2022
(unaudited) (unaudited)
£000 £000 (audited)
£000
Non-current assets
Intangible fixed assets 48,492 36,580 48,935
Property, plant and equipment 1,295 1,024 1,139
Right-of-use assets 1,526 2,533 2,336
Deferred tax 363 330 242
51,676 40,467 52,652
Current assets
Inventories 72 74 74
Trade and other receivables 17,547 8,549 14,099
Cash and cash equivalents 7,441 18,282 15,311
25,060 26,905 29,484
Total assets 76,736 67,372 82,136
Current liabilities
Trade and other payables (30,594) (27,968) (36,629)
Corporation tax (499) (15) -
Lease liabilities (275) (487) (446)
Deferred acquisition consideration (6,636) (246) (6,636)
(38,004) (28,716) (43,711)
Non-current liabilities
Lease liabilities (1,778) (2,119) (1,981)
Other payables (47) (1,080) (22)
Deferred tax (546) (725) (1,012)
(2,371) (3,924) (3,015)
Total liabilities (40,375) (32,640) (46,726)
Net current liabilities (12,944) (1,811) (14,227)
Net assets 36,361 34,732 35,410
Shareholders' Equity
Share capital 18,723 18,226 18,723
Share premium account 1,053 12 1,053
Retained earnings 16,585 16,494 15,634
Equity shareholders' funds 36,361 34,732 35,410
Interim Consolidated Cash Flow Statement
For the six months ended 30 September 2022
Six Months ended 30 September 2022 Six Months Year ended 31 March 2022
(unaudited) ended 30 September 2021 (audited)
£000 (unaudited) £000
£000
Cash flow from operating activities:
Profit for the period 892 1,136 1,081
Adjustments for:
Options and warrants charge 61 61 167
Amortisation and depreciation 2,249 2,309 4,516
Tax expense recognised in profit or loss 150 (216) 179
Finance costs 119 74 210
Movements in working capital:
Movement in inventory 2 26 26
Movement in trade and other receivables (4,512) 126 (2,382)
Movement in trade payables (2,422) (392) 4,079
Movement in other payables (2,764) 1,777 3,287
Cash (used in)/generated from operations (6,225) 4,901 11,163
Income tax received/(paid) - - -
Net cash flows from operating activities (6,225) 4,901 11,163
Cash flow from investing activities:
Purchase of property, plant and equipment (402) (551) (418)
Additions of intangible assets (305) (256) (1,085)
Contingent consideration - - (22)
Acquisition of subsidiary, net of cash acquired - - (6,071)
Net cash flows from investing activities (707) (807) (7,596)
Cash (outflow)/inflow before financing (6,932) 4,094 3,567
Cash flow from financing activities:
Issue of share capital - 18 22
Expenses attached to equity issue - - (70)
Dividends paid - - (1,367)
Interest paid (119) (74) (126)
Finance lease payments (819) (553) (1,512)
Net cash flow from financing activities (938) (609) (3,053)
Net (decrease)/increase in cash and cash equivalents (7,870) 3,485 514
Cash and cash equivalents at beginning of the period 15,311 14,797 14,797
Cash and cash equivalents at end of the period 7,441 18,282 15,311
Notes to the Interim Results
1. Basis of preparation
Totally plc is a public limited company incorporated in the United
Kingdom under the Companies Act 2006 (registration number: 3870101). The
Company's ordinary shares are admitted to trading on the AIM market of
the London Stock Exchange ("AIM").
The Group's principal activities in the period under review have been the
provision of innovative and consolidatory solutions to the healthcare sector,
which are provided by the Group's wholly owned subsidiaries, Totally Health
Limited, Premier Physical Healthcare Limited, About Health
Limited, Optimum Sports Performance Centre Limited, Vocare
Limited, Greenbrook Healthcare (Hounslow) Limited, Greenbrook
Healthcare (Earl's Court) Limited, Totally Healthcare Limited, Pioneer
Health Care Limited and Energy Fitness Professionals Limited.
The Group's interim report and accounts for the six months ended 30 September
2022 have been prepared using the recognition and measurement principles of
International Accounting Standards in conformity with the requirements of the
Companies Act 2006 as per the annual report.
These interim financial statements for the six months ended 30 September
2022 have been prepared in accordance with the AIM Rules for Companies and
should be read in conjunction with the financial statements for the year
ended 31 March 2022, which have been prepared in accordance with
International Accounting Standards in conformity with the requirements of the
Companies Act 2006 as per the annual report. The interim report and accounts
do not include all the information and disclosures required in the annual
financial statements.
The interim report and accounts have been prepared on the basis of the
accounting policies, presentation and methods of computation as set out in the
Group's March 2022 Annual Report and Accounts and on the basis of the
principal accounting policies that the Group expects to apply in its financial
statements for the year ending 31 March 2023.
The interim report and accounts do not comprise statutory accounts within the
meaning of section 434 of the Companies Act 2006. These interim financial
statements were approved by the Board of Directors on 14 November 2021.
The results for the six months to 30 September 2022 and the comparative
results for the six months to 30 September 2021 are unaudited. The figures
for the period ended 31 March 2022 are extracted from the audited statutory
accounts of the Group for that period.
The Directors believe that a combination of the Group's current cash and
credit facilities, projected revenues from existing and future contracts will
enable the Group to meet its obligations and to implement its business plan in
full. Inherently, there can be no certainty in these matters, but the
Directors believe that the Group's internal trading forecasts are realistic
and that the going concern basis of preparation continues to be appropriate.
2. Earnings per share
Basic earnings per share is calculated by dividing the profit attributable to
equity holders of the Company by the weighted average number of ordinary
shares in issue during the period. Diluted earnings per share takes into
account the effects of share options in issue.
Adjusted earnings per share is calculated by dividing the pre-exceptional
profit before amortisation of intangible customer contracts &
relationships and tax by the weighted average number of ordinary shares in
issue during the period.
Statutory Earnings per share 6 months ended 6 months ended Year ended 31 March 2022
30 September 2022 30 September 2021 £000
£000 £000 (Audited)
(Unaudited) (Unaudited)
Profit (£000) 890 1,136 1,081
Weighted average number of shares used in basic earnings per share 187,268 182,236 182,553
calculations ('000)
Potentially dilutive share options and contingent share consideration ('000) 2,070 2,031 3,753
Weighted average number of shares used in diluted earnings per share 189,338 184,267 186,306
calculations ('000)
Basic earnings per share (Pence) 0.48 0.62 0.59
Diluted earnings per share (Pence) 0.47 0.62 0.58
Adjusted Earnings per share 6 months ended 6 months ended Year ended 31 March 2022
30 September 2022 30 September 2021 £000
£000 £000 (Audited)
(Unaudited) (Unaudited)
Pre-exceptional profit before tax (£000) 1,040 921 1,439
Amortisation of intangible customer contracts & relationships 950 1,134 2,278
Adjusted profit (£000) 1,990 2,055 3,717
Weighted average number of shares used in diluted earnings per share 189,268 182,236 182,553
calculations ('000)
Potentially dilutive share options and contingent share consideration ('000) 2,070 2,031 3,753
Weighted average number of shares used in diluted earnings per share 189,338 184,267 186,306
calculations ('000)
Adjusted basic earnings per share (Pence) 1.06 1.13 2.04
Adjusted diluted earnings per share (Pence) 1.05 1.12 2.00
3. Dividends
The below dividends are recorded in the financial information
6 months ended 30 September 2022 6 months ended 30 September 2021 Year ended 31 March 2022
£000 (Unaudited) £000 (Unaudited) £000 (Audited)
Interim dividend (FY22) - 0.50p per share - - 911
Final dividend (FY21) - 0.25p per share - 456 456
- 456 1,367
In addition to the above, a final dividend (FY22) of 0.5p per share
or £937,000 was paid in October 2022. The Board are proposing an interim
dividend (FY23) of 0.5p per share or £998,000 to be paid in February
2023.
4. Distribution of Interim Report
A copy of the interim report will be available shortly on the Company's
website (www.totallyplc.com (http://www.totallyplc.com/) ) in accordance with
Rule 26 of the AIM Rules for Companies.
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