Interim Results
26/09/2024 07:01
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RNS Number : 6936F Touchstar PLC 26 September 2024
This announcement contains inside information for the purposes of Article 7 of
the UK version of Regulation (EU) No 596/2014 which is part of UK law by
virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon
the publication of this announcement via a Regulatory Information Service,
this inside information is now considered to be in the public domain.
26 September 2024
Touchstar plc
Interim results for the
Six months ended 30 June 2024
"Our outlook for 2024 remains unchanged and we continue to trade in line with
our plan.
The Board has today announced that Touchstar is conducting a strategic review
of its business, a sale of the Company is one of a number of possible outcomes
of the strategic review.
The long-term growth strategy and prospects of the business remain positive,
and we are continuing to invest to support that growth.
A 50% increase in the interim dividend reflects our confidence."
The Board of Touchstar plc ((AIM:TST) "Touchstar", the "Company" or the
"Group"), suppliers of mobile data computing solutions and managed services to
a variety of industrial sectors, is pleased to announce its interim results
for the six months ended 30 June 2024 ("H1 24" and "Period").
2024 Interim Results Highlights
· H1 24 trading is ahead of management expectations
· As previously indicated financial results this year will be second
half weighted
· Full year expectations broadly on track
Key Financials
H1 24 H1 23
Revenue £3,377,000 £3,726,000
Margin 59.1% 55.4%
EBITDA £589,000 £657,000
Pre-tax profits £254,000 £307,000
Basic earnings per share ("EPS") 2.82p 3.20p
Cash net of overdraft £1,742,000 £2,761,000
Order book at end H1* £2,275,733 £2,988,275
Recurring revenue £1,496,000 £1,435,000
Proposed interim dividend 1.5p a share 1.0p per share
* Includes recurring revenue
H1 24 Financial Highlights
· Revenue declined 6.7% as petrochemical distribution projects are
scheduled for H2 24
· Recurring revenue growth continues
· Margins increased substantially enabling Touchstar to help offset
the impact of reduced revenue
· ATC, our access control business had a strong H1 24 which drove
business outperformance to budget
· Increase in the dividend, an indication of confidence in the
business.
· Cash balance reduced due to stock levels increasing ahead of
expected H2 24 activity and increase in debtors following strong June trading.
Position expected to normalise by year-end
Outlook for FY 24
As expected H1 24 was a quieter period for the business, the prospects for
FY24 remain the same, with trading expected to achieve:
· Growth in revenue year on year
· Recurring revenue growth to continue to outpace total revenue
· Margins for FY 24 to remain at healthy level
· Progression of profitability and earnings per share year on year
· H2 cash generation to be strong as timing factors in working
capital unwind
Strategic Review
As announced earlier today, the Board is conducting a strategic review of the
Company to identify the optimal path for future growth and value creation for
its Shareholders. This review will explore various options, including a
potential sale of the Company, its assets or other relevant transactions.
The Company has over time been approached by various parties about possible
mergers, alliances or sale of all or parts of the business. To date these have
been received and considered on an ad hoc basis. The Board now feels it is in
shareholders' interests to consider the Company's options more formally and
openly.
The objective of the strategic review will be to ascertain the right path for
the business, one that enables shareholder value to be fully reflected, gives
opportunity to our employees, and serves our customers well.
Zeus has been appointed to advise us in this process. Our intention is to
reach a conclusion to this review this year.
We believe that Touchstar has demonstrated a high quality of earnings, a
proven record of good growth and strong cash generation. Our question, "is
remaining as a small, listed company the appropriate structure to deliver
value to shareholders"?
Commenting today, Ian Martin, Chairman of Touchstar, said:
"The Board remains confident in the long-term growth potential of the
business, and we are investing to support that growth. Our strong financial
position and underlying cash generation allows us to continue to fund our
organic growth plans, accelerate investment, add resource and continue to
return surplus cash to shareholders. We will maintain the discipline that has
delivered profitable growth in recent years"
For further information, please contact:
Touchstar plc www.touchstarplc.com (http://www.touchstarplc.com)
Ian Martin 0161 874 5050
Mark Hardy 0161 874 5050
Zeus - Nominated Adviser & Broker www.zeuscapital.co.u (http://www.zeuscapital.co.uk) k
(http://www.zeuscapital.co.uk)
Corporate Finance - Mike Coe/Darshan Patel/Sarah Mather
0203 829 5000
Information on Touchstar plc can be seen at: www.touchstarplc.com
(https://www.touchstarplc.com/)
CHAIRMAN'S INTERIM STATEMENT 2024
CHAIRMANS STATEMENT
I am pleased to report that in the six months ended 30 June 2024 the Group
performed ahead of management expectations albeit the results are below H1
2023, as unlike last year the larger contracts, as we expected, are to be
second half weighted. The results for the year are broadly on track with
expectations.
In the Period the Group has won new customers, controlled its costs and
margins and has invested in improving our products. In addition, our access
control business, ATC, has had a strong six month performance benefitting from
our investment and the successful repositioning of the business as a solutions
provider.
While I have great confidence in the business and its potential, I also hold
high expectations for its performance. While the first half of 2024 exceeded
our expectations, we can and should strive for even greater achievements. By
critically evaluating our performance, we can identify areas for improvement,
accelerate our positive momentum, and overcome obstacles that may hinder our
progress.
As we seem to be moving out of an inflationary period, the differentiating
factor of a quality business will be how revenues can be built - not just the
ability to have pricing power. Touchstar needs to position itself accordingly
continuing to invest in people, training and technology. In particular, it
is clear we need more sales fire power in the business especially to increase
overseas sales - we are taking proactive steps to address this through ongoing
recruitment efforts.
Capital Management - Dividend and Share Buybacks
As a sign of continued confidence in the longer-term future, the Board is
declaring an increased interim ordinary dividend of 1.5p per share (H1 23:
1.0p). As a guide we would expect the dividend for the full year to be covered
around three times by underlying basic earnings per share and our aim is to
continue to increase the dividend in line with growth in earnings per share.
The interim ordinary dividend of 1.5p per share will be paid on 21 November
2024 to shareholders on the register on 25 October 2024. The ex-dividend date
will be 24 October 2024.
No shares were bought back in the Period and the Board will suspend any future
purchase until at least the end of the strategic review period.
The Board
It is still the Board's and my intention that I stand down as a director and
chairman of the Company. Due to several corporate developments the search for
a successor was paused, and the Board has now asked that I stay in place until
the conclusion of the strategic review - which I have agreed to do.
Once the strategic review is completed it is the Board's current intention
that Mark Hardy will replace me as Executive Chairman, the company will
appoint at least one independent non -executive director in 2025 and put in
place a plan to separate the roles of CEO and Chairman.
Business review
We have made some good progress in new product developments, adding additional
software modules to strengthen the products appeal in the marketplace. The
development team has grown significantly over the past 12-18 months and whilst
we still plan to strengthen the team further, real progress in product
functionality for the customer is being achieved.
As mentioned in the last 12 months we have planned to expand further afield.
We have a modest footprint of international customers and whilst we know
this is more challenging aspect of sales, it is important for our expansion
plans. Recruitment of additional sales resource is in play which will
bolster this sales avenue further.
During the early part of 2024, Touchstar was accredited with BAFE (British
Approvals for Fire Equipment), allowing us to broaden our reach within the
access control and security markets, and since then we have been successful in
securing our first fire system installation with an Educational College and
taken on the maintenance and future upgrade of two well-known high street
brands. In addition, ATC won and installed their second large government
contract in June.
In the same period, Touchstar has also achieved Cyber Essentials +
accreditation, the UK standard for security and safeguarding cyber-attacks on
the business. This is fast becoming a customer requirement for all
technology suppliers. It builds on Touchstar best practises and is a
powerful tick in the box for prospective customers going forward.
Financial results
Touchstar has delivered satisfactory results for the Period which we knew
would be difficult in comparison to the prior year.
H1 24 H1 23 Variance
Revenue £3,377,000 £3,726,000 (9.3%)
Operating profit £217,000 £273,000 (20.5%)
Interest and finance costs £37,000 £34,000 +£3,000
Profit before tax £254,000 £307,000 (17.3%)
Tax (£23,000) (£36,000) +£13,000
Profit after tax £231,000 £271,000 (14.7%)
Basic earnings per share 2.82p 3.20p (11.9%)
Dividend per share 1.5p 1.0p +0.5p
Revenue decreased 9.3% to £3,377,000 (H1 23: £3,726,000). The main factor
for this is that the larger petrochemical distribution installations that were
predominately weighted in the first half of 2023 are now reverting to the
seasonal pattern of taking place in the second half of the year. The company
has also introduced a new service which allows customers to spread the costs
of their acquisition over a longer period. This reduces revenue recognition,
profitability and cashflow in the short term but increases the future growth
rate of recurring revenue. This is more profitable in the longer term,
improves retention and acquisition of customers. In H1 2024 management
estimates this reduced revenue by circa £100k and profitability by
£30,000-£40,000 (H1 23: nil).
Growth in recurring revenue, as expected, softened the overall rate of decline
in total sales. For H1 24 recurring revenue represented 44% of total sales
(H1 23: 38%). The business strategy is still to build the level of recurring
revenues in both absolute terms and in relation to total sales.
Gross margins maintained a healthy level and improved by 370 basis points from
the comparison period. In H1 24 margins were 59.1% (H1 23: 55.4 %). It should
be noted the distorting effects of the low margin sale in H1 23, flattered
revenue but reduced overall margin in H1 23. H1 24 also benefitted from the
effect of recurring income being a higher proportion of overall revenue.
As ever the business controlled the expense base well, expenses were broadly
unchanged at £1,753,000 (H1 2023: £1,763,000) despite the upward pressure on
salaries continuing.
Although controlled costs and improved margins helped retain profitability in
the business, these factors could not completely compensate for the decrease
in revenue. In H1 24 pre-tax profits fell by 17.3% to £254,000 (H1 23:
£307,000).
A tax charge of £23,000 (H1 23: £36,000) resulted in a more modest decline
in H1 24 post-tax profits of 14.7% to £231,000 (FY23: £271,000).
Earnings per share reduced by 11.9% to 2.82p in H1 24 (H1 23: 3.20p). The
Company did not buy back any shares in the period (H1 23: nil). The total
number of shares with voting rights therefore remains at 8,200,277 (H1 23:
8,475,277).
EBITDA declined in H1 24 to £589,000 (H1 23: £657,000) as the decrease in
operating profit of £56,000 was exacerbated slightly by the small decrease in
depreciation and amortisation.
H1 24 H1 23 Change
Operating profit before interest and tax £217,000 £273,000 (£56,000)
Amortisation £261,000 £276,000 (£15,000)
Depreciation £111,000 £108,000 £3,000
EBITDA £589,000 £657,000 (£68,000)
Spending on R & D increased as further investment was made into our
technology and services. In H1 24 we invested £360,000 in R & D (H1 23:
£283,000). We are budgeted to spend £750,000 in R & D in FY 24 a 29%
increase on the 2023 level of investment.
The balance sheet remains strong. Cash and cash per share were lower than the
prior year most of which is timing issues in working capital that is expected
to reverse by year end.
H1 24 H1 23 Change
Cash net of overdraft £1,742,000 £2,761,000 (£1,019,000)
Cash per Share 21.2p 32.5 p (11.3p)
Trade and other receivables were higher at H1 24 at £1,974,000 (H1 23:
£1,057,000). The business experienced a high level of trading in June so
those monies will flow into the business over the next few weeks.
Additionally, inventories were built ahead of the expected level of activity
in H2 24, these stood at £1,364,000 at the Period end (H1 23: £1,057,000).
This should enable orders to be delivered and installed in a timely manner.
The order book, which we now report inclusive of recurring revenues due stood
at £2,275,733 at the Period end (H1 23: £2,988,275). As we noted in the last
statement customers have returned to more of a "just in time" behaviour rather
than a more aggressive order placement strategy seen in the period of
heightened supply chain concerns. By way of an example, June was a near £1.0m
revenue month with some of the larger orders confirmed by customers only weeks
ahead of installation. The business was able to respond to this quicker
turnaround.
People
None of the Group's achievements would be possible without the dedication and
enthusiasm of our people within the business. Their energy, adaptability, and
commitment have been the driving force behind the success and quality of the
business we have built.
Current trading and outlook
The Board's expectation is for a stronger second half and for the outturn of
2024 to be broadly in line with expectations. To reiterate the goals and
expectations we have set the business it is encumbered on us all to deliver.
o growth in revenue year on year;
o recurring revenue growth outpacing total revenue growth;
o margins at a healthy level;
o cash to be generated by the operations;
o continued investment in future growth prospects;
o preservation of a solid balance sheet; and
o Shareholder value creation.
The Board remains confident in the long-term growth strategy, and we continue
to invest to support that growth. Our strong financial position and underlying
cash generation allows us to continue to fund our organic growth plans,
accelerate investment, add resource and continue to return surplus cash to
shareholders. We will maintain the discipline that has delivered profitable
growth over recent years.
I Martin
Executive Chairman
26 September 2024
Unaudited consolidated income statement for the six months ended 30 June 2024
30 June
30 June 2023 31 December
2024 2023
£'000 £'000 £'000
Revenue 3,377 3,726 7,224
Cost of sales (1,382) (1,662) (2,937)
Gross profit 1,995 2,064 4,287
Distribution costs (25) (28) (51)
Administrative expenses (1,753) (1,763) (3,637)
Operating profit before share-based payment provision 251 310 658
Share-based payment provision included in administrative expenses (34) (37) (59)
Operating profit 217 273 599
Finance income 43 39 85
Finance costs (6) (5) (9)
Profit before income tax 254 307 675
Income tax (charge)/credit (23) (36) (36)
Profit for the year attributable to the owners of the parent 231 271 639
Earnings per ordinary share (pence) attributable to owners of the parent
during the period:
30 June 2023
30 June 31 December 2023
2024
Basic 2.82p 3.20p 7.63p
Diluted 2.79p 3.18p 7.58p
Unaudited consolidated statement of changes in equity for the six months ended
30 June 2024
Share Treasury shares Share premium account Share based payment Reserves Retained earnings Total
capital
Note £'000 £'000 £'000 £'000 £'000 £'000
For the six months ended 30 June 2024
Balance at 1 January 2024 424 (252) - 117 2,974 3,263
Dividends repatriated - - - - 24 24
Share based payment charge - - - 34 - 34
Transactions with shareholders - - - 34 24 58
Total Comprehensive income (profit for the period) - - - - 231 231
Balance at 30 June 2024 424 (252) - 151 3,229 3,552
For the six months ended 30 June 2023
Balance at 1 January 2023 424 - 1,119 58 1,332 2,933
Cost of capital reduction - - - - (30) (30)
Share based payment charge - - - 37 - 37
Transactions with shareholders - - - 37 (30) 7
Total Comprehensive income (profit for the period) - - - - 271 271
Capital reduction - - (1,119) - 1,119 -
Balance at 30 June 2023 424 - - 95 2,692 3,211
Unaudited consolidated statement of changes in equity for the six months ended
30 June 2024 (continued)
Share capital Treasury shares Share premium account Share based payment Reserves Retained earnings Total
Note £'000 £'000 £'000 £'000 £'000 £'000
For the year ended 31 December 2023
Balance at 1 January 2023 424 - 1,119 58 1,332 2,933
Dividend - - - - (82) (82)
Purchase of own shares - (252) - - - (252)
Cost of capital reduction - - - - (34) (34)
Share based payment charge - - - 59 - 59
Transactions with shareholders - (252) - 59 (116) (309)
Total Comprehensive income (profit for the year) - - - - 639 639
Capital reduction - - (1,119) - 1,119 -
Balance at 31 December 2023 424 (252) - 117 2,974 3,263
Unaudited consolidated statements of financial position at 30 June 2024
30 June 30 June 31 December 2023
2024
2023
£'000 £'000 £'000
Non-current assets
Intangible assets 1,236 1,093 1,137
Property, plant, and equipment 113 76 66
Right of use asset 229 217 225
Deferred tax assets 20 46 20
1,598 1,432 1,448
Current assets
Inventories 1,364 1,063 1,153
Trade and other receivables 1,974 1,057 1,199
Current tax recoverable 18 18 18
Cash and cash equivalents 1,742 2,810 3,005
5,098 4,948 5,375
Total assets 6,696 6,380 6,823
Current liabilities
Trade and other payables 1,268 1,121 1,191
Contract liabilities 1,422 1,532 1,938
Borrowings - 49 -
Lease liabilities 125 136 149
2,815 2,838 3,278
Non-current liabilities
Deferred tax liabilities 113 116 90
Contract liabilities 133 144 130
Lease liabilities 83 71 62
329 331 282
Total liabilities 3,144 3,169 3,560
Unaudited consolidated statements of financial position at 30 June 2024
(continued)
30 June 30 June 2023 31 December 2023
2024
£'000 £'000 £'000
Capital and reserves attributable
to owners of the parent
Share capital 424 424 424
Treasury shares (252) - (252)
Share-based payment reserve 151 95 117
Profit and loss account 3,229 2,692 2,974
Total equity 3,552 3,211 3,263
Total equity and liabilities 6,696 6,380 6,823
Unaudited consolidated cash flow statement for the six months ended 30 June
2024
30 June 2024 30 June 2023 £'000 31 December 2023
£'000 £'000
Cash flow from operating activities
Operating profit 217 273 599
Depreciation 111 108 205
Amortisation 261 276 532
Share-based payment provision 34 37 59
Movement in:
Inventories (211) (96) (187)
Trade and other receivables (774) (82) (224)
Trade and other payables (436) (860) (398)
Cash (used in)/ generated from operating activities (798) (344) 586
Interest received 43 39 85
Interest paid (6) (5) (9)
Net cash (used in)/ generated from operating activities (761) (310) 662
Cash flows from investing activities
Purchase of intangible assets (360) (283) (583)
Purchase of property, plant, and equipment (70) (6) (17)
Net cash used in investing activities (430) (289) (600)
Cash flows from financing activities
Dividend paid 24 - (82)
Purchase of own shares - - (252)
Cost of capital reduction - (30) (34)
Principal elements of lease payments (96) (85) (165)
Net cash (used in)/ generated from financing activities (72) (115) (533)
Net (decrease)/ increase in cash and cash equivalents (1,263) (714) (471)
Cash and cash equivalents at start of the year 3,005 3,475 3,476
Cash and cash equivalents at end of the year 1,742 2,761 3,005
Cash and cash equivalents
Cash at bank and in hand 1,742 2,810 3,005
Less: bank overdraft (included within borrowings) - (49) -
Net cash 1,742 2,761 3,005
Notes to the interim report and accounts for the six months ended 30 June 2024
1. General information
Touchstar plc is a public company limited by share capital incorporated and
domiciled in the United Kingdom. The Company has its listing on AIM. The
address of its registered office is 1 George Square, Glasgow, G2 1AL.
2. Status of interim report and accounts
The financial information comprises the consolidated interim balance sheet as
of 30 June 2024, 30 June 2023 and the year ended 31 December 2023 along with
related consolidated interim statements of income and cash flows for the six
months to 30 June 2024 and 30 June 2023 and year ended 31 December 2023 of
Touchstar plc (hereinafter referred to as 'financial information').
This financial information for the half year ended 30 June 2024 has neither
been audited nor reviewed and does not comprise statutory accounts within the
meaning of section 434 of the Companies Act 2006. This financial information
was approved by the Board on 25 September 2024.
The figures for the year ended 31 December 2023 have been extracted from the
audited annual report and accounts that have been delivered to the Registrar
of Companies. The auditors, Haysmacintyre LLP, reported on those accounts
under section 495 of the Companies Act 2006. Their report was unqualified and
did not contain a statement under section 498 of that Act.
3. Basis of preparation
The interim report and accounts have been prepared, in accordance with IAS 34
Interim Financial Reporting, using accounting policies to be applied in the
annual report and accounts for the year ending 31 December 2024. These are
consistent with those included in the previously published annual report and
accounts for the year ended 31 December 2023, which have been prepared in
accordance with IFRS as adopted by the European Union.
Going concern
The directors have a reasonable expectation that the Group has adequate
resources to continue operating for the foreseeable future, and for this
reason they have adopted the going concern basis of preparation in the
consolidated interim financial statements. The financial statements may be
obtained from Touchstar plc, 7 Commerce Way, Trafford Park, Manchester, M17
1HW or online at www.touchstarplc.com (http://www.touchstarplc.com) .
4. Critical accounting estimates and assumptions
The Group and Company makes estimates and assumptions concerning the future.
The resulting accounting estimates will, by definition, seldom equal the
related actual results. The estimates and assumptions that have a significant
risk of causing a material adjustment to the carrying amounts of assets and
liabilities within the next financial year are discussed below.
(a) Development expenditure
The Group recognises costs incurred on development projects as an intangible
asset which satisfies the requirements of IAS 38. The calculation of the costs
incurred includes the percentage of time spent by certain employees on the
development project. The decision whether to capitalise and how to determine
the period of economic benefit of a development project requires an assessment
of the commercial viability of the project and the prospect of selling the
project to new or existing customers.
(b) Impairment of intangibles
Judgement is required in determining both the useful economic life of the
asset along with any impairment, notably intangible software development
costs. Useful economic life is based on the life expectancy of software
licences and recoverable amounts are based on a calculation of expected future
cash flows, which require assumptions and estimates of future performance to
be made. Cash flows are discounted to their present value using pre-tax
discount rates based on the Directors market assessment of risks specific to
the asset.
(c) Stock provisions
Judgement is required in relation to the appropriate provision to be made for
the write down of slow moving or obsolete inventory. Such provisions are made
based on the assessment of the Group's prospective sale of inventories and
their net realisable value, which are subject to estimation uncertainty.
(d) Allowance for expected credit losses
The allowance for expected credit losses assessment requires a degree of
estimation and judgement. It is based on the lifetime expected credit loss,
grouped based on days overdue, and makes assumptions to allocate an overall
expected credit loss rate for each group. These assumptions include recent
sales experience, historical collection rates, and forward-looking information
that is available.
After due consideration of the assumptions detailed above, no credit loss
provision was considered necessary for the period ended 30 June 2024 (30 June
2023: nil) (year ended 31 December 2023: nil).
5 Share-based employee remuneration
The Touchstar plc EMI Share Option Plan (Plan) was approved by the
shareholders at the Annual 2021 AGM on 23 June 2021. It is a share-based
payment scheme for employee remuneration which will be settled in equity.
The Plan is part of the remuneration package for Group employees as selected
by the Group's Remuneration Committee. Options under this Plan will vest if
performance conditions are met pertaining to profit after tax and recurring
revenue growth as defined in the Plan. Participants in this Plan must be
employed until the end of the agreed vesting period unless deemed as 'good
employees' by the Group's Remuneration Committee on leaving. Upon vesting,
each option allows the holder to purchase each allocated share at the market
price determined at the grant date.
The number of options granted during the period and outstanding at 30 June
2024:
30 June 2024 30 June 2023 31 December 2023
Number Number Number
At 1 January 422,000 422,000 422,000
Granted during the period 210,000 - -
At 30 June 632,000 422,000 422,000
Of which:
Vested 316,500 105,500 105,500
Unvested 315,500 316,500 316,500
6 Income tax credit
30 June 2024 30 June 2023 31 December 2023
£'000 £'000 £'000
Corporation tax
Deferred tax charge 23 36 36
Total current tax charge 23 36 36
The deferred tax charge release for period ended 30 June 2024 and 30 June 2023
relates to brought forward losses surrendered against the current period tax
charge. For the year ended 31 December 2023 available tax losses were carried
forward within deferred tax rather than surrendering through R&D tax
credit.
7 Earnings per share
30 June 2024 £'000 30 June 2023 £'000 31 December 2023
£'000
Profit after tax attributable to the owners of Touchstar plc
231,000 271,000 639,000
Weighted average number of shares used in calculating basic earnings per share 8,200,077 8,475,077 8,371,477
Number of considered dilutive shares 72,356 44,758 54,108
Weighted average number of shares used in calculating dilutive earnings per
share
8,272,433 8,519,835 8,425,555
Earnings per ordinary share (pence) attributable to owners of the parent
during the period:
Earnings per share 30 June 2024 30 June 2023 31 December 2023
Basic 2.82p 3.20p 7.63p
Diluted 2.79p 3.18p 7.58p
Basic earnings per share is calculated by dividing the earnings attributable
to ordinary shareholders by the weighted average number of ordinary shares in
issue during the year.
Diluted earnings per share adjusts the figures used in the determination of
basic earnings per share to take into account the after-tax effect of interest
and other financial costs associated with the dilutive potential ordinary
shares and the weighted average number of shares assumed to have been issued
for no consideration in relation to dilutive potential ordinary shares.
During the period 30 June 2024 the Group issued 210,000 (30 June 2023: nil)
(year ended 31 December 2023: nil) options with an exercise price of 87.5p (30
June 2023: n/a) (year ended 31 December 2023: n/a).
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