REG - W.H. Ireland Group - Half Yearly Report <Origin Href="QuoteRef">WHI.L</Origin>
06/09/2014 18:34
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W.H. Ireland Group PLC
21 July 2014
WH Ireland Group plc
("WH Ireland", "the Group" or "the Company")
Half Year Results
WH Ireland, the financial services group that provides corporate broking and
private wealth management services, today announces its results for six months
ended 31 May 2014.
Highlights:
· Revenue increased by 12.6% to £14.69m (2013: £13.05m)
· Recurring revenue increased by 9.3% to £4.7m (2013: £4.3m)
· Adjusted* profit before tax £470,000 (2013: £59,000)
· Profits before tax £203,000 (2013: £59,000)
· Basic earnings per share of 0.58p (2013: 0.16p)
· Dan Cowland appointed Finance Director and Tim Steel as non-executive
director
*Before one off re-organisation costs of £267,000
Corporate Broking:
· Continued growth in the number of corporate broking clients to 92
(2013: 84)
· Fund raisings increased to £34.8m (2013: £26.5m) in 9 transactions
(2013: 13)
· Market making revenue and secondary commission increased total
divisional revenue by 12%
· Recruitment has taken place in investor relations, research, sales and
corporate teams enhancing the division's capability and capacity
Private Wealth Management:
· Funds under management and administration rose by 9.6% to £2.7bn (30
November 2013: £2.5bn)
· Active recruitment of individuals and teams, specifically in Milton
Keynes, Birmingham and London
· Isle of Man office fully operational and winning new private client
mandates
· Focusing the offering:
o Streamlining of smaller offices with assets transferred to London
o Ceased to offer traded options facilities
o Planning to exit third party administration business
Richard Killingbeck, Chief Executive Officer, said:
"WH Ireland performed strongly during the first half of the year, with good
growth in adjusted pre-tax profits and revenues, continuing the progress made
in the last financial year.
"Much progress has been made in the development of WH Ireland into a focussed
business around two key disciplines, Corporate Broking and Private Client
Wealth Management. Both businesses are in a considerably stronger position
than twelve months ago in terms of their financial performance, proposition
and teams.
We anticipate making further progress in the second half and into 2015."
A copy of these results are available on the Company's website:
www.wh-ireland.co.uk
For further information please contact:
WH Ireland Group plc www.wh-ireland.co.uk
Richard Killingbeck, Chief Executive OfficerMiles Nolan, Head of Communications +44(0) 20 7220 1666
Panmure Gordon (UK) Limited
Hugh Morgan / Adam James, Corporate Finance +44(0)20 7886 2500
MHP Communications
Reg Hoare / Jade Neal / Jamie Ricketts +44(0) 20 3128 8100
whireland@mhpc.com
Notes to editors
WH Ireland Group plc:
WH Ireland is a financial services group offering private wealth management
and corporate broking services. Since 2000, the company has been listed on
the London Stock Exchange on AIM (WHI). The Group has two divisions:
Corporate Broking: The Group provides corporate finance, research, market
making and fund raising capabilities to quoted small/mid-cap companies,
including a full NOMAD service to the majority of our corporate clients. WH
Ireland is ranked 3rd largest Nominated Advisor and corporate broker by number
of AIM clients.
Private Wealth Management: The Group provides wealth management and wealth
planning services tailored to the individual, corporates, trusts and funds. It
has over 140 years' pedigree in private client wealth management. It manages
£2.7 billion of assets under management and administration and operates from
10 offices around the United Kingdom.
Chairman's Statement
Introduction
The Board is pleased to report that WH Ireland performed strongly during the
first half of the year, with good growth in adjusted pre-tax profits and
revenues, continuing the progress made in the last financial year.
This continues to be against the backdrop of decreasing volatility and
increasing activity in financial markets. Both of our businesses, Corporate
Broking and Private Wealth Management, took advantage of these improved market
conditions and continued to develop their businesses and improve their
financial performance.
Divisional review
In Corporate Broking, we have continued to raise money for small growth
companies across a variety of sectors as well as increasing the number of
clients for whom we act as NOMAD and/or Broker to 92 as of the half year end.
In Private Wealth Management, our funds under management and administration
continue to grow with total funds increasing by 9.6% during the period.
Following the half year end we were pleased to announce the opening of our new
Milton Keynes office staffed by a new team formerly of Charles Stanley. They
are amongst several individuals who have joined the division recently as we
seek to grow assets under management further.
Across the Company one of the most pleasing developments is the increase in
recurring income which, in the half year, rose to £4.7m (2013: £4.3m). At the
same time we have begun to address the cost/income ratio with the intent of
delivering more profit to the bottom line, the full benefits of which should
begin to be in evidence during 2015.
Board
There have been a number of Board changes since the year end. Dan Cowland has
joined us from Shore Capital replacing Alan Kershaw as Finance Director. Our
thanks go to Alan for his contribution to our progress. Roger Lane-Smith is
stepping down, effective 31 July 2014, after eight years on the Board while
Tim Steel joined us in March as a non-executive director. Roger has given
much sage advice over a challenging period for WH Ireland and deserves sincere
thanks. We look forward to working with Tim who brings with him the benefits
of a 30 year career at Cazenove with experience of both broking and fund
management.
Dividend
In line with previous years, the Board continues with its policy of only
recommending the payment of a final dividend in respect of each financial
year; this will be declared at the time of the final results in February
2015.
Summary
The pipeline of new corporate transactions remains robust but as always market
conditions and timing are a key determinant to translating this into revenue.
Our Private Client business should continue to demonstrate good asset growth
but the benefits of changes already announced will not be fully reflected in
this year's figures.
Thanks as always goes to all our staff.
Rupert Lowe
Chairman
Chief Executive Officer's Report
Overview
The past six months have witnessed continued development of the more focussed
WH Ireland proposition. This has required senior management changes, the costs
of which are reflected by the adjustments to pre-tax profits. The new
management structure is working well and has helped form the increased
oversight of the business that in turn has created the framework from which to
achieve more focussed growth.
The process of change at WH Ireland will continue for some time as we seek to
create a more efficient and focussed offering across both business divisions.
Alongside these corporate challenges remain the wider industry challenges of
increased costs associated with regulation, which are impacting WH Ireland and
our peers.
Corporate Broking division
The number of corporate clients, a key objective of this division, has
continued to increase with 92 corporate clients as of the half year end
(2013:84). This has enabled a good increase in retainer revenues to be
reported. Corporate fund raisings have also risen to £34.8 million during this
period compared with £26.5 million for the comparative period last year.
Improved commission income and income from market making has helped to
increase total revenue generated by this division by 12%. The division has
been active across the IPO market, secondary fund raisings and mergers and
acquisitions.
The business is now focussed in four locations in London, Leeds, Manchester
and Bristol. Recruitment has taken place in investor relations, research,
sales and corporate teams enhancing the division's capability and capacity.
Private Wealth Management division
A significant amount of change has occurred within this division, to both
develop the fund management proposition and team, whilst at the same time
focusing its offering.
As the Chairman has referred to in his statement above, we have recruited a
team of fund managers from Charles Stanley into a new Milton Keynes office and
we have also welcomed private client executives from Barclays Wealth and
Canaccord to our offices in Birmingham and London respectively. Our new Isle
of Man office, which we opened in February 2014, has begun to win new clients
and offers us increased opportunities in the international market representing
an important strategic expansion for the division. This increase in the size
of our team has significantly increased our capacity to manage additional
discretionary and advisory client portfolios, and will help to increase funds
under management to over £3 billion in the future.
In terms of focusing our offering, we have ceased to operate from a number of
smaller offices and in the majority of cases the assets have been transferred
to London to be managed. We have ceased to offer a traded option service to
clients and we have also informed our third party administrative clients that
we will be ceasing to offer this service as of the year end.
Outlook
Much progress has been made in the development of WH Ireland into a focussed
business around two key disciplines, Corporate Broking and Private Client
Wealth Management. Both businesses are in a considerably stronger position
than twelve months ago in terms of their financial performance, proposition
and teams.
There remains more work to be done in both as we seek to achieve recognition
for each division in the market place. The majority of change will have been
completed by year end at which time the focus will shift to embedding a lower
cost structure and achieving economies of scale by organic, as well as
acquisitive, growth.
We anticipate making further progress in the second half and into 2015.
Richard Killingbeck
Chief Executive Officer
Consolidated statement of comprehensive income - unaudited
for the half year ended 31 May 2014
Half year Half year Year
ended ended ended
31 May 31 May 30 November
2014 2013 2013
Note £'000 £'000 £'000
Revenue 2 14,691 13,051 29,653
Administrative expenses (14,564) (12,847) (28,734)
Operating profit 127 204 919
Other income - - 25
Investment (losses)/gains (2) 30 458
Fair value gains/(losses) on investments 87 (154) 238
Finance income 14 6 64
Finance expense (23) (27) (52)
Profit before tax 203 59 1,652
Tax charge (64) (22) (516)
Profit for the period 139 37 1,136
Other comprehensive income:
Items that will be reclassified to profit or loss
Valuation gains on available for sale investments - - 370
Transferred to profit or loss on sale of investments - - (581)
Tax relating to items that may be reclassified - - 48
Total other comprehensive income - - (163)
Total comprehensive income attributable to the owners of the parent 139 37 973
Earnings per share for profit attributable to the ordinary equity holders of the parent during the period
Basic 6 0.58p 0.16p 4.80p
Diluted 6 0.55p 0.15p 4.47p
Consolidated statement of financial position - unaudited
as at 31 May 2014
31 May 31 May 30 November
2014 2013 2013
Note £'000 £'000 £'000
Assets
Non-current assets
Property, plant and equipment 5,700 5,357 5,640
Goodwill 319 470 400
Intangible assets 476 640 489
Investments 3 532 853 447
Deferred tax asset 375 618 378
7,402 7,938 7,354
Current assets
Trade and other receivables 33,098 34,357 36,692
Other investments 1,180 808 847
Cash and cash equivalents 4 8,643 8,739 6,046
42,921 43,904 43,585
Totalassets 50,323 51,842 50,939
Liabilities
Current liabilities
Trade and other payables (34,191) (36,620) (34,980)
Corporation tax payable (192) (79) (131)
Obligations under finance leases (119) (119) (119)
Borrowings (175) (168) (181)
Provisions (412) (492) (344)
(35,089) (37,478) (35,755)
Non-current liabilities
Borrowings (1,255) (1,435) (1,348)
Deferred tax liability (393) (318) (393)
Obligations under finance leases (159) (288) (228)
Accruals and deferred income (363) (27) (128)
Provisions (21) (21) (21)
(2,191) (2,089) (2,118)
Total liabilities (37,280) (39,567) (37,873)
Total net assets 13,043 12,275 13,066
Equity
Share capital 5 1,192 1,185 1,185
Share premium 95 5 6
Available-for-sale reserve 7 170 7
Other reserves 982 982 982
Retained earnings 11,549 10,715 11,668
Treasury shares (782) (782) (782)
Total equity 13,043 12,275 13,066
Consolidated statement of cash flows - unaudited
for the half year ended 31 May 2014
Half year Half year Year
ended ended ended
31 May 31 May 30 November
2014 2013 2013
£'000 £'000 £'000
Operating activities
Profit for the period 139 37 1,136
Adjustments for:
Depreciation, amortisation and impairment 235 181 394
Property revaluation - - (48)
Finance income (14) (6) (64)
Finance expense 23 27 52
Taxation 64 53 516
Changes in investments (155) 133 (570)
Investment transfer to employees as remuneration - 170 170
Non-cash adjustment for share based payments 99 95 (57)
Decrease/(increase) in trade and other receivables 3,594 (511) (2,025)
Decrease in trade and other payables (554) (631) (2,170)
Increase in provisions 68 193 45
Increase in current asset investments (333) (495) (534)
Net cash generated from/(used in) operations 3,166 (754) (3,155)
Income taxes paid - - (47)
Net cash generated from/(used in) operating activities 3,166 (754) (3,202)
Investing activities
Proceeds from sale of investments 70 547 695
Interest received 14 6 64
Acquisition of property, plant and equipment (201) (54) (402)
Acquisition of intangible assets - (36) 84
Acquisition of investments - (32) (103)
Net cash (used in)/generated from investing activities (117) 431 338
Financing activities
Proceeds from issue of shares 96 - 7
Repayment of borrowings (59) (84) (158)
Repayment of obligations under finance leases (99) (59) (102)
Interest paid (23) (18) (52)
Interest paid: Finance leases (10) (9) (17)
Dividends paid (357) (108) (108)
Net cash used in from financing activities (452) (278) (430)
Net increase/(decrease) in cash and cash equivalents 2,597 (601) (3,294)
Cash and cash equivalents at beginning of period 6,046 9,340 9,340
Cash and cash equivalents at end of period 8,643 8,739 6,046
Cash and cash equivalents at the end of the period comprise of:
Clients' settlement cash 4,895 6,400 2,188
Group cash 3,748 2,339 3,858
Cash and cash equivalents at end of period 8,643 8,739 6,046
Certain items for prior periods in the consolidated statement of cash flows
have been restated to correctly classify non-cash items and dividends paid.
The reclassification does not impact the net cash position but has resulted in
increase in net cash used in operating activities (30 November 2013: £592,000;
and 31 May 2013: £142,000), increase in net cash generated from investing
activities (30 November 2013: £717,000; and 31 May 2013: £259,000) and
increase in net cash used in financing activities (30 November 2013: £125,000;
and 31 May 2013: £117,000). There was no impact on the income statement or
balance sheet.
Consolidated statement of changes in equity - unaudited
for the half year ended 31 May 2014
Available
Share Share for-sale Other Retained Treasury Total
capital premium reserve reserves earnings shares equity
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Balance at 1 December 2012 1,184 - 170 982 10,697 (782) 12,251
Comprehensive income for the period
Profit after taxation - - - - 37 - 37
Other comprehensive income - - - - - - -
Total comprehensive income for the period - - - - 37 - 37
Contributions by and distributions to owners
Recognition of share-based payments - - - - 89 - 89
Share options exercised 1 5 - - - - 6
Dividends (note 7) - - - - (108) - (108)
Total contributions by and distributions to owners 1 5 - - (19) - (13)
Balance at 31 May 2013 1,185 5 170 982 10,715 (782) 12,275
Comprehensive income for the period
Profit after taxation - - - - 1,099 - 1,099
Other comprehensive income - - (163) - - - (163)
Total comprehensive income for the period - - (163) - 1,099 - 936
Contributions by and distributions to owners
Recognition of share-based payments - - - - (146) - (146)
Share options exercised - 1 - - - - 1
Dividends - - - - - - -
Total contributions by and distributions to owners - 1 - - (146) - (145)
Balance at 30 November 2013 1,185 6 7 982 11,668 (782) 13,066
Profit after taxation - - - - 139 - 139
Other comprehensive income - - - - - - -
Total comprehensive income for the period - - - - 139 - 139
Contributions by and distributions to owners
Recognition of share-based payments - - - - 99 - 99
Share options exercised 7 89 - - - - 96
Dividends (note 7) - - - - (357) - (357)
Total contributions by and distributions to owners 7 89 - - (258) - (162)
Balance at 31 May 2014 1,192 95 7 982 11,549 (782) 13,043
Notes to the interim report and financial information
for the half year ended 31 May 2014
1. Basis of preparation
Statement of compliance
The financial information in this interim report has been prepared in
accordance with the disclosure requirements of AIM Rules and the recognition
and measurements of International Financial Reporting Standards (IFRS), as
adopted by the European Union (EU).
The interim report does not include all of the information required for full
annual financial statements.
The accounting policies adopted by the Group in the preparation of its 2014
interim report are those which the Group currently expects to adopt in its
annual financial statements for the year ending 30 November 2014 and are
consistent with those disclosed in the annual financial statements for the
year ended 30 November 2013 with the exception of IFRS 13 which has become
effective in the current financial year but does not have a significant impact
on the amounts recognised in the interim report.
The financial information for the year ended 30 November 2013 does not
constitute the Company's statutory accounts. The statutory accounts for the
year ended 30 November 2013 have been delivered to the Registrar of Companies
in England and Wales. The auditor has reported on those accounts. Its report
was unqualified, did not draw attention to any matters by way of emphasis, and
did not contain a statement under Section 498(2) or 498(3) of the Companies
Act 2006. The financial information for the half year ended 31 May 2014 and
31 May 2013 is unaudited.
Going concern
The information in this interim report has been prepared on a going concern
basis. In making this assessment, the Directors have prepared detailed
financial forecasts for the period to November 2016, which consider the
funding and capital position of the Group. Those forecasts make assumptions
in respect of future trading conditions, notably the economic environment and
its impact on the Group's revenues and costs. In addition to this the nature
of the Group's business is such that there can be considerable variation in
the timing of cash inflows. The forecasts take into account foreseeable
downside risks, based on the information that is available to them at the time
of the approval of this interim report.
Certain activities of the Group are regulated by the Financial Conduct
Authority (FCA) which is a statutory regulator for financial services business
in the UK and has responsibility for policy, monitoring and discipline for the
financial services industry as a whole. The FCA requires the Group's capital
resources to be adequate; that is sufficient in terms of quantity, quality and
availability, in relation to its regulated activities. The Directors monitor
the Group's regulatory capital resources on a daily basis and they have
developed appropriate scenario tests and corrective management plans which
they are prepared to implement to address any potential deficit as required.
These actions may include cost reductions, regulatory capital optimisation
programmes or further capital raising. The Directors consider that, taking
account of foreseeable downside risks, regulatory capital requirements will
continue to be met.
The Directors have renewed the Group's banking facilities, confirming that
these will be available until 28 February 2015 and do not have any reason to
believe that the facility will not be renewed when it falls due.
2. Segmental reporting
The Group has two operating segments. The Private Wealth Management division
offers investment management and stockbroking advice and services to
individuals and contains our Independent Financial Advisory ("IFA") business,
giving advice on and acting as intermediary for a range of financial products.
The Corporate Broking division provides corporate finance and corporate
broking advice and services to companies and acts as Nominated Adviser to
clients listed on the Alternative Investment Market ("AIM") and contains our
Institutional Sales and Research business, which carries out stockbroking
activities on behalf of companies as well as conducting research into markets
of interest to its clients.
Divisions are located in the UK and the Isle of Man. Each reportable segment
has a segment manager who is directly accountable to and maintains regular
contact with the chief operating decision maker (CODM). The Head Office
segment comprises centrally incurred costs and revenues.
No customer represents more than ten percent of the Group's revenue.
2. Segmental reporting continued
The following tables represent revenue and profit information for the Group's
business segments:
Half year ended 31 May 2014
Private Wealth Corporate Head
Management Broking Office Group
£'000 £'000 £'000 £'000
Revenue 8,827 4,539 1,325 14,691
Segment result 2,368 1,185 (3,426) 127
Other Income - - - -
Investment gains - - (2) (2)
Fair value gains/(losses) on investments - 191 (104) 87
Finance income - 1 13 14
Finance expense - - (23) (23)
Profit/(loss) before taxation 2,368 1,377 (3,542) 203
Taxation (64)
Profit on continuing operations after taxation 139
Half year ended 31 May 2013
Private Wealth Corporate Head
Management Broking Office Group
£'000 £'000 £'000 £'000
Revenue 8,407 3,081 1,563 13,051
Segment result 2,171 573 (2,540) 204
Other Income - - - -
Investment losses - - 30 30
Fair value losses on investments (32) (51) (71) (154)
Finance income - - 6 6
Finance expense - - (27) (27)
Profit/(loss) before taxation 2,139 522 (2,602) 59
Taxation (22)
Profit on continuing operations after taxation 37
Year ended 30 November 2013
Private Wealth Corporate Head
Management Broking Office Group
£'000 £'000 £'000 £'000
Revenue 17,991 8,488 3,174 29,653
Segment result 4,491 2,017 (5,589) 919
Other Income - - 25 25
Investment gains - (19) 477 458
Fair value (losses)/gains on investments (63) 45 256 238
Finance income - 45 19 64
Finance expense - - (52) (52)
Profit/(loss) before taxation 4,428 2,088 (4,864) 1,652
Taxation (516)
Profit on continuing operations after taxation 1,136
3. Investments
Half year Half year Year
ended ended ended
31 May 31 May 30 November
2014 2013 2013
£'000 £'000 £'000
Available-for-sale investments
Fair value: quoted - 16 -
unquoted 247 578 347
247 594 347
Investments at fair value through the income statement
Fair value: quoted 41 231 76
warrants 244 28 24
285 259 100
Total investments 532 853 447
Fair value, in the case of quoted investments, represents the bid price at the
reporting date. In the case of unquoted investments, the fair value is
estimated by reference to recent arm's length transactions. The fair value of
warrants is estimated using established valuation models.
4. Cash, cash equivalents and bank overdrafts
For the purposes of the statement of cash flows, cash and cash equivalents
comprise cash in hand and deposits with banks and financial institutions with
a maturity of up to three months.
Cash and cash equivalents represent the Group's and the Company's money and
non-segregated money held for settlement of outstanding transactions and is
available for use in the business. The corresponding liability for unsettled
trades is recognised within trade and other payables.
Free money held on behalf of clients represents segregated client money and is
therefore not included in the statement of financial position. Free money at
31 May 2014 was £101.6m (31 May 2013: £89.8m; 30 November 2013: £90.6m).
5. Share capital
The total number of authorised ordinary shares is 34.5 million shares of 5p
each (31 May 2013 and 30 November 2013: 34.5 million). The total number of
issued ordinary shares is 23.8 million shares of 5p each (31 May 2013: and 30
November 2013: 23.7 million).
6. Earnings per share
Basic earnings per share (EPS) 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 year, excluding ordinary shares
purchased by the Company and held as treasury shares.
Diluted EPS is the basic EPS, adjusted for the effect of conversion into fully
paid shares of the weighted average number of all dilutive employee share
options outstanding during the period. No options over shares are excluded
from the EPS calculation. At 31 May 2013: 144,524 and 30 November 2013:
89,801 options were excluded from the EPS calculation as they were
anti-dilutive. Anti-dilutive options represent options issued where the
exercise price is greater than the average market price for the period.
Reconciliations of the earnings and weighted average number of shares used in
the calculations are set out below:
Half year Half year Year
ended ended ended
31 May 31 May 30 November
2014 2013 2013
'000 '000 '000
Weighted average number of shares in issue during the period 23,763 23,695 23,698
Effect of dilutive share options 1,243 1,228 1,716
25,006 24,923 25,414
£'000 £'000 £'000
Earnings attributable to ordinary shareholders 139 37 1,136
Basic EPS
Continuing operations 0.58p 0.16p 4.80p
Diluted EPS
Continuing operations 0.55p 0.15p 4.47p
7. Dividends
A final dividend of 1.5p per share, in respect of the year ended 30 November
2013, was approved by shareholders at the Annual General Meeting held on 25
March 2014. This was subsequently paid on 11 April 2014. No interim dividend
has been paid or proposed in respect of the current financial year (2013:
nil).
8. Contingent liabilities
In April 2014, the FCA instigated a review into WH Ireland Limited, the
principal operating subsidiary of WH Ireland Group plc, in respect of its
control procedures required by Principle 3 of the FCA Rules of Business. The
review is in relation to the period between 1 January 2013 until 19 June
2013.
There has been no formal notification as to whether or not the FCA intends to
take any further action in respect of the review. The Directors have therefore
made no provision in these financial statements in respect of this review,
with which it is fully cooperating.
9. Availability of Interim Report
Copies of this Report can be downloaded from the Company's website at
www.wh-ireland.co.uk.
Independent review report
to WH Ireland Group plc
Introduction
We have been engaged by the company to review the interim financial
information in the interim report for the six months ended 31 May 2014 which
comprises the Consolidated Statement of Comprehensive Income, Consolidated
Statement of Financial Position, Consolidated Statement of Cash Flows,
Consolidated Statement of Changes in Equity and related notes.
We have read the other information contained in the interim report and
considered whether it contains any apparent misstatements or material
inconsistencies with the information in the interim financial information.
Directors' responsibilities
The interim report, including the interim financial information contained
therein, is the responsibility of and has been approved by the directors. The
directors are responsible for preparing the interim report in accordance with
the rules of the London Stock Exchange for companies trading securities on AIM
which require that the half-yearly report be presented and prepared in a form
consistent with that which will be adopted in the company's annual accounts
having regard to the accounting standards applicable to such annual accounts.
Our responsibility
Our responsibility is to express to the company a conclusion on the interim
financial information in the interim report based on our review.
Our report has been prepared in accordance with the terms of our engagement to
assist the company in meeting the requirements of the rules of the London
Stock Exchange for companies trading securities on AIM and for no other
purpose. No person is entitled to rely on this report unless such a person is
a person entitled to rely upon this report by virtue of and for the purpose of
our terms of engagement or has been expressly authorised to do so by our prior
written consent. Save as above, we do not accept responsibility for this
report to any other person or for any other purpose and we hereby expressly
disclaim any and all such liability.
Scope of review
We conducted our review in accordance with International Standard on Review
Engagements (UK and Ireland) 2410, ''Review of Interim Financial Information
Performed by the Independent Auditor of the Entity'', issued by the Auditing
Practices Board for use in the United Kingdom. A review of interim financial
information consists of making enquiries, 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 (UK and Ireland) 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.
Conclusion
Based on our review, nothing has come to our attention that causes us to
believe that the interim financial information in the interim report for the
six months ended 31 May 2014 is not prepared, in all material respects, in
accordance with the rules of the London Stock Exchange for companies trading
securities on AIM.
BDO LLP
Chartered Accountants and Registered Auditors
London
United Kingdom
18 July 2014
BDO LLP is a limited liability partnership registered in England and Wales
(with registered number OC305127).
Advisors
Nominated adviser and broker
Panmure Gordon
One New Change
London EC4M 9AF
Auditors
BDO LLP
55 Baker Street
London W1U 7EU
Solicitors
DWF LLP
1 Scott Place, 2 Hardman Street
Manchester M3 3AA
Bankers
Bank of Scotland
2nd Floor, 1 Lochrin Square
92-98 Fountainbridge
Edinburgh EH3 9QA
Registrars
Neville Registrars Limited
Neville House
18 Laurel Lane
Halesowen
West Midlands B63 3DA
Company Secretary and registered office
Katy Mitchell
5th Floor, 24 Martin Lane
London EC4R 0DR
Company number
3870190
This information is provided by RNS
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