Interim Results
2003年11月20日 - 4:00PM
ＲＮＳを含む英国規制内ニュース （英語）
RNS Number:2711S
Mothercare PLC
20 November 2003
20 November 2003
Mothercare plc
Results for the 28 weeks ended 11 October 2003
Key Financials
* Company sales up 4.1% to #237.3m (2002: #228.0m)
* Like for like UK store sales up 6.4% (2002: down 2.1%)
* Gross margins up 5.9 percentage points to 46.9% (2002: 41.0%)
* Operating profit #9.5m (2002: loss #9.9m)
* Non-operating exceptional credit of #3.8m relating to property disposals
* Profit before tax #13.4m (2002: loss before tax of #10.0m)
* Basic earnings per share 20.0p (2002: 0.0p)
* Earnings per share (before exceptional items) 13.1p (2002: loss per
share 14.9p)
* Net cash balances of #28.4m (2002: net debt of #0.9m)
Operational Highlights
* Good progress in five key turnaround projects
* Improvement in product quality and availability has resulted in good
trading performance
* High street store trials successfully completed and phase two fully
underway
* Distribution working effectively and cost reduction ahead of schedule
* Further rationalisation of supply chain achieved
* Continuing good performance from Mothercare Direct and Mothercare
International
Current Trading
* Like for like UK store sales for the five weeks to 14 November were up
4.6%
* Gross margin improvement sustained
Commenting on the results, Ben Gordon, Chief Executive said:
"We are encouraged by the performance of Mothercare in the first half of the
year. The results demonstrate that we are making good progress in delivering our
turnaround plans and that improvements in our product ranges have been well
received by our customers.
Trading for the first five weeks into the second half has got off to a good
start. However, we do have the key Christmas trading period ahead of us and face
tougher comparatives as we move forward. We are in the first year of a
three-year turnaround, so much remains to be done to achieve a sustained
recovery and continued profit growth."
Enquiries to:
Mothercare plc
Ben Gordon, Chief Executive 01923 206001
Steven Glew, Finance Director 01923 206140
Brunswick Group Limited
Susan Gilchrist/ Philippa Power 020 7404 5959
CHIEF EXECUTIVE'S REVIEW
Our objectives for the first half of the year were to complete the stabilisation
of the business and to get the turnaround programme fully underway.
We have achieved our stabilisation goal and are now implementing our turnaround
plans. The results for the period show that we are making progress with the
turnaround however, the performance in the first half of last year was
particularly weak and we have the key trading period of Christmas and the end of
season sale ahead of us.
We are less than a year into a three-year turnaround programme. We are
determined to see through the actions necessary to fully revitalise and
re-engineer this business as the foundation for longer term growth. This will
involve significant short-term revenue investment in our business - particularly
in the areas of central infrastructure, store staffing and training.
We have achieved much in a short period of time but there is still much to do. I
would like to thank all those who work at Mothercare for their excellent
contribution during this period.
RESULTS SUMMARY
The results for the first half of the year show an operating profit of #9.5m
compared to an operating loss of #9.9m in the first half of last year. The
underlying operating profit, excluding non trading items and operating
exceptional items, was #8.6m (2002: loss of #8.8m) This substantial improvement
in profitability has been achieved through increasing sales and gross margins
whilst also reducing distribution costs. All the divisions of our business
showed good improvements in profitability in the period.
Further details are provided in the financial review.
STRATEGY
In May we outlined our strategy for the recovery of Mothercare which is in three
stages: the stabilisation of the business, the turnaround of performance and the
longer term future.
STABILISATION
The stabilisation stage is now complete with distribution performing
effectively, at much reduced cost, a significantly strengthened cash position
and overall a good trading performance that has led to an encouraging
improvement in sales and gross margin.
A key factor in stabilising the business has been the establishment of a new
management team to lead the recovery of our business.
TURNAROUND
Our turnaround plan is focused on five key priorities: store proposition,
product and sourcing, supply chain, customer service and our infrastructure.
Store Proposition
One of our key priorities has been to define the proposition for the high
street. In April we launched trials of two propositions, Mothercare Lite and
Mother and Baby, which had a different merchandise mix. As part of the trials we
also experimented with a number of different refit investment levels.
The most successful format was Mothercare Lite. Overall the five Mothercare Lite
trial stores achieved a sales growth of 21% which was 12% above the average of
our high street stores. The Mothercare Lite stores achieved a cash return on
investment, on an annualised basis for the six month trial, in excess of 20%.
Customer feedback also demonstrated that the Mothercare Lite proposition is the
most appealing. We have therefore instigated a second stage trial (known
internally as Superlite) that builds on the Mothercare Lite proposition and the
findings from the store refit trials. The new trials are taking place in 13
stores, comprising eight new refits and five conversions from stage one refits.
The results will be reviewed after Christmas. Following any necessary
fine-tuning we will commence a phased roll-out in the spring of 2004 and
anticipate that it should be completed by March 2006.
The planning for the next stage of refits has highlighted the poor condition of
the majority of our high street portfolio, which has suffered from
under-investment over many years. In addition to the "customer facing" refit
work, we will therefore need to undertake some refurbishment work to improve the
fabric of the estate. The total cost of the roll-out of our new high street
concept and refurbishment programme is now expected to be #20 million over the
three year period, an average of some #25 per square foot.
Our out of town stores continue to perform satisfactorily and benefit from the
improvements in our customer offer. The next step for out of town stores will be
to define a clearer and more profitable proposition.
Product and Sourcing
We have made solid progress with improving our product range, particularly
clothing. The new Autumn/Winter range has taken a good step forward in both
design and quality and the positive customer reaction is shown in our trading
performance. We have also continued our sourcing programme to buy a narrower
product range in greater depth which has been a major factor in the improvement
in gross margin to 46.9%.
We still have much to do to improve our overall product offer. We will continue
to focus on improving design and quality.
Supply Chain
Our logistics network has continued to perform well. Evidence of this progress
is that we have reduced distribution costs as a percentage of sales to 6.5% for
the first half year, ahead of plan. Improvements to the supply chain have also
helped to increase availability from 65% in January to some 80% now and we
continue to work hard to improve this further.
As we indicated in May, we have integrated our Mothercare Supply warehouse in
Lutterworth into our Daventry warehouse. This major warehouse move was achieved
on time, within budget and without disruption and has resulted in reduced
distribution costs and a shortening of our supply chain.
In the short term we continue to improve the efficiency of the current
operations. Our longer term focus is to complete our review to determine the
best route by product category from factory to customer so that we can achieve
seamless and cost effective delivery of products.
Customer Service
Significantly improving customer service is a key step in turning around
Mothercare's performance. We recognise such a change will take time to complete
effectively and will require additional training and investment. Over the last
six months we have introduced a number of initiatives to raise service standards
across the chain. These include a reduction in administrative tasks placed on
our staff and improved staff scheduling to ensure that customer needs come first
and experienced staff are available at key points of the day, particularly at
weekends. Underpinning these improvements will be the introduction of uniform
store standards to ensure better visual merchandising and timely product
replenishment.
Infrastructure
The lack of investment in the infrastructure of Mothercare has been a major
factor in the historic under performance of the business. We have initiated
change programmes to ensure the improvements to systems and procedures are
properly prioritised and effectively implemented.
Our first priority is to implement a modern merchandise planning system which
will allow us to plan and manage our product ranges more effectively. A new
system has been selected. A major project has been put in place to deliver this
change in spring 2004.
The replacement of our store EPOS systems is also a key priority, to provide a
reliable platform as the basis for improvements to customer service. We have
selected a new system and are currently planning a pilot of the system, prior to
the commencement of roll out of the new system in mid 2004.
We expect that the investment in these systems, together with further
enhancements to central and distribution systems, will be some #15m over the
next three years.
THE LONGER TERM FUTURE
Our focus for the first half of the year has been to establish our turnaround
programme and make a difference to our customers. This programme will take some
three years to complete but we expect customers will experience continual
improvement in our offer throughout that period.
There is considerable opportunity to develop the business further through new
store development and progressing the potential of our International and Direct
businesses over the longer term.
CURRENT TRADING
Current trading continues to be encouraging with UK store like for like sales
for the five weeks to 14 November 2003 up 4.6%. The gross margin improvement in
the first half has been sustained.
FINANCIAL REVIEW
RESULTS SUMMARY
The results can be summarised as follows:
Sales Operating
Profit/(Loss)
28 weeks to 28 weeks to
11 October 12 October 11 October 12 October
2003 2002 2003 2002
#m #m #m #m
UK Stores 202.8 195.2 4.7 (11.6)
Mothercare Direct 9.3 8.1 0.6 -
Mothercare
International 25.2 24.7 3.3 2.8
--------- --------- ---------- ----------
Total 237.3 228.0 8.6 (8.8)
--------- --------- ---------- ----------
Non trading items
/operating 0.9 (1.1)
exceptionals ---------- ----------
Operating profit 9.5 (9.9)
Non-operating
exceptional items 3.8 -
Interest 0.1 (0.1)
Taxation - 10.0
---------- ----------
Profit after tax 13.4 -
========== ==========
Sales
UK Stores
UK store sales increased by 3.9% to #202.8m. Like for like sales increased by
6.4%. The sales loss due to net store closures was 2.5%. Five new out of town
stores opened in the first half of last year, but the sales gain from these
openings has been more than off-set by the sales lost from the 12 stores closed
in the last year. Of the 15 store closures announced with our results in May,
seven have now been closed.
Mothercare Direct
Mothercare Direct, our catalogue and website business, had a successful period
with sales growing by 14.5% to #9.3m and operating profit growing to #0.6m. The
key driver of sales growth has been a 10% increase in active customers. This
business has also benefited from the margin growth achieved across the company.
Mothercare International
Mothercare International also performed well with sales growing by 2.1% to
#25.2m and operating profit growing 18.3% to #3.3m. These results reflect a more
normal trading period this year compared to the first half of last year when
timing differences and trading issues led to a high value of sales at lower
margins.
Fifteen new franchise stores were opened in the first half taking the total to
188 with a further nine openings planned for the second half year.
Operating Profit
Group operating profit, was #9.5m compared to a loss of #9.9m in the first half
of last year. The underlying operating profit, excluding non trading items and
operating exceptional items, was #8.6m (2002: loss of #8.8m). The key factors
driving this improvement in operating profit were an increase in sales and gross
margin together with a reduction in distribution costs.
Gross margin increased by 5.9 percentage points to 46.9%. This was achieved by a
better flow of product through our business leading to improved availability to
customers and allowing greater full price trading. The gross margin also
benefited from a more effective management of markdowns during the summer sale.
The improvements in our product range and the early benefits of our sourcing
initiatives also played a major role in the improvement.
In May we indicated that we aimed to reduce distribution costs to a running rate
of 6.5% of sales by March 2004. We are ahead of schedule having reduced costs
from 8.1% of sales for the whole of last year to 6.5% of sales for the first
half of this year. This reduction has been achieved through effective management
of distribution operations allowing consolidation of the Company's operations
into three main distribution centres.
The operating profit includes a net credit of #0.1m relating to non-trading
items and an operating exceptional credit of #0.8m. The non-trading items
comprise #0.8m of business stabilisation costs, principally the costs to support
our turnaround programme, off-set by credits of #0.9m, relating to the release
of the unused element of a provision against clearance stock resulting from the
sale of the stock at higher levels than originally anticipated.
The operating exceptional credit of #0.8m relates to VAT, primarily due to the
successful outcome of an outstanding VAT claim.
Non-operating exceptional items
The non-operating exceptional credit of #3.8m relates to property items
including the sale of our Manchester store where we received a lease premium of
#1.2m and the release of amounts accrued and provided for within the loss on
sale of Bhs of #2.6m following the early surrender of a vacant leasehold
property .
Interest and Taxation
Net interest income increased to #0.1m from net interest expense of #0.1m last
year as a result of the higher average cash balances resulting from the positive
cash flow of the business.
There is no tax charge in the period due to the utilisation of tax losses of
#54m brought forward from prior years.
Balance Sheet and Cash Flow
The Company had a net cash inflow of #20.7m in the period, leading to the cash
balance at the end of the half year of #28.4m (2002: net debt of #0.9m). The
increase in cash has resulted from improved trading, the benefits of a working
capital reduction of #8.5m, and a reduced level of capital expenditure in the
period.
Capital expenditure for the period was comparatively low at #2.3m (2002: #8.9m),
principally the cost of the first stage of the store refurbishment trials and
ongoing store maintenance. We now anticipate that capital expenditure for the
full year will be some #10m. This includes the second stage of the store refit
trials and the start of the roll out after Christmas together with I.T.
expenditure on the merchandise planning system and the start of the EPOS pilot.
Preliminary announcement of unaudited results
GROUP PROFIT STATEMENT
For the 28 weeks ended 11 October 2003 (2002 - 28 weeks ended 12 October 2002)
28 weeks ended 28 weeks ended
11 October 2003 12 October 2002
------------------- ----------------
Before Exceptional Before Exceptional
exceptional items exceptional items 52 weeks ended
items (note 2) Total items (note 2) Total 29 March 2003
Note # million # million # million # million # million # million # million
-------------- ----- -------- -------- ------ ------- ------- ------ --------
Turnover 237.3 237.3 228.0 - 228.0 431.7
-------------- ----- -------- -------- ------ ------- ------- ------ --------
Profit/(loss)
from retail
operations 8.7 0.8 9.5 (9.9) - (9.9) (22.5)
Exceptional
items 2 - 3.8 3.8 - - - (2.4)
Interest (net) 3 0.1 - 0.1 (0.1) - (0.1) 0.1
---------------- ---- -------- -------- ------ ------- ------- ------ --------
Profit/(loss)
before
taxation 8.8 4.6 13.4 (10.0) - (10.0) (24.8)
Taxation 2, 4 - - - - 10.0 10.0 10.0
----------------- -------- -------- ------ ------- ------- ------ --------
Profit/(loss)
after taxation 8.8 4.6 13.4 (10.0) 10.0 - (14.8)
-------- -------- ------- -------
Dividends 5 - - -
------ ------ --------
Retained
profit/(loss) 13.4 - (14.8)
---------------- ---- -------- -------- ------ ------ --------
Dividend per
share 0.0p 0.0p 0.0p
Earnings/(loss)
per share
before
exceptional
items 13.1p (14.9p) (29.2p)
Basic
earnings/(loss)
per share 6 20.0p 0.0p (22.0p)
Earnings/(loss)
per share
diluted 6 19.8p 0.0p (22.0p)
---------------- ---- --------- ------- ------ ------- ------- ------ --------
RECONCILIATION OF MOVEMENT IN SHAREHOLDERS' FUNDS
28 weeks ended 28 weeks ended 52 weeks ended
11 October 2003 12 October 2002 29 March 2003
# million # million # million
------------------------ ------------ ----------------- --------
Profit/(loss) for the
financial period 13.4 - (14.8)
New share capital
subscribed 0.2 - -
------------------------ ------------ ----------------- --------
Movement in shareholders'
funds 13.6 - (14.8)
Opening shareholders'
funds 110.6 125.4 125.4
------------------------ ------------ ----------------- --------
Closing shareholders'
funds 124.2 125.4 110.6
------------------------ ------------ ----------------- --------
GROUP BALANCE SHEET
11 October 2003 12 October 2002 29 March 2003
Note # million # million # million
-------------------------- ----- ---------- ---------- ----------
Fixed assets
Tangible assets 80.3 90.3 85.6
Investments 5.0 5.0 4.9
-------------------------- ----- ---------- ---------- ----------
85.3 95.3 90.5
-------------------------- ----- ---------- ---------- ----------
Current assets
Stocks 44.2 51.8 48.0
Debtors 27.4 31.2 25.6
Cash at bank and in
hand 28.4 2.3 7.7
Creditors - amounts
falling due within one
year 7 (56.7) (50.4) (54.3)
-------------------------- ----- ---------- ---------- ----------
Net current assets 43.3 34.9 27.0
-------------------------- ----- ---------- ---------- ----------
Total assets less
current liabilities 128.6 130.2 117.5
-------------------------- ----- ---------- ---------- ----------
Creditors - amounts
falling due after more
than one year 7 (1.6) (2.7) (2.2)
Provisions for
liabilities and charges 8 (2.8) (2.1) (4.7)
-------------------------- ----- ---------- ---------- ----------
Net assets 124.2 125.4 110.6
-------------------------- ----- ---------- ---------- ----------
Capital and reserves
attributable to equity
interests
Called up share capital 35.3 35.3 35.3
Share premium account 0.2 - -
Profit and loss account 88.7 90.1 75.3
-------------------------- ----- ---------- ---------- ----------
124.2 125.4 110.6
-------------------------- ----- ---------- ---------- ----------
GROUP CASH FLOW STATEMENT
28 weeks ended 28 weeks ended 52 weeks ended
11 October 2003 12 October 2002 29 March 2003
# million # million # million
-------------------------- ----- ---------- ----------- ----------
Reconciliation of net
cash flow from
operating activities
Profit/(loss) from
retail operations
before exceptional
items 8.7 (9.9) (19.7)
Depreciation 6.1 6.5 14.3
Working capital 8.5 0.8 17.5
Exceptional items (0.4) (0.6) (3.8)
-------------------------- ----- ---------- ----------- ----------
Net cash flow from
operating activities 22.9 (3.2) 8.3
Returns on investments
and servicing of
finance 0.1 (0.1) 0.1
Taxation - - -
Capital expenditure (2.3) (8.9) (12.0)
-------------------------- ----- ---------- ----------- ----------
Trading cash flow 20.7 (12.2) (3.6)
Acquisitions and disposals - - -
Equity dividends paid - (1.0) (1.0)
-------------------------- ----- ---------- ----------- ----------
20.7 (13.2) (4.6)
Management of liquid
resources - 6.1 6.1
Financing - - -
-------------------------- ----- ---------- ----------- ----------
Increase/(decrease) in
cash in the period 20.7 (7.1) 1.5
-------------------------- ----- ---------- ----------- ----------
Reconciliation of net cash flow to movement in net funds
28 weeks ended 28 weeks ended 52 weeks ended
11 October 2003 12 October 2002 29 March 2003
# million # million # million
-------------------------- ----- ---------- ----------- ----------
Increase/(decrease) in
cash in the period 20.7 (7.1) 1.5
Cash flow from
management of liquid
resources - (6.1) (6.1)
Cash flow from financing - - -
-------------------------- ----- ---------- ----------- ----------
Movement in net
funds/(debt) in the
period 20.7 (13.2) (4.6)
Net funds at the
beginning of the period 7.7 12.3 12.3
-------------------------- ----- ---------- ----------- ----------
Net funds/(debt) at the
end of the period 28.4 (0.9) 7.7
-------------------------- ----- ---------- ----------- ----------
Analysis of net cash
28 weeks ended 28 weeks ended 52 weeks ended
11 October 2003 12 October 2002 29 March 2003
# million # million # million
-------------------------- ----- ---------- ----------- ----------
Cash at bank and in
hand 28.4 2.3 7.7
Overdrafts - (3.2) -
-------------------------- ----- ---------- ----------- ----------
28.4 (0.9) 7.7
-------------------------- ----- ---------- ----------- ----------
Notes
1 Accounting policies
This interim report has been prepared under the historic cost convention and
using accounting policies which are consistent with previous years.
2 Exceptional items
Profit from retail operations includes an exceptional credit of #0.8 million
relating to VAT, principally arising from the successful outcome of an
outstanding VAT claim.
Exceptional items credited to profit before taxation amount to #3.8 million and
comprise the following two items.
A settlement has been reached for the early surrender of the lease of a vacant
property. This resulted in a release in the period, as an exceptional credit to
the profit and loss account, of #2.6 million of amounts accrued and provided for
within the loss on sale of Bhs in prior years in respect of this onerous lease.
An unconditional agreement was reached, prior to the end of the half year, for
the sale of the lease of one of the stores whose disposal was announced in the
previous annual report. An exceptional credit of #1.2 million has been
recognised in the profit and loss account relating to the lease premium
received.
The tax effect of the above exceptional items is #nil (2002 - #nil).
In the 52 weeks ended 29 March 2003, exceptional costs of #2.8 million were
charged to loss from retail operations. These costs related to directors and
head office staff redundancy costs of #1.9 million, store staff redundancies of
#0.1 million and #0.8m one off costs incurred in renegotiating the group's
warehouse and distribution contract during the year.
In the 52 weeks ended 29 March 2003, an exceptional charge of #3.1 million was
recognised to provide for the loss on disposal of stores. This was offset by
#0.7 million profit on stores disposed of during the year. The net exceptional
cost of #2.4 million was charged to loss before taxation.
In the 28 weeks to 12 October 2002, a corporation tax provision of #10.0 million
made in a prior year was released as an exceptional credit to the profit and
loss account. This provision related to outstanding tax issues from the
reorganisation of various property interests conducted in 1996/7. These have now
been resolved with the Inland Revenue.
3 Interest (net)
28 weeks ended 28 weeks ended 52 weeks ended
11 October 2003 12 October 2002 29 March 2003
# million # million # million
------------------------ ---------- ----------- ----------
Interest payable (0.1) (0.2) (0.4)
Interest receivable 0.2 0.1 0.5
------------------------ ---------- ----------- ----------
0.1 (0.1) 0.1
------------------------ ---------- ----------- ----------
Notes (continued)
4 Taxation
Current tax is calculated at nil per cent (2002 - nil per cent) being the
estimated effective rate of tax on the expected result for the 52 weeks ending
27 March 2004.
The only significant timing differences impacting the group are accelerated
capital allowances and tax losses generated in prior years which are available
to offset future profits.
The group had tax losses carried forward of approximately #39 million as at 11
October 2003 (2002 - approximately #44 million). A deferred tax asset has been
recognised to the extent of any deferred tax liabilities arising primarily from
accelerated capital allowances.
Due to the uncertainty surrounding Christmas and the January trading period, and
given that the business is still in turnaround, the directors believe it is
inappropriate to recognise, at this time, a deferred tax asset in respect of the
remaining trading losses of #30 million (2002 - #30 million). This will be
revisited at the year end.
A corporation tax provision of #10.0 million made in a prior year, was released
in the year ended 29 March 2003, as set out in note 2.
5 Dividends
No interim dividend is to be paid (2002 - nil pence).
6 Earnings/(loss) per share
28 weeks ended 28 weeks ended 52 weeks ended
11 October 2003 12 October 2002 29 March 2003
Weighted average number of
shares in issue 67.2m 67.1m 67.2m
Dilution - option schemes 0.5m 0.0m 0.0m
-------------------------- ---------- ----------- ----------
Diluted weighted average
number of shares in issue 67.7m 67.1m 67.2m
-------------------------- ---------- ----------- ----------
Profit/(loss) after tax #13.4m #0.0m (#14.8m)
Exceptional items (net of
tax) #4.6m #10.0m (#4.8m)
-------------------------- ---------- ----------- ----------
Profit/(loss) after tax
before exceptional items #8.8m (#10.0m) (#19.6m)
Basic earnings/(loss) per
share 20.0p 0.0p (22.0p)
Earnings/(loss) per share
before exceptional items 13.1p (14.9p) (29.2p)
Diluted basic
earnings/(loss) per share 19.8p 0.0p (22.0p)
-------------------------- ---------- ----------- ----------
The earnings per share before exceptional items has been calculated to provide
further information. It is calculated by dividing the profit after tax but
before exceptional items by the weighted average number of shares in issue.
Notes (continued)
7 Creditors - amounts falling due within one year and after one year
28 weeks ended 28 weeks ended 52 weeks ended
11 October 2003 12 October 2002 29 March 2003
# million # million # million
------------------------ ---------- ----------- ----------
Amounts falling due within one
year
Overdrafts - 3.2 -
Trade creditors 26.2 26.1 27.8
Corporation tax 0.9 0.9 0.9
Payroll and other taxes,
including social security 3.0 1.2 3.1
Accruals and deferred
income 25.3 17.5 20.7
Landlords' contributions 1.1 1.4 1.3
Other creditors 0.2 0.1 0.5
------------------------ ---------- ----------- ----------
56.7 50.4 54.3
------------------------ ---------- ----------- ----------
Amounts falling due after one
year
Landlords' contributions 1.6 2.7 2.2
------------------------ ---------- ----------- ----------
8 Provisions for liabilities and charges
Property
provisions
# million
------------------------ ----------
Opening balance as at 30 March 2003 4.7
Utilised in period (0.5)
Released in period (1.4)
------------------------ ----------
Closing balance as at 11 October 2003 2.8
------------------------ ----------
Property provisions principally represent the costs of store disposals.
This interim report was approved by the directors on 19 November 2003. Results
for the two half years have not been audited, but have been reviewed by the
auditors. The financial information contained in the interim accounts does not
constitute statutory accounts as defined in section 240 of the Companies Act
1985. The full year comparatives were extracted from the full group accounts
which have been filed with the Registrar of Companies together with an
unqualified auditors' report. All shareholders will receive a copy of this
statement.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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