TIDMADA

RNS Number : 3893U

Adams PLC

23 November 2023

23 November 2023

Adams plc

("Adams" or the "Company")

Interim Results for the Six Months ended 30 September 2023

Chairman's Statement

Adams generated a net profit of GBP0.29 million for the six months ended 30 September 2023 compared to a loss of GBP1.03 million in the six months ended 30 September 2022.

The half year profit of GBP0.29 million comprises a net investment profit return of GBP0.39 million, less overhead costs of GBP0.10 million. The comparative 2022 half year loss of GBP1.03 million included a net investment loss return of GBP0.95 million, together with administrative costs of GBP0.08 million.

During the half year, the Company spent GBP0.21 million on a new quoted equity investment in NCC Group Plc and realised disposal proceeds of GBP0.34 million on the sale of its Afrenta Plc and Tremor International Ltd investments in full, together with a partial sale of its Seeing Machines Ltd investment holding.

The carrying value of the Company's equity investments at 30 September 2023 was GBP5.31 million represented by eight quoted investment holdings and three private investments (31 March 2023: GBP5.10 million represented by nine quoted investment holdings and three private investments). In addition, Adams holds a derivative investment asset in the form of warrants in C4X Holdings Plc which have an exercise price that is significantly above the market price of the underlying shares and the warrants are therefore considered to have a nil fair value.

The Company held cash balances of GBP0.12 million as at 30 September 2023, compared to cash balances of GBP0.05 million at the previous 31 March 2023 year end.

Net assets increased to GBP5.40 million (equivalent to 3.70p per share) at the 30 September 2023 balance sheet date, compared with GBP5.11 million (equivalent to 3.50p per share) at 31 March 2023. The GBP0.29 million increase in net assets reflects the profit reported for the half year.

Business model and investing policy

Adams is an investing company with an investing policy under which the Board is seeking to acquire interests in special situation investment opportunities that have an element of distress, dislocation, dysfunction or other special situation attributes and that the Board perceives to be undervalued. The principal focus is in the small to middle-market capitalisation sectors in the UK or Europe, but the Directors will also consider possible special situation opportunities anywhere in the world if they believe there is an opportunity to generate added value for shareholders.

Investment Portfolio

The principal listed investments held by the Company at 30 September 2023 (each representing at least 5% of the net asset value of the Company at that date) comprised Niox Group Plc ("Niox"), C4X Discovery Holdings Plc ("C4XD"), Seeing Machines Limited ("Seeing Machines"), Griffin Mining Limited ("Griffin") and Access Intelligence Plc ("Access Intelligence"). Adams also holds Oxehealth Limited ("Oxehealth") and Telit Cinteron Ltd ("Telit") as principal unquoted investments.

Niox is an AIM listed global medical device company focused on point of care FeNO testing for the diagnosis and management of asthma. The NIOX VERO(R) device is the market leader in point of care testing and is approved and reimbursed in most major markets. The group is progressing its transition to a distributor led model with new arrangements in the USA and China expected to drive scalable growth as it continues to implement access to a large and underserved population of patients suffering from asthma. For the half year ended 30 June 2023, sales increased 21% to GBP18.8 million and generated an EBITDA profit of GBP6.2 million. The profit after tax for the period amounted to GBP3.4 million. The company had net cash balances of GBP27.3 million at 31 August 2023 but subsequently paid out GBP10.5 million by way of a special 2.5 pence per share dividend in September 2023. The shareholding of Adams at 30 September 2023 was, and continues to be, 0.37 per cent of the Niox shares in issue.

C4XD is a pioneering drug discovery company combining its enhanced DNA-based target identification and candidate molecule design capabilities to efficiently deliver world--leading medicines which are developed by licensing partners. C4XD has a number of existing partnership deals including a milestone and royalties out-licensing agreement with Sanofi for its IL-17A inhibitor programme worth up to EUR414 million plus potential for single--digit royalties and also an exclusive licensing agreement with AstraZeneca for its NRF2 activator programme addressing the treatment of inflammatory and respiratory diseases. The AstraZeneca agreement is worth up to $402 million including pre-clinical milestone payments of up to $16 million ahead of the first clinical trial, with $2 million upfront. In addition, the company has continued to drive other key programmes towards partnering with a near term focus on inflammatory and oncology diseases. C4XD reported a loss after tax of GBP3.9 million in the six months ending 31 January 2023 inclusive of R&D investment of GBP5.2 million and with revenues of GBP1.7 million. Cash balances at 31 January 2023 amounted to GBP9.6 million . Subsequently, in August 2023, C4XD announced that its cash position would be strengthened by a GBP15.95 million consideration settlement from Indivior UK Limited to acquire the proprietary rights to the oral Orexin-1 receptor antagonist partnership programme for the treatment of opioid addiction disorders which Indivior would now take fully in-house. The shareholding of Adams in C4XD at 30 September 2023 was, and continues to be, 1.98 per cent of the C4XD shares in issue.

Seeing Machines is an AIM listed industry leader in advanced computer vision technologies. The company designs Artificial Intelligence / AI powered operator monitoring systems using camera-based optics and embedded processing to improve transport safety in automotive, commercial fleet, aviation, rail and off-road markets. The technology incorporates warnings when human state attention impairment is identified, in order to re-engage the operator or driver. Seeing Machines continues to invest in R&D and grow as an automotive leader in such technology having now won contracts with a total of 10 automotive Tier 1 global customers covering 15 automotive driver monitoring safety ("DMS") programmes. A total of 6 OEM programs have now started production, and at 30 June 2023, Seeing Machines' technology was installed in over 1 million vehicles globally. In the year to 30 June 2023, Seeing Machines also signed an exclusive licence Agreement with Collins Aerospace generating licence revenue over three years of US$10m, to jointly develop pioneering eye-tracking solutions for the Aviation industry. Seeing Machines reported underlying revenue growth of 48% per cent during that year to 30 June 2023, to give revenues of $57.8 million and a loss for the period of $15.5 million. Seeing Machines' cash balances at 30 June 2023 amounted to $36.1 million. The shareholding of Adams in Seeing Machines as at 30 September 2023 was, and continues to be, 0.31 per cent of the Seeing Machines shares in issue.

Griffin Mining Limited , which is an AIM listed mining and investment company that has been the leader in foreign investment in mining in China having been engaged in developing the Caijiaying zinc and gold project since 1997. In January 2021, Griffin announced a major achievement in finally securing a significant new mining license from the Chinese Ministry of Land and Natural Resources which elevates Griffin to being one of the largest zinc producers in China. Revenues more than doubled to US$69.5 million for the 6 months 30 June 2023 and generated a profit after tax of US$5.2 million. The results benefited from record amounts of ore mined and processed and a significant improvement in the market price for zinc and lower smelter treatment charges. Cash balances at 30 June 2023 amounted to US$46.9 million and given the severely undervalued nature of the company's share price, the Griffin Directors also announced a share buy-back programme which was commenced in September 2023. The shareholding of Adams in Griffin as at 30 September 2023 was, and continues to be, 0.25 per cent of the Griffin shares in issue.

Access Intelligence is an AIM listed London based technology innovator delivering Artificial Intelligence / AI Software-as-a-Service solutions for the global marketing and communications industries. The company combines AI technologies with human expertise to analyse data and provide strategic insights as a single, real-time view of what is important. It is supported by partnerships with the world's largest data providers and social media platforms including X (formerly Twitter), Reddit and Twitch. For the 6 months ended 31 May 2023, Access Intelligence reported revenues of GBP31.3 million and delivered a positive EBITDA of GBP2.0 million before exceptional costs associated with the integration of Isentia Group which had been acquired in September 2021. This reflected its first six-month period of Annual Recurring Revenue ("ARR") growth in the APAC region since the acquisition of Isentia, alongside continued ARR growth in the EMEA & NA market. The loss for the period amounted to GBP5.1 million after exceptional costs and inclusive of additional investment in sales and marketing to drive global expansion. Cash balances at 31 May 2023 amounted to GBP2.7 million . As a result of the restructuring actions taken over the last two years to optimise profitable growth and free cash flow generation, the Access Intelligence Board anticipates the delivery of higher EBITDA and cash generation in the second half. The shareholding of Adams in Access Intelligence as at 30 September 2023 was, and continues to be, 0.52 per cent of the Access Intelligence voting shares in issue.

Oxehealth is a private company and an industry leader in vision-based patient monitoring and management systems. The company uses proprietary signal processing and computer vision to process normal digital video camera data to measure the vital signs and activity of patients in a number of different markets, primarily in Mental Health, Acute Hospital settings, Primary Care settings, Care Home, and Custodial facilities in both the UK and also in Sweden and more recently the USA. This is achieved through the deployment of its Oxevision platform which enables clinicians to take non-contact cardiorespiratory measurements of a patient's pulse and breathing rate, and which generate alerts to potentially risky activity and reports on a patient's vital signs and behaviour. This can all be done without the clinician entering the patient's room, including by use of mobile handsets on the ward. The Oxehealth Service is used by 50% of English NHS mental health trusts as well as acute hospitals, care homes, skilled nursing facilities, prisons and police forces in the UK and Europe. At 30 September 2023, the investment holding by Adams in Oxehealth represents 2.22 per cent of Oxehealth's issued share capital at that date.

Telit is a private company and a global leader in Internet of Things (IoT) enablement. Telit has over twenty years of experience designing, building, and executing complex digital business. The company has an extensive portfolio of wireless connectivity modules, software platforms and global IoT connectivity services, including cellular plans and cloud and data orchestration software. These have empowered hundreds of millions of connected 'things' to date, and are trusted by thousands of direct and indirect customers, globally. On 1 January 2023, the company completed a transaction with the global defence, aerospace and security group, Thales, under which it acquired the cellular IoT products business of Thales and thereby expanded Telit's presence in the growing industrial IoT segments and end markets, including payment systems, energy, e-health, and in the rapidly growing cybersecure IoT solutions market. At 30 September 2023, the investment holding by Adams in Telit represents 0.35 per cent of Telit's issued share capital at that date.

In addition to the above investments, at 30 September 2023 Adams held three other quoted holdings, together with one other private company holding. The three quoted holdings comprise NCC Group Plc, which is FTSE All-Share listed and a leading independent provider of global cyber security and resilience services, focusing on the fastest growing sectors, specifically those which are highly-regulated and most exposed to cyber risk; WANdisco Plc, which is a data activation company that enables organisations to move large datasets to the cloud at massive scale in order to activate all their data for AI, machine learning and analytics on modern cloud data platforms; and Euromax Resources Ltd, which is a Canadian development company listed on the Toronto Stock Exchange and focused on building and operating the Ilovica-Shtuka copper and gold project in Macedonia;. The private company holding comprises Source Bioscience International Ltd, which is an international provider of state-of-the art laboratory services, clinical diagnostics and analytical testing services.

Outlook

World economies are currently facing many risks and g eopolitical uncertainties including the terrible current conflicts in Gaza and Ukraine, together with ongoing trade tensions between the US and China. As a result, continued volatility is expected in financial markets. In addition, whilst the global economy proved more resilient than expected in the first half of 2023, the overall growth outlook in the coming year remains weak and is weighed down by still high inflation and interest rates which may remain higher for longer. Growth forecasts for 2024 are generally strongest in emerging Asian economies, and weakest in Europe and the US.

Difficult and volatile financial market conditions subsequent to our 30 September 2023 half year end have adversely impacted Adams's investment portfolio and have generated unrealised investment losses which are estimated to have now resulted in an overall loss of GBP0.15 million for the just under 8 months year to date.

In view of the above risks and uncertainties, your Board will continue to maintain a rigorous and highly selective investment approach, coupled with strict cost control with a view to delivering additional value for shareholders going forward. We remain confident in the underlying fundamentals, technologies and long-term potential for growth at the companies within our investment portfolio .

Michael Bretherton

Chairman

23 November 2023

Certain information contained in this announcement would have been deemed inside information for the purposes of UK Market Abuse Regulation until the release of this announcement.

The Directors of the Company take responsibility for this announcement.

Enquiries:

 
Adams plc 
Mike Bretherton                 Tel: +44 1534 719 761 
 
Nomad 
Cairn Financial Advisers LLP 
Sandy Jamieson, James Caithie   Tel: +44 207 213 0880 
 
Broker 
Peterhouse Capital Limited 
Heena Karani, Martin Lampshire  Tel: +44 207 469 0930 
 

Caution regarding forward looking statements

Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identi ed by their use of terms and phrases such as "believe", "could", "should" "envisage", "estimate", "intend", "may", "plan", "potentially", "expect", "will" or the negative of those, variations or comparable expressions, including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements re ect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.

STATEMENT OF COMPREHENSIVE INCOME

FOR THE SIX MONTH PERIOD TO 30 SEPTEMBER 2023

 
 
                                                     6 months ended     Year ended     6 months ended 
                                                        30 Sep 2023    31 Mar 2023        30 Sep 2022 
                                            Note        (Unaudited)      (Audited)        (Unaudited) 
                                                            GBP'000        GBP'000            GBP'000 
 Gain/(loss) on investments                  6                  348        (2,188)              (947) 
 Dividend income                                                 39              -                  - 
                                                  -----------------  -------------  ----------------- 
 Investment return                                              387        (2,188)              (947) 
 
 Expenses and other income 
 Administrative expenses                                       (96)          (182)               (82) 
 
 Operating loss                                                 291        (2,370)            (1,029) 
 
 Interest income                                                  1              -                  - 
 
 Profit/(loss) before taxation                                  292        (2,370)            (1,029) 
 
 Taxation                                                         -              -                  - 
 
 Profit/(loss) 
                                                  -----------------  -------------  ----------------- 
 for the period                                                 292        (2,370)            (1,029) 
                                                  =================  =============  ================= 
 
 Basic and diluted gain/(loss) per share     11               0.20p        (1.62)p            (0.70)p 
                                                  -----------------  -------------  ----------------- 
 

There are no other items of comprehensive income or loss.

The notes form an integral part of the financial statements.

STATEMENT OF FINANCIAL POSITION

AS AT 30 SEPTEMBER 2023

 
                                              As at          As at          As at 
                                        30 Sep 2023    31 Mar 2023    30 Sep 2022 
                                        (Unaudited)      (Audited)    (Unaudited) 
                                Note        GBP'000        GBP'000        GBP'000 
 Assets 
 Non-current assets 
 Investments                     7            5,312          5,095          6,300 
 
 Current assets 
 Trade and other receivables     8                4             11              4 
 Cash and cash equivalents                      115             47            163 
                                      -------------  -------------  ------------- 
 Total current assets                           119             58            167 
                                      -------------  -------------  ------------- 
 
 Total assets                                 5,431          5,153          6,467 
                                      -------------  -------------  ------------- 
 
 Liabilities 
 Current liabilities 
 Trade and other payables        9             (29)           (43)           (16) 
                                      -------------  -------------  ------------- 
 Total liabilities                             (29)           (43)           (16) 
                                      -------------  -------------  ------------- 
 
 Net current assets                              90             15            151 
                                      -------------  -------------  ------------- 
 
 Net assets                                   5,402          5,110          6,451 
                                      =============  =============  ============= 
 
 Equity 
 Called up share capital         10           1,459          1,459          1,459 
 Share premium                   10           3,425          3,425          3,425 
 Accumulated gains                              518            226          1,567 
 Total shareholder equity                     5,402          5,110          6,451 
                                      =============  =============  ============= 
 
 

The notes form an integral part of the financial statements.

The condensed interim financial statements were approved and authorised for issue by the Board of Directors on 23 November 2023 and signed on its behalf by:

Michael Bretherton

Chairman

STATEMENT OF CHANGES IN EQUITY

FOR THE SIX MONTH PERIOD TO 30 SEPTEMBER 2023

 
                                           Share 
                                         Capital   Share Premium   Accumulated Gains     Total 
                                         GBP'000                             GBP'000   GBP'000 
 
 At 31 March 2022 (audited)                1,459           3,425               2,596     7,480 
                                       ---------  --------------  ------------------  -------- 
 
 Total comprehensive loss for period           -               -             (1,029)   (1,029) 
 
 At 30 September 2022 (unaudited)          1,459           3,425               1,567     6,451 
                                       ---------  --------------  ------------------  -------- 
 
 Total comprehensive loss for period           -               -             (1,341)   (1,341) 
 
 At 31 March 2023 (audited)                1,459           3,425                 226     5,110 
                                       ---------  --------------  ------------------  -------- 
 
 Total comprehensive gain for period           -               -                 292       292 
 
 At 30 September 2023 (unaudited)          1,459           3,425                 518     5,402 
                                       =========  ==============  ==================  ======== 
 

The notes form an integral part of the financial statements.

STATEMENT OF CASH FLOWS

FOR THE SIX MONTH PERIOD TO 30 SEPTEMBER 2023

 
 
                                                               6 months           Year        6 months 
                                                                  ended          ended           ended 
                                                            30 Sep 2023    31 Mar 2023     30 Sep 2022 
                                                            (Unaudited)      (Audited)     (Unaudited) 
                                                                GBP'000        GBP'000         GBP'000 
 
 Profit/(loss) for the period                                       292        (2,370)         (1,029) 
 Unrealised (gain)/loss on revaluation of investments             (342)          2,203             947 
 Realised gain on disposal of investments                           (6)           (15)               - 
 Decrease in trade and other receivables                              7              1               8 
 (Decrease)/increase in trade and other payables                   (14)             18             (9) 
 
 Net cash outflows from operating activities                       (63)          (163)            (83) 
                                                         --------------  -------------  -------------- 
 
 Cash flows from investing activities 
 Purchase of investments                                          (211)        (1,216)           (625) 
 Proceeds from sales of investments                                 342            555               - 
 
 Net cash inflows/(outflows) from investing activities              131          (661)           (625) 
                                                         --------------  -------------  -------------- 
 
 
 
 Net increase/(decrease) in cash and cash equivalents                68          (824)           (708) 
 
 Cash and cash equivalents at beginning of period                    47            871             871 
 
 Cash and cash equivalents at end of period                         115             47             163 
                                                         ==============  =============  ============== 
 
 

The notes form an integral part of the financial statements.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE SIX MONTH PERIOD TO 30 SEPTEMBER 2023

   1       General information 

Adams Plc ("the Company") is a company incorporated in the Isle of Man and is listed on the AIM market of the London Stock Exchange.

   2       Basis of preparation 

The interim financial statements of Adams Plc are unaudited condensed financial statements for the six months ended 30 September 2023. These include unaudited comparatives for the six months ended 30 September 2022 together with audited comparatives for the year ended 31 March 2023.

These interim condensed financial statements have been prepared on the basis of the accounting policies expected to apply for the financial year to 31 March 2024 which are based on the recognition and measurement principles of International Financial Reporting Standards (IFRS) as adopted by the United Kingdom (UK). The financial statements have been prepared under the historical cost convention. The Company's presentation and functional currency is GBP Pounds Sterling.

The interim financial statements do not include all of the information required for full annual financial statements and do not comply with all the disclosures in IAS 34 'Interim Financial Reporting', and should be read in conjunction with the Company's annual financial statements to 31 March 2023. Accordingly, whilst the interim statements have been prepared in accordance with IFRS, they cannot be construed as being in full compliance with IFRS.

The preparation of financial statements in conformity with IFRS as adopted by the UK requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Company's accounting policies.

   3       Going concern 

Information on the business environment, financial position and the factors underpinning the Company's future prospects and portfolio are included in the Chairman's Statement. The Directors have considered their obligation in relation to the assessment of the going concern of the Company and have reviewed the current cash forecasts and assumptions as well as the main risk factors facing the Company. Accordingly, the going concern basis has been adopted in the preparation of the financial statements.

   4       Significant accounting policies 

The accounting policies adopted are consistent with those followed in the preparation of the annual financial statements of Adams Plc for the year ended 31 March 2023 which received an unqualified audit opinion. A copy of these financial statements is available on the Company website at www.adamsplc.co.uk .

   5   Segment reporting 

Operating segments for Adams Plc are reported based on the financial information provided to the Board, which is used to make strategic decisions. The Directors are of the opinion that under IFRS 8 'Operating segments' the Company has only one reportable segment, being Investment Return. The Board assesses the performance of the operating segment based on financial information which is measured and presented in a manner consistent with that in the financial statements.

   6        Investment Return 

The principal sources of revenue for the Company in the period to 30 September 2023 were as follows:

 
                                          6 months ended 30 Sep 2023           Year ended 
                                                                              31 Mar 2023   6 months ended 30 Sep 2022 
                                                             GBP'000              GBP'000                      GBP'000 
            Unrealised gain/(loss) on 
             investments                                           6              (2,203)                        (947) 
            Realised gains on 
             investments                                         342                   15                            - 
                                         ---------------------------  -------------------  --------------------------- 
            Total gain/(loss) on 
             investments                                         348              (2,188)                        (947) 
                                         ---------------------------  -------------------  --------------------------- 
            Dividend Income                                       39                    -                            - 
                                         ---------------------------  -------------------  --------------------------- 
            Investment return                                    387              (2,188)                        (947) 
                                         ===========================  ===================  =========================== 
 
   7        Investments 

An analysis of movements in the value of the Company's investments is as follows:

 
                                    Quoted Equity Shares   Unquoted Equity Shares   Derivative Trading Asset     Total 
                                                 GBP'000                  GBP'000                    GBP'000   GBP'000 
 Fair value at 31 March 2022                       4,693                    1,920                          9     6,622 
 Additions at cost                                   625                        -                          -       625 
 Unrealised revaluation losses                     (938)                        -                        (9)     (947) 
 Fair value at 30 September 2022                   4,380                    1,920                          -     6,300 
 Additions at cost                                   591                        -                          -       591 
 Disposals                                         (540)                        -                          -     (540) 
 Trasferred to unquoted equity                     (103)                      103                          -         - 
 Unrealised revaluation losses                     (758)                    (523)                         25   (1,256) 
                                   ---------------------  -----------------------  -------------------------  -------- 
 Fair value at 31 March 2023                       3,570                    1,500                         25     5,095 
 Additions at cost                                   211                        -                          -       211 
 Disposals                                         (336)                        -                          -     (336) 
 Unrealised revaluation gains                        367                        -                       (25)       342 
                                   ---------------------  -----------------------  -------------------------  -------- 
 Fair value at 30 September 2023                   3,812                    1,500                          -     5,312 
                                   =====================  =======================  =========================  ======== 
 
   8       Trade and other receivables 
 
                             As at                As at                As at 
                       30 Sep 2023          31 Mar 2023          30 Sep 2022 
                           GBP'000              GBP'000              GBP'000 
 Prepayments                     4                   11                    4 
               -------------------  -------------------  ------------------- 
                                 4                   11                    4 
               ===================  ===================  =================== 
 

The carrying amount of prepayments is approximate to their fair value.

   9       Trade and other payables 
 
                                        As at                As at                As at 
                                  30 Sep 2023          31 Mar 2023          30 Sep 2022 
                                      GBP'000              GBP'000              GBP'000 
 Trade payables                            11                    8                    7 
 Accruals and other creditors              18                   35                    9 
                                           29                   43                   16 
                                =============  ===================  =================== 
 

The carrying amount of trade and other payables approximates to their fair value.

   10     Share capital 
 
                                                                                 Share capital   Share premium 
 Ordinary shares of GBP0.01                                   Number of shares         GBP'000          GBP000 
                                                             -----------------  --------------  -------------- 
 
   Authorised ordinary shares 
   At 30 September 2023 , March 2023 and 30 September 2022         350,000,000           3,500 
                                                             -----------------  --------------  -------------- 
 
 
 
   Allotted, issued and fully paid ordinary shares 
   At 30 September 2023 , March 2023 and 30 September 2022         145,859,231           1,459           3,425 
                                                             -----------------  --------------  -------------- 
 
   11     Earnings/(loss) per share 

The basic earnings or loss per share is calculated by dividing the profit or loss after tax attributable to equity shareholders by the weighted average number of Ordinary Shares in issue during the period:

 
 
                                                                                6 months           Year       6 months 
                                                                                   ended          ended          ended 
                                                                             30 Sep 2023    31 Mar 2023    30 Sep 2022 
 
 Gain/(loss) after tax attributable to equity holders of the Company 
  (GBP'000)                                                                          292        (2,370)        (1,029) 
 
 Weighted average number of Ordinary Shares                                  145,859,213    145,859,231    145,859,231 
 
 Basic and diluted earnings/(loss) per share                                       0.20p        (1.62)p        (0.70)p 
 

There were no potentially dilutive shares in issue as at 30 September 2023, 31 March 2023 or 30 September 2022.

12 Half year interim report

A copy of this half year interim report, as well as the annual statutory accounts to 31 March 2023, are available on the Company's website at www.adamsplc.co.uk .

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END

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November 23, 2023 02:00 ET (07:00 GMT)

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