TIDMAFHP TIDMAFHB
RNS Number : 2378A
AFH Financial Group Plc
20 January 2020
20 January 2020
AFH Financial Group PLC
("AFH" or the "Group" or the "Company")
AUDITED FULL YEAR RESULTS FOR THE PERIODING 31(st) OCTOBER
2019
Sixth consecutive year of strong revenue and earnings growth
AFH Financial Group PLC (AIM: AFHP), a leading financial
planning-led wealth management firm, today announces the Group's
consolidated audited results for the period ending 31 October
2019.
Financial highlights
-- Revenues up 47% to GBP74.3 million (2018: GBP50.6 million)
-- EBITDA up 65% to GBP17.2 million (2018: GBP10.4 million)
-- EBITDA margin increased to 23.2% from 20.6%
-- Profit after tax up 82% to GBP10.8 million (2018: GBP6.0 million)
-- Earnings per share up 59% to 25.4 pence (2018: 16.0 pence)
-- Underlying* Earnings per share up 45% to 32.8 pence (2018: 22.7 pence)
-- Dividend per share up 33% to 8.0 pence (2018: 6.0 pence)
-- Funds under Management up 40% to GBP6.2 billion (2018: GBP4.4 billion)
*Underlying Earnings excludes amortisation of intangible assets
arising on business combinations, depreciation and the non-cash
charge for share based payment costs.
Consistent delivery against strategy will continue to drive
growth in 2020
-- Trading remains strong and in line with the Board's expectations
-- Steady progress made against the Group's three to five year
aspirational targets: Funds under Management of GBP10 billion;
revenues per annum of GBP140 million; and Underlying EBITDA margin
of 25% on revenue
-- Demand for financial planning-led wealth management services
is expected to continue its rapid growth
-- The Board believes that the scale of AFH will enable it to
benefit from the regulatory and economic climate anticipated in
2020
-- The Company continues to be cash generative and maintains a
strong cash balance in excess of regulatory requirements
-- Shift in mix towards Indemnity model within the Protection
Division expected to enhance cash generation from 1 November
2019
-- The Group's increasing adoption of technology and focus on
digital marketing is generating new opportunities for organic
growth
-- Given the progress made in 2019, and the early months of the
2020 financial year, the Directors view the coming year as a period
of opportunity and look forward to continued success
Alan Hudson, Group Chief Executive, commented:
"I am delighted to report on yet another year of continued
progress for AFH in the financial planning-led wealth management
market. The year under review produced a sixth consecutive year of
growth and improved profitability since joining AIM in 2014.
"The Group's strategy to increase shareholder value through the
expansion of the AFH community remains at the heart of our growth.
This strategy continues to be driven by a combination of organic
growth through greater productivity of our advisers and by value
accretive acquisitions financed on an earn out model. This approach
has enabled the Group to enjoy annual double-digit organic inflows
of Funds under Management and to maintain our low level of outflows
in spite of the market pressures; to maintain our high levels of
recurring revenue since we joined AIM in 2014 and to maintain gross
margins and generate operating efficiencies to drive growth in
Earnings Per Share.
"The Group retains strong cash balances, in excess of its
regulatory requirements, and its increasing adoption of technology
and focus on digital marketing is generating new opportunities for
organic growth, which remains the base on which the business has
grown. The Board believes that the demand for professional
financial planning-led investment service will continue to grow and
that the scale of AFH will enable the Group to benefit from the
regulatory and economic climate anticipated in 2020.
"Trading remains strong and in line with the Board's
expectations and the current levels of activity underpins the
Directors' confidence for the continued progress of the Group in
the current year and thereafter in line with its aspirational
targets."
Enquiries:
AFH Financial Group PLC
Alan Hudson, Chief Executive Officer
Paul Wright, Chief Financial Officer +44 (0) 1527 577
www.afhfinancialgroup.com 775
Liberum (Nominated Adviser and Broker) +44 (0) 20 3100
Richard Bootle / Euan Brown 2000
Shore Capital (Joint Broker)
Hugh Morgan / Edward Mansfield / Daniel +44 (0) 20 7408
Bush 4090
Yellow Jersey PR Limited (Financial
PR)
Joe Burgess / Georgia Colkin / Annabel +44 (0) 20 3004
Atkins 9512
This announcement is released by AFH Financial Group plc and
contains inside information for the purposes of Article 7 of the
Market Abuse Regulation (EU) 596/2014 (MAR), and is disclosed in
accordance with the Company's obligations under Article 17 of
MAR.
For the purposes of MAR and Article 2 of Commission Implementing
Regulation (EU) 2016/1055, this announcement is being made on
behalf of the Company by Paul Wright, Chief Financial Officer.
Chairman's introduction
Dear Shareholder
I am pleased to report on a sixth consecutive year of profitable
growth, with increased margins complementing both organic and
acquisitive progress. The Company has maintained a consistent
strategy since IPO, increasing margins and shareholder value while
taking advantage of market consolidation opportunities and using
the Company's increased size to create a unique client proposition
in order to drive organic growth. At the year end, the Company
announced that client Funds Under Management had exceeded GBP6
billion, an increase of over 40% during the year.
AFH's business model remains advice-led, which the Board
believes creates a best of breed investment strategy for clients
and, in turn, has proved to deliver a high level of client
retention. This has been particularly evident during the year under
review when the Company continued to deliver strong organic inflows
of funds from existing and new clients with low levels of
redemptions. In the period, double-digit gross organic inflows
continued to be achieved while outflows, including pension
drawdowns, remained below 3%. This represented AFH's third
successive year of double-digit growth and, in net terms, compared
favourably to the wealth management sector as a whole.
In September, the Company announced that, following two years of
significant acquisition activity and given the uncertain political
and economic climate, it would de-risk its model through a period
of consolidation. While the Board remained open to any clear
value-enhancing acquisition opportunities in the period under
review and following a highly acquisitive twelve months, the
Board's focus was to ensure both successful integration of the
Company's new acquisitions as well a continuation of driving
organic growth.
Throughout a year of market uncertainty, the Company increased
its revenue base by 47% while maintaining gross margins at 53%. The
increased scale of the Company allowed significant investment in
both IT solutions and digital marketing during the period, while
generating an increased Underlying EBITDA margin for a fifth
successive year and an increase in Earnings Per Share of 59%. This
allowed the Company to pay a dividend of 6p in 2019 and to
recommend a further 33% increase to 8p in 2020.
During the period, the Company completed eight acquisitions and
continued to integrate the businesses acquired in the previous
year. While the majority of acquisitions have performed in line
with expectations, with the average payment of deferred
consideration in line with previous years, during 2018 the Company
acquired several multi adviser businesses where the majority of
advisers had not been previous owners of the business. These multi
adviser acquisitions have been far more time intensive than the
traditional smaller transactions, and the anticipated financial
benefits of these acquisitions are not fully reflected in the 2019
results.
As previously reported, since IPO AFH has invested heavily to
establish an infrastructure able to support a large national
financial services business. This investment continued in 2019 to
ensure ongoing operational efficiencies and to deliver greater
benefits to clients. Following the year end the Company's client
portal was launched to provide an effective two-way information
flow and ensure that client needs can continue to be met while
meeting the increasing regulatory requirements in a cost-effective
manner.
The Group's drive to increase shareholder value remains based on
the strategic aim of reducing the total investment cost for AFH's
clients, by leveraging the increased scale of AFH for their
benefit. This was clearly demonstrated during the year by the
elimination of platform fees for AFH Direct clients and the
extension of segregated mandates to lower fund management charges.
As a result, the Directors believe that the Company's client
proposition remains extremely competitive with clients choosing our
own platform paying significantly less than 2% in total annual
investment and advice fees. The Board believes that this is not
only in the spirit of sound commercial business but leads the way
for future advisory and wealth management models.
As previously reported, in January 2019 the Group issued new
three to five-year aspirational milestones: -
-- Funds under Management of GBP10 billion;
-- Revenues per annum of GBP140 million; and
-- Underlying EBITDA margin of 25% on revenue.
Since that time, and as evidenced by the financial performance
for 2019, the Company has made steady progress towards these
targets and the Board remains confident of their achievement in the
time frame set.
Our people
As in previous years, the continued growth of AFH is due to the
loyalty, professionalism and hard work of its employees and
advisers nationwide. I would like to personally thank them all for
the contribution they made in 2019. It has been another highly
successful year in which we have continued to grow our business
profitably and improve our operating margins in line with the
Board's expectations - against a challenging macro-economic
backdrop.
It remains the Directors' ambition to maintain the alignment of
interest between our employees and advisers with those of our
clients and shareholders. It is in response to the support we
receive from our staff that we continue to develop and promote our
people from within the Group at every opportunity, so that many key
positions are occupied by home-grown talent. It is the enthusiasm,
dedication and creativity of our staff and advisers that allows the
Group to continue to deliver according to its strategy each year
since IPO.
Capital structure
During a year in which equity markets exhibited significant
volatility, driven by political and economic uncertainty, the Group
successfully raised GBP15 million of funds through the placing of
4% Convertible Unsecured Loan Stocks 2024 ("CULS"), introducing a
number of new institutional investors to the Company. The Board and
I welcome all those who participated, who join at another exciting
period of the Group's development and thank our existing
shareholders for their continued support.
As previously reported, in order for the Company to take
advantage of selected value enhancing opportunities in AFH's core
wealth management division and provide the Company with added
financial flexibility, in November 2019, the Company announced a
GBP12 million facility agreement with HSBC. No drawings have been
made on this facility to date.
At the year end, the Group had a strong balance sheet on which
to drive growth and profitability and, we believe, a strong and
supportive institutional and retail shareholder base.
Dividend
The Directors intend to continue the Group's progressive
dividend policy, while recognising the requirement to maintain
sufficient cash reserves within the Company to fund its growth
strategy. Having considered this, in light of the strong
performance during the year under review, the Directors propose a
dividend of 8.0 pence per share, an increase of 33% over the 2019
dividend. This dividend will be paid 3p on 14 February 2020 to
shareholders on the register of members at the close of business on
31 January 2020, the ex-dividend date is 30 January 2020, and 5p on
4 July 2020 to shareholders on the register of members at the close
of business on 13 June 2020, the ex-dividend date is 12 June
2020.
Outlook
The Directors remain of the opinion that there is a continuing
requirement for a professional, financial planning-led approach to
wealth management delivered by trusted personal advisers and
supported by the effective use of technology.
The Board has worked to ensure that it has put in place the
necessary infrastructure and management to support its growth plans
for 2020 and beyond. Continued investment in technology is expected
to accelerate the benefits of scale and the infrastructure
investment made in previous periods.
The Company continues to be cash generative and maintains a
strong balance sheet. The Board expects the requirement for
professional financial planning to accelerate in the future and for
the consolidation within the sector to continue as commercial
factors and regulatory requirements encourage a smaller number of
larger businesses to dominate the sector. In the light of the
December 2019 general election, the result of which we believe will
deliver greater political certainty for the country, AFH will
continue to focus on driving the organic growth of the business,
providing professional and cost-effective services to clients while
seeking appropriately priced opportunities to expand its captive
distribution throughout the financial sector, to drive increased
profitability and shareholder return.
Given the progress made in 2019, and the early months of the
2020 financial year, the Directors' view the coming year as a
period of opportunity and look forward to continued success.
John Wheatley
Chairman
17 January 2020
Chief Executive's report
2019 was yet another year of continued progress for the Company
in the financial planning-led wealth management market. Organic
gross inflows of funds again exceeded 10% of our opening position
and new business revenues from financial planning advice to both
new and existing clients reached GBP15 million, a 25% increase
above 2018 levels. In addition, we successfully completed and
integrated eight acquisitions with a combined capped value of
GBP30.9 million, and continued to increase our profitability, as
measured by Underlying EBITDA, by 65% for the year to GBP17.2
million.
AFH continues to focus on the long-term needs of its clients and
to reducing their overall cost of investing. Our clients entrust us
to help them meet their financial planning objectives and we
recognise that over a period of 20 years or more the cost of
investing can represent a material cost compared to the original
investment. For this reason, AFH uses its size and buying power for
the benefit of its clients and has, since IPO, demonstrated this
strategy by consistently reducing third party costs for clients. In
November 2018, AFH introduced a platform fee free proposition for
those clients who chose our own platform and during the year the
growth in our segregated mandates further reduced the fund
management charges to our clients, resulting in a total charge for
clients choosing this service, including ongoing financial advice,
significantly below 2%.
The three new aspirational targets set out in January 2019, and
mentioned in the Chairman's introduction, provide clear and
measurable targets for the Company and, while challenging, were set
with confidence based on the Company's record of exceeding its
previous objectives that were set in 2016. I am pleased to report
that during the year we have moved forward towards meeting all of
these targets. In particular, our scale has enabled us to have
taken a large step towards achieving our Underlying EBITDA margin
target of 25%, with an increase to 23.2% (2018 20.6%), while
continuing to build an infrastructure capable of achieving all
three aspirations within the timeframe set.
The Group is underpinned by the culture that is encapsulated in
our business model. The Board recognises the multitude of
stakeholders served by the AFH community and seeks to balance the
interests of all stakeholders in implementing its business
strategy. This is particularly apparent in implementing the Group's
acquisition strategy, where an alignment of cultures has been
proven to be fundamental to the successful integration and success
of acquired businesses. As discussed above, there can be challenges
when acquiring multi adviser businesses where a minority of
advisers are vendors and the interests of all parties require
alignment.
In the early summer months, the Board considered that, while
attractive consolidation opportunities continued to exist, it was
not in shareholders' interest to raise further equity capital at
the share price at that time. Having carried out a review of all
options with our professional advisers, the Company issued GBP15
million five-year CULS and agreed with HSBC the terms of a modest
debt facility. The combination of these instruments provided the
Company with access to GBP27 million of available acquisition and
working capital finance at a combined annualised cost below 4%.
Since the completion of the CULS, the Company has completed four
acquisitions with a maximum consideration of GBP9.75 million.
The acquisitions made during the year included our largest multi
adviser transaction to date, CTL Three Limited, while continuing to
focus on vendor adviser businesses and the assets of smaller
retiring IFAs to whose clients we can offer the advantages of our
discretionary managed proposition. However, our mantra, that
clients' assets will not be moved unless there is a clear benefit
to them and that there is no commercial benefit to vendors of
moving client assets, remains. In aggregate, acquisitions made
during the year continued to trade at previous EBITDA levels
through the integration period, retaining their clients, with many
taking advantage of the enhanced AFH service proposition.
While the Board continues to focus on the future opportunities
for the IFA and Wealth Management sector, 2019 was an exceptional
year for our face-to-face Protection Broking business, which
generated record levels of revenue while improving persistency
rates for the second successive year since the acquisition of
Eunisure Limited in 2017. During the year, the business expanded
its operations into Wales, and since the year end, has further
developed in Scotland through the recruitment of an experienced
team of advisers. The success of the introduction of a
non-indemnity model was greater than anticipated, requiring
additional working capital to fund the growth, and as announced in
September, this model has been re-balanced since the year-end, to
retain the benefits of non-indemnity business while ensuring that
the mix within the protection division does not require additional
working capital in 2020. Further detail on the working capital
position is set out in the Financial Performance below.
Strategy
The Group strategy to increase shareholder value through the
expansion of the AFH community remains at the heart of AFH's
growth. This strategy continues to be driven by a combination of
organic growth through greater productivity of our advisers and by
value accretive acquisitions financed on an earn out model. The
financial success of our strategy is monitored regularly by the
Board against KPIs and is measured against the three key
aspirational targets set out in the Chairman's introduction.
Culture is at the centre of any successful organisation and
remains the driving force of both our internal growth and
acquisitions. Our values and "brand pillars", are set out in the
Annual Report. These have been documented to ensure that we are
able to measure and achieve both our vision and financial
aspirations.
Central to our strategy is to put clients' interests first to
build a sustainable business that reflects our vision, including a
drive to reduce the cost of ancillary third-party services for our
clients and to embrace them in the AFH community. During the year,
we continued to reduce fund-management fees while retaining our
status as independent financial advisers, providing access for our
clients to the whole of market, and to drive down custody and
administration costs.
Our strategy has enabled the Group to enjoy annual double-digit
gross organic inflows of Funds under Management and to maintain our
low level of outflows in spite of the market pressures; to maintain
our high levels of recurring revenue; and to maintain gross margins
and to generate operating efficiencies to drive growth in Earnings
Per Share.
The Board remains committed to maintaining our existing strategy
to meet our clients' ongoing needs in order to fulfil our vision
and expand our brand throughout the UK financial services
sector.
Financial Performance
As previously highlighted, the year under review produced a
sixth consecutive year of growth and improved profitability since
joining AIM in 2014. Increased revenues and improved margins
resulted in a 59% increase in statutory Earnings Per Share to 25.4p
while underlying Earnings Per Share increased by 45% to 32.8p.
The organic growth in Funds under Management, together with
productivity per adviser reaching record levels and our protection
division again reporting record levels of revenue, was augmented by
our acquisitions to generate total revenue for the 12 months ended
31 October 2019 of GBP74.3 million, 47% above the corresponding
period (2018: GBP50.7 million).
The growing requirement of our clients for financial advice and
protection insurance generated GBP28.3 million (2018: GBP20.4
million) of new business revenues, while recurring income of GBP46
million (2018: GBP30.3 million) continued to strengthen our revenue
base and earnings quality, driven by our growing Funds under
Management.
As noted above, our retention of clients and their investment
funds continued to be high while outflows, including pension
drawdown, were less than 3% of opening funds under management.
Alongside the organic funds invested by our clients, GBP1.17
billion of funds were brought under management as the result of
acquisitions made during the year.
Funds under Management
GBP billion
Reported as at 1 November
2018 4.40
-----------------------
Inflows through acquisitions 1.17
-----------------------
Gross Inflows from organic
growth 0.47
-----------------------
Market impact 0.25
-----------------------
Outflows (0.12)
-----------------------
Balance as at 31 October
2019 6.17
-----------------------
Gross margins, after absorbing the cost of platform fees for
those clients on our own platform, remain strong at 53% (2018:
54%), with the benefits of the non-indemnified model for our
protection business enabling this division to report gross margins
above 50% during the year.
As previously reported to the market, we see increased
technology supporting our face-to-face advisory model and, since
IPO, have consistently invested in technology both operationally
and for the benefit of our clients. 2019 was a year of further
investment, with over GBP1.5 million expensed as we targeted long
term operational efficiencies and a streamlined experience for our
clients. We will continue to build on these technology solutions in
the future in order to support our advisers and offer a cyborg
service providing greater flexibility in our interaction with
existing and potential clients.
Our marketing strategy continues to embrace the digital
opportunities and challenges for the sector. Since 2016, the Group
has invested heavily in establishing a marketing capability to
support a growing national business and to extend beyond the
traditional IFA routes to market. While we believe that
face-to-face advisory remains the best model to serve clients'
needs, our evolving digital approach is expected to significantly
expand our target market and to provide greater benefits to
individuals and corporates who join the AFH community.
The significant growth of the Group has made it possible to
finance these marketing and IT projects, which we believe will
provide clear commercial advantages for our clients and drive
further consolidation in the market while generating significant
shareholder and client value in the future.
During the year, we reported a 65% increase in Underlying EBITDA
and a further improvement to our Underlying EBITDA margin, as the
efficiencies and economies of scale we continue to target were
reflected in our results. I am particularly pleased by the growth
in our Underlying EBITDA margin above 23.2% (2018: 20.6%) which
confirms our ability to invest further in the business while
achieving our aspirational targets in the timeframe set.
The effective rate of Corporation Tax was 21% in the year,
reflecting the loss of tax relief for the amortisation of
intangible assets purchased after July 2015. The effective rate of
tax based on Underlying EBITDA was 17%.
Profit after tax for the year of GBP10.8 million represented an
82% increase in the year (2018: GBP6.0 million). After the full
year impact of dilution created by our successful fund raisings in
the 2018 financial year, statutory Earnings Per Share increased to
25.4p (2018:16.0p). Underlying EBITDA adjusted for tax per share,
being Underlying EBITDA less a current tax charge at 19%, is a key
measure used by the Board which reflects the cash-based Earnings
Per Share generated by the business. This increased by 45% to 32.8p
(2018: 22.7p).
As previously reported to the market, our working capital has
been impacted by the cash profile of policies sold by the
Protection Divisions under Non-Indemnified terms, which has given
rise to significant debtor balances. Although this has generated
enhanced gross and EBITDA margins, we have seen an GBP8.5m net
decrease in our Group's working capital, being the movement in
trade receivables in respect of these policies. These debtors are
due from blue chip insurance companies and will be recovered over a
four-year period, generating additional secured cash flow for the
division.
As previously advised to the market, from 1 November 2019 the
Board have rebalanced the volume of Non-Indemnified and Indemnified
policies to eliminate the need for additional working capital in
the division in the future.
The balance of the net decrease in working capital reflects the
organic growth of the Group. Debtor days for both the Wealth
Management division and the Indemnity business written by the
Protection division remain in line with previous years.
Acquisitions
The Group maintains a dedicated in-house acquisitions and
integration team that allows us to undertake multiple acquisitions
and to integrate them fully into the AFH model. During the year,
the Group completed eight acquisitions with a combined capped value
of GBP30.9 million, including one acquisition with a target value
in excess of GBP10 million (assuming performance criteria are
satisfied). In addition to the experience of the advisers who have
joined through these acquisitions, the acquisitions added almost
GBP1.2 billion to our Funds under Management. While integration of
several of the larger transactions has taken longer and required
more management involvement than in past years, it is equally
fulfilling to report that most acquisitions have traded
successfully. The average deferred pay-out for those acquisitions
reaching their final performance milestone again exceeded 90% of
expectation based on the trading of those businesses prior to
acquisition.
The acquisition of IFA businesses during the year again
encompassed retiring IFAs, whose client portfolios have been
transitioned to existing AFH advisers, as well as larger
organisations whose clients and advisers have been absorbed into
the AFH model. This approach allows investments to be retained on
existing platforms and products where appropriate but enables
clients to move to our cost-effective discretionary service where a
clear benefit to the client can be demonstrated.
Review of the markets
The year was a volatile one for investors, with global equity
markets falling sharply during the last two months of 2018 only to
then stage a marked recovery during 2019. The slowdown in global
growth, which started in 2018, continued throughout the period, as
ongoing uncertainty regarding Brexit and the US-China trade war
negatively impacted business sentiment and curbed investment
spending. The industrial sector bore the brunt of the slowdown, and
countries where manufacturing makes up a large share of the economy
were hit hard. However, buoyant household spending meant that the
picture for most developed economies was one of slower growth
rather than outright contraction.
A sharp turnaround in the stance of central banks was a key
driver of financial markets over the period. Against the backdrop
of historically low levels of unemployment, the US Federal Reserve
raised interest rates in December 2018, continuing its policy of
dialling back the emergency stimulus put in place during the
financial crisis. However, concern that global economic activity
was cooling and the US monetary authorities were tightening policy
too quickly contributed to elevated levels of market volatility
during the final months of the year, prompting policymakers to
change tack.
The Federal Reserve adopted a more dovish position at the
beginning of 2019 and, ultimately, went on to cut interest rates in
August, September and October, thereby reversing three of the four
rate hikes introduced in 2018. Other central banks followed, with
the European Central Bank (ECB) announcing it would cut interest
rates deeper into negative territory and restart its programme of
quantitative easing (QE or buying bonds) in September.
The dovish pivot on the part of central banks helped fuel a
rally in government bonds, as interest rate expectations were pared
back. From the end of October 2018 to the end of August 2019, the
yield on the benchmark 10-year US Treasury bond more than halved,
falling from 3.2% to 1.5%. Negative central bank policy rates in
much of Europe and Japan, along with quantitative easing and
safe-haven flows pushed the global stock of negatively-yielding
debt to a record US$17 trillion in August.
Gilts delivered strong returns over the period, with the 10-year
yield falling to a record low of 0.4% at the start of September, as
political uncertainty and ultra-low rates in the Euro-zone enhanced
the appeal of UK government paper. In turn, lower rates on Gilts
and the ongoing hunt for yield meant that the sterling corporate
bond market had a good run.
Equity investors had to contend with a series of challenges
during the year. Slowing global growth and subdued oil prices
weighed on corporate earnings, and the ups and downs of the
US-China trade spat produced bouts of volatility. Nevertheless,
lower interest rates proved a powerful tonic for equity markets
and, with US-China trade tensions easing somewhat over the autumn,
the MSCI all-country world equity index notched up gains of around
12%. US equities led the rally, with the S&P500 hitting a
record high in October.
In the UK, ongoing uncertainty over Brexit weighed on the
performance of both the domestic economy and Sterling risk assets.
During the third quarter of 2019, annual GDP growth slowed to just
1.1%, as consumer spending cooled and concern over the UK's future
relationship with the EU held back business investment. Similarly,
with Brexit uncertainty making global investors wary of UK
equities, the FTSE100 was one of the worst performing major stock
markets over the 12-month period. This said, the index still
managed to return over 6%.
Brexit also cast a shadow over the UK commercial property
market. At a time when online shopping continues to take its toll
on high street names, lacklustre consumer confidence compounded the
woes of the retail property sector. Although industrial property
was a relative bright spot, there were some indications towards the
end of the 12-month period that tenant demand was softening. With
political uncertainty plaguing UK markets since the referendum, the
hope is that greater clarity regarding Brexit will, when it comes,
unleash pent-up demand for sterling risk assets.
The sector
The UK IFA sector anticipates further demand for professional
financial advice driven by the demographic profile of the UK's
mass-affluent population and legislation, that continues to
transfer the responsibility for pensions and long-term healthcare
onto the individual. This creates significant opportunities for
organic growth across the market whilst increasing the long-term
relationship of a client with their IFA. This is particularly
noticeable in the pension market where clients are, in general, no
longer purchasing annuities on retirement but managing their own
funding through investment and drawdown and as a result requiring
ongoing advice and investment management services from the IFA
community.
The Office for National Statistics (ONS) suggests that over 85%
of total UK personal wealth is concentrated in the hands of savers
over the age of 45 who, between them, hold over GBP2 trillion of
investable assets. While there has been a proliferation of
technology driven propositions in recent years, the IFA market
continues to see a growing demand for personal, face-to-face
advice, in many cases from individuals who, in the past, have not
felt the need for, nor sought, professional financial advice.
The client and adviser relationship, together with the likely
demand for greater financial guidance throughout the growing mass
affluent community, suggests that the IFA remains well positioned
to benefit from the social and political changes impacting society
as a trusted adviser, and in many cases friend, with a detailed
knowledge of a client's financial aspirations and needs.
IFAs are traditionally small businesses or sole traders,
providing advice to clients and distribution to the traditional
wealth managers and platforms as, generally, the investment needs
of their clients are outsourced. The FCA suggests that there are
over 13,000 regulated businesses, the majority of which engage less
than five advisers per firm. Furthermore, a recent survey suggests
that up to 30% of the principals of these firms are likely to
retire within the next five years.[1] Continuing regulatory
pressures, together with the ability of large IFA groups to use
their scale for the benefit of their clients, are expected to
combine with the demographic profile of the market to require
greater efficiencies to serve the growing client population and to
drive further consolidation within the sector.
Segmental review
Financial advisory and investment management
Financial advisory, and the ongoing investment management of our
client portfolios, represents the core business of AFH. Likewise,
the management of our clients' funds is driven by their attitude to
risk on the basis of long-term investments that are measured
against the equivalent ARC Private Client Index ("PCI") and
reported regularly to our clients providing the opportunity for
them to measure our investment performance in the context of a
range of discretionary investment managers. During the year,
revenue from our initial financial planning for clients and the
ongoing management of their investments increased. This was as a
result of greater productivity and the increase in adviser numbers
due to the acquisitions made during the year.
The average discretionary portfolio managed on behalf of our
clients continues to be approximately GBP200,000 of investable
assets, the construction of which is primarily based on a clients'
risk appetite and focused on wealth preservation. However, for
clients with larger portfolios who wish for a more traditional
stockbroking service, AFH Private Wealth was established in 2016
and now manages over GBP125 million of client assets operating from
Bromsgrove and Colwyn Bay.
During the period, the Group continued to invest in the strength
of our divisional management team with additional senior
appointments made. These external specialists bring valuable
experience of larger financial services businesses and complement
our continued commitment to develop staff, promoting from within
where possible.
As set out below, the Group has a wide geographical coverage of
the mainland UK market. While our acquisition strategy does not
target specific areas, rather focusing on the quality of the
business opportunity and the culture of that business, the
acquisitions completed in the year encompassed many regions and
enabled us to extend our service proposition across the UK.
Through our acquisition strategy, we have grown our employed
adviser base to complement the already established self-employed
adviser model. This strategy has allowed us to broaden our appeal
in the IFA market and recruit in a challenging market where demand
continues to exceed supply.
During the year, our initial financial planning fees totalled
GBP15.1 million, an increase of GBP2.9 million (23%) above our 2018
results, reflecting the increasing client requirements for
financial planning highlighted in previous reports. This is being
driven by the changes to the UK pension market, with its associated
opportunities and risks, as well as developing lifestyle needs.
Ongoing management fees increased to GBP45 million (2018:
GBP29.3 million), reflecting the increased Funds under Management
which, as noted above, grew to GBP6.2 billion during the year as a
result of net organic inflows together with assets attached to
acquisitions completed during the year. This increase was reflected
in the ratio of recurring income to new business within this
division, which remained stable at 69%.
As noted above, the division invested heavily in IT and
marketing initiatives during the year and deployed additional
management resource to the integration of the larger acquisitions
made in 2018 and early 2019. Notwithstanding this increased cost,
the division generated an increased Underlying EBITDA of GBP14.2
million, 41% above the 2018 level of GBP10.1 million, representing
a 24% margin on revenue (2018: 24%).
Protection broking
Our protection broking division, established in 2017, performed
strongly during the year, generating GBP14.2m of revenue at an
improved 54% gross margin (2018: 44%). The increase was due, in
part, to the full year impact of the move from an indemnified to a
non-indemnified model with selected providers under which AFH
receives revenue on a monthly basis, in line with the premium
received by the providers rather than as an initial commission, in
exchange for an increased share of the overall policy premium.
The division generated Underlying EBITDA of GBP5.4 million
(2018: GBP2.7 million), representing a 38% margin on revenue (2018:
30%), demonstrating the benefits of scale highlighted in our last
report.
Capital structure
In assessing its appetite for financial gearing, the Board
considers the structure of the AFH acquisition model with over 50%
of the maximum consideration to be deferred and subject to
performance criteria as a component of the Group's financing
structure, providing cost effective and unsecured leverage for the
benefit of our shareholders.
During the year, the Group successfully raised GBP15 million of
funds through the placing of 4% CULS, with a five-year conversion
price of 420p. At year end, the Group remained free of secured
debt, except for a mortgage held on the freehold property acquired
in 2015. As previously reported, following the year end the Company
signed deal terms with HSBC for a GBP12 million secured debt
facility which can be used to fund working capital and future
acquisitions. No amount has been drawn down on that facility to
date.
Over 65% of the funds raised from the CULS were used to make new
acquisitions during the fourth quarter, which are expected to drive
future Earnings Per Share.
The Group continues to maintain a strong cash position and,
furthermore, all regulated subsidiary companies reported
significant margins above their regulatory and stress-tested
capital requirements as at 31 October 2019.
At the year end, the Group had a maximum GBP37.9 million of
deferred consideration outstanding, subject to performance
criteria, together with GBP15.7 million of CULS and corporate
bonds. Based on past performance approximately 90% of the deferred
consideration would expect to crystallise over the next three
financial periods.
Current year trading
Trading in the initial months of the current year continued to
follow the trend set in 2019, with consistent levels of new
business generated by our existing advisers in spite of the
political uncertainty during November and December.
The Group retains strong cash balances, in excess of its
regulatory requirements, and its increasing adoption of technology
and focus on digital marketing is generating new opportunities for
organic growth, which remains the base on which the business has
grown. The Board believes that the demand for a professional
financial planning-led investment service will continue to grow and
that the scale of AFH will enable the Group to benefit from the
regulatory and economic climate anticipated in 2020.
Trading remains strong and in line with the Board's expectations
and the current levels of activity underpins the Directors'
confidence for the continued progress of the Group in the current
year and thereafter in line with its aspirational targets.
Alan Hudson
Chief Executive Officer
17 January 2020
AFH FINANCIAL GROUP PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEARED 31 OCTOBER 2019
2019 2018
Note GBP'000 GBP'000
Revenue 74,337 50,664
Cost of sales (34,657) (23,099)
Gross profit 39,680 27,565
Administrative expenses before amortisation and depreciation and share-based payments expenses (22,452) (17,128)
Underlying EBITDA 17,228 10,437
Amortisation and depreciation (3,189) (2,414)
Non cash share-based payments (50) (87)
Operating profit 3 13,989 7,936
Finance income 57 101
Finance costs (332) (250)
Profit before tax 13,714 7,787
Income tax expense (2,901) (1,833)
Profit for the year attributable to owners of the parent 10,813 5,954
Other comprehensive income - -
Total comprehensive income for the year attributable to owners of the parent 10,813 5,954
Earnings per share (in pence)
Basic 9 25.4 16.0
Diluted 23.5 14.6
Underlying EBITDA adjusted for tax per share (in pence)
Basic 32.8 22.7
Diluted 30.4 20.7
All results derive from continuing operations.
AFH FINANCIAL GROUP PLC
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2019
2019 2018
Note GBP'000 GBP'000
Assets
Non-current assets
Intangible assets 5 104,921 74,928
Property, plant and equipment 1,413 1,230
Investments 1 1
Deferred tax asset 23 30
106,358 76,189
Current assets
Trade and other receivables 6 26,232 13,630
Cash and cash equivalents 11,955 21,543
38,187 35,173
Total assets 144,545 111,362
Liabilities
Current liabilities
Trade and other payables 8 23,373 18,727
Current tax liabilities 1,224 1,049
Provisions 1,448 1,570
Financial liabilities - Borrowings 7 832 2,221
26,877 23,567
Net current assets 11,310 11,606
Non-current liabilities
Trade and other payables 8 23,467 17,138
Financial liabilities - Borrowings 7 15,241 1,067
Provisions 161 170
38,869 18,375
Total liabilities 65,746 41,942
Net assets 78,799 69,420
Shareholders' equity
Share capital 4,279 4,198
Share premium account 55,986 54,641
Treasury shares (204) -
Merger reserve (540) (540)
Share-based payment reserve 768 718
Retained earnings 18,510 10,403
Total Shareholders' equity 78,799 69,420
Approved by the Board of Directors on 17 January 2020.
Mr P K Wright
Director
AFH FINANCIAL GROUP PLC
STATEMENT OF CHANGES IN EQUITY
AS AT 31 OCTOBER 2019
Share-based
Share Share Treasury Merger payment Retained
capital premium shares reserve reserve earnings Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1
November 2017 3,058 24,224 - (540) 631 5,959 33,332
Profit for the
year - - - - - 5,954 5,954
Other comprehensive - - - -
income - - -
Total comprehensive
income - - - - - 5,954 5,954
Issue of share
capital (net
of issue costs) 1,140 30,417 - - - - 31,557
Share based
payment cost - - - - 87 - 87
Dividend - - - - - (1,510) (1,510)
Balance at 31
October 2018 4,198 54,641 - (540) 718 10,403 69,420
Profit for the
year - - - - - 10,813 10,813
Other comprehensive - - - -
income - - -
--------- --------- --------- --------- ------------ ---------- --------
Total comprehensive
income - - - - - 10,813 10,813
Issue of share
capital (net
of issue costs) 81 1,345 - - - - 1,426
Share based
payment cost - - - - 50 - 50
Acquisition
of Treasury
shares (204) (204)
Dividend - - - - - (2,706) (2,706)
Balance at 31
October 2019 4,279 55,986 (204) (540) 768 18,510 78,799
AFH FINANCIAL GROUP PLC
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEARED 31 OCTOBER 2019
2019 2018
Note GBP'000 GBP'000
Cash flows from operating activities
Cash generated from operations 10 5,787 4,810
Tax paid (2,608) (1,311)
Net cash inflow from operating activities 3,179 3,499
Cash flows from investing activities
Purchase of property, plant and equipment (834) (277)
Purchase of intangible assets, net of cash (3,830) (6,014)
Acquisition of subsidiaries, net of cash (9,378) (9,809)
Payment of deferred consideration (8,007) (4,571)
Interest received 57 101
Net cash outflow from investing activities (21,992) (20,570)
Cash flows from financing activities
Proceeds from issue of shares - 32,602
Share issue costs - (1,324)
Proceeds from CULS 15,000 -
Issue costs (536) -
Repayment of borrowings (2,314) (172)
Interest paid (219) (257)
Dividends (2,706) (1,510)
Net cash inflow from financing activities 9,225 29,339
Net increase in cash and cash equivalents (9,588) 12,268
Cash and cash equivalents at the beginning of the year 21,543 9,275
Cash and cash equivalents at the end of the year 11,955 21,543
AFH FINANCIAL GROUP PLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARED 31 OCTOBER 2019
1. General Information
AFH Financial Group PLC is a public limited company limited by
shares incorporated in England and Wales under the Companies Act
2006 and is registered at AFH House, Buntsford Drive, Stoke Heath,
Bromsgrove, Worcestershire, B60 4JE.
The Group is principally engaged in the provision of independent
financial advice and investment management to the retail
market.
The financial information set out above does not constitute the
Company's statutory accounts for the years ended 31 October 2019 or
2018 but is derived from those accounts. Statutory accounts for
2018 have been delivered to the Registrar of Companies and those
for 2019 will be delivered following the Company's Annual General
Meeting. The auditors have reported on those accounts: their
reports were unqualified, did not draw attention to any matters by
way of emphasis and did not contain a statement under Sections
498(2) or (3) of the Companies Act 2006.
2. Revenue and segmental analysis
The Board of Directors is considered to be the chief operating
decision maker of the Group.
Segmental statement of comprehensive income
The following is an analysis of the Group's revenue and results
from continuing operations by reportable segment.
Financial Advice and Investment
Head Office Management Protection Total
2019 2019 2019 2019
GBP'000 GBP'000 GBP'000 GBP'000
-------------- ------------------------------------- ------------- ---------
Revenue - 60,114 14,223 74,337
Cost of sales - (28,099) (6,558) (34,657)
Gross profit - 32,015 7,665 39,680
Administrative expenses before
amortisation and depreciation and
share based payments expenses (2,374) (17,784) (2,294) (22,452)
Underlying EBITDA (2,374) 14,231 5,371 17,228
Amortisation and Depreciation - (3,119) (70) (3,189)
Non cash share based payments (50) - - (50)
Operating profit (2,424) 11,112 5,301 13,989
Finance income 41 16 - 57
Finance costs (317) (15) - (332)
Profit before tax (2,700) 11,113 5,301 13,714
Financial Advice and Investment
Head Office Management Protection Total
2018 2018 2018 2018
GBP'000 GBP'000 GBP'000 GBP'000
-------------- -------------------------------------- ----------- ---------
Revenue - 41,541 9,123 50,664
Cost of sales - (18,032) (5,067) (23,099)
Gross profit - 23,509 4,056 27,565
Administrative expenses before
amortisation and depreciation and
share based payments expenses (2,345) (13,396) (1,387) (17,128)
Underlying EBITDA (2,345) 10,113 2,669 10,437
Amortisation and Depreciation - (2,374) (40) (2,414)
Non cash share based payments (87) - - (87)
Operating profit (2,432) 7,739 2,629 7,936
Finance income 90 9 2 101
Finance costs (228) (22) - (250)
Profit before tax (2,570) 7,726 2,631 7,787
Segment revenue reported above represents only revenue generated
from external customers. Intersegmental sales in the financial year
were GBP1,093,343 for management recharges from head office to the
Financial Advisory and Protection Divisions. There were also
GBP497,333 of intersegmental sales for the introduction of business
between the Financial Advisory and Protection Divisions. These
intersegmental revenues and costs have been removed on
consolidation.
The Accounting policies of the reportable segments are the same
as the Group's accounting policies.
Segmental Assets
The following is an analysis of the Group's Assets from
continuing operations by reportable segment.
2019 2018
GBP'000 GBP'000
-------------------------------------------- ---------- ----------
Head Office 6,638 16,324
Financial Advice and Investment Management 13,120 11,325
Protection 18,429 7,524
38,187 35,173
-------------------------------------------- ---------- ----------
Segmental Liabilities
The following is an analysis of the Group's Liabilities from
continuing operations by reportable segment.
2019 2018
GBP'000 GBP'000
-------------------------------------------- ---------- ----------
Head Office 546 2,799
Financial Advice and Investment Management 18,335 16,333
Protection 7,996 4,435
26,877 23,567
-------------------------------------------- ---------- ----------
The total revenue of the Group for the year has been derived
from its activities wholly undertaken in the United Kingdom.
No customer is defined as a major customer by revenue,
contributing more than 10% of the Group revenues (2018 - none).
3. Operating Profit
2019 2018
GBP'000 GBP'000
Operating profit is stated after charging:
Employee benefit expenses 19,741 13,611
Amortisation and impairment of intangible
assets 2,820 2,172
Depreciation of tangible assets 369 243
Operating lease rentals 826 480
Services provided by the Group's auditors:
A summary of the audit and non-audit fees in respect of services
provided by the Group's auditors charged to operating profit is set
out below:
2019 2018
GBP'000 GBP'000
Fees payable to the Group's auditor for the audit
of the Group's annual accounts 23 15
Audit of accounts of subsidiaries 70 45
Total Audit Fees 93 60
Other assurance services 2 2
Taxation services 7 7
Total Non-Audit Fees 9 9
4. Dividends - Company
2019 2018
GBP'000 GBP'000
Ordinary interim paid 2,555 1,510
Dividend per share 6p 4p
The group is proposing, pending AGM approval, an interim
dividend based on the reported results of 8p per share, which
equates GBP3,422,878 based on the current shares in
circulation.
5. Intangible assets
Other intangibles Acquired
client
Goodwill portfolios Total
GBP'000 GBP'000 GBP'000 GBP'000
Cost
At 1 November 2017 401 6,965 35,746 43,112
Additions, separately acquired 145 - 16,585 16,730
Additions, through business combination - 21,440 - 21,440
At 31 October 2018 546 28,405 52,331 81,282
Additions, separately acquired 336 - 11,073 11,374
Additions, through business combination 31 22,428 - 22, 459
Remeasurement - (1,020) - (1,020)
At 31 October 2019 913 49,813 63,404 114,130
Amortisation and impairment
At 1 November 2017 16 375 3,791 4,182
Charge for the year 41 - 2,131 2,172
------------------- --------- ------------ --------
At 31 October 2018 57 375 5,922 6,354
Charge for the year 60 - 2,760 2,855
------------------- --------- ------------ --------
At 31 October 2019 117 375 8,682 9,209
------------------- --------- ------------ --------
Net book value
=================== ========= ============ ========
At 31 October 2019 796 49,438 54,687 104,921
=================== ========= ============ ========
At 31 October 2018 489 28,430 46,409 74,928
=================== ========= ============ ========
Goodwill and Acquired client portfolios
Goodwill believed to have an indefinite useful life is carried
at cost. The determination of whether goodwill is impaired requires
an assessment of the value in use. The recoverable amount of
goodwill on a value in use calculation is based on the discounted
cash flows expected from the intangible assets of each acquisition,
assuming no future growth in revenue generated cash flows,
discounted at an asset specific rate of 10%, for a period of 10
years with no annuity. On this basis the directors believe the
value of goodwill is not impaired at 31 October 2019.
The Directors have assessed those assets where an indicator of
impairment is raised and applied appropriate sensitivity of the
assumptions detailed above and consider that the indicator only
exists due to the level of prudence already factored in to these
assumptions.
Due to the level of prudence already factored into the
assumptions, it would require a significant adverse variance in any
of these to reduce the fair value to a level where it matched the
carrying value.
During the year ended 31 October 2019 4 acquisitions were
undertaken relating to acquired client portfolios. Consideration
for these acquisitions amounted to GBP11.1m, of which GBP11.1m
related to client portfolios. Included within the total
consideration are amounts relating to contingent consideration of
GBP3.8m. The contingent consideration is subject to earn outs based
on future turnover over a period up to a four-year period.
In addition, 4 business combinations were undertaken, resulting
in GBP22.5m of goodwill being recognised.
6. Trade and other receivables
Group
2019 2018
GBP'000 GBP'000
Trade receivables net of allowance for impairment 21,592 11,089
Other receivables 3,087 1,932
Prepayments 1,553 609
26,232 13,630
Included in trade receivables is GBP10,278,822 of debtors due in
relation to non-indemnified income earnt collectable over a 4-year
term which is net of a GBP1,412,368 allowance for impairment.
GBP7,033,971 of this trade receivable is due in greater than 1 year
and collected over the life of the policies. The effect of
discounting the trade receivable due in greater than 1 year would
be a reduction of GBP440,418 to net assets.
7. Borrowings
Group
2019 2018
GBP'000 GBP'000
8% Unsecured bonds 752 752
7.5% Unsecured bonds - 2,142
4% Convertible Unsecured Loan Stock 15,000 -
Mortgage on freehold property 321 394
16,073 3,288
Analysis of borrowings
Current borrowings
8% Unsecured bonds 752 -
7.5% Unsecured bonds - 2,142
4% Convertible Unsecured Loan Stock - -
Mortgage on freehold property 80 79
832 2,221
Non-current borrowings
8% Unsecured bonds - 752
7.5% Unsecured bonds - -
4% Convertible Unsecured Loan Stock 15,000 -
Mortgage on freehold property 241 315
15,241 1,067
The borrowings are recognised at amortised cost. There is no
material difference between the fair value and the carrying
value.
The 8% unsecured bond issued in August 2013 is due in 2020. The
7.5% Unsecured bond issued in December 2014 was settled in December
2018.
The mortgage is repayable by instalments over an 8-year period
with an interest rate of 2.9% over LIBOR. GBP460,000 of Freehold
Land is secured against this liability.
The 4% Convertible Unsecured Loan Stocks (CULS) were issued in
July 2019 and are due for redemption or conversion in 5 years.
8. Trade and other payables
Group
2019 2018
GBP'000 GBP'000
Current
Trade payables 1,853 1,240
Contingent consideration 14,433 11,323
Commissions payable 5,357 4,466
Other payables 745 762
Accruals 985 936
23,373 18,727
Non-current
Contingent consideration 23,467 17,138
Included in other payables is GBP6k (2018: GBP105k) of Finance
Leases payable within 1 year.
The effect off discounting the non-current contingent
consideration would be an increase in net assets of GBP683,533.
9. Earnings per share
The calculation of earnings per share is based on the profit
attributable to the equity holders for the year of GBP10,813,160
(2018 - GBP5,954,400) and weighted average number of shares in
issue during the period of 42,495,124 (2018 - 37,235,148).
The calculation of Underlying EBITDA adjusted for tax per share
is based on the Underlying EBITDA adjusted for tax of GBP13,954,788
(2018 - GBP8,454,519) and weighted average number of shares in
issue during the period of 42,495,124 (2018 - 37,235,148).
The diluted earnings per share has been adjusted for the
potential share issue relating to the share-based payments. The
number of shares has been increased by the difference between the
amount of shares that will be issued if all options are exercised
and the number of shares that could be purchased for the same
consideration at average market price.
31 October 31 October
2019 2018
GBP'000 GBP'000
Earnings for the purpose of basic earnings per
share being net profit attributable to shareholders 10,813 5,954
Effect of dilutive potential ordinary shares - -
Earnings for the purpose of diluted earnings
per share 10,813 5,954
31 October 31 October
2019 2018
Weighted average number of ordinary shares for
the purpose of basic earnings per share 42,495,124 37,235,148
Effect of dilutive potential ordinary shares 3,453,911 3,622,564
Weighted average number of ordinary shares for
the purpose of diluted earnings per share 45,949,035 40,857,712
There are no adjustments between the net profit attributable to
equity holders of the parent and the Earnings from continued
operations for the purpose of diluted earnings per share excluding
discontinued operation.
10. Notes to the cash flow statement
Cash generated from operations
2019 2018
GBP'000 GBP'000
Profit before tax 13,714 7,787
Adjustments for:
Interest and dividend income (57) (101)
Interest expenses 332 250
Depreciation, amortisation and impairment 3,189 2,415
Equity settled share-based payment expense 50 87
Movements in working capital:
- Trade and other receivables (12,627) (7,645)
- Trade and other payables 1,186 2,017
Cash generated from operations 5,787 4,810
11. Financial commitments
At the reporting dates, the Group has outstanding commitments
for future minimum lease payments under non-cancellable operating
leases, which fall due as follows:
Land & buildings Other Land & buildings Other
2019 2019 2018 2018
GBP'000 GBP'000 GBP'000 GBP'000
Due within one year 947 92 559 31
Between one and two years 969 56 466 13
Between two and five years 2,129 3 1,344 3
In over five years - - -
Total 4,045 151 2,369 47
[1] Octopus investment survey
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
FR QKLFFBFLLBBX
(END) Dow Jones Newswires
January 20, 2020 02:00 ET (07:00 GMT)
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