RNS Number : 8275E
Kitwave Group PLC
04 July 2023
 

 

4 July 2023

Kitwave Group plc

 

("Kitwave", the "Group" or the "Company")

 

Unaudited interim results for the six months ended 30 April 2023

 

Kitwave Group plc (AIM: KITW), the delivered wholesale business, is pleased to announce its unaudited interim results for the six months ended 30 April 2023 ("the period" or "H1 2023").

 

The tables and commentary below include comparatives for both the six months ended 30 April 2022 (H1 2022) and the 12 months ended 31 October 2022 (FY 2022).

 

Highlights

 

·    Revenues up 23% to £275.0 million (H1 2022: £223.3 million; FY 2022: £503.1 million).

 

·    Consolidated gross margin improved to 21.6% (H1 2022: 19.8%; FY 2022: 20.4%).

 

·    Profit before tax increased by 48% to £8.3 million (H1 2022: £5.6 million; FY 2022: £17.8 million).

·    Cash generation from operating activities of £11.7 million (H1 2022: £17.1 million; FY 2022: £26.5 million) leading to pre-tax operational cash conversions of 87% (H1 2022: 166%; FY 2022: 105%).

 

·    Trading since the period end has been strong across all divisions and ahead of Board expectations at the time of the trading update released in May 2023. The Board anticipates that the Group's results for the full financial year will therefore be ahead of market expectations that were established at the start of the financial year.

·    Successful integration of Westcountry Food Holdings Ltd ("WestCountry"), a specialist fresh produce wholesaler to the foodservice sector, acquired in December 2022, which complements the Group's existing Foodservice division and enables further expansion into the South West following the Group's acquisition of M.J. Baker Foodservice Limited ("M.J. Baker") in February 2022.

·    Appointment of Teresa Octavio as an additional Non-Executive Director to the Board in February 2023.

 

·    The Board has declared an interim dividend of 3.75 pence per share for the six months to 30 April 2023. This dividend will be paid on 4 August 2023 to shareholders on the register at the close of business on 14 July 2023 and the ex-dividend date will be 13 July 2023.

 

Post-period end

 

·    Construction of a new 80,000 sq. ft distribution site to fully integrate the Group's South West foodservice operations commenced in June 2023 with a planned completion of Q3 2024.

Financial summary

 


H1 2023
Unaudited

£m

 

H1 2022 
Unaudited

£m

FY 2022

Audited

£m

Revenue

275.0

223.3

503.1





Gross profit

59.3

44.1

102.6

Gross profit margin %

21.6%

19.8%

20.4%





Operating profit

10.2

6.7

20.4

Operating margin %

3.7%

3.0%

4.1%





Profit before tax

8.3

5.6

17.8





Net cash inflow from operating activities

 

11.7

 

17.1

 

 

26.5

Pre-tax operational cash conversion *

87%

166%

105%

*For more information on alternative performance measures please see the glossary at the end of the announcement.

Paul Young, Chief Executive Officer of Kitwave, commented:

 

"We are pleased to report continued strong progress across the Group in the six months ended 30 April 2023. With trading in the wholesale sector typically weighted towards the second half of the year, we are confident that this positive momentum will continue throughout 2023, and results for the full financial year will be ahead of market expectations that were established at the start of the financial year.

 

"A significant highlight during the period was the Group's successful acquisition and integration of WestCountry into our Foodservice division, where we are now able to deliver high-quality fresh produce throughout the South West. This acquisition demonstrates the strong results that can be achieved when taking advantage of the considerable opportunities available in the UK's fragmented wholesale market. 

 

"We believe that our unwavering focus on operational efficiency, strategic investments, and customer satisfaction, means we are well placed to drive sustainable growth, both organically and through acquisitions to deliver value for the Group and its shareholders."

- Ends -

 

For further information please contact:

Kitwave Group plc

Paul Young, Chief Executive Officer

David Brind, Chief Financial Officer

www.kitwave.co.uk  

Tel: +44 (0) 191 259 2277

Canaccord Genuity Limited
(Nominated Adviser and Sole Broker)

Bobbie Hilliam

Tel: +44 (0) 20 7523 8150

Yellow Jersey PR
(Financial media and PR)

Sarah Hollins / Shivantha Thambirajah / Bessie Elliot

Tel: +44 (0) 20 3004 9512


Company Overview


Founded in 1987, following the acquisition of a single-site confectionery wholesale business based in North Shields, United Kingdom, Kitwave is a delivered wholesale business, specialising in selling and delivering impulse products, frozen, chilled and fresh foods, alcohol, groceries and tobacco to approximately 42,000, mainly independent, customers.

 

With a network of 29 depots, Kitwave is able to support delivery throughout the UK to a diverse customer base, which includes independent convenience retailers, leisure outlets, vending machine operators, foodservice providers and other wholesalers, as well as leading national retailers.
 

The Group's growth to date has been achieved both organically and through a strategy of acquiring smaller, predominantly family-owned, complementary businesses in the fragmented UK grocery and foodservice wholesale market.

 

Kitwave Group plc (AIM: KITW) was admitted to trading on AIM of the London Stock Exchange on 24 May 2021.

 

For further information, please visit: www.kitwave.co.uk.

 

Chief Executive Officer's statement

Introduction

 

I am pleased to report the Group's interim results for the six months ended 30 April 2023. Despite the challenging macroeconomic conditions facing the wider industry, Kitwave has delivered a strong performance and has increased revenues across all divisions of the business.  While commodity-led price inflation contributed significantly to the increased revenues, volume as measured by cases delivered has also increased compared to H1 2022.

 

During the period, our acquisition growth strategy continued to deliver as we welcomed Westcountry Food Holdings Ltd ("WestCountry") into the Group. The acquisition has enabled us to expand our product range to include high-quality fresh produce to complement our existing presence in the South West. The integration of WestCountry into the Group has been successful, and the business is performing in line with our expectations.

 

Due to the seasonal nature of the wholesale business trading is weighted to the second half of the financial year. We remain confident that the positive momentum seen in the first six months will continue throughout 2023.   

 

Financial summary

 

In the six months to 30 April 2023, the Group achieved revenue of £275.0 million (H1 2022: £223.3 million), resulting in a 52% increase in operating profit to £10.2 million (H1 2022: £6.7 million). 

 


H1 2023
Unaudited

£m

 

H1 2022
Unaudited

£m

 

FY 2022

Audited

£m

Revenue

275.0

223.3

503.1





Gross profit

59.3

44.1

102.6

Gross profit margin %

21.6%

19.8%

20.4%





Operating profit

10.2

6.7

20.4

Operating margin %

3.7%

3.0%

4.1%





 

Cash generation remained strong in the period with £11.7 million generated from operating activities.

 

The net cash outflow relating to the acquisition of WestCountry was £19.6 million after taking into account cash and overdrafts acquired. No further cash outflows in relation to the transaction are expected. The acquisition was funded by a new £20.0 million revolving credit facility that was drawn in full on the date of the acquisition.

 

Allowing for cash outflows to satisfy debt service payments and dividends paid, the Group's cash and cash equivalents decreased by £2.2 million during the period. The majority of this cash absorption is due to an increase in working capital, with £1.3 million of this relating to an outflow in working capital in WestCountry post-acquisition as part of the normal annual cycle from a seasonal low point in December 2022. Excluding this part-year effect in WestCountry the Group achieved the targeted 95% pre-tax operational cash conversion.

 

The Group's balance sheet as of 30 April 2023 had equity reserves of £74.0 million (30 April 2022: £63.3 million; 31 October 2022: £71.9 million) and net debt of £64.4 million (30 April 2022: £47.4 million; 31 October 2022: £44.4 million). The increase in debt relates to a new £20.0 million banking facility utilised for the acquisition of WestCountry.

 

The acquisition of WestCountry resulted in an increase in Goodwill of £14.4 million to £58.7 million (30 April 2022: £44.3 million; 31 October 2022: £44.3 million) and an increase in intangible assets in the form of brand and customer relationships of £5.0 million. The amortisation associated with these intangible assets was £0.4 million in the period.

 

The increase in debt of £20.0 million since the year-end 31 October 2022 relates to the net cash outflow from the acquisition. Leverage has increased to 1.9x since the year end and interest costs have increased accordingly. It is expected that the strong continued cash generation nature of the Group will drive the principal debt down during the remainder of the current financial year. The Board is committed to maintaining a prudent leverage policy moving forward. 

 

Divisional summary

 

Set out below is the financial performance of the business by division:

 


H1 2023
Unaudited

£m

 

H1 2022
Unaudited

£m

FY 2022

Audited

£m

Group revenue

275.0

223.3

503.1

Ambient

98.1

87.0

185.1

Frozen & Chilled

96.1

82.0

193.8

Retail & wholesale

194.2

169.0

378.9

Foodservice

80.8

54.3

124.2

Corporate

-

-

-

 

Group adjusted operating profit**

11.7

7.3

21.5

Ambient

3.8

2.6

6.8

Frozen & chilled

1.8

1.7

6.4

Retail & wholesale

5.6

4.3

13.2

Foodservice

6.1

3.1

8.9

Corporate

0.0

(0.1)

(0.6)

 

** Group operating profit / (loss) adjusted for restructuring, acquisition, amortisation of intangible assets arising on acquisition, share-based payments and compensation for post combination costs and income. For more information on alternative performance measures please see the glossary at the end of the announcement.

 

The Group has demonstrated significant growth in both revenue and operating profit during the period, with a 23% increase in revenue to £275.0 million (H1 2022: £223.3 million) and a 52% increase in operating profit to £10.2 million (H1 2022: £6.7 million). Group adjusted operating profit increased by 60% to £11.7 million (H1 2022: £7.3 million).

 

The Group's gross profit margin increased to 21.6% (H1 2022: 19.8%) representing both margin improvements within divisions and the fact that a higher proportion of Group revenue is generated by the Foodservice division compared to H1 2022 reflecting the impact of recent acquisitions.

 

Excluding the acquisition of WestCountry revenue grew by 17% and adjusted operating profit by 46% compared to H1 2022.

 

The Group's cost base has been affected by inflationary pressures, with the majority of increases being reflected in labour and delivery-based costs. We are continually striving to mitigate such cost increases and as a result, the ratio of distribution costs to revenue is only slightly ahead of the prior period. It is expected that these cost pressure increases will ease over time, as we anticipate lower levels of fuel pricing and lower wage inflation compared to the last 18 months.

 

Retail & wholesale division

 

The Group's Ambient and Frozen & Chilled product businesses both service the Retail & Wholesale sector of the grocery market. To be consistent with the market view, these divisions are considered together and saw combined revenue increase by 15% to £194.2 million (H1 2022: £169.0 million).

 

The retail & wholesale businesses performed ahead of expectations during the period. The division benefitted from the continued focus on gross margin improvement and operational efficiency workstreams designed to reduce the cost to serve our customer base, which together have generated an improvement in our operating profit percentage compared to H1 2022. Inflation in the marketplace contributed to an increase in revenue and gross profit which assisted in covering any operating cost-based inflation.

 

Foodservice division

 

In December 2022, the division acquired the entire issued share capital of Westcountry Food Holdings Ltd.

 

The acquisition of WestCountry has enabled the Group to expand its product range to include high-quality fresh produce in the South West. This complements Kitwave's existing foodservice offering in the region, following the acquisition of M.J. Baker Foodservice Limited ("M.J. Baker") in 2022.

The division saw revenue increase by 49% to £80.7 million (H1 2022: £54.3 million). Excluding the acquisition of WestCountry, revenue increased by £13.7 million representing 25% growth compared to H1 2022. This also included the full period effect of M.J. Baker which was acquired in February 2022.

 

Overall, the division traded ahead of expectations for the period, as customer numbers and volumes have not to date been materially impacted by the cost-of-living crisis. The demand for affordable socialising and eat-out occasions coupled with the defensive nature of care homes and volumes from educational establishments have served to maintain customer numbers and volumes. While the division, like the rest of the Group, suffered some operating cost-based inflation, the improvement in gross margins and overall close control of costs ensured an improved operating profit percentage.

 

Operational review

 

Following the investment in the Group's new web-based trading platform, it has been rolled out across all businesses and utilisation of the platform has increased month on month. Electronic and online order capture now stands at 44% with average order values compared to more traditional methods of order taking remaining 8% ahead due to the additional e-commerce functionalities that the web platform offers.  The brand owner engagement has been positive with a large proportion of our brand partners developing mutually beneficial ecommerce partnerships resulting in an improved customer experience and sales offering.

 

The acquisition of WestCountry together with M.J. Baker creates an opportunity to fully integrate the Group's South West operations and, in order to do this a new design and build 80,000 sq. ft distribution site has been acquired on a leasehold. The construction of the unit commenced in June 2023 with a planned completion of Q3 2024. The integrated site will be able to offer a full Kitwave wide product offering with a complete food service range, ice cream, fresh produce, and on-trade into the South West customer base. This is an important step for the Group as the infrastructure will drive organic growth opportunities within the Foodservice division. It is expected that the cost of the new build will be cash neutral with the planned disposal of the existing freehold property occupied by M.J. Baker.

 

We are also pleased that Tom Johnson, who joined the Group as Health & Safety Director in early 2022, has brought improvements to the Group's health and safety function and culture alongside launching the new Kitwave health and safety digital compliance and reporting platform. The role underlines the Group's commitment to colleague safety and will drive that element of the Group's environmental, social and governance (ESG) agenda.

 

Our commitment to carbon reduction is further demonstrated by the Group's latest investment in solar with a new PHEV scheme at the Luton distribution centre being installed in 2023.

 

In February 2023, the Group was delighted to welcome our new Non-Executive Director, Teresa Octavio, to the Board. Teresa has brought significant expertise from her experience in a host of different executive roles in global businesses, including Kantar Consulting and consumer-facing multinationals Diageo plc and Procter & Gamble.

 

Strategy

 

We remain focused on executing our strategy, which targets both organic growth and growth through acquisition. In line with this strategy, the successful acquisition during the period of WestCountry is our 12th wholesale distributor integrated into the Group since 2011. We will continue to look for well-regarded, financially-sound businesses with established operations and a similar ethos to Kitwave.


Dividend

 

The final dividend of 6.75 pence per share for the financial year ended 31 October 2022 was paid on 28 April 2023.

 

The Board is pleased to declare an interim dividend of 3.75 pence per share (H1 2022: 2.50 pence per share) for the six months to 30 April 2023. It will be paid on 4 August 2023 to shareholders on the register at the close of business on 14 July 2023 and the ex-dividend date will be 13 July 2023.

 

Summary and outlook

 

During the period, the Group continued to deliver strong progress across all the core businesses, reflecting our focus on providing an exceptionally high standard of service to our customers through investment in systems, processes, and service offerings.

 

Trading since the period end has continued to be ahead of expectations. This is through a combination of strong order volumes, sustained commodity price inflation, the determination to maintain and improve gross margins and continued operational cost control.

 

The recent WestCountry acquisition broadened our provision of high-quality fresh produce in the South West and has been successfully integrated into our Foodservice division. We will continue to execute our buy-and-build strategy through further targeted acquisitions, which we feel complements Kitwave's current offering to our customer base.

 

Although trading in the wholesale sector is typically weighted towards the second half of the year and being mindful of the continuing wider macroeconomic challenges, we remain confident that the positive momentum seen in the first six months of the year will continue throughout 2023, and results for the full financial year will be ahead of the market expectations established at the start of the financial year.

 

We have built an excellent platform for growth within the UK wholesale market. With our focused growth strategy, both organically and through acquisitions, we believe that we are well-placed to deliver value for the Group and its shareholders.

 

Paul Young

Chief Executive Officer

4 July 2023

 

Condensed consolidated statement of profit and loss and other comprehensive income

 


Note

 

 

6 months ended

30 April 2023 Unaudited


6 months ended

30 April 2022 Unaudited


Year ended
31 October 2022 Audited

 

 

 

£000

£000

£000

 

 


 



Revenue

3

 

274,950

223,312

503.088

Cost of sales

 

 

(215,621)

(179,195)

(400,460)


 

 

             

             

             

Gross profit

 

 

59,329

44,117

102,628

 

 

 

 



Other operating income

4

 

157

42

374

Distribution expenses

 

 

(26,262)

(19,351)

(44,010)

Administrative expenses

 

 

(23,008)

(18,119)

(38,617)


 

 

             

             

             

Operating profit

 

 

10,216

6,689

20,375

 

 

 

 



Analysed as:

 

 

 



Adjusted EBITDA

 

 

16,017

11,125

29,477

Amortisation of intangible assets

5

 

(66)

(45)

(99)

Amortisation of intangible assets arising on acquisition

5

 

(383)

-

-

Depreciation

5

 

(4,210)

(3,764)

(7,897)

Acquisition expenses

5

 

(648)

(148)

(148)

Compensation for post combination services

5

 

(48)

(48)

(95)

Share based payment expense

5

 

(446)

(431)

(863)


 

 

             

             

             

Total operating profit

 

 

10,216

6,689

20,375


 


             

             

             


 


 



Finance expenses

 


(1,956)

(1,126)

(2,534)


 


 



Analysed as:

 


 



Interest payable on bank loans and bank facilities

 


(1,190)

(443)

(1,105)

Finance charges on leases

 


(766)

(683)

(1,427)

Other interest

 


-

-

(2)

 

 


             

             

             

Financial expenses

 


(1,956)

(1,126)

(2,534)

 

 


             

             

             

 

 


 



Profit before tax

 


8,260

5,563

17,841

Tax on profit on ordinary activities

 


(1,901)

(1,136)

(3,501)

 

 


             

             

             

Profit for the financial period

 


6,359

4,427

14,340


 


             

             

             

Other comprehensive income

 


-

-

-

 

 


             

             

             

Total comprehensive income for the period

 


6,359

4,427

14,340

 

 


             

             

             

 

 


 



Basic earnings per share (pence)

6


9.1

6.3

20.5

Diluted earnings per share (pence)

6


8.7

6.3

20.5


Condensed consolidated balance sheet

 



30 April 2023 Unaudited

30 April 2022 Unaudited

 31 October 2022
Audited

 


£000

£000

£000

Non-current assets


 



Goodwill


58,680

44,342

44,342

Intangible assets


5,384

535

737

Tangible assets


16,404

13,100

13,037

Right-of-use assets


26,575

27,346

26,452

Investments


45

35

35



             

             

             



107,088

85,358

84,603



             

             

             

Current assets


 



Inventories


45,769

39,718

31,846

Trade and other receivables


65,388

63,783

57,698

Cash and cash equivalents


3,288

6,111

5,511



             

             

             

 


114,445

109,612

95,055

 


             

             

             

Total assets


221,533

194,970

179,658



             

             

             

Current liabilities


 



Other interest bearing loans and borrowings


(16,816)

(23,420)

(20,354)

Lease liabilities


(5,899)

(5,204)

(5,509)

Trade and other payables


(77,767)

(77,656)

(57,891)

Tax payable


(973)

(573)

(62)



             

             

             



(101,455)

(106,853)

(83,816)



             

             

             

Non-current liabilities


 



Other interest bearing loans and borrowings


(20,000)

-

-

Lease liabilities


(24,092)

(24,097)

(23,240)

Deferred tax liabilities


(2,019)

(728)

(715)



             

             

             



(46,111)

(24,825)

(23,955)



             

             

             

Total liabilities


(147,566)

(131,678)

(107,771)

 


             

             

             

Net assets


73,967

63,292

71,887



             

             

             

Equity attributable to equity holders of the

 Parent Company


 



Called up share capital


700

700

700

Share premium account


64,183

64,183

64,183

Consolidation reserve


(33,098)

(33,098)

(33,098)

Share based payment reserve


1,536

658

1,090

Retained earnings


40,646

30,849

39,012



             

             

             

Equity


73,967

63,292

71,887



             

             

             


Condensed consolidated statement of change in equity


Called up

share

capital 

Share

premium

account

 

Consolidation

reserve

Share based payment reserve

Profit

and loss

account

 

Total

equity

 

£000

£000

£000

£000

£000

£000

 

 

 

 

 

 

 

Balance at 1 November2021 (audited)

700

64,183

(33,098)

227

29,572

61,584

 

             

             

             

             

             

             

Total comprehensive income for the 6 month period

 


 

 


Profit

-

-

-

-

4,427

4,427

Other comprehensive income

-

-

-

-

-

-


             

             

             

             

             

             

Total comprehensive income for

 the 6 month period            

 

-

 

-

 

-

 

-

 

4,427

 

4,427

Transaction with owners, recorded directly in equity






Dividends

-

-

-

-

(3,150)

(3,150)

Share based payment expense

-

-

-

431

-

431


             

             

             

             

             

             

Total contribution by and transactions with the owners

 

-

 

-

 

-

 

431

 

(3,150)

 

(2,719)


             

             

             

             

             

             

Balance at 30 April 2022 (unaudited)

700

64,183

(33,098)

658

30,849

63,292


             

             

             

             

             

             

Total comprehensive income for the 6 month period

 


 

 


Profit

-

-

-

-

9,913

9,913

Other comprehensive income

-

-

-

-

-

-


             

             

             

             

             

             

Total comprehensive income

for the 6 month period

 

 

-

 

-

 

-

 

-

 

9,913

 

9,913

Transaction with owners, recorded directly in equity






Dividends

-

-

-

-

(1,750)

(1,750)

Share based payment expense

-

-

-

432

-

432


             

             

             

             

             

             

Total contribution by and transactions with the owners

 

-

 

-

 

-

 

432

 

(1,750)

 

(1,318)


             

             

             

             

             

             

Balance at 31 October 2021 (audited)

700

64,183

(33,098)

1,090

39,012

71,887


             

             

             

             

             

             

Total comprehensive income for the 6 month period

 


 

 


Profit

-

-

-

-

6,359

6,359

Other comprehensive income

-

-

-

-

-

-


             

             

             

             

             

             

Total comprehensive income for

 the 6 month period

 

-

 

-

 

-

 

-

 

6,359

 

6,359

Transaction with owners, recorded directly in equity






Dividends

-

-

-

-

(4,725)

(4,725)

Share based payment expense

-

-

-

446

-

446


             

             

             

             

             

             

Total contribution by and transactions with the owners

 

-

 

-

 

-

 

446

 

(4,725)

 

(4,279)


             

             

             

             

             

             

Balance at 30 April 2023 (unaudited)

700

64,183

(33,098)

1,536

40,646

73,967


             

             

             

             

             

             


Condensed consolidated cash flow statement

 


Note

 

6 months ended 30 April 2023 Unaudited

6 months ended 30 April 2022 Unaudited

Year ended

31 October 2022 Audited



 

£000

£000

£000

Cash flow from operating activities


 

 



Profit for the period


 

6,359

4,427

14,340

Adjustments for:


 

 



Depreciation and amortisation


 

4,659

3,809

7,996

Financial expense


 

1,956

1,126

2,534

Profit on sale of property, plant and equipment


 

(156)

(39)

(164)

Net gain on remeasurement of right-of-use assets and lease liabilities


 

(1)

-

(8)

Compensation for post combination services


 

48

48

95

Equity settled share based payment expense


 

446

431

863

Taxation


 

(1,901)

1,136

3,501



 

             

             

             

 


 

15,212

10,938

29,157



 

 



(Increase) in trade and other receivables


 

(5,555)

(8,993)

(2,909)

(Increase) in inventories


 

(12,912)

(12,040)

(4,168)

Increase in trade and other payables


 

16,489

28,260

8,450



 

             

             

             



 

13,234

18,165

30,530



 

 



Tax paid


 

(1,528)

(1,115)

(4,005)



 

             

             

             

Net cash inflow from operating activities


 

11,706

17,050

26,525



 

             

             

             

Cash flows from investing activities


 

 



Acquisition of property, plant and equipment


 

(1,629)

(1,140)

(2,608)

Proceeds from sale of property, plant and equipment


 

269

108

308

Acquisition of subsidiary undertakings (including

overdrafts and cash acquired)

2

 

(19,593)

(16,914)

(16,914)



 

             

             

             

Net cash outflow from investing activities


 

(20,953)

(17,946)

(19,214)



 

             

             

             

Cash flows from financing activities


 

 



Proceeds from new loan              


 

20,000

-

-

Net movement in invoice discounting


 

(3,538)

4,300

5,734

Interest paid


 

(1,522)

(1,126)

(2,534)

Net movement in bank trade loans


 

-

4,500

-

Payment of lease liabilities


 

(3,191)

(2,485)

(5,068)

Dividends paid


 

(4,725)

(3,150)

(4,900)



 

             

             

             

Net cash inflow/(outflow) from financing activities


 

7,024

2,039

(6,768)



 

             

             

             

Net (decrease)/increase in cash and cash equivalents


 

(2,223)

1,143

543

Opening cash and cash equivalents


 

5,511

4,968

4,968



 

             

             

             

Cash and cash equivalents at period end


 

3,288

6,111

5,511



 

             

             

             

Notes

1              Accounting policies

Kitwave Group plc (the "Company") is a public company limited by shares and incorporated, domiciled and registered in England in the UK. The registered number is 9892174 and the registered address is Unit S3, Narvik Way, Tyne Tunnel Trading Estate, North Shields, Tyne and Wear, NE29 7XJ.

The Company's principal activity is to act as a holding company for its subsidiaries (together "the Group"), which together make up the Group's consolidated financial information.

The condensed consolidated financial information presented in this statement for the six months ended 30 April 2023 and the comparative figures for the six months ended 30 April 2022 are unaudited.

The condensed consolidated financial information does not constitute statutory accounts as defined in Section 435 of the Companies Act 2006.  The statutory accounts for the year ended 31 October 2022 have been delivered to the Registrar of Companies and the report of the auditor was (i) unqualified, (ii) did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying their report, and (iii) did not contain a statement under Section 498 (2) or (3) of the Companies Act 2006.

The condensed consolidated financial information does not include all the information required for the full annual financial statements, however, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group's financial position and performance since the last annual consolidated financial statements.

The condensed consolidated financial information has been prepared in accordance with IAS 34 Interim Financial Reporting and should be read in conjunction the Group's last annual consolidated financial statements.

The unaudited consolidated interim financial information has been prepared under the historical cost convention and in accordance with the recognition and measurement requirements of UK-Adopted International Accounting Standards. The condensed consolidated interim financial information does not constitute financial statements within the meaning of Section 434 of the Companies Act 2006 and does not include all of the information and disclosures required for full annual financial statements. It should therefore be read in conjunction with the Group's Annual Report for the year ended 31 October 2022, which has been prepared in accordance with UK-Adopted International Accounting Standards and is available on the Group's investor website.

There have been no new accounting standards or changes to existing accounting standards applied for the first time from 1 November 2021 which have a material effect on these interim results.

 

1.1          Critical accounting estimates and judgements

The critical accounting estimates and judgements affecting the Group are unchanged from those set out in the Group's last annual consolidated financial statements for the year ended 31 October 2022.

The Directors have reviewed financial forecasts and are satisfied that the Group has sufficient levels of financial resources available to both fund operations and to pursue its stated growth strategy. The Directors are confident that the Group will have sufficient funds to meet its liabilities as they fall due for the foreseeable future and therefore adopt the going concern basis in preparing the condensed consolidated interim financial information.

 

1.2          Accounting policies

The accounting policies applied in preparing the condensed consolidated interim financial information are the same as those applied in the preparation of the consolidated financial statements for the year ended 31 October 2022, as described in those financial statements.

 

 2              Acquisitions


Acquisitions in the 6 month period ended 30 April 2023

Westcountry Food Holdings Ltd

On 9 December 2022, the Group acquired the entire share capital of Westcountry Food Holdings Ltd for a total consideration of £28,485,811.  After recognition of acquired intangible assets and associated deferred tax liabilities, the resulting goodwill of £14,338,000 was capitalised and is subject to annual impairment testing under IAS 36.

The acquisition had the following effect on the Group's assets and liabilities:


Book value

Recognised on acquisition

Fair value


£000

£000

£000

Non-current assets




Tangible assets

2,146

-

2,146

Intangible assets

-

4,992

4,992

Right-of-use assets

262

-

262

Investments

7

-

7





Current assets




Inventories

1,011

-

1,011

Trade and other receivables

2,135

-

2,135

Cash and cash equivalents

8,893

-

8,893


             

             

             

Total assets

14,454

4,992

19,446


             

            

             

Current liabilities




Lease liabilities

(49)

-

(49)

Trade and other payables

(2,908)

-

(2,908)

Corporation tax

(453)

-

(453)





Non-current liabilities




Lease liabilities

(499)

-

(499)

Deferred tax liabilities

(163)

(1,226)

(1,389)


             

             

             

Total liabilities

(4,072)

(1,226)

(5,298)


             

             

             

Net identifiable assets and liabilities

10,382

3,766

14,148

Goodwill



14,338




             

Total net assets acquired

 

 

28,486




             

Headline purchase consideration



29,000

Net asset adjustment refunded



(514)




             

Purchase consideration paid

 

 

28,486

Cash acquired

 

 

(8,893)

 

 

 

             

Purchase consideration net of cash acquired

 

 

19,593




             

The business and its trading subsidiary, Westcountry Fruit Sales Limited, were acquired as part of the Group's growth strategy. Significant control was obtained through the acquisition of 100% of the share capital of Westcountry Food Holdings Ltd.

An independent valuation was performed to identify the intangible assets on acquisition per IFRS 3. As a result of this valuation, intangible assets in relation to brand and customer relationships were identified, and recognised, with attributable fair values of £260,000 and £4,732,000 respectively. The recognition of these intangible assets resulted in deferred tax liabilities of £63,000 for the brand intangible and £1,163,000 for the customer intangible also being recognised at acquisition.

The acquired undertakings made a profit of £3,479,000 from the beginning of its financial year on 2 January 2022 to the date of acquisition.  In its previous financial year for the year ended 1 January 2022 the profit after tax was £3,112,000.

Following acquisition, the business contributed revenue of £12,714,000 and operating profit of £674,000 to the Group for the six months ended 30 April 2023.

If the business had been acquired at the start of the Group's financial period, being 1 November 2021, it would have added £14,897,000 to Group revenue and £790,000 to Group operating profit for the six months ended 30 April 2023.

On acquisition an independent assessment was made regarding the fair value of tangible assets which includes two freehold properties. The result of this independent assessment was no change to the net book value held in Westcountry Food Holdings Ltd's accounts.

3              Segmental information

The following analysis by segment is presented in accordance with IFRS 8 on the basis of those segments whose operating results are regularly reviewed by the Executive Board (the Chief Operating Decision Maker as defined by IFRS 8) to assess performance and make strategic decisions about allocation of resources

The Group has the following operating segments:

·      Ambient: Provides delivered wholesale of ambient food, drink and tobacco products;

·      Frozen & Chilled: Provides delivered wholesale of frozen and chilled food products; and

·      Foodservice: Provides delivered wholesale of alcohol, frozen and chilled food to trade customers.

Corporate contains the central functions that are not devolved to the business units

These segments offer different products and services to different customer types, attracting different margins. They each have separate management teams.

The segments share a commonality in service being delivered wholesale of food and drink products.  The Group therefore benefits from a range of expertise, cross selling opportunities and operational synergies in order to run each segment as competitively as possible.

The Group's forward look strategy is to provide an enhanced customer service by making available the wider Group product range to its existing customer base. As a result, the Board will be assessing the segments based on customer type going forward with the customers in the Ambient and Frozen & Chilled divisions operating in the retail and wholesale channel.

The following analysis shows how this development is now being monitored whilst demonstrating the link to the previously reported segmental information for reference.

The presentation convention adopted in these financial statements is to show the three operating segments as this is how the Board of Directors has assessed performance during the period.

Each segment is measured on its EBITDA, adjusted for acquisition costs and reconstruction costs, and internal management reports are reviewed monthly by the Board.  This performance measure is deemed the most relevant by the Board to evaluate the results of the segments relative to entities operating in the same industry. 

3              Segmental information (continued)

Six months ended 30 April 2023

 

Ambient

Frozen &

Chilled

Total retail & wholesale

Foodservice

Corporate

Total


£000

£000

£000

£000

£000

£000

Revenue

98,124

96,096

194,220

80,730

-

274,950

Inter-segment revenue

6,925

1,334

8,259

322

-

8,581


             

             

             

             

             

             

Segment revenue

105,049

97,430

202,479

81,052

-

283,531







             

Adjusted EBITDA*

4,689

3,764

8,453

7,461

103

16,017

Amortisation of intangibles

-

(40)

(40)

(3)

(23)

(66)

Depreciation

(822)

(1,944)

(2,766)

(1,398)

(46)

(4,210)

Adjusted operating profit*

3,867

1,780

5,647

6,060

34

11,741

Amortisation of intangible assets arising on acquisition

-

-

-

-

(383)

(383)

Acquisition expense

-

-

-

-

(648)

(648)

Compensation for post combination services

-

(48)

(48)

-

-

(48)

Share based payment expense

-

-

-

-

(446)

(446)

Interest expense

(433)

(623)

(1,056)

(355)

(565)

(1,956)


             

             

             

             

             

             

Segment profit/(loss) before tax

3,434

1,109

4,543

5,725

(2,008)

8,260


             

             

             

             

             

             

Segment assets

43,807

65,532

109,339

46,140

66,054

221,533

Segment liabilities

(32,356)

(58,449)

(90,805)

(31,605)

(25,156)

(147,566)


             

             

             

             

             

             

Segment net assets

11,451

7,083

18,534

14,535

40,898

73,967


             

             

             

             

             

             

 

Within Corporate assets is £58,680,000 of goodwill on consolidation. This is allocated to the trading segments as follows:

Goodwill by segment

13,516

12,499

26,015

32,665

-

58,680

 

3              Segmental information (continued)

Six months ended 30 April 2022

 

Ambient

Frozen &

Chilled

Total retail & wholesale

Foodservice

Corporate

Total


£000

£000

£000

£000

£000

£000

Revenue

87,043

81,983

169,026

54,286

-

223,312

Inter-segment revenue

6,023

935

6,958

120

-

7,078


             

             

             

             

             

             

Segment revenue

93,066

82,918

175,984

54,406

(62)

230,390








Adjusted EBITDA*

3,428

3,612

7,040

4,147

(7)

11,125

Amortisation of intangibles

-

(32)

(32)

(6)

-

(45)

Depreciation

(779)

(1,934)

(2,713)

(1,051)

-

(3,764)

Adjusted operating profit*

2,649

1,646

4,295

3,090

(69)

7,316

Acquisition expense

-

-

-

-

(148)

(148)

Compensation for post combination services

-

(48)

(48)

-

-

(48)

Share based payment expense

-

-

-

-

(431)

(431)

Interest expense

(322)

(470)

(792)

(226)

(108)

(1,126)


             

             

             

             

             

             

Segment profit/(loss) before tax

2,327

1,128

3,455

2,864

(756)

5,563


             

             

             

             

             

             

Segment assets

42,230

68,397

110,627

39,712

44,631

194,970

Segment liabilities

(35,850)

(63,888)

(99,738)

(29,377)

(2,563)

(131,678)


             

             

             

             

             

             

Segment net assets

6,380

4,509

10,889

10,335

42,068

63,292


             

             

             

             

             

             

 

Within Corporate assets is £44,342,000 of goodwill on consolidation. This is allocated to the trading segments as follows:

Goodwill by segment

13,516

12,499

26,015

18,327

-

44,342

 

3              Segmental information (continued) 

Year ended 31 October 2022

 

Ambient

Frozen &

Chilled

Total retail & wholesale

Foodservice

Corporate

Total


£000

£000

£000

£000

£000

£000

Revenue

185,132

193,810

378,942

124,146

-

503,088

Inter-segment revenue

13,813

2,551

16,364

572

-

16,936


             

             

             

             

             

             

Segment revenue

198,945

196,361

395,306

124,718

-

520,024







             

Adjusted EBITDA*

8,382

10,382

18,764

11,263

(550)

29,477

Amortisation of intangibles

-

(71)

(71)

(6)

(22)

(99)

Depreciation

(1,584)

(3,911)

(5,495)

(2,345)

(57)

(7,897)

Adjusted operating profit*

6,798

6,400

13,198

8,912

(629)

21,481

Acquisition expense

-

-

-

-

(148)

(148)

Compensation for post combination services

-

(95)

(95)

-

-

(95)

Share based payment expense

-

-

-

-

(863)

(863)

Interest expense

(736)

(1,057)

(1,793)

(520)

(221)

(2,534)


             

             

             

             

             

             

Segment profit/(loss) before tax

6,062

5,248

11,310

8,392

(1,861)

17,841


             

             

             

             

             

             

Segment assets

43,029

52,441

95,470

39,106

45,082

179,658

Segment liabilities

(33,501)

(45,218)

(78,719)

(27,886)

(1,166)

(107,771)


             

             

             

             

             

             

Segment net assets

9,528

7,223

16,751

11,220

43,916

71,887


             

             

             

             

             

             

 

Within Corporate assets is £44,342,000 of goodwill on consolidation. This is allocated to the trading segments as follows:

Goodwill by segment

13,516

12,499

26,015

18,327

-

44,342

 

An analysis of revenue by destination is given below:

Geographical information:


 

 

6 months ended

30 April 2023

Unaudited

6 months ended
 30 April 2022 Unaudited

Year ended 31 October 2022 Audited


 

 

£000

£000

£000


 

 

 



United Kingdom

 

 

272,280

221,167

497,842

Overseas

 

 

2,670

2,145

5,246


 

 

               

              

                  

Group revenue

 

 

274,950

223,312

503,088


 

 

                

                

                  

 

No one customer accounts for more than 10% of Group revenue.

4              Other operating income



 

6 months ended

30 April 2023

Unaudited

6 months ended
 30 April 2022 Unaudited

Year ended 31 October 2022 Audited



 

£000

£000

£000



 

 

 


Net gain on disposal of fixed assets


 

156

39

164

Net gain on foreign exchange


 

-

2

33

Net gain on remeasurement of right-of-use assets and lease liabilities


 

 

1

 

-

 

8

Grant income


 

-

1

169



 

             

             

             



 

157

42

374



 

             

             

             


Grant income in the year ended 31 October 2022 comprised of amounts received from the Government with respect to the Additional Restrictions Grant and COVID-19 Additional Relief Fund Schemes, which totalled £169,000.

5              Expenses

Included in profit/loss are the following:



 

6 months ended

30 April 2023

Unaudited

6 months ended
 30 April 2022 Unaudited

Year ended 31 October 2022 Audited



 

£000

£000

£000



 

 

 


Depreciation of tangible assets:


 

 

 


Owned


 

1,138

1,099

1,946

Right-of-use assets


 

3,072

2,665

5,951

Amortisation of intangible assets


 

66

45

99

Amortisation of intangible assets arising on acquisition


 

 

383

 

-

 

-

Expenses relating to short term and low value assets


 

 

1,018

 

487

 

1,255

Impairment loss on trade receivables


 

237

475

871

Dilapidation provision


 

6

50

48



 

             

             

             


The Group incurred a number of expenses not relating to the principal trading activities of the Group as follows:

 



 

6 months ended

30 April 2023

Unaudited

6 months ended
 30 April 2022 Unaudited

Year ended 31 October 2022 Audited

Exceptional expenses


 

£000

£000

£000



 

 

 


Acquisition expenses


 

648

148

148

Compensation for post combination services


 

 

48

 

48

 

95



 

             

             

             

Total exceptional expenses


 

696

196

243

Share based payment expense


 

446

431

863



 

             

             

             

Total exceptional expenses and share based payments


 

 

1,142

 

627

 

1,106



 

             

             

             

 

The Board consider the exceptional items to be non-recurring in nature.  Both exceptional and share based payment expenses are adjusted for in the statement of profit and loss to arrive at the adjusted EBITDA. This measure provides the Board with a better understanding of the Group's operating performance.

 

Acquisition expenses include the legal and professional fees connected to the acquisition of Westcountry Food Holdings Ltd completed on 9 December 2022.  In the six month period ended 30 April 2022 and the year ended 31 October 2021 these expenses were incurred in connection with the acquisition of M.J.Baker Foodservice Limited completed on 10 February 2022.

 

Compensation for post combination services relates to the value of a liability in connection the acquisition of the remaining share capital of Central Supplies (Brierley Hill) Ltd which is subject to an agreement to acquire which can now be called at any time.


Share based payments relate to the Management Incentive Plan and Long term Incentive Plan and are non cash expenses.

6              Earnings per share

Basic earnings per share

Basic earnings per share for the six month period ending 30 April 2023, and the previous six month period ending 30 April 2022 and the year ended 31 October 2022 is calculated by dividing profit attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during each period as calculated below.

Diluted earnings per share

Diluted earnings per share for the six month period ending 30 April 2023, and the previous six month period ending 30 April 2022 and the year ended 31 October 2022 is calculated by dividing profit attributable to ordinary shareholders by the weighted average number of ordinary shares, adjusted for the effects of all dilutive potential ordinary shares, in this case issued equity warrants, outstanding during each period and for the six month period ended 31 October 2023, shares that may vest under the terms of equity incentive plans , as calculated below.

Profit attributable to ordinary shareholders



 

6 months ended

30 April 2023

Unaudited

6 months ended
 30 April 2022 Unaudited

Year ended 31 October 2022 Audited



 

£000

£000

£000



 

 

 


Profit attributable to all shareholders


 

6,359

4,427

14,340



 

Pence

Pence

Pence

Basic earnings per ordinary share


 

9.1

6.3

20.5

Diluted earnings per ordinary share


 

8.7

6.3

20.5



 

             

             

                  

 

Weighted average number of ordinary shares



 

6 months ended

30 April 2023

Unaudited

6 months ended
 30 April 2022 Unaudited

Year ended 31 October 2022 Audited



 

Number

Number

Number



 

 



Weighted average number of ordinary shares (basic) during the period


 

70,146,766

70,000,000

70,033,033



 

                      

                     

                           

Weighted average number of ordinary shares (diluted) during the period


 

72,946,766

70,000,000

70,033,033

 

Alternative performance measure glossary

 

This report provides alternative performance measures ("APMs"), which are note defined or specified under the requirements of International Financial Reporting Standards. The Board believes that these APMs provide readers with important additional information on the Group.

 

Alternative performance measure

Definition and purpose

Existing operations

Existing operations are disclosed separately from acquisitions in the statement of profit and loss in order to provide greater comparison between the current and prior periods which do not include current period acquisitions.

Adjusted operating profit

Represents the operating profit prior to exceptional (income) / expenses and share based payment expenses. This measure is consistent with how the Group measures performance and is reported to the Board.


6 months ended

30 April 2023

Unaudited

6 months ended
 30 April 2022 Unaudited

Year ended 31 October 2022 Audited


£000

£000

£000

 

 



Total operating profit

10,216

6,689

20,375

Amortisation of intangible assets arising on acquisition

 

 

383

 

 

-

 

 

-

Acquisition expenses

648

148

148

Compensation for post combination services

 

48

 

48

 

95

Share based payment expense

 

446

 

431

 

863

 




Adjusted operating profit

 

11,741

 

7,316

 

21,481

 















Adjusted EBITDA

Represents the operating profit prior to exceptional (income) / expenses, share based payment expenses, fixed asset depreciation and intangible amortisation. This measure is consistent with how the Group measures trading and cash generative performance and is reported to the Board.


6 months ended

30 April 2023

Unaudited

6 months ended
 30 April 2022 Unaudited

Year ended 31 October 2022 Audited


£000

£000

£000

 

 



Total operating profit

10,216

6,689

20,375

Amortisation of intangible assets

 

66

 

45

 

99

Amortisation of intangible assets arising on acquisition

 

 

383

 

 

-

 

 

-

Depreciation

4,210

3,764

7,897

Acquisition expenses

648

148

148

Compensation for post combination services

 

48

 

48

 

95

Share based payment expense

 

446

 

431

 

863

 




Adjusted EBITDA

16,017

11,125

29,477

 

















Pre tax operational cash conversion

Represents the cash generated from operating activities pre tax as a proportion of cash flow from operating activities pre movements in working capital and tax. This measure informs the Board of the Group's cash conversion from operating activities and is used to monitor liquidity by the Board.


6 months ended

30 April 2023

Unaudited

6 months ended
 30 April 2022 Unaudited

Year ended 31 October 2022 Audited


£000

£000

£000

 

 

 


Net cash inflow from operating activities

 

11,706

 

17,050

 

26,525

Tax paid

1,528

1,115

4,005








Cash flow from operating activities pre tax and compensation for post combination services (1)

 

 

 

13,234

 

 

 

18,165

 

 

 

30,530

Movement in working capital

 

1,978

 

(7,227)

 

(1,373)








Cash flow from operating activities pre tax and compensation for post combination services and movement in working capital (2)

 

 

 

 

 

15,212

 

 

 

 

 

10,938

 

 

 

 

 

29,157








Pre tax operational cash conversion (1) divided by (2)

 

 

87%

 

 

166%

 

 

105%









 

 

After tax return on invested capital

Represents adjusted profit after tax for the 12 months ending on the period end date as a proportion of invested capital as at the period end date. This measure informs the Board of how effective the Group is in generating returns from the capital invested.


 

30 April 2023

Unaudited


 30 April 2022 Unaudited

 

31 October 2022 Audited


£000

£000

£000

 

 



Adjusted operating profit

 

25,906

 

14,583

 

21,481

Operating lease interest

766

(683)

(1,427)

 

             

             

             

 

26,672

13,900

20,054

Tax charge at effective rate of tax of 22.5% (FY22: 18.4%)

 

 

(6,001)

 

 

(2,558)

 

 

(3,690)

 

             

             

             

Adjusted operating profit after tax (1)

20,671

11,343

16,364

 

             

             

             

Invested capital comprising:

 



Interest bearing loans and borrowings

 

36,816

 

23,420

 

20,354

Lease liabilities

29,991

29,301

28,749

Share capital

700

700

700

Share premium

64,143

64,183

64,183

Less cash at bank and in hand

 

(3,288)

 

(6,111)

 

(5,511)

 

             

             

             

 

 



Total invested capital (2)

128,402

111,493

108,475

After tax return on invested capital (1) divided by (2)

 

16%

 

10%

 

15%

 

             

              

             


Leverage (including IFRS 16 debt)

&

Leverage (excluding IFRS 16 debt)

Management assess leverage by reference to adjusted EBITDA for the 12 months ending on the period end date against net debt including and excluding IFRS 16 lease liabilities and including the liability for post combination services held within other creditors, as at the period end date. This indicates how much income is available to service debt before interest, tax, depreciation and amortisation.

 


 

30 April 2023

Unaudited


 30 April 2022 Unaudited

 

31 October 2022 Audited


£000

£000

£000

 

 



Adjusted EBITDA (1)

34,369

22,344

29,477

 

 



Interest bearing loans and borrowings

 

36,816

 

23,420

 

20,354

Lease liabilities

29,991

29,301

28,749

Liability for post combination services

 

854

 

759

 

807

Cash at bank and in hand

(3,288)

(6,111)

(5,511)


             


             

Net debt (2)

64,373

47,369

44,399


             


             

Leverage (including IFRS 16 debt) (2) divided by (1)

 

 

1.9x

 

 

2.1x

 

 

1.5x


 



IFRS 16 lease liabilities

(26,329)

(26,459)

(25,902)


             


             

Net debt excluding IFRS 16 lease liabilities (3)

 

38,044

 

20,910

 

18,497


             


             

Leverage (excluding IFRS 16 lease debt) (3) divided by (1)

 

 

1.1x

 

 

0.9x

 

 

0.6x


 

Reconciliation between existing and acquired operating profit for the period

 


Note

Existing operations

Acquisitions

Total

6 months ended

30 April 2023 Unaudited


6 months ended

30 April 2022 Unaudited


Year ended
31 October 2022 Audited

 

 

£000

£000

£000

£000

£000

 

 



 



Revenue

3

262,282

12,668

274,950

223,312

503.088

Cost of sales

 

(207,579)

(8,042)

(215,621)

(179,195)

(400,460)


 

             

             

             

             

             

Gross profit

 

54,703

4,626

59,329

44,117

102,628

 

 

 

 

 



Other operating income/ (expense)

4

166

(9)

157

42

374

Distribution expenses

 

(24,023)

(2,239)

(26,262)

(19,351)

(44,010)

Administrative expenses

 

(21,304)

(1,704)

(23,008)

(18,119)

(38,617)


 

             

             

             

             

             

Operating profit

 

9,542

674

10,216

6,689

20,375

 

 

 

 

 



Analysed as:

 

 

 

 



Adjusted EBITDA

 

14,825

1,192

16,017

11,125

29,477

Amortisation of intangible assets

5

(66)

-

(66)

(45)

(99)

Amortisation of intangible assets arising on acquisition

5

-

(383)

(383)

-

-

Depreciation

5

(4,075)

(135)

(4,210)

(3,764)

(7,897)

Acquisition expenses

5

(648)

-

(648)

(148)

(148)

Compensation for post combination services

5

(48)

-

(48)

(48)

(95)

Share based payment expense

5

(446)

-

(446)

(431)

(863)


 

             

             

             

             

             

Total operating profit

 

9,542

674

10,216

6,689

20,375


 

             

             

             

             

             

 

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.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
IR NKNBKFBKDPOK