RNS Number:0674L
De Vere Group PLC
14 May 2003
Embargoed for release 0700a.m. Wednesday 14 May 2003
DE VERE GROUP PLC
Results for the 26 weeks ended 30 March 2003
De Vere Group Plc, the hotels and health & fitness operator, today announces
results for the 26 weeks ended 30 March 2003.
Financial Highlights
26 weeks ended 30/ 26 weeks ended 31/3 Percentage
3/03 /02 change
Turnover #150.2m #140.1m +7.2%
EBITDA* #34.7m #34.1m +1.7%
Operating profit* #22.7m #22.8m -0.6%
Profit before tax * #15.0m #15.9m -5.4%
Profit before tax #3.6m #16.5m -78.4%
EPS* 9.29p 9.89p -6.1%
Dividend 4.00p 3.95p +1.3%
* Before exceptional items that, as reported on 15 April 2003, comprised a provision for exceptional
costs of #9.3m net of tax following the outcome of the VAT tribunal in December 2002; the tribunal
related to leisure and golf subscription income which had been treated as exempt sales between
1997-1999 inclusive.
Operational Highlights
* Robust performance across all the Group's brands with overall profit
largely maintained
* Positive sales and RevPAR growth in both hotel operations despite
declining sales in the UK hotel market
* Successful switch by De Vere Hotels into the leisure break market to
counter reduced corporate demand - further increasing its RevPAR
premium over peer group
* Increased occupancy and room rates helped drive RevPAR up 3.2% at
Village - maintaining its premium over peer group
* Village growth set to continue. Maidstone under construction with
three more in the pipeline
* Greens continued to improve margins in line with expectations
* The Board has commenced a succession planning process for the role of
Chief Executive
Peter Daresbury, Chairman, commented:
"These are very positive results in what continues to be difficult trading
conditions in the hotel industry. The management teams have reacted quickly to
the changing environment and our flexible business models and sophisticated
yield techniques have enabled the successful switch in business mix. These
actions and the resilience of the brands have meant that the Group has
maintained positive growth in sales and RevPAR and have given the Board
confidence to raise the interim dividend."
Enquiries:
Paul Dermody, Chief Executive 020 7404 5959 (14 May)
Roger Stubbs, Finance Director 01928 712111 (thereafter)
Jonathan Glass/ Simon Sporborg Brunswick 020 7404 5959
Chairman's Statement
The Board reports that De Vere Group Plc has continued to perform robustly in
the 26 weeks ended 30 March 2003, despite a background of declining sales in the
UK hotel market and economic and geopolitical uncertainty.
Both the Group's hotel brands demonstrated their resilience by maintaining
positive growth in sales and RevPAR and a progressive stance on pricing. The
management teams have also reacted quickly to the changing environment and,
assisted by flexible business models and sophisticated yield techniques, have
secured a successful switch in business mix, which has largely maintained
profitability in difficult markets. Greens again increased its margins.
The organic expansion of the Group continued with the opening of the 15th Greens
club in Giffnock, South Glasgow, in December 2002. Construction of the 15th
Village Hotel and Leisure Club in Maidstone has started and it is scheduled to
open in summer 2004. Building will commence on the 16th Village at North
Birmingham before the year end and three further sites are in the planning
stage, which will enable the Group to continue to capitalise on this highly
successful brand.
Results and Dividend
Turnover increased by 7.2% to #150.2m for the 26 weeks ended 30 March 2003
(2002: #140.1m). EBITDA before exceptional items rose by 1.7% to #34.7m (2002:
#34.1m) and operating profit before exceptional items was #22.7m (2002:
#22.8m). Profit before tax and exceptional items amounted to #15.0m, a decline
of 5.4% (2002: #15.9m).
As previously announced on 15 April 2003, the results for the half-year include
an exceptional charge of #9.3m net of taxation following the outcome of the VAT
tribunal hearing in December 2002. The hearing related to golf and leisure
subscription income between April 1997 and December 1999 which the Group had
treated as being exempt from VAT. The exceptional charge relates to a provision
made and equates to VAT, interest and costs of #11.5m less a #2.2m corporation
tax credit. This had previously been disclosed as a contingent liability in the
Group's statutory accounts for each of the three years up to September 2002. As
a result of this exceptional item, reported Group profit before tax was #3.6m
(2002: #16.5m).
Basic earnings per share excluding exceptional items were down 6.1% to 9.29p
(2002: 9.89p).
The Board is declaring an interim dividend of 4.00p per share (2002: 3.95 p),
payable on 4 July 2003 to shareholders on the register on 13 June 2003. This
increase reflects the Board's confidence in the resilient performance of the
Group, despite tough market conditions.
Finance
Interest was 3.0 times covered by operating profits, excluding exceptional
items, and gearing at the period end was 42.8% (2002: 3.3 times and 42.3%
respectively).
During the period, a private placement of US $100m (#63.3m) Guaranteed senior
loan notes was successfully completed. The principal and interest payable of
these loan notes has been hedged into Sterling for its full ten year life;
Sterling interest cost will be 0.75% over LIBOR until 24 September 2003 and a
fixed rate of 7.15% thereafter. The proceeds were used to pay down the revolving
credit facility, leaving the full #175.0m undrawn at the end of March ahead of
repayment of the #109.7m 7% Convertible Subordinated Bonds in September 2003.
De Vere Hotels
Turnover for De Vere Hotels rose by 2.5% to #86.2m (2002: #84.1m) compared with
a flat performance by the peer group, whilst EBITDA excluding exceptional items
decreased by 6.9% to #20.6m (2002: #22.2m). Operating profit before exceptional
items was #14.1m (2002: #15.7m).
As at 30 March 2003, De Vere Hotels comprised 21 hotels with 3,299 rooms and
24,200 leisure members.
On a like-for-like basis, achieved room rates grew by 2.7%, and occupancy
slipped by 1.2 percentage points, resulting in an increase in RevPAR of 1.0% to
#56.48 (2002: #55.90). This compares with a 1.7% decline in the rest of the
upper market segment.
There was good progress in the first quarter, especially in the conference
market, albeit against weaker comparative figures from the prior year. This was
reversed in the second quarter, with growing economic uncertainty and concerns
over the conflict in Iraq. To counter the reduced conference demand over this
period, capacity was successfully switched into the leisure break market, which
grew both in terms of room nights sold and average rates, resulting in a change
in business mix. This reflected a successful continuation of the stance on
pricing, where discounting has been avoided by switching market sector.
However, as individual leisure break business is more expensive both to acquire
and service than corporate group business, this change in mix has reduced
margins by 1.8 percentage points. In addition, ongoing insurance premium
increases have impacted by a further #0.5m in the first half.
Village Hotels & Leisure Clubs
Turnover for Village Hotels & Leisure Clubs rose 15.1% to #36.5m (2002:
#31.7m). EBITDA grew by 10.2% to #9.8m (2002: #8.9m) and operating profit
before exceptional items increased by 14.5% to #6.9m (2002: #6.0m).
As at 30 March 2003, the brand comprised 14 hotels with 1,243 rooms and had
58,200 leisure club members, an increase of 11.1% (2002: 52,400).
Like-for-like occupancy increased by 0.7 percentage points to 79.3%, which is an
outstanding achievement when compared with the rest of the mid-provincial
market performance of 62% occupancy. Not only has the increased occupancy come
from the corporate sector, but also this corporate demand has displaced some
lower rated leisure business. This is the result of strengthening the hotel
based sales and revenue management resources last year. Achieved room rate rose
by 2.3% to #51.58. The emphasis on driving improved rates, combined with high
occupancy, resulted in a RevPAR increase of 3.2% to #40.86. This maintained
Village's premium over its peer group, where RevPAR growth remained flat.
The roll out programme, incorporating the modified hotel design, continues. Two
sites are under construction this year, at Maidstone and North Birmingham, with
Bournemouth and South Birmingham due to start next year.
Greens Health & Fitness
By 30 March 2003, the target of 15 clubs had been achieved with the opening of
Giffnock, South Glasgow, on 2 December 2002.
Turnover for Greens increased by 37.7% to #14.9m (2002: #10.8m). EBITDA rose
56.1% to #3.3m (2002: #2.1m) and operating profit increased to #1.1m (2002:
#0.5m). On a like-for-like basis, sales increased by 4.2%. Total membership
now stands at 63,700, an increase of 30.5% during the last 12 months (2002:
48,800).
As these results demonstrate, the emphasis on profit conversion and margins is
improving returns at the clubs.
G&J Greenall
Turnover for G&J dropped by 6.7% to #12.6m (2002: #13.5m). Operating profit
increased by 2.4% to #0.6m (2002: #0.5m), with the fall in volume of the low
margin own label products being offset by a more favourable sales mix.
Management
In October 2003, Paul Dermody will have served 40 years with the Company
including three and a half years as Chief Executive. In light of this, the
Board has commenced a process to consider succession planning for the role of
Chief Executive. Paul Dermody is working closely with the rest of the Board on
this matter and will continue in his role until his successor has been appointed
and a smooth handover has taken place.
Current Trading
In the 5 weeks since the half year end trading conditions have remained
challenging, although in line with the Board's expectations given the general
economic climate. Total Group sales have increased by 3.4%. The performance in
this period, however, has been impacted by the timing of Easter. In 2002,
Easter fell across March and April, whereas this year, both weeks of Easter fell
into April. Consequently, total sales for De Vere were negatively impacted,
being 1.8% down on last year and RevPAR down by 1.5%. Over the same five week
period, Village continued to perform well, with total sales up by 10.3%,
although RevPAR has slipped slightly, bringing the 31 week year on year growth
to 2.3% from 3.2% as reported at 30 March 2003.
Whilst the economic outlook remains uncertain and the timing and extent of any
recovery is hard to predict, the Board is confident that its brands will
continue to perform well in a tough market. The Group's proven ability to
switch capacity between the leisure and corporate markets should continue to
produce relative benefits in the event of an economic recovery, when capacity is
switched to the higher yielding sectors.
DE VERE GROUP PLC
INTERIM ANNOUNCEMENT
Financial highlights
for the six months ended 30 March 2003
De Vere Group Plc 2003 2002
#m #m % change
_____________________________________________________________________________________________________
Turnover 150.2 140.1 +7.2%
EBITDA* 34.7 34.1 +1.7%
Operating profit* 22.7 22.8 -0.6%
Profit before tax* 15.0 15.9 -5.4%
Profit before tax 3.6 16.5 -78.4%
EPS* - pence 9.29 9.89 -6.1%
Dividend - pence 4.00 3.95 +1.3%
_____________________________________________________________________________________________________
* Before exceptional items, which in 2003 comprise a provision for exceptional
costs of #9.3m net of tax following the outcome of the VAT tribunal in
December 2002, relating to leisure and golf subscription income that had been
treated as exempt sales between 1997-1999 inclusive.
Consolidated profit and loss account
for the six months ended 30 March 2003
26 weeks to 30.03.03 (unaudited)
_____________________________________
Before 26 weeks 52 weeks
Exceptional Exceptional to 31.03.02 to 29.09.02
items items Total (unaudited) (audited)
Note #000 #000 #000 #000 #000
____________________________________ ______ _________ _______ ________ ________
Turnover 2 150,211 - 150,211 140,145 293,888
Cost of Sales (89,150) - (89,150) (84,202) (173,037)
____________________________________ _______ _________ _______ _________ _________
Gross profit 61,061 - 61,061 55,943 120,851
Other operating expenses (net) (38,397) (8,993) (47,390) (32,835) (68,695)
____________________________________ _______ _________ _______ _________ ________
Operating profit 2 22,664 (8,993) 13,671 23,108 52,156
______ _________ _______ ________ ________
Continuing operations 22,664 - 22,664 22,808 51,856
Exceptional items 3 - (8,993) (8,993) 300 300
______ _________ _______ ________ ________
Surplus on disposal of fixed assets 64 - 64 292 508
____________________________________ ______ _________ _______ ________ ________
Profit before interest 22,728 (8,993) 13,735 23,400 52,664
Net interest payable (7,636) (2,537) (10,173) (6,915) (14,132)
____________________________________ ______ _________ _______ ________ ________
Profit on ordinary activities before 15,092 (11,530) 3,562 16,485 38,532
taxation
Taxation on profit on ordinary (4,600) 2,192 (2,408) (4,940) (11,475)
activities
____________________________________ _______ _________ _______ _________ ________
Profit on ordinary activities after taxation 10,492 (9,338) 1,154 11,545 27,057
_______ _________
Ordinary dividend 4 (4,490) (4,425) (12,679)
_______ _________ ________
Retained (loss)/profit for the (3,336) 7,120 14,378
period
____________________________________ _______ ________ ________
Earnings per share 5
Basic and diluted 1.03 p 10.33 p 24.19p
Earnings per share excluding
exceptional items
Basic and diluted 9.29 p 9.89 p 23.55p
Consolidated balance sheet
as at 30 March 2003
30.03.03 31.03.02 29.09.02
(unaudited) (unaudited) (audited)
#000 #000 #000
_____________________________________________________________________________________________________________
Fixed assets
Tangible assets 851,512 829,485 848,473
Investments 8,834 6,945 6,804
_________________________________________________
860,346 836,430 855,277
_____________________________________________________________________________________________________________
Current assets
Stocks 13,243 13,888 14,078
Debtors 37,836 39,657 39,669
Cash at bank and in hand 2,755 2,809 5,460
_________________________________________________
53,834 56,354 59,207
Creditors: amounts falling due within one year
Convertible subordinated bonds (109,673) - (109,673)
Other creditors (98,127) (91,489) (103,239)
_________________________________________________
Net current liabilities (153,966) (35,135) (153,705)
_____________________________________________________________________________________________________________
Total assets less current liabilities 706,380 801,295 701,572
Creditors: amounts falling due after more than one year
Convertible subordinated bonds - (109,679) -
Other creditors (123,656) (121,347) (117,313)
_________________________________________________
(123,656) (231,026) (117,313)
Provisions for liabilities and charges (23,443) (15,848) (21,654)
_____________________________________________________________________________________________________________
Net assets 559,281 554,421 562,605
_____________________________________________________________________________________________________________
Capital and reserves
Called up share capital 24,939 24,864 24,938
Share premium 2,328 1,465 2,317
Revaluation reserve 99,611 99,851 99,611
Other reserves 271,133 271,133 271,133
Profit and loss account 161,270 157,108 164,606
_____________________________________________________________________________________________________________
Shareholders' funds 559,281 554,421 562,605
_____________________________________________________________________________________________________________
Consolidated cash flow statement
for the six months ended 30 March 2003
26 weeks 26 weeks 52 weeks
to 30.03.03 to 31.03.02 to 29.09.02
(unaudited) (unaudited) (audited)
Note #000 #000 #000
__________________________________________________________________________________________________________________
_________ ________ ________
Net cash inflow from operating
activities
before reorganisation costs 26,575 15,811 69,213
Net cash outflow in respect of non-operating
reorganisation costs (5,134) (5,748) (11,016)
_________ ________ ________
Net cash inflow from operating 21,441 10,063 58,197
activities
Returns on investments and servicing of finance
_________ ________ ________
Interest received 31 109 245
Interest paid (5,152) (3,739) (11,431)
Interest element of finance lease rental payments (1,580) (1,581) (3,119)
_________ _________ _________
Net cash outflow from returns on
investments and servicing of finance
(6,701) (5,211) (14,305)
Tax (paid)/recovered (161) 218 (143)
Capital expenditure and financial investment
_________ _________ _________
Purchase of tangible fixed assets (15,706) (25,877) (56,464)
Purchase of investments (2,000) (546) -
Sales of tangible fixed assets 386 4,952 6,074
_________ ________ ________
Net cash outflow from capital
expenditure
and financial investment (17,320) (21,471) (50,390)
Dividends paid (8,249) (7,692) (12,120)
__________________________________________________________________________________________________________________
Cash outflow before financing (10,990) (24,093) (18,761)
Financing
_________ ________ ________
Issue of Ordinary share capital 12 1,232 2,158
Issue of US$100m Guaranteed senior loan 6 63,331 - -
notes
(Decrease)/increase in other amounts (54,933) 19,644 19,569
borrowed
_________ ________ ________
Net cash inflow from financing 8,410 20,876 21,727
__________________________________________________________________________________________________________________
(Decrease)/increase in cash (2,580) (3,217) 2,966
__________________________________________________________________________________________________________________
Notes to the consolidated cash flow statement
for the six months ended 30 March 2003
Net cash inflow from operating activities
Operating profit is reconciled to net cash inflow from operating activities as follows:
26 weeks 26 weeks 52 weeks
to 30.03.03 to 31.03.02 to 29.09.02
#000 #000 #000
__________________________________________________________________________________________________________
Operating profit 13,671 23,108 52,156
Depreciation 12,009 11,284 23,186
Decrease in provisions (485) (567) (1,205)
Share of operating (profit)/loss of joint (30) 132 (273)
ventures
Decrease in stocks 835 330 140
Decrease/(increase) in debtors 1,552 (4,124) (4,132)
Decrease in creditors (977) (14,352) (659)
__________________________________________________________________________________________________________
Net cash inflow from operating activities 26,575 15,811 69,213
__________________________________________________________________________________________________________
Reconciliation of net cash flow to movement in net
Borrowings
(Decrease)/increase in cash (2,580) (3,217) 2,966
Cash inflow from movement in borrowings (8,398) (19,644) (19,569)
__________________________________________________________________________________________________________
Change in net borrowings resulting from cash (10,978) (22,861) (16,603)
flows
Other non-cash adjustments to long-term borrowings (120) (123) (243)
__________________________________________________________________________________________________________
Movement in net borrowings (11,098) (22,984) (16,846)
Opening net borrowings (228,132) (211,286) (211,286)
__________________________________________________________________________________________________________
Closing net borrowings (239,230) (234,270) (228,132)
__________________________________________________________________________________________________________
Other statements
for the six months ended 30 March 2003
Reconciliation of movements in shareholders' funds
26 weeks 26 weeks 52 weeks
to 30.03.03 to 31.03.02 to 29.09.02
(unaudited) (unaudited) (audited)
#000 #000 #000
__________________________________________________________________________________________________________
Profit attributable to Ordinary shareholders of the Company 1,154 11,545 27,057
Ordinary dividend (4,490) (4,425) (12,679)
__________________________________________________________________________________________________________
(3,336) 7,120 14,378
Shares issued (net of costs) 12 1,232 2,158
__________________________________________________________________________________________________________
Net movement in shareholders' funds (3,324) 8,352 16,536
Opening shareholders' funds 562,605 546,069 546,069
__________________________________________________________________________________________________________
Closing shareholders' funds 559,281 554,421 562,605
__________________________________________________________________________________________________________
Statement of total recognised gains and losses
There were no recognised gains or losses for the period other than the profit
shown in the profit and loss account.
Notes to the interim financial statements
for the six months ended 30 March 2003
1) Basis of preparation
The interim financial statements have been prepared on the basis of the
accounting policies set out in the Group accounts for the year ended 29
September 2002.
The interim financial statements were approved by the Board of Directors on 14
May 2003.
The interim financial statements are unaudited but have been reviewed by the
Auditors. The financial information for the full year does not comprise
statutory accounts within the meaning of section 240 of the Companies Act 1985.
Statutory accounts of De Vere Group Plc for the year ended 29 September 2002
have been delivered to the Registrar of Companies. The Auditors' report on the
statutory accounts was unqualified and did not contain a statement under Section
237 of the Companies Act 1985.
2) Segmental analysis
26 weeks to 30.03.03 26 weeks to 31.03.02
__________________________________________________________________________
Operating Operating
Turnover profit Net assets Turnover profit Net assets
#000 #000 #000 #000 #000 #000
_______________________________________________________________________________________________________
________ ________ ________ ________ ________ ________
De Vere pre-exceptional 86,182 14,145 554,790 84,098 15,721 542,119
Exceptional items (note 3) - (2,998) (3,113) - 300 -
________ ________ ________ ________ ________ ________
De Vere 86,182 11,147 551,677 84,098 16,021 542,119
________ ________ ________ ________ ________ ________
Village pre-exceptional 36,491 6,905 185,201 31,707 6,031 184,787
Exceptional items (note 3) - (5,995) (6,225) - - -
________ ________ ________ ________ ________ ________
Village 36,491 910 178,976 31,707 6,031 184,787
Greens 14,948 1,056 64,385 10,852 511 56,305
G&J Greenall 12,590 558 3,473 13,488 545 5,480
_________________________________________________________________________
150,211 13,671 798,511 140,145 23,108 788,691
Net borrowings - - (239,230) - - (234,270)
_________________________________________________________________________
150,211 13,671 559,281 140,145 23,108 554,421
_________________________________________________________________________
All of the Group's material business activities and related net assets are
situated in the UK and all sales and profits are earned from businesses
conducted in the UK.
3) Exceptional items
For the period from April 1997 to December 1999, a De Vere Group subsidiary
company treated its leisure and golf subscription income as exempt from VAT. HM
Customs & Excise has contended that this income should be liable to VAT at the
standard rate and in July 2000 raised a VAT assessment; the potential liability
amounted to #7m plus interest.
Following a hearing in December 2002, a judgement has now been received from the
VAT tribunal which makes it more likely that this assessment will become
payable. The Board has therefore decided to make an appropriate provision in
these accounts. The provision amounts to #9.3m net of taxation and equates to
VAT, interest and costs of #11.5m and a corporation tax credit of #2.2m.
This issue was previously disclosed as a contingent liability in the notes to
the Group accounts for the year ended 29 September 2002.
In the prior period, the operating exceptional item of #0.3m is the compensation
in respect of committed income not received due to the postponement of the Ryder
Cup until September 2002 following the events of 11 September 2001.
4) Dividend
The interim dividend of 4.00 pence per share will be paid on 4 July 2003 to
holders of Ordinary shares on the register at close of business on 13 June 2003
(2002: 3.95 pence).
5) Earnings per share
Basic earnings per share is calculated with reference to the profit attributable
to Ordinary shareholders of #1,154,000 (2002: #11,545,000). The weighted
average number of Ordinary shares in issue during the period was 112,226,000
(2002: 111,712,000).
Adjusted earnings per share figures have been calculated excluding exceptional
items.
6) Maturity of 7% Convertible subordinated bonds
The 7% Convertible subordinated bonds will be redeemed at their outstanding
principal amount on 24 September 2003 and are therefore disclosed as creditors
falling due within one year.
On 18 December 2002, US $100m Guaranteed senior loan notes were issued and
provided Sterling funds of #63.3m. The principal and interest payable on these
loan notes have been hedged into Sterling for their full 10 year life; the
Sterling interest cost is 0.75% over LIBOR until 24 September 2003 and a fixed
rate of 7.15% thereafter. The proceeds have initially been used to pay down the
existing revolving credit facility, leaving the full facility of #175m undrawn
at the end of March, in readiness for the repayment of the 7% Convertible
subordinated bonds.
Independent review report to De Vere Group Plc
Introduction
We have been instructed by the Company to review the financial information for
the six months ended 30 March 2003 which comprises the Consolidated Profit and
Loss Account, Consolidated Balance Sheet, Consolidated Cash Flow Statement,
Statement of Total Recognised Gains and Losses, Reconciliation of movements in
Shareholders' Funds and the related notes 1 to 6. We have read the other
information contained in the interim report and considered whether it contains
any apparent misstatements or material inconsistencies with the financial
information.
This report is made solely to the Company in accordance with guidance contained
in Bulletin 1999/4 'Review of interim financial information' issued by the
Auditing Practices Board. To the fullest extent permitted by the law, we do not
accept or assume responsibility to anyone other than the company, for our work,
for this report, or for the conclusions we have formed.
Directors' responsibilities
The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by, the directors. The directors
are responsible for preparing the interim report in accordance with the Listing
Rules of the Financial Services Authority which require that the accounting
policies and presentation applied to the interim figures should be consistent
with those applied in preparing the preceding annual accounts except where any
changes, and the reasons for them, are disclosed.
Review work performed
We conducted our review in accordance with guidance contained in Bulletin 1999/4
'Review of interim financial information' issued by the Auditing Practices Board
for use in the United Kingdom. A review consists principally of making
enquiries of group management and applying analytical procedures to the
financial information and underlying financial data, and based thereon,
assessing whether the accounting policies and presentation have been
consistently applied, unless otherwise disclosed. A review excludes audit
procedures such as tests of controls and verification of assets, liabilities and
transactions. It is substantially less in scope than an audit performed in
accordance with United Kingdom Auditing Standards and therefore provides a lower
level of assurance than an audit. Accordingly we do not express an audit
opinion on the financial information.
Review conclusion
On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 30 March 2003.
Ernst & Young LLP
Manchester
14 May 2003
Interim report
Copies of the interim report will be posted to all shareholders and registered
bond holders on or around 23 May 2003, and copies will be available for members
of the public at the Company's registered office, 2100 Daresbury Park,
Warrington, WA4 4BP.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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