RNS Number:0894R
Baqus Group PLC
31 March 2008
FOR RELEASE 7.00 AM 31 MARCH 2008
BAQUS GROUP PLC
("Baqus" or "the Group")
(the building consultancy and quantity surveying group)
Interim results for the 6 months ended 31 December 2007
Pro-forma Pro-forma
6 months to 6 months to
31 December 31 December
2007 2006
Unaudited Unaudited Change
�'000 �'000
Revenue 3,681 3,169 16%
Operating profit 504 72 600%
Profit before tax and exceptional
items 472 45 949%
Profit before tax 440 45 878%
Basic earnings per share (pence) 0.22p 0.03p 733%
Maiden dividend (pence) 0.05 NIL N/A
* Three acquisitions performing well
o Budget hotels and education sectors experiencing strong trading
o Leisure, health and social housing sectors proving a healthy source of
commissions
* Advanced negotiations with two firms
* Cash balances �1.8 million
* Order book strong at around �10.1 million, representing 17 months of sales
* Confident of another good performance in the second half
Contact:
Baqus Group plc
Clive Sayer (Chief Executive) 07967 132 221
Patrick Lineen (Finance Director) 07818 034 452
Seymour Pierce (Nominated Adviser and Broker)
Mark Percy 020 7107 8000
Cubitt Consulting (Financial Public Relations Advisers)
Brian Coleman-Smith / James Verstringhe 020 7367 5100
Background Note:
Baqus was admitted to trading on AIM on the 14 December 2007, having raised
�1.75 million through a placing of 17,500,000 Ordinary Shares.
The Group has been established to create a national building consultancy and
quantity surveying group offering construction cost consultancy, project
management and building surveying services. The three founding firms work across
a number of business sectors including: residential, health, education,
commercial, leisure, hospitality, affordable housing and conservation. Clients
include commercial companies, developers, local authorities, central government,
NHS and Housing Associations. The group is seeking to expand into other sectors
including infrastructure, civil engineering and transportation.
Baqus currently comprises three established building and quantity surveying
consultancies: Boxall Sayer, Denley King and Fletcher McNeill. The combined
Group covers a broad geographical area with offices located in Canterbury,
Chichester, Lichfield, Liverpool, London, Manchester, Oxford, Poole, St Albans
and Winchester.
The Quantity Surveying Market, which is highly fragmented, is estimated to be
worth �1.3 billion and is dominated by a small number of major players. Baqus'
Directors believe the market is ripe for consolidation and intend to pursue a
strategy of acquiring small to medium sized Quantity Surveying practices across
the country. Once acquired, the practices will be developed to produce strong
organic growth, whilst capitalising on opportunities for synergies with the rest
of the Group.
BAQUS GROUP PLC
Interim results for the 6 months ended 31 December 2007
CHAIRMAN'S STATEMENT
I am pleased to present my first interim report since our successful flotation
on the AIM market in December last year and I would like to welcome our new
shareholders and to thank them for their support.
Results
As the Group had only been trading for 17 days on 31 December 2007, we have
presented pro forma figures which we believe will make it easier for our
shareholders to understand the progress that has been made in the first six
months of the current year.
The pro forma profit before taxation and exceptional items for the six months
ended 31 December 2007 increased by 949% to �472,000 (2006: �45,000) on revenues
that rose by 16% to �3.68 million (2006: �3.17 million). Basic earnings per
share were up 733% to 0.22 pence (2006: 0.03 pence). The above pro forma figures
for the 6 months ended 31 December 2006 and 2007, include the ongoing plc costs
of �95,000, �64,000 loan interest, an interest credit of �29,000 on the
flotation monies and a tax credit of �39,000 as if the Group's current structure
had been in place throughout these periods.
The cash balances were strong at �1.8 million. Some cash will be used for
acquisitions but the dilution of cash will to some extent be offset by cash
generated from trading activities.
Dividends
To accord with International Financial Reporting Standards, we are prevented
from paying out dividends in respect of profits earned prior to the date of
flotation, which was 14 December 2007.
The Company policy is to pay up to 40% of post tax profits but, due to the very
short period over which the profits are calculated, the Board considers an
enhanced level of profit distribution is appropriate at this stage. The Board is
therefore recommending a dividend of �59,478, being 0.05p per share, which will
be paid on 9 May 2008 to those shareholders on the register at the close of
business on 11 April 2008. The shares will be quoted ex-dividend on 9 April
2008.
The dividend reflects the progress that has been made since the flotation and
our confidence in the underlying performance of the Group.
Operating Review
The three companies which comprise Baqus, namely Boxall Sayer, Fletcher McNeil
and Denley King are trading well. The budget hotels and education sectors in
particular are experiencing strong trading and we have recently announced
appointments for the provision of our services on three further education
projects which will attract fees of �1.5 million. The leisure, health and social
housing sectors, which also form part of the Baqus workload, continue to provide
a healthy source of commissions.
The three firms which make up Baqus are working hard on the process of
integration to produce cost savings. We are already seeing a reduction in costs
from the merger of offices and anticipate further savings from reduced
overheads. The effective management of the combined fee earning staff of the
three companies is starting to take place and should result in greater
efficiency and increased output.
Acquisitions
We have been active in searching for companies to acquire and are currently in
advanced negotiations with two firms. The market, due to the current credit
squeeze, should provide us with opportunities for acquiring companies at
attractive prices. The Board however is anxious to ensure that all acquisitions
represent good value for money.
Our people
Inevitably, the flotation put an enormous amount of pressure on the people who
work within the Group and I would like to take this opportunity to thank them
for their contribution to these results and their continuing hard work.
Current Trading and Outlook
Our trading since 30 June 2007, which was the date of the last results reported
in our Admission Document, has been in line with expectations.
Our future order book is very strong at approximately �10.1 million in fees,
which represents around 17 months of sales, and I am confident that we can look
forward to another good performance in the second half of the year.
Roger Knowles
Chairman
31 March 2008
Condensed consolidated interim income statement
for the 6 months ended 31 December 2007
Pro-forma Pro-forma
6 months 6 months 6 months
to to to
31 December 31 December 31 December
2007 2007 2006
Unaudited Unaudited Unaudited
Note �'000 �'000 �'000
REVENUE 1 341 3,681 3,169
Cost of sales (207) (2,206) (2,254)
---------- ---------- ----------
GROSS PROFIT 134 1,475 915
Operating
expenses (79) (971) (843)
---------- ---------- ----------
OPERATING PROFIT 55 504 72
Investment income 2 3 45 40
Finance costs 2 (6) (77) (67)
---------- ---------- ----------
PROFIT BEFORE
EXCEPTIONAL ITEMS 52 472 45
Exceptional items 3 - (32) -
Taxation 4 (12) (198) (14)
---------- ---------- ----------
PROFIT AFTER
TAXATION 40 242 31
========== ========== ==========
Dividend 0.05p 0.05p -
Basic earnings
per share (pence) 6 0.38p 0.22p 0.03p
A comparative income statement for the period from incorporation on 29 November
2006 to 30 June 2007 has not been included as Baqus did not trade during this
period.
Condensed consolidated interim balance sheet
as at 31 December 2007
As at As at
31 December 30 June 2007
2007
Unaudited Audited
Note �'000 �
NON-CURRENT ASSETS
Intangible assets 7 8,236 -
Property,plant and equipment 246 -
-------------- -----------
8,482
-------------- -----------
CURRENT ASSETS
Trade and other receivables 2,986 2
Cash and cash equivalents 1,816 -
-------------- -----------
4,802 2
-------------- -----------
CURRENT LIABILITIES
Borrowings (17) -
Taxation (837) -
Trade and other payables (495) -
Loan notes 8 (600) -
-------------- -----------
(1,949) -
-------------- -----------
-------------- -----------
NET CURRENT ASSETS 2,853 2
-------------- -----------
TOTAL ASSETS LESS CURRENT LIABILITIES 11,335 -
NON CURRENT LIABILITIES
Loan notes 8 (951) -
-------------- -----------
NET ASSETS 10,384 2
============== ===========
EQUITY
Share capital 5,625 2
Share premium account 4,719 -
Retained earnings 40 -
-------------- ------------
TOTAL EQUITY 10,384 2
============== ============
Consolidated condensed interim cash flow statement
for the 6 months ended 31 December 2007
Pro-forma Pro-forma
6 months to 6 months to 6 months to
31 December 31 December 31 December
2007 2007 2006
Unaudited Unaudited Unaudited
�'000 �'000 �'000
Operating profit 55 504 72
Depreciation charges 2 43 77
Increase in trade and
other receivables (48) (285) (114)
(Decrease)/increase
in trade and other
payables (207) (37) 187
----------- ---------- ----------
Cash
(absorbed)/generated
from operations (198) 225 222
----------- ---------- ----------
Exceptional costs - (32)
Interest received 2 16 11
Interest paid (6) (13) (3)
Tax paid - (166) (244)
----------- ---------- ----------
Net cash
(outflow)/inflow from
operating activities (202) 30 (14)
Investing activities
Purchase of property,
plant and equipment - (28) (61)
Acquisition of
subsidiaries net of
cash and cash
equivalents acquired (756) - -
----------- ---------- ----------
Net cash outflow from
investing activities (756) (28) (61)
Financing activities
Dividends paid - (35) (150)
Receipts from issue
of ordinary share
capital 1,750 1,750 -
Less Issue costs (526) (526) -
Receipts from issue
of loan notes 1,551 - -
----------- ---------- ----------
Net cash
inflow/(outflow) from
financing activities 2,775 1,189 (150)
Increase in cash and
cash equivalents
during the period 1,816 1,191 (225)
Denley King
Partnership overdraft
retained by partners - 84 -
Cash and cash
equivalents at
beginning of period - 541 631
----------- ---------- ----------
Cash and cash
equivalents at end of
period 1,816 1,816 406
=========== ========== ==========
Condensed consolidated interim statement of changes in equity
for the 6 months ended 31 December 2007
Share Retained
Share premium earnings Total 6 months to Pro-forma
capital �'000 �'000 �'000 30 June 2007 Retained
�'000 Unaudited Unaudited Unaudited � Earnings
Unaudited Audited �'000
Unaudited
-------- ----------- ------- ------- ------- -------- --------
6 months to 31
December 2006
-------- ----------- ------- ------- ------- -------- --------
Changes in
equity
As at 1 July
2007 - - - - 2 1,794
Dividends - - - - - (150)
At 14 December - - - - - -
2007
Issued for 875 875 1,750 - -
cash
Non cash
consideration:
To acquire
subsidiaries 4582 4582 9,164 - -
To promoters 168 168 336
Issue costs (906) (906) - -
Profit for the
period - - 40 40 - 31
-------- ----------- ------- ------- ------- -------- --------
At 31 December
2007 5,625 4,719 40 10,384 2 1,675
Notes to the unaudited Interim Report
for the 6 months ended 31 December 2007
1. Accounting Policies
Basis of Preparation
The Financial statements have been prepared in accordance with International
Financial Reporting Standards (IFRS) and IAS 34. The Financial statements have
also been prepared in accordance with IFRS adopted for use in the European Union
and therefore comply with Article 4 of the EU IAS Regulation. These interim
statements have been prepared using IFRS that are expected to be applicable to
the Group at 30 June 2008.
The next annual financial statements of the group to 30 June 2008 will be
prepared in accordance with International Financial Reporting Standards as
adopted for use in the European Union.
The financial statements have been prepared on the historical cost basis.
The principal accounting policies that will be adopted in the financial
statements for the period ended 30 June 2008 are set out below.
As the Group was only formed on 14 December 2007, pro forma comparative
information has been prepared. These comparatives are unaudited.
Pro-forma financial information
The interim financial statements for the six month period ended 31 December 2007
includes an effective trading period of only 17 days. Whilst the Group only came
into existence on 14 December 2007, the three subsidiaries had traded throughout
2006 and 2007.
As a result of the aforementioned factors, comparison of the interim results
does not reflect the underlying organic growth of the Group. Comparable
unaudited proforma income statements, balance sheets and cash flow statements
have therefore been prepared. Proforma figures for both the current period ended
31 December 2007 and the comparative period include all current trading units
for the full six months ended 31 December. This gives a representative picture
of the underlying trading performance of the Group.
Basis of Consolidation
The Group's financial statements consolidate the financial statements of the
Company and entities controlled by the Company (its subsidiaries). Control is
achieved where the company has the power to govern the financial and operating
polices of an investee entity so as to obtain benefits from its activities. The
acquisitions of subsidiaries are accounted using the purchase method.
On acquisition, the assets and liabilities and contingent liabilities of a
subsidiary are measured at their fair values at the date of acquisition.
Goodwill represents the excess of acquisition cost over the fair value of the
Group's share of the identifiable net assets of the acquired subsidiary at the
date of acquisition. Any deficiency of the cost of acquisition below the fair
value of the identifiable net assets acquired (i.e. discount on acquisition) is
credited to the income statement in the period of acquisition.
The results of subsidiaries acquired or disposed of during the year are included
in the consolidated income statement from the effective date of acquisition or
up to the effective date of disposal, as appropriate.
Where necessary, adjustments are made to the financial statements of
subsidiaries to bring accounting policies used into line with those used by the
Group.
All intra-group transactions, balances, income and expenses are eliminated on
consolidation.
Revenue
Revenue represents the invoiced value of services provided net of value added
tax. It comprises the amounts billed to clients in respect of the provision of
quantity surveying services together with the movement in revenue recognised but
not invoiced.
Revenue Recognition
Revenue is recognised as contract activity progresses to reflect the Group's
performance of its contractual obligations. The right to consideration, by
reference to the value of the work performed, is included in the accounts as
accrued income under receivables. Where the amount which the client will accept
or be able to pay is uncertain, provision has been made to reduce the accrued
income to its net realisable value. Where the substance of a contract is that a
right to consideration does not arise until the occurrence of a critical event,
revenue is not recognised until that event occurs.
Retirement benefit costs
Retirement benefits to employees are provided by defined contribution schemes
that are funded by the Group and employees. Payments are made to pension trusts
that are financially separate from the Group.
Goodwill
Goodwill arising from the purchase of subsidiary undertakings, represents the
excess of the cost of acquisition over the Group's interest in the fair value of
the identifiable asset, liabilities and contingent liabilities of the subsidiary
acquired, and is capitalised as an intangible asset in accordance with the
requirements of IFRS 3.
Goodwill is measured at cost less any accumulated impairment losses and will be
reviewed annually for any impairment losses. Any impairment losses are
recognised through the income statement.
Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation
and any impairment losses. Depreciation is provided on all property, plant and
equipment at rates calculated to write off the cost, less estimated residual
value of each asset evenly over its expected useful economic life, as follows:
Motor vehicles 25%-33.33% per annum
Fixtures, fittings and equipment 10-20% per annum
Computer 33-50% per annum
Financial Instruments
Financial assets and financial liabilities are recognised on the Group's balance
sheet when the Group becomes a party to the contractual provisions of the
instrument. Issue costs are offset against the proceeds of such instruments.
Trade receivables
Trade receivables are initially recognised at fair value and subsequently
measured at amortised cost. Appropriate allowances for estimated irrecoverable
amounts are recognised in the income statement when there is objective evidence
that the asset is impaired.
Cash and cash equivalents
Cash and cash equivalents comprise cash balances with banks.
Trade payables
Trade payables are initially measured at fair value and subsequently at
amortised cost.
Borrowings
Interest bearing bank loans and overdrafts are recorded at the proceeds
received, net of direct issue costs. After initial recognition borrowings are
measured at amortised cost. Borrowing costs are recognised in profit and loss in
the period in which they are incurred.
Equity
Equity instruments issued by the Group are recorded at the proceeds received net
of direct costs.
Leasing
Rentals paid under operating leases are charged against profits on a straight
line basis over the period of the lease.
Deferred taxation
Deferred tax is recognised in respect of all temporary differences which have
originated but not reversed at the balance sheet date. Temporary differences are
differences between taxable profits and the results as stated in the financial
statements which arise from the inclusion of gains and losses in tax assessments
in periods different from those in which they are recognised in the financial
statements.
Financial Liability and Equity
Financial liabilities and equity instruments are classified according to the
substance of the contractual arrangements entered into. An equity instrument is
any contract that evidences a residual interest in the assets of the Group after
deducting all of its liabilities. The Group has only one class of share in
existence.
Finance costs
Finance costs are recognised in the income statement in the year in which they
are incurred.
Accounting estimates and judgements
The Group makes estimates and judgements concerning the future and the resulting
estimates may, by definition, vary from the actual results. The Directors
considered the critical accounting estimates and judgements used in the
financial statements and concluded that the main areas of judgement are:
* Revenue recognition policies in respect of contracts which straddle
the year end;
* Valuation of intangible assets.
These estimates are based on historical experience and various other assumptions
that management and the Board of Directors believe are reasonable under the
circumstances and are discussed, to the extent necessary, in more detail in
their respective notes.
2. Investment income and Finance costs
6 months to 6 months to 6 months to
31 December 31 December 31 December
2007 2007 2006
Pro-forma Pro-forma
Unaudited Unaudited Unaudited
�'000 �'000 �'000
Investment income:
Interest receivable 3 45 40
Finance costs:
On loan notes (6) (64) (64)
On bank borrowings - (13) (3)
----------- ----------- ----------
(6) (77) (67)
--------- ----------- ----------
3. Exceptional Items
Pro forma
6 months to
31 December
2007
Unaudited
�'000
Costs re transfer of goodwill and other
assets from Denley
King Partnership to Denley King
Construction Consultants 12
Limited
Costs associated with the Denley King
Partnership defined
benefit pension scheme which was not 20
acquired by the Group.
---------
Total 32
=========
4.Taxation
The taxation charge for the period ended 31 December 2007 represents the
directors' estimate of the corporation tax liabilities based on the results for
the period.
5.Dividends
6 months 6 months
6 months to Pro-forma to Pro-forma to
31 December 31 December 31 December
2007 2007 2006
Unaudited Unaudited Unaudited
�'000 �'000 �'000
Amounts recognised as
distributions to equity holders in the
period (approved): - 35 150
-------- ----------- ----------
- 35 150
-------- ----------- ----------
6.Earnings per share
The calculation of the basic and diluted earnings per share is based on the
following data, determined in accordance with the provisions of IAS33: "Earnings
per Share".
6 months Pro-forma 6 Pro-forma 6
to months to months to
31 December 31 December 31 December
2007 2007 2006
Unaudited Unaudited Unaudited
�'000 �'000 �'000
Earnings
Earnings for the
purpose of basic
earnings per share
being net profit
attributable to
equity holders of
the parent 40 281 31
---------- ----------- ----------
Number of shares
Weighted average
number of ordinary
shares for the
purpose of basic
earnings per share 10,394,023 112,500,000 112,500,000
Basic earnings per share includes shares to be issued subject only to time as if
they had been issued at the beginning of the period.
7.Goodwill
�'000
At 1 July 2007 -
Recognised on acquisition of subsidiaries 8,236
At 31 December 2007 8,236
Goodwill comprises the following components:
31 December 30 June 31 December
2007 2007 2006
Unaudited Audited Unaudited
�'000 �'000 �'000
Boxall Sayer 3,263 - -
Fletcher McNeill 3,107 - -
Denley King 1,866 - -
---------- --------- ----------
8,236 - -
---------- --------- ----------
8 Loan notes
Total
�'000
Loan notes at 1 July 2007 -
Loan notes issued on 14 December 2007 1,551
Loan notes at 31 December 2007 1,551
Total
�'000
Less than one year 600
Between one and two years 600
Between two and three years 351
-------
1,551
=======
The notes bear interest at the rate of 2.5% above the base rate of the National
Westminster Bank PLC.
Analysed by company the liabilities are:
Boxall Fletcher Denley Total
Sayer McNeill King
�'000 �'000 �'000 �'000
Less than one year 326 267 7 600
Between one and two years 326 267 7 600
Between two and three years 190 157 4 351
-------- ------- ------- -------
842 691 18 1,551
======== ======= ======= =======
The loan notes were issued on 14 December 2007 following the acquisition by the
Group of the three subsidiaries below for cash. The vendors loaned the cash
received back to the Group.
9. Acquisitions
9.1 Acquisition of Boxall Sayer Limited
On 14 December 2007, the date of the Group's flotation on AIM, the Group
acquired the whole of the issued shared capital of Boxall Sayer Limited. The
fair value of the consideration given for the acquisition was �4,479,984. This
was satisfied by the issue of 36,379,888 shares in Baqus Group Plc amounting to
�3,637,989. In addition, Baqus paid cash for the shares of �841,995 which was
loaned back by the vendor shareholders in exchange for an interest-bearing loan
note for this value.
The fair value of the net assets acquired was �1,216,456, resulting in goodwill
of �3,263,528 which has been capitalised as an intangible asset.
Since acquisition, Boxall Sayer has recorded a profit before tax of �26,788.
Book Value Fair Value Fair value
adjustments
�'000 �'000 �'000
Net assets acquired
Property, plant and
equipment 104 - 104
Trade and other receivables 1,409 - 1,409
Cash and cash equivalents 264 - 264
Trade and other payables (561) - (561)
--------- ---------
1,216
Goodwill 3,264
---------
Total consideration 4,480
---------
Satisfied by:
Shares issued 3,638
Cash 842
---------
4,480
---------
It is not possible to separate out the acquisition costs from the flotation
costs.
The goodwill arising on the acquisition is attributable to the anticipated
profitability of the Company and the anticipated future operating synergies from
the combination.
Management carried out a review to assess whether any intangible assets relating
to brand names, customer relationships and contractual arrangements were
acquired as part of the transaction. Management concluded that no value could be
ascribed to these intangible assets on the basis that other intangibles and
goodwill cannot be separately valued, due to the nature of the intangible assets
in question.
9.2 Acquisition of Fletcher McNeill and Partners Limited
On 14 December 2007, the date of the Group's flotation on AIM, the Group
acquired the whole of the issued shared capital of Fletcher McNeill and Partners
Limited. The fair value of the consideration given for the acquisition was
�3,947,192. This was satisfied by the issue of 32,558,626 shares in Baqus Group
Plc amounting to �3,255,863. In addition, Baqus paid cash for the shares of
�691,329 which was loaned back by the vendor shareholders in exchange for an
interest-bearing loan note for this value.
The fair value of the net assets acquired was �840,227, resulting in goodwill of
�3,106,965 which has been capitalised as an intangible asset.
Since acquisition, Fletcher McNeill has recorded a profit before taxation of
�23,693.
Book Value Fair Value Fair value
adjustments
�'000 �'000 �'000
Net assets acquired
Property,plant and
equipment 118 - 118
Trade and other receivables 836 - 836
Cash and cash equivalents 517 - 517
Trade and other payables (631) - (631)
--------- ---------
840
Goodwill 3,107
---------
Total consideration 3,947
---------
Satisfied by:
Shares issued 3,256
Cash 691
---------
3,947
---------
It is not possible to separate out the acquisition costs from the flotation
costs.
The goodwill arising on the acquisition is attributable to the anticipated
profitability of the Company and the anticipated future operating synergies from
the combination.
Management carried out a review to assess whether any intangible assets relating
to brand names, customer relationships and contractual arrangements were
acquired as part of the transaction. Management concluded that no value could be
ascribed to these intangible assets on the basis that other intangibles and
goodwill cannot be separately valued, due to the nature of the intangible assets
in question.
9.3 Acquisition of Denley King Construction Consultants Limited
On 14 December 2007, the date of the Group's flotation on AIM, the Group
acquired the whole of the issued shared capital of Denley King Construction
Consultants Limited. The fair value of the consideration given for the
acquisition was �2,287,744. This was satisfied by the issue of 22,698,486 shares
in Baqus Group Plc amounting to �2,268,848 In addition, Baqus paid cash for the
shares of �17,896 which was loaned back by the vendor shareholders in exchange
for an interest-bearing loan note for this value.
The fair value of the net assets acquired was �422,599, resulting in goodwill of
�1,865,145 which has been capitalised as an intangible asset.
Since acquisition, Denley King has recorded a profit before tax of �9545.
Book Value Fair Value Fair value
adjustments
�'000 �'000 �'000
Net assets acquired
Property,plant and
equipment 24 - 24
Trade and other receivables 682 - 682
Cash and cash equivalents 14 14
Trade and other payables (298) - (298)
--------- ---------
422
Goodwill 1,865
---------
Total consideration 2,287
---------
Satisfied by:
Shares issued 2,269
Cash 18
---------
2,287
---------
It is not possible to separate out the acquisition costs from the flotation
costs.
The goodwill arising on the acquisition is attributable to the anticipated
profitability of the Company and the anticipated future operating synergies from
the combination.
Management carried out a review to assess whether any intangible assets relating
to brand names, customer relationships and contractual arrangements were
acquired as part of the transaction. Management concluded that no value could be
ascribed to these intangible assets on the basis that other intangibles and
goodwill cannot be separately valued, due to the nature of the intangible assets
in question.
10.Availability of the Interim Report
Copies of the Interim Report are available from the Company's registered office
at
Tower House, 45 Commercial Road, Poole, BH14 0JA and on the Group's website,
www.baqusgroup.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
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