TIDM45GD
RNS Number : 0454H
Lewis(John) PLC
08 March 2018
John Lewis plc announces the unaudited results for 52 weeks
ended 27 January 2018 for
John Lewis Partnership plc
John Lewis Partnership plc is the ultimate holding company of
John Lewis plc
Thursday 8 March 2018
Gross sales growth 2%, Profit before exceptionals down
21.9%,
Bonus of 5% to 85,500 Partners
Financial summary
Waitrose John Lewis Partnership
GBPm YoY GBPm YoY GBPm YoY
change change change
-------- -------- -------- -------- --------- --------
Gross sales(1) 6,753.7 1.8% 4,844.0 2.2% 11,597.7 2.0%
LFL sales(2) 0.9% 0.4%
Revenue 6,354.7 1.7% 3,849.3 1.8% 10,204.0 1.8%
Operating profit
before PB(3)
and exceptional
items(4)(5) 172.0 (32.1)% 254.2 4.5% 360.8 (24.6)%
Operating profit
before PB(4) 119.8 (41.9)% 232.9 0.6% 249.5 (61.6)%
Profit before
PB, tax and exceptional
items(4) 289.2 (21.9)%
Profit before
PB and tax(4) 177.9 (67.2)%
Profit before
tax(4) 103.9 (77.0)%
Net debt 216.5 13.6%
--------------------------- -------- -------- -------- -------- --------- --------
Financial key points
-- Gross sales up 2.0% and increased customer numbers across both brands
-- Profit before Partnership Bonus, tax and exceptional items
down 21.9% to GBP289.2m, largely due to lower gross margins in
Waitrose driven by the weaker exchange rate and commitment to
competitive pricing
-- An adverse movement in exceptional items of GBP282.5m led to
profit before Partnership Bonus and tax reducing by 67.2%. This
year there was an exceptional charge of GBP111.3m, mainly for
restructuring and redundancy costs of GBP72.8m and Waitrose branch
impairments of GBP38.9m. By comparison, in 2016/17 there was
exceptional income of GBP171.2m mainly due to changes made to
annual discretionary increases for pension benefits built up before
1997
-- Net debt of GBP216.5m, GBP34.1m (13.6%) lower than January
2017 and positive progress made in reducing our pension deficit and
increasing our total liquidity. However, our Debt ratio(6)
increased from 4.0 times in 2016/17 to 4.3 times this year
principally due to reduction in profits
-- Accounting pension deficit, net of deferred tax, of
GBP623.1m, GBP234.4m (27.3%) lower than January 2017, including
benefit from change in discount rate methodology. See page 6 for
further details. The estimated actuarial pension deficit is GBP211m
at January 2018, GBP187m (47.0%) lower than last year
-- Partnership Bonus of GBP74.0m; 5% of salary
(1) Gross sales includes sale or return sales and VAT
(2) Waitrose like-for-like sales excludes fuel
(3) Partnership Bonus
(4) Includes property profits of GBP2.9m in Waitrose (2016/17:
GBP0.8m) and GBP10.5m in John Lewis (2016/17: GBP1.7m)
(5) Exceptional items are those which are both material and
non-recurring. Exceptional charges totalling GBP111.3m (2016/17:
income of GBP171.2m) with GBP52.2m in Waitrose (2016/17: GBP47.3m),
GBP21.3m in John Lewis (2016/17: GBP11.8m) and GBP37.8m in Group
(2016/17: income of GBP230.3m)
(6) The Debt ratio is a measure of the Partnership's total net
debts (including post-tax accounting pension deficit and a
discounted measure for operating lease commitments) relative to its
cash flow. For definition see page 9 of our 2017 Annual Report and
Accounts.
Sir Charlie Mayfield, Chairman of John Lewis Partnership,
commented: "As we anticipated, 2017 was a challenging year.
Consumer demand was subdued and we made significant changes to
operations across the Partnership which affected many Partners.
However, their hard work throughout the year was key to delivering
gross sales of GBP11.60bn, up 2.0%, with like-for-like increases in
both Waitrose and John Lewis. However, profit before Partnership
Bonus, tax and exceptional items was down 21.9% mainly as a result
of intensifying margin pressure in Waitrose.
We said in January 2017 that we were preparing for tougher
trading conditions with weakness in Sterling feeding through into
cost prices, putting pressure on margin, and much higher
exceptional costs as a result of an acceleration of planned
changes. This was why we chose to reduce the proportion of profits
paid as Partnership Bonus last year so as to absorb these impacts
while continuing to invest in the future and in strengthening our
balance sheet. We did both and I am pleased to say that despite
lower profits, strong cash flow has enabled us to reduce our total
net debts.
Partnership Bonus has been awarded at 5%. We also remain
committed to increasing pay rates for non-management Partners, and
in October we increased pay outside the annual pay review cycle for
17,000 Partners. As at January 2018, the average hourly rate of pay
for a non-management Partner was GBP8.91."
Outlook 2018/19
For the first five weeks of the year, Partnership gross sales
were up 0.6% on last year. Waitrose gross sales were up 2.7% (up
2.4% like-for-like, excluding fuel) and John Lewis gross sales were
down 2.8% (down 3.4% like-for-like). Sales were significantly
impacted, particularly in John Lewis, by the heavy snow last
week.
We expect trading to be volatile in 2018/19, with continuing
economic uncertainty and no let up in competitive intensity. We
therefore anticipate further pressure on profits. However, the
Partnership will see benefits this year from the many changes we
implemented in 2017/18, and the faster delivery of key innovations.
Together these will strengthen our competitive position in
2018.
Waitrose
Waitrose achieved gross sales of GBP6.75bn, up 1.8%, with
like-for-like sales, excluding fuel, up by 0.9%. Like-for-like
sales growth accelerated in the second half, increasing from 0.7%
in H1 to 1.1% in H2. This improvement was driven by better
like-for-like volumes, as we improved our competitiveness by
lowering the prices of hundreds of essential Waitrose products.
Operating profit before exceptional items was GBP172.0m, down
32.1%, held back primarily by lower margins due to our decision not
to pass on all cost price inflation to our customers, and by
investments in customer experience.
This was a challenging year. We reset gross margin in response
to the weaker Sterling exchange rate and our commitment to
competitive pricing. The resulting lower rate of gross margin was
equivalent to more than 80% of the shortfall in operating profit
before exceptional items, and it has also led to an exceptional
branch impairment charge of GBP38.9m. The remaining operating
profit shortfall in the year was from a combination of different
factors, including some short-term operational impacts from
significant changes to our branch management structures and the
introduction of more flexible working models in our shops. These
new ways of working take time to bed in, but the changes will
enable us to have the right Partners in the right place at the
right time to give customers the best possible service.
To enhance customers' shopping experience we continued to invest
in our existing estate and online. In this first year of our
three-year programme we completed projects of varying scale at 127
branches. There are now, for example, 73 sushi counters in our
shops, with 49 opening in the year. We also opened seven shops and
closed six in the year. Following investment in our website, making
it easier to navigate, our online grocery operation achieved strong
profitable sales growth of 10.9%, with a marked acceleration in the
second half.
Our customers look to us for food inspiration. We developed more
than 2,500 products in the year. We announced plans for a new food
innovation centre, due to open in summer 2018, at our head office
in Bracknell.
Other initiatives to enhance our customers' experience of
shopping at Waitrose included, over the Christmas period, more
in-branch tastings than ever before and attractive one-day offers.
We also launched self-service check-in iPads for John Lewis Click
& Collect orders in 140 of our shops in time for Black
Friday.
Over the last couple of years we have been upgrading
capabilities in a number of areas. Our 2018/19 programmes include
upgrading our stock management, ordering and replenishment systems
as well as a new transport management system to plan and schedule
deliveries more efficiently. To support Partners in giving great
service based on easy access to up to date information, we are
rolling out multi-functional devices in our shops.
John Lewis
John Lewis had a strong year, with sales outperforming the BRC
market by 1.4% and market share(7) increasing in Fashion, Home and
Electricals & Home Technology (EHT). Gross sales were up 2.2%
to GBP4.84bn, with like-for-like sales growth of 0.4%. Operating
profit before exceptional items was GBP254.2m up 4.5%. We continued
to improve productivity across the business and leveraged
investments made in recent years in our distribution network.
Operating profit also reflected a strong performance in our John
Lewis Finance products as well as property profits, mainly from a
freehold property disposal.
Our performance reflects the continued focus on putting
customers at the heart of what we do. Customer numbers increased by
2.5% to 12.6m and our Net Promoter Score - which indicates
customers' willingness to recommend us to others - increased. As
part of our drive to improve customer experience we introduced a
number of initiatives including two hour delivery slots, online
order tracking and the ability to see more detailed product
information and branch stock availability online. In addition and
continuing our plans to reinvent the department store, we launched
Experience Desks in four shops providing customers with 'concierge
style' services to help them make the most of John Lewis.
Fashion sales were up 3.2%, boosted by a particularly strong
performance in womenswear, up 5.0%, especially buoyed by own brand
womenswear, up 14.9%. We launched our first in-house denim
lifestyle brand for women - AND/OR in March 2017 and built on the
success of our luxury own label, modern rarity, including a
collaboration with Eudon Choi. Our additional investment to extend
our premium brand offer in beauty contributed to beauty sales
increasing 8.8%.
Against a backdrop of a challenging market, Home sales were down
0.8%. This was predominantly driven by soft demand in more
considered categories such as Fitted Furniture, Fitted Flooring and
Upholstery. Conversely, Outdoor Furniture performed well.
EHT sales were up 2.6%, with connected home and wearable
technology as key themes. Voice controlled technology also saw a
significant increase. We hosted a number of industry-leading
launches, including Microsoft Surface Laptop, the HP Spectre Laptop
and the Apple iPhone X and secured product exclusives with brands
including Dyson, Samsung and LG. We also relaunched our own-brand
large electricals range with features specifically designed to make
customers' lives easier.
(7) BRC market for Fashion and EHT. GfK Homewares market for
Home, as this covers a greater proportion of the total Home
market
Demand for our range of financial services has grown, as we
evolve our offer in response to our customers' needs and lifestyles
such as launching Personal Loans from John Lewis Finance. The
business also saw strong sales in Foreign Currency and the
Partnership Card is now available on ApplePay.
Looking ahead, as part of our ambition for 50% of our products
to be own brand or exclusive, we will strengthen our design
credentials to offer customers truly unique products by investing
in Partners across our Design, Technology and Buying teams.
Partners are the driving force behind our particular brand of
customer service and technology now gives us the opportunity to
differentiate further - in 2018 we will launch a number of "test
and learn" innovations to help us deliver on this opportunity. We
will conclude our programme to move online content to a single
platform, providing customers with a more seamless shopping journey
optimised for whichever device they use. Shop openings in White
City and Cheltenham will further demonstrate how we are evolving
our strategy of reinventing the department store.
Group
Group includes the net operating costs for our Group offices and
shared services, pan-Partnership initiatives and transformation
programmes, our JLP Ventures operations which develops new customer
propositions, and certain pension operating costs. Overall Group
net costs (before exceptional items) increased by GBP46.9m to
GBP65.4m, with more than two-thirds of the increase due to pension
operating costs, and the remainder including net costs relating to
JLP Ventures and increased expenditure on pan-Partnership
initiatives.
Stronger together
During 2017 we have also placed a much greater focus on being
'stronger together', unlocking the benefits of working in a more
coordinated way in the Partnership across both brands. There have
been three main elements to this.
First has been a major reorganisation to create single
pan-Partnership functions to support both brands in IT, Personnel,
Property, Legal and Finance. These changes have been significant
and, along with major reorganisations in John Lewis and Waitrose
retail operations, have led to around 1,440 Partners leaving the
business through redundancy in the last year.
Secondly, and in large part enabled by the creation of a
pan-Partnership Personnel function, we are stepping up our focus on
Partner development in anticipation of greater changes in the
workplace in years to come from automation and other trends. In
support of this we launched a simplified system of performance
management which has saved managers much time and allowed them to
complete a record number of annual reviews of Partners'
performance. We are also embracing apprenticeships as the primary
focus for development. We now have nine apprenticeship schemes for
Partners with more than 350 apprentices currently enrolled and a
further 500 expected to enrol in 2018. We have also developed an
in-house Interview Bank run by Partners to support preparation for
job interviews, along with an accredited in-house coaching team of
more than 80 Partners who offer one-to-one coaching to other
Partners.
Thirdly, we have built on moves already taken to draw on both
brands to improve customer service and experience. Click &
Collect is the most obvious example of this where we are installing
self service kiosks, and increasing capacity. We added to that with
more shared marketing last year, and will extend this collaboration
across our physical space, online and marketing as 2018
progresses.
A major aim of our focus on being 'stronger together' is to
improve our productivity. We made good progress on that in 2017/18
in terms of gross sales per average FTE(8) Partner, which grew 6.5%
to GBP191,300. However, lower gross margin led to a reduction in
profit per average FTE Partner(9) of GBP1,000 to GBP4,800.
(8) Full-time equivalent
(9) Profit per average FTE Partner is Profit before Partnership
Bonus, tax and exceptional items divided by the average number of
full-time equivalent Partners
Exceptional items
2017/18 2016/17
GBPm GBPm
Restructuring and redundancy (a) (72.8) (20.7)
Branch impairments (b) (38.9) -
Profit on disposal of items previously
recognised as exceptional (c) 2.7 0.8
Strategic review (d) (2.3) (42.9)
Reduction in pension obligation (e) - 270.0
Pay provision (f) - (36.0)
(111.3) 171.2
------- -------
a) Charge of GBP72.8m for restructuring and redundancy costs,
principally in relation to our branch, distribution and retail
operations as well as functional restructurings in Finance,
Personnel and IT, as we move from divisional to Partnership
functions. In 2016/17, the restructuring and redundancy charge of
GBP20.7m was principally in relation to distribution and contact
centres and head office operations.
b) Continuing uncertainty with respect to Brexit outcomes and
change to the grocery market have led us to review our approach and
assumptions with respect to the possible impairment of Waitrose
stores, where margins have trended significantly lower. This has
resulted in an impairment charge of GBP38.9m in 2017/18, which
given the nature of the exercise this year and the size of the
charge, we have included within exceptional items. The 2016/17
exercise, conducted on a less pessimistic basis, resulted in a
charge of GBP4.9m, which was not material and charged against
operating profit.
c) Income of GBP2.7m was recognised on finalisation of a
property disposal which was previously recorded as exceptional
(2016/17: GBP0.8m income).
d) Net charge of GBP2.3m in Waitrose relating to the further
write-down of property, other assets and related costs that were no
longer intending to be developed or were being exited, following
the strategic review carried out in the prior year. In 2016/17 an
exceptional charge of GBP42.9m was recognised in Waitrose.
e) In 2016/17, income of GBP270.0m in relation to an exceptional
past service credit following the change to annual discretionary
increases for pension in retirement built up before 6 April
1997.
f) In 2016/17, we made a GBP36.0m provision as an exceptional
charge to cover the potential costs of complying with the National
Minimum Wage Regulations. Since then we have been working with HMRC
regarding our pay arrangements and compliance with the Regulations,
which are complex in nature. These discussions with HMRC are
ongoing, and as we work through this we continue to hold a
provision. The ultimate resolution of the liability may result in
an amount that is different from that provided.
Capital investment
Capital investment in 2017/18 was GBP398.3m, a decrease of
GBP21.0m (5.0%) on the previous year. This includes GBP33.9m for
the acquisition of the freehold for two of our trading branches,
and excluding this, our operating capital investment was GBP364.4m,
a decrease of GBP54.9m (13.1%).
Investment in Waitrose was GBP161.9m, up GBP0.4m (0.2%) on the
previous year. In John Lewis, as we completed the significant
investments in our distribution network last year, it was down
GBP59.5m (25.8%) to GBP171.2m.
Pensions
The pension operating cost (before exceptional items) was
GBP215.6m, an increase of GBP27.7m or 14.7% on the prior year
costs, mainly reflecting the substantial decline in the real
discount rate used to determine the cost to -0.50% at the beginning
of the year from 0.70% at the beginning of the previous year.
Pension finance costs were GBP25.3m, a decrease of GBP4.3m or 14.5%
on the prior year, reflecting a reduction in the nominal discount
rate used to determine the finance cost at the beginning of the
year from the beginning of the previous year. As a result, total
pension costs (before exceptional items) were GBP240.9m, an
increase of GBP23.4m or 10.8% on the prior year.
Following the conclusion of the triennial actuarial valuation of
our defined benefit pension scheme at 31 March 2016, we agreed the
ongoing contribution rate for the defined benefit pension of 10.4%
of members' gross taxable pay, down from 16.4%, and put in place a
plan to eliminate the deficit of GBP479m over a 10 year period. As
a result, in the year, we made deficit reduction contributions of
GBP89.8m, and our total cash contributions to the pension scheme
totalled GBP204.2m, a decrease of GBP45.0m or 18.1% on the previous
year. At 27 January 2018, the estimated actuarial pension deficit
has reduced to GBP211m.
The total accounting pension deficit at 27 January 2018 was
GBP731.3m, a decrease of GBP282.4m (27.9%) since 28 January 2017.
Net of deferred tax, the deficit was GBP623.1m, a decrease of
GBP234.4m (27.3%). During the year, the methodology for deriving
the nominal discount rate assumption used in valuing the pension
obligation has been revised as the Directors believe this more
appropriately reflects expected yields on high quality corporate
bonds over the duration of the Partnership's pension scheme, as
required by IAS 19. The previous estimation methodology
incorporated adjustments that were informed by both corporate and
government bond yields. The new methodology is a yield curve
approach, based on corporate bonds within the iBoxx AA corporate
bond index. At very long durations, where there are no high quality
corporate bonds of appropriate durations to reference, the yield
curve is extrapolated based on observable corporate bond yields of
mid to long durations. This change in the estimation methodology of
the nominal discount rate model has resulted in a GBP210m reduction
(GBP174m net of deferred tax) in the pension fund liabilities.
Despite this, the accounting valuation of pension fund liabilities
increased by GBP165.0m (2.7%) to GBP6,224.0m, while pension fund
assets increased by GBP447.4m (8.9%) to GBP5,492.7m.
Financing
At 27 January 2018, net debt was GBP216.5m, a decrease of
GBP34.1m (13.6%) in the year, reflecting our focus on cash
generation and the reduction in capital investment. During the year
we have also further improved our liquidity position by increasing
our committed credit facilities by GBP50m, and these now total
GBP500m.
In addition to the reduction in net debt we have made positive
progress in reducing our total net debts, which also includes our
post-tax accounting pension deficit and a discounted measure of our
operating lease commitments. During the year we have made GBP89.8m
in pension deficit repair payments and bought two of our leasehold
properties for GBP33.9m. Despite this, principally due to the
reduction in our profits, our Debt ratio has increased from 4.0
times in 2016/17 to 4.3 times this year. We continue to target a
long-term Debt ratio of around three times.
Net finance costs on borrowings and investments decreased by
GBP10.4m (17.9%) to GBP47.8m, mainly reflecting the capitalisation
of borrowing costs for qualifying assets which relate to a number
of our significant multi-year capital projects. After including the
financing elements of pensions and long service leave and non-cash
fair value adjustments, net finance costs decreased by GBP36.2m
(33.6%) to GBP71.6m, benefiting from lower long leave financing
costs arising from volatility in market driven assumptions and
favourable fair value adjustments on embedded derivatives.
Sustainability
This year we made good progress across our three strategic
corporate responsibility aims. To source and sell with integrity we
released our second Human Rights and Modern Slavery report and John
Lewis released its factory list in support of retailer
transparency. Waitrose extended its commitment to Fairtrade by
switching all own-label tea to Fairtrade and became the first
supermarket to ensure 100 per cent of all canned tuna is
responsibly sourced.
For community wellbeing Waitrose made a GBP500,000 donation to
the Marine Conservation Society to support beach and river clean
ups through its carrier bag fund. John Lewis supported the Marie
Curie Blooming Great Tea Party, Barnardo's and Breast Cancer
Awareness as well as continuing its free Bringing Skills to Life
schools programme, with a focus on innovation skills. We also
joined up with the Samaritans for the first time, providing 20
Partner secondments through the Partnership's Golden Jubilee
Trust.
To deliver more for less, we are making progress to reduce
emissions through 35 new biomethane Waitrose delivery trucks. Over
the next year we aim to further improve our resource efficiency,
with a particular focus on plastic packaging. Waitrose has also
committed to removing all black plastics from own-label packaging,
in every product by the end of 2019 which is the earliest any UK
retailer has pledged to achieve this.
Enquiries
For further information please contact:
John Lewis Partnership
Simon Fowler, Director of Communications, 07710 398460
Sarah Henderson, Group Senior External Communications Manager,
07764 676036
Citigate Dewe Rogerson
Simon Rigby / Jos Bieneman, 020 7638 9571
John Lewis
Gillian Taylor, Head of External Communications, 07919
057931
Katie Robson, Senior External Communications Manager, 07764
675608
Waitrose
Christine Watts, Communications Director, 07764 676414
Graeme Buck, Head of Communications, 07703 379561
Debt investors
Alan Drew, Head of Treasury and Corporate Finance, 07525
582955
Lynn Lochhead, Deputy Head of Treasury, 07834 770684
Notes to editors
The John Lewis Partnership operates 49 John Lewis shops across
the UK, johnlewis.com, 353 Waitrose shops, waitrose.com and
business to business contracts in the UK and abroad. The business
has annual gross sales of over GBP11.5bn. It is the UK's largest
example of an employee-owned business where all 85,500 staff are
Partners in the business.
Waitrose has 353 shops in England, Scotland, Wales and the
Channel Islands, including 66 convenience branches, and another 27
shops at Welcome Break locations. It combines the convenience of a
supermarket with the expertise and service of a specialist shop -
dedicated to offering quality food that has been responsibly
sourced, combined with high standards of customer service. Waitrose
also exports products to 58 countries worldwide and has eight shops
which operate under licence in the Middle East. Waitrose's
omnichannel business includes the online grocery service,
waitrose.com, as well as specialist online shops including
waitrosecellar.com for wine and waitroseflorist.com for plants and
flowers and waitrosegifts.com for gifts. In recent months, Waitrose
has been awarded the much-coveted European-wide Compassion in World
Farming 'Best Retailer Award', Soil Association's 'Best Organic
Supermarket Award 2017' and The Drinks Business' 'Retail Buying
Team of the Year Award'.
John Lewis operates 49 John Lewis shops across the UK (35
department stores, 12 John Lewis at home and shops at St Pancras
International and Heathrow Terminal 2) as well as johnlewis.com.
John Lewis, 'Best In-Store Experience 2017', 'Best Furniture
Retailer 2017', 'Best Homewares Retailer 2017'* stocks around
350,000 separate lines in its department stores and johnlewis.com
across fashion, home and technology. Johnlewis.com is consistently
ranked one of the top online shopping destinations in the UK. John
Lewis Insurance offers a range of comprehensive insurance products
- home, car, wedding and event, travel and pet insurance and life
cover - delivering the values of expertise, trust and customer
service expected from the John Lewis brand.
* GlobalData Retail Consumer Satisfaction Awards 2017
You can follow John Lewis on the following social media
channels:
www.johnlewis.com/twitter
www.johnlewis.com/facebook
www.johnlewis.com/youtube
John Lewis Partnership plc
UNAUDITED RESULTS FOR THE 52 WEEKSED 27 JANUARY
2018
2017/18 2016/17 Change
GBPm GBPm %
GROSS SALES (including
VAT)
Waitrose 6,753.7 6,633.2 1.8
John Lewis 4,844.0 4,741.0 2.2
Gross sales (including VAT) 11,597.7 11,374.2 2.0
-------------------------------- ---------- --------- --------
REVENUE
Waitrose 6,354.7 6,245.5 1.7
John Lewis 3,849.3 3,780.7 1.8
Revenue 10,204.0 10,026.2 1.8
----------------------------------- ---------- --------- --------
OPERATING PROFIT (before
PB(2) and exceptional items)
Waitrose 172.0 253.5 (32.1)
John Lewis 254.2 243.2 4.5
Group (65.4) (18.5) (253.5)
Operating profit before PB
and exceptional items 360.8 478.2 (24.6)
Exceptional items (111.3) 171.2 (165.0)
-------------------------------- ---------- --------- --------
Operating profit before PB 249.5 649.4 (61.6)
Net finance costs (71.6) (107.8) 33.6
-------------------------------- ---------- --------- --------
Profit before PB and tax 177.9 541.6 (67.2)
Partnership Bonus (74.0) (89.4) 17.2
-------------------------------- ---------- --------
Profit before tax 103.9 452.2 (77.0)
-------------------------------- ---------- --------- --------
Profit before PB, tax and
exceptional items 289.2 370.4 (21.9)
-------------------------------- ---------- --------- --------
Notes
1. These results are subject to audit. The Annual
Report & Accounts for 2017/18 will be published in
April 2018.
2. Partnership Bonus
This information is provided by RNS
The company news service from the London Stock Exchange
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