TIDMJWNG
RNS Number : 1533U
Jaywing PLC
10 July 2018
The following amendments have been made to the 'Final Results'
announcement released on 10 July 2018 at 7.00am under RNS No
0835U:
In the Chief Executive's Statement, it was incorrectly stated
that the Agency Segment generated gross profit of GBP21.4 million
and EBITDA of GBP6.0 million for the financial year ended March
2018. This has been corrected to state gross profits and EBITDA
generated of GBP15.3 million and GBP2.3 million respectively.
In the Chief Executive's Statement, it was incorrectly stated
that the Media and Analysis Segment generated gross profit of
GBP15.3 million and EBITDA of GBP2.3 million for the financial year
ended March 2018. This has been corrected to state gross profits
and EBITDA generated of GBP21.4 million and GBP6.0 million
respectively.
In the cash flow statement, the net cash flow from operating
activities has been corrected form GBP681k to GBP788k.
All other details remain unchanged.
The full amended text is shown below.
Date: 10 July 2018
On behalf of: Jaywing plc ("the Company")
Embargoed: 0700hrs 10 July 2018
Jaywing plc
Preliminary Results 2018
Jaywing plc (AIM: JWNG), the data driven, insight and creative
agency, is pleased to announce its audited preliminary results for
the year ended 31 March 2017
Financial highlights from continuing operations
Year to 31 March Year to 31 March 2017
2018 GBP'000
GBP'000
Revenue 47,541 44,537
----------------- ----------------------
Gross profit* 36,715 35,977
----------------- ----------------------
Adjusted EBITDA** 3,025 4,860
----------------- ----------------------
Adjusted EBITDA margin*** 8.2% 13.5%
----------------- ----------------------
(Loss) / profit after
tax (1,133) (2,981)
----------------- ----------------------
Basic EPS on adjusted
EBITDA# 3.2p 5.6p
----------------- ----------------------
Basic EPS (1.25p) (3.42p)
----------------- ----------------------
Net debt (5,918) (3,534)
----------------- ----------------------
* Revenue less direct costs of sale
** Before share based charges, exceptional items and acquisition
related costs
*** As a percentage of gross profit
# Following issue of shares for Frank Digital acquisition
Highlights
-- Acquired Frank Digital PTY to continue growth and development in Australia
-- Secured new international contracts
-- Launched new AI powered products including Archetype and Decision
-- Revenue increased by 6.7% (6.3% increase on a like for like basis)
-- Gross profit increased by 2.0% (3.1% reduction on a like-for-like basis)
-- Re-aligned cost base in response to challenging market conditions
-- Reduced loss before tax
-- Increased collaboration across Jaywing with 68% of our top 50
clients taking more than one of our service lines
Outlook
We have started the year with good new business wins from larger
clients where we clearly demonstrated the value of our integrated
'One Jaywing' approach in a competitive process.
Whilst there is still caution in the UK market we believe we are
well positioned to achieve our market expectation, especially with
the continued growth in Australia enhanced by our most recent
acquisition.
Commenting on the results, Martin Boddy, Chairman of Jaywing,
said:
"After four consecutive years of growth fuelled by a strong data
science-led proposition, we have endured a period of challenging
market conditions in the UK. We have taken the necessary actions to
recover our EBITDA margin going forward whilst ensuring that we
still have the necessary resources to grow our client base so we
can return our EBITDA to previous levels by the financial year
ending March 2020.
Despite these challenges it has been a year of progress in terms
of expanding our fast-growing Australian operation through the
acquisition of Frank Digital, plus we have launched innovative
technology incorporating the use of Artificial Intelligence for
clients in the UK and beyond.
Clients are increasingly looking for more data, digital and
technology focused agencies and consultancies with collaborative
operating models. This is very much the sweet spot for Jaywing, so
we remain excited and optimistic about our future potential.".
Enquiries:
Jaywing plc
Michael Sprot (Finance Director) Tel: 0114 281 1200
Cenkos Securities plc (Nominated
Adviser)
Nicholas Wells Tel: 020 7397 8900
Chairman's Statement
Whilst the well-publicised adverse market conditions have
impacted Jaywing during the financial year, we have nevertheless
made good progress in a number of areas.
We launched a suite of Artificial Intelligence (AI) based
products and have strengthened our fast growing Australian business
with the acquisition of Frank Digital. We also gained a social
audiences platform through the acquisition of Head Offfice, which
has now been fully integrated. Over and above all of that we have
produced some exceptional work which has delivered exceptional
results for our clients and has involved many innovative
applications of data science.
As I have previously explained, trading conditions in the UK
have been challenging on a number of fronts following the election
in June 2017. We saw a 3% reduction in like for like gross profit
(GP) during the year. Consequently, a far greater focus has been
placed on cost management, particularly in the second half of the
year. On a more positive note, in recent months it has been
encouraging to see a marked improvement in our sales pipeline, some
excellent new business wins and lower levels of client churn.
Looking more broadly at our sector, it is hard to remember a
period where there has been such turbulence.
Digital media has been in the headlines for all the wrong
reasons. Ads appearing alongside unsavoury YouTube content led to
several brands pausing their spend until the problem was fixed. The
lack of transparency in programmatic media buying undertaken by the
global agency networks came under scrutiny with brands such as
P&G taking that function in house. Then there was the Cambridge
Analytica episode concerning their use of Facebook data, which
coincided with GDPR coming into force.
The network agency model has come under pressure with WPP in the
spotlight. Too great a focus on traditional advertising, opaque
charging practices, lack of client focus and competition from
Management Consultancies have led a number of these agency groups
launching new strategies. The common themes here are to adopt a
more client centred and collaborative operating model with a single
P&L and to place a greater focus on data, digital and
technology.
So, what does this all mean for Jaywing?
We have been operating a "One Jaywing" model for the past 5
years and understand that this is not just about managing a matrix
and incentivising through a single profit measure, it's about
creating a truly collaborative culture internally and in our
relationships with clients. We have a transparent charging model
and are focused in data science, digital marketing and technology,
the spend for all of which is predicted to grow, albeit perhaps
more slowly in the UK in the next year or so. In general, we don't
work for large multi-national clients who have the resources to
create in-house teams and we don't find ourselves competing with
the management consultancies, indeed we sometimes work alongside
them to provide specialist skills. GDPR has been and will continue
to be an opportunity for us as clients recognise the importance of
working with a partner who understands data and how to create
positive engagements with consumers.
So, there is a good opportunity for Jaywing in the medium term
but the near term focus is to recover after a difficult period of
trading that has created financial constraints for us to manage
within and put on hold our plans for further acquisitions and
paying a dividend.
Our objective is to exit the current financial year (ending
March 2019) at a run rate that puts us back on our original track
for the following year. We anticipate that market conditions in the
UK may not improve markedly in the short term but feel that with a
realigned cost base, differentiated proposition and strong growth
in Australia we will achieve our market expectation.
Our colleagues - the "Jaywingers" are a resilient, talented and
optimistic bunch and on behalf of the Board, I would like to thank
them all for their continuing support, hard work and
enthusiasm.
Martin Boddy
Chairman
Chief Executive's Report
Data science has never been more important to our customers and
our marketplace. Jaywing operates in three main ways, as a
consultancy, an agency and following the launch of Jaywing
Intelligence, a technology business. Our skill is to combine these
three disciplines to create solutions that our competition cannot
match and our clients find indispensable.
Our collaborative 'One Jaywing' operating model is the essential
foundation on which the broad range of specialist skills across
Jaywing can be brought together to build innovative solutions that
deliver superior results for our clients.
As a company that has been championing this operating model for
many years now, it has been interesting to see that the large
network agencies are beginning to talk about adopting a similar
model. Our experience shows us that this transition isn't easy but
we continue to realise its benefits and saw a further 2% increase
(from 66% to 68%) in the number of our top 50 clients taking more
than one of our service lines. This broader relationship with
clients is also improving client retention as we become more
valuable to them across a variety of disciplines.
I'm pleased to say that our operating model was once again
recognised in the Prolific North Awards where Jaywing was awarded
the Best Integrated Agency title for the second year in a row. It
was also endorsed by Palo Alto based Sugar CRM, one of the world
largest CRM software providers who recently awarded us their global
marketing account that will involve work across a number of our
divisions.
A challenging first year
My first year as CEO started with a great deal of optimism
throughout the Company on the back of record Q4 trading the
previous year. However, market conditions for UK B2C businesses
deteriorated markedly after the election in June 2017 and this
impacted on several of our clients. The knock-on effect was that
our own trading suffered. Consequently, instead of focusing on
accelerating our growth a great deal of my time has had to be
devoted to realigning our cost base. This is never an easy task in
a people business and we have been mindful not to impact our
ability to return to and exceed previous levels of growth and
profitability by cutting costs too deep.
Whilst like for like gross profit was only down by 3% on the
previous year, EBITDA fell to GBP3,025k resulting in a higher net
debt position of GBP5.9m at the year end. Our bank has been very
supportive throughout the period and has agreed to re-structure our
facilities, which will now run until 2021 and will give us the
necessary headroom whilst our profitability recovers.
State of play
Agency Segment
Our Agency Segment generated gross profit of GBP15.3 million (up
6% on previous year) and EBITDA of GBP2.3 million (down 13% on
previous year, primarily due to change in mix of business).
Following the delay in spend that we experienced with one of our
major FMCG clients, we have reduced our exposure to this sector by
re-focussing parts of our Agency segment on more sustainable
revenues and creating broader relationships with larger clients.
This is evidenced by new wins including Centerparcs and Berghaus as
well as continued engagements with companies including Castrol Oil
and First Direct.
Media & Analysis Segment
Our Media and Analysis Segment generated gross profit of GBP21.4
million and EBITDA of GBP6.0 million for the financial year ended
March 2018, a decrease of 1% and 18% respectively on the previous
financial year. Over recent months our performance marketing
division has seen an improvement in its sales performance with a
stronger pipeline both in terms of the number and quality of
opportunities (the majority of which are for monthly recurring
revenues). This follows us being named Search Agency of the Year at
the UK Agency Awards in September 2017. As well as a focus on new
business we have worked hard to reduce client churn and this year
saw a 55% reduction in lost clients ensuring more repeat revenue
streams in the coming years.
Our consulting division, grounded in data science, continues to
be at the heart of the work we deliver for clients. The level of
insight given by our consultants ensures that work delivered by
other parts of Jaywing is informed and relevant. Our consultancy
team is a key element of our 'One Jaywing' model and new clients
adopting more integrated solutions are generating new revenues
across both Agency and Media & Analysis segments.
A large part of the revenues in the consulting division are
project based, albeit with long standing clients. Work on one of
our larger financial services projects is being scaled down
following the completion of a successful project spanning 17 months
and the focus now is on securing new work for that team of people.
This has been supported by the creation of a number of new
technology solutions plus new propositions for GDPR and IRB
(Internals Rating Base), which are helping grow our sales
pipeline.
Technology
Our technology brand, Jaywing Intelligence, continues to
generate high levels of interest with a number of innovative new
products launched. Applications such as Almanac that takes complex
sets of customer data to bridge the gap between on-line and offline
behaviour has been adopted by brands including Mazda UK and Swinton
Insurance to more accurately deliver their marketing spend and to
understand how to tailor their activity to meet their customer's
needs. We also launched our AI powered risk modelling solution
Archetype (patent pending) this year, which is generating interest
in the Credit Risk community.
Our paid search management platform - Decision (also built on AI
principles and technology) has begun to secure new clients and is
currently being integrated into our existing performance marketing
operations which will provide a strong point of differentiation in
the market.
Finally, our consulting services in credit risk have been
enhanced by technology with the creation of the Echelon application
for improving the speed of credit applications and Horizon which
allows lenders to quickly model their Expected Credit Loss (ECL)
IFRS9 requirements. Both of these tools which have recently been
launched are generating new opportunities in our sales
pipeline.
International
Following our acquisition of Digital Massive in Australia in
2016 (now re-branded as Jaywing) our Australian operation has
continued to go from strength to strength in a very active market.
Revenues grew by 42% this year and we expect Australia to represent
10% of our overall income in the year ahead.
Even with the geographic and time differences, our Australian
business fully integrates with our UK operations and services a
variety of shared clients including Anytime Fitness, Wedgewood
Worldwide and now Sugar CRM.
We further expanded our overseas operations with the acquisition
of Frank Digital in Sydney which is a great complement to our
existing operations and brings with it strong digital development
skills, a quality management team and relationships with large
clients that we are presenting our 'One Jaywing' solution to. Frank
Digital now operates from our offices in North Sydney.
Outlook
We believe that our integrated operating model and challenger
brand approach position us well in the medium term as we target our
return to previous levels of performance and this has been endorsed
by the quality of recent client wins since the start of the new
financial year. Our focus is on delivering for our clients,
retaining and growing our client base, managing our overheads
carefully to underpin our recovery and playing to our strengths
with data science at the core of all we do.
With so much disruption in the large agency networks and
traditional service models being challenged I believe we are
ideally placed to capitalise on our integrated approach. Whilst UK
market conditions may remain unhelpful in the short term we are
well positioned to achieve our market expectation, which will give
us the exit rate to get back to previous levels of profitability
the following year.
Rob Shaw
Chief Executive Officer
Jaywing plc
Strategic Report
Business review
Gross profit grew by 2% to GBP36.7m, an increase of GBP0.7m from
the prior year (2017: GBP36.0m). If the impact of acquisitions is
excluded, there was a reduction of 3%, from GBP33.5m to GBP32.4m.
The adjusted operating performance line, before interest, tax,
depreciation, amortisation, impairment, share based payment
charges, loss before tax on disposal, exceptional items and
acquisition related costs, shows EBITDA of GBP3.0m (2017:
GBP4.9m).
The consolidated cash flow statement shows Jaywing to have
generated cash from operating activities of GBP1.4m (2017: GBP3.9m)
after changes in working capital. This is shown in the table
below.
2018 2017
GBP'000 GBP'000
(Loss) / profit after tax (1,133) (2,981)
Adjustments for:
Depreciation, amortisation and impairment 2,588 5,140
Movement in provision (22) 6
Foreign exchange (39) 16
Financial expenses & income 203 32
Share-based payment expense 238 1,141
Taxation charge (83) 43
Changes in working capital (208) 482
------- -------
Operating cash flow after changes in working
capital 1,544 3,879
A loss after tax of GBP0.6m has been generated (2017: GBP3.0m).
The prior financial year was impacted by the impairment in the
carrying value of goodwill in our Contact Centre.
We incurred GBP0.3m of one-off costs from the acquisition of
Frank Digital, which is included within the loss after tax.
Jaywing continues to be cash generative from operating
activities as shown in the table. Net debt has increased from the
prior year by GBP2.4m and is now GBP5.9m (2017: GBP3.5m). This
follows deferred consideration payments of GBP2.4m during the
year.
Banking facilities comprise a term loan for GBP3.0m, a revolving
credit facility for GBP3.5m and a bank overdraft of GBP2.0m. There
was headroom of GBP2.6m at the year end. As noted in the Chief
Executive's statement, the facility has been re-structured after
the year end.
The business operates in three segments: Agency Services, Media
& Analysis and Central Costs. The segmental performance of our
business in these practice areas is shown in Note 1 to the
Consolidated Financial Statements, together with the comparative
performance from the previous year.
The Media and Analysis segment which represents just under 60%
of total Gross Profit saw a 1% reduction from GBP21.6m to GBP21.4m.
EBITDA fell by 18% from GBP7.3m to GBP6.0m. The Agency Services
segment has grown gross profit which has increased by 6%. However
EBITDA has reduced by 13%, impacted by the mix of work.
The table below shows the adjusted operating profit of Jaywing
analysed between the two half years and adjustments made against
the reported numbers:
Full year Six months Six months
to to to
31 March 31 March 30 September
2018 2018 2017
GBP'000 GBP'000 GBP'000
Reported loss before tax (1,216) (633) (583)
Interest 203 124 79
Amortisation 2,033 1,023 1,010
Depreciation 555 301 254
Share based payment charge 193 (85) 278
Acquisition related costs 827 511 316
Exceptional costs 494 348 146
---------- ----------- --------------
Adjusted operating profit 3,089 1,589 1,500
Deduct other income (64) (18) (46)
---------- ----------- --------------
Adjusted operating profit before
other income 3,025 1,571 1,454
---------- ----------- --------------
Excluding other income, Jaywing produced GBP1.6m adjusted
operating profit after interest in the six months to 31 March 2018
and GBP1.4m in the first half.
The table below shows the trend of gross profit and EBITDA over
the last four six-monthly periods:
Continuing business EBITDA
Six months Six months Six months Six months
to 31 March to 30 Sept to 31 March to 30 Sept
2018 2017 2017 2016
GBP'000 GBP'000 GBP'000 GBP'000
Revenue 24,075 23,466 23,642 20,895
Direct costs (5,195) (5,631) (4,779) (3,781)
------------- ------------ ------------- ------------
Gross profit 18,880 17,835 18,863 17,114
Operating expenses excluding
depreciation, amortisation,
exceptional items, acquisition
related costs and (credit)/charges
for share based payments (17,309) (16,381) (16,135) (14,982)
Operating profit before
depreciation, amortisation,
exceptional items, acquisition
related costs and (credit)/charges
for share based payments 1,571 1,454 2,728 2,132
------------- ------------ ------------- ------------
Impairment
As required by IAS 36, we have carried out an impairment review
of the carrying value of our intangible assets and goodwill. We
calculated our weighted average cost of capital with reference to
long-term market costs of debt and equity and the Company's own
cost of debt and equity, adjusted for the size of the business and
risk premiums. Based on this calculation, a rate of 11.5% (2017:
10.6%) has been derived. This is applied to cash flows for each of
the business units using growth rates in perpetuity of 2% from
2020/21. As a result of these calculations the Board has concluded
that no impairment is required (2017: GBP2.9m).
Dividend Policy
As noted in the Chairman's Statement, we have delayed
implementing a dividend policy.
Key performance indicators
Over the last 12 months, the key areas of focus have been:
- Increased collaboration
- Cost reduction
- International expansion
- Technology development
Progress against these is described in the Chief Executive's
report.
By order of the Board.
Michael Sprot
Chief Financial Officer
Consolidated statement of comprehensive income
For the year ended 31 March 2018 2017
Continuing operations Note GBP'000 GBP'000
Revenue 1 47,541 44,537
Direct costs (10,826) (8,560)
-------- --------
Gross profit 36,715 35,977
Other operating income 2 64 26
Operating expenses 3 (37,792) (38,909)
-------- --------
Operating (loss) / profit (1,013) (2,906)
-------- --------
Finance income - 165
Finance costs (203) (197)
-------- --------
Net financing costs (203) (32)
-------- --------
(Loss) / profit before
tax (1,216) (2,938)
Tax expense 4 83 (43)
-------- --------
(Loss) / profit for the
year from continuing operations (1,133) (2,981)
Other comprehensive income
Items that will be reclassified
subsequently to profit
or loss
Exchange differences on
retranslation of foreign
operations (39) 16
Total comprehensive income
for the period attributable
to equity holders of the
parent (1,172) (2,965)
-------- --------
(Loss) / profit per share 5
Basic (loss) / profit per
share (1.25p) (3.42p)
Diluted (loss) / profit
per share (1.25p) (3.42p)
-------- --------
Consolidated balance sheet
As at 31 March 2018 2017 2016
Note GBP'000 GBP'000 GBP'000
Non-current assets Restated Restated
Property, plant and equipment 1,443 1,095 744
Goodwill 7 34,496 33,722 30,446
Other intangible assets 8 5,962 7,230 6,562
-------- -------- --------
41,901 42,047 37,752
-------- -------- --------
Current assets
Trade and other receivables 11,754 11,311 10,150
Cash and cash equivalents 9 632 2,216 347
-------- -------- --------
12,386 13,527 10,497
-------- -------- --------
Total assets 54,287 55,574 48,249
-------- -------- --------
Current liabilities
Other interest-bearing loans
and borrowings 9 4,750 4,750 4,612
Trade and other payables 12,545 12,296 8,072
Current tax liabilities 249 557 452
Provisions 151 173 167
-------- -------- --------
17,695 17,776 13,303
-------- -------- --------
Non-current liabilities
Other interest-bearing loans
and borrowings 9 1,800 1,000 1,063
Deferred consideration - 2,314 -
Deferred tax liabilities 951 1,229 1,387
-------- -------- --------
2,751 4,543 2,450
-------- -------- --------
Total liabilities 20,446 22,319 15,753
-------- -------- --------
Net assets 33,841 33,255 32,496
-------- -------- --------
Equity attributable to owners
of the parent
Share capital 10 34,992 34,657 34,139
Share premium 10,088 9,108 6,608
Capital redemption reserve 125 125 125
Shares purchased for treasury (25) (25) (25)
Share option reserve 736 504 146
Minority interest 1,718 1,513 -
Foreign currency translation
reserve (20) 19 3
Retained earnings (13,773) (12,646) (8,500)
-------- -------- --------
Total equity 33,841 33,255 32,496
-------- -------- --------
Consolidated cash flow statement
For the year ended 31 March 2018 2017
Note GBP'000 GBP'000
Cash flow from operating activities
Loss after tax (1,133) (2,981)
Adjustments for:
Depreciation, amortisation and impairment 2,588 5,140
Movement in provision (22) 6
Foreign exchange arising from translation
of foreign subsidiary (39) 16
Financial income - (165)
Financial expenses 203 197
Share-based payment expense 238 1,141
Taxation charge (83) 43
------- -------
Operating cash flow before changes in working
capital 1,752 3,397
Increase in trade and other receivables (360) (281)
(Decrease) / increase in trade and other
payables 152 763
------- -------
Cash generated from operations 1,544 3,879
Interest received - 1
Interest paid (203) (197)
Tax paid (553) (549)
------- -------
Net cash flow from operating activities 788 3,134
------- -------
Cash flow from investing activities
(Payment) / receipt of deferred consideration (2,528) 151
Acquisition of subsidiaries net of cash
acquired 6 (647) (3,694)
Acquisition of intangible assets (448) -
Acquisition of property, plant and equipment (865) (815)
------- -------
Net cash outflow from investing activities (4,488) (4,358)
------- -------
Cash flow from financing activities
Increase in borrowings 800 75
Proceeds from issue of share capital 1,316 3,018
Net cash inflow from financing activities 2,116 3,093
------- -------
Net (decrease) / increase in cash and cash
equivalents (1,584) 1,869
Cash and cash equivalents at beginning of
year 2,216 347
------- -------
Cash and cash equivalents at end of year 632 2,216
------- -------
Cash and cash equivalents comprise:
Cash at bank and in hand 632 2,216
Bank overdrafts 9 - -
------- -------
Cash and cash equivalents at end of year 632 2,216
------- -------
Consolidated statement of changes in equity
Foreign
Share Capital Share currency
Share premium redemption Treasury Minority option translation Retained Total
capital account reserve Shares interest reserve reserve earnings equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------- --------- ----------- --------- --------- --------- ------------ --------- --------
Balance at 31
March
2016
(restated) 34,139 6,608 125 (25) - 146 3 (8,500) 32,496
--------- --------- ----------- --------- --------- --------- ------------ --------- --------
Issue of share
capital 518 2,500 - - - - - - 3,018
Acquisition of
subsidiaries - - - - 1,513 - - (1,165) 348
Charge in
respect
of share
based
payments - - - - - 358 - - 358
--------- --------- ----------- --------- --------- --------- ------------ --------- --------
Transactions
with
owners 518 2,500 - - 1,513 358 - (1,165) 3,724
Loss for the
period - - - - - - - (2,981) (2,981)
Retranslation
of
foreign
currency - - - - - - 16 - 16
--------- --------- ----------- --------- --------- --------- ------------ --------- --------
Total
comprehensive
income for
the period - - - - - - 16 (2,981) (2,965)
--------- --------- ----------- --------- --------- --------- ------------ --------- --------
Balance at 31
March
2017 34,657 9,108 125 (25) 1,513 504 19 (12,646) 33,255
--------- --------- ----------- --------- --------- --------- ------------ --------- --------
Issue of share
capital 335 980 - - - - - - 1,315
Acquisition of
subsidiaries - - - - 211 - - - 211
Charge in
respect
of share
based
payments - - - - - 232 - - 232
--------- --------- ----------- --------- --------- --------- ------------ --------- --------
Transactions
with
owners 335 980 - - 211 232 - - 1,758
Loss for the
period - - - - (6) - - (1,127) (1,133)
Retranslation
of
foreign
currency - - - - - - (39) - (39)
Total
comprehensive
income for
the period - - - - - - (39) (1,127) (1,172)
--------- --------- ----------- --------- --------- --------- ------------ --------- --------
Balance at 31
March
2018 34,992 10,088 125 (25) 1,718 736 (20) (13,773) 33,841
--------- --------- ----------- --------- --------- --------- ------------ --------- --------
Principal accounting policies
Jaywing plc is a Company incorporated in the UK and is AIM
listed.
The financial information set out in this preliminary
announcement does not constitute statutory information as defined
in section 434 of the Companies Act 2006.
The consolidated balance sheet at 31 March 2018 and the
consolidated statement of comprehensive income, consolidated cash
flow statement, consolidated statement of changes in equity and
associated notes for the year then ended have been extracted from
the Group's 2018 statutory financial statements upon which the
auditor's opinion is unmodified and does not include any statement
under section 498 (2) or (3) of the Companies Act 2006.
Those financial statements have not yet been delivered to the
registrar of companies.
The consolidated financial statements consolidate those of the
Company and its subsidiaries (together referred to as the
'Group').
The consolidated financial statements have been prepared and
approved by the Directors in accordance with International
Financial Reporting Standards as adopted by the EU (Adopted IFRSs).
The consolidated financial statements have been prepared under the
historical cost convention, except for certain financial
instruments that are held at fair value.
The accounting policies set out in the most recently published
statutory financial statements have been followed. The accounting
policies set out below have, unless otherwise stated, been applied
consistently to all periods presented in these consolidated
financial statements.
Judgements made by the Directors in the application of these
accounting policies that have a significant effect on the
consolidated financial statements together with estimates with a
significant risk of material adjustment in the next year are
discussed in note 11.
Going concern
The Directors have reviewed the forecasts for the period up to
30 September 2019 which have been adjusted to take account of the
current trading environment. The Directors consider the forecasts
to be prudent and have assessed the impact of them on the Group's
cash flow, facilities and headroom within its banking covenants.
Furthermore, the Directors have assessed the future funding
requirements of the Group and compared them with the level of
available borrowing facilities. Based on this work, the Directors
are satisfied that the Group has adequate resources to continue in
operational existence for the foreseeable future. For this reason
they continue to adopt the going concern basis in preparing the
financial statements.
1. Segmental analysis
The Group reports its business activities in two areas: Agency
Services and Media & Analysis, its two primary business
activities. Central Costs represents the Group's head office
function, along with intragroup transactions.
The Group primarily derives its revenue from the provision of
digital marketing services in the UK. Approximately GBP1,843,000 of
sales were made to clients in Australia. During the year one
customer included within the Media & Analysis sector accounted
for greater than 10% of the Group's revenue (2017: No
customers).
For the year ended 31 March 2018
Agency Media & Central Total
Services Analysis Costs
GBP'000 GBP'000 GBP'000 GBP'000
Revenue 18,025 31,565 (2,049) 47,541
Direct costs (2,718) (10,157) 2,049 (10,826)
---------- ---------- -------- ---------
Gross profit 15,307 21,408 - 36,715
Operating expenses excluding
depreciation, amortisation,
loss before tax on disposal,
exceptional items, acquisition
related costs and charges
for share based payments (12,979) (15,449) (5,262) (33,690)
---------- ---------- -------- ---------
Operating profit before
depreciation, amortisation,
loss before tax on disposal,
exceptional items, acquisition
related costs and charges
for share based payments 2,328 5,959 (5,262) 3,025
Other operating income 64 - - 64
Depreciation (222) (231) (102) (555)
Amortisation (1,293) (740) - (2,033)
Exceptional costs (12) (282) (200) (494)
Acquisition related costs - - (827) (827)
Charges for share based
payments (51) (4) (138) (193)
---------- ---------- -------- ---------
Operating (loss) / profit 814 4,702 (6,325) (1,013)
Finance income -
Finance costs (203)
---------
Loss before tax (1,216)
Tax expense 83
---------
Loss for the period (1,133)
---------
For the year ended 31 March 2017
Agency Media & Central Total
Services Analysis Costs
GBP'000 GBP'000 GBP'000 GBP'000
Revenue 17,297 27,877 (637) 44,537
Direct costs (2,901) (6,296) 637 (8,560)
---------- ---------- -------- ---------
Gross profit 14,396 21,581 - 35,977
Operating expenses excluding
depreciation, amortisation,
loss before tax on disposal,
exceptional items, acquisition
related costs and charges
for share based payments (11,732) (14,333) (5,052) (31,117)
---------- ---------- -------- ---------
Operating profit before
depreciation, amortisation,
loss before tax on disposal,
exceptional items, acquisition
related costs and charges
for share based payments 2,664 7,248 (5,052) 4,860
Other operating income 26 - - 26
Depreciation (280) (147) (46) (473)
Amortisation (1,046) (715) - (1,761)
Impairment to the carrying
value of goodwill (2,906) - - (2,906)
Exceptional costs (187) (30) (179) (396)
Acquisition related costs - - (1,115) (1,115)
Charges for share based
payments (107) (135) (899) (1,141)
---------- ---------- -------- ---------
Operating (loss) / profit (1,836) 6,221 (7,262) (2,906)
Finance income 165
Finance costs (197)
---------
Loss before tax (2,938)
Tax expense (43)
---------
Loss for the period (2,981)
---------
Year ended 31 March 2018
Media
Agency & Central
Services Analysis Costs Total
GBP'000 GBP'000 GBP'000 GBP'000
Assets 28,408 32,278 (6,399) 54,287
Liabilities (3,536) (7,069) (9,841) (20,446)
---------- ---------- --------- --------------------
Capital employed 24,872 25,209 (16,240) 33,841
---------- ---------- --------- --------------------
Year ended 31 March 2017
Media
Agency & Central
Services Analysis Costs Total
GBP'000 GBP'000 GBP'000 GBP'000
Assets 29,404 31,722 (5,542) 55,584
Liabilities (3,536) (7,494) (11,299) (22,329)
---------- ---------- --------- --------------------
Capital employed 25,868 24,228 (16,841) 33,255
---------- ---------- --------- --------------------
Unallocated assets and liabilities consist predominantly of
cash, external borrowings and deferred tax liabilities on
intangible assets which have not been allocated to the business
segments. All of the Group's assets are based in the UK.
Capital additions; Property, plant and equipment
Media Central
Agency & Analysis Costs Total
Services
GBP'000 GBP'000 GBP'000 GBP'000
Year ended 31 March 2018 298 354 213 865
-------- ----------- ------- -------------------
Year ended 31 March 2017 145 367 303 815
-------- ----------- ------- -------------------
2. Other operating income
2018 2017
GBP'000 GBP'000
Other operating income 64 26
------- -------
During the years to 31 March 2017 and 31 March 2018 the Group
received money from the administrator of a client for a contractual
obligation to perform services on their behalf. During the year the
Group received a further distribution of GBP64,000. It is
anticipated there may be further distributions in the future but
the Board is unaware of the quantum or timing of these potential
receipts.
3. Operating expenses
2018 2017
Continuing operations: GBP'000 GBP'000
Wages and salaries 25,656 24,809
Share based payments 193 1,141
Depreciation 555 473
Exceptional items 275 310
Amortisation 2,033 1,761
Impairment to the carrying value of goodwill - 2,906
Other operating expenses 8,861 7,423
------- -------
37,573 38,823
------- -------
Compensation for loss of office 219 86
------- -------
219 86
------- -------
37,792 38,909
------- -------
Wages and salaries include GBP547,000 (2017: GBP305,000) of
post-acquisition employment costs relating to the purchase of
Massive Group PTY.
4. Tax expense
2018 2017
GBP'000 GBP'000
Recognised in the consolidated statement of
comprehensive income:
Current year tax 262 533
Origination and reversal of temporary differences (345) (490)
------- -------
Total tax charge (83) 43
------- -------
Reconciliation of total tax charge:
Loss before tax (1,216) (2,938)
------- -------
Taxation using the UK Corporation Tax rate of
19% (2017: 20%) (231) (588)
Effects of:
Non deductible expenses 112 402
Share based payment charges 36 229
Total tax charge (83) 43
------- -------
5. (Loss) / profit per share
2018 2017
Pence per Pence per
Share Share
Basic (1.25p) (3.42p)
Diluted (1.25p) (3.42p)
--------- ---------
(Loss) / profit per share has been calculated by dividing the
(loss) / profit attributable to shareholders by the weighted
average number of ordinary shares in issue during the year.
The calculations of basic and diluted (loss) / profit per share
are:
2018 2017
GBP'000 GBP'000
(Loss) / profit for the year attributable to
shareholders (1,172) (2,965)
------- -------
Weighted average number of ordinary shares in issue:
2018 2017
Number Number
Basic 93,432,217 86,709,898
Adjustment for share options 6,126,322 7,959,291
Diluted 99,558,539 94,669,189
---------- ----------
The basic and diluted earnings per share are the same due to the
Group being loss making.
Adjusted earnings per share
2018 2017
Pence per Pence per
Share Share
From continuing and discontinued operations:
Basic adjusted earnings per share 1.73p 3.95p
Diluted adjusted earnings per share 1.62p 3.62p
--------- ---------
Adjusted earnings per share have been calculated by dividing the
profit attributable to shareholders before amortisation, charges
for share options and acquisition related costs during the year by
the weighted average number of ordinary shares in issue during the
year. The numbers used in calculating the basic and diluted
adjusted earnings per share are reconciled below:
2018 2017
GBP'000 GBP'000
(Loss) / profit before tax (1,172) (2,965)
Amortisation 2,033 1,761
Impairment to the carrying value of goodwill - 2,906
Acquisition related costs 827 1,115
Charges for share based payments 193 1,141
------- -------
Adjusted profit attributable to shareholders 1,881 3,958
Current year tax charge (262) (533)
------- -------
1,619 3,425
------- -------
6. Acquisition of subsidiaries
During the year the Group made two acquisitions. On 30 August
2017 Jaywing plc acquired 100% of the ordinary shares in Head
Offfice Limited ("Head Offfice") for cash consideration of
GBP109,000 (excluding legal and professional fees of GBP11,000
which have been expensed through the statement of comprehensive
income in administration expenses in the year). Up to a further
GBP400,000 is payable for performance in the two years ending 30
August 2019.
HeadOfffice builds social communities through the creation of
its own titles, reaching and engaging people on their terms and
creating environments where brands can interact with ready-made,
active and engaged communities. HeadOfffice also provides creative
services and produces branded content in support of its publishing,
working in partnership with brands, publishers and audiences.
Founder, Gaz Battersby, comes with 15 years of experience and was a
member of Epiphany's senior management team during the 2014 Jaywing
acquisition, before setting up the independent digital
consultancy.
Head Offfice was fully integrated into Epiphany on the date of
acquisition and as a result the performance is not separately
identifiable. The assets and liabilities acquired were as
follows:
Fair value
Book value adjustments Fair value
GBP'000 GBP'000 GBP'000
Property, plant & equipment 7 - 7
Trade and other receivables 22 - 22
Cash and cash equivalents (3) - (3)
Trade and other payables (26) - (26)
Corporation tax repayable - - -
Deferred tax - - -
---------- ------------
Net identifiable assets and liabilities -
Goodwill on acquisition 112
112
----------
Summary of net cash outflow from acquisitions:
Cash paid 109
Cash acquired 3
---
Net cash outflow 112
---
Fair value of consideration transferred
---
Amount settled in cash 112
---
The fair value of trade and other receivables are equal to the
gross contractual amounts receivable and at the acquisition date
all amounts were expected to be collected.
The goodwill amount represents intangible assets that do not
qualify for recognition through the separability criterion or the
contractual-legal criterion. This consists of cross-selling
opportunities and expected synergies.
On 14 March 2018 Jaywing plc acquired 75% of the ordinary shares
in Frank Digital PTY Limited ("Frank") for cash consideration of
AUS$978,000 (GBP551,000) (excluding legal and professional fees of
GBP185,000 which have been expensed through the statement of
comprehensive income in administration expenses in the year). This
was all paid on completion. Additional consideration is payable,
separate to the acquisition costs, for the continuing employment
and future services provided by the former owner of Frank. Further
amounts are payable as they are earned up to a maximum amount of
AUS$1,200,000, up until September 2020.
The 25% of the share capital owned by management is subject to a
put / call option from September 2020. This will be valued at a
multiple of the average audited EBITDA for the previous two
financial years ending 30 June, subject to a maximum total
consideration payable of $AUS4,750,000 for the entire
acquisition.
Since the acquisition of Digital Massive in July 2016, Jaywing
has experienced strong growth in Australia, alongside increasing
demand from customers for a wider range of products and services.
This strategic acquisition of Frank Digital serves to meet this
customer demand and will further consolidate Jaywing's position in
the growing Australian market, delivering additional scale and
augmenting its existing services with website and digital campaign
expertise.
The improved offering, with a broader set of products and
services, is supported by current client opportunities and allows
Jaywing greater opportunity for cross-sales. In the UK, Jaywing has
seen success in cross-selling its products and services. In July
2017, Jaywing announced that it had increased the proportion of
clients taking more than one service line from 1 in 4 in the
previous year, to 1 in 3 of its top 50 clients.
The Directors believe that by being part of Jaywing, Frank
Digital can accelerate its growth by leveraging strategic and
operational support from the UK.
In the period since acquisition the subsidiary contributed
GBP61,000 to Group revenues, GBP6,000 to EBITDA and GBP6,000 to the
consolidated profit attributable to shareholders for the year ended
31 March 2017. The assets and liabilities acquired were as
follows:
Fair value
Book value adjustments Fair value
GBP'000 GBP'000 GBP'000
Intangible assets - 317 317
Property, plant & equipment 32 - 32
Trade and other receivables 82 - 82
Cash and cash equivalents 16 - 16
Trade and other payables (293) - (293)
Corporation tax asset - - -
Deferred tax - (54) (54)
---------- ------------
Net identifiable assets and liabilities 100
Goodwill on acquisition 451
551
----------
Summary of net cash outflow from acquisitions:
Cash paid 551
Cash acquired (16)
----
Net cash outflow 535
----
Fair value of consideration transferred
Amount settled in cash 551
Minority interest 211
----
762
----
The above figures are provisional. The fair value of trade and
other receivables are equal to the gross contractual amounts
receivable and at the acquisition date all amounts were expected to
be collected.
The goodwill amount represents intangible assets that do not
qualify for recognition through the separability criterion or the
contractual-legal criterion. This consists of cross-selling
opportunities and expected synergies.
The results for the Group had the acquisition during the year
been at the beginning of the year can be analysed as follows:
Agency Media & Central Total
Services Analysis Costs
GBP'000 GBP'000 GBP'000 GBP'000
Revenue 18,025 32,762 (2,049) 48,738
Direct costs (2,718) (10,214) 2,049 (10,883)
---------- ---------- -------- ---------
Gross profit 15,307 22,548 - 37,855
Operating expenses excluding
depreciation, amortisation,
loss before tax on disposal,
exceptional items, acquisition
related costs and charges
for share based payments (12,979) (16,412) (5,262) (34,653)
---------- ---------- -------- ---------
Operating profit before
depreciation, amortisation,
loss before tax on disposal,
exceptional items, acquisition
related costs and charges
for share based payments 2,328 6,136 (5,262) 3,202
Other operating income 64 45 - 109
Depreciation (222) (273) (102) (597)
Amortisation (1,293) (742) - (2,035)
Exceptional costs (12) (282) (200) (494)
Acquisition related costs - - (280) (280)
Charges for share based
payments (51) (4) (138) (193)
---------- ---------- -------- ---------
Operating (loss) / profit 814 4,880 (5,982) (288)
Finance income 8
Finance costs (280)
---------
Loss before tax (556)
Tax expense 81
---------
Loss for the period (475)
---------
Note:
This information is based on the management accounts for Frank
Digital.
7. Goodwill
Goodwill
GBP'000
Cost and net book value
At 1 April 2017 33,722
Additions 774
Impairment -
--------
At 31 March 2018 34,496
--------
Goodwill is attributed to the following cash generating units:
2018 2017 2016
GBP'000 GBP'000 GBP'000
Agency Services
Digital Media & Analytics Limited 438 438 438
Scope Creative Marketing Limited 5,550 5,550 5,550
Jaywing Central Limited 5,817 5,817 5,817
HSM Limited 295 295 3,201
Gasbox Limited 273 273 273
Bloom Media (UK) Limited 4,287 4,287 -
Media & Analysis
Epiphany Solutions Limited 5,937 5,825 5,825
Alphanumeric Limited 9,342 9,342 9,342
Massive Group PTY 1,895 1,895 -
Frank Digital PTY 662 - -
34,496 33,722 30,446
-------- -------- --------
Goodwill and other intangible assets have been tested for
impairment by assessing the value in use of the relevant cash
generating units. The value in use calculations were based on
projected cash flows in perpetuity. Budgeted cash flows for 2016/17
to 2019/20 were used. These were based on a one year budget with
growth rates of 5% to 10% applied for the following three years.
Subsequent years were based on a reduced rate of growth of 2% into
perpetuity.
The average year on year growth in earnings before interest,
tax, depreciation and amortisation (EBITDA) which has been used as
the basis for forecasting cash flows for each of the cash
generating units when testing for impairment were:
Year on year
growth
2016/17 5.0% - 10%
2017/18 5.0% - 10%
2018/19 2.5% - 10%
Perpetuity 2.0%
These growth rates are based on past experience and market
conditions and discount rates are consistent with external
information. The growth rates shown are the average applied to the
cash flows of the individual cash generating units and do not form
a basis for estimating the consolidated profits of the Group in the
future.
The discount rate used to test the cash generating units was the
Group's pre-tax Weighted Average Cost of Capital ("WACC") of 11.5%
(2017:10.6%). The individual cash generating units were assessed
for risk variances from the WACC, but in the absence of
geographical risk, currency risk and any significant price risk
variations, the same WACC was used for all the cash generating
units.
As a result of these tests an impairment of GBPNil was
considered necessary (2017: GBP2,906,000).
The Directors have performed a sensitivity analysis in relation
to the WACC used, which showed that no impairment would be required
for WACCs of up to 16% in other CGU's.
The Directors have also performed a sensitivity analysis in
relation to the year on year growth in EBITDA. If the growth rates
were to be reduced by 1% in each CGU no impairment charge would be
required.
8. Other intangible assets
Customer Development
relationships Order books Trademarks costs Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Cost
At 1 April 2016 21,348 1,457 1,025 235 24,065
Additions during the year
from acquisitions 1,821 - 55 493 2,369
Additions during the year - - - 60 60
Disposal - - - - -
-------------- ------------- ------------ ----------- -------
At 31 March 2017 23,169 1,457 1,080 788 26,494
Additions during the year
from acquisitions 317 - - - 317
Additions during the year - - - 448 448
Disposal - - - - -
-------------- ------------- ------------ ----------- -------
At 31 March 2018 23,486 1,457 1,080 1,236 27,259
-------------- ------------- ------------ ----------- -------
Amortisation
At 1 April 2016 15,743 1,457 104 199 17,503
Amortisation charge for
the year 1,584 - 67 110 1,761
Disposals - - - - -
-------------- ------------- ------------ ----------- -------
At 31 March 2017 17,327 1,457 171 309 19,264
Amortisation charge for
the year 1,852 - 79 102 2,033
Disposals - - - - -
-------------- ------------- ------------ ----------- -------
At 31 March 2018 19,179 1,457 250 411 21,297
-------------- ------------- ------------ ----------- -------
Net book amount
At 31 March 2018 4,307 - 830 825 5,962
-------------- ------------- ------------ ----------- -------
At 1 April 2017 5,842 - 909 479 7,230
-------------- ------------- ------------ ----------- -------
At 1 April 2016 5,605 - 921 36 6,562
-------------- ------------- ------------ ----------- -------
The cost of brought forward customer relationships was
determined as at the date of acquisition of the subsidiaries by
professional valuers. The valuations used the discounted cash flow
method, assuming rates of customer attrition at 10% and sales
growth at 2% each year. The discount rate applied at that time to
the future cash flows were specific to each subsidiary and were all
in the range 14.6% to 15.5%.
Trademarks represent the trading names used by the company.
These are estimated to have an economic life of 20 years. The
valuation used the discounted cash flow method, assuming an
estimated royalty rate of 2% and sales growth of 2% each year. The
valuation assumes that each year 80% to 90% of revenues are
generated using the Trademark and applied a discount rate of
19%.
The order book represents contracted revenues over the next 12
months. The valuation used the discounted cash flow method,
assuming a net operating profit margin of 30.5%. The discount rate
applied was 15.8%.
Goodwill and other intangible assets have been tested for
impairment. The method, key assumptions and results of the
impairment review are detailed in note 14. On the basis of this
review, it has been concluded that there is no need to impair the
carrying value of these intangible assets (2017: GBPNil).
9. Bank and overdraft, loans and borrowings
2018 2017 2016
GBP'000 GBP'000 GBP'000
Summary
Borrowings 6,550 5,750 5,675
------- ------- -------
6,550 5,750 5,675
------- ------- -------
Borrowings are repayable as follows:
Within one year
Borrowings 4,750 4,750 4,612
------- ------- -------
Total due within one year 4,750 4,750 4,612
------- ------- -------
In more than one year but less than
two years 1,800 1,000 1,063
In more than two years but less than
three years - - -
In more than three years but less than
four years - - -
Total amount due 6,550 5,750 5,675
Average interest rates at the
balance sheet date were: %% %
Term loan 2.25 2.61 3.56
Revolver loan 2.25 2.51 3.51
As the loans are at variable market rates their carrying amount
is equivalent to their fair value.
The additional borrowing facilities available to the Group at 31
March 2018 was GBP2.0 million (2017: GBP2.0 million) and, taking
into account cash balances within the Group companies, there was
GBP2.6 million (2017: GBP4.2 million) of additional available
borrowing facilities.
A Composite Accounting System is set up with the Group's
bankers, which allows debit balances on overdraft to be offset
across the Group with credit balances.
Reconciliation of net debt
1 April 2017 Cash flow Non-cash 31 March
items 2018
GBP'000 GBP'000 GBP'000 GBP'000
Cash and cash equivalents 2,216 (1,584) - 632
2,216 (1,584) - 632
Borrowings (5,750) (800) - (6,550)
------------- ---------- --------- ---------
Net debt (3,534) (2,384) - (5,918)
------------- ---------- --------- ---------
10. Share capital
Authorised:
45p deferred 5p ordinary
shares shares
GBP'000 GBP'000
Authorised share capital
at 31 March 2017 and
at 31 March 2018 45,000 10,000
------------- ------------
Allotted, issued and fully paid:
45p deferred 5p ordinary
shares shares
Number Number GBP'000
At 31 March 2017 67,378,520 86,709,898 34,657
Issue of share capital - 6,536,450 326
Issue of share options - 185,869 9
At 31 March 2018 67,378,520 93,432,217 34,992
------------- ------------ --------
The 5 pence ordinary shares have the same rights (including
voting and dividend rights and rights on a return of capital) as
the previous 50 pence ordinary shares. Holders of the 45 pence
deferred shares do not have any right to receive notice of any
general meeting of the Company or any right to attend, speak or
vote at any such meeting. The deferred shareholders are not
entitled to receive any dividend or other distribution and shall,
on a return of assets in a winding up of the Company, entitle the
holders only to the repayment of the amounts paid up on the shares,
after the amount paid to the holders of the new ordinary shares
exceeds GBP1,000,000 per new ordinary share. The deferred shares
will also be incapable of transfer and no share certificates will
be issued in respect of them.
11. Accounting estimates and judgements
Accounting estimates
Impairment of goodwill and other intangible assets
The carrying amount of goodwill is GBP34,496,000 (2017:
GBP33,722,000) and the carrying amount of other intangible assets
is GBP5,962,000 (2017: GBP7,230,000). The Directors are confident
that the carrying amount of goodwill and other intangible assets is
fairly stated, and have carried out an impairment review. The
forecast cash generation for each CGU and the WACC represent
significant assumptions and should the assumptions prove to be
incorrect there would be a significant risk of a material
adjustment within the next financial year. The sensitivity to the
key assumptions is shown in note 14.
Share based payment
On 4 May 2016 and 30 September 2016, share options were granted
to employees in order to incentivise performance. These share
options will vest based upon conditions which relate to either
EBITDA performance in the period commencing 1 April 2016, or the
share price at various future dates.
The share based payment charge consists of two elements, the
charge for the fair value at the date of grant and a charge for the
employer's NI. The fair value charge has been assessed using an
external valuation company, and judgement has been made on the
number of shares expected to vest based on the achievement of
EBITDA and share price targets.
Accounting judgements
Recognition of revenue as principal or agent
The Directors consider that they act as a principal in
transactions where the Group assumes the credit risk. Where this is
via an agency arrangement and the Group assumes the credit risk for
all billings it therefore recognises gross billings as revenue.
12. Annual reports and accounts
Copies of the annual report and accounts for the year ended 31
March 2018 together with the notice of the Annual General Meeting
will be issued to shareholders shortly and will be available to
view and download from the Company's website: jaywingplc.com.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
FR EAPXEFDPPEEF
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July 10, 2018 04:41 ET (08:41 GMT)
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