TIDMSCT
RNS Number : 2147T
Softcat PLC
19 March 2019
19 March 2019
SOFTCAT plc
("Softcat", the "Company")
Half Year Results for the six months to 31 January 2019
Softcat plc (LSE: SCT.L), a leading UK provider of IT
infrastructure products and services, today publishes its half year
results for the six months to 31 January 2019 ("the period"). The
results reflect the Company's continued ability to gain an
increasing share of the market, delivering both very strong profit
growth and excellent cash generation.
Financial Summary Six months ended
31 January 31 January
2019 2018 Growth
----------- ----------- -------
GBPm GBPm %
Revenue(1) 434.0 358.3 21.1
Gross invoiced income(2) 607.8 472.8 28.5
Gross profit 94.7 74.8 26.5
Operating profit 33.9 24.1 40.4
Cash Conversion(3) 103% 103% n/a
Interim dividend (p) 4.5p 3.3p 36.4
Diluted earnings per share
(p) 13.8p 9.8p 40.8
(1) Revenue is reported under IFRS 15, the new international
accounting standard for revenue, for the first time.
IFRS 15 requires some finely balanced judgements be made
to determine whether Softcat acts as principal or agent
in certain trading transactions. As a result, adoption
of the new standard has led to the netting down of some
revenue streams (recognising just the margin element
of the transaction, as opposed to the recognition of
gross invoiced income as revenue, offset by the cost
of the resold product or service) but has no impact on
any measure of profit or cashflow. The judgement inherent
in the application of IFRS 15, coupled with slight variations
of business model between IT Solutions Providers, means
the impact of IFRS 15 across the peer group is not uniform.
(2) Gross invoiced income reflects gross income billed
to customers adjusted for deferred and accrued revenue
items and is consistent with our previously applied revenue
policy. Softcat will continue to note gross invoiced
income as a financial KPI going forward.
(3) Cash conversion is defined as cashflow from operations
before tax but after capital expenditure as a percentage
of operating profit.
(4) Adjusted Operating Profit and Adjusted Diluted earnings
per share are no longer presented. See Note 2 for more
information on why these alternative performance measures
have been removed.
Highlights for the six months to 31 January 2019
-- Gross profit up 26.5% to GBP94.7m (H1 2018: GBP74.8m)
-- Operating profit up 40.4% to GBP33.9m (H1 2018: GBP24.1m)
-- IFRS 15 adoption has only a presentational impact on revenue,
with no impact on profit or cash flow, as previously disclosed
-- Added 620 new customers, with total customers up 6.5% (H1 2018: 597 / 6.7%).
-- Gross profit per customer growth of 18.7% (H1 2018: 14.5%)
-- Performance was once again broad-based with growth generated
across all offices, customer segments and technology lines
-- London and Leeds office relocations to larger premises have
been completed, one further new UK office opening is planned by the
end of the calendar year
-- Ireland office now has 15 salespeople and good progress is
being made in winning new customers and local vendor
accreditations
-- The Company remains debt free with a cash balance of GBP52.8m
-- Interim dividend of 4.5p per share (up 36%) to be paid on 10
May 2019, with the shares trading ex-dividend on 4 April 2019.
Graeme Watt, Softcat CEO, commented:
"It's been another period of very strong performance for the
Company, characterised by additional market share gains. We have
maintained our ongoing and long-term investment in building scale
and creating new capabilities, and this has delivered further
success against both of our simple strategic goals of doing more
business with our existing customers and winning new customers.
We added more than 600 new customers in the period while gross
profit per customer grew by almost 20%. Those metrics extended our
run of unbroken year-on-year income and profit growth to a 54(th)
quarter.
Alongside the depth and breadth of our technology offering, we
believe that the greater part of our competitive advantage
manifests itself in the attitude of our people. Their teamwork and
collaboration is focussed on delivering outstanding results for our
customers and continues to be a key driver of our success. I can't
thank the Softcat team enough for their tremendous contribution so
far this year.
For our shareholders, I'm pleased to report a 36% increase in
our interim dividend, in line with our unchanged and progressive
policy.
The Board expects a full year outcome marginally ahead of
previous expectations."
Analyst meeting
A results presentation will be held for investors and analysts
at the offices of FTI Consulting: 9(th) Floor, 200 Aldersgate,
Aldersgate Street, London, EC1A 4HD on 19 March 2019. Registration
will open at 09.15 for a 09.30 start. Materials from this
presentation will be available online at www.softcat.com from
09.00. A copy of this announcement will also be available online
from 07.00.
Enquiries
Softcat plc: +44 (0)1628 403 403
Graeme Watt, Chief Executive
Officer
Graham Charlton, Chief Financial
Officer
FTI Consulting LLP: +44 (0)2037 271 000
Ed Bridges
Matt Dixon
Dwight Burden
Forward-looking statements
This announcement includes statements that are, or may be deemed
to be, "forward-looking statements". By their nature, such
statements involve risk and uncertainty since they relate to future
events and circumstances. Actual results may, and often do, differ
materially from any forward-looking statements.
Any forward-looking statements in this announcement reflect
management's view with respect to future events as at the date of
this announcement. Save as required by law or by the Listing Rules
of the UK Listing Authority, the Company undertakes no obligation
to publicly revise any forward-looking statements in this
announcement following any change in its expectations or to reflect
subsequent events or circumstances following the date of this
announcement.
Chief Executive Officer's Review
It's been another very successful period for Softcat and I'm
delighted with our trading performance across all customer segments
and technology areas, each of which saw growth during both the
first and second quarters in roughly equal measure. I'm also
pleased with the progress we've made scaling-up our operations and
building new capabilities.
Our key financial metrics of 27% gross profit growth, 40%
operating profit growth and 103% cash conversion illustrate
significant gains in market share, the delivery of shareholder
value and provide a foundation for further progress driven by
ongoing reinvestment. This has been a consistent approach for us
over the years and, coupled with a relentless focus on maintaining
our vibrant culture, has now delivered 54 quarters of consecutive
year-on-year income and profit growth. Despite that long-track
record of progress and our stature now as one of the largest
players in each major customer segment, our share of the overall UK
market is in the region of just 6%. We operate in a large and
fragmented industry which makes the opportunity for further growth
in the years ahead just as strong as ever and we believe our
business direction and execution are in good shape.
Customers from all verticals continue to invest in technology
driven by the need to be secure, compliant and innovative to remain
competitive. The demand for Hybrid Cloud, Security, Software and
Services remain key drivers for growth. The complexity of IT means
that our customers need our help and support more than ever.
I've already stated that our appetite for investment is undimmed
and it has been another very active six months in terms of
recruitment. During the period, headcount increased by 127 from
year end and on average was 15% above the prior period. As in
previous years, recruitment has been spread across all areas of the
business with the aim of growing the sales force, expanding our
technical expertise, maintaining the right levels of support and
adding experience in key strategic areas. Current areas of focus
include the development of the teams supporting our new Public
Cloud and Security support services. Further growth in headcount is
planned for the second half.
The period also saw a strong contribution from across the branch
network, with our more mature offices in Marlow, Manchester and
London especially making significant progress against our goal of
winning a bigger share of wallet with existing customers. Growth in
relative terms was strongest from the more recently opened Glasgow
office, while the team in Dublin continues to build organically
following the opening of that office in August 2018. In addition,
growth from Public Sector was again above the Company average,
expanding slightly as a share of total income.
We are delighted to report a number of recent award wins, the
highlights include:
- AlienVault - EMEA Partner of the Year
- CRN Reseller of the Year
- Check Point - New Customer Partner of the Year
- Snow - Innovation Partner of the Year
- Canalys - Growth Partner of the Year EMEA
We have continued to monitor the potential impact of the Brexit
process on our business and industry. Our attention is focussed on
ensuring the robustness of the supply chain and remaining
tactically agile in the event of currency movements and the impact
that may have on customer pricing. We remain confident that we are
well prepared for different scenarios, but continue to note, like
many companies, that a prolonged period of uncertainty is likely to
impact customer buying patterns.
Outlook
The Board expects a full year outcome marginally ahead of
previous expectations.
Board changes
Lee Ginsberg, non-executive director, has notified his intention
to step down from the Board, effective 30 June 2019. A process to
find his replacement is underway. We would like to thank Lee for
his outstanding contribution to the Softcat Board throughout his
tenure. His expertise, experience, commitment, support and
encouragement have been very highly valued by the Softcat team.
Chief Financial Officer's Review
Financial Summary H1 FY19 H1 FY18 Growth
Revenue split
Software GBP200.9m GBP168.3m 19.4%
Hardware GBP195.0m GBP156.4m 24.7%
Services GBP38.1m GBP33.6m 13.4%
Total Revenue GBP434.0m GBP358.3m 21.1%
------------ ------------ ---------
Gross invoiced income
split
Software GBP328.4m GBP239.9m 36.9%
Hardware GBP201.7m GBP164.7m 22.5%
Services GBP77.7m GBP68.2m 13.9%
Total gross invoiced
income GBP607.8m GBP472.8m 28.5%
------------ ------------ ---------
Gross profit GBP94.7m GBP74.8m 26.5%
------------ ------------ ---------
Operating profit GBP33.9m GBP24.1m 40.4%
------------ ------------ ---------
OP:GP margin 35.8% 32.2% 3.6% pts
------------ ------------ ---------
Cash conversion 103.4% 103.3% 0.1% pts
------------ ------------ ---------
IFRS 15 revenue restatement
The Company has adopted IFRS 15 during the period. The impact on
the financial statements is in line with the disclosures made in
our 2018 annual report and accounts, creating an equal and opposite
reduction in both revenue and cost of sales, such that gross
profit, operating profit and cash flow are unchanged. Management
continue to record pre-IFRS 15 gross revenue, referred to above as
'gross invoiced income' as a metric to measure business mix and
will continue to use that measure internally and report it
externally alongside GAAP revenue. As a result, gross invoiced
income will continue to be reported as a memo item to aid external
understanding of performance. Further information is contained in
note 2 to the condensed interim financial statements.
As previously stated, gross profit will continue to be the
Company's primary measure of income performance.
Gross profit, revenue and gross invoiced income
Gross profit grew by 26.5% to GBP94.7m, representing a
continuation of the very strong performance seen during the
previous financial year. Once again, there were no unusually large
individual transactions or one-off impacts in either the current or
comparative periods, and so the growth reflects ongoing execution
against a proven strategy.
Revenue growth of 21.1% lags gross profit growth slightly due to
the higher proportion of software sales netted down compared to the
prior period. This predominantly relates to an increase in the
proportion of cloud-based software transacted.
Notwithstanding the shift within software towards
cloud-consumption, the mix of overall gross invoiced income was
broadly stable. By this measure, software actually accounted for a
slightly higher proportion of the total at 54.0% (HY18: 50.7%).
Datacentre and Cloud continued to be one of our fastest growing
lines of business, driven by demand for both software and hardware,
while Networking and Security also increased slightly as a share of
gross invoicing. All customer segments saw gross invoiced income
growth in excess of 25%, with Public Sector the strongest
performer, up 30%.
Customer Metrics H1 FY19 H1 FY18 Growth
Customer numbers 10.1k 9.5k 6.5%
-------- -------- -------
Gross profit per
customer GBP9.4k GBP7.9k 18.7%
-------- -------- -------
Also continuing a trend from the previous financial year was the
expansion of gross profit per customer, up by 18.7% to GBP9.4k for
the period.
620 new customers were added during the six months, ahead of the
net gain of 600 seen in the prior period. This represents growth of
6.5% to a total of 10,100 customers serviced during the first half
of the year.
Operating profit
Operating profit of GBP33.9m (H1 2018: GBP24.1m) grew by 40.4%,
reflecting the effect of strong short-term operating leverage on
higher than expected income growth. As a result, our key measure of
operating efficiency, the ratio of operating profit to gross
profit, increased from 32.2% to 35.8%. We expect this
period-on-period improvement to normalise in the second half.
Corporation tax charge
The interim tax charge of GBP6.5m reflects an effective tax rate
(ETR) of 19.2% (2018: 19.5%). The ETR is marginally above the
statutory rate in both periods (19.0%) due to the impact of
non-deductible expenses.
Cash flow and cash conversion
The Company entered the year with a cash balance of GBP72.8m and
paid an aggregate final and special dividend of GBP47.3m on 14
December 2018. The Company remains debt-free and closed the period
with a cash balance of GBP52.8m.
Operating cash flow after capital expenditure but before tax,
was strong during the reporting period at GBP35.0m, representing a
conversion rate of 103.4% of operating profit, broadly in line with
both historic performance and expectations for the first half of
the financial year.
The Company continues to target sustainable full year operating
cash conversion (after capital expenditure) in the range of 90-95%
of operating profits.
Capital investment
The Company's immediate requirements for capital investment to
fund growth remain relatively modest. Net capex of GBP1.3m (2018
H1: GBP0.6m) in the period relates mainly to computer equipment and
fixtures and fittings to satisfy the demands of operational
growth.
Dividend
The Board is pleased to declare an interim dividend of 4.5p per
share, amounting in total to GBP8.9m. The interim dividend will be
payable on 10 May 2019 to shareholders whose names are on the
register at the close of business on 5 April 2019. Shares in the
Company will be quoted ex dividend on 4 April 2019. The dividend
reinvestment plan ("DRIP") election date is 16 April 2019.
Principal Risks and Uncertainties
Like most businesses, there is a range of risks and
uncertainties facing the Company. A summary is given below
detailing the specific risks and uncertainties that the Directors
believe could have a significant effect on the Company's financial
performance.
In assessing the Company's likely financial performance for the
second half of the current financial year, these risks and
uncertainties should be considered in addition to the matters
referred to regarding seasonality in note 14 to the Condensed
Interim Financial Statements, and the comments made under the
heading "outlook" in the Chief Executive's Review.
Risk Potential impacts Management & mitigation
BUSINESS STRATEGY
------------------------------------------------------------
Customer
dissatisfaction * Reputational damage * Graduate training programme
* Loss of competitive advantage * Ongoing vendor training for sales staff
* Annual customer survey with detailed follow-up on
negative responses
* Process for escalating cases of dissatisfaction to MD
& CEO
--------------------------------------------- ------------------------------------------------------------
Failure to
evolve * Loss of customers * Processes in place to act on customer feedback about
our technology new technologies
offering with
changing * Reduced profit per customer
customer * Training and development programme for all technical
needs staff
* Regular business reviews with all vendors
* Sales specialist teams aligned to emerging
technologies to support general account managers
* Regular specialist and service offering reviews with
senior management
--------------------------------------------- ------------------------------------------------------------
OPERATIONAL
------------------------------------------------------------
Cyber and data
security, * Inability to deliver customer services * Company-wide information security policy
including
GDPR compliance
* Reputational damage * Appropriate induction and training procedures for all
staff
* Financial loss
* External penetration testing programme undertaken
* ISO 27001 accreditation
--------------------------------------------- ------------------------------------------------------------
Business
interruption * Customer dissatisfaction * Operation of back-up operations centre and data
centre platforms
* Business interruption
* Established processes to deal with incident
management, change control, etc.
* Reputational damage
* Continued investment in operations centre management
* Financial loss and other resources
* Ongoing upgrades to network
* Regular testing of disaster recovery plans
--------------------------------------------- ------------------------------------------------------------
Macro-economic
factors * Short term supply chain disruption * Close dialogue with supply chain partners to ensure
including all potential Brexit scenarios are planned for
Brexit
* Reduced margins
* Customer-centric culture
* Reduced customer demand
* Breadth of proposition and customer base
* Reduced profit per customer
--------------------------------------------- ------------------------------------------------------------
FINANCIAL
------------------------------------------------------------
Profit margin
pressure * Reduced margins * Ongoing training to sales and operations team to keep
including pace with new vendor programmes
rebates
* Rebate programmes are industry standard and not
specific to the Company
* Rebates form an important but only minority element
of total operating profits
--------------------------------------------- ------------------------------------------------------------
PEOPLE
------------------------------------------------------------
Culture change
* Reduced staff engagement * Culture embedded in the organisation over a long
history
* Negative impact on customer service
* Branch structure with empowered local management
* Quarterly staff survey with feedback acted upon
* Regular staff events and incentives
--------------------------------------------- ------------------------------------------------------------
Poor leadership
* Lack of strategic direction * Succession planning process
* Deteriorating vendor relationships * Experienced and broad senior management team
* Reduced staff engagement
--------------------------------------------- ------------------------------------------------------------
These risks and uncertainties have not changed significantly
since 31 July 2018. Further information on the risks can be found
on pages 29 to 30 of Softcat's 2018 Annual Report and Accounts,
which is available at
https://www.softcat.com/investors/results-centre
Going Concern
As stated in note 2 to the Condensed Interim Financial
Statements, the Directors are satisfied that the Company has
sufficient resources to continue in operation for the foreseeable
future, a period of at least 12 months from the date of this
report. Accordingly, they continue to adopt the going concern basis
in preparing the Condensed Interim Financial Statements.
Cautionary Statement
This report has been prepared solely to provide additional
information to shareholders to assess the Company's strategies and
the potential for those strategies to succeed. The Interim
Management Report should not be relied on by any other party or for
any other purpose.
In making this report, the Company is not seeking to encourage
any investor to either buy or sell shares in the Company. Any
investor in any doubt about what action to take is recommended to
seek financial advice from an independent financial advisor
authorised by the Financial Services and Markets Act 2000.
Directors' Responsibility Statement
The Directors confirm that, to the best of their knowledge:
-- the unaudited Condensed Interim Financial Statements have
been prepared in accordance with International Accounting Standard
34 Interim Financial Reporting as adopted by the European
Union;
-- the Interim Management Report includes a fair review of the
information required by DTR 4.2.7R (indication of important events
during the first six months and description of principal risks and
uncertainties for the remaining six months of the year); and
-- the Interim Management Report includes a fair review of the
information required by DTR 4.2.8R (disclosure of relates parties'
transactions and changes therein).
Neither the Company nor the directors accept any liability to
any person in relation to the half-year financial report except to
the extent that such liability could arise under English law.
Accordingly, any liability to a person who has demonstrated
reliance on any untrue or misleading statement or omission shall be
determined in accordance with section 90A and schedule 10A of the
Financial Services and Markets Act 2000.
Graeme Watt Graham Charlton
Chief Executive Officer Chief Financial Officer
18 March 2019 18 March 2019
Condensed Statement of profit or loss and other comprehensive
income
For the six months ended 31 January 2019
Six months ended Year
31 January ended
31 July
2019 2018 2018
---------- ---------- -------------
Unaudited Unaudited Unaudited(1)
Note
GBP'000 GBP'000 GBP'000
Revenue 3 433,970 358,304 797,208
Cost of sales (339,298) (283,469) (622,045)
---------- ---------- -------------
Gross profit 94,672 74,835 175,163
Administrative expenses (60,818) (50,725) (107,141)
---------- ---------- -------------
Operating profit 33,854 24,110 68,022
Finance income 110 38 117
---------- ---------- -------------
Profit before taxation 33,964 24,148 68,139
Income tax expense 4 (6,514) (4,716) (13,133)
---------- ---------- -------------
Profit and total comprehensive
income for the period 27,450 19,432 55,006
Profit attributable to:
---------- ---------- -------------
Owners of the Company 27,450 19,432 55,006
---------- ---------- -------------
Basic earnings per Ordinary Share
(pence) 9 13.9 9.8 27.9
Diluted earnings per Ordinary Share
(pence) 9 13.8 9.8 27.6
All results are derived from continuing operations.
(1) The Company has made retrospective restatements during the
current interim period as a result of the adoption of IFRS 15. The
condensed statement of profit or loss and other comprehensive
income of the Company for the preceding year (31 July 2018)
presented with the condensed interim financial statements (31
January 2019) reflects the retrospective application of the new
accounting principles. As the amounts differ from the amounts in
the 2018 financial statements, on which the Company's auditor
previously reported, the 31 July 2018 condensed statement of profit
and loss and other comprehensive income is labelled as
'unaudited'.
Condensed Statement of Financial Position
As at 31 January 2019
31 January 31 July
2019 2018 2018
---------- ---------- -------------
Unaudited Unaudited Unaudited(1)
Note
GBP'000 GBP'000 GBP'000
Non-current assets
Property, plant and equipment 5,488 5,382 5,056
Intangible assets 346 386 324
Deferred tax asset 1,563 876 1,436
---------- ---------- -------------
7,397 6,644 6,816
Current assets
Inventories 35,001 12,704 8,631
Trade and other receivables 6 240,805 189,623 205,957
Cash and cash equivalents 52,774 43,318 72,831
---------- ---------- -------------
328,580 245,645 287,419
---------- ---------- -------------
Total assets 335,977 252,289 294,235
========== ========== =============
Current liabilities
Trade and other payables 7 (247,506) (176,513) (185,264)
Income tax payable (6,524) (5,087) (8,155)
---------- ---------- -------------
(254,030) (181,600) (193,419)
---------- ---------- -------------
Net assets 81,947 70,689 100,816
========== ========== =============
Equity
Issued share capital 11 99 99 99
Share premium account 4,979 4,979 4,979
Retained earnings 76,869 65,611 95,738
---------- ---------- -------------
Total equity 81,947 70,689 100,816
========== ========== =============
(1) The Company has made retrospective restatements during the
current interim period as a result of the adoption of IFRS 15. The
condensed statement of financial position of the Company for the
preceding year (31 July 2018) presented with the condensed interim
financial statements (31 January 2019) reflects the retrospective
application of the new accounting principles. As the amounts differ
from the amounts in the 2018 financial statements, on which the
Company's auditor previously reported, the 31 July 2018 condensed
statement of financial position is labelled as 'unaudited'.
Condensed Statement of Changes in Equity
Share Share Retained
capital premium earnings(1) Total equity
--------- --------- ------------- -------------
GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1 August 2018 99 4,979 95,738 100,816
Total comprehensive income
for the period - - 27,450 27,450
Share-based payment transactions - - 898 898
Dividends paid - - (47,310) (47,310)
Dividend equivalents paid - - (287) (287)
Tax adjustments - - 380 380
--------- --------- ------------- -------------
Balance at 31 January 2019 99 4,979 76,869 81,947
Balance at 1 August 2017 99 4,664 83,655 88,418
Total comprehensive income
for the period - - 19,432 19,432
Share-based payment transactions - - 989 989
Dividends paid - - (38,790) (38,790)
Shares issued in period - 315 - 315
Tax adjustments - - 215 215
Own share movement during
the period - - 110 110
--------- --------- ------------- -------------
Balance at 31 January 2018 99 4,979 65,611 70,689
(1) The balance previously reported in the Reserve for Own
Shares as at 1 August 2017 was GBP3,214,000. This amount relates to
shares held by the Employee Benefit Trust (EBT) and has been
reclassified to Retained Earnings as all the EBT shares were issued
against options previously exercised. This amendment occurred on 31
July 2018 and prior periods have been restated accordingly.
Condensed Statement of Cash Flows
For the six months ended 31 January 2019
Six months ended
31 January Year ended
31 July
2019 2018 2018
---------- ---------- -----------
Unaudited Unaudited Unaudited
Note
GBP'000 GBP'000 GBP'000
Net cash generated from operating
activities 10 28,463 20,592 57,051
Investing activities
Finance income 110 38 117
Purchase of property, plant and
equipment (1,175) (553) (965)
Purchase of intangible assets (145) (37) (119)
---------- ---------- -----------
Net cash used in investing activities (1,210) (552) (967)
Financing activities
Issue of share capital - 315 315
Dividends paid 5 (47,310) (38,790) (45,321)
Own share transactions - 110 110
---------- ---------- -----------
Net cash used in financing activities (47,310) (38,365) (44,896)
Net decrease in cash and cash
equivalents (20,057) (18,325) 11,188
Cash and cash equivalents at
beginning of period 72,831 61,643 61,643
---------- ---------- -----------
Cash and cash equivalents at
end of period 52,774 43,318 72,831
========== ========== ===========
Notes to the Financial Information
1. General information
The Directors of Softcat plc (the "Company") present their
Interim Report and the unaudited Condensed Interim Financial
Statements for the six months ended 31 January 2019 ("Condensed
Interim Financial Statements").
The Company is a public limited company, incorporated and
domiciled in the UK. Its registered address is Fieldhouse Lane,
Marlow, Buckinghamshire, SL7 1LW.
The Condensed Interim Financial Statements have been reviewed,
but not audited, by Ernst & Young LLP and were approved by the
Board of Directors on 18(th) March 2019. The financial information
contained in this report does not constitute statutory accounts
within the meaning of section 434 of the Companies Act 2006. The
Condensed Interim Financial Statements should be read in
conjunction with the Annual Report and Financial Statements for the
year ended 31 July 2018, which were prepared in accordance with
European Union endorsed International Financial Reporting Standards
("IFRS") and those parts of the Companies Act 2006 applicable to
companies reporting under IFRS. The Annual Report and Financial
Statements for the year ended 31 July 2018 were approved by the
Board of Directors on 17 October 2018 and delivered to the
Registrar of Companies. The auditor's report on those financial
statements was unqualified, did not contain an emphasis of matter
paragraph and did not contain any statement under section 498(2) or
(3) of the Companies Act 2006.
2. Accounting policies
Basis of preparation
These Condensed Interim Financial Statements have been prepared
in accordance with International Accounting Standard 34, 'Interim
Financial Reporting' as adopted by the European Union and the
Disclosure and Transparency Rules of the United Kingdom's Financial
Conduct Authority.
The Condensed Interim Financial Statements are presented in
Pounds Sterling, rounded to the nearest thousand ('GBP'000'),
unless otherwise stated. They were prepared under the historical
cost convention.
The accounting policies adopted in the preparation of the
Condensed Interim Financial Statements are consistent with those
applied in the preparation of the Company's Financial Statements
for the year ended 31 July 2018 except where the Company has made
changes in respect of IFRS 15 and IFRS 9 discussed below.
Going concern
The Directors are satisfied that the Company has sufficient
resources to continue in operation for the foreseeable future, a
period of at least 12 months from the date of this report.
Accordingly, they continue to adopt the going concern basis in
preparing the Condensed Interim Financial statements.
Critical accounting judgements and key sources of estimation
uncertainty
When applying the Company's accounting policies, management must
make several key judgements involving estimates and assumptions
concerning the future. These estimates and judgements are based on
factors considered to be relevant, including historical experience
that may differ significantly from the actual outcome. The key
assumptions concerning the future and other key sources of
estimation uncertainty at the balance sheet date were disclosed in
the most recent annual report. Following the adoption of IFRS 15,
discussed below, the following additional significant judgement is
applicable:
Principal versus agent
Significant judgement is required in determining whether the
Company is acting as principal, and reports revenue on a gross
basis, or agent, and reports revenue on a net basis. Softcat
evaluates each revenue stream against the following indicators when
determining whether it is acting as principal or agent in a
transaction: (i) primary responsibility for fulfilling the promise
to provide the specified goods or service, (ii) inventory risk
before the specified good or service has been transferred to a
customer or after transfer of control to the customer and (iii)
discretion in establishing the price for the specified good or
service. Certain revenue streams present a more balanced judgement
than others when assessed against the above criteria and the
conclusion may be reliant on the weighting applied to the responses
to these criteria. When applying the weighting and concluding on
whether principal or agent treatment is appropriate, the Company
exercises significant levels of judgement due to the balanced
nature of the assessment. The specific judgements made for each
revenue category are discussed in the accounting policy for revenue
as disclosed below.
Changes to accounting standards
IFRS 15 Revenue from Contracts with Customers
The Company has adopted IFRS 15 from 1 August 2018 which has
resulted in changes to the accounting policies and adjustments to
the amounts recognised in the financial statements. The Company has
chosen to apply IFRS 15 using the full retrospective approach and
has therefore restated both the prior year interim and prior year
full year numbers under the new standard.
The overall adjustments are recognised as equal reductions to
both revenue and cost of sales with no impact on gross profit,
operating profit or cashflow of the Company.
The size of these adjustments is in line with the guidance
provided in our most recent financial statements. The overall
impact is a reduction in both revenue and cost of sales of
GBP284.5m for the year ended 31 July 2018 and GBP114.5m for the six
months ended 31 January 2018.
When assessing whether principal or agent, IFRS 15 moves away
from the previous risk-based measures (such as credit risk) and
instead focuses on the control principle. The nature of Softcat's
business inherently makes a control-based assessment more
judgemental than a risk-based assessment, and whilst some revenue
streams are clearly unchanged, others present more balanced
arguments and the conclusion requires significant levels of
judgement.
In adopting IFRS 15, the Company has made changes from principal
to agent for the following revenue streams;
- Public sector pass through business - impacting Hardware, Software and Services
- Cloud-hosted software - impacting Software only
- Third party support and warranty products - impacting Services only
- Security licensing - impacting Software only
Although the conclusion is a finely balanced judgement, the
above revenue streams require either significant partner
involvement pre-sale or vendor involvement for a prolonged period
of time post-sale, and due to these characteristics, the balance of
control moves away from Softcat as reseller.
Since our most recent annual report, Security Licensing has been
included in the list of revenue streams moving to agent. The
criticality of vendor updates to the ongoing effectiveness of the
security licensing sold implies significant vendor dependency for a
prolonged period post sale and therefore Softcat has determined
that net (or agent) presentation is appropriate.
A summary of the impact of the adoption of IFRS 15 is as
follows:
IFRS 15
Under previous Principal Under existing
GAAP (IAS versus Agent GAAP (IFRS
Line item 18) restatements 15)
Year ended 31 July 2018 GBP'000 GBP'000 GBP'000
--------------- -------------- ---------------
Revenue 1,081,678 (284,470) 797,208
--------------- -------------- ---------------
Cost of sales (906,515) 284,470 (622,045)
--------------- -------------- ---------------
Gross profit 175,163 - 175,163
--------------- -------------- ---------------
Half year ended 31 January
2018 GBP'000 GBP'000 GBP'000
--------------- -------------- ---------------
Revenue 472,843 (114,539) 358,304
--------------- -------------- ---------------
Cost of sales (398,008) 114,539 (283,469)
--------------- -------------- ---------------
Gross profit 74,835 - 74,835
--------------- -------------- ---------------
The analysis by the Company on the impact of IFRS 15 concludes
that:
- The Company acts as agent rather than principal for certain revenue streams.
- Other than the presentational changes related to principal
versus agent there is no further impact following adoption.
Accordingly, the Company has modified its accounting policies
and methods as follows:
Revenue Recognition
Recognition
Revenue is recognised based on the completion of performance
obligations and an assessment of when control is transferred
to the customer. The following indicators are used by
the Company in determining when control has passed to
the customer: (i) the Company has a right to payment
for the product or service, (ii) the customer has legal
title to the product, (iii) the Company has transferred
physical possession of the product to the customer, (iv)
the customer has the significant risk and rewards of
ownership of the product and (v) the customer has accepted
the product.
Principal versus Agent
The Company evaluates the following indicators amongst
others when determining whether it is acting as a principal
or agent in the transaction and recording revenue on
a gross, or net, basis: (i) the Company is primarily
responsible for fulfilling the promise to provide the
specified goods or service, (ii) the Company has inventory
risk before the specified good or service has been transferred
to a customer or after transfer of control to the customer
and (iii) the Company has discretion in establishing
the price for the specified good or service.
Hardware Revenue
The Company sells hardware that is sourced from and delivered
by multiple vendors and distributors. revenues from sales
of hardware products are recognised on a gross basis
as the Company is acting as a principal in these transactions,
with the gross value of the consideration from the customer
recorded as Revenue. The Company is acting as principal
as It has primary responsibility for the acceptability
of goods sold, through its provision of consulting services
to the customer prior to the sale, is exposed to inventory
risk during the delivery period and establishes the selling
price itself. Revenue from the sale of these goods is
recognised when the control has passed to the buyer,
usually on delivery of the goods.
Vendors typically provide standard warranties on most
of the hardware products the Company sells. These manufacturer
warranties are assurance-type warranties and are not
considered separate performance obligations. The warranties
are not sold separately and only provide assurance that
products will conform with the manufacturer's specifications.
Software Revenue
Revenue from most software license sales is recognised
on a gross basis as the Company is acting as a principal
in these transactions at the point the software license
is delivered to the customer. The Company is deemed to
be acting as principal in these transactions as the Company
has primary responsibility for the acceptability of software
sold, through its provision of consulting services to
the customer prior to the sale, as well as the autonomy
to establish the selling price for the transaction. Generally,
software licenses are sold with the ability to access
that vendor's latest technology via product updates.
The Company evaluates whether the access to updates is
a separate performance obligation by assessing if the
third-party delivered updates is critical to the core
functionality of the software.
Where updates are critical to the effectiveness of the
product then the Company will recognise the revenue on
a net, or agent, basis. Where updates are not considered
to be critical to the effectiveness of the product and
the customer can continue to benefit from the core product
without employing the updates then the Company recognises
this revenue on a gross, or principal, basis. In practice,
Software licensing of security type products will require
the latest updates to maintain their effectiveness and
are therefore reported on a net basis.
The Company sells cloud computing solutions which include
Software as a Service ("SaaS"). SaaS solutions utilise
third-party partners to offer the Company's customers
access to software in the cloud that enhances office
productivity, provides security or assists in collaboration.
The Company recognises revenue for cloud computing solutions
at the time of invoice on a net basis as the Company
is acting as an agent in the transaction.
The Company sells, for a single vendor, access to corporate
enterprise agreements which is a certain licensing program
for customers who are eligible. For these transactions
the Company introduces the customer to the vendor who
then fulfils the sale, including transfer of licensing,
invoicing and cash collection, without further involvement
of the Company. In return for this introduction the vendor
compensates the Company with a fee. This fee is recognised
net as the Company is acting as an agent in these transactions.
Service Revenue
Softcat sells professional services days which are fulfilled
by either Softcat's own internal team of consultants
or by consultants provided by third parties. The Company
recognises the revenue on these transactions, irrespective
of whether they are fulfilled internally or externally,
when confirmation has been received from the customer
that the work has been satisfactorily completed. In most
cases there is a short timeframe between a customer order
and subsequent delivery of the sold service days. As
such, the Company does not recognise revenue on a percentage
completion basis as this would not have a material impact.
On very rare occasions the Company will sell professional
service days which cover an extended period. For these
transactions, management assess the individual contract,
and if required, recognise the revenue over time according
to the output method. Softcat recognise revenue on the
basis of direct measurements of the value to the customer
which for professional days would be days completed as
a percentage of total days. Revenue is recognised on
a gross basis; the Company is deemed to be acting as
principal in these transactions as it is responsible
for selecting the external party, where relevant, for
the acceptability of the services and for determining
the price charged to the customer.
The Company also provides hosted managed services to
its customers offering Infrastructure as a Service ('IAAS')
and managed print services among others. The Company
hosts these services using internal resources and recognises
revenue on a straight-line basis over the contractual
service period. The Company recognises the respective
revenue on a gross basis as the Company is acting as
a principal in the transaction as it has both managerial
involvement and effective control over the services being
provided throughout the contract period.
Softcat also sells extended or enhanced warranty products
provided by third parties. These warranties are sold
separately to hardware and provide the customer with
a service in addition to assurance that the product will
function as expected. For these enhanced warranty products,
the Company is arranging for those services to be provided
by the third-party over an extended period and therefore
is acting as an agent in the transaction and records
revenue on a net basis at the point of sale. Revenue
from such services is recognised in full at the point
of service commencement, as the Company has no ongoing
obligation in relation to delivery of the underlying
service.
Public Sector Partner Business Revenue
The Company transacts with several partners in the public-sector
where the partner is responsible for the solution and
customer relationship. These transactions incorporate
the provision of hardware, software or services to the
end customer. For this business, the Companies responsibilities
of invoicing and cash collection are more aligned to
those of an agent and therefore this business is recognised
as agent and presented net of cost of sales.
Contract Assets & Liabilities
When a contract results in payments received from customers
in advance of providing the product or performing services,
a contract liability is recorded on the balance sheet.
Contract assets are not material to the Company.
IFRS 9 Financial Instruments
IFRS 9 is effective for accounting periods beginning on or after
1 January 2018 and therefore is effective for Softcat from 1 August
2018. IFRS 9 replaces the classification and measurement models for
financial instruments in IAS 39. Following a review of IFRS 9, no
changes to the classification and measurements of the Company's
financial assets or liabilities were required. IFRS 9 has been
applied on a modified basis and there is no restatement of the
comparative balance.
Equally, there is no significant impact from the application of
the new 'expected loss' model for the assessment of impairment of
financial assets, including accrued income, trade receivables and
cash. The simplified approach to valuing the expected credit loss
allowance has been applied to trade receivables and accrued income.
The application of the expected credit loss allowance, when applied
to all financial assets of the Company, has resulted in an
immaterial change when compared to previous GAAP.
The analysis by the Company on the impact of IFRS 9 concludes
that:
- Softcat will use the simplified approach to measuring expected
credit losses on trade receivables and accrued income, the general
approach for expected credit losses is applied to other financial
assets;
- Due to the short-term nature and quality of receivables and
other financial assets, no material change in value of impairment
has been recognised.
The Company has modified its accounting policies and methods as
follows:
Financial Instruments
Financial Assets - Trade Receivables
Trade receivables are recognised and measured at the
transaction price less allowance for expected credit
losses. Trade receivables do not carry interest.
As required under IFRS 9, the simplified approach for
trade receivables has been used as there is not a significant
financing component to these assets. In accordance with
the simplified approach for impairment of trade receivables
and accrued income under IFRS 9, the loss allowance for
trade receivables is always measured at an amount equal
to lifetime expected credit losses and includes a forward-looking
element as well as an assessment based on history and
experience.
Due to the size of the receivables ledger and the volume
of smaller balances, it is not possible to review all
balances individually and therefore a portion of the
ledger is reviewed collectively and provided for as such.
More material or higher risk balances are reviewed individually
looking at specific circumstances including payment history,
sector, communication quality and future expected losses
and are provided for individually with respect to the
perceived level of risk. Equally, any entities that are
in administration or have been passed to debt collection
are provided for individually.
IFRS 16 Leases
IFRS 16 specifies how to recognise, measure, present and
disclose leases. The standard provides a single lease accounting
model, requiring lessees to recognise assets and liabilities for
all leases with the exception of those with a lease term of less
than twelve months or where the underlying asset has a low
value.
The Company is assessing the impact of the standard, which is
effective for periods commencing on or after 1 January 2019.
Alternative performance measures
Adjusted operating profit
Consistent with disclosure made in the most recent Financial
Statements, the Company has removed reference to adjusted operating
profit, as an alternative profit measure, in the period ended 31
January 2019. As a result, the references to adjusted basic and
diluted earnings per share, which were based on the adjusted profit
measure, have also been removed. The adjusted profit measure was
previously used to display performance excluding the impact of
share-based payment charges. Now that these charges have reached a
broadly consistent level year-on-year, the adjusted measure has
been removed.
Gross invoiced income
Following the implementation of IFRS 15, a material reduction in
revenue has been recognised due to an increase in the proportion of
income now recognised as agent, under IFRS 15, which is presented
net of cost of sales. Internally, the business continues to use
gross invoiced income (equivalent to pre-IFRS 15 revenue), to
measure business mix, margin performance and when understanding
working capital movements. As such the business has introduced
gross invoiced income as an alternative performance measure and
will present this alongside GAAP revenue. Management are clear that
this alternative performance measure is not superior to the GAAP
measure and may not be comparable to other companies who use
similarly named alternative performance measures.
3. Segmental information
The information reported to the Company's Chief Executive
Officer, who is considered to be the chief operating decision maker
for the purposes of resource allocation and assessment of
performance, is based wholly on the overall activities of the
Company. The Company has therefore determined that it has only one
reportable segment under IFRS 8, which is that of "value-added IT
reseller and IT infrastructure solutions provider". The Company's
revenue, results and assets for this one reportable segment can be
determined by reference to the statement of comprehensive income
and statement of financial position. An analysis of revenues by
product, which form one reportable segment, is set out below:
Six months ended Year
31 January ended
31 July
2019 2018 2018
--------- -------- ----------
GBP'000 GBP'000 GBP'000
Revenue by type
Software 200,930 168,349 378,811
Hardware 194,970 156,363 349,119
Services 38,070 33,592 69,278
--------- -------- ----------
433,970 358,304 797,208
Gross invoiced income by type
Software 328,355 239,911 563,709
Hardware 201,719 164,693 366,877
Services 77,682 68,239 151,092
--------- -------- ----------
607,756 472,843 1,081,678
The total revenue for the Company has been derived from its
principal activity as an IT reseller. Substantially all this
revenue relates to trading undertaken in the United Kingdom.
4. Taxation
Six months ended Year
31 January ended
31 July
2019 2018 2018
--------- -------- --------
GBP'000 GBP'000 GBP'000
Current Tax
Current period 6,514 4,722 13,515
Adjustment in respect of current income
tax in previous years. - - (119)
Deferred Tax
Temporary differences - (6) (263)
--------- -------- --------
Total tax charge for the period 6,514 4,716 13,133
The income tax expense was recognised based on management's best
estimate of the annual income tax rate expected for the full
financial year, applied to the profit before tax for the half year
ended 31 January 2019. On this basis, the Company's tax charge was
GBP6.5m (H1 2018: GBP4.7m). The applicable statutory tax rate for
the full year is 19.0% (H1 2018: 19.0%). Following adjusting items
which relate to client entertaining and non-qualifying
depreciation, the effective tax rate is 19.2% (H1 2018: 19.5%).
5. Dividends
Six months ended Year
31 January ended
31 July
2019 2018 2018
--------- -------- --------
GBP'000 GBP'000 GBP'000
Declared and paid during the period
Interim dividend - - 6,531
Final dividend 17,419 12,064 12,064
Special dividend 29,891 26,726 26,726
--------- -------- --------
47,310 38,790 45,321
An interim dividend of 4.5p per share, amounting to a total
dividend of GBP8.9m, was declared post period end and is to be paid
on 10 May 2019 to those on the share register on 5 April 2019.
6. Trade and other receivables
Six months ended Year
31 January ended
31 July
2019 2018 2018
--------- -------- --------
GBP'000 GBP'000 GBP'000
Trade receivables 222,953 178,152 190,730
Allowance for expected credit losses (2,030) (1,638) (1,867)
--------- -------- --------
Net trade receivables 220,923 176,514 188,863
Other debtors 37 41 40
Prepayments 8,402 6,475 6,110
Accrued Income 11,443 6,593 10,944
--------- -------- --------
240,805 189,623 205,957
7. Trade and other payables
Six months ended Year
31 January ended
31 July
2019 2018 2018
--------- -------- --------
GBP'000 GBP'000 GBP'000
Trade payables 164,489 119,279 131,115
Other taxes and social security 13,049 14,018 9,642
Accruals 40,001 30,964 33,291
Deferred Income 29,967 12,252 11,216
--------- -------- --------
247,506 176,513 185,264
8. Financial instruments
The Company's principal financial liabilities comprise trade and
other payables. The primary purpose of these financial liabilities
is to finance the Company's operations. The Company has trade and
other receivables and cash that derive directly from its
operations.
Six months ended
31 January Year ended
31 July
2019 2018 2018
---------- ---------- -----------
GBP'000 GBP'000 GBP'000
Financial assets
The financial assets of the Company
were as follows:
Cash at bank and in hand 52,774 43,318 72,831
Trade receivables, other debtors and
accrued income 232,403 183,148 199,847
---------- ---------- -----------
285,177 226,466 272,678
Financial liabilities
The financial liabilities of the Company
were as follows:
Trade payables (164,489) (119,279) (131,115)
Accruals (40,001) (30,964) (33,291)
---------- ---------- -----------
(204,490) (150,243) (164,406)
The Directors consider that the carrying amount for all
financial assets and liabilities approximate to their fair
value.
9. Earnings per share
Six months ended Year
31 January ended
31 July
2019 2018 2018
--------- -------- --------
Pence Pence Pence
Earnings per share
Basic 13.9 9.8 27.9
Diluted 13.8 9.8 27.6
The calculation of the earnings per share and diluted earnings
per share is based on the following data:
Six months ended Year
31 January ended
31 July
2019 2018 2018
--------- -------- --------
GBP'000 GBP'000 GBP'000
Earnings
Earnings for the purposes of earnings
per share being profit for the period 27,450 19,432 55,006
--------- -------- --------
The weighted average number of shares is given below:
Six months ended Year
31 January ended
31 July
2019 2018 2018
--------- -------- --------
000's 000's 000's
Number of shares used for basic earnings
per share 197,523 197,241 197,338
Number of shares deemed to be issued
at nil consideration following exercise
of share options 1,255 1,326 1,668
--------- -------- --------
Number of shares used for diluted
earnings per share 198,778 198,567 199,006
10. Notes to the cash flow statement
Reconciliation of operating profit
to net cash inflow from operating
activities
Six months ended
31 January Year ended
31 July
2019 2018 2018
----------- ----------- -----------
GBP'000 GBP'000 GBP'000
Operating profit 33,854 24,110 68,022
Depreciation of property, plant and
equipment 646 745 1,460
Amortisation of intangibles 121 154 299
Loss on disposal of fixed assets 77 - 28
Dividend equivalents paid (287) - -
Cost of equity-settled employee share
schemes 898 989 1,759
Operating cash flow before movements
in working capital 35,309 25,998 71,568
----------- ----------- -----------
Increase in inventories (26,370) (5,729) (1,656)
Increase in trade and other receivables (34,848) (16,117) (32,451)
Increase in trade and other payables 62,241 21,340 30,090
----------- ----------- -----------
Cash generated from operations 36,332 25,492 67,551
Income taxes paid (7,869) (4,900) (10,500)
----------- ----------- -----------
Net cash generated from operating
activities 28,463 20,592 57,051
=========== =========== ===========
11. Share capital
Six months ended Year
31 January ended
31 July
2019 2018 2018
--------- -------- --------
GBP'000 GBP'000 GBP'000
Ordinary shares of 0.05p each 99 99 99
Deferred shares of 1p each - - -
--------- -------- --------
99 99 99
12. Related party transactions
Dividends to Directors
The following Directors, who served as Directors for either the
whole or part of the interim period, were paid the following
dividends:
Six months ended Year
31 January ended
31 July
2019 2018 2018
--------- -------- --------
GBP'000 GBP'000 GBP'000
G Watt - - -
G L Charlton - - -
M J Hellawell 2,335 2,898 3,326
L Ginsberg 5 4 67
V Murria 71 58 5
P Ventress 12 9 11
--------- -------- --------
2,423 2,969 3,409
Except for the above, there were no other significant related
party transactions.
13. Post balance sheet events
Dividend
An interim dividend of 4.5p per share, amounting to a total
dividend of GBP8.9m was declared post period end and is to be paid
on 10 May 2019 to those on the share register on 5 April 2019.
14. Seasonality of operations
Historically, revenues have been marginally higher in the second
half of the year than in the first six months. This is principally
driven by customer buying behaviour in the markets in which we
operate. This increased revenue weighting in the second half of the
year has traditionally resulted in higher operating profit in the
second half.
INDEPENT REVIEW REPORT TO SOFTCAT PLC
Introduction
We have been engaged by the Company to review the condensed set
of financial statements in the half-yearly financial report for the
six months ended 31 January 2019, which comprises the condensed
statement of financial position as at 31 January 2019 and the
related condensed statement of profit or loss and other
comprehensive income, condensed statement of changes in equity and
condensed statement of cash flows for the six-month period then
ended and explanatory notes. We have read the other information
contained in the half yearly financial report and considered
whether it contains any apparent misstatements or material
inconsistencies with the information in the condensed set of
financial statements.
This report is made solely to the Company in accordance with
guidance contained in International Standard on Review Engagements
2410 (UK and Ireland) 'Review of Interim Financial Information
Performed by the Independent Auditor of the Entity' issued by the
Auditing Practices Board. To the fullest extent permitted by law,
we do not accept or assume responsibility to anyone other than the
Company, for our work, for this report, or for the conclusions we
have formed.
Directors' Responsibilities
The half-yearly financial report is the responsibility of, and
has been approved by, the directors. The directors are responsible
for preparing the half-yearly financial report in accordance with
the Disclosure Guidance and Transparency Rules of the United
Kingdom's Financial Conduct Authority.
As disclosed in notes 1 and 2, the annual financial statements
of the Company are prepared in accordance with IFRSs as adopted by
the European Union. The condensed set of financial statements
included in this half-yearly financial report has been prepared in
accordance with International Accounting Standard 34, 'Interim
Financial Reporting', as adopted by the European Union.
Our Responsibility
Our responsibility is to express to the Company a conclusion on
the condensed set of financial statements in the half-yearly
financial report based on our review.
Scope of Review
We conducted our review in accordance with International
Standard on Review Engagements (UK and Ireland) 2410, "Review of
Interim Financial Information Performed by the Independent Auditor
of the Entity" issued by the Auditing Practices Board for use in
the United Kingdom. A review of interim financial information
consists of making enquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other
review procedures. A review is substantially less in scope than an
audit conducted in accordance with International Standards on
Auditing (UK) and consequently does not enable us to obtain
assurance that we would become aware of all significant matters
that might be identified in an audit. Accordingly, we do not
express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that
causes us to believe that the condensed set of financial statements
in the half-yearly financial report for the six months ended 31
January 2019 is not prepared, in all material respects, in
accordance with International Accounting Standard 34 as adopted by
the European Union and the Disclosure Guidance and Transparency
Rules of the United Kingdom's Financial Conduct Authority.
Ernst & Young LLP
London
18 March 2019
Corporate Information
The Directors are responsible for the maintenance and integrity
of the corporate and financial information included on the
Company's website. Legislation in the United Kingdom governing the
preparation and dissemination of financial information differs from
legislation in other jurisdictions.
Directors
G Watt
G L Charlton
M J Hellawell
L Ginsberg
V Murria
P Ventress
Secretary
L Thomas
Company registration number
02174990
Registered office
Solar House
Fieldhouse Lane
Marlow
Buckinghamshire
SL7 1LW
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
IR MMGMFNRDGLZM
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