TIDMSMJ
RNS Number : 6191W
Smart(J.)&Co(Contractors) PLC
18 April 2023
J. SMART & CO. (CONTRACTORS) PLC
INTERIM REPORT
FOR THE SIX MONTHS TO
31st JANUARY 2023
J. SMART & CO. (CONTRACTORS) PLC
CHAIRMAN'S REVIEW
INTERIM REPORT
Unaudited Group profit for the six months to 31st January 2023
amounted to GBP260,000 compared with GBP6,334,000 for the
corresponding period last year. This decrease in profit was largely
due to there being no profit from investment sales of commercial
property as was the case in the previous year.
In accordance with our normal practice, there has been no
revaluation of our investment properties at the end of the half
year. If a half year revaluation had taken place, we believe that
the valuation may have had a detrimental effect on the headline
figures, due to a decrease in yields.
The private housing development at Winchburgh, Canal Quarter, is
progressing well on site and there have been sales completed.
However, whilst reservations were encouraging until the end of
2022, there have been next to no reservations in 2023. The majority
of the development will be complete at the end of the current
financial year.
The construction of the second phase at Belgrave Point,
Bellshill continues apace, with completion due later in 2023, after
the financial year end. Interest is promising at present.
The residential development at Clovenstone Gardens has commenced
and as the first completions are not due until the middle of 2024,
no marketing has taken place yet.
We continue to see rises in the prices of construction
materials, which still affects the viability of all types of
potential projects. The erosion of profits of recently completed
and soon to be completed projects has not abated. Moreover, this
erosion of profit on our private housing developments will be
exacerbated by the recent lull in reservations. The delays in
processing contracting work and commencing new private housing work
continue.
INTERIM DIVID
The Board announces an interim dividend of 0.96p per share
(2022, 0.96p) to be paid on 5th June 2023 to shareholders on the
register at the close of business on 5th May 2023. The interim
dividend will cost the Company no more than GBP389,000.
FUTURE PROSPECTS
There will be further private housing sales this year, albeit
not as many as had been expected. As predicted, the current
economic issues of interest rate rises, high inflation and the cost
of living crisis, have had an impact on consumer confidence in the
housing sector, which has resulted in a near standstill in
reservations.
Whilst commercial property values may fall, as predicted, due to
the decrease in investment yields, lettings of both our industrial
stock and office stock remain steady. Rental levels, more so in the
industrial sector than the office sector, have not fallen yet and
are still robust.
Whilst no external contracts with housing associations have been
secured, we have agreed a contract with a manufacturing company for
a new office facility and an industrial unit extension. This
contract will likely commence prior to the end of the financial
year.
Whilst we might make an underlying profit, it is unlikely to be
better than the underlying profit last year, due to the
aforementioned reasons and the lack of recovery of overhead
costs.
It is evident that due to the potential decrease in commercial
property values, as described above, we may make a minimal headline
profit or indeed a headline loss.
D.W. SMART
18th April 2023 Chairman
CONSOLIDATED INCOME STATEMENT
6 Months 6 Months Year
ended ended ended
31.1.23 31.1.22 31.7.22
Notes (Unaudited) (Unaudited) (Audited)
GBP000 GBP000 GBP000
Group construction activities 5,438 6,231 9,597
Less: Own construction work capitalised (3,318) (1,072) (2,167)
-------------- ------------- -----------
REVENUE 2,120 5,159 7,430
Cost of sales (2,083) (4,712) (5,853)
-------------- ------------- -----------
GROSS PROFIT 37 447 1,577
Other operating income 3,528 3,596 7,012
Net operating expenses (3,471) (3,813) (7,295)
-------------- ------------- -----------
OPERATING PROFIT BEFORE PROFIT
ON SALE AND NET SURPLUS ON VALUATION
OF INVESTMENT PROPERTIES 94 230 1,294
Profit on sale of investment
properties - 6,055 6,055
Net surplus on valuation of investment
properties - - 473
-------------- ------------- -----------
OPERATING PROFIT 94 6,285 7,822
Share of (losses)/profits in
Joint Ventures (17) 27 254
Income from financial assets 28 31 63
(Loss)/profit on sale of financial
assets (15) 4 17
Net surplus/(deficit) on valuation
of financial assets 113 (8) (121)
Finance income 63 1 141
Finance costs (6) (6) (12)
Gain on measurement of subsidiary
company - - 28
-------------- ------------- -----------
PROFIT BEFORE TAX 260 6,334 8,192
Taxation 5 (30) (1,268) (1,571)
-------------- ------------- -----------
PROFIT ATTRIBUTABLE TO EQUITY SHAREHOLDERS 230 5,066 6,621
-------------- ------------- -----------
EARNINGS PER SHARE 7
Basic and diluted 0.56p 12.12p 15.90p
-------------- ------------- -----------
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
6 Months 6 Months Year
ended ended ended
31.1.23 31.1.22 31.7.22
(Unaudited) (Unaudited) (Audited)
GBP000 GBP000 GBP000
PROFIT FOR THE PERIOD 230 5,066 6,621
-------------- ------------- -----------
OTHER COMPREHENSIVE INCOME
Items that will not be subsequently reclassified
to Income Statement:
Remeasurement gains on defined benefit
pension scheme - - 7,219
Deferred taxation on remeasurement
gains on defined benefit pension
scheme - - (1,804)
-------------- ------------- -----------
TOTAL ITEMS THAT WILL NOT BE SUBSEQUENTLY
RECLASSIFED TO INCOME STATEMENT - - 5,415
-------------- ------------- -----------
TOTAL OTHER COMPREHENSIVE INCOME - - 5,415
-------------- ------------- -----------
TOTAL COMPREHENSIVE INCOME FOR
THE PERIOD, NET OF TAX 230 5,066 12,036
-------------- ------------- -----------
ATTRIBUTABLE TO EQUITY SHAREHOLDERS 230 5,066 12,036
-------------- ------------- -----------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Capital
Redemption Retained
Notes Share Capital Reserve Earnings Total
GBP000 GBP000 GBP000 GBP000
As at 1st August 2022 818 190 123,668 124,676
Profit for the period - - 230 230
Other comprehensive income - - - -
Total comprehensive income for
period - - 230 230
-------------- ------------ ---------- -------------
TRANSACTIONS WITH OWNERS, RECORDED DIRECTLY IN EQUITY
Shares purchased and cancelled (4) - (305) (309)
Transfer to Capital Redemption
Reserve - 4 (4) -
Dividends 6 - - (923) (923)
-------------- ------------ ---------- -------------
Total transactions with
owners (4) 4 (1,232) (1,232)
-------------- ------------ ---------- -------------
As at 31st January
2023 814 194 122,666 123,674
-------------- ------------ ---------- -------------
As at 1st August 2021 - as previously
reported 840 168 112,376 113,384
Restatement relating to
pension surplus 10 - - 2,353 2,353
-------- ------- -------- -------------
As at 1st August 2021 -
restated 840 168 114,729 115,737
Profit for the period - - 5,066 5,066
Other comprehensive income - - - -
Total comprehensive income for
period - - 5,066 5,066
-------- ------- -------- -------------
TRANSACTIONS WITH OWNERS, RECORDED DIRECTLY IN EQUITY
Shares purchased and cancelled (4) - (260) (264)
Transfer to Capital Redemption
Reserve - 4 (4) -
Dividends 6 - - (948) (948)
-------- ------- -------- -------------
Total transactions with
owners (4) 4 (1,212) (1,212)
-------- ------- -------- -------------
As at 31st January 2022 836 172 118,583 119,591
-------- ------- -------- -------------
As at 1st August 2021 840 168 114,729 115,737
Profit for the period - - 6,621 6,621
Other comprehensive income - - 5,415 5,415
Total comprehensive income for
period - - 12,036 12,036
-------- ------- -------- -------------
TRANSACTIONS WITH OWNERS, RECORDED DIRECTLY IN EQUITY
Shares purchased and cancelled (22) - (1,727) (1,749)
Transfer to Capital Redemption
Reserve - 22 (22) -
Dividends 6 - - (1,348) (1,348)
-------- ------- -------- -------------
Total transactions with
owners (22) 22 (3,097) (3,097)
-------- ------- -------- -------------
As at 31st July 2022 818 190 123,668 124,676
-------- ------- -------- -------------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
6 Months 6 Months Year
ended ended ended
31.1.23 31.1.22 31.7.22
(Unaudited) (Unaudited) (Audited)
Restated
Note 10
GBP000 GBP000 GBP000
NON-CURRENT ASSETS
Property, plant and equipment 1,315 1,256 1,207
Investment properties 81,140 76,175 77,777
Investments in Joint Ventures 1,515 1,294 1,532
Financial assets 1,357 1,183 1,069
Trade and other receivables 3,010 3,010 3,010
Retirement benefit surplus 15,096 7,863 15,096
Deferred tax assets 13 179 13
-------------- ------------- -----------
103,446 90,960 99,704
-------------- ------------- -----------
CURRENT ASSETS
Inventories 16,760 7,999 12,454
Contract assets 150 52 16
Corporation tax asset 322 - -
Trade and other receivables 2,196 2,925 2,442
Monies held on deposit 49 48 48
Cash and cash equivalents 25,803 38,907 31,796
-------------- ------------- -----------
45,280 49,931 46,756
-------------- ------------- -----------
TOTAL ASSETS 148,726 140,891 146,460
-------------- ------------- -----------
NON-CURRENT LIABILITIES
Deferred tax liabilities 8,172 5,956 8,172
Lease liabilities 212 213 212
8,384 6,169 8,384
-------------- ------------- -----------
CURRENT LIABILITIES
Trade and other payables 4,511 2,839 2,306
Lease liabilities 1 - 1
Corporation tax liability - 983 44
Bank overdraft 12,156 11,309 11,049
-------------- ------------- -----------
16,668 15,131 13,400
-------------- ------------- -----------
TOTAL LIABILITIES 25,052 21,300 21,784
-------------- ------------- -----------
NET ASSETS 123,674 119,591 124,676
-------------- ------------- -----------
EQUITY
Called up share capital 814 836 818
Capital redemption reserve 194 172 190
Retained earnings 122,666 118,583 123,668
-------------- ------------- -----------
TOTAL EQUITY 123,674 119,591 124,676
-------------- ------------- -----------
CONSOLIDATED STATEMENT OF CASH FLOWS
6 Months 6 Months Year
ended ended ended
31.1.23 31.1.22 31.7.22
(Unaudited) (Unaudited) (Audited)
GBP000 GBP000 GBP000
CASH FLOWS FROM OPERATING ACTIVITIES
Profit after tax 230 5,066 6,621
Tax charge for year 30 1,268 1,571
-------------- ------------- -----------
Profit after tax 260 6,334 8,192
Adjustment for:
Share of losses/(profits) from
Joint Ventures 17 (27) (254)
Depreciation 194 169 399
Unrealised valuation surplus on investment
properties - - (473)
Unrealised valuation (surplus)/deficit
on financial assets (113) 8 121
Profit on sale of property, plant and
equipment (60) (5) (29)
Profit on sale of investment
property - (6,055) (6,055)
Loss/(profit) on sale of financial
assets 15 (4) (17)
Gain on remeasurement of subsidiary
company - - (28)
Change in retirement benefits - - (14)
Increase on monies held on (1)
deposit - -
Interest received (63) (1) (20)
Interest paid 6 6 12
Change in inventories (4,306) (468) (4,584)
Change in contract assets (134) 194 230
Change in receivables - current 246 20 503
Change in payables 2,205 (211) (1,113)
-------------- ------------- -----------
CASH OUTFLOW FROM OPERATING ACTIVITIES (1,734) (40) (3,130)
Tax paid (396) (250) (914)
-------------- ------------- -----------
NET CASH OUTFLOW FROM OPERATING ACTIVITIES (2,130) (290) (4,044)
-------------- ------------- -----------
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to property, plant
and equipment (323) (184) (380)
Additions to investment properties (45) (20) (54)
Expenditure on own work capitalised
- investment properties (3,318) (1,072) (2,167)
Proceeds of sale of property, plant
and equipment 81 9 48
Proceeds of sale of investment
property - 24,032 24,032
Purchase of financial assets (368) (47) (47)
Proceeds of sale of financial
assets 178 44 58
Acquisition of investment in Subsidiary
- net cash acquired - - 97
Interest received 63 1 20
Loan to Joint Venture - (1,440) (1,440)
Investment in Joint Ventures - - (50)
NET CASH (OUTFLOW)/INFLOW FROM INVESTING
ACTIVITIES (3,732) 21,323 20,117
-------------- ------------- -----------
CASH FLOWS FROM FINANCING ACTIVITIES
Interest costs on leases (6) (6) (12)
Purchase of own shares (309) (264) (1,749)
Dividends paid (923) (948) (1,348)
---------- ---------- ----------
NET CASH OUTFLOW FROM FINANCING ACTIVITIES (1,238) (1,218) (3,109)
---------- ---------- ----------
(DECREASE)/INCREASE IN CASH AND CASH
EQUIVALENTS (7,100) 19,815 12,964
---------- ---------- ----------
CASH AND CASH EQUIVALENTS AT BEGINNING
OF PERIOD 20,747 7,783 7,783
---------- ---------- ----------
CASH AND CASH EQUIVALENTS AT OF
PERIOD 13,647 27,598 20,747
---------- ---------- ----------
NOTES TO INTERIM FINANCIAL STATEMENTS
1. BASIS OF PREPARATION
J. Smart & Co. (Contractors) PLC is a company domiciled in
the United Kingdom. The condensed consolidated interim financial
statements of the Company for the six months ended 31st January
2023 comprise the Company and its Subsidiaries, together referred
to as the Group, and the Group's interest in jointly controlled
entities.
The condensed consolidated interim financial statements for the
six months to 31st January 2023 have been prepared in accordance
with the Disclosure and Transparency Rules of the Financial Conduct
Authority and with IAS 34: Interim Financial Reporting under UK
adopted International Accounting Standards.
The condensed consolidated interim financial statements for the
six months to 31st January 2023 do not constitute statutory
accounts as defined in Section 434 of the Companies Act 2006. The
condensed consolidated interim financial statements should be read
in conjunction with the annual financial statements for the year to
31st July 2022, which have been prepared in accordance with UK
adopted International Accounting Standards.
The statutory financial statements for the year to 31st July
2022 have been filed with the Registrar of Companies and a copy may
be obtained from Companies House. These have been audited and
contain an unqualified audit opinion, did not draw attention to any
matters by way of emphasis and did not contain a statement under
Section 498 of the Companies Act 2006.
The condensed consolidated interim financial statements have not
been audited or reviewed by the Company's auditor. A copy of the
interim financial statements will be available on the Company's
website www.jsmart.co.uk.
2. ACCOUNTING POLICIES
The condensed consolidated interim financial statements have
been prepared under the historical cost convention except where the
measurement of balances at fair value is required for investment
properties, financial assets and assets held by defined benefit
pension scheme.
The accounting policies adopted are consistent with those
followed in the preparation of the Group's annual financial
statements for the year ended 31st July 2022, with the exception of
the policies regarding the accounting for pension scheme
obligations and investment properties revaluations.
For the condensed consolidated interim financial statements, the
assets and liabilities of the pension scheme are estimated to be
unchanged from the values included at the previous year end. Also,
in accordance with long standing practice, the Group's investment
properties are revalued annually on 31st July each year and
therefore, no revaluation adjustment is made in the condensed
consolidated interim financial statements.
Standards, Amendments to Standards and Interpretations effective
in period
The following new standards, amendments to standards and
interpretations, which are relevant to the Group, were issued by
the International Accounting Standards Board and are mandatory for
the Group for the first time in the financial year to 31st July
2022:
-- IAS 37 (amended): Provisions, Contingent Liabilities and Contingent Assets.
-- IFRS 3 (amended): Business Combinations.
The Directors anticipate that there will be no material impact
of these amendments to standards on the financial statements.
Estimates and assumptions
The preparation of the condensed consolidated interim financial
statements requires management to make estimates and assumptions
concerning the future that may affect the application of accounting
policies and the reported amounts of assets, liabilities and income
and expenses. Management believes that the estimates and
assumptions used in the preparation of these accounts are
reasonable. However, actual outcomes may differ from those
anticipated.
Going concern
The financial statements have been prepared on a going concern
basis. The Directors have prepared a number of cashflows scenarios
taking account of trading activities around construction projects
in hand and anticipated projects, land acquisitions, rental income,
investment property acquisitions and disposals and other capital
expenditure. In each scenario reviewed by the Directors the Group
remains cash positive with no reliance on external funding and
therefore remains net debt free. The net assets of the Group are
GBP123,674,000 at 31st January 2023 and the Group's net current
assets amount to GBP28,612,000. Taking all of the information the
Directors currently have they are of the opinion that the Group is
well placed to manage its financial and business risks and have a
reasonable expectation that the Group has adequate financial
resources to continue in operational existence for a period of at
least twelve months from the date of approval of these financial
statements and therefore consider the adoption of the going concern
basis as appropriate for the preparation of these financial
statements.
3. PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks and uncertainties which could have a
material impact on the Group's performance for the remainder of the
current financial year remain the same as those detailed in the
Group's Annual Report and Financial Statements for the year to 31st
July 2022. The Directors regularly review the risks and
uncertainties facing the Group and their impact on the trading
performance of the Group and take appropriate actions to help
mitigate their impact on the Group's performance and future
prospects.
4. SEGMENTAL INFORMATION
IFRS 8: Operating Segments requires operating segments to be
identified on the basis of internal reporting about components of
the Group and they are regularly reviewed by the chief operating
decision maker to allow the allocation of resources to the segments
and to assess their performance. The chief operating decision maker
has been identified as the Board of Directors. The chief operating
decision maker has identified two distant areas of activities in
the Group being construction activities and investment property
activities.
All revenue and investment property income arises from
activities within the UK and therefore the Board of Directors does
not consider the business from a geographical perspective. The
operating segments are based on activity and performance of an
operating segment is based on a measure of operating results.
Other Operating
Income Operating Profit/(Loss)
External Internal Total
Revenue Revenue Revenue 31.1.23 31.1.22 31.7.22
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
31st JANUARY 2023 (Unaudited)
Construction activities 2,120 3,318 5,438 4 (2,099) - -
Investment property
activities - - - 3,464 2,193 - -
2,120 3,318 5,438 3,468 94 - -
--------- --------- --------- ---------------- ---------- -------- ---------
31st JANUARY 2022 (Unaudited)
Construction activities 5,159 1,072 6,231 4 - (1,628) -
Investment property
activities - - - 3,587 - 7,913 -
5,159 1,072 6,231 3,591 - 6,285 -
--------- --------- --------- ---------------- ---------- -------- ---------
31st JULY 2022 (Audited)
Construction activities 7,430 2,167 9,597 7 - - (2,487)
Investment property
activities - - - 6,976 - - 10,309
7,430 2,167 9,597 6,983 - - 7,822
--------- --------- --------- ---------------- ---------- -------- ---------
OPERATING PROFIT 94 6,285 7,822
Share of results of Joint
Ventures (17) 27 254
Finance and investment income 204 36 221
Finance and investment costs (21) (14) (133)
Gain on remeasurement of subsidiary company - - 28
---------- -------- ---------
PROFIT BEFORE TAX ON ORDINARY ACTIVITIES 260 6,334 8,192
---------- -------- ---------
5. TAXATION
The tax charge for the six months to 31st January 2023 is based
on the corporation tax rate at 21.01% (2022, 19.00%).
6. DIVIDS
6 Months 6 Months Year
Ended Ended Ended
31.1.23 31.1.22 31.7.22
(Unaudited) (Unaudited) (Audited)
GBP000 GBP000 GBP000
ORDINARY DIVIDS
2021 Final Dividend of 2.27p per share - 948 948
2022 Interim Dividend of 0.96p per share - - 400
2022 Final Dividend of 2.27p per share 923 - -
------------- ------------- -----------
923 948 1,348
------------- ------------- -----------
The interim dividend of 0.96p per share for the year to 31st
July 2023 will be paid on 5th June 2023 to shareholders on the
register at 5th May 2023. The interim dividend will cost the
Company no more than GBP389,000.
7. EARNINGS PER SHARE
6 Months 6 Months Year
Ended Ended Ended
31.1.23 31.1.22 31.7.22
(Unaudited) (Unaudited) (Audited)
Profit attributable to Equity Shareholders
GBP000 230 5,066 6,621
Basic and diluted Earnings per share 0.56p 12.12p 15.90p
------------- ------------- -------------
Weighted average number of shares 40,758,094 41,810,610 41,638,109
------------- ------------- -------------
Basic earnings per share are calculated by dividing the profit
attributable to equity shareholders by the weighted average number
of shares in issue during the period.
During the six months to 31st January 2023 the Company purchased
for immediate cancellation 189,034 Ordinary Shares of 2p.
There is no difference between basic and diluted earnings per
share.
8. FAIR VALUE ASSETS
The Group's investment properties, financial assets and assets
held by defined benefit pension scheme are measured at fair value
after initial recognition.
Investment properties are only valued annually by the Directors
at the year end and not for the purposes of the interim financial
statements. The Group considers all of its investment properties
fall within 'Level 3' of the fair value hierarchy as described by
IFRS 13: Fair Value Measurement. Level 3 valuations are those using
inputs for the asset or liability that are not based on observable
market data. The main unobservable inputs relate to estimated
rental value and equivalent yield.
The Group's financial assets consisted entirely of equities of
companies listed on quoted markets which fall within 'Level 1' of
the fair value hierarchy. Assets held by defined benefit pension
scheme consist of equities and bonds of companies listed on quoted
markets and cash which all fall within 'Level 1' of the fair value
hierarchy. Level 1 valuations are those using inputs which are
quoted prices (unadjusted) in active markets for identical assets
or liabilities the Group can access at the period end date.
9. RELATED PARTY TRANSACTION
Related parties are consistent with those disclosed in the
Group's Annual Report and Statement of Accounts for the year to
31st July 2022.
Related party transactions, including salary and benefits
provided to Directors and key management, were not material to the
financial position or performance of the Group for the period.
10. PRIOR YEAR ADJUSTMENT
During the year to 31st July 2022 the Group sought further
advice on the Group's right to a surplus arising on the pension
scheme from a firm of lawyers who specialise in this area. Their
advice was that the Group had an unconditional right to the surplus
based on the original Trust Deed and Deed of Variation and
therefore the full surplus arising on the calculation thereof under
IAS 19 (amended): Employee Benefits should be accounted for in the
financial statements. This revised advice impacted on the accounts
for the year to 31st July 2021 and resulted in the accounts for
that year being revised.
The impact of this new advice is that it is now clear to the
Group that the full surplus arising on the pension scheme should be
accounted for and should not have been reduced by the asset ceiling
adjustment to reduce the surplus to the present value of economic
benefits available in the form of reductions in future
contributions to the plan.
There has been no impact on the Consolidated Income Statement as
the asset ceiling adjustment was only accounted for in the
Consolidated Statement of Comprehensive Income. The pension scheme
asset in the Consolidated Statement of Financial Position has
increased as has deferred tax liability on the asset. It is only
the financial statements for the six months to 31st January 2022,
disclosed in this interim report, which are impacted upon by the
prior year adjustment, details of which are given below:
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
GBP000
Retirement benefit surplus - as previously
stated 4,725
Retirement benefit surplus - as restated 7,863
-------
Increase in asset 3,138
Increase in deferred tax adjustment based
on above increase (785)
-------
Increase in net assets of the Group 2,353
-------
Increase in retained earnings of Group 2,353
-------
STATEMENT OF DIRECTORS' RESPONSIBILITIES
The Directors named below, confirm on behalf of the Board of
Directors that to the best of their knowledge that the condensed
consolidated interim financial statements for the six months to
31st January 2023 have been prepared in accordance with IAS 34:
Interim Financial Reporting under UK adopted International
Accounting Standards. The condensed consolidated interim financial
statements include a fair review of the information required by
Disclosure and Transparency Rules 4.2.7 and 4.2.8, being:
-- an indication of important events that have occurred during
the six months to 31st January 2023 and their impact on the
condensed consolidated interim financial statements, and a
description of the principal risks and uncertainties for the
remaining six months of the financial year, and
-- material related party transactions in the six months to 31st
January 2023 and any material changes in the related party
transactions described in the last annual report.
The Directors of the Company are listed in the Annual Report and
Statement of Accounts for the year to 31st July 2022.
By order of the Board
D.W. SMART, Director J.R. SMART, Director
18th April 2023
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END
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(END) Dow Jones Newswires
April 18, 2023 07:21 ET (11:21 GMT)
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