TIDMSCE
RNS Number : 0557R
Surface Transforms PLC
26 February 2019
The information communicated within this announcement is deemed
to constitute inside information as stipulated under the Market
Abuse Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
26 February 2019
Surface Transforms plc.
("Surface Transforms" or the "Company")
Half-year financial results for the six months ended 30 November
2018
Surface Transforms (AIM:SCE) manufacturers of carbon fibre
reinforced ceramic materials, announces its half-year financial
results for the six months ended 30 November 2018.
Financial highlights
-- Revenue decreased 3% to GBP509k (H1-2017: GBP524k)
-- Gross profit increased 13% to GBP322k (H1-2017: GBP286k)
-- Loss before and after tax increased 15% to GBP1,482k (H1-2017: GBP1,294k)
-- Cash at 30 November 2018 was GBP745k (31 May 2018: GBP923k)
-- Successful equity placing raising GBP1,466k (net of expenses) in the period
-- Capital expenditure on property, plant and equipment of
GBP156k (H1-2017: GBP684k) mainly related to the installation of
OEM Production Cell One
-- Inventory of GBP1,062k (31 May 2018: GBP855k)
Sales and Operational Highlights
-- Successful testing for OEM5 with all the key engineering
tests completed satisfactorily and also received approved supplier
status to OEM5 including confirmation that the Company meets VDA
6.3 (and IATF 16949) standards
-- Continuing progress on testing for OEM3
-- Delay of six months to SOP confirmed by OEM6 but no impact on
lifetime revenues and discussions started for follow on OEM6
vehicle
-- Capital expenditure on OEM Production Cell One virtually
completed with phase one capacity expected to be operational in
summer 2019
-- Company secured accreditation to new quality standard IATF
16949 and Environmental standard ISO 14001
-- Post balance sheet date, Company migrated its computer
systems to a new enterprise system compatible with the needs of the
German automotive OEMs.
Financial Review
Revenue in the period decreased slightly to GBP509k (H1-2017:
GBP524k) and the split between retrofit and near OEM was comparable
to last year. Sales to OEM6 were due to commence in March 2019 but
as previously announced, SOP has been delayed by six months.
However, this has no impact on sales in this reporting period.
Gross profit increased to GBP322k (H1-2017: GBP286k) and gross
profit margin was 63% (H1-2017: 55%), the movement resulting from
cost reduction activities beginning to have an effect at the new
plant.
Administrative expenses increased to GBP730k (H1-2017: GBP547k)
primarily due to higher insurance costs, upgrades to the IT
infrastructure in the business and increased headcount.
Research expenses increased slightly to GBP1,073k (H1-2017:
GBP1,033k) due to continuing focus on delivering final product to
target OEM customers. The continued high spend was primarily due to
increased cost of engineers and extensive external testing together
with material costs to deliver these programmes.
Cash at the end of the half-year was GBP745k (31 May 2018:
GBP923k). In the period the Company successfully placed 9 million
shares at 17 pence each in an oversubscribed placing raising net
proceeds of GBP1,461k.
Loss per share was 1.22p (H1-2017: 1.17p).
Progress with potential OEM Customers
The Company continues to test products with customers as
described in recent announcements
OEM5: Further progress has been made with German OEM5 during the
period. The customer has advised that they intend to select the
disc supplier for the target car in the spring.
As previously notified, the customer is approving the Company's
disc with both a slightly modified "traditional" pad as well as a
more environmentally friendly pad. This has slightly delayed
testing; nonetheless the tests have gone well, with the products
comfortably passing all the key criteria on the critical tests.
However because the pad-disc configuration is now different from
the original testing some regulatory tests need to be repeated in
February and March 2019; the Board is not concerned about the time
implications on the overall project of these relatively minor
repeat tests.
Additionally OEM5 has reviewed the Company's quality processes,
logistics capability, financial strength and capacity plan and has
approved Surface Transforms as a potential supplier to them. The
Company has been informed, "... it is now officially possible for
(OEM5) to place orders under the condition that the development
department is happy with the required performance of ST discs". As
part of this process their quality team completed an onsite brief
review of the Company's compliance with VDA 6.3 (and IATF 16949)
and confirmed compliance.
The Company has broadly agreed initial pricing and is in the
process of agreeing commercial terms.
OEM3: Work on passing the OEM3 rig test continues with good
progress having been made in the period on understanding the reason
for process variability and reducing the variability in subsequent
tests. Whilst results have improved, the Company is not yet
consistently meeting the performance criteria of OEM3. However,
this work is expected to complete in the next few months,
consistent with the next round of nomination dates.
OEM6: As signalled in the trading update on 4 December 2018
there is a delay (now confirmed) of six months to the SOP of the
car originally scheduled for SOP in June 2019 - which implied SOP
in March 2019 for Surface Transforms. The delay has nothing to do
with any brake system parts. Discussions are continuing on both the
precise new SOP date and amelioration of the cost of this delay to
the Company. In the meantime, the Board is not changing the
previous advice provided regarding the risk to current year sales
of GBP500k but with no impact on lifetime revenues from the project
itself.
The Company has also begun discussions with this customer on the
next car model that is expected to have significantly higher
volumes than the current model. Unsurprisingly (as it involves the
same customer personnel) the delays on the current model are
slowing discussions on the new model; nonetheless the customer has
told us of their wish to keep the "blood line" between the two
cars, a statement the Board believes to be promising for ultimate
selection.
Aerospace: The Company is still awaiting the outcome of
discussions between the landing gear manufacturer, airframe builder
and the US DOD on its request for pre funding before undertaking
any further work on this project.
Knowsley facility
OEM Production Cell One: Capital expenditure on OEM Production
Cell One is virtually complete. The final furnace for this cell has
successfully completed a number of production runs at the
supplier's premises but as a further risk mitigation exercise the
decision has been made to complete the manufacture of the OEM6
production parts in Germany and then ship the furnace in Q2 of the
calendar year. This would then give the Company time to
successfully commission the new furnace before the production is
required from this furnace for the next series of new
programmes.
The other furnaces are either in production or finalising
software installation. The Company continues to expect OEM
Production Cell One to be operational in summer 2019.
Environmental awards and permits: The Company was awarded the
environmental standard ISO 14001 in November 2018. The Company is
concluding its discussions with the Environmental Agency on
securing all the necessary permits for full capacity volume
production of OEM Production Cell One.
VDA 6.3 and IATF 16943: As previously notified, conformance with
the stand-alone German VDA certification has always been a pre
requisite to supply to the German automotive industry.
Historically, Surface Transforms conformed with TS 16949, which
many German OEMs considered to be less demanding than the German
developed VDA 6.3. TS 16949 has been superseded by the new
International Automotive Task Force (IATF) quality standard 16949,
which German OEMs now see as equivalent to VDA 6.3. Surface
Transforms secured accreditation to this standard in July 2018.
This does not remove the need for on-going customer quality audits
but they are much more "light touch" looking for evidence of
continuing conformance with the standards. The first of these
audits was conducted by OEM5 in the period and was completed to
their satisfaction.
Computer Systems: German OEMs require their suppliers to have
computer compatibility with their computer systems; in practice
this has meant the Company migrating to the SAP computer system.
After extensive work this transition took place, post balance sheet
date, in December 2018. There were some inevitable disruptions in
December and January but the factory and internal processes are now
running smoothly again.
Outlook
The Company signalled a change in the outlook for the current
financial year in a trading update on 4 December, reflecting a
concern on the SOP date for OEM6. This slippage has now been
confirmed as being six months, in line with the concerns expressed
at that time. There are no further changes to expectations for the
current year.
The outlook for the next financial year ending 31 May 2020 is
unchanged in respect of automotive sales but the on-going lack of
clarity on the potential aerospace contract, hazards GBP600k of
forecast sales in that year, albeit there is still time to resolve
the financial discussions between the key parties.
The Company reaches cash break even when OEM 6 enters production
in the financial year 2019-20. Thereafter the outlook is clearly
dependent upon winning the expected OEM contracts described above
which are scheduled for start of volume production in the 2021 to
2022 calendar years. The Board remains optimistic about being
awarded these potential contracts.
Summary
The Company continues its journey from a development company to
a mainstream volume automotive supplier with a site capable of
revenues of GBP50m per year in a market that could ultimately reach
GBP1 billion.
The delay on SOP for OEM6 is frustrating but has no medium-long
term impact on the fortunes of the Company and, indeed, the Company
continues to expect follow on orders on new models from this
customer. Equally importantly, after a number of frustrating years
and delays, the past six months has seen particular progress on
testing at both OEM5 and OEM3.
The task in the remainder of the financial year is to turn this
progress on testing into firm orders. The Board remains confident
of delivering this objective.
In respect to operations, the improvement in gross margin
percentage demonstrates the impact of the investment and cost
reduction programme over recent years. The new, cost competitive,
first commercial cell of the factory will be operational mid year -
consistent with the capacity needs of target customer programmes.
Additionally the Board is now confident that that the factory has
the quality systems, computer infrastructure and internal processes
required to be successful as a mainstream automotive supplier.
Finally may I conclude by recording the Board's appreciation of
the outstanding contribution by all members of staff. Thank
You!
David Bundred
Chairman
For enquiries, please contact:
Surface Transforms plc.
Kevin Johnson, CEO +44 151 356 2141
Michael Cunningham CFO
David Bundred, Chairman
Cantor Fitzgerald Europe (Nomad & Joint-Broker) +44 20 7894 7000
David Foreman / Richard Salmon/ Michael Boot (Corporate
Finance)
Caspar Shand-Kydd/ Gregor Paterson / Maisie Atkinson (Sales)
finnCap Ltd (Joint-Broker) +44 20 7220 0500
Ed Frisby / Giles Rolls (Corporate Finance)
Richard Chambers (ECM)
For further Company details, visit www.surfacetransforms.com
Statement of Total Comprehensive Income
For the six months ended 30 November 2018
Six Months Six Months
Ended Ended Year Ended
Note 30 Nov 2018 30 Nov 2017 31 May 2018
GBP'000 GBP'000 GBP'000
---------------- ----- -------------------------------- -------------------------------- --------------------------------
Unaudited Unaudited Audited
---------------- ----- -------------------------------- -------------------------------- --------------------------------
Revenue 509 524 1,363
Cost of Sales (187) (238) (445)
---------------- ----- -------------------------------- -------------------------------- --------------------------------
Gross Profit 322 286 918
Administrative
Expenses:
Before research
and
development
costs (730) (547) (1,083)
Research and
development
costs (1,073) (1,033) (2,002)
---------------- ----- -------------------------------- -------------------------------- --------------------------------
Total
administrative
expenses (1,803) (1,580) (3,085)
---------------- ----- -------------------------------- -------------------------------- --------------------------------
Other operating
income - - -
---------------- ----- -------------------------------- -------------------------------- --------------------------------
Operating loss
before
exceptional
items (1,480) (1,294) (2,167)
Exceptional
items (3) - (133)
Financial
income 1 - 1
Financial
expenses - - -
---------------- ----- -------------------------------- -------------------------------- --------------------------------
Loss before tax (1,482) (1,294) (2,299)
Taxation 2 - - 465
---------------- ----- -------------------------------- -------------------------------- --------------------------------
Loss for the
year after tax (1,482) (1,294) (1,834)
Other
comprehensive
income - - -
---------------- ----- -------------------------------- -------------------------------- --------------------------------
Total
comprehensive
loss for the
year
attributable
to members (1,482) (1,294) (1,834)
---------------- ----- -------------------------------- -------------------------------- --------------------------------
Loss per
ordinary share
Basic and
diluted 3 (1.22)p (1.17)p (1.66)p
---------------- ----- -------------------------------- -------------------------------- --------------------------------
EBITDA
(including tax
credits
and excluding
share-based
payments*) (1,244) (1,107) (1,514)
---------------- ----- -------------------------------- -------------------------------- --------------------------------
* EBITDA numbers, including that for the year ended 31 May 2018,
are unaudited
Statement of Financial Position
As at 30 November 2018
Six Months Six Months
Ended Ended Year Ended
30 Nov 2018 30 Nov 2017 31 May 2018
GBP'000 GBP'000 GBP'000
------------------------------------- ------------ ------------ ------------
Unaudited Unaudited Audited
------------------------------------- ------------ ------------ ------------
Non-current Assets
Property, plant and equipment 4,069 2,962 4,096
Intangibles 218 136 192
------------------------------------- ------------ ------------ ------------
4,286 3,098 4,288
Current assets
Inventories 1,062 735 855
Trade and other receivables 619 510 776
Cash and cash equivalents 745 3,275 923
------------------------------------- ------------ ------------ ------------
2,425 4,520 2,554
------------------------------------- ------------ ------------ ------------
Total assets 6,711 7,618 6,842
Current liabilities
Other interest bearing loans
and borrowings (65) (2) (29)
Trade and other payables (478) (1,024) (790)
------------------------------------- ------------ ------------ ------------
(543) (1,026) (819)
Non-current liabilities
Government Grants (200) (196) (200)
Other interest bearing loans
and borrowings (357) (294) (275)
------------------------------------- ------------ ------------ ------------
Total liabilities (1,100) (1,516) (1,294)
------------------------------------- ------------ ------------ ------------
Net assets 5,611 6,102 5,548
------------------------------------- ------------ ------------ ------------
Equity
Share capital 1,230 1,140 1,140
Share premium 18,972 17,592 17,596
Capital reserve 464 464 464
Retained loss (15,055) (13,094) (13,652)
------------------------------------- ------------ ------------
Total equity attributable to
equity shareholders of the company 5,611 6,102 5,548
------------------------------------- ------------ ------------ ------------
Statement of Cash Flow
For the six months to 30 November 2018
Six Months Six Months
Ended Ended Year Ended
30 Nov 2018 30 Nov 2017 31 May 2018
GBP'000 GBP'000 GBP'000
--------------------------- -------------------------------- -------------------------------- ---------------------
Unaudited Unaudited Audited
--------------------------- -------------------------------- -------------------------------- ---------------------
Cash flow from operating
activities
Loss after tax for the
year (1,482) (1,294) (1,834)
Adjusted for:
Depreciation and
amortisation charge 158 137 287
Equity settled share-based
payment
expenses 80 51 33
Financial expense/(income) 1 - (1)
Taxation - - (465)
--------------------------- -------------------------------- -------------------------------- ---------------------
(1,244) (1,106) (1,980)
Changes in working capital
Increase in inventories (206) (228) (348)
Decrease/(increase) in
trade and
other receivables 157 (145) (411)
(Decrease)/increase in
trade and
other payables (252) 339 106
--------------------------- -------------------------------- -------------------------------- ---------------------
(1,544) (1,140) (2,633)
Taxation received - - 465
--------------------------- -------------------------------- -------------------------------- ---------------------
Net cash used in operating
activities (1,544) (1,140) (2,168)
--------------------------- -------------------------------- -------------------------------- ---------------------
Cash flows from investing
activities
Acquisition of tangible
and intangible
assets (156) (684) (2,024)
Capital Government grants
received - 55 -
Net cash used in investing
activities (156) (629) (2,024)
--------------------------- -------------------------------- -------------------------------- ---------------------
Cash flows from financing
activities
Proceeds from issue of
share capital,
net of expenses 1,466 3,439 3,443
Payment of finance lease
liabilities (5) (10) (8)
Proceeds from other loans 62 83 148
Net cash generated from
financing
activities 1,523 3,512 3,583
--------------------------- -------------------------------- -------------------------------- ---------------------
Net (decrease)/increase in
cash
and cash equivalents (178) 1,743 (609)
Cash and cash equivalents
at the
beginning of the period 923 1,532 1,532
--------------------------- -------------------------------- -------------------------------- ---------------------
Cash and cash equivalents
at the
end of the period 745 3,275 923
--------------------------- -------------------------------- -------------------------------- ---------------------
Statement of Changes in Equity
For the six months to 30 November 2018
Share
Share premium Capital Retained
capital account reserve loss Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
----------------------------------- ------------------ ------------------ ------------------ --------- --------
Balance as at 31 May 2018 1,140 17,596 464 (13,652) 5,548
Comprehensive income for the
year
Loss for the year - - - (1,482) (1,482)
----------------------------------- ------------------ ------------------ ------------------ --------- --------
Total comprehensive income
for the year - - - (1,482) (1,482)
----------------------------------- ------------------ ------------------ ------------------ --------- --------
Transactions with owners,
recorded directly to equity
Shares issued in the year 90 1,445 - - 1,535
Cost of issue off to share
premium - (69) - - (69)
Equity settled share based
payment transactions - - - 79 79
----------------------------------- ------------------ ------------------ ------------------ --------- --------
Total contributions by and
distributions to the owners 90 1,376 - 79 1,545
----------------------------------- ------------------ ------------------ ------------------ --------- --------
Balance at 30 November 2018 1,230 18,972 464 (15,055) 5,611
----------------------------------- ------------------ ------------------ ------------------ --------- --------
For the six months to 30 November
2017
Share
Share premium Capital Retained
capital account reserve loss Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
----------------------------------- ------------------ ------------------ ------------------ --------- --------
Balance as at 31 May 2017 903 14,390 464 (11,851) 3,906
Comprehensive income for the
year
Loss for the year - - - (1,294) (1,294)
----------------------------------- ------------------ ------------------ ------------------ --------- --------
Total comprehensive income
for the year - - - (1,294) (1,294)
----------------------------------- ------------------ ------------------ ------------------ --------- --------
Transactions with owners,
recorded directly to equity
Shares issued in the year 237 3,677 - - 3,914
Cost of issue off to share
premium - (475) - - (475)
Equity settled share based
payment transactions - - - 51 51
----------------------------------- ------------------ ------------------ ------------------ --------- --------
Total contributions by and
distributions to the owners 237 3,202 - 51 3,490
----------------------------------- ------------------ ------------------ ------------------ --------- --------
Balance at 30 November 2017 1,140 17,592 464 (13,094) 6,102
----------------------------------- ------------------ ------------------ ------------------ --------- --------
For the year to 31 May 2018
Share
Share premium Capital Retained
capital account reserve loss Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
----------------------------------- ------------------ ------------------ ------------------ --------- --------
Balance as at 31 May 2017 903 14,390 464 (11,851) 3,906
Comprehensive income for the
year
Loss for the year - - - (1,834) (1,834)
----------------------------------- ------------------ ------------------ ------------------ --------- --------
Total comprehensive income
for the year - - - (1,834) (1,834)
----------------------------------- ------------------ ------------------ ------------------ --------- --------
Transactions with owners,
recorded directly to equity
Shares issued in the year 237 3,681 - - 3,918
Cost of issue off to share
premium - (475) - - (475)
Equity settled share based
payment transactions - - - 33 33
----------------------------------- ------------------ ------------------ ------------------ --------- --------
Total contributions by and
distributions to the owners 237 3,206 - 33 3,476
----------------------------------- ------------------ ------------------ ------------------ --------- --------
Balance at 31 May 2018 1,140 17,596 464 (13,652) 5,548
----------------------------------- ------------------ ------------------ ------------------ --------- --------
SURFACE TRANSFORMS PLC
NOTES
1. Accounting policies
The interim financial statements are the responsibility of the
Directors and were authorised and approved by the Board of
Directors for issuance on 26 February 2019.
Basis of preparation
The Company is a public limited liability Group incorporated and
domiciled in England & Wales. The financial information is
presented in Pounds Sterling (GBP) which is also the functional
currency. The Company's accounting reference date is 31 May.
These interim condensed financial statements are for the six
months to 30 November 2018. They have not been prepared in
accordance with IAS 34, Interim Financial Reporting that is not
mandatory for UK AIM listed companies, in the preparation of this
half-yearly financial report. While the financial information
included has been prepared in accordance with the recognition and
measurement criteria of International Financial Reporting Standards
(IFRS), as adopted by the European Union (EU), these interim
results do not contain sufficient information to comply with
IFRS.
These interim results for the period ended 30 November 2018,
which are not audited; do not comprise statutory accounts within
the meaning of section 435 of the Companies Act 2006.
Full audited accounts of the Company in respect of the year
ended 31 May 2018, which received an unqualified audit opinion and
did not contain a statement under section 498(2) or (3) (accounting
record or returns inadequate, accounts not agreeing with records
and returns or failure to obtain necessary information and
explanations) of the Companies Act 2006 and have been delivered to
the Registrar of Companies.
The accounting policies used in the preparation of the financial
information for the six months ended 30 November 2018 are in
accordance with the recognition and measurement criteria of IFRS as
adopted by the EU and are consistent with those which will be
adopted in the annual statutory financial statements for the year
ending 31 May 2019.
Segmental reporting
IFRS 8 "Operating Segments" requires that the segments should be
reported on the same basis as the internal reporting information
that is provided to, and regularly reviewed by, the chief operating
decision-maker, whom the Group has identified as the CEO.
The Board has reviewed the requirements of IFRS 8, including
consideration of what results and information the CEO reviews
regularly to assess performance and allocate resources, and
concluded that all revenue falls under a single business
segment.
The Directors consider that the Group does not have separate
divisional segments as defined under IFRS 8. The CEO assesses the
commercial performance of the business based upon consolidated
revenues; margins and operating costs and assets are reviewed at a
consolidated level.
Estimates
The preparation of half-yearly financial statements requires
management to make judgments, estimates and assumptions that affect
the application of accounting policies and the reported amounts of
assets and liabilities, income and expense. Actual results may
differ from these estimates. In preparing these condensed
consolidated half-yearly financial statements, the significant
judgments made by management in applying the Group's accounting
policies and the key sources of estimation uncertainty which will
be adopted in the annual statutory financial statements for the
year ending 31 May
Seasonality of operations
The Company expects to continue the historic norm of unequal
split of sales between the two halves of the year with higher sales
in the second half of the year.
Going concern
The financial statements have been prepared on a going concern
basis that the Directors believe to be appropriate. Whilst the
Group incurred a net loss of GBP1,482k during the period, the
Directors are satisfied that sufficient cash is available to meet
the Company's liabilities as and when they fall due for at least 12
months from the date of signing the half yearly report.
2. Taxation
Analysis of credit in the period
Six months Six months Year ended
ended ended ended
30-Nov 30-Nov 31-May
2018 2017 2018
GBP'000 GBP'000 GBP'000
(unaudited) (unaudited) (audited)
UK Corporation tax
Current tax on income - - -
for the period
Research and development
tax repayment - - 465
- - 465
-------------- ----------------------------------------- -----------
The effective rate of tax for the period/year is lower than the
standard rate of corporation tax in the UK of 20 per cent,
principally due to losses incurred by the Company.
The potential deferred tax asset relating to losses has not been
recognised in the financial statements because it is not possible
to assess whether there will be suitable taxable profits from which
the future reversal of the underlying timing differences can be
deducted.
3. Loss per share
Six months Six months Year
ended ended ended
30-Nov 30-Nov 31-May
2018 2017 2018
(unaudited) (unaudited) (audited)
Pence Pence Pence
Loss per share:
Basic and diluted (1.22) (1.17) (1.66)
------------- ------------- -----------
Loss per ordinary share is based on the Company's loss for the
financial period of GBP1,482k (30 November 2017: GBP1,294k loss; 31
May 2018: GBP1,834k loss). The weighted average number of shares
used in the basic calculation is 121,461,646 (31 May 2018:
110,280,735; 30 November 2017: 110,071,506).
The calculation of diluted loss per ordinary share is identical
to that used for the basic loss per ordinary share. This is because
the exercise of share options would have the effect of reducing the
loss per ordinary share and is therefore not dilutive under the
terms of International Accounting Standard 33 "Earnings per
share".
4. Segment reporting
Due to the startup nature of the business, the Company is
currently focused on building revenue streams from a variety of
different markets. As there is only one manufacturing facility, and
as this has capacity above and beyond the current levels of trade,
there is no requirement to allocate resources to or discriminate
between specific markets or products. As a result, the Company's
chief operating decision maker, the Chief Executive, reviews
performance information for the Company as a whole and does not
allocate resources based on products or markets. In addition, all
products manufactured by the Company are produced using similar
processes. Having considered this information in conjunction with
the requirements of IFRS 8, as at the reporting date the Board of
Directors has concluded that the Company has only one reportable
segment that being the manufacture and sale of carbon fibre
materials and the development of technologies associated with
this.
The Company considers it offers product technology namely carbon
fibre re-enforced ceramic material which is machined into different
shapes depending on the intended purpose of the end user.
Revenue by geographical destination is analysed as follows:
Six months ended Six months ended
30 Nov 2018 30 Nov 2017 Year ended
(unaudited) (unaudited) 31 May 2018 (audited)
GBP'000 GBP'000 GBP'000
United Kingdom 111 132 504
Rest of Europe 178 113 294
United States of America 208 175 529
Rest of World 12 104 36
----------------- ----------------- ------------------------
509 524 1,363
----------------- ----------------- ------------------------
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
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