TIDMSMJ
RNS Number : 7867W
Smart(J.)&Co(Contractors) PLC
23 April 2019
J. SMART & CO. (CONTRACTORS) PLC
INTERIM REPORT
FOR THE SIX MONTHS TO
31st JANUARY 2019
J SMART & CO. (CONTRACTORS) PLC
CHAIRMAN'S REVIEW
INTERIM REPORT
Unaudited Group profit for the six months to 31st January 2019
amounted to GBP639,000 compared with GBP962,000 for the
corresponding period last year. Group turnover decreased by
39%.
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
there would have been an uplift in the valuation, which would have
had a material effect on the headline figures.
There were no private residential sales this half year, but the
first sales at our current private housing development at West
Bowling Green Street, Edinburgh have just concluded.
The first unit at our joint venture development at Gartcosh has
now been completed.
Our serviced office company, Smart Serviced Offices Limited, has
refurbished a third suite at Links Place, Leith, Edinburgh, to
provide further serviced office space.
The current site progress in contracting is satisfactory.
As reported in post balance sheet events in the last report, due
to a substantial loss in that financial year and losses in previous
years, the decision was taken to cease trading in the subsidiary
company, Concrete Products (Kirkcaldy) Limited. Trading has now
ceased at Concrete Products and I will report further at the year
end when the financial cost of cessation will be clearer.
INTERIM DIVID
The Board announces an interim dividend of 0.95p per share
(2018, 0.95p) to be paid on 3rd June 2019 to shareholders on the
register at the close of business on 10th May 2019. The interim
dividend will cost the Company no more than GBP412,000.
FUTURE PROSPECTS
We have substantially less work in hand in contracting than the
same time last year. Margins remain no better than last year. Both
our social housing contracts at West Bowling Green Street and
Ferrymuir are progressing well. However, as previously reported, it
is by no means certain that new contracting work will be secured
this financial year.
As mentioned above, sales at our private housing development at
West Bowling Green Street have commenced and will continue into the
next financial year. Reservations remain at an encouraging
level.
Commercial property valuation levels have improved since last
year. Also, lettings of both our industrial and office stock are
still robust.
The third phase of speculative industrial development at West
Edinburgh Business Park may commence this financial year.
Both our private housing sales and our commercial property
activity have prospered in spite of the seemingly never ending
political uncertainty, but it remains to be seen when the cyclical
nature of the property markets may take effect.
At this stage it is difficult to make an accurate forecast of
the year end figures, but due to our reduced turnover and cost of
cessation of trading at Concrete Products, our underlying profit
for the financial year may be less than the previous year.
D.W. SMART
23rd April 2019 Chairman
CONSOLIDATED INCOME STATEMENT
6 Months 6 Months Year
ended ended ended
31.1.19 31.1.18 31.7.18
Notes (Unaudited) (Unaudited) (Audited)
Restated Restated
(Note 2) (Note
2)
GBP000 GBP000 GBP000
Group construction activities 5,100 8,390 12,502
Less: Own construction work capitalised (46) (1,623) (1,847)
------------- ------------- -----------
REVENUE 5,054 6,767 10,655
Cost of sales (4,719) (5,246) (8,118)
------------- ------------- -----------
GROSS PROFIT 335 1,521 2,537
Other operating income 3,644 2,898 6,352
Net operating expenses (3,418) (3,569) (7,185)
------------- ------------- -----------
OPERATING PROFIT BEFORE PROFIT
ON SALE AND NET SURPLUS ON VALUATION
OF INVESTMENT PROPERTIES 561 850 1,704
Profit arising on sale of investment
properties - - -
Net surplus on valuation of investment
properties - - 2,859
------------- ------------- -----------
OPERATING PROFIT 561 850 4,563
Share of profits in Joint Ventures 61 14 463
Income from available for sale
financial assets 23 16 43
Profit on sale of available for
sale financial assets 10 - 2
Net (deficit)/surplus on valuation
of available for sale financial
assets (48) 41 106
Finance income 32 41 180
------------- ------------- -----------
PROFIT BEFORE TAX 639 962 5,357
Taxation 5 (140) (183) (415)
------------- ------------- -----------
PROFIT ATTRIBUTABLE TO EQUITY
SHAREHOLDERS 499 779 4,942
------------- ------------- -----------
EARNINGS PER SHARE - BASIC AND
DILUTED 7 1.14p 1.75p 11.11p
------------- ------------- -----------
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
6 Months 6 Months Year
ended ended ended
31.1.19 31.1.18 31.7.18
(Unaudited) (Unaudited) (Audited)
Restated Restated
(Note 2) (Note
2)
GBP000 GBP000 GBP000
Profit for the period 499 779 4,942
------------- ------------- -----------
Items that will not be subsequently reclassified
to Income Statement:
Actuarial gain recognised in defined
benefit
pension scheme - - 111
Deferred taxation on actuarial gain - - (19)
------------- ------------- -----------
Total items that will not be subsequently
reclassified to Income Statement - - 92
------------- ------------- -----------
Total other comprehensive income - - 92
------------- ------------- -----------
TOTAL COMPREHENSIVE INCOME FOR THE
PERIOD, NET OF TAX 499 779 5,034
------------- ------------- -----------
ATTRIBUTABLE TO EQUITY SHAREHOLDERS 499 779 5,034
------------- ------------- -----------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Capital
Redemption Retained
Notes Share Capital Reserve Earnings Total
GBP000 GBP000 GBP000 GBP000
As at 1st August 2018
(Restated) 2 880 128 95,585 96,593
Profit for the period - - 499 499
Other comprehensive income - - - -
Total comprehensive income for
period - - 499 499
-------------- ------------ ---------- -------
TRANSACTIONS WITH OWNERS, RECORDED DIRECTLY IN EQUITY
Shares purchased and cancelled (8) - (451) (459)
Transfer to Capital Redemption
Reserve - 8 (8) -
Dividends 6 - - (402) (402)
-------------- ------------ ---------- -------
Total transactions with
owners (8) 8 (861) (861)
-------------- ------------ ---------- -------
As at 31st January
2019 872 136 95,223 96,231
-------------- ------------ ---------- -------
Capital
Redemption Retained
Notes Share Capital Reserve Earnings Total
GBP000 GBP000 GBP000 GBP000
As at 1st August 2017
(Restated) 2 896 112 92,850 93,858
Profit for the period - - 779 779
Other comprehensive income - - - -
Total comprehensive income for
period - - 779 779
-------------- ------------ ---------- --------
TRANSACTIONS WITH OWNERS, RECORDED DIRECTLY IN EQUITY
Shares purchased and cancelled (5) - (255) (260)
Transfer to Capital Redemption
Reserve - 5 (5) -
Dividends 6 - - (968) (968)
-------------- ------------ ---------- --------
Total transactions with
owners (5) 5 (1,228) (1,228)
-------------- ------------ ---------- --------
As at 31st January 2018
(Restated) 891 117 92,401 93,409
-------------- ------------ ---------- --------
Capital
Redemption Retained
Notes Share Capital Reserve Earnings Total
GBP000 GBP000 GBP000 GBP000
As at 1st August 2017
(Restated) 2 896 112 92,850 93,858
Profit for the period - - 4,942 4,942
Other comprehensive income - - 92 92
Total comprehensive income for
period - - 5,034 5,034
-------------- ------------ ---------- --------
TRANSACTIONS WITH OWNERS, RECORDED DIRECTLY IN EQUITY
Shares purchased and cancelled (16) - (892) (908)
Transfer to Capital Redemption
Reserve - 16 (16) -
Dividends 6 - - (1,391) (1,391)
-------------- ------------ ---------- --------
Total transactions with
owners (16) 16 (2,299) (2,299)
-------------- ------------ ---------- --------
As at 31st July 2018 (Restated) 880 128 95,585 96,593
-------------- ------------ ---------- --------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
6 Months 6 Months Year
ended ended ended
31.1.19 31.1.18 31.7.18
(Unaudited) (Unaudited) (Audited)
Restated Restated
(Note 2) (Note
2)
GBP000 GBP000 GBP000
NON-CURRENT ASSETS
Property, plant and equipment 1,393 1,406 1,308
Investment properties 69,594 66,435 69,532
Investments in Joint Ventures 70 319 68
Available for sale financial
assets 951 1,041 1,099
Trade and other receivables 857 - 857
Retirement benefit surplus 4,205 3,862 4,205
Deferred tax assets 94 58 94
------------- ------------- -----------
77,164 73,121 77,163
------------- ------------- -----------
CURRENT ASSETS
Inventories 11,805 5,241 8,807
Trade and other receivables 4,448 5,500 4,540
Monies held on deposit 48 4,045 48
Cash and cash equivalents 22,247 24,734 23,586
------------- ------------- -----------
38,548 39,520 36,981
------------- ------------- -----------
TOTAL ASSETS 115,712 112,641 114,144
------------- ------------- -----------
NON-CURRENT LIABILITIES
Deferred tax liabilities 1,995 1,926 1,995
------------- ------------- -----------
CURRENT LIABILITIES
Trade and other payables 4,629 4,297 3,580
Corporation tax liability 110 151 118
Bank overdraft 12,747 12,858 11,858
------------- ------------- -----------
17,486 17,306 15,556
------------- ------------- -----------
TOTAL LIABILITIES 19,481 19,232 17,551
------------- ------------- -----------
NET ASSETS 96,231 93,409 96,593
------------- ------------- -----------
EQUITY
Called up share capital 872 891 880
Capital redemption reserve 136 117 128
Retained earnings 95,223 92,401 95,585
------------- ------------- -----------
TOTAL EQUITY 96,231 93,409 96,593
------------- ------------- -----------
CONSOLIDATED STATEMENT OF CASH FLOWS
6 Months 6 Months Year
ended ended ended
31.1.19 31.1.18 31.7.18
Notes (Unaudited) (Unaudited) (Audited)
GBP000 GBP000 GBP000
CASH FLOWS FROM OPERATING ACTIVITIES 9 (1,101) (1,208) (4,306)
Tax paid (148) (191) (442)
------------- ------------- -----------
NET CASH FLOWS FROM OPERATING
ACTIVITIES (1,249) (1,399) (4,748)
------------- ------------- -----------
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to property, plant
and equipment (254) (183) (454)
Additions to investment properties (16) (13) (27)
Expenditure on own work capitalised
- investment properties (46) (1,623) (1,847)
Sale of property, plant and
equipment - 57 93
Proceeds of sale of available for
sale financial assets 110 - 9
Increase/(decrease) in monies
held on deposit - (1,509) 2,488
Interest received 29 41 80
Dividend received from Joint
Ventures 59 - 700
NET CASH FLOWS FROM INVESTING
ACTIVITIES (118) (3,230) 1,042
------------- ------------- -----------
CASH FLOWS FROM FINANCING ACTIVITIES
Purchase of own shares (459) (260) (908)
Dividends paid (402) (968) (1,391)
------------- ------------- -----------
NET CASH FLOWS FROM FINANCING
ACTIVITIES (861) (1,228) (2,299)
------------- ------------- -----------
DECREASE IN CASH AND CASH EQUIVALENTS (2,228) (5,857) (6,005)
------------- ------------- -----------
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 11,728 17,733 17,733
------------- ------------- -----------
CASH AND CASH EQUIVALENTS AT OF PERIOD 9,500 11,876 11,728
------------- ------------- -----------
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
2019 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 2019 have been prepared in accordance
with the Disclosure and Transparency Rules of the Financial Conduct
Authority and with IAS 34: Interim Financial Reporting as adopted
by the European Union.
The condensed consolidated interim financial statements for the
six months to 31st January 2019 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 2018, which have been prepared in accordance with
International Financial Reporting Standards as adopted by the
European Union.
The statutory financial statements for the year to 31st July
2018 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, available for sale 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 2018, with the exception of
the policies regarding the accounting for pension scheme
obligations and investment properties revaluations and the adoption
of IFRS 9: Financial Instruments and IFRS 15: Revenue from
Contracts with Customers, details of which are given below.
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. No
revaluation adjustment is made in the condensed consolidated
interim financial statements.
IFRS 9: Financial Instruments became effective as from 1st
August 2018. This standard impacts for the Group on the accounting
for revaluation surpluses or deficits on its available for sale
financial assets. Previously these surpluses or deficits were
accounted for in the Consolidated Statement of Comprehensive Income
together with the taxation impact of these surpluses or deficits.
Under IFRS 9 these surpluses or deficits are accounted for in the
Consolidated Income Statement together with taxation impact. There
is no impact on the valuation of the available for sale financial
assets or the deferred tax provision in relation to their valuation
in the Consolidated Statement of Financial Position. Within the
Equity section of the Consolidated Statement of Financial Position
the Fair value reserve no long exists and the Retained earnings
have increased by the balance previously disclosed as Fair value
reserve.
The application of IFRS 9: Financial Instruments has been
applied retrospectively and accordingly the comparative figures
have been restated for the six months to 31st January 2018 and for
the year to 31st July 2018.
The table below details the impact of the application of IFRS 9:
Financial Instruments on the Consolidated Income Statement and the
Consolidated Statement of Comprehensive Income for the six months
to 31st January 2018 and the year to 31st July 2018:
CONSOLIDATED INCOME STATEMENT
6 Months Year
ended ended
31.1.18 31.7.18
(Unaudited) (Audited)
GBP000 GBP000
PROFIT BEFORE TAX (as previously reported) 921 5,253
Impact of net surplus on valuation of available
for sale financial assets 41 104
------------- -----------
962 5,357
------------- -----------
TAX (as previously reported) (180) (402)
Impact of deferred tax adjustment
on fair value reserve (3) (13)
------------- -----------
(183) (415)
------------- -----------
PROFIT ATTRIBUTABLE TO EQUITY SHAREHOLDERS
- REVISED 779 4,942
------------- -----------
Impact on profit for the period
- increase 38 91
------------- -----------
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD (as
previously reported) 779 5,034
Impact on profit for the period -
increase (as above) 38 91
-------- --------
817 5,125
Other comprehensive income relating to fair
value of available for sale financial assets
- no longer accounted for in Statement of Comprehensive
Income (38) (91)
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD -
REVISED 779 5,034
-------- --------
PROFIT ATTRIBUTABLE TO EQUITY SHAREHOLDERS
- REVISED 779 5,034
-------- --------
IFRS 15: Revenue from Contracts with Customers became effective
as from 1st August 2018 and it replaces IAS 11: Construction
Contracts and IAS 18: Revenue and sets out the criteria for revenue
recognition with regards to performance obligations. In respect of
construction contracts this standard will have no impact on revenue
from customers as the standard allows for the recognition of
revenue over time which is the Group's practice. The recognition of
revenue from private house sales or sales of land will not be
impacted on by the new standard. This standard does not apply to
rental income from our investment properties but does apply to
service charge income and other property related income and income
from sale of investment properties. The new standard does not
impact on the Group's current practice of recognition of these
income types.
Interpretations effective in period
The following new standards, amendments to standards and
interpretations 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
2019:
-- IFRS 9: Financial Instruments.
-- IFRS 15: Revenue from Contracts with Customers.
-- IAS 40 (Amended): Investment Property
The impact of the implementation of IFRS 9 and IFRS 15 are
detailed above. With regards to IAS 40: Investments Properties the
amendment relates to transfers to and from investment properties
and had no impact on the financial statements for the period to
31st January 2019.
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 Directors have a reasonable expectation that the Company and
Group as a whole have adequate resources to continue in operational
existence for the foreseeable future, being a period of not less
than twelve months from the date of these accounts. For this
reason, the Directors continue to adopt the going concern basis in
preparing the condensed consolidated interim 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 2018.
4. SEGMENTAL INFORMATION
The Group has identified operating segments on the basis of
internal reporting components that are regularly reviewed by the
chief operating decision maker to allow the allocation of resources
to segments and assess their performance. The Board of Directors
has been recognised as the chief operating decision maker.
All revenue 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.
External Internal Total Operating Profit/(Loss)
Revenue Revenue Revenue
31.1.19 31.1.18 31.7.18
Restated Restated
(Note (Note
2) 2)
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
31st JANUARY 2019
(Unaudited)
Construction activities 5,054 46 5,100 (1,748) - -
Investment activities 3,644 - 3,644 2,309 - -
--------- --------- --------- -------- --------- ---------
8,698 46 8,744 561 - -
--------- --------- --------- -------- --------- ---------
31st JANUARY 2018
(Unaudited) (Restated
Note 2)
Construction activities 6,767 1,623 8,390 - (632) -
Investment activities 2,898 - 2,898 - 1,482 -
--------- --------- --------- -------- --------- ---------
9,665 1,623 11,288 - 850 -
--------- --------- --------- -------- --------- ---------
31st JULY 2018
(Audited) (Restated Note
2)
Construction activities 10,655 1,847 12,502 - - (1,854)
Investment activities 6,352 - 6,352 - - 6,417
--------- --------- --------- -------- --------- ---------
17,007 1,847 18,854 - - 4,563
--------- --------- --------- -------- --------- ---------
OPERATING PROFIT 561 850 4,563
Share of results of Joint
Ventures 61 14 463
Finance and investment income and profit on
sale and net (deficit)/surplus on valuation
of available for sale financial assets 17 98 331
PROFIT BEFORE TAX ON ORDINARY ACTIVITIES 639 962 5,357
-------- --------- ---------
5. TAXATION
The tax charge for the 6 months to 31st January 2019 is based on
the corporation tax rate at 19.00% (2018, 19.00%).
6. DIVIDS
6 Months 6 Months Year
Ended Ended Ended
31.1.19 31.1.18 31.7.18
(Unaudited) (Unaudited) (Audited)
GBP000 GBP000 GBP000
ORDINARY DIVIDS
2018 Final dividend of 2.21p, after 402
waivers - -
2018 Interim dividend of 0.95p - - 423
2017 Final dividend of 2.17p - 968 968
------------- ------------- -----------
402 968 1,391
------------- ------------- -----------
The interim dividend of 0.95p per share for the year to 31st
July 2019 will be paid on 3rd June 2019 to shareholders on the
register at 10th May 2019. The interim dividend will cost the
Company no more than GBP412,000.
7. EARNINGS PER SHARE
6 Months 6 Months Year
Ended Ended Ended
31.1.19 31.1.18 31.7.18
(Unaudited) (Unaudited) (Audited)
Restated Restated
(Note 2) (Note
2)
Profit attributable to equity shareholders
(GBP000) 499 779 4,942
------------- ------------- -------------
Basic earnings per share 1.14p 1.75p 11.11p
------------- ------------- -------------
Weighted average number of shares 43,827,404 44,624,268 44,495,116
------------- ------------- -------------
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 6 months to 31st January 2019 the Company purchased
for immediate cancellation 410,000 Ordinary Shares of 2p.
There is no difference between basic and diluted earnings per
share.
8. FAIR VALUE ASSETS
The Group's investment properties, available for sale 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 available for sale 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 bond 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 Company can access at the
period end date.
9. RECONCILIATION OF PROFIT BEFORE TAX TO CASH FLOWS FROM
OPERATING ACTIVITIES
6 Months 6 Months Year
ended ended ended
31.1.19 31.1.18 31.7.18
(Unaudited) (Unaudited) (Audited)
Restated Restated
(Note 2) (Note 2)
GBP000 GBP000 GBP000
Profit before tax 639 962 5,357
Share of profits from Joint Ventures (61) (14) (463)
Depreciation 163 188 427
Impairment of assets - - 116
Unrealised valuation surplus on investment
properties - - (2,859)
Loss/(profit) on sale of property,
plant and equipment 6 (37) (59)
Profit on sale of available for sale
financial assets (10) - (2)
Unrealised valuation deficit/(surplus)
on available for sale financial assets 48 (41) (106)
Change in retirement benefits - - (232)
Interest received (29) (41) (80)
Change in inventories (2,998) (2,360) (5,926)
Change in receivables - non-current - - (857)
Change in receivables - current 92 223 1,183
Change in payables 1,049 (88) (805)
------------- ------------- -----------
CASH FLOWS FROM OPERATING ACTIVITIES (1,101) (1,208) (4,306)
------------- ------------- -----------
10. 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 2018.
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.
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 2019 have been prepared in accordance with IAS 34:
Interim Financial Reporting as adopted by the European Union. 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 2019 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 2019 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 2018.
By order of the Board
D.W. SMART, Director J.R. SMART, Director
23rd April 2019
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 LIFLASDIVFIA
(END) Dow Jones Newswires
April 23, 2019 05:20 ET (09:20 GMT)
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