LONDON FINANCE AND INVESTMENT GROUP PLC
Please be advised that the following announcement was originally published at
10:14hrs today, but is being reissued to facilitate display on third party
vendor screens. All content remains unchanged.
Thursday 28th September 2017
LONDON FINANCE & INVESTMENT GROUP P.L.C.
("Lonfin", "the Company" or "the Group")
Unaudited Preliminary Results for the year ended 30th June 2017
Dividend Declaration
Directorate Change
London Finance & Investment Group P.L.C. (LSE: LFI, JSE: LNF), the investment
company `whose assets primarily consist of Strategic Investments and a General
Portfolio, today announces its unaudited Preliminary Results for the year ended
30th June 2017, The Board's Dividend Declaration and a Directorate Change.
Strategy, Business Model and Investment Policy
Lonfin is an investment company whose objective is to generate growth in
shareholder value in real terms over the medium to long term whilst maintaining
a progressive dividend policy.
The Group's investment policy is to invest in a range of 'Strategic', 'General
Portfolio' and from time to time 'Other Investments'. General Portfolio
Investments comprise liquid stock market investments, both in equity
instruments and bonds, and, at the Board's discretion, 'Other Investments' are
typically property and other physical assets. Strategic Investments are
significant investments in smaller UK quoted companies and these are balanced
by a General Portfolio, which consists of a broad range of investments in major
USA, UK and other European companies which provides a diversified exposure to
international equity markets.
In pursuance of the Group's Investing Policy, the Group's net assets per share
for 2017 increased by 7% over the previous year to 65.6p and net assets per
share have increased 108% over the last five years. Shareholders' dividends for
2017 have increased by 4.7% over the previous year and by 37.5% over the last
five years.
Results
* Net assets have increased over the year by 7% from 61.4p per share to 65.6p
per share
* Strategic Investments have decreased in value, over the year, by 14%, from
£12,417,000 to £10,673,000 due to the sale of part of our investment in
Finsbury Food Group Plc.
* Profit on sale of strategic investments - £1,861,700 (see below)
* Strategic investments are yielding 3.1% (2016 - 2.9%)
* The General Portfolio has increased, adjusting for investment purchases and
sales, over the year, by 51% from £7,125,000 to £10,766,000
* Fair value movement is £2,199,000
* No significant increase in Group operating costs
* A final dividend of 0.55 per share is recommended, making a total of 1.1p
per share for the year (2016 - 1.05p)
Of the £1,861,700 realised profit arising on the sale of strategic investments,
£217,000 has been recognised in the current year 'other comprehensive income'.
The remaining profit has been recognised in prior years as net unrealised fair
value gains and a transfer from unrealised to realised reserves has been made
for this amount and is reflected in the Consolidated Statement of Changes in
Shareholders Equity.
In February this year, when we released our unaudited Interim Results, we
announced that the Board had decided to early adopt IFRS 9 with effect from the
Interim accounting period. As a result, the comparative figures for the year
ended 30th June 2016 in the Consolidated Statement of Total Comprehensive
Income in these Accounts are restated. Accordingly, the Company and its
subsidiaries ("Group") achieved an operating profit for the year, before
interest, tax and changes to the fair value adjustments of investments of £
275,000, compared to a restated operating profit for the previous year, before
tax and changes to the fair value adjustments of investments, of £239,000. The
Total Comprehensive Income for the year, comprising profit after tax and the
other comprehensive income (the fair value adjustments, net of tax, of
Strategic Investments) was £1,658,000 compared to £3,858,000 for the previous
year. Basic earnings per share are 3.5p (2016- restated earnings per share of
5.4p) and headline earnings per share are 1.0p (2016 - restated headline
earnings per share of 1.9p).
Strategic Investments
Strategic Investments have reduced in value by £1,744,000 being the net
proceeds of investment disposals of £2,438,000 and a fair value uplift in the
remaining portfolio of investments of £476,000. The investment disposals gave
rise to an historic cost profit of £1,862,000, of which £217,000 has been taken
to the Consolidated Statement of Comprehensive Income in the year under review.
Western Selection P.L.C. ("Western")
The Group owns 7,860,515 ordinary shares, being 43.8%, of the issued share
capital of Western.
On 26th September 2017, Western announced unaudited preliminary results showing
a profit after tax of £850,000 for the year to 30th June 2017 (2016 - profit
after tax, of £64,000). Earnings per share were 4.7p (2016 - earnings per
share - 0.4p).
Western paid an interim dividend of 1.1p in March this year and proposes a
final dividend of 1.1p making 2.2p for the year (2016 - 2.1p). Western's net
assets at market value at 30th June 2017 were £17,125,000 equivalent to 95p per
share, an increase of 20% from 79p last year.
Our share of the net assets of Western, including the value of Western's
investments at market value, was £7,500,000 (2016 - £6,227,000). The fair
value for Western recorded in the Statement of Financial Position is the market
value of £3,773,000 (2016 - £3,537,000). This represents 18% (2016 - 26%) of
the net assets of the group.
Western's objective is to generate growth in value for shareholders over the
medium to long term and pay a progressive dividend. Western's business model
is to take sizeable minority stakes in relatively small companies usually
before or as their shares are admitted to trading on one of the UK's stock
exchanges and have directors in common through which they can provide advice
and support for these growing companies.
These may or may not become associated companies. The aim is that these
companies ("Core Holdings") will grow to a stage at which Western's support is
no longer required and its stake can be sold over time into the relevant stock
market. Companies that are targeted as Core Holdings will have an experienced
management team, a credible business model and good prospects for growth.
Western is a strategic investment which is technically a subsidiary of the
Company that has not been consolidated due to the application of the investment
entity exemption under IFRS 10.
David Marshall is the Chairman of Western and. Michael Robotham and Edward
Beale are non-executive directors. Western's main Core Holdings are Northbridge
Industrial Services Plc, Swallowfield Plc, Bilby Plc and Tudor Rose
International Limited.
An extract from Western's announcement relating to its main Core Holdings is
set out below:
Core Holdings
Northbridge Industrial Services plc ("Northbridge")
Northbridge hires and sells specialist industrial equipment to a non-cyclical
customer base. With offices or agents in the UK, USA, Dubai, Germany, Belgium,
France, Australia, New Zealand, Singapore, Brazil, Korea and Azerbaijan,
Northbridge has a global customer base. This includes utility companies, the
oil and gas sector, shipping, construction and the public sector. The product
range includes loadbanks, transformers and oil tools. Further information
about Northbridge is available on their website: www.northbridgegroup.co.uk
Northbridge, which is admitted to trading on AIM, announced its results for the
year ended 31st December 2016 on 25th April 2017 and recorded a loss after tax
of £6,298,000 for the year. No dividend was recommended by Northbridge and no
dividends were received by Western from Northbridge during the year.
Western holds 3,223,632 Northbridge shares which represents approximately12.45%
of Northbridge's issued share capital. The value of this investment at 30th
June 2017 was £3,320,000 (2016 - £2,772,000) which represents approximately 19%
(2016 - 19%) of Western's net assets.
David Marshall is a non-executive director of Northbridge.
Swallowfield plc ("Swallowfield")
Swallowfield is a market leader in the development, formulation, manufacture
and supply of cosmetics, toiletries and related household products for global
brands and retailers operating in the cosmetics, personal care and household
goods market. Further information about Swallowfield is available on their
website: www.swallowfield.com
Swallowfield, which is admitted to trading on AIM, announced its annual results
for the 52 weeks ended 24th June 2017 on 19th September 2017 and recorded a
profit after tax of £2,572,000 compared to a profit after tax of £2,001,000 for
the comparable period last year. Dividends of £66,900 were received from
Swallowfield during the year (2016 - £52,000). A final dividend of 3.5p per
share has been declared and, if approved, Western will receive a further £
52,500 of income in December 2017.
Western sold 500,000 Swallowfield shares, realising a profit of £845,000,
during the year. At the reporting date, being 30th June 2017, Western held
1,500,000 shares which was 8.90% of Swallowfield's issued share capital. The
market value of our reduced holding in Swallowfield on 30th June 2017 had
increased to £5,700,000 from the value of our holding at 30th June 2016 of £
3,400,000. The value of this investment represents approximately 33% (2016 -
24%) of Western's net assets.
Edward Beale is a non-executive director of Swallowfield.
Bilby Plc ("Bilby")
Bilby is an established, and award winning, provider of gas installation,
maintenance and general building services to local authority and housing
associations across London and South East England. They have a strategy of
growing organically and by acquisition. Further information about Bilby is
available on their website: www.bilbyplc.com.
During the year Western invested £190,000 in acquiring 362,912 shares in
Bilby. Western now holds 2,699,280 Bilby shares which represents approximately
6.8% of Bilby's issued share capital. The market value of this investment on
30th June 2017 was £1,917,000 which represents approximately 11% of Western's
net assets.
Bilby, which is admitted to trading on AIM, announced its results for the year
ended 31st March 2017 on 26th June 2017 showing a profit before tax and
non-underlying items of £64,000 compared to a restated profit before tax and
non-underlying items of £718,000 for the 14 month period ended 31st March
2016. Dividends of £53,000 were received from Bilby during the year (2016 - £
58,000). Bilby announced a final dividend of 1.5p per share which was paid in
July 2017 and which provided Western with further income of £40,500.
Tudor Rose International Limited (previously Hartim Limited)("Tudor Rose
International")
Tudor Rose International works closely with a number of leading UK branded
fast-moving consumer goods companies, offering a complete sales, marketing and
logistical service. Based in Stroud, Gloucestershire, Tudor Rose International
sells into 78 countries worldwide including USA, Spain, Portugal, Italy, Czech
Republic, Russia, Turkey, South Africa, Saudi Arabia, UAE, Malaysia, Australia
and China.
Western holds 441,090 A ordinary shares in Tudor Rose International which
represents 49.5% of the issued ordinary shares in Tudor Rose International. In
February 2017, Western subscribed for £1,000,000 redeemable preference shares
in Tudor Rose International at a par value of 1p per share. These shares were
subscribed for by converting Western's previous loan to Tudor Rose
International of £500,000 and paying a further £500,000. Subsequent to the
year end, the Company has made available to Tudor Rose International a working
capital facility of £500,000 bearing interest at the rate of 6% per annum and
which has been fully draw down.
Tudor Rose International, which is a private company, has a 31st December year
end, generated trading profits before tax in the year to 30th June 2017 of £
63,100. Turnover in the period was £17,145,000 (2016 - £18,542,000). Western's
share of a profit after tax for the twelve months to 30th June 2017 was £49,550
(2016 - £35,000) and the fair value of the investment at 30th June 2017 was £
1,647,000 (2016 - £1,290,000) being 10% (2016 - 9 %) of Western's net assets.
Western has two nominees on the board of Tudor Rose International: Edward Beale
and David Marshall.
Finsbury Food Group plc ("Finsbury")
Finsbury is one of the largest producers and suppliers of premium cakes, bread
and morning goods in the UK and currently supplies most of the UK's major
supermarket chains. Further information about Finsbury, which is admitted to
trading on AIM, is available on its website: www.finsburyfoods.co.uk
During the year, Lonfin disposed of 2,000,000 shares in Finsbury for £
2,438,000, realising an historic cost profit of £1,861,700. At 30th June 2017,
Lonfin held 6,000,000 Finsbury shares, representing approximately 4.6% of
Finsbury's issued share capital. The market value of the holding was £
6,900,000 as at 30th June 2017 (cost - £1,724,000) and represents approximately
34% (2016 - 46%) of Lonfin's net assets.
On 18th September 2017, Finsbury announced audited profits on continuing
operations after tax and minority interests of £12,958,000 for the 52 weeks
ended 1st July 2017 (2016 - £12,754,000).
Finsbury paid an interim dividend of 1.0p and has recommended to its
shareholders a final dividend of 2.0p per share, making 3.0p for the year (2016
- 2.8p). The final dividend, if approved, will be paid in December and will
provide the Company with further income of £120,000.
Edward Beale was a non-executive director of Finsbury up until 23rd November
2016.
General Portfolio
The investments comprising the General Portfolio at 30th June 2017 are listed
below.
Composition of General Portfolio
At 30th June 2017
£000 %
British American Tobacco 513 4.8
Investor 503 4.7
Phillip Morris International 460 4.3
Inc
Schindler 459 4.3
Henkel 437 4.1
Unilever 419 3.9
Nestle 405 3.8
Heineken Holding 404 3.6
HSBC Holding 391 3.6
Diageo 386 3.6
LVMH Moet Hennessey 383 3.6
Reckitt Benckiser Group 381 3.5
Pernod Ricard 356 3.3
3M Co 353 3.3
Danone 347 3.2
Kimberley Clark Corp 338 3.1
L'Oreal 338 3.1
ABB Zurich 338 3.1
Linde 335 3.1
Givaudan 324 3.0
United Technologies Corp 319 3.0
Anheuser Busch Inbev 317 2.9
Chevron Corp 313 2.9
Exxon Mobil Corp 311 2.9
Brown Forman (B) 308 2.9
Imperial Brands 307 2.9
Procter & Gamble Co 303 2.8
BASF 299 2.8
Becton Dickinson & Co 210 2.0
Compagnie Financiere Richemont
209 1.9
10,766 100.0
Analysis by currency %
£000
Euro 3,215 29.8
Sterling 2,398 22.3
US Dollar 2,915 27.1
Swiss Franc 1,735 16.1
Swedish Kroner 503 4.7
10,766 100.0
The portfolio is diverse with material interests in Food and Beverages, Natural
Resources, Chemicals and Tobacco. We believe that the portfolio of quality
companies we hold has the potential to outperform the market in the medium to
long term.
At 30th June 2017, the number of holdings in the General Portfolio was 30 (2016
- 26). We have increased the amount invested in the General Portfolio over the
year by £2,767,000 (2016 - decreased by £20,000).
The opening value of our General Portfolio investments at 30th June 2016 was £
7,124,863 which compared with a cost of such investments at the same date of £
3,285,706. After investment purchases (including purchase costs) during the
year of £2,854,593 and investment sales (including selling expenses) during the
same period of £206,560, the value of the General Portfolio investments as at
30th June 2017 had increased by 51% to £10,765,695.
Directorate Change
Michael Robotham, a non-executive director, will be retiring from the Board of
Lonfin at the Company's forthcoming Annual General Meeting ("AGM") to be held
on 5th December 2017.
For itself and on behalf of the shareholders, the Board would like to thank
Michael for his considerable dedication and service to the Company.
Notwithstanding the loss to the Board of Lloyd Marshall, who passed away last
November, and Michael Robotham, after he has retired at the AGM, the Board is
satisfied that it has, for the time being, a sufficient spread of skills,
experience and support to operate the Company.
Operations and Employees
All of our operations and those of Western, except investment selection, are
outsourced to our subsidiary, City Group PLC ("City Group"). City Group also
provides office accommodation, company secretarial and head office finance
services to a number of other companies. City Group has responsibility for the
initial identification and appraisal of potential new strategic investments for
the Company and the day to day monitoring of existing strategic investments and
employs 8 people.
Significant Events since the end of the financial year
On 30th August 2017, a new relationship agreement between the Company and
Coutts & Co was signed in relation to the Company's existing credit revolving
facility. This extended the available facilities to 30th September 2022 and set
an interest rate of 2.75% per annum above the bank's base rate (3% as at 30th
August 2017).
On 20th September 2017, Western made available to Tudor Rose International a
working capital facility of £500,000 bearing interest at a rate of 6% per annum
which has been fully drawn down.
Dividend
The Board recommends a final dividend of 0.55p per share, making a total of
1.1p per ordinary share for the year (2016 - 1.05p). Subject to shareholders'
approval at the Company's AGM to be held on 5th December 2017, the dividend
will be paid on 15th December 2017 to those shareholders on the register at the
close of business on 24th November 2017. Shareholders on the South African
register will receive their dividend in South African rand converted from
sterling at the closing rate of exchange on 19th September 2017 being GBP1=
ZAR 18.0089.
In respect of the normal gross cash dividend, and in terms of the South African
Tax Act, the following dividend tax ruling only applies to those shareholders
who are registered on the South African register on Friday 15th September
2017. All other shareholders are exempt.
* The number of shares in issue now and as at the dividend declaration date
is 31,207,479;
* The dividend has been declared from income reserves, which funds are
sourced from the Company's main bank account in London and is regarded as a
foreign dividend by South African shareholders; and
* The Company's UK Income Tax reference number is 948/L32120.
Dividend dates:
Last date to trade (SA) Tuesday, 21st November 2017
Shares trade ex-dividend Wednesday, 22nd November 2017
(SA)
Shares trade ex-dividend Thursday, 23rd November 2017
(UK)
Record date (UK and SA) Friday, 24th November 2017
Pay date Friday, 15th December 2017
The JSE Listings Requirements require disclosure of additional information in
relation to any dividend payments.
Shareholders registered on the South African register are advised that the
dividend withholding tax will be withheld from the gross final dividend amount
of 9.90489 SA cents per share at a rate of 20% unless a shareholder qualifies
for an exemption; shareholders registered on the South African register who do
not qualify for an exemption will therefore receive a net dividend of 7.92392
SA cents per share. The dividend withholding tax and the information contained
in this paragraph is only of direct application to shareholders registered on
the South African register, who should direct any questions about the
application of the dividend withholding tax to Computershare Investor Services
(Pty) Limited, Tel: +27 11 370 5000.
Share certificates may not be de-materialised or re-materialised between
Wednesday, 22nd November 2017 and Friday, 24th November 2017, both days
inclusive. Shares may not be transferred between the registers in London and
South Africa during this period either.
Outlook
We believe our mix of Strategic Investments and a General Portfolio gives us
every chance of outperforming the broader market in the medium to long term
notwithstanding any short term volatility in markets, currencies and
commodities.
Future Developments
The future development of the Group is dependent on the success of the Group's
Investment Strategy in the light of economic and equity market developments and
the continued support of its Shareholders. The Board will maintain the current
Investment Policy for the foreseeable future and has no plans to change the
policy.
28th September 2017
The annual report and accounts will be finalised shortly and sent to
shareholders.
This announcement contains inside information for the purposes of Article 7 of
EU Regulation 596/2014.
The directors of the Company accept responsibility for the contents of this
announcement.
For further information, please contact:
London Finance & Investment Group P.L.C.: 020 7796 9060
(David Marshall/Edward Beale)
Johannesburg Sponsor:
Sasfin Capital (a division of Sasfin Bank Limited)
Consolidated Statement of Total Comprehensive Income
For the year ended 30th June
Restated
Operating Income 2017 2016
£000 £000
Dividends received 608 550
Rental and other income 109 82
Profits on sales of investments 3 4
Management service fees 296 252
1,016 888
Administrative expenses
Investment operations (352) (346)
Management services (389) (303)
Total administrative expenses (741) (649)
Operating profit 275 239
Unrealised changes in the carrying value of General 989 1,379
Portfolio investments
Interest payable (33) (16)
Profit before taxation 1,231 1,602
Tax expense (121) 106
Profit after taxation 1,110 1,708
Non-controlling interest (7) (15)
Profit attributable to shareholders 1,103 1,693
Other comprehensive income/(expense)
Unrealised changes in the carrying value of Strategic 477 2,323
investments
Profit on sale of investments 217 385
Other taxation -
Deferred tax 99 (543)
Corporation tax (238) -
Total Other Comprehensive Income 555 2,165
Total Comprehensive Income attributable to owners of 1,658 3,858
the parent
Reconciliation of headline earnings
Basic and diluted earnings per share 3.5p 5.4p
Adjustment for the unrealised changes in the carrying
value of investments, net of tax (2.5)p (3.5)p
Headline earnings per share 1.0p
1.9p
Consolidated Statement of Financial Position
At 30th June
2017 2016
£000 £000
Non-current Assets
Property, Plant and Equipment 14 22
Investments 10,673 12,417
10,687 12,439
Current Assets
Listed investments 10,766 7,125
Trade and other receivables 220 272
Cash at bank 222 588
11,208 7,985
Current Liabilities
Trade and other payables after tax
(486) (316)
Net Current Assets 10,722 7,669
Deferred Taxation
(829) (850)
Total Assets less Current Liabilities
20,580 19,258
Capital and Reserves
Called up share capital 1,560 1,560
Share premium account 2,320 2,320
Unrealised profits and losses on investments 8,265 8,539
Share of retained realised profits and losses 3,794 1,821
of subsidiaries
Company's retained realised profits and losses
4,544 4,928
Capital and reserves attributable to owners 20,483 19,168
Non-controlling equity interests 97 90
Total Capital and Reserves
20,580 19,258
Company Statement of Financial Position
At 30th June
2017 2016
£000 £000
Non-current Assets
Investments in Group companies
1,071 3,847
Current Assets
Listed investments 10,766 7,125
Trade and other receivables 26 27
Cash and cash equivalents
101 451
10,893 7,603
Current Liabilities
Trade and other payables: falling due within
the year (117) (93)
Net Current Assets 10,776 7,510
Deferred Taxation (408) (330)
Total Assets less Current Liabilities
11,439 11,027
Capital and Reserves
Called up share capital 1,560 1,560
Share premium account 2,320 2,320
Unrealised profits and losses on investments 3,015 2,219
6,895 6,099
Realised Profit and Loss
Balance at 1st July 4,928 5,412
Net Loss for the period (41) (172)
Dividends paid (343) (312)
Balance at 30th June 4,544 4,928
Equity shareholders' funds 11,439 11,027
.
Registered in England and Wales - Number 201151
Consolidated Statement of Cash Flows
For the year ended 30th June
Restated
2017 2016
£000 £000
Cash flows from operating activities
Profit before tax 1,231 1,602
Adjustments for non-cash -
Finance expense 33 16
Depreciation charges 8 9
Unrealised changes in the fair value of (989) (1,379)
investments
Decrease/(Increase)in trade and other 52 (55)
receivables
(Decrease)/Increase in trade and other payables (66) 96
Overseas Taxes paid (45) (28)
Net cash inflow from operating activities 224 261
Cash flows from investment activity
(Increase)/Decrease in current asset (2,652) 56
investments
Disposal of investment 2,438 1,984
Net cash inflow/(outflow) from investment (214) 2,040
activity
Cash flows from financing
Interest paid (33) (16)
Equity dividends paid (343) (312)
Net drawdown/(repayment) of loan facilities - (1,500)
Net cash outflow from financing (376) (1,828)
(Decrease)/Increase in cash and cash (366) 473
equivalents
Cash and cash equivalents at the beginning of 588 115
the year
Cash and cash equivalents at end of the year 222 588
Consolidated Statement of Changes in Shareholders' Equity
Ordinary Share Restated Restated Restated Restated Non-Controlling Total
Share Premium Unrealised Share of Retained Total Interests Equity
Capital Account Profits on Undistributed RealisedProfits
Investments Results of & Losses
Subsidiaries
£000 £000 £000 £000 £000 £000 £000 £000
Year ended 30th June
2016
Balances at 1st July
2015 1,560 2,320 6,304 26 5,412 15,622 75 15,697
Profit for the Year - - 1,180 685 (172) 1,693 15 1,708
Other Comprehensive - - 1,055 1,110 - 2,165 - 2,165
Income/(Expense)
Total comprehensive
income - - 2,235 1,795 (172) 3,858 15 3,873
Dividends paid and - - - - (312) (312) - (312)
total transactions
with shareholders
Balances at 30th June
2016 1,560 2,320 8,539 1,821 4,928 19,168 90 19,258
Year ended 30th June
2017
Balances at 1st July
2016 1,560 2,320 8,539 1,821 4,928 19,168 90 19,258
Profit for the Year - - 913 231 (41) 1,103 7 1,110
Other Comprehensive - - (1,187) 1,742 - 555 - 555
Income/(Expense)
Total comprehensive
income - - (274) 1,973 (41) 1,658 7 1,665
Dividends paid and - - - - (343) (343) - (343)
total transactions
with shareholders
Balances at 30th June
2017 1,560 2,320 8,265 3,794 4,544 20,483 97 20,580
Notes:
1. Basic earnings per share and Headline earnings per share
Basic earnings per share, based on the profit attributable to the shareholders
after tax and non-controlling interests of £1,103,000 (2016 restated - £
1,693,000) and on 31,207,479 shares (2016 - 31,207,479) being the weighted
average of the number of shares in issue during the year.
Headline earnings are required to be disclosed by the JSE.
Headline earnings per share are based on the profit attributable to the
shareholders after tax and non-controlling interests, before unrealised
changes in the fair value of investments net of tax, of £309,000 (2016 - £
589,000) and on 31,207,479 (2016 - 31,207,479) shares being the weighted
average of the number of shares in issue during the year.
The adjustments for the unrealised changes in the carrying value of
investments, net of tax of £(794,000) and 2016 restated £(1,104,000)
2. Net assets per share
The net assets per share are calculated taking investments at fair value and on
31,207,479 shares (2016 - 31,207,479) being the weighted average of the number
of shares in issue during the year.
3. The financial information in this preliminary announcement of audited
group results does not constitute the company's statutory accounts for the
years ended 30th June 2017 or 30th June 2016 but is derived from those
accounts. The accounts have been prepared in accordance with International
Financial Reporting Standards (IFRS) as adopted by the European Union and with
those parts of the Companies Act 2006 applicable to companies reporting under
IFRS. The accounts are prepared on the historical cost bases, except for
certain assets and liabilities which are measured at fair value, in accordance
with IFRS and comply with IAS 34. The audited accounts for the group for the
year ended 30th June 2016 were reported on with an unqualified audit report and
have been delivered to the Registrar of Companies.
Copies of this notification are held at the Company's office, 6 Middle Street,
London, EC1A 7JA (tel. 020 7796 9060) and are available for a period of 14 days
from the date of this announcement.
London Finance & Investment : Unaudited Preliminary Results
September 28, 2017 at 06:39 am EDT
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