TIDMVOY
RNS Number : 1045W
Voyager Life PLC
08 December 2023
8 December 2023
Voyager Life plc
("Voyager" or the "Company")
Unaudited Interim Results for the six months ended 30 September
2023
The unaudited interim results of Voyager Life plc ("Voyager" or
the "Company"), the health and wellness group formulating,
manufacturing and supplying high-quality cannabidiol (CBD), hemp
seed oil and hemp-related products, for the six months ended 30
September 2023 are presented below.
Highlights:
Operational:
-- Pet care products stocked by two of the UK's leading pet
retailers - Pets at Home (online) and Jollyes (in store and
online)
-- Forthcoming listing of Voyager's products at Debenhams (online)
-- Commenced manufacturing products for one of the UK's best
known CBD brands near the end of the period with three follow up
orders subsequently received
-- Applying for ISO 22716:2007 accreditation and reapplying for
approval to manufacture food supplements (following move to new
premises in October 2023)
-- Awarded Best CBD Products Retailer 2023 - UK by Global Health & Pharma
-- Winner of Natural Pet Products Supplier of the Year 2023 in the Scottish Enterprise Awards
Financial:
-- Revenue from 1 April to 30 September 2023 of GBP165,000
(GBP135,000 in the period to 30 September 2022)
-- Gross margin of 39 per cent. for the half year (39 per cent.
in the period to 30 September 2022 )
-- Cash balance as at 30 September 2023 of GBP551,000
-- Inventory of GBP101,000 (comprising finished goods and raw materials)
This announcement contains inside information for the purposes
of UK Market Abuse Regulation and has been arranged for release by
Eric Boyle, Chairman. The Directors of the Company accept
responsibility for the content of this announcement.
Enquiries:
Voyager Life plc Tel: +44 (0) 1738 317
693
Nick Tulloch, CEO
http://voyagerlife.uk
nick@voyagerlife.uk
Cairn Financial Advisers LLP (AQSE Tel: +44 (0) 20 7213
Corporate Adviser) 0880
Ludovico Lazzaretti/Liam Murray
Stanford Capital Partners LLP (Broker)
Patrick Claridge +44 (0) 203 3650 3650
Bob Pountney +44 (0) 203 3650 3651
Chairman's Statement
I am pleased to present Voyager's interim results for the
six-month period to 30 September 2023. We have spoken in the past
about the work we have done in creating a platform for growth and
we are now seeing the fruits of our labours. Pets at Home and
Jollyes are two new retailers to stock our products with Debenhams
to follow shortly. Jollyes has already re-ordered and we are at the
beginning of our relationship with the other two. As shareholders
and investors will know, these are household names in the UK retail
space and all discerning and experienced in selecting the brands
that they are prepared to represent. I congratulate all of the
Voyager team in securing these contracts.
We have built our business to date by proving ourselves with
smaller, independent retailers. Margins are higher but volumes are
naturally lower and it is volumes, and the corresponding revenues,
that we are targeting. The scale of these new retail partnerships
has the potential to take Voyager to an entirely new level and
market position. In securing them, we have demonstrated the
importance of UK-made products which are manufactured to a high
standard and can be supplied cost effectively and on time. We tick
all of these boxes and the appeal of that is now beginning to
show.
And we have had further successes. For some time now, we have
been manufacturing plant-based health & wellness products for
other companies, primarily those with a focus on CBD. Rather like
our retail strategy, our initial customers were often smaller
businesses but, during the period, we secured a contract with one
of the UK's largest and best-known CBD brands to manufacture three
new topical products. Early signs are that the take up of these
products is going well with two re-orders already received. And,
just as importantly, we will shortly begin manufacturing a fourth
product for this customer, once again endorsing our customer
service and product quality.
If these, and other contracts, continue to flourish then we can
have every confidence that Voyager has the potential to accelerate
its growth from here. Our listing on Aquis, our EIS and VCT
qualifying status and our multiple revenue stream business model
positions us well. It is no secret that investors in the wider CBD
and cannabis sectors have contended with a number of
disappointments over the past year or two but I am very much
encouraged - and I hope our shareholders are too - with the very
significant progress made by Voyager despite these industry
headwinds. We may not have the budget or financial resources of
some of our larger competitors but shrewd financial management and
a commitment to quality and integrity continues to serve us
well.
Our latest investor presentation is available to download at
https://voyagerlife.uk/investors/ .
Eric Boyle
Chairman
8 December 2023
Chief Executive Officer's Review
During the period under review, we continued to operate our
multi-revenue strategy through four primary sources:
1. Online sales
2. Sales through our three own stores in St Andrews, Dundee and Edinburgh
3. Sales through third party stores
4. White label and private label manufacturing for third parties (VoyagerCann)
The breakdown of our revenue across our four business lines
during the six-month period to 30 September 2023 has been weighted
towards our own stores (including sales at markets and trade fairs)
at 56 per cent., trade customers and VoyagerCann sales combined at
36 per cent. and online sales accounting for 8 per cent. As our
chairman has reported, it is the middle category that has been the
standout performer in the period and, with larger retail partners
and manufacturing customers secured, is the best positioned for
growth.
On 18 May 2023, the Company announced five potential new
customers with whom we were negotiating and we characterised each,
during the lifetime of the contract, as being capable of exceeding
Voyager's revenue from last year (GBP284,000). Of those, we have
already been successful with one (the well-known CBD brand that we
are now manufacturing for) whereas one is no longer possible (bulk
supply of CBD isolate) following the termination of our venture in
Poland. The other three remain live opportunities and, alongside
those, the potential we have with our new retail partners - and
particularly Pets at Home - further underlines the opportunities we
have in front of us. The future of Voyager will be defined by our
ability to win and service these larger contracts and we will keep
shareholders updated on our progress.
We have built one of the largest product ranges in the UK CBD
industry with 72 formulated products now available for sale under
the Voyager and Ascend Skincare brands (and a far greater range
through VoyagerCann). Voyager products are available in retail
stores across the UK and we also have a small number of overseas
stockists in Europe. Our growing range of retailers and
distributors supplements the groups we have worked with throughout
the period under review which includes CLF, The Range and Thompson
and Morgan.
During the period, we terminated our proposed acquisition of a
Polish manufacturing and extraction facility from Goodbody Health
Limited ("Goodbody"). As announced on 16 December 2022, legal title
to the facility was expected to pass following the conclusion of
certain Polish registration requirements. Legal advice received at
the time from Goodbody's lawyer indicated that this process would
be a formality, taking around two to three months, but in fact the
decision was deferred on two occasions without any certainty of
timing for conclusion. The longstop date under the sale and
purchase agreement with Goodbody, which had already been extended
once, expired on 30 June 2023.
Regrettably it became apparent that we were some distance apart
from Goodbody on terms for a further extension and the open-ended
nature of the approval process was creating increasing uncertainty
for our operations.
Relinquishing the facility was not a decision we took lightly
but, as the Polish approval process continued to lengthen, it
became apparent that the long-term interests of Voyager would not
be served by continuing to operate that business without full
ownership. Looking back, we are confident we made the right
decision. The Polish approval process continued notwithstanding our
termination with Goodbody and we were informed in September 2023
that the government authorities had still not arrived at a
decision.
Although there has been a financial cost to us, both from
professional fees on the transaction and some operating costs
during the first six months of 2023, the unusual transaction
structure unexpectedly gave us a near "risk free" opportunity to
test our strategic objectives before fully committing to the
purchase. More importantly, it gave us exposure to European
customers and methods of transporting our products across borders
(perhaps not as straightforward as in other industries given our
association with cannabis) and we have continued to build our
international customer base since ending our arrangements with
Goodbody. Furthermore, return of the funds that were placed in
escrow pursuant to the transaction has strengthened our balance
sheet.
During October 2023, we moved into new premises, still based in
Perth, Scotland. The lease of our existing premises came to an end
and the proposed terms for renewal did not, in our view, reflect
good value. Our new premises are a similar size but arguably a
better shape and so a more productive use of space. As before, all
of our administrative, manufacturing and warehousing operations are
under one roof and our new premises will see us save more than
GBP1,000 per month in rent. We further believe that our new
building is more energy efficient so we expect further savings on
energy bills. Taking into account moving expenses and some limited
costs of refurbishment, we anticipate payback from the move to our
new premises in around four months.
Our new premises provides us with both an expanded manufacturing
floor space and greater storage capacity. As we announced on 31
October 2023, this move has been the catalyst for the ISO
22716:2007 application, the international standard for Good
Manufacturing Practice (GMP) for cosmetics with guidelines for the
production, control, storage and shipment of cosmetic products.
Since commencing our manufacturing operations, we have always
sought to be fully ISO 22716:2007 compliant as confirmation of this
status is an important factor for many customers and work is now
underway to achieve the full accreditation.
Alongside this, we sought and received approval from our local
Scottish council to commence manufacturing of edible products
(specifically CBD oils) to provide an extension of our existing
skincare plant-based health & wellness range. The office move
requires a re-application to be made but, with a superior facility,
we do not expect this to be problematic.
With our ongoing investment in, and focus on, VoyagerCann, we
decided to incorporate that business by renaming a dormant
subsidiary (VoyagerCann Limited) and transferring our manufacturing
and production business into it. This has limited impact on our
daily operations but evidences the independence of VoyagerCann to
our customer base and assists in our housekeeping. VoyagerCann is
now home to all of our manufacturing processes, whereas Voyager
Life plc operates our retail business and wholesales Voyager and
Ascend Skincare branded products.
Update on industry regulations
October 2023 saw two regulatory interventions in the CBD
industry. Firstly, the FSA caused some surprise by updating its
guidance on the recommended daily consumption of CBD, reducing its
previous recommendation from 70mg to 10mg. Although this brought
widespread concern from both CBD companies as well as the trade
bodies, we noted in our operations update in October 2023 that the
FSA's statement is guidance only and is aimed primarily at long
term high-dose CBD users. There is no requirement at this time to
alter labels or remove products from shelves. The core part of the
FSA's recommendation is that people who regularly take high
quantities of CBD should, periodically, take a break - a
recommendation that we agree with.
We have seen no deterioration in our business since the FSA
published its statement and, although it is our belief that
regulation of ingestible CBD products will remain restrictive, we
expect that this will encourage CBD companies, as well as other
businesses seeking to incorporate CBD into their range, to focus on
topical and skincare products - we are already observing initial
indications of this trend. With VoyagerCann being a specialist in
topical and skincare products there is reason to believe that
demand for third party manufacturing could rise in the coming
months.
Less than two weeks after the FSA's statement, the UK Government
issued its response to recommendations put to it by the ACMD (
Advisory Council on the Misuse of Drugs). The tone is different to
the tightening of restrictions implied by the FSA and some of the
key points are:
-- The Government is recognising consumer CBD products as a food
and so are distinguished from the provisions of the Misuse of Drugs
Act.
-- The Government will permit 50 micrograms of each
phytocannabinoid per serving (as compared to current legislation
that limits THC content to 1 milligram per container). What
constitutes a serving has not yet been defined but it is understood
that it may differ between products.
-- The Government supports the development of more accurate
testing for controlled phytocannabinoids to allow testing
capabilities to develop and be fully regulated. Standardised
protocols should be developed.
We welcomed this response and believe that as these
recommendations become legislation it will allow a wider spectrum
of CBD consumer products than currently available on the market. In
particular, setting THC and other phytocannabinoid levels in
finished products should address existing uncertainty and
restrictions in both retail sales and the provision of financial
services to the CBD industry.
Outlook
The Company's primary focus is on revenue generation and
objectives in the coming months for our business lines are:
1. Online sales. We have seen an increase of our own brand sales
online of more than three times since the summer of 2023 and we
expect to build on this by increasing our focus on social media-led
marketing strategies.
2. Own stores. It has been widely reported that high street
sales in the UK have been under pressure and, to an extent, we have
experienced this. However, a combination of attainable pricing
strategies, new initiatives and attendance at local markets and
fairs has kept revenue in this division broadly flat for the first
four months of the period before August and September 2023 saw some
shortfall. We have reduced staffing in this division to maintain
margins.
3. Trade sales. As noted above, our successes with Pets at Home
and Jollyes underpin our operations here and importantly
demonstrate to counterparties that we are capable of servicing
large contracts across multiple locations.
4. Contract manufacturing. VoyagerCann's website generates a
steady flow of enquiries but we have recently updated it to
showcase our widening capabilities. Larger contracts and repeat
contracts endorse our commitment to quality and customer service
and our push for more accreditations and food manufacturing
approval, we believe, will add to appeal to both new and existing
customers.
We also continue to expect further consolidation in the CBD and
cannabis industries with several opportunities being presented to
us in recent weeks. The fact that the market is growing fast is
undeniable but competition remains significant with numerous active
participants, particularly amongst retail brands. As one of our
shareholders recently put to me, CBD companies should be working
together for mutual benefit and not "kicking sand in each other's
eyes". We support that sentiment and we will continue to explore
opportunities for collaboration whenever we see it as being in the
interests of our shareholders.
Nick Tulloch
CEO
8 December 2023
Financial Review
Voyager is a UK health and wellness company manufacturing,
supplying and retailing high-quality plant-based health and
wellness products with a particular focus on Cannabidiol (CBD),
hemp seed oil and hemp-related products.
The Company was incorporated on 12 November 2020 and, on 30 June
2021, trading in its ordinary shares commenced on the Aquis Stock
Exchange Growth Market. The comparatives reflect the equivalent
period from last year and for the year ended 31 March 2023.
The Company achieved sales in the six-month period to 30
September 2023 of GBP165,000, an increase of 22 per cent. over the
same period last year. Gross margins were consistent at 39 per
cent. and the Directors' view is that this level is capable of
improvement. The driver of growth for the period was trade sales,
up more than 4.5x compared to the same period last year and
primarily driven by contract manufacturing for third parties. This
more than offset flat online sales and, as explained above, own
store sales that dropped towards the end of the period in line with
the wider UK retail sector. Online sales were conversely lower at
the start of the period before increasing considerably towards the
end, a trend that has been maintained since.
As Voyager has previously explained, manufacturing contracts
have a longer lead time than other parts of its business. Customers
may take their time in ensuring that the product and packaging
design is exactly as they want it to be. The Company also assist
customers in all accreditation and product testing that may be
necessary - an important part of each order but also time
consuming. Voyager's policy is not to recognise revenue until an
order has been completed and delivered and, consequently, some of
the revenue that it will be reporting in the second half of the
2024 financial year is derived from contracts won and substantively
performed in the period under review.
Voyager continues to keep a tight rein on costs. Despite
inflationary pressures and its operations in Poland (described
below), administrative expenses were only 2 per cent. above those
incurred in the same period last year. Excluding the costs of
Poland, administrative expenses were approximately 8 per cent.
lower. Monthly overheads, which exclude all product manufacturing
and delivery costs, were approximately GBP75,000 at the end of the
period. Voyager currently employs 21 people of which 10 are based
in our head office in Perth and the remainder work in our
stores.
The Company received an employment grant from Dundee Council of
GBP2,400 during the period and was also approved for a further
grant of GBP3,000 to support it attendance at trade fairs. This has
not yet been claimed but is expected to be received during the
second half of the Company's financial year.
The Company made a loss after tax for the period of GBP501,000.
The now ended venture in Poland absorbed additional costs which the
Directors estimate at approximately GBP60,000 for the period
(including direct costs incurred in Poland, additional staffing in
the UK and travel expenses). Another significant contribution to
the cost base was the audit fee for the year ended 31 March 2023.
At GBP60,000 this was a considerable increase on the previous year
with around one quarter of the fee being attributed to Voyager's
Polish operations. Consequently the Company is accruing a high
level of fees for the current year.
Voyager maintains a strong balance sheet with cash and inventory
of almost GBP652,000 as at 30 September 2023. The Company has no
bank loans and is financed entirely from the issue of share capital
for cash (although there is a small interest free loan of GBP16,380
taken out for the purchase of an electric car at the beginning of
2023). The Company had cash reserves held in bank accounts
totalling GBP551,000 at 30 September 2023. Following an increase in
inventories ahead of the Christmas sales period, cash reserves
stood at GBP372,000 at 6 December 2023. The Company continues to
manage its working capital position carefully.
Voyager successfully applied for and was awarded an R & D
tax credit of GBP27,488 for the financial year ending 31 March 2022
and currently is preparing a claim for R&D tax credits for the
financial year ended 31 March 2023.
Unaudited Consolidated Statement of Comprehensive Income
for the six months ended 30 September 2023
6 months 6 months Year ended
to to 31 March
30 September 30 September 2023
2023 2022
GBP'000
GBP'000 GBP'000
Revenue 165 135 284
Cost of sales (100) (75) (158)
-------------- -------------- -----------------------
Gross profit 65 60 126
Administrative expenses (586) (573) (1,237)
Other operating income 2 14 19
-------------- -------------- -----------------------
Operating loss (519) (499) (1,092)
Net finance expense (9) (12) (19)
IPO associated costs - - -
-------------- -------------- -----------------------
Loss before tax (528) (511) (1,111)
Taxation 27 - -
-------------- -------------- -----------------------
Loss after tax (501) (511) (1,111)
-------------- -------------- -----------------------
Earnings per share (3.58p) (5.53p) (11.1p)
-------------- -------------- -----------------------
There was no other comprehensive income in the period. All
activities relate to continuing operations.
Unaudited Consolidated Statement of Financial Position
at 30 September 2023
A s at A s at A s at
30 September 30 September 31
2023 2022 March
2023
GBP'000 GBP'000
GBP'000
Non-current assets
Intangible assets 1 2 2
Tangible assets 46 47 55
Right-of-use assets 542 650 584
Trade and other receivables: falling
due after one year 17 23 17
-------------- ----------------- -----------------
Total non-current assets 606 722 658
-------------- ----------------- -----------------
Current assets
Inventory 101 130 125
Trade and other receivables: falling
due within one year 128 35 580
Cash and cash equivalents 551 1,038 490
-------------- ----------------- -----------------
Total current assets 780 1,203 1,195
-------------- ----------------- -----------------
Total assets 1,386 1,925 1,853
-------------- ----------------- -----------------
Current liabilities
Trade and other payables < 1 year (240) (212) (177)
Non-current liabilities
Lease liabilities > 1 year (530) (582) (559)
Total liabilities (770) (795) (736)
Total net assets 616 1,130 1,117
-------------- ----------------- -----------------
Capital and reserves attributable
to equity holders of the Company
Share capital 140 93 140
Share premium 2,004 1,508 2,004
Share based payments reserve 135 91 135
Retained earnings (1,663) (562) (1,162)
Total Equity 616 1,130 1,117
-------------- ----------------- -----------------
Unaudited Consolidated Cash Flow Statement
for the six months ended 30 September 2023
6 months 6 months Year ended
to to 31 March
30 September 30 September 2023
2023 2022
GBP'000
GBP'000 GBP'000
Cash flows from operating activities
Loss before tax (528) (511) (1,111)
Adjustments for:
Depreciation of fixtures, fittings
and equipment 13 10 22
Depreciation of right-of-use assets 42 43 84
Finance expense - interest on lease
liabilities 11 12 19
Tax Received 27 - -
Share based remuneration - 24 68
-------------- ---------------------- -----------------------
(435) (422) (918)
Increase in trade and other receivables (48) (14) (53)
Increase in trade and other payables 63 64 48
Decrease in inventories 24 16 20
-------------- ---------------------- -----------------------
Cash used in operations (396) (356) (903)
Investing activities
Purchase of tangible fixed assets (3) (1) (19)
Purchase of Intangible Assets - - -
Acquisition of Right of Use Assets - (2) -
Escrow Account 500 - (500)
-------------- ---------------------- -----------------------
Net cash used in investing activities 497 (3) (519)
Financing activities
Repayment of lease liabilities (40) (28) (56)
Proceeds from issue of shares, net
of issue costs - - 543
Net cash generated from financing
activities (40) (28) (487)
Net increase in cash and cash equivalents 61 (387) (935)
Cash and cash equivalents at beginning
of period 490 1,425 1,425
Exchange rate differences on cash
and cash equivalents
-------------- ---------------------- -----------------------
Cash and cash equivalents at end
of period 551 1,038 490
-------------- ---------------------- -----------------------
Unaudited Consolidated Statement of Changes in Equity
for the six months ended 30 September 2023
Share capital Share Premium Share based Retained earnings Total equity
Payments Reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance 1 April 2022 93 1,508 67 (51) 1,617
Loss for the period - - - (1,111) (1,111)
Total comprehensive
income - - - (1,162) 506
Transactions with
owners
Issue of shares 47 521 - - 568
Share issue costs - (25) - - (25)
Reserves transfer - - - - -
Shares based
remuneration - - 68 - 68
At 31 March 2023 140 2,004 135 (1,162) 1,117
Share capital Share Premium Share based Retained earnings Total equity
Payments Reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1 April
2023 140 2,004 135 (1,162) 1,117
Loss for the period - - - (501) (501)
Total comprehensive
income - - - (1,663) 616
Transactions with
owners
Reserves transfer - - - - -
Shares based - - - - -
remuneration
At 30 September 2023 140 2,004 135 (1,663) 616
The following describes the nature and purpose of each reserve
within equity:
Reserve Description and purpose
------------------ --------------------------------------------------------
Share capital Amount subscribed for share capital at the nominal
value of GBP0.01 per ordinary share
Share premium Amount subscribed for share capital in excess of
nominal value, net of share issue costs
Shares to Amounts received in respect of shares to be issued
be issued
Equity reserve Amounts recognised for share-based payment transactions
including share options granted to employees and
other parties
Retained earnings Cumulative net gains and losses recognised in the
consolidated statement of comprehensive income
------------------ --------------------------------------------------------
Notes to the Interim Results
for the six months ended 30 September 2023
1. Basis of preparation
This announcement has been prepared in accordance with
International Financial Reporting Standards, International
Accounting Standards and Interpretations (collectively IFRS) issued
by the International Accounting Standards Board (IASB) as adopted
by the European Union ("adopted IFRS"), and with the Companies Act
2006 applicable to companies reporting under IFRS.
Going concern
The financial statements have been prepared on a going concern
basis. In assessing whether the going concern assumption is
appropriate, the Directors take into account all available
information for the foreseeable future, in particular for the
twelve months from the date of approval of the financial
statements. This information includes management prepared cash
flows forecasts, available sources of funding and consideration of
how the global economic downturn may impact product launches and
sales.
The Directors have a reasonable expectation that the Company has
adequate resources to continue in operational existence for the
foreseeable future. Thus, they continue to adopt the going concern
basis of accounting in preparing the financial statements.
2. Profit/(loss) per share
Basic earnings per share is calculated by dividing the profit
attributable to equity holders of the Company by the weighted
average number of ordinary shares in issue during the year,
excluding ordinary shares purchased by the Company and held as
treasury shares.
The number of ordinary shares of 1 pence each used in the
calculation of earnings per share:
6 months 6 months Year ended
to to 31 March
30 September 30 September 2023
2023 2022
Weighted average number of ordinary
shares in issue 13,986,244 9,252,920 10,042,872
3. Segmental information
Revenue
All revenue arises from the retail of products for the health
and wellness market as follows:
6 months 6 months Year ended
to to 31 March
30 September 30 September 2023
2023 2022
GBP'000
GBP'000 GBP'000
Revenue
Trade customers 62 12 57
Voyager stores 82 100 186
Online sales 13 18 41
Trade Fairs 8 5
Total 165 135 284
4. Forward-looking statements
These forward-looking statements are not historical facts but
rather are based on the Company's current expectations, estimates,
and projections about its industry; its beliefs; and assumptions.
Words such as 'anticipates,' 'expects,' 'intends,' 'plans,'
'believes,' 'seeks,' 'estimates,' and similar expressions are
intended to identify forward-looking statements. These statements
are not a guarantee of future performance and are subject to known
and unknown risks, uncertainties, and other factors, some of which
are beyond the Company's control, are difficult to predict, and
could cause actual results to differ materially from those
expressed or forecasted in the forward-looking statements. The
Company cautions security holders and prospective security holders
not to place undue reliance on these forward-looking statements,
which reflect the view of the Company only as of the date of this
announcement. The forward-looking statements made in this
announcement relate only to events as of the date on which the
statements are made. The Company will not undertake any obligation
to release publicly any revisions or updates to these
forward-looking statements to reflect events, circumstances, or
unanticipated events occurring after the date of this announcement
except as required by law or by any appropriate regulatory
authority.
5. Other information
The financial information in this report does not constitute
statutory accounts within the meaning of section 434 of the
Companies Act 2006.
The interim results for the six months ended 30 September 2023
are unaudited. The interim financial statements have been prepared
using accounting policies consistent with International Financial
Reporting Standards (IFRS) and International Financial Reporting
Interpretations Committee (IFRIC) interpretations as endorsed by
the European Union. The same accounting policies, presentation and
methods of computation have been followed in the preparation of
these results as were applied in the Company's audited financial
statements dated 31 March 2023, as presented for the purpose of the
Admission Document.
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