Half Yearly Report
30 Juni 2010 - 8:00AM
UK Regulatory
TIDMHDD
RNS Number : 4559O
Hardide PLC
30 June 2010
+-------------------------------+---------------------------------+
| Press Release | 30 June 2010 |
+-------------------------------+---------------------------------+
Hardide plc
("Hardide" or "the Group")
Interim Results
Hardide plc (AIM: HDD), the provider of unique surface engineering technology,
announces its interim results for the six months ended 31 March 2010.
Overview
+----------+-------------------------------------------------------------+
| · | Turnover decreased by 21% to GBP702,000 (H1 2009: |
| | GBP888,000) |
+----------+-------------------------------------------------------------+
| · | Gross profit increased by 13% to GBP410,000 (H1 2009: |
| | GBP362,000) |
+----------+-------------------------------------------------------------+
| · | Group operating loss of GBP14,000 (H1 2009: operating |
| | profit GBP26,000) after accounting for credit on the |
| | exchange difference on the intercompany loan between |
| | Hardide plc and Hardide Coatings, Inc |
+----------+-------------------------------------------------------------+
| · | Loss before tax of GBP67,000 (H1 2009: loss GBP54,000) |
+----------+-------------------------------------------------------------+
| · | Cash outflow reduced by 40% to GBP328,000 (H1 2009: |
| | GBP549,000) |
+----------+-------------------------------------------------------------+
| · | UK manufacturing facility achieves AS 9100 aerospace |
| | standard certification and recognition as an aerospace |
| | manufacturing supplier |
+----------+-------------------------------------------------------------+
| · | Largest single order from new US valve customer |
+----------+-------------------------------------------------------------+
| · | Increase in oil and gas industry demand towards end of the |
| | period |
+----------+-------------------------------------------------------------+
| · | Completion of strategic markets and applications review |
+----------+-------------------------------------------------------------+
Post-Period Events
+----------+-------------------------------------------------------------+
| · | Steady build up of demand from key customers in the UK and |
| | US |
+----------+-------------------------------------------------------------+
| · | Recruitment underway of additional sales and |
| | technical/production personnel in UK to accelerate sales |
| | growth |
+----------+-------------------------------------------------------------+
Commenting on the interim results, Graham Hine, Chief Executive of Hardide plc,
said: "The restructuring and cost reduction plan implemented in 2009 has enabled
the Group to shoulder the effects of the continued reduction in demand that was
experienced in the first half of the financial year. We are now seeing a
definite upward trend in our key oil and gas market, although it is difficult to
separate the effects of re-stocking from underlying demand, and we expect our
valve and pump business to strengthen in the second half of the year. The pace
and extent of recovery will be determined by the wider economic climate but we
are cautiously optimistic about the second half of the year."
- Ends -
For further information:
+------------------------------------+------------------------+
| Hardide plc | |
+------------------------------------+------------------------+
| Graham Hine, Chief Executive | Tel: +44 (0) 1869 353 |
| | 830 |
+------------------------------------+------------------------+
| Jackie Robinson, Corporate | www.hardide.com |
| Communications | |
+------------------------------------+------------------------+
+------------------------------------+------------------------+
| Seymour Pierce Limited | |
+------------------------------------+------------------------+
| Nicola Marrin | Tel: +44 (0) 20 7107 |
| | 8000 |
+------------------------------------+------------------------+
| | www.seymourpierce.com |
+------------------------------------+------------------------+
Notes to editors:
Hardide manufactures and applies tungsten carbide-based coatings to a wide range
of engineering components. The Group's patented technology provides a unique
combination of ultra-hardness, toughness, low friction and chemical resistance
in one coating. When applied to components, the technology is proven to offer
dramatic cost savings through reduced downtime and extended part life.
Customers include leading companies operating in oil and gas exploration and
production, valve and pumps manufacturing, general engineering and aerospace.
CHAIRMAN'S STATEMENT
The interim results for the six months to 31 March 2010 reflect the continuing
impact that the sharply reduced demand that we saw in FY 2009 had on the first
half of the new financial year. The full effect of this fall off in demand was
mitigated by the restructuring and cost reduction strategy that was implemented
across the Group last year.
The Group is reporting H1 2010 revenue of GBP702,000, a decrease of 21% compared
with the same period last year (H1 2009 GBP888,000). Group gross profit was
GBP410,000, a rise of 13% from GBP362,000 in H1 2009. Cost of sales decreased by
44% to GBP292,000 reflecting the hibernation of the US manufacturing facility in
March 2009 and the cost reduction strategy implemented in the UK. The Group
made an H1 2010 operating loss of GBP14,000, compared with an operating profit
of GBP26,000 in H1 2009, after accounting for a credit on the exchange
difference on the intercompany loan between Hardide plc and Hardide Coatings,
Inc. Removing this credit would result in an operating loss of GBP245,000 in H1
2010 compared with a loss of GBP881,000 in the same period last year. There was
a cash outflow of GBP328,000 in H1 2010 compared with GBP549,000 in H1 2009.
During the reporting period, the Group has been focused on short term sales and
ensuring the immediate stability of the core business while prudently pursuing
longer term development opportunities with high potential strategic and
financial value.
The management team, supported by the board, completed an in-depth strategic
review of markets and applications for the Hardide technology in H1 2010. The
review, guided by an independent facilitator, challenged previous assumptions of
markets and applications and refreshed the thinking and approach of the
management team. The process enabled the creation of a clear new plan to create
a profitable and diversified business. The conclusions supported the former
strategic plan, which remains in place, in terms of key industrial markets but
still greater efforts will be made to support short term sales, and market and
customer diversification.
The Group entered 2010 with a significantly re-shaped business and cost base,
and while the pace of recovery remains subject to the return of sustainable
growth in our customers' markets, the Board is satisfied that the Group is more
stable and well-placed to benefit from an improvement in trading conditions.
Meanwhile, recognising the volatility of demand from some of our major
customers, the company is keeping tight control over discretionary expenditure.
Once again, I would like to thank the staff and members of the Board for their
continuing dedication and commitment over the last six months. Their loyalty
and perseverance in difficult times has been inspiring.
Robert Goddard
Chairman
30 June 2010
CHIEF EXECUTIVE OFFICER'S REVIEW
The start of the reporting period began with indications of growth returning to
our key customers' markets but it was only towards the end of the half year that
we began to see a slow but consistently upward trend in demand, particularly
from oil and gas customers. It is difficult, however, to separate the effects
of re-stocking from an improvement in underlying demand from some major
customers. Other markets such as construction and automotive have been slower
to resume demand although we are now receiving indications that trading
conditions are improving. The Group has not lost any customers during the
period of recession and our blue chip customer base remains solid. It is
pleasing to note that the overall financial performance for the period is a
significant improvement on the six months immediately preceding.
Last year's restructuring programme and the reduction in the cost base have
contributed to improved operational results relative to the drop in turnover.
The focus on cash management resulted in a 40% improvement in cash outflow from
H1 2009.
Aligned to the strategic review, a full assessment of management priorities was
undertaken in H1 2010 and all parts of the business are supporting short term
sales as a priority. Another output from the review has been to re-evaluate
the Group's strategic development projects. These are now concentrated on a
small number of well-defined high potential value programmes running in
partnership with customers. These include coating for diamonds, aerospace and
industrial gas turbines - all of which continue to make positive progress in
their lengthy test processes.
The Group
All US customers have been retained over the last year and the US continues to
make a valuable contribution to Group revenue. The biggest single order from
the US was won from a new valve customer during H1 2010. The US plant remains
in-situ and hibernated until the UK facility reaches capacity or US sales are
sufficient to support the re-start of operations.
In February 2010, the Group secured AS9100 Aerospace Quality Standard
Certification for the UK facility and is now recognised as a certified aerospace
manufacturing supplier. Many aerospace original equipment manufacturers (OEMs)
will only work with suppliers who are registered to AS9100 so it is a notable
step forward in our aerospace programme.
Outlook
Our outlook for the remainder of the year is cautiously optimistic. The timing
of the Group's recovery will be driven by the external economic environment as
well as our ability to diversify and gain new customers. We have begun to see
recovery and growing revenues in oil and gas, one of our primary markets, and we
expect our valve and pump business also to strengthen in the second half of the
year. Meanwhile, the cost controls that we have implemented are having a
positive effect and we can expect to reap the full benefits of this when the
markets recover as anticipated.
Graham Hine
Chief Executive Officer
30 June 2010
+-----------------------------+----------+-------------+----------+-------------+----------+------------+
| Consolidated income statement | | | |
| for the period ended 31 March 2010 | | | |
+-----------------------------------------------------------------+-------------+----------+------------+
| | | | | | | |
+-----------------------------+----------+-------------+----------+-------------+----------+------------+
| | | 6 Months | | 6 Months | | Year to |
| | | to | | to | | |
+-----------------------------+----------+-------------+----------+-------------+----------+------------+
| | | 31 March | | 31 March | | 30 Sept |
| | | 2010 | | 2009 | | 2009 |
+-----------------------------+----------+-------------+----------+-------------+----------+------------+
| | |(unaudited) | |(unaudited) | | (audited) |
+-----------------------------+----------+-------------+----------+-------------+----------+------------+
| | | GBP '000 | | GBP '000 | | GBP '000 |
+-----------------------------+----------+-------------+----------+-------------+----------+------------+
| | | | | | | |
+-----------------------------+----------+-------------+----------+-------------+----------+------------+
| Revenue | | 702 | | 888 | | 1,209 |
+-----------------------------+----------+-------------+----------+-------------+----------+------------+
| Cost of Sales | | (292) | | (526) | | (854) |
+-----------------------------+----------+-------------+----------+-------------+----------+------------+
| | | | | | | |
+-----------------------------+----------+-------------+----------+-------------+----------+------------+
| Gross Profit | | 410 | | 362 | | 355 |
+-----------------------------+----------+-------------+----------+-------------+----------+------------+
| | | | | | | |
+-----------------------------+----------+-------------+----------+-------------+----------+------------+
| Administrative expenses | | (613) | | (1,002) | | (1,854) |
+-----------------------------+----------+-------------+----------+-------------+----------+------------+
| Depreciation | | (70) | | (241) | | (332) |
+-----------------------------+----------+-------------+----------+-------------+----------+------------+
| Exchange difference on | | 259 | | 907 | | 377 |
| intercompany loan | | | | | | |
+-----------------------------+----------+-------------+----------+-------------+----------+------------+
| Exceptional item: | | - | | - | | (364) |
| Impairment of fixed assets | | | | | | |
+-----------------------------+----------+-------------+----------+-------------+----------+------------+
| | | | | | | |
+-----------------------------+----------+-------------+----------+-------------+----------+------------+
| Operating profit / (loss) | | (14) | | 26 | | (1,818) |
+-----------------------------+----------+-------------+----------+-------------+----------+------------+
| | | | | | | |
+-----------------------------+----------+-------------+----------+-------------+----------+------------+
| Finance income | | 2 | | 14 | | 14 |
+-----------------------------+----------+-------------+----------+-------------+----------+------------+
| Finance costs | | (55) | | (90) | | (13) |
+-----------------------------+----------+-------------+----------+-------------+----------+------------+
| Loss on disposal of fixed | | - | | (3) | | (7) |
| assets | | | | | | |
+-----------------------------+----------+-------------+----------+-------------+----------+------------+
| | | | | | | |
+-----------------------------+----------+-------------+----------+-------------+----------+------------+
| Profit on ordinary | | (67) | | | | (1,824) |
| activities before tax | | | | (54) | | |
+-----------------------------+----------+-------------+----------+-------------+----------+------------+
| | | | | | | |
+-----------------------------+----------+-------------+----------+-------------+----------+------------+
| Tax | | - | | - | | 35 |
+-----------------------------+----------+-------------+----------+-------------+----------+------------+
| | | | | | | |
+-----------------------------+----------+-------------+----------+-------------+----------+------------+
| Profit for the period | | (67) | | (54) | | (1,789) |
+-----------------------------+----------+-------------+----------+-------------+----------+------------+
| | | | | | | |
+-----------------------------+----------+-------------+----------+-------------+----------+------------+
+------------------------------+----------+--------+----+----------+------+--+---+----------+---------+--------+
| Consolidated statement of recognised income and | | | | |
| expense for the period ended 31 March 2010 | | | | |
+--------------------------------------------------+----------------------+--+------------------------+--------+
| | | | | | | |
+------------------------------+----------+-------------+----------+-------------+----------+------------------+
| | | 6 months | |6 months to | | Year to |
| | | to | | | | |
+------------------------------+----------+-------------+----------+-------------+----------+------------------+
| | | 31 March | | 31 March | | 30 Sept 2009 |
| | | 2010 | | 2009 | | (audited) |
| | |(unaudited) | |(unaudited) | | |
+------------------------------+----------+-------------+----------+-------------+----------+------------------+
| | | GBP '000 | | GBP '000 | | GBP '000 |
+------------------------------+----------+-------------+----------+-------------+----------+------------------+
| | | | | | | |
+------------------------------+----------+-------------+----------+-------------+----------+------------------+
| Profit for the period | | (67) | | (54) | | (1,789) |
+------------------------------+----------+-------------+----------+-------------+----------+------------------+
| | | | | | | |
+------------------------------+----------+-------------+----------+-------------+----------+------------------+
| Exchange differences on | | (832) | | (753) | | (279) |
| translation of foreign | | | | | | |
| operations | | | | | | |
+------------------------------+----------+-------------+----------+-------------+----------+------------------+
| | | | | | | |
+------------------------------+----------+-------------+----------+-------------+----------+------------------+
| Total recognised income and | | (899) | | (807) | | (2,068) |
| expense for the year | | | | | | |
+------------------------------+----------+-------------+----------+-------------+----------+------------------+
| | | | | | | | | | | |
+------------------------------+----------+--------+----+----------+------+--+---+----------+---------+--------+
+------------------------------+----------+-------------+----------+-------------+----------+-----------+
| Consolidated balance sheet at 31 March 2010 | | | | |
+-------------------------------------------------------+----------+-------------+----------+-----------+
| | | | | | | |
+------------------------------+----------+-------------+----------+-------------+----------+-----------+
| | | 31 March | | 31 March | | 30 Sept |
| | | 2010 | | 2009 | | 2009 |
| | |(unaudited) | |(unaudited) | |(audited) |
+------------------------------+----------+-------------+----------+-------------+----------+-----------+
| | | GBP '000 | | GBP '000 | | GBP '000 |
+------------------------------+----------+-------------+----------+-------------+----------+-----------+
| Assets | | | | | | |
+------------------------------+----------+-------------+----------+-------------+----------+-----------+
| | | | | | | |
+------------------------------+----------+-------------+----------+-------------+----------+-----------+
| Non-current assets | | | | | | |
+------------------------------+----------+-------------+----------+-------------+----------+-----------+
| Investments | | | | | | |
+------------------------------+----------+-------------+----------+-------------+----------+-----------+
| Goodwill | | 69 | | 69 | | 69 |
+------------------------------+----------+-------------+----------+-------------+----------+-----------+
| Intangible assets | | 1 | | 3 | | 2 |
+------------------------------+----------+-------------+----------+-------------+----------+-----------+
| Property, plant & equipment | | 747 | | 1,301 | | 796 |
+------------------------------+----------+-------------+----------+-------------+----------+-----------+
| Total non-current assets | | 817 | | 1,373 | | 867 |
+------------------------------+----------+-------------+----------+-------------+----------+-----------+
| | | | | | | |
+------------------------------+----------+-------------+----------+-------------+----------+-----------+
| Current assets | | | | | | |
+------------------------------+----------+-------------+----------+-------------+----------+-----------+
| Inventories | | 24 | | 32 | | 26 |
+------------------------------+----------+-------------+----------+-------------+----------+-----------+
| Trade and other receivables | | 285 | | 169 | | 208 |
+------------------------------+----------+-------------+----------+-------------+----------+-----------+
| Other current financial | | 77 | | 103 | | 101 |
| assets | | | | | | |
+------------------------------+----------+-------------+----------+-------------+----------+-----------+
| Cash and cash equivalents | | 604 | | 446 | | 932 |
+------------------------------+----------+-------------+----------+-------------+----------+-----------+
| Total current assets | | 990 | | 750 | | 1,267 |
+------------------------------+----------+-------------+----------+-------------+----------+-----------+
| | | | | | | |
+------------------------------+----------+-------------+----------+-------------+----------+-----------+
| Total assets | | 1,807 | | 2,123 | | 2,134 |
+------------------------------+----------+-------------+----------+-------------+----------+-----------+
| | | | | | | |
+------------------------------+----------+-------------+----------+-------------+----------+-----------+
| Liabilities | | | | | | |
+------------------------------+----------+-------------+----------+-------------+----------+-----------+
| | | | | | | |
+------------------------------+----------+-------------+----------+-------------+----------+-----------+
| Current liabilities | | | | | | |
+------------------------------+----------+-------------+----------+-------------+----------+-----------+
| Trade and other payables | | 292 | | 305 | | 259 |
+------------------------------+----------+-------------+----------+-------------+----------+-----------+
| Financial liabilities | | 90 | | 114 | | 118 |
+------------------------------+----------+-------------+----------+-------------+----------+-----------+
| Provisions | | - | | - | | - |
+------------------------------+----------+-------------+----------+-------------+----------+-----------+
| Total current liabilities | | 382 | | 419 | | 377 |
+------------------------------+----------+-------------+----------+-------------+----------+-----------+
| | | | | | | |
+------------------------------+----------+-------------+----------+-------------+----------+-----------+
| Net current assets | | 608 | | 331 | | 890 |
+------------------------------+----------+-------------+----------+-------------+----------+-----------+
| | | | | | | |
+------------------------------+----------+-------------+----------+-------------+----------+-----------+
| Non-current liabilities | | | | | | |
+------------------------------+----------+-------------+----------+-------------+----------+-----------+
| Financial liabilities | | 732 | | 1,154 | | 748 |
+------------------------------+----------+-------------+----------+-------------+----------+-----------+
| Total non-current | | 732 | | 1,154 | | 748 |
| liabilities | | | | | | |
+------------------------------+----------+-------------+----------+-------------+----------+-----------+
| | | | | | | |
+------------------------------+----------+-------------+----------+-------------+----------+-----------+
| Total liabilities | | 1,114 | | 1,573 | | 1,125 |
+------------------------------+----------+-------------+----------+-------------+----------+-----------+
| | | | | | | |
+------------------------------+----------+-------------+----------+-------------+----------+-----------+
| Net assets | | 693 | | 550 | | 1,009 |
+------------------------------+----------+-------------+----------+-------------+----------+-----------+
| | | | | | | |
+------------------------------+----------+-------------+----------+-------------+----------+-----------+
| Equity | | | | | | |
+------------------------------+----------+-------------+----------+-------------+----------+-----------+
| Share capital | | 2,541 | | 1,896 | | 2,541 |
+------------------------------+----------+-------------+----------+-------------+----------+-----------+
| Share premium | | 5,259 | | 4,102 | | 5,259 |
+------------------------------+----------+-------------+----------+-------------+----------+-----------+
| Retained earnings | | (6,549) | | (4,755) | | (6,481) |
+------------------------------+----------+-------------+----------+-------------+----------+-----------+
| Share-based payments reserve | | 275 | | 364 | | 274 |
+------------------------------+----------+-------------+----------+-------------+----------+-----------+
| Translation reserve | | 832 | | (1,058) | | (584) |
+------------------------------+----------+-------------+----------+-------------+----------+-----------+
| Total equity | | 693 | | 550 | | 1,009 |
+------------------------------+----------+-------------+----------+-------------+----------+-----------+
+----------+----------------------------+----------+-------------+-+-------------+----------+-----------+
| Consolidated condensed cash flow statement for the period | | | | |
| ended 31 March 2010 | | | | |
+----------------------------------------------------------------+-+-------------+----------+-----------+
| | | | | | | | |
+----------+----------------------------+----------+-------------+-+-------------+----------+-----------+
| | | | 6 months | | 6 months | | Year to |
| | | | to | | to | | |
+----------+----------------------------+----------+-------------+-+-------------+----------+-----------+
| | | | 31 March | | 31 March | | 30 Sept |
| | | | 2010 | | 2009 | | 2009 |
| | | |(unaudited) | |(unaudited) | |(audited) |
+----------+----------------------------+----------+-------------+-+-------------+----------+-----------+
| | | | GBP '000 | | GBP '000 | | GBP '000 |
+----------+----------------------------+----------+-------------+-+-------------+----------+-----------+
| Cash flows from operating activities | | | | | | |
+---------------------------------------+----------+-------------+-+-------------+----------+-----------+
| | Operating profit | | (14) | | 26 | | (1,818) |
+----------+----------------------------+----------+-------------+-+-------------+----------+-----------+
| | Impairment of intangibles | | 1 | | 2 | | 2 |
+----------+----------------------------+----------+-------------+-+-------------+----------+-----------+
| | Depreciation | | 68 | | 239 | | 330 |
+----------+----------------------------+----------+-------------+-+-------------+----------+-----------+
| | Impairment of fixed assets | | - | | - | | 364 |
+----------+----------------------------+----------+-------------+-+-------------+----------+-----------+
| | Share option charge | | 1 | | 19 | | 64 |
+----------+----------------------------+----------+-------------+-+-------------+----------+-----------+
| | (increase) / decrease in | | 2 | | 12 | | 18 |
| | inventories | | | | | | |
+----------+----------------------------+----------+-------------+-+-------------+----------+-----------+
| | (increase) / decrease in | | (87) | | 213 | | 181 |
| | receivables | | | | | | |
+----------+----------------------------+----------+-------------+-+-------------+----------+-----------+
| | Increase / (decrease) in | | 31 | | (52) | | (97) |
| | payables | | | | | | |
+----------+----------------------------+----------+-------------+-+-------------+----------+-----------+
| | Exchange rate variance | | (259) | | (907) | | (377) |
+----------+----------------------------+----------+-------------+-+-------------+----------+-----------+
| Cash generated from operations | | (257) | | (448) | | (1,333) |
+---------------------------------------+----------+-------------+-+-------------+----------+-----------+
| | | | | | | | |
+----------+----------------------------+----------+-------------+-+-------------+----------+-----------+
| | | | | | | | |
+----------+----------------------------+----------+-------------+-+-------------+----------+-----------+
| | Finance income | | 2 | | 14 | | 14 |
+----------+----------------------------+----------+-------------+-+-------------+----------+-----------+
| | Finance costs | | (8) | | (31) | | (75) |
+----------+----------------------------+----------+-------------+-+-------------+----------+-----------+
| | Tax received / (paid) | | - | | - | | 36 |
+----------+----------------------------+----------+-------------+-+-------------+----------+-----------+
| | | | | | | | |
+----------+----------------------------+----------+-------------+-+-------------+----------+-----------+
| Net cash generated from operating | | (263) | | (465) | | (1,358) |
| activities | | | | | | |
+---------------------------------------+----------+-------------+-+-------------+----------+-----------+
| | | | | | | | |
+----------+----------------------------+----------+-------------+-+-------------+----------+-----------+
| | | | | | | | |
+----------+----------------------------+----------+-------------+-+-------------+----------+-----------+
| Cash flows from investing activities | | | | | | |
+---------------------------------------+----------+-------------+-+-------------+----------+-----------+
| | Purchase of property, | | (7) | | (29) | | (30) |
| | plant and equipment | | | | | | |
+----------+----------------------------+----------+-------------+-+-------------+----------+-----------+
| | | | | | | | |
+----------+----------------------------+----------+-------------+-+-------------+----------+-----------+
| Net cash used in investing activities | | (7) | | (29) | | (30) |
+---------------------------------------+----------+-------------+-+-------------+----------+-----------+
| | | | | | | | |
+----------+----------------------------+----------+-------------+-+-------------+----------+-----------+
| | | | | | | | |
+----------+----------------------------+----------+-------------+-+-------------+----------+-----------+
| Cash flows from financing activities | | | | | | |
+---------------------------------------+----------+-------------+-+-------------+----------+-----------+
| | Net proceeds from issue of | | - | | - | | 802 |
| | ordinary share capital | | | | | | |
+----------+----------------------------+----------+-------------+-+-------------+----------+-----------+
| | Finance lease inception | | - | | - | | - |
+----------+----------------------------+----------+-------------+-+-------------+----------+-----------+
| | Finance lease repayment | | (58) | | (55) | | (110) |
+----------+----------------------------+----------+-------------+-+-------------+----------+-----------+
| | New loans raised | | - | | - | | 633 |
+----------+----------------------------+----------+-------------+-+-------------+----------+-----------+
| | | | | | | | |
+----------+----------------------------+----------+-------------+-+-------------+----------+-----------+
| Net cash used in financing activities | | (58) | | (55) | | 1,325 |
+---------------------------------------+----------+-------------+-+-------------+----------+-----------+
| | | | | | | | |
+----------+----------------------------+----------+-------------+-+-------------+----------+-----------+
| | | | | | | | |
+----------+----------------------------+----------+-------------+-+-------------+----------+-----------+
| Net increase / (decrease) in cash and | | (328) | | (549) | | (63) |
| cash equivalents | | | | | | |
+---------------------------------------+----------+-------------+-+-------------+----------+-----------+
| | | | | | | | |
+----------+----------------------------+----------+-------------+-+-------------+----------+-----------+
| Cash and cash equivalents at the | | 932 | | 995 | | 995 |
| beginning of the period | | | | | | |
+---------------------------------------+----------+-------------+-+-------------+----------+-----------+
| | | | | | | | |
+----------+----------------------------+----------+-------------+-+-------------+----------+-----------+
| Cash and cash equivalents at the end | | 604 | | 446 | | 932 |
| of the period | | | | | | |
+----------+----------------------------+----------+-------------+-+-------------+----------+-----------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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