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Tinci Holdings Ltd
09 May 2008
FOR IMMEDIATE RELEASE
9 May 2008
TINCI HOLDINGS LTD PRELIMINARY RESULTS
FOR THE 12 MONTHS ENDED 31 DECEMBER 2007
The Directors of Tinci Holdings Ltd. (the 'Company' or 'Tinci') , the AIM quoted
China-based environmental engineering company, today announced the Company's
preliminary results for the twelve months ended 31 December 2007 in accordance
with International Financial Reporting Standards (IFRS).
Financial and Operating Highlights:
- Total revenue of RMB260.6 million (2006 - RMB277.7 million)
- Profit before tax of RMB6.14 million (2006 - RMB12.38 million)
- Profit after tax of RMB5.86 million (2006 - RMB20.4 million)
- Significant improvement in the second half 2007 versus the first
half 2007 with profit after tax of RMB12.1 million for the second half
versus a loss of RMB6.2 million in the first half
- Net cash inflow from operating activities of RMB30.0 million in the
full year compared to a cash outflow of RMB24.5 million in 2006 from
operating activities
- 14 new sales contracts signed amounting to approximately RMB407
million
- Successful introduction of denitrification (DeNOx) technology which
is expected to open up further sales opportunities in new market
segment in China.
Sir David Brewer, Chairman of Tinci Holdings Ltd. commented:
'As indicated in our trading and business update in February, we have seen a
turnaround in Tinci's business during the second half of 2007. In view of the
loss experienced in the first half of the year, the profit we have recorded for
the full year marks a considerable improvement in Tinci's business during the
second half of 2007.
The turnaround was primarily attributed to the Company's decision to focus on
the small to medium end of the Flue Gas Desulphurisation ('FGD') market,
following aggressive pricing competition on large FGD projects due to new market
entrants. This turnaround has been further supported by an improvement in
operating efficiency following a review of our administrative structure and
improvements made to Tinci's marketing strategy, which has lead to a stronger
project pipeline.
Whilst 2007 has been a difficult year, we are very pleased to have remained
profitable. We will continue to develop our proprietary and licensed
technologies to further enhance our competitive edge in the market. We will also
continue to commit to executing projects to the highest possible standard, which
has enabled Tinci to build successful and lasting relationships with several
important clients.
We look forward to a successful 2008, particularly as we are now well positioned
to benefit from the inevitable expansion in the medium-to-small desulphurization
market in China.'
Sir David Brewer
Chairman
For further information, please visit www.tinciholdings.com or contact:
Tinci Holdings Ltd
David Steeds Tel: +44 (0)7836 578222
Joshua Cheng Tel: +1 512 577 4613
Hanson Westhouse Limited
Tim Metcalfe
Christine Zhang
Tel: +44 (0) 20 7601 6100
ABOUT TINCI HOLDINGS LTD
Tinci Holdings Ltd. is the parent company of Tinci Sanhe Environmental
Engineering Co. Ltd., an environmental engineering company founded in October
2001, which is primarily involved in developing, manufacturing and installing
flue gas desulphurisation (FGD) systems for reducing sulphur dioxide ('SO2')
emissions from coal-fired power stations and large industrial boilers in China.
Sulphur dioxide discharges rose 27% between 2000 and 2005 in China, where air
pollution is blamed for more than 400,000 premature deaths a year. China's State
Environmental Protection Administration (SEPA) has estimated that existing and
new Chinese plants will require total FGD investment of RMB 102 billion (c. £6.9
billion) from 2006-2010, with the total investment required expected to rise to
RMB 190 billion (c. £12.9 billion) by 2020.
As one of the top ten FGD companies in China, Tinci is well positioned to
benefit from the current demand for FGD technology in China. The Company's
shares are traded on the AIM market of the London Stock Exchange under the
symbol 'TNCI'.
Chief Executive Officer's Review
Overview of Operating Performance
2007 has been a challenging year, however, despite difficult market conditions,
the Company has successfully secured 14 new contracts with a total value of
approximately RMB407 million in 2007. Whilst the business experienced a severe
decline in revenues and a loss in the first six months of 2007, it has made
considerable improvements during the second half and produced a profit for the
full year of RMB 5.9 million. The improvements were attributable to a number of
factors. These include, inter alia, an adjusted business strategy to focus on
small to medium scale FGD projects, a revised administrative structure with a
view to minimising costs and continued investment in both existing and new
desulphurisation technologies to further enhance the Company's competitive edge
in the market.
The successful promotion and marketing of our proprietary TFGD Double Alkali
Process ('TFGD') and licensed NIRO SDA technologies has significantly
strengthened Tinci's market position in the small-to-medium FGD market. The
improved market position has lead to Tinci meeting its RMB400 million order
target in 2007. Of the orders received, RMB96 million of revenue was recognised
in 2007 and the remaining RMB310 million will be recognised in 2008 and 2009.
Looking back to the first half of 2007, and as previously explained, new
entrants to the FGD market reduced bidding prices to unsustainable levels in
order to win market share, despite growing demand in the market during the first
half of 2007. Tinci had not competed for new tenders under such circumstances
and revised its tender strategy by selectively tendering for small-to-medium
scale projects that allowed the Company to deploy its proprietary and more
cost-effective TFGD process. The main operating highlights for the period are
summarized as follows:
In March, Unit 7 of the RMB220 million Jingyuan project became formally
operational after 168 hours of testing. During the full test run, the FGD
facilities successfully reached the required standard of environmental emission
output. This was the second time that Tinci has successfully commissioned a
large project with wet limestone FGD technology.
In April, the Company successfully tendered for new FGD contracts, totalling
RMB16 million:
• At Shandong Chiping Xinfa, Tinci worked on the second stage of the
site's FGD project, a tender that was awarded for RMB9 million. The work on the
first stage of the FGD project was commenced in November 2006.
• At Hubei Huasheng, Tinci was awarded a contract amounting to RMB5
million. The Company completed the third stage of the project following a
milestone 168-hour-test run at a 99.4% desulphurisation rate; this project was
completed in July 2007.
• At Zhengzhou Wulong, Tinci won a sub-contract to design and test run a
proprietary TFGD project for RMB1.5 million.
In September, Tinci won a new FGD contract with the Dongguan Liwen Papermaking
Plant ('Liwen') in Guangdong Province. The project was won using Wet Limestone
Gypsum FGD technology. The total value of the project amounted to RMB47.7
million, RMB7.9 million of which was for retrofitting 1 X 170T/H and 1 X 220T/H
boilers and the remaining RMB39.8 million for the installation of newly-built 6
X 260T/H boilers. This was the second FGD contract that Tinci signed with Liwen,
having successfully executed a similar project in the past. The deal,
therefore, provided further evidence of Tinci's ability to provide operational
excellence and quality management.
In addition, the Company continued to invest in advancing the design and
implementation of SDA projects and successfully introduced DeNOx technology
licensed from Haldor Topsoe International A/S to further enhance its prospects
in the long term. In October 2007, Tinci announced the successful tender for a
further new FGD contract for the Aluminium Company of Nanshan Group in Shandong
Province. The estimated contract value of the project amounted to RMB64.5
million and SDA technology was used on the project. This was the fourth of
Tinci's FGD projects in the aluminium industry to adopt SDA technology,
signaling the Chinese aluminium groups' confidence in SDA technology.
Recent Developments
Tinci's revised strategy continues to deliver results in 2008 as the Company
continues to win significant contracts. In January 2008, Tinci announced
successful tendering for three new FGD contracts totaling RMB145 million won in
December 2007 and January 2008. The contract with Ningbei Aluminium and Power
Company (won in late 2007) of RMB59.6 million further demonstrates the growing
levels of confidence the market has in Tinci's wide range of FGD capabilities.
The contracts with Xinfa Huaxin Aluminium Company and Chiping Xinyuan Aluminium
(won in late 2007) are worth RBM52.5 million and RBM33 million respectively.
Many steps have been taken to improve Tinci's sales and profit margins going
forward. Amongst many, an important step is the utilization agreement entered
into with Ducon Technologies Inc. ('Ducon') in April 2008. This agreement allows
Tinci to utilize Ducon's magnesium oxide ('MgO') FGD technology which enables
Tinci to offer its customers improved efficiency in removing SO2. More
importantly, it has the benefit of recycling a by-product of the MgO FGD process
which can in turn be used for the manufacture of sulphuric acid. In recent
years, China has seen an increasing demand for sulphuric acid and to take full
advantage of increased demand, Tinci has signed a letter of intent with Chiping
Aluminium to cooperate in its manufacture. The production and sale of sulphuric
acid will bring a new revenue stream to the Company and the process should also
enable Tinci to bid for national recycling projects.
At the same time, the Company also announced the successful signing of a further
new contract with Chiping Aluminium for a contracted amount of RMB33.5 million.
The project is located in the Guangxi Province and will be constructed using SDA
Technology. The successful signing of the contract with Chiping Aluminium
further strengthens Tinci's long-term relationship with Chiping Aluminium and
reiterates their confidence in Tinci's ability to execute new projects to a high
standard.
In addition, the Company has been presented with an opportunity by the Guangdong
provincial government to enter a joint venture to exploit new polymerisation
technology using a newly-invented catalytic process to convert carbon dioxide,
the gas primarily responsible for global warming, into a biodegradable plastic
polymer (the 'JV'). Over 200 million tonnes of plastic are manufactured annually
around the world, of which only a tiny fraction is biodegradable. The market for
biodegradable plastics is very new. The joint venture partners will be Tinci
43%, Guangzhou Honsea Chemistry Co. Ltd. (http://www.honsea.com) 45% and SUN
YAT-SEN University (
http://www.sysu.edu.cn) 12%. The technology has been
developed in Guangdong and the provincial government is seeking its exploitation
by local companies. The JV will take the form of a Chinese limited company. An
initial investment was made in 2007, of which Tinci's share was RMB9.8m, to
enable the JV to secure the rights, acquire land and fund construction and
plant.
Financial Performance
Tinci's revenues for the full year ended 31 December 2007 were RMB260.6 million,
down by 6% compared to 2006 and the Company's profit after tax was RMB5.9
million for the full year, despite recording a heavy loss in the first half of
the year.
As reported in the interim results released in September 2007, the Company
recorded a loss for the first six months of the year, which was mainly due to
significant distortion in the pricing system of the FGD market caused by new
market entrants in China. The decline in revenues in the first half was also
partly due to the fact that work on two of the Company's biggest projects, the
Zhanjiang power plant in Guangdong and the Jingyuan power plant in Gansu, came
to a close and this income had not been replaced in the first half by other
contracts due to the severe price competition.
The business has, however, seen a considerable improvement during the second
half of the year. The revenues generated in the second half were RMB172.3
million, a 94.6% increase on the six months ended 30 June 2007. The improvement
in revenues was primarily attributable to the Company's win of a number of new
FGD contracts following the adjustment of its business strategy to focus on
small to medium scale projects. In addition, revenues are traditionally lower
during the first six months as the tender process for FGD projects typically
begins during the first half of the year, which results in the announcement of
tender results, signing and implementation of new contracts in the second half
of the year.
During the first half the Company's profitability was affected by a drop in
gross profit margins on some of its smaller projects. Margins for these
projects fell on average from 50% to 17% due to the competitive pricing
environment, exacerbated by the sharp increase in the price of copper, an
important component of FGD systems. Overheads also had to be built up in 2007
to meet the requirements of growth and the need to sell outside of Tinci's home
province of Guangdong.
Profitability was significantly improved during the second half of 2007 with a
profit after tax of RMB12.1 million for the second half versus a loss of RMB6.2
million during the first six months. Margins also recovered substantially in the
second half. Gross margin after raw materials and consumables rose from 8.2% in
the first half to 14.8% in the second half, 12.6% for the year overall.
During the year, the Company invested heavily in the design and promotion of the
Jiaozuo Jinguan project, the first SDA project in China, before construction
work began. As a result of this investment, the Company will make a loss on the
contract, expected to be in the region of RMB 7 million. However, Tinci's
reputation and operational expertise will be enhanced as a result of this work
and the costs of the next projects are expected to be reduced due to Tinci's
technical advantage.
Staff costs and staff benefit expenses increased by 120% as, in order to enhance
Tinci's ability in design and project management, Tinci recruited more senior
technical staff and a maiden bonus of RMB1.4 million was paid to employees in
2007. Furthermore, labor costs rose due to the tight labor market and the
government's policy, since 2007, of encouraging higher salaries.
The results in 2006 benefited from a large deferred tax credit of RMB8 million,
which was not repeated in 2007.
Net cash inflow from operating activities was RMB30.0 million in the full year
compared to a 2006 cash outflow of RMB24.5 million. During the first six months,
operating cash flow was adversely affected by the imminent completion of the
Zhanjiang and Jingyuan projects as contractor payments had to be made before
testing was complete and Tinci itself was paid. This position is expected to be
unwound in the second half of 2007.
Net Cash outflow for the year was RMB9.0 million compared to a cash inflow of
RMB28.0 million in 2006. This reflects the investment in the biodegradable
plastics joint venture project of RMB9.8 million and a reduction of RMB20.6
million in borrowings in 2007. In 2006, the cash flow was bolstered by the
proceeds of the placing of new shares at the time of admission to AIM in 2006.
Outlook
The normalization of the FGD market and the support provided by the Chinese
government's natural environmental policies are expected to contribute to a
significant increase in sales revenue and profit for the Company in 2008 over
2007.
In 2007, the Company successfully promoted TFGD and SDA technologies and was
awarded five TFGD projects and four SDA projects. We will continue to utilize
our experience in this market to win more tenders.
During 2008, Tinci will play an important role in the FGD market in China. Tinci
will continue to innovate, develop, and introduce new technologies to meet the
needs of a rapidly expanding market. The Company will also continue to meet the
increasing demand of its clients utilizing its full range of different
technologies and to exploit new revenue streams and market segments.
Change in Management
On 15 February 2008, Mr Pan Wen Zhong ceased to be a director of the Company.
Mr. Pan's position as chief financial officer was taken by Mr CHEN Rui. Mr Chen,
34, joined Tinci from Geely Holdings Group in Zhejiang Province. Mr Chen is
currently not on the Board of Tinci.
Conclusion
We have been pleased with the Company's turnaround during the second half of
2007 and are delighted to have recorded a profit for the period, particularly
given the competitive climate under which Tinci has been operating under. We
remain confident in the Company's long-term growth potential.
Mr Xu Jinfu, CEO
Consolidated Income Statement
Year ended 31 December 2007
2007 2006
RMB'000 RMB'000
Turnover 259,923 276,927
Other revenue 636 778
260,559 277,705
Raw material and consumables used ( 227,795 ) ( 243,396 )
Staff costs and staff benefits expenses ( 11,503 ) ( 5,216 )
Depreciation and amortisation expense ( 2,006 ) ( 1,888 )
Other operating expenses ( 11,722 ) ( 13,424 )
Profit from operations 7,533 13,781
Exchange (loss)/gain ( 235 ) -
Finance costs ( 1,159 ) ( 1,402 )
Profit before taxation 6,139 12,379
Taxation ( 275 ) 8,056
Profit for the year 5,864 20,435
Earnings per share
Basic per share (RMB) 0.11 0.40
Diluted per share (RMB) N/A 0.40
Consolidated Balance Sheet
At 31 December 2007
At 31 At 31
December December
2007 2006
RMB'000 RMB'000
ASSETS
Non-current assets
Land use rights 416 439
Property, plant and equipment 14,180 15,299
Long term prepayment 2,510 -
Interest in an associate 9,800 -
Intangible assets 4,536 5,184
Total non-current assets 31,442 20,922
Current assets
Land use rights 12 -
Amount due from customers 18,998 105,354
Trade and other receivables 163,751 8,087
Restricted bank balances 10,103 4,073
Cash and cash equivalents 48,923 58,554
Total current assets 241,787 176,068
Total assets 273,229 196,990
LIABILITIES
Current liabilities
Trade and other payables 112,457 21,661
Other borrowings 4,866 19,468
Bank borrowings 13,000 19,000
Tax liabilities - -
Total current liabilities 130,323 60,129
Non-current liability
Deferred tax liability 810 535
Total liabilities 131,133 60,664
Net assets 142,096 136,326
EQUITY
Share capital 7,796 7,796
Share premium 18,078 18,078
Reserves 43,299 43,393
Retained earnings 72,923 67,059
Total shareholders' equity 142,096 136,326
Consolidated Statement of Changes in Equity
Year ended 31 December 2007
Share Reverse
Share Share Exchange Options Acquisition Retained
Capital Premium Reserve Reserve Reserve Earnings Total
RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000
Balance at 1 January 7,356 - - - 42,644 46,624 96,624
2006
Issuance of ordinary 440 30,275 - - - - 30,715
shares
Listing expenses
associated
with initial - (12,197 ) - - - - (12,197 )
offering
Issuance of options - - - 272 - - 272
Foreign currency
translation
adjustments - - 477 - - - 477
Profit for the year - - - - - 20,435 20,435
Balance at 31 7,796 18,078 477 272 42,644 67,059 136,326
December 2006
Issuance of options - - - 410 - - 410
Foreign currency
translation
adjustments - - ( 504 ) - - - ( 504 )
Profit for the year - - - - - 5,864 5,864
Balance at 31 7,796 18,078 ( 27 ) 682 42,644 72,923 142,096
December 2007
Consolidated Cash Flow Statement
Year ended 31 December 2007
2007 2006
RMB'000 RMB'000
Profit before taxation 6,139 12,379
Adjustments for:
Interest income ( 270 ) ( 324 )
Equity-settled Director's remuneration expense - 223
Equity-settled share option expense 410 272
Interest expenses 1,159 1,402
Depreciation and amortization expense 2,006 1,888
Operating profit before changes in working capital 9,444 15,840
Decrease/(Increase) in Amount due from customers 86,356 ( 49,390 )
(Increase)/Decrease in trade and other receivables ( 155,664 ) 2,954
Increase in trade and other payables 90,796 7,402
Cash generated from/(used in) operations 30,932 ( 23,194 )
Interest received 270 324
Interest paid ( 1,159 ) ( 1,402 )
Income tax refund/(paid) - ( 228 )
Net cash inflow/(outflow) from operating activities 30,043 ( 24,500 )
Investing activities
Purchases of land use rights and property, plant and
Equipment ( 228 ) ( 1,964 )
Increase in long term prepayment ( 2,510 ) -
Investment in an associate ( 9,800 ) -
Net cash (used in) investing activities ( 12,538 ) ( 1,964 )
Financing activities
Repayment of loan due from a related company - 33,302
Net proceeds from bank loans 13,000 -
Net repayment of bank loans ( 19,000 ) ( 12,000 )
Net proceeds from other borrowings - 19,468
Net repayment of other borrowings ( 14,602 ) -
Movement in restricted bank balances ( 6,030 ) ( )
4,073
Proceeds from issue of shares capital - 30,491
Share issue expenses - ( 12,197 )
Net cash (used in)/from financing activities ( 26,632 ) 54,991
Net (Decrease) /Increase in cash and cash equivalents ( 9,127 ) 28,527
Cash and cash equivalents as at 1 January 58,554 29,550
Effect of foreign exchange rates changes - net ( 504 ) 477
Cash or cash equivalents as at 31 December 48,923 58,554
ANALYSIS OF CASH AND CASH EQUIVALENTS
Cash and cash equivalents 48,923 58,554
NOTES TO THE PRELIMINARY ANNOUNCEMENT FOR THE YEAR ENDED 31 DECEMBER 2007
1. FINANCIAL INFORMATION
The financial information set out in this announcement does not constitute the
Company's statutory accounts for the years ended 31 December 2007 or 2006. The
statutory accounts for the year ended 31 December 2007 will be finalised on
the basis of the financial information presented by the directors in this
preliminary announcement and will be delivered to the Registrar of Companies.
2. TURNOVER AND SEGMENTAL REPORTING
The principal activities of the Group during the year were developing, selling
and installing large-scale flue gas desulphurisation equipment to power
stations.
Turnover for the year is wholly attributable to activities undertaken in China.
For the years ended 31 December 2007 and 2006 the Group comprised only one
business and one geographical segment.
3. PROFIT BEFORE TAXATION
The Group
2007 2006
This is arrived at after charging / (crediting): RMB'000 RMB'000
Other items
Auditors' remuneration 693 656
Staff costs including directors' emoluments 10,101 5,421
Contribution to defined contribution retirement plans 435 348
Cost of equipment used in construction contracts 194,267 227,172
Equity-settled share option expense 410 272
Equity-settled Director's remuneration expense - 223
Research and development 271 200
Amortisation and depreciation 2,006 1,888
Interest and finance charges
- external parties 1,159 1,402
Net foreign exchange loss/(gain) 235 ( 252 )
Staff costs include for the first time a bonus paid to staff of RMB1.4 million
in 2007. No bonus was paid in previous years.
4. TAXATION
The Group is subject to income tax on an entity basis on profits arising in or
derived from the jurisdictions in which members of the Group are domiciled and
operate.
The Group
The charge/(credit) comprises: 2007 2006
RMB'000 RMB'000
Current tax
Tax paid/payable - -
Deferred taxation:
Origination and reversal of temporary difference 275 ( 8,056 )
275 ( 8,056 )
The main operating subsidiary of the Group, Guangzhou Tinci Sanhe Environmental
Engineering Co. Ltd. ('Guangzhou Tinci') operates in the PRC and is subject to
state and local income taxes in the PRC at their respective tax rates based on
the taxable income reported in their statutory financial statements in
accordance with applicable state and local income tax laws.
Guangzhou Tinci was issued with a Hi-Tech Enterprise Certificate on 15 June 2005
which entitled Guangzhou Tinci to a reduced foreign enterprise income tax rate
of 15% from the date of issue.
Following approval by the tax bureau in 2006, Guangzhou Tinci received an
exemption from PRC foreign enterprise income tax for the period from 1 July 2006
to 31 December 2007 and is further entitled to a 50% reduction from PRC foreign
enterprise income tax for the three years ending 31 December 2010 (12.5%).
The Group is also subject to income tax in Hong Kong through the Company and its
subsidiary, World International. No provision for income tax in Hong Kong has
been made as the Company and World International had no taxable income. The
statutory rate of corporate tax in Hong Kong is 17.5%.
2007 2006
Deferred tax recognised in the income statement RMB'000 RMB'000
Types of temporary differences:
Intangible assets 275 ( 340 )
Construction contract work in progress, accrued expenses etc. - ( 7,716 )
275 ( 8,056 )
A reconciliation between tax expense and accounting profit using the foreign
enterprise income tax rate for Guangzhou Tinci is as follows:
2007 2006
RMB'000 RMB'000
Profit before taxation 6,139 12,379
Calculation at the effective foreign enterprise income tax rate of 921 1,857
Guangzhou Tinci of 15% (2006: 15%)
Non-deductible expenses - Guangzhou Tinci 5,085 547
Non-deductible expenses - Company and World International 653 229
Effect of PRC tax exemption - current taxation ( 6,659 ) ( 2,849 )
- deferred taxation 275 ( 7,840 )
Tax expense/(credit) for the year 275 ( 8,056 )
5. EARNINGS PER SHARE
Basic earnings 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.
2007 2006
Profit attributable to equity holders of the Company (RMB'000) 5,864 20,435
Weighted average number of ordinary shares in issue (thousands) 52,950 51,240
Basic and diluted earnings per share (RMB per share) 0.11 0.40
Diluted earnings per share
The Company has one category of dilutive potential ordinary shares - share
options. Calculation is done to determine the number of shares that could have
been acquired at fair value based on the monetary value of the subscription
rights attached to outstanding share options. It is compared with the number of
shares that would have been issued assuming the exercise of the share options.
None of the share options of the Company in issue had a dilutive effect on the
basic earnings per share and so they have not been included in the diluted
earnings calculation for the year ended 31 December 2007.
6. SHARE CAPITAL
2007 2006
RMB RMB
Authorised:
140,000,000 ordinary shares of GBP0.01 each 204,363,120 204,363,120
Issued and fully paid:
52,950,041 ordinary shares of GBP0.01 each 7,795,574 7,795,574
7. RELATED PARTY TRANSACTIONS
Save as disclosed elsewhere in these financial statements, the Group has the
following related party transactions:
(a) Details disclosed in relation to amount due from related parties are
as follows :
Balance outstanding
Maximum
during
Name 2006 the year 2007
RMB'000 RMB'000 RMB'000
Ms Wang Keer 2 775 775
Tinci High-Tech Materials Company - 14,367 -
Ltd
(b) Details disclosed in relation to amount due to related parties are as
follows:
Balance outstanding
Maximum
Name 2006 in the year 2007
RMB'000 RMB'000 RMB'000
Mr. Xu Jin Fu 38 38 36
Ms Pan Ying 100 102 102
This information is provided by RNS
The company news service from the London Stock Exchange
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2006 MoneyAM© |
