CAMBRIDGE NUTRITIONAL SCIENCES PLC — Interim / Quarterly Report 2015

Nov 30, 2015

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RNS Number : 2843H

Omega Diagnostics Group PLC

30 November 2015

OMEGA DIAGNOSTICS GROUP PLC

("Omega" or the "Company" or the "Group")

INTERIM RESULTS

FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2015

Omega (AIM: ODX), the medical diagnostics company focused on allergy, food intolerance and infectious disease, announces its unaudited interim results for the six months ended 30 September 2015.

Omega is one of the UK's leading companies in the fast growing area of food intolerance testing and also operates in markets supplying tests for allergies and autoimmune diseases and specific infectious diseases through a strong distribution network in over 100 countries.

Financial Highlights:

·      Revenue 8% ahead of last year at £6.15m (2014: £5.69m)

·      Gross profit increased by 6% on the same period last year at £3.89m (2014: £3.66m)

·      Gross margin in line with the same period last year at 63.3% (2014: 64.3%)

·      Adjusted profit before tax1 ("PBT") of £0.52m (2014: £0.56m)

·      Adjusted earnings per share1 ("EPS") up 23% to 0.6p (2014: 0.5p)

·      Cash at the period end of £1.6m (2014: £2.1m)

1Adjusted for share based payments, IFRS-related discount unwinds and amortisation of intangible assets 

Operational Highlights:

·      Appointment of Colin King as Chief Operating Officer on 3 August 2015

·      Completion of the fit-out of the laboratory and manufacturing facility in Pune, India

·      Automated Allergy development programme continuing successfully with 37 allergens now optimised

·      Food Intolerance segment delivering the fastest growth in revenue at the highest gross margin

·      Identification of the cause of the Visitect® CD4 ambient temperature effect along with a potential solution

Regarding outlook, David Evans, Chairman, said:

"As reported in the trading update on 26 October 2015, our first half performance is in line with management's expectation.  Our core business is resilient and able to withstand certain headwinds.  Since coming on board as our new Chief Operating Officer, Colin King is reviewing all our operations and I am pleased that he sees significant potential to accelerate growth in parts of our existing business. We are in the process of putting together a three-to-five year business plan to capitalise on these opportunities.

"Our automated allergy product offering is approaching the point at which we can begin to earn a commercial return and I look forward to updating you further as this milestone gets nearer.

"We are systematically progressing with all the potential variables regarding our Visitect®CD4 programme. There are no short-cuts and inevitably this takes time to progress, with each experiment yielding information which we continue to build on. One has to believe that this systematic process will yield a positive end-result but there are no guarantees.

"We remain confident overall for the growth prospects for the Company and far from being a one product company, we have significant tangible growth prospects, particularly in the area of food intolerance given the greater understanding of the gut microbiome and the interaction between the food we eat and our general well-being."

Contacts: 

Omega Diagnostics Group PLC	Tel: 01259 763 030
Andrew Shepherd, Chief Executive	www.omegadiagnostics.com
Kieron Harbinson, Group Finance Director
Jag Grewal, Group Sales and Marketing Director
finnCap Ltd	Tel: 020 7220 0500
Geoff Nash/James Thompson (Corporate Finance)
Mia Gardner (Corporate Broking)
Walbrook PR Limited	Tel: 020 7933 8780 or [email protected]
Paul McManus	Mob: 07980 541 893
Lianne Cawthorne	Mob: 07584 391 303

Chairman's Statement

Financial performance

Trading in our core business during the first half of the year has been positive overall with increases in revenue in two of our segments, mitigating pressures in the third segment. Overall revenue was up by 8% on the prior period to £6.15m (2014: £5.69m) despite the strengthening effect of sterling reducing reported revenue by £0.18m in the current period (11% increase in revenue on a constant currency basis). 

Our Food Intolerance revenues continue to grow, increasing by 20% to £3.34m (2014: £2.78m). Food Detective® continues to be popular, exhibiting growth in eight out of the top 10 markets in the EU, Latin America and the Far East.  Our microarray-based Foodprint® system has also grown in eight out of its top 10 markets across a similar geographic spread, which includes a significant customer win that will lead to sizeable repeat business. 

As previously reported, our Infectious Disease segment is the most congested in which we operate which results in the most price pressure. Despite this environment, revenues grew by 13% to £1.22m (2014: £1.08m) with stronger performances particularly in Africa, the Middle East and the UK.

Our Allergy/Autoimmune segment has suffered the dual headwinds of a weaker euro/sterling exchange rate and a declining business in our domestic German allergy business. Whilst Autoimmune sales grew by 17% to £0.3m (2014: £0.25m) our Allergy sales declined by 18% to £1.29m (2014: £1.57m), equating to a reduction of 9% in euro terms and a further 9% due to currency impact.

Gross profit increased by 6% to £3.89m (2014: £3.66m) and gross margin fell by a percentage point to 63.3% (2014: 64.3%) reflecting the balance of a reduction in higher margin Allergy sales, mitigated in part by a growth in lower margin Infectious Disease sales. Adjusted PBT reduced marginally to £0.52m (2014: £0.56m), reflecting an increase in the overhead base. However, a tax credit of £0.14m (2014: £0.03m charge) has resulted in an increase in adjusted earnings per share to 0.6p (2014: 0.5p).

Strategy

Point-of-care (POC) testing

On 7 July 2015, we reported a stability issue with Visitect® CD4 that manifests after five weeks storage at room temperature.  We built additional devices to monitor on-going stability, both up to and well beyond the five week period to attempt to establish a cause for the instability and to gain a better understanding of the time over which the problem might occur. 

In the trading update on 26 October 2015, we reported an ambient temperature effect which manifests as a change in test line signal, with no corresponding change in reference line signal and identified as being linked to a single step.   We have not been able to replicate the stability issue and we now have data which provides evidence for little or no decline in test performance at ambient temperature six months after being manufactured.  In addition, the pilot batches, on which we reported on 7 July 2015, showed no further deterioration in performance when tested four months later. Stability of devices and individual components made in R&D are being continuously monitored to give further confidence in long-term stability.

We have identified the cause of the ambient temperature effect and have found a potential solution to it which we are now attempting to incorporate into the test. In terms of our ongoing investigations, we are where we expected to be at this point in time and we remain confident and committed to the development programme.  Once we have a satisfactory design we will then recommence the verification and validation work plan. 

In Pune, India we have completed the fit-out of our new 20,000 square feet rapid test manufacturing facility and we are currently installing equipment, IT systems and quality management systems. We are planning to manufacture a range of Malaria tests at a much lower cost of goods to expand the market reach significantly beyond the very limited coverage of our current product range.

Automation

Since 26 October 2015, we have optimised another allergen so that 37 allergens now match the performance of the market-leading product.  In addition to the successful Spanish evaluation, with the help of our partner, Immunodiagnostic Systems Holdings plc ("IDS"), we have now commenced an evaluation in Italy with further ones planned for France and Germany in the near term.  We are building up an extensive set of data which supports the speed and ease of use of our Allersys® reagents on the IDS iSYS® instrument and we expect to obtain CE marking early in the new financial year.

Outlook

As reported in the trading update on 26 October 2015, our first half performance is in line with management's expectation.  Our core business is resilient and able to withstand certain headwinds.  Since coming on board as our new Chief Operating Officer, Colin King is reviewing all our operations and I am pleased that he sees significant potential to accelerate growth in parts of our existing business. We are in the process of putting together a three-to-five year business plan to capitalise on these opportunities.

Our automated allergy product offering is approaching the point at which we can begin to earn a commercial return and I look forward to updating you further as this milestone gets nearer.

We are systematically progressing with all the potential variables regarding our Visitect® CD4 programme. There are no short-cuts and inevitably this takes time to progress, with each experiment yielding information which we continue to build on. One has to believe that this systematic process will yield a positive end-result but there are no guarantees.

We remain confident overall for the growth prospects for the Company and far from being a one product company, we have significant tangible growth prospects, particularly in the area of food intolerance given the greater understanding of the gut microbiome and the interaction between the food we eat and our general well-being.

David Evans

Non-Executive Chairman

30 November 2015

INDEPENDENT REVIEW REPORT TO OMEGA DIAGNOSTICS GROUP PLC

Introduction

We have been engaged by the Company to review the condensed set of financial statements in the half-yearly financial report for the six months ended 30 September 2015 which comprises the Consolidated  Statement of Comprehensive Income, Consolidated Balance Sheet, Consolidated Statement of Changes in Equity, Consolidated Cash Flow Statement and the related explanatory notes 1 to 6. We have read the other information contained in the half-yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.

This report is made solely to the company in accordance with guidance contained in International Standard on Review Engagements 2410 (UK and Ireland) "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Auditing Practices Board. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company, for our work, for this report, or for the conclusions we have formed.

Directors' Responsibilities

The half-yearly financial report is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the Interim Report in accordance with the AIM Rules issued by the London Stock Exchange which require that it is presented and prepared in a form consistent with that which will be adopted in the company's annual accounts having regard to the accounting standards applicable to such annual accounts.

As disclosed in Note 1, the annual financial statements of the group are prepared in accordance with IFRSs as adopted by the European Union. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with the AIM Rules issued by the London Stock Exchange.

Our Responsibility

Our responsibility is to express to the Company a conclusion on the condensed set of financial statements in the half-yearly financial report based on our review.

Scope of Review

We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 30 September 2015 is not prepared, in all material respects, in accordance with the accounting policies outlined in Note 1, which comply with IFRSs as adopted by the European Union and in accordance with the AIM Rules issued by the London Stock Exchange.

Ernst & Young LLP

Glasgow

30 November 2015

Consolidated Statement of Comprehensive Income

for the six months ended 30 September 2015

		6 months		6 months
		to 30 Sept		to 30 Sept
	Notes	2015		2014
		£		£
Continuing operations
Revenue	3	6,147,135		5,686,995
Cost of sales		(2,257,547)		(2,031,239)
Gross profit		3,889,588		3,655,756
Administration costs		(2,910,994)		(2,535,715)
Selling and marketing costs		(875,269)		(973,715)
Other operating income		73,271		49,765
Operating profit		176,596		196,091
Finance costs	4	(11,651)		(14,390)
Finance revenue - interest receivable		12,415		26,717
Profit before taxation		177,360		208,418
Tax credit / (charge)	5	135,181		(29,034)
Profit for the period		312,541		179,384
Other comprehensive income to be reclassified to
profit and loss in subsequent periods
Exchange differences on translation of foreign operations		23,974		(273,626)
Tax (charge) / credit	5	(3,772)		28,420
Other comprehensive income for the period		20,202		(245,206)
Total comprehensive income for the period		332,743		(65,822)
Earnings Per Share (EPS)
Basic and diluted EPS on profit for the period	6	0.3p		0.2p
Adjusted Profit before Taxation		6 months		6 months
for the six months ended 30 September 2015		to 30 Sept		to 30 Sept
		2015		2014
		£		£
Profit before taxation		177,360		208,418
IFRS-related discount charges		-		4,956
Amortisation of intangible assets		173,565		197,423
Share-based payment charges		168,610		151,842
Adjusted profit before taxation		519,535		562,639
Earnings Per Share (EPS)
Basic and diluted Adjusted EPS on profit for the period	6	0.6p		0.5p

Adjusted PBT stated before share-based payments, IFRS-related discount unwinds and amortisation of intangible assets.

Consolidated Balance Sheet

as at 30 September 2015

		At 30 Sept		At 31 March		At 30 Sept
		2015		2015		2014
		£		£		£
Assets
Non-current assets
Intangibles		12,646,742		12,104,723		11,629,551
Property, plant and equipment		2,560,975		2,429,233		2,440,876
Deferred taxation		1,788,361		1,530,777		1,260,698
Retirement benefit surplus		-		-		84,370
Total non-current assets		16,996,078		16,064,733		15,415,495
Current assets
Inventories		1,917,998		2,062,095		1,910,876
Trade and other receivables		2,748,908		2,539,851		2,492,611
Cash and cash equivalents		1,591,475		1,972,137		2,135,533
Total current assets		6,258,381		6,574,083		6,539,020
Total assets		23,254,459		22,638,816		21,954,515
Equity and liabilities
Issued capital		16,727,516		16,727,516		16,727,516
Retained earnings		3,270,221		2,792,842		2,274,051
Other reserves		(683,234)		(707,208)		(456,978)
Total equity		19,314,503		18,813,150		18,544,589
Liabilities
Non-current liabilities
Long term borrowings		343,273		315,446		367,146
Deferred taxation		1,392,387		1,266,213		1,165,833
Deferred income		-		83,394		-
Retirement benefit deficit		192,907		192,907		-
Total non-current liabilities		1,928,567		1,857,960		1,532,979
Current liabilities
Short term borrowings		256,538		237,772		239,623
Trade and other payables		1,556,847		1,542,059		1,331,037
Deferred income		198,004		187,875		306,287
Total current liabilities		2,011,389		1,967,706		1,876,947
Total liabilities		3,939,956		3,825,666		3,409,926
Total equity and liabilities		23,254,459		22,638,816		21,954,515

Consolidated Statement of Changes in Equity for the six months ended 30 September 2015

	Share		Share		Retained		Translation
	capital		premium		earnings		reserve		Total
	£		£		£		£		£
Balance at 1 April 2014	5,086,756		11,640,760		1,914,405		(183,352)		18,458,569
Profit for the period to 30 September 2014	-		-		179,384		-		179,384
Other comprehensive income-net exchange adjustments	-		-		-		(273,626)		(273,626)
Other comprehensive income-tax credit	-		-		28,420		-		28,420
Total comprehensive income	-		-		207,804		(273,626)		(65,822)
Share-based payments	-		-		151,842		-		151,842
Balance at 30 September 2014	5,086,756		11,640,760		2,274,051		(456,978)		18,544,589
Profit for the period to 31 March 2015	-		-		559,662		-		559,662
Other comprehensive income-net exchange adjustments	-		-		-		(250,230)		(250,230)
Other comprehensive income-actuarial loss on defined benefit pensions	-		-		(270,128)		-		(270,128)
Other comprehensive income-tax credit	-		-		85,876		-		85,876
Total comprehensive income	-		-		375,410		(250,230)		125,180
Share-based payments	-		-		143,381		-		143,381
Balance at 1 April 2015	5,086,756		11,640,760		2,792,842		(707,208)		18,813,150
Profit for the period to 30 September 2015	-		-		312,541		-		312,541
Other comprehensive income-net exchange adjustments	-		-		-		23,974		23,974
Other comprehensive income-tax charge	-		-		(3,772)		-		(3,772)
Total comprehensive income	-		-		308,769		23,974		332,743
Share-based payments	-		-		168,610		-		168,610
Balance at 30 September 2015	5,086,756		11,640,760		3,270,221		(683,234)		19,314,503

A translation reserve has been shown separately given the significant exchange rate movements creating a material net exchange adjustment. Prior to March 2015, the impact of net exchange adjustments was shown cumulatively within the retained earnings reserves on the grounds of immateriality.

Consolidated Cash Flow Statement

for the six months ended 30 September 2015

	6 months		6 months
	to 30 Sept		to 30 Sept
	2015		2014
	£		£
Cash flows generated from operations
Profit for the period	312,541		179,384
Adjustments for:
Taxation	(135,181)		29,034
Finance costs	11,651		14,390
Finance income	(12,415)		(26,717)
Operating profit	176,596		196,091
Increase in trade and other receivables	(209,057)		(76,694)
Decrease/(increase) in inventories	144,097		(217,935)
Increase/(decrease) in trade and other payables	14,788		(55,320)
Depreciation	163,488		161,711
Amortisation of intangible assets	173,565		197,423
Grant amortisation	(73,271)		(49,765)
Gain on sale of property, plant and equipment	-		(1,777)
Share-based payments	168,610		151,842
Net cash flow from operating activities	558,816		305,576
Investing activities
Finance income	12,415		26,717
Purchase of property, plant and equipment	(349,035)		(436,818)
Purchase of intangible assets	(647,770)		(649,640)
Sale proceeds of property, plant and equipment	-		8,365
Net cash used in investing activities	(984,390)		(1,051,376)
Financing activities
Finance costs	(11,651)		(8,499)
Loan repayments	-		(360,000)
New finance leases	104,566		247,500
Finance lease repayments	(57,973)		(33,493)
Net cash from financing activities	34,942		(154,492)
Net decrease in cash and cash equivalents	(390,632)		(900,292)
Effects of exchange rate movements	9,970		(80,188)
Cash and cash equivalents at beginning of period	1,972,137		3,116,013
Cash and cash equivalents at end of period	1,591,475		2,135,533

Notes to the Interim Report

for the six months ended 30 September 2015

1. BASIS OF PREPARATION

For the purpose of preparing the March 2015 Annual financial statements the Directors used IFRS as adopted by the EU and in accordance with the AIM Rules issued by the London Stock Exchange. In preparing these interim financial statements, the same accounting policies have been used as set out in the Group's Annual Report for the year ended 31 March 2015. The Group has not applied IAS 34 Interim Financial Reporting, which is not mandatory for AIM companies, in the preparation of these interim financial statements.

The interim financial statements are unaudited but have been formally reviewed by the auditors and their report is unqualified. The information shown in the consolidated balance sheet as at 31 March 2015 does not constitute statutory accounts as defined in Section 435 of the Companies Act 2006 and has been extracted from the Group's 2015 Annual Report which has been filed with the Registrar of Companies. The report of the auditors on the financial statements contained within the Group's 2015 Annual Report was unqualified and did not contain a statement under sections 498 (2) and 498 (3) of Chapter 3, Part 16 of the Companies Act 2006.  These interim financial statements were approved by the Board of Directors on 27 November 2015.

2. SEGMENT INFORMATION

For management purposes the Group is organised into three operating divisions: Allergy and Autoimmune, Food Intolerance and Infectious Disease and Other.

The Allergy and Autoimmune division specialises in the research, development, production and marketing of in-vitro allergy and autoimmune tests used by doctors to diagnose patients with allergies and autoimmune diseases.

The Food Intolerance division specialises in the research, development and production of kits to aid the detection of immune reactions to food. It also provides clinical analysis to the general public, clinics and health professionals as well as supplying the consumer Food Detective test.

The Infectious Diseases division specialises in the research, development and production and marketing of kits to aid the diagnosis of infectious diseases.

Corporate consists of centralised corporate costs which are not allocated across the three business divisions.

Inter segment transfers or transactions are entered into under the normal commercial conditions that would be available to unrelated third parties.

BUSINESS SEGMENT INFORMATION

	Allergy and		Food		Infectious/
6 months to	Autoimmune		Intolerance		Other		Corporate		Group
30 September 2015	£		£		£		£		£
Statutory presentation
Revenue	1,643,897		4,139,338		1,309,064		-		7,092,299
Inter-segment revenue	(51,274)		(804,877)		(89,013)		-		(945,164)
Total revenue	1,592,623		3,334,461		1,220,051		-		6,147,135
Operating costs	(1,747,087)		(2,240,446)		(1,412,068)		(570,938)		(5,970,539)
Operating profit/(loss)	(154,464)		1,094,015		(192,017)		(570,938)		176,596
Net finance income/(costs)	2		52		(11,651)		12,361		764
Profit/(loss) before taxation	(154,462)		1,094,067		(203,668)		(558,577)		177,360
Adjusted profit before taxation
Profit/(loss) before taxation	(154,462)		1,094,067		(203,668)		(558,577)		177,360
Amortisation of intangible assets	119,417		49,439		4,709		-		173,565
Share-based payment charges	-		-		-		168,610		168,610
Adjusted profit/(loss) before taxation	(35,045)		1,143,506		(198,959)		(389,967)		519,535
	Allergy and		Food		Infectious/
6 months to	Autoimmune		Intolerance		Other		Corporate		Group
30 September 2014	£		£		£		£		£
Statutory presentation
Revenue	1,865,892		3,464,378		1,143,421		-		6,473,691
Inter-segment revenue	(39,053)		(680,867)		(66,776)		-		(786,696)
Total revenue	1,826,839		2,783,511		1,076,645		-		5,686,995
Operating costs	(1,932,699)		(1,877,495)		(1,232,347)		(448,363)		(5,490,904)
Operating profit/(loss)	(105,860)		906,016		(155,702)		(448,363)		196,091
Net finance income/(costs)	7		99		(8,499)		20,720		12,327
Profit/(loss) before taxation	(105,853)		906,115		(164,201)		(427,643)		208,418
Adjusted profit before taxation
Profit/(loss) before taxation	(105,853)		906,115		(164,201)		(427,643)		208,418
IFRS-related discount charges	-		-		-		4,956		4,956
Amortisation of intangible assets	133,770		49,444		14,209		-		197,423
Share-based payment charges	-		-		-		151,842		151,842
Adjusted profit/(loss) before taxation	27,917		955,559		(149,992)		(270,845)		562,639

3. REVENUES												6 months		6 months
												to 30 Sept		to 30 Sept
												2015		2014
												£		£
UK												487,258		463,023
Germany												1,297,412		1,564,409
Rest of Europe												1,628,236		1,658,335
North America												383,779		248,814
South/Central America												473,083		388,278
Asia and Far East												1,049,962		857,887
Africa and Middle East												827,405		506,249
												6,147,135		5,686,995

4. FINANCE COSTS

						6 months		6 months
						to 30 Sept		to 30 Sept
						2015		2014
						£		£
Interest payable on loans						1,655		2,798
Unwinding of discounts						-		4,956
Finance charges payable under finance leases						9,996		6,636
						11,651		14,390

5. TAX CREDIT / (CHARGE)

										6 months				6 months
										to 30 Sept				to 30 Sept
										2015				2014
										£				£
Tax credit / (charge) in the income statement
Current tax - current year										-				--
Current tax - prior year adjustment										-				-
Deferred tax - current year										137,197				(20,361)
Deferred tax - prior year adjustment										(2,016)				(8,673)
										135,181				(29,034)

Tax relating to items (charged) or credited to other comprehensive income
Deferred tax on net exchange adjustments							(3,772)		--28,420
							(3,772)		28,420

Reconciliation of total tax (credit) / charge
Factors affecting the tax (credit) / charge for the period:
Profit before tax						177,360		208,418
Effective rate of taxation						20%		21%
Profit before tax multiplied by the effective rate of tax			35,472					43,768
Effects of:
Expenses not deductible for tax purposes and permanent differences						35,648		32,994
Research and development tax credits						(182,410)		(144,771)
Movement on deferred tax arising from share based payments						-		106,515
Tax under provided in prior years						2,016		8,673
Adjustment due to different overseas tax rate						(25,907)		(10,868)
Impact of UK rate change on deferred tax						-		(7,277)
Tax (credit) / charge for the period						(135,181)		29,034

6. EARNINGS PER SHARE

	6 months to 30 Sept 2015	6 months to 30 Sept 2014
	£	£
Profit attributable to equity holders of the Group	312,541	179,384
	2015 Number	2014 Number
Weighted average number of shares	108,745,669	108,745,669
Share options	859,473	1,555,777
Diluted weighted average number of shares	109,605,142	110,301,446

The number of shares in issue at the period end was 108,745,669. Basic earnings per share are calculated by dividing profit for the year attributable to ordinary equity holders of the Group by the weighted average number of ordinary shares outstanding during the year.

Diluted earnings per share are calculated by dividing the net profit attributable to ordinary equity holders of the Group by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be issued on the conversion of all the dilutive potential ordinary shares into ordinary shares. Diluting events are excluded from the calculation when the average market price of ordinary shares is lower than the exercise price.

Adjusted Earnings per share on profit for the period

The Group presents adjusted earnings per share which is calculated by taking adjusted profit before taxation and adding the tax credit/(charge) in order to allow shareholders to understand better the elements of financial performance in the year, so as to facilitate comparison with prior periods and to assess better trends in financial performance.

	6 months to 30 Sept 2015	6 months to 30 Sept 2014
	£	£
Adjusted profit before taxation	519,535	562,639
Tax credit / (charge)	135,181	(29,034)
Adjusted profit attributable to equity holders of the Group	654,716	533,605

This information is provided by RNS

The company news service from the London Stock Exchange

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