AI Terminal
HELIOS UNDERWRITING PLC
Interim / Quarterly Report • Sep 29, 2025
7691_ir_2025-09-29_9e4ddf2d-02ca-4922-93e1-844848a24264.html
Interim / Quarterly Report
Open in ViewerOpens in native device viewer
National Storage Mechanism | Additional information 
RNS Number : 1017B
Helios Underwriting Plc
29 September 2025
Helios Underwriting Interim Results
Six months ended 20 June 2025
Our portfolio continues to benefit from outstanding Lloyd's market conditions
Helios Underwriting ('Helios'), the only publicly traded company offering instant access to a diverse portfolio of syndicates at Lloyd's of London, the world's largest insurance market, is pleased to announce its interim financial results for the half year ended 30 June 2025.
The Lloyd's Market continues to report strong performance and the outlook for 2026 remains positive. Consequently, Helios has and will benefit from its outstanding pipeline profits generated from its broad Lloyd's syndicate portfolio for an extended period.
Key highlights
· 6p increase in net asset value (NAV) to £2.39 per share (2024 year-end, post 10 pence dividend payment: £2.33)
· NAV is expected to increase further in H2 as a greater proportion of pipeline profits are recognised
· Operating expense (over six months) relative to capacity has reduced by 53.4% Q2 2024
· £21m of net underwriting profits from 2022 year of account was received in May 2025; £14.3m is being returned to the shareholders
· A total cash dividend of 10 pence per share paid to shareholders (2024: 6p)
· Dividend and total expected return of capital of 20p per share in 2025 (2024: 12p per share), which includes our forthcoming tender offer
· Profit before tax of £4.4m (H2 2024: £1.2m restated) driven by reduced expenses and impact of foreign exchange (FX) change on debt revaluation
· £40m of Net underwriting profits expected to be received in 2026 from the 2023 year of account. We expect 2024 year of account to produce another strong return
· Continued focus on reducing operational gearing in 2025
· Louis Tucker appointed as the Chief Executive Officer
· Hosting our first Capital Markets Day on 21 October, 2025 for shareholders and existing / new investors
Interim Executive Chairman, John Chambers, commented:
"The strong pricing environment in the insurance market continues to show through in our pipeline profits. The 2023 profit forecast continues to improve in line with expectations . Historic development patterns indicate that further improvement is likely in the final half year. The 2023 underwriting profit will be received by us next year and will be the largest made by Helios by some margin.
The 2024 calendar year experienced above average losses with hurricanes Helene and Milton resulting in market wide insured losses of $20 billion each and the Baltimore Bridge Collapse one of the costliest losses ever to have hit the marine insurance market. Whilst the significant California wildfires occurred in early 2025 much of the estimated $40 billion in losses will fall to the 2024 year policies. In spite of this the mid-point forecast of 8.0% profit on capacity has improved in the half year and is tracking towards a strong ultimate result. This demonstrates the underlying strength of pricing adequacy.
Whilst the 2025 year of account is at a very early stage of development, we are hopeful that the current strong rating environment will ultimately result in good returns for this year and beyond despite the modest headwind of a softening US Dollar The ongoing strong financial performance of Helios reflects the strength of our unique proposition, our continued strategic delivery and favourable underwriting conditions. As a result, we have been able to continue to unlock shareholder returns, including a dividend payment of 10 pence per share in 2025."
"Operationally, we are very pleased with the progress made in the first half of the year. The appointment of Louis Tucker as Chief Executive Officer marks a significant milestone for the business. Louis brings over two decades of experience, including deep expertise in third-party capital, and will be instrumental in driving forward Helios's long-term strategy.
"We've also invested in the future of the business by adding three talented graduates to our team and accelerating our focus on digitalisation and portfolio management - key areas that will enhance our operational capabilities.
"Helios remains a unique proposition for investors seeking access to this favourable market, and we remain confident that, from a returns perspective, the most attractive years of this insurance cycle are still to come and are excited about the opportunities that lie ahead."
For more information, please contact:
Helios Underwriting plc
John Chambers - Interim Executive Chairman
Email: [email protected]
Tel: +44 (0)203 965 6441
Adhiraj Maitra - Director of Finance and Operations
Email: [email protected]
Tel: +44 (0) 203 743 2114
Deutsche Numis (Nomad and Broker)
Giles Rolls / Charles Farquhar
Tel: +44 (0)20 7601 6100
FTI Consulting
Ed Berry Tel: +44 (0)7703 330 199
Christian Harte
Tel: +44 (0)7974 288 763
Interim Results
Six months ended 30 June 2025
The improvement in underwriting conditions in the insurance market over recent years continues to feed through to the profitability of Helios and is reflected in our net asset value ("NAV") growth.
Following the transition to a Fair Value (FV) accounting methodology, we intend to provide Net Asset Value (NAV) reporting on a more frequent basis, subject to the timely availability of data from Lloyd's. This change is intended to improve the consistency and transparency of financial reporting for stakeholders.
The introduction of investment entity accounting under IFRS 10, for year-end 2024, has changed the reporting of the financial information. The areas with significant impacts to the interim results as part of the movement in the fair value of investments are:
· Capacity revaluations as an input to fair value of investments - amounts included will now appear as part of the pre-tax profits. No changes to the year-end 2024 reported value, as there are no Lloyd's auctions in the first half of the year to have an impact on the capacity values.
· Profits recognition - a proportion of the profits based on the syndicate profit estimates submitted to Lloyd's, using quarterly recognition factors. These changes used in the valuation methodology for investment entity accounting are more in line with the valuation methodology generally used in the Lloyd's market and recognises the changes in reporting introduced by Lloyd's.
This refinement of our profit recognition methodology results in the Q2 estimates being initially constrained to allow for potential future volatility, but we would typically expect the profit estimates to grow steadily to a higher value in Q4 as the inherent uncertainty reduces over time.
Summary Financial Information
Net asset value
- Year-end NAV per share was £2.43, reduced to £2.33 post payment of 10 pence dividend
- Movement in H1 NAV per share is a 6p increase to £2.39
This increase is mainly driven by the recognition of underwriting profit in Q2 2025. The increase in cumulative profit relative to Q4 2024 was used in calculating the NAV.
The growth in the net asset value per share remains a key management metric for determining growth in value to shareholders.
Net Asset value per share
| 30-Jun-25 | 31-Dec-24 | Notes | |
| £'000 | £'000 | ||
| Total net assets (net of dividends) | 170,391 | 165,982 | (less £7.1m dividend) |
| Shares in issue | 71,380 | 71,343 | |
| Net asset value per share (£) | 2.39 | 2.33 |
Following changes to the profit recognition methodology, we have taken a more conservative approach and now recognise a higher proportion of the profit in the second half of the year. This reflects the seasonality of claims activity in a typical year due to the timing of the hurricane season in the North Atlantic. In normal circumstances we would expect an uplift in the NAV in the second half.
Total shareholder return
Helios is committed to returning capital to shareholders. In 2025 capital of 10p per share has been returned to shareholders through payment of an increased dividend, along with a 10p per share proposed tender offer (a 66% increase to the 12p per share returned in 2024). Note, the tender offer will not have an impact on the NAV per share value.
Distribution to shareholders
| 2025 | 2024 | |||
| £m | Pence per share | £m | Pence per share | |
| Share buyback/tender offer (proposed) | 7.2 | 10 | 4.5 | 6 |
| Base Dividend | 7.1 | 10 | 4.4 | 6 |
| Total | 14.3 | 20 | 8.9 | 12 |
Helios expense analysis
The continued scale of the business has helped to reduce our operating costs as a proportion of syndicate capacity portfolio. Operating costs were reduced in 2025 and expected to be maintained at a more sustainable level in future. In 2024 operating costs included the impact of previous plans to establish a new Helios follow syndicate; this is no longer part of our strategy. Higher finance costs, reflecting the impact of increased leverage, have been reduced in 2025 and will be reduced further in future years as we replace these arrangements with retained cash flow. A comparison at a group level and details included below:
Expense analysis
| 2025 H1 Actual | 2024 H1 Actual | |
| £'000 | £'000 | |
| Operating costs | 2,364 | 5,076 |
| Unsecured Loan Note | 2,783 | ,821 |
| Portfolio stop loss | - | 1,750 |
| Portfolio funds at Lloyds Financing | 722 | 1,166 |
| Total costs | 5,869 | 10,813 |
Operating costs
The operating ratio, i.e. operating expense relative to gross capacity, over six months has decreased from 0.98% for H1 2024 to 0.48% in H1 2025. We expect a similar reduction in the second half of the year.
There is a marginal increase in the estimate for 2025, mainly due to allowing for Director's bonus, that was not considered in the estimate for 2025 reported previously at year end 2024. Operating cost ratio will continue to be a key performance metric for Helios.
Subsidiary costs include Lloyd's fees, brokerage associated with syndicate participation, and any other charges specific to corporate members; these are accounted for individually and are part of the net asset value calculation.
Financing costs
There have been no further changes to the financing strategy outlined in the annual report published in May 2025. The financing costs include the debt interest payment and the excess of loss facility costs. The excess of loss financing costs are considered within the subsidiary expenses.
Helios portfolio information
The returns generated from underwriting results remain strong as the underlying profitability of the portfolio continues to be recognised. The improved rates achieved in the last few years have contributed to the profitability of the portfolio.
There are no changes to the portfolio in the first half of the year. The Convex syndicate started underwriting in April 2025, but was already included in the year-end estimate of total capacity of £491m.
The table below shows the split of established and new syndicates in the gross portfolio over the last four years. The comparison between 2024 and 2025 years of account demonstrates the remediation action carried out last year to improve the quality of the portfolio.
Portfolio Information
| As at 30th June 2025 | As at 30th June 2025 | ||||||
| New | Established | Total | New | Established | Total | ||
| Year of account | £m | £m | £m | % | % | % | |
| 2022 | 16.5 | 235.1 | 251.6 | 7% | 93% | 100% | |
| 2023 | 63.6 | 254.4 | 318.0 | 20% | 80% | 100% | |
| 2024 | 190.2 | 328.5 | 518.7 | 37% | 63% | 100% | |
| 2025 | 95.1 | 395.9 | 491.0 | 19% | 81% | 100% |
At this stage of the year, we expect the 2026 YOA portfolio to be broadly similar in size with a higher proportion of freehold capacity. We also expect to exit from a small number of underperforming syndicates and where possible, replace with new opportunities.
Current performance
As mentioned previously, the syndicate forecast for 2023 and 2024 YOA profits include the impact of a few large loss events as well as the impact of FX change. Despite these factors, the 2024 syndicate profit forecast of 8.0% as a percentage of capacity at 30th June 2025(7.6% as at 31st March 2025), has improved and the year is tracking towards a strong ultimate result. This further demonstrates the advantages of the portfolio management strategy of Helios and the strength of pricing adequacy within the market. Whilst at a very early stage of development the 2025 year of account is developing in line with expectations.
Portfolio performance
| Year of Account | 2025 | 2024 | 2023 |
| £m | £m | £m | |
| Capacity | |||
| Retained | 322.6 | 403.5 | 251.7 |
| Reinsured / third party supported | 158.3 | 115.2 | 66.3 |
| Total capacity | 490.9 | 518.7 | 318.0 |
| Profit forecast at 31st March 2025 | 7.6% | 15.2% | |
| Profit forecast (30th June 2025) | 8.0% | 15.6% | |
| Improvement in profit forecast | 0.4% | 0.4% |
Capital Position as at 30th June 2025 supporting 2025 YOA and prior portfolio
Our capital position remains broadly unchanged from the year-end. There is a reduction in Helios own funds and the excess of loss funds due to the movement in FX and our decision to scale back this form of gearing.
Capital Position
| Underwriting capital | 30 June 2025 £m |
31 Dec 2024 £m |
| Third Party Capital | 32.9 | 31.6 |
| Excess of loss funds at Lloyd's | 20.8 | 26.1 |
| Helios own funds | 67.9 | 72.2 |
| Solvency credits | 105.7 | 102.7 |
| Total | 227.3 | 232.6 |
The improvement in the solvency position of the portfolio, increasing available solvency credits to £105.7m, reflects profits recognised by the syndicates in the portfolio.
Condensed statement of Income
Six months ended 30 June 2025
| 30-Jun-25 | 30-Jun-24 | ||
| £'000 | £'000 | ||
| Note | (Restated) | ||
| Income | |||
| Interest income | 491 | 716 | |
| Dividend income | - | - | |
| Net gains on financial assets at FVTPL | 4 | 4,728 | 7,805 |
| Other income | 100 | 746 | |
| Total income | 5,319 | 9,266 | |
| Expenses | |||
| Operating expenses | (2,148) | (5,202) | |
| Interest expense | (2,783) | (3,106) | |
| Other expenses | (991) | (217) | |
| Total expenses | (5,922) | (8,525) | |
| Operating profits | (604) | 741 | |
| Foreign exchange movements | 7 | 5,017 | 469 |
| Net profit before income tax | 4,414 | 1,210 | |
| Income tax (charge)/credit | 5 | - | (2,177) |
| Net profit for the year after tax | 4,414 | (967) | |
| Basic EPS | 6 | 6.19 | (1.31) |
| Diluted EPS | 6 | 5.92 | (1.31) |
Condensed statement of Financial Position
As at 30 June 2025
| 30 June 2025 | 31 December 2024 | ||
| £'000 | £'000 | ||
| Note | |||
| Assets | |||
| Equity investments at FVTPL | 3.2 | 156,644 | 151,916 |
| Due from related parties | 9 | 37,053 | 62,048 |
| Deferred tax | - | - | |
| Other debtors | 110 | 110 | |
| Cash and cash equivalents | 49,551 | 28,935 | |
| Total assets | 243,358 | 243,009 | |
| Liabilities | - | - | |
| Borrowings | 3.1 | 53,543 | 58,457 |
| Due to related parties | 7,987 | 6,881 | |
| Other creditors | 380 | 106 | |
| Accruals and other payables | 11,057 | 4,449 | |
| Total liabilities | 72,966 | 69,893 | |
| Equity | - | - | |
| Share capital | 10 | 7,811 | 7,811 |
| Treasury shares | 10 | (8,211) | (8,265) |
| Share premium | 10 | 98,882 | 98,882 |
| Other reserves | 10 | 718 | 786 |
| Retained earnings | 71,192 | 73,902 | |
| Total equity | 170,392 | 173,116 | |
| Total liabilities and equity | 243,358 | 243,009 |
Condensed statement of changes in equity
Six months ended 30 June 2025
| Share capital | Treasury shares | Share premium | Other reserves |
Retained earnings |
Total equity |
|
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
| At 1 January 2025 | 7,811 | (8,265) | 98,882 | 786 | 73,902 | 173,116 |
| Company buy back of ordinary shares | - | - | - | - | - | - |
| Share issue net of transaction costs | - | 54 | - | (68) | 14 | - |
| Net profit/(loss) for the year | - | - | - | - | 4,414 | 4,414 |
| Dividends paid/ payable | - | - | - | - | (7,138) | (7,138) |
| At 30 June 2025 | 7,811 | (8,211) | 98,882 | 718 | 71,192 | 170,392 |
| At 1 January 2024 | 7,795 | (3,736) | 98,597 | 190 | 37,256 | 140,102 |
| Restatement of prior period | - | - | - | 110 | 17,533 | 17,643 |
| At 1 January 2024 - restated | 7,795 | (3,736) | 98,597 | 300 | 54,789 | 157,745 |
| Company buy back of ordinary shares | - | (811) | - | - | - | (811) |
| Share issue net of transaction costs | - | - | - | - | - | - |
| Net profit/(loss) for the year | - | - | - | - | (967) | (967) |
| Dividends paid/payable | - | - | - | - | (4,418) | (4,418) |
| At 30 June 2024 - restated | 7,795 | (4,547) | 98,597 | 300 | 49,404 | 151,549 |
Condensed statement of cash flows
Six months ended 30 June 2025
| 30 June 2025 | 30 June 2024 | ||
| £'000 | £'000 | ||
| Note | (Restated) | ||
| Cash flows from operating activities | |||
| Profit before tax | 4,414 | 1,210 | |
| Adjustments for: | |||
| - Net gain on financial assets at FVTPL | 4 | (4,728) | (7,805) |
| - Purchase of equity investments | 8 | - | - |
| Foreign exchange on net borrowings | (5,017) | 469 | |
| Changes in operating assets and liabilities: | - | - | |
| - Decrease/(increase) in due from related parties | 24,997 | (1,214) | |
| - Increase in due to related parties | 1,106 | (531) | |
| - Decrease/(increase) in other debtors | 299 | (1,241) | |
| - Increase in accruals and other payables | (454) | 3,588 | |
| Net cash used in operating activities | 20,616 | (5,524) | |
| Cash flows from financing activities | |||
| New shares issued | 10 | - | - |
| Share buy-back | 10 | - | (811) |
| Net proceeds from borrowings | - | - | |
| Repayment of borrowings | - | - | |
| Net cash (used in)/provided by financing activities | - | (811) | |
| Net (decrease)/increase in cash and cash equivalents | 20,616 | (6,335) | |
| Cash and cash equivalents at beginning of year | 28,935 | 40,596 | |
| Cash and cash equivalents at end of year | 49,551 | 34,261 |
Analysis of changes in net debt
| At 1 Jan 2025 | Cashflows | Currency translation | 30 Jun 2025 | ||
| £'000 | £'000 | £'000 | £'000 | ||
| Cash and cash equivalents | 28,935 | 20,616 | - | 49,551 | |
| Unsecured debt | (59,793) | - | (5,017) | (54,775) | |
| Total | (30,858) | 20,616 | (5,017) | (5,225) |
Cash and cash equivalents comprise cash at bank and in hand. The notes are an integral part of these Financial Information.
Notes to the condensed financial information
Six months ended 30 June 2025
1. General information
Helios Underwriting plc ("Helios" or the "Company") is an investment company with variable capital incorporated on 1 September 2007, organised under the laws of the United Kingdom. It is quoted on AIM and was incorporated in England, domiciled in the UK. Our registered office is 1st Floor, 33 Cornhill, London EC3V 3ND. The principal purpose of Helios is to provide investors with exposure to the Lloyd's insurance market through an actively managed portfolio of syndicates, who participates in insurance business as an underwriting member of Lloyd's, which are fully owned undertakings of Helios. We prepare separate financial information as its only financial information, and its subsidiaries are not consolidated in line with IFRS 10.
We have aggregated our investments in similar entities in line with IFRS12.
These condensed financial information do not comprise statutory accounts within the meaning of section 434 of the Companies Act 2006. Statutory accounts for the year ended 31 December 2024 were approved by the board of directors on 29 May 2025 and delivered to the Registrar of Companies. The report of the auditors on those accounts was unqualified, did not contain an emphasis of matter paragraph and did not contain any statement under section 498 of the Companies Act 2006.
2. Accounting policies
Basis of preparation
These condensed interim financial information have been prepared in accordance with IAS 34 'Interim Financial Reporting' and the AIM rules. They do not include all of the information required for full IFRS annual financial information and should be read in conjunction with the financial information of the Company for the year ended 31 December 2024.
The condensed interim financial information is prepared for the six months ending 30 June 2025. The condensed interim financial information for the six months ending 30 June 2025 and June 2024 are unaudited, but have been subject to review by our auditors.
The accounting policies adopted by us in these interim condensed financial statements are consistent with those applied by us in its financial statements for the year ended 31 December 2024.
Going concern
Helios has net assets at the end of the reporting period of £170.4m (31 December 2024: £173.1m).
Our subsidiaries participate as underwriting members at Lloyd's on the 2023, 2024 and 2025 years of account, as well as any prior run-off years, and they intend to continue this participation in the 2025 year of account.
The Directors have a reasonable expectation that we have adequate resources to meet their underwriting and other operational obligations for the foreseeable future. Accordingly, they continue to adopt the going concern accounting basis in preparing the Financial Information.
Material accounting policy information
The accounting policies adopted by us in these interim condensed financial information are consistent with those applied by us in our financial statements for the year ended 31 December 2024.
There were no new UK-adopted IAS or amendments to UK-adopted IAS applicable to the current period which had any significant impact on our Financial Information.
3. Fair value measurement
The valuation of the equity investments at Fair value through P&L (FVTPL) include several key components which are set out below:
Syndicate capacity
The Market Approach is the primary approach in estimating the fair value of the right to participate in a syndicate in future years, based on the weighted average price of Lloyd's syndicate capacity auction results. This approach is most appropriate in determining the fair value of the syndicate capacity where the auction pricing is reliable, and this approach is widely adopted in practice. Consideration is also given to observable data from recent market transactions. In addition, the board has made a provision of 10% on capacity to reduce the value of capacity held on the balance sheet. An independent model that takes into consideration various uncertainties around auction trading has been developed to validate the 10% reduction in capacity value assumed since Q4 2024 reporting. It should be noted that there are no Lloyd's auctions in the first half of the year, resulting in no changes to the capacity values estimated since Q4 2024.
Funds at Lloyd's
Each asset included in the FAL is valued at its current market price. FAL can consist of a variety of assets, including cash, bonds, letter of credit ("LoC") and other approved financial instruments. As such, the fair value would be based on quoted market prices and face value of the assets held in the FAL. The Market Approach is preferred for determining the fair value of FAL because it uses observable values for each component asset.
Open year results
In accordance with Lloyd's requirements, each managing agent prepares syndicate level information and allocates each corporate member's share of their best estimate results based on their capacity participation for each YOA.
Quarterly Monitoring Returns A and B are considered to be a reasonable and supportable proxy in determining the fair value of open year results.
Profits recognition
The Board considers the potential syndicate profits that the syndicate management are forecasting. The ultimate YOA profits forecasted by syndicates are included in the QMRs submitted to Lloyd's in each quarter. A quarterly recognition pattern is applied to reflect the inherent uncertainty in those forecasts which are subject to changes in the ultimate outcome.
Following changes to the profit recognition methodology, we have taken a more conservative approach and now recognise a higher proportion of the profit in the second half of the year. This reflects the seasonality of claims activity in a typical year due to the timing of the hurricane season in the North Atlantic. In normal circumstances we would expect an uplift in the NAV in the second half.
The profit recognition methodology has been further refined to assume a gradual increase in recognition over twelve quarters. This approach has been reviewed and approved by the Board.
Cash and cash equivalents
Cash represents cash deposits held at financial institutions. Cash equivalents include short-term highly liquid investments of sufficient credit quality that are readily convertible to known amounts of cash and have original maturities of three months or less. Cash equivalents are held for meeting short-term liquidity requirements, rather than for investment purposes. Cash and cash equivalents are held at major financial institutions.
3.1 Borrowings
For most of the financial assets and liabilities not carried at fair value, the fair values are not materially different from their carrying amounts due to their short-term nature.
For the borrowings, the fair value differs from the carrying amount as set out below:
Borrowings
| 2025 | 2024 | |||
| Carrying amount £'000 |
Fair value £'000 |
Carrying amount £'000 |
Fair Value £'000 |
|
| Borrowings | 53,543 | 58,148 | 58,457 | 62,802 |
The fair values of borrowings are based on discounted cash flows using a current borrowing rate and FX rates. They are classified as level 3 fair values in the fair value hierarchy due to the use of unobservable inputs, including own credit risk.
3.2 Movements in Level 3 financial instruments
The following table presents the movement in Level 3 instruments for the half year ended 30 June 2025:
| As at 30 June 2025 | Equity investments |
| £'000 | |
| Opening balance | 151,917 |
| Purchases | - |
| Sales | - |
| Net gains/(losses) | 4,728 |
| Total | 156,645 |
The following table presents the movement in Level 3 instruments for the year ended 31 December 2024:
| As at 31 December 2024 | Equity investments |
| £'000 | |
| Opening balance | 115,885 |
| Purchases | 1,520 |
| Sales | - |
| Net gains/(losses) | 34,512 |
| Total | 151,917 |
3.3 Impact on the fair value of Level 3 financial instruments to changes in key assumptions
The following table summarises the valuation techniques together with the significant unobservable inputs used to calculate the fair value of our Level 3 assets.
| Amount | Valuation technique | Significant unobservable inputs | ||||||
| As at 30 June 2025 | £'000 | |||||||
| Equity investments | 155,746 | Discounted projected cash flows | *Projected cash flows of syndicates *Auction prices and syndicate capacity *Discount rate |
|||||
| As at 31 December 2024 | ||||||||
| Equity investments | 151,019 | Discounted projected cash flows | *Projected cash flows of syndicates *Auction prices and syndicate capacity *Discount rate |
|||||
3.4 Quantitative analysis of significant unobservable inputs
See section "Equity investments at FVTPL" for details on the unobservable inputs, notably the pipeline profit calculation and capacity valuation. The following should also be noted:
Discount rate: the discount rate applied to the projected syndicate profits from the date of valuation to the date of final determination of the profits to be distributed is based on the coupon negotiated on the unsecured loan note 2030, 9.5% being a proxy for the Helios cost of debt.
3.5 Sensitivity of fair value measurements to changes in unobservable market data
The table below describes the effect of changing the significant unobservable inputs to reasonably possible alternatives.
| Change in variable | 30 June 2025 | |
| £'000 | ||
| *Pipeline profits - a range of extreme recognition patterns | Faster and unrealistic recognition: 0% Q2, 100% Q6 and Q10 | +£15,933 |
| Slower recognition: 25% Q2, 39% Q6 and 85% Q10 | -£9,352 |
The sensitivity shows that lower recognition in more mature quarters has a bigger impact on the net result than in the first few quarters. The selected pattern sits somewhere between the faster pattern/higher profit and slower pattern/lower profit.
4. Net gains on financial assets at FVTPL
| 30 June 2025 | 30 June 2024 | |
| £'000 | £'000 | |
| Unrealised gains on investments | 4,728 | 7,805 |
| Realised gains on investments and currencies | - | - |
| Net gains on financial assets at FVTPL | 4,728 | 7,805 |
5. Income tax charge
Analysis of tax charge in the period
| 30 June 2025 | 30 June 2024 | |
| £'000 | £'000 | |
| - current year | - | - |
| - prior year adjustment | - | (2,177) |
| Total current tax | _ | (2,177) |
The income tax expense is recognised based on management's best estimate of the current annual income tax rate expected for the full financial year. The annual tax rate used is 25% (2024: 25%).
6. Earnings per share
Basic earnings per share is calculated by dividing the profit attributable to ordinary shareholders after tax by the weighted average number of ordinary shares outstanding during the period.
Diluted earnings per share is calculated by dividing the net profit attributable to ordinary equity holders by the weighted average number of ordinary shares outstanding during the period, 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.
Earnings per share has been calculated in accordance with IAS 33 "Earnings per share".
The earnings per share and weighted average number of shares used in the calculation are set out below:
| 30 June 2025 Unaudited | At 30 June 2024 Restated |
|
| Profit for the period after tax attributable to ordinary equity holders of the parent | 4,413,500 | (967,020) |
| Basic - weighted average number of ordinary shares | 71,342,947 | 73,727,064 |
| Weighted average number of ordinary shares for diluted earnings per share | 74,579,624 | 76,285,215 |
| Basic earnings/(loss) per share | 6.19p | (1.31)p |
| Diluted earnings/(loss) per share* | 5.92p | (1.31)p |
| * Diluted loss per share is not permitted to be reduced from the basic loss per share. |
7. Foreign exchange movements
The exchange movements are a result of the exchange rate moving from year end to 30th June and its impact on the revaluation of the loan.
8. Dividends paid or proposed
It was proposed and agreed at the AGM on 30 June 2025 that a dividend of 10p would be payable. The Dividend was paid post period end on 17 July 2025 totalling £7,138,000 and has been accrued in the period ended 30 June 2025.
9. Investments in Subsidiaries
| Company or partnership | Direct/indirect interest |
2025 ownership |
2024 ownership |
Principal activity |
| Nameco (No. 917) Limited | Direct | 100% | 100% | Lloyd's of London corporate vehicle |
| Nameco (No. 346) Limited | Direct | 100% | 100% | Lloyd's of London corporate vehicle |
| Charmac Underwriting Limited | Direct | 100% | 100% | Lloyd's of London corporate vehicle |
| RBC CEES Trustee Limited(ii) | Direct | 100% | 100% | Joint Share Ownership Plan |
| Chapman Underwriting Limited | Direct | 100% | 100% | Lloyd's of London corporate vehicle |
| Advantage DCP Limited | Direct | 100% | 100% | Lloyd's of London corporate vehicle |
| Romsey Underwriting Limited | Direct | 100% | 100% | Lloyd's of London corporate vehicle |
| Helios UTG Partner Limited(i) | Direct | 100% | 100% | Corporate partner |
| Salviscount LLP | Indirect | 100% | 100% | Lloyd's of London corporate vehicle |
| Inversanda LLP | Indirect | 100% | 100% | Lloyd's of London corporate vehicle |
| Fyshe Underwriting LLP | Indirect | 100% | 100% | Lloyd's of London corporate vehicle |
| Nomina No 505 LLP | Indirect | 100% | 100% | Lloyd's of London corporate vehicle |
| Nomina No 321 LLP | Indirect | 100% | 100% | Lloyd's of London corporate vehicle |
| Nameco (No. 409) Limited | Direct | 100% | 100% | Lloyd's of London corporate vehicle |
| Nameco (No. 1113) Limited | Direct | 100% | 100% | Lloyd's of London corporate vehicle |
| Catbang 926 Limited | Direct | 100% | 100% | Lloyd's of London corporate vehicle |
| Whittle Martin Underwriting | Direct | 100% | 100% | Lloyd's of London corporate vehicle |
| Nameco (No. 408) Limited | Direct | 100% | 100% | Lloyd's of London corporate vehicle |
| Nomina No 084 LLP | Indirect | 100% | 100% | Lloyd's of London corporate vehicle |
| Nameco (No. 510) Limited | Direct | 100% | 100% | Lloyd's of London corporate vehicle |
| Nameco (No. 544) Limited | Direct | 100% | 100% | Lloyd's of London corporate vehicle |
| N J Hanbury Limited | Direct | 100% | 100% | Lloyd's of London corporate vehicle |
| Nameco (No. 1011) Limited | Direct | 100% | 100% | Lloyd's of London corporate vehicle |
| Nameco (No. 1111) Limited | Direct | 100% | 100% | Lloyd's of London corporate vehicle |
| Nomina No 533 LLP | Indirect | 100% | 100% | Corporate partner |
| North Breache Underwriting Limited | Direct | 100% | 100% | Lloyd's of London corporate vehicle |
| G T C Underwriting Limited | Direct | 100% | 100% | Lloyd's of London corporate vehicle |
| Hillnameco Limited | Direct | 100% | 100% | Lloyd's of London corporate vehicle |
| Nameco (No. 2012) Limited | Direct | 100% | 100% | Lloyd's of London corporate vehicle |
| Nameco (No. 1095) Limited | Direct | 100% | 100% | Lloyd's of London corporate vehicle |
| New Filcom Limited | Direct | 100% | 100% | Lloyd's of London corporate vehicle |
| Kemah Lime Street Capital | Direct | 100% | 100% | Lloyd's of London corporate vehicle |
| Nameco (No. 1130) Limited | Direct | 100% | 100% | Lloyd's of London corporate vehicle |
| Nomina No 070 LLP | Indirect | 100% | 100% | Corporate partner |
| Nameco (No. 389) Limited | Direct | 100% | 100% | Lloyd's of London corporate vehicle |
| Nomina No. 469 LLP | Indirect | 100% | 100% | Corporate partner |
| Nomina No. 536 LLP | Indirect | 100% | 100% | Corporate partner |
| Nameco (No. 301) Limited | Direct | 100% | 100% | Lloyd's of London corporate vehicle |
| Nameco (No. 1232) Limited | Direct | 100% | 100% | Lloyd's of London corporate vehicle |
| Shaw Lodge Limited | Direct | 100% | 100% | Lloyd's of London corporate vehicle |
| Queensberry Underwriting | Direct | 100% | 100% | Lloyd's of London corporate vehicle |
| Nomina No 472 LLP | Indirect | 100% | 100% | Corporate partner |
| Nomina No 110 LLP | Indirect | 100% | 100% | Corporate partner |
| Chanterelle Underwriting Limited | Direct | 100% | 100% | Lloyd's of London corporate vehicle |
| Kunduz LLP | Indirect | 100% | 100% | Corporate partner |
| Exalt Underwriting Limited | Direct | 100% | 100% | Lloyd's of London corporate vehicle |
| Nameco (No. 1110) Limited | Direct | 100% | 100% | Lloyd's of London corporate vehicle |
| Clifton 2011 Limited | Direct | 100% | 100% | Lloyd's of London corporate vehicle |
| Nomina No 378 LLP | Indirect | 100% | 100% | Corporate partner |
| Gould Scottish Limited Partnership | Indirect | 100% | 100% | Corporate partner |
| Harris Family UTG Limited | Direct | 100% | 100% | Lloyd's of London corporate vehicle |
| Whitehouse Underwriting Limited | Direct | 100% | 100% | Lloyd's of London corporate vehicle |
| Risk Capital UTG Limited | Direct | 100% | 100% | Lloyd's of London corporate vehicle |
| Nameco (No. 606) Limited | Direct | 100% | 100% | Lloyd's of London corporate vehicle |
| Nameco (No. 1208) Limited | Direct | 100% | 100% | Lloyd's of London corporate vehicle |
| Chorlton Underwriting Limited | Direct | 100% | 100% | Lloyd's of London corporate vehicle |
| Park Farm Underwriting Limited | Direct | 100% | 100% | Lloyd's of London corporate vehicle |
| Hyde Park Capital Limited | Direct | 100% | - | Lloyd's of London corporate vehicle |
| Helios LLV One Limited | Direct | - | 100% | Lloyd's of London corporate vehicle |
| Helios LLV Two Limited | Direct | - | 100% | Lloyd's of London corporate vehicle |
| Helios LLV Three Limited | Direct | - | 100% | Lloyd's of London corporate vehicle |
| Helios LLV Four Limited | Direct | - | 100% | Lloyd's of London corporate vehicle |
| Helios LLV Five Limited | Direct | - | 100% | Lloyd's of London corporate vehicle |
| Helios LLV Six Limited | Direct | - | 100% | Lloyd's of London corporate vehicle |
| Helios LLV Seven Limited | Direct | - | 100% | Lloyd's of London corporate vehicle |
| Helios LLV Eight Limited | Direct | - | 100% | Lloyd's of London corporate vehicle |
| Helios LLV Nine LLP | Indirect | - | 100% | Corporate partner |
| Helios LLV Ten LLP | Indirect | - | 100% | Corporate partner |
| Helios LLV Eleven Limited | Direct | - | 100% | Lloyd's of London corporate vehicle |
| Helios LLV Twelve Limited | Direct | - | 100% | Lloyd's of London corporate vehicle |
| Helios LLV Thirteen Limited | Direct | 100% | 100% | Lloyd's of London corporate vehicle |
| Helios LLV Fourteen Limited | Direct | 100% | 100% | Lloyd's of London corporate vehicle |
| Helios LLV Fifteen Limited | Direct | - | 100% | Lloyd's of London corporate vehicle |
| Helios LLV Sixteen Limited | Direct | - | 100% | Lloyd's of London corporate vehicle |
| Helios LLV Seventeen Limited | Direct | 100% | 100% | Lloyd's of London corporate vehicle |
| Helios LLV Eighteen Limited | Direct | 100% | 100% | Lloyd's of London corporate vehicle |
| Helios LLV Nineteen Limited | Direct | 100% | 100% | Lloyd's of London corporate vehicle |
| Helios LLV Twenty Limited | Direct | 100% | 100% | Lloyd's of London corporate vehicle |
| Helios LLV Twenty One Limited | Direct | 100% | 100% | Lloyd's of London corporate vehicle |
| Helios LLV Twenty Two Limited | Direct | 100% | 100% | Lloyd's of London corporate vehicle |
| Helios LLV Twenty Three Limited | Direct | 100% | 100% | Lloyd's of London corporate vehicle |
| Helios LLV Twenty Four Limited | Direct | 100% | 100% | Lloyd's of London corporate vehicle |
| Helios LLV Twenty Five Limited | Direct | 100% | 100% | Lloyd's of London corporate vehicle |
| Helios LLV Twenty Six Limited | Direct | 100% | 100% | Lloyd's of London corporate vehicle |
| Helios LLV Twenty Seven Limited | Direct | 100% | 100% | Lloyd's of London corporate vehicle |
| Helios LLV Twenty Eight LLP | Indirect | 100% | 100% | Corporate partner |
| Helios LLV Twenty Nine LLP | Indirect | 100% | 100% | Corporate partner |
| Helios LLV Thirty LLP | Indirect | 100% | 100% | Corporate partner |
(i) Helios UTG Partner Limited, a subsidiary, owns 100% of Salviscount LLP, Inversanda LLP, Fyshe Underwriting LLP, Nomina No 505 LLP, Nomina No 321 LLP Nomina No 084 LLP, Nomina No 533 LLP, Nomina No 070 LLP, Nomina No 469 LLP, Nomina No 536 LLP, Nomina No 472 LLP, Nomina No 110 LLP, Kunduz LLP. Nomina No 348 LLP and Gould Scottish Limited Partnership. The cost of acquisition of these LLPs is accounted for by Helios UTG Partner Limited, their immediate parent company.
(ii) RBC CEES Trustee Limited was an incorporated entity in 2017 to satisfy the requirements of the Joint Share Ownership Plan.
(iii) During the period, we sold 100% of the shares in Helios LLV Eleven Limited, Helios LLV Twelve Limited and Helios LLV Fifteen Limited and Helios LLV sixteen LLV
10. Share capital and share premium
No changes to the share capital from Q4 2024. Please see note 12 for details on events after the financial reporting period.
11. Related party transactions
Other than those related parties transactions and balances noted within the rest of the report, there are no material changes in Director shareholding from Q4 2024. Please see note 14 for details on events after the financial reporting period.
Refer to note 9 for details on investments in subsidiaries.
12. Ultimate controlling party
The Directors consider that the Group has no ultimate controlling party.
13. Syndicate participations
The syndicates in which our subsidiaries participate as corporate members of Lloyd's are as follows:
| Syndicate number | Syndicate | 2025 | 2024 | 2023 | 2022 |
| £'000 | £'000 | £'000 | £'000 | ||
| 33 | Hiscox Syndicates Limited | 15,108 | 15,358 | 15,358 | 15,357 |
| 218 | ERS Syndicate Management Limited | 19,399 | 18,438 | 18,438 | 8,246 |
| 318 | Cincinnati Global | 1,082 | 1,082 | 862 | 993 |
| 386 | QBE Underwriting Limited | 2,889 | 3,139 | 3,139 | 3,067 |
| 510 | Tokio Marine Kiln Syndicates Limited | 15,307 | 31,807 | 29,591 | 35,379 |
| 557 | Tokio Marine Kiln Syndicates Limited | - | - | - | 3,509 |
| 609 | Atrium Underwriters Limited | 18,794 | 19,527 | 18,421 | 13,714 |
| 623 | Beazley Furlonge Limited | 28,866 | 32,686 | 28,909 | 23,293 |
| 727 | S.A. Meacock & Company Limited | 2,956 | 2,956 | 2,956 | 2,423 |
| 1176 | Chaucer Syndicates Limited | 2,575 | 2,875 | 2,875 | 2,875 |
| 1200 | Argo Managing Agency Limited | - | - | 55 | 10,050 |
| 1609 | Mosaic Insurance | 20,000 | - | - | - |
| 1699 | Volante Global | - | 5,000 | - | - |
| 1729 | Dale Partners (Asta) | 25,117 | 25,117 | 21,694 | 11,690 |
| 1796 | Parsyl | - | 7,000 | - | - |
| 1902 | Medical & Commercial Insurance | 12,635 | 12,635 | 10,688 | 10,000 |
| 1910 | Ariel Re | 20,000 | - | - | - |
| 1925 | Envelop Risk | 7,500 | 12,500 | - | - |
| 1955 | Arch Managing Agency Limited | 24,640 | 20,000 | 12,500 | - |
| 1966 | Medical & Commercial Insurance | 12,600 | 15,000 | - | - |
| 1969 | Apollo Syndicate Management Limited | - | 25,498 | 12,171 | 5,675 |
| 1971 | Apollo Syndicate Management Limited | 25,000 | 25,000 | 10,000 | 6,467 |
| 1984 | Convex Insurance | 6,980 | - | - | - |
| 1985 | Flux Syndicate | 12,693 | 20,108 | 16,946 | - |
| 1988 | CFC Syndicate | - | 15,125 | 15,000 | - |
| 1996 | Wildfire Defense Syndicate | - | 9,523 | 5,988 | - |
| 2010 | Lancashire Syndicates Limited | - | 7,338 | 7,338 | 10,642 |
| 2024 | AdA Special Purpose Arrangement | 6,712 | 8,522 | - | - |
| 2121 | Argenta Syndicate Management Limited | 5,206 | 5,206 | 272 | 10,267 |
| 2358 | Nephila: Follow syndicate | 25,000 | 20,000 | - | - |
| 2427 | Agile Underwriting Services | 15,000 | 15,000 | - | - |
| 2454 | Africa Specialty Risks | 7,500 | 5,800 | - | - |
| 2525 | Secure Liability Solutions (Asta) | 2,412 | 2,612 | 2,311 | 1,856 |
| 2689 | Hampden Risk Partners (HRP) | 14,755 | 6,428 | 3,359 | 10,771 |
| 2791 | Managing Agency Partners Limited | 16,172 | 16,422 | 12,001 | 10,123 |
| 3123 | Fidelis Insurance Group | 14,060 | 5,239 | - | - |
| 3939 | NormanMax Insurance Solutions | 12,000 | 12,000 | - | - |
| 4242 | Beat Capital | 16,523 | 16,662 | 12,607 | 14,747 |
| 4444 | Canopius | - | 24 | 21 | 20 |
| 5183 | Micro Insurance Digital Solutions Beazley Furlonge Limited |
- | 1,727 | 5,000 | - |
| 5623 | 26,843 | 27,877 | 18,422 | 7,100 | |
| 5886 | Blenheim Underwriting Limited | 37,478 | 30,840 | 27,132 | 23,165 |
| 6103 | Managing Agency Partners Limited | 4,615 | 4,150 | 3,301 | 3,480 |
| 6104 | Hiscox Syndicates Limited | 12,008 | 10,000 | 32 | 1,774 |
| 6107 | Beazley Furlonge Limited | - | 1,550 | 164 | 1,682 |
| 6117 | Argo Managing Agency Limited | 570 | 947 | 491 | 3,189 |
| Total | Syndicate capacity | 490,995 | 518,718 | 318,042 | 251,554 |
14. Event after the financial reporting period
JSOP update:
The JSOP Shares were jointly held with JTC Employer Solutions Trustee Limited (as trustee of the Helios Underwriting Plc Employees' Share Trust (the "Trust") as co-owner ("JSOP Co-Owner") of JSOP Shares pursuant to the terms of the JSOP.
The JSOP Shares were sold to JTC Employer Solutions Trustee Limited as trustee of the Trust. The Trust is a market standard discretionary employee benefit trust.
The Trust purchased the JSOP Shares (together with an additional 315,778 Ordinary Shares sold at the same time by a former PDMR JSOP participant) with loan funding provided by Helios and the resulting Ordinary Shares are now held in the Trust.
The Ordinary Shares now held in the Trust (remaining at 1,100,000 Ordinary Shares further to the purchases made by the Trust and it exercises a call option over the unvested JSOP shares) are available to the Trust for trust purposes (including therefore for use in connection with future maturities under our Long-Term Incentive Plan).
The loan funding by Helios to the Trust in relation to the sales noted above in connection with JSOP (including in respect of sales made at the same time by a former PDMR JSOP participant) was £ 1,515,667. Additional loan funding of £305,320.97 was also provided by Helios to the Trust at the same time.
A sum of £1,182,213 was immediately credited back to Helios by the Trust equating to the proceeds accrued to the JSOP Co-Owner under the JSOP and was applied by Helios towards payment of the outstanding subscription price in relation to the Ordinary Shares that had been held under the JSOP.
The loan to the Trust constituted a related party transaction for the purposes of AIM Rule 13. The independent directors being John Chambers, Adhiraj Maitra, Andrew Christie, Tom Libassi and Katie Wade, having consulted with our nominated adviser Deutsche Numis, confirm that they consider that the terms of the loan are fair and reasonable insofar as the shareholders are concerned.
Distribution to shareholders:
In July 2025 a base and special dividend of 10p per share (£6.8m + shares) was returned to shareholders. This has been allowed for in the interim result.
It is proposed to make a Tender Offer to shareholders pro-rata to their shareholdings in due course to potentially return a further £7.1m (10p per share). This increase in overall distributions to shareholders reflects the increase in underwriting profits distributed from Lloyd's and from the sale of capacity in the recent auctions.
Directors, Registered office and advisers
Directors
John Chambers (Interim Executive Chairman)
Nigel Hanbury (Non-Executive Deputy Chairman)
Andrew Christie (Non-Executive Director)
Thomas Libassi (Non-Executive Director)
Katie Wade (Non-Executive Director)
Adhiraj Maitra (Director of Finance and Operations) appointed 1 July 2025
Arthur Manners (Finance Director) resigned 30 June 2025
Company Secretary
Reva Jain
Shakespeare Martineau No 1 Colmore Square Birmingham
B4 6AA
Company number
05892671
Registered office
1st Floor, 33 Cornhill, London, EC3V 3ND
Statutory auditors
PKF Littlejohn LLP 15 Westferry Circus Canary Wharf
London E14 4HD
Lloyd's members' agent
Hampden Agencies Limited
40 Gracechurch Street London EC3V 0BT
Argenta Private Capital Limited
70 Gracechurch Street London EC3V 0HR
Registrars
Neville Registrars Limited
Neville House Steelpark Road Halesowen B62 8HD
Nominated adviser and broker
Deutsche Numis 45 Gresham Street London EC2V 7BF
INDEPENDENT REVIEW REPORT TO HELIOS UNDERWRITING PLC
Conclusion
We have been engaged by the Helios Underwriting Plc (the "company") to review the condensed set of financial information in the half-yearly financial report for the six months ended 30 June 2025 which comprise the Condensed Statement of Income, the Condensed Statement of Financial Position, the Condensed Statement of Changes in Equity, the Condensed Statement of Cash Flows and related notes. 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 information.
Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial information in the half-yearly financial report for the six months ended 30 June 2025 is not prepared, in all material respects, in accordance with UK-adopted International Accounting Standard 34 and the AIM Rules for Companies.
Basis for conclusion
We conducted our review in accordance with International Standard on Review Engagements (UK) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued 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 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.
As disclosed in note 2, the annual financial statements of the company are prepared in accordance with UK-adopted IASs. The condensed set of financial information included in this half-yearly financial report has been prepared in accordance with UK-adopted International Accounting Standard 34, "Interim Financial Reporting".
Conclusions relating to going concern
Based on our review procedures, which are less extensive than those performed in an audit as described in the Basis for conclusion section of this report, nothing has come to our attention to suggest that management have inappropriately adopted the going concern basis of accounting or that management have identified material uncertainties relating to going concern that are not appropriately disclosed.
This conclusion is based on the review procedures performed in accordance with ISRE (UK) 2410, however future events or conditions may cause the company to cease to continue as a going concern.
Responsibilities of directors
The directors are responsible for preparing the half-yearly financial report in accordance with the AIM Rules for Companies.
In preparing the half-yearly financial report, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the review of financial information
In reviewing the half-yearly report, we are responsible for expressing to the company a conclusion on the condensed set of financial information in the half-yearly financial report. Our conclusion, including our conclusions relating to going concern, are based on procedures that are less extensive than audit procedures, as described in the 'Basis for conclusion' paragraph of this report.
Use of our report
This report is made solely to the company's directors, as a body, in accordance with the terms of our engagement letter dated 10 September 2025. Our review has been undertaken so that we might state to the company's directors those matters we have agreed to state to them in a reviewer's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone, other than the company and the company's directors as a body, for our work, for this report, or for the conclusions we have formed.
PKF Littlejohn LLP 15 Westferry Circus
Statutory Auditor Canary Wharf
26 September 2025 London E14 4HD
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
END
IR ZZGZLMNZGKZM