STRICTLY EMBARGOED

UNTIL 7AM THURSDAY 17 NOVEMBER 2022

 

FULLER, SMITH & TURNER P.L.C.

("Fuller's", the "Company", or the "Group")

Financial results for the 26 weeks to 24 September 2022

 

 

Good momentum - well-placed to deliver long-term growth

 

 

Financial and Operational Highlights

	Unaudited		Unaudited		Audited
	26 weeks ended 24 September		26 weeks ended 25 September		52 weeks ended 26 March
	2022		2021		2022
	£m		£m		£m
Revenue and other income	168.9		116.3		253.8
EBITDA1	28.9		22.8		44.3
Adjusted profit before tax2	9.8		4.6		7.2
Statutory profit before tax	10.7		10.6		11.5
Basic earnings per share3	13.13p		5.76p		11.59p
Adjusted earnings per share3	12.48p		6.09p		9.79p
Dividend per share	4.68p		3.90p		11.31p
Net debt excluding lease liabilities4	129.2		131.5		131.9

All figures above are from continuing operations.

1    Pre-separately disclosed earnings before interest, tax, depreciation, profit on disposal of plant and equipment and amortisation.

2    Adjusted profit before tax is the profit before tax excluding separately disclosed items.

3    Per 40p 'A' or 'C' ordinary share. Adjusted EPS is calculated using earnings attributable to equity shareholders after tax excluding separately disclosed items. Basis EPS includes separately disclosed items.

4    Net debt excluding lease liabilities comprises cash and short-term deposits, bank overdraft, bank loans, debenture stock and preference shares.

 

 

·    Revenues grew to £168.9 million (H1 2022: £116.3 million) as the business recovered from the impact of covid related restrictions on trade

·    Like for like sales in the first half have grown by 20% compared to the prior year, with Central London growing by 67%

·    Adjusted profit before tax increased to £9.8 million (H1 2022: £4.6 million) as the benefit of the sales recovery exceeded inflationary increases in the cost base   

·    Net debt is at £129.2 million (H1 2022: £131.5 million) with the cash generated by the business funding investment in the estate and returns to shareholders

·    Significant capacity to invest in growth with a four year £200 million bank facility effective from May 2022

·    Interim dividend of 4.68p declared, representing a 20% increase on last year.

 

 

 

Strategic Highlights

 

·    Sales momentum continues, despite the temporary disruption caused by ongoing train and tube strikes

·    Digital transformation work completed with new look websites and enhanced consumer marketing capability

·    Continued strong performance in our hotels with revenue per available room ("RevPAR") increasing by 17% against H1 2020 to £94.65

·    Implementing a wide range of energy reduction initiatives as part of our Life is too good to waste programme

·    Maintained investment in the estate, with £12 million invested in the period to enhance capital values and drive further growth

·    Impact of new central finance system reflected in more agile decision making

·    Delivering on our long-term strategy while evolving to reflect changes in consumer behaviour.

 

 

 

Current Trading

 

·    Like for like sales for the seven weeks to 12 November 2022 up 13% versus prior year despite the challenging environment

·    Strong like for like sales growth across Central London - up 20% for the seven weeks to 12 November 2022

·    Christmas bookings are strong and additional uplift expected from the World Cup

 

 

 

Chief Executive Simon Emeny said:

 

"Following on from a good first half performance, we have maintained our forward momentum in the seven weeks post the period end, with like for like sales up by 13% against the same period last year. As commuters return to their offices and international tourists once again visit the Capital, our Central London and City sites have seen like for like sales for the first seven weeks of the second half rise by 20% against the prior year, despite the impact of tube and train strikes.

 

"While we look forward to our first Christmas free of restrictions for three years, and the added bonus of a FIFA World Cup, we are trading in an increasingly challenging environment. Cost pressures from energy bills, wage and food inflation, and increasing interest rates continue to impact us and all businesses in the hospitality sector. Our teams are working hard to manage these pressures, while ensuring we continue to deliver an outstanding experience for our customers.

 

"We are a long-term business, with excellent foundations both in terms of the strength of our Balance Sheet and our predominately freehold estate, and we have the talent, desire and drive to deliver future growth and success."

 

 

-Ends-

 

For further information, please contact:

 

Fuller, Smith & Turner P.L.C.

Simon Emeny, Chief Executive                                                           020 8996 2000

Neil Smith, Finance Director                                                                020 8996 2000

Georgina Wald, Corporate Comms Manager                                 020 8996 2198

 

Instinctif Partners

Justine Warren                                                                                       020 7457 2010

 

 

Notes to Editors:

 

Fuller, Smith & Turner PLC is the premium pubs and hotels business that is famous for beautiful and inviting pubs with delicious fresh food, a vibrant and interesting range of drinks, and engaging service from passionate people. Fuller's has 208 managed businesses, with 1,043 boutique bedrooms, and 178 Tenanted Inns. The estate is predominately located in the South of England (44% of sites are within the M25) and stretches from our London heartland to the Jurassic Coast via the New Forest. Our Managed Pubs and Hotels include seven stunning hotels in the Cotswolds, and Bel & The Dragon - seven exquisite country inns located in the Home Counties. In summary, Fuller's is the home of great pubs, outstanding hospitality and passionate people, where everyone is welcome and leaves that little bit happier than they arrived.

 

 

 

Photography is available from the Fuller's Press Office on 020 8996 2000 or by email at pr@fullers.co.uk.

 

This statement will be available on the Company's website, www.fullers.co.uk. An accompanying presentation will be available from 12 noon on 17 November 2022.

 

 

 

 

FULLER, SMITH & TURNER P.L.C.

FINANCIAL RESULTS FOR THE 26 WEEKS ENDED 24 SEPTEMBER 2022

 

 

 

CHAIRMAN'S STATEMENT

 

 

I am very pleased with the progress the Executive Team and all at Fuller's have achieved over the first six months of the new financial year. Despite the turbulent political landscape, inflation at a 40 year high and Putin's devastating war in Ukraine, Fuller's has driven a 45% increase in revenue, more than doubled underlying profits and delivered an increased interim dividend for our shareholders.

 

While much of the credit for this success is due to the focus and commitment of the Executive Team, I would like to publicly thank each and every one of our dedicated team members. They make the real difference to our customers and to our success. Despite the stop-start nature of the last couple of years, and the ongoing disruption caused by train and tube strikes that disproportionately impact the Fuller's business, our amazing team members come to work, support each other and deliver a great Fuller's experience to our customers. They are all heroes in their own way.

 

Across our Managed Pubs and Hotels, we continue to invest in our iconic buildings and our people. While many competitors may start to rein back on investments in training and in the fabric and furnishings, we will not. Fuller's is, and always has been, a company with a long-term strategy and vision - which means consistently offering outstanding food and drink, in a beautiful pub with a warm welcome from well-trained team members - and that is what we do best.

 

The support we provided for our Tenants from the very start of the pandemic is reflected in the continued success of our Tenanted Inns. I am delighted that 92% of our Tenants are on a substantive agreement and our Tenanted support team provides an exceptional level of assistance, help and encouragement for our entrepreneurial Tenants.

 

Finally, I am delighted to see the rewards materialising from our investment in digital transformation and a new central finance system. In today's world, the best companies need access to detailed information, enabling agile and quick decision making. The time and money invested in these two large-scale projects has provided the former - and our talented team is adept at using it to deliver the latter.

 

Since the start of the financial year, the country has had two monarchs, three prime ministers, four chancellors and five rises in the Bank of England interest rate. Energy prices continue to fluctuate and there is much uncertainty around the financial markets. In such uncertain times, Fuller's is a beacon of stability. We have survived turbulent times before, have excellent clarity of vision and strategy, and I know Simon Emeny and the team are in an excellent place to maintain and increase Fuller's forward momentum.

 

 

DIVIDEND

 

The Board is pleased to announce an interim dividend of 4.68p (H1 2022: 3.90p) per 40p 'A' and 'C' ordinary share and 0.468p (H1 2022: 0.390p) per 4p 'B' ordinary share. This will be paid on 3 January 2023 to shareholders on the share register as at 16 December 2022. This payment equates to 60% of the 2019 payment and continues our return to a progressive dividend policy.

 

 

Michael Turner

Chairman

16 November 2022

 

 

 

 

CHIEF EXECUTIVE'S REVIEW

 

 

OVERVIEW

 

We have continued to build momentum since the start of the financial year. Sales across Central London, a key part of our balanced business, continue to grow as people head back to their offices and international tourists return - and although the ongoing rail and tube disputes have temporarily impacted us disproportionately, we remain confident in the future and resilient in the present.

 

A year makes a lot of difference. Looking back to the first half last year, we have seen revenues increase by 45% to £168.9 million (H1 2022: £116.3 million) and adjusted profit before tax more than double to £9.8 million (H1 2022: £4.6 million). The digital transformation project and roll out of the new finance system that were completed as we began the new financial year are delivering the anticipated benefits to the business and, while there are clearly hurdles ahead, we are in good shape.

 

The well-documented increases in energy, food, labour and interest costs are having an obvious impact - but balanced against this we are looking forward to our first Christmas free of restrictions for three years and the anticipated boost from the FIFA World Cup.

 

 

STRATEGIC AND BUSINESS REVIEW

 

During the period, the team has focused on the five key strategic pillars that will deliver our promise to create experiences that nourish the soul. A clear strategy and long-term vision have always been at the heart of Fuller's success. They provide clarity across the business and ensure everyone is working in unison to achieve a common goal.

 

 

Delight our customers

 

Our core customer has certain demographic characteristics that will provide some protection from the worst of the current financial pressures. Our pub estate is predominately situated in affluent locations and our typical customer tends to have a higher household income. We over-index by 48% in attracting customers with a household income of over £75k. In addition, we over-index in all groups with a household income over £40k.

 

A visit to the pub remains an affordable treat and pubs have always proven to be highly resilient in previous economic downturns. Today's customer expects a great experience and a good reason to visit and this is an area that we have focused on for several years with unique and exciting in-pub events such as the popular Shakespeare in the Garden and, this year, Opera in the Garden. During the first half, these two programmes alone have delivered over £500k in incremental sales - and we have similar initiatives planned for the winter and beyond including a Christmas Concert with Rogue Opera and productions of the Charles Dickens classic, A Christmas Carol.

 

While a great pint of London Pride continues to be the mainstay of a Fuller's pub, thanks to our long-term supply agreement with Asahi, sales of cocktails continue to rise - growing by 36% in volume terms. These deliver a strong profit opportunity for pubs and add to the theatre of a visit to a Fuller's pub or hotel.

 

Customers are also increasingly aware of the social and environmental impact of the money they spend - and our continued partnerships with UK suppliers and social enterprises help deliver on this emotive need. A new partnership with leading UK winery, Bolney Estate, has led to a number of supper club events focused around these delicious wines. Meanwhile, our new plant-based burger with Made in Hackney - a local community food kitchen in East London - has been well received by customers with 50p for every burger sold going to this excellent social enterprise.

 

 

Inspire our people

 

Our people remain the key to our success and our commitment to home-grown talent and a comprehensive training framework continues to underpin all our activity. During the first six months we have delivered 2,500 training days with 177 team members currently undergoing apprenticeships.

 

We have also relaunched our industry-leading Service Coach programme with 176 Service Coaches across our Managed Pubs and Hotels and we are delighted to have just held our biggest ever graduation ceremony with 300 graduates being recognised. Their achievements include courses completed in a wide range of disciplines from back and front of house apprenticeships to Management Development Training and degree-level programmes.

 

Retaining our team members is critical and following the launch of our Happiness Index engagement survey we have made changes to reflect their feedback. This has included earlier issuing of rotas and improvements to our benefits package. The roll out of the Medicash Healthcare Cash Plan to all employees with over one year's service has been particularly well received and we are unique in our sector in providing a medical benefit of this nature.

 

The move to Harri as our recruitment system partner has improved our recruitment process with a 500% increase in the number of applications and a decrease in the time from enquiry to the potential recruit starting work. We have also improved our recruitment landing page on our website, with over 150,000 views during the period.

 

One of the side effects of the pandemic was the decline in the number of over 50s working in our business - with many taking early retirement. Older workers have always made a valuable contribution to our teams, and we have partnered with Rest Less - an online community of nearly one million over 50s - to attract older workers who may feel their retirement decisions were premature.

 

 

Enhance our estate

 

Active management of our property assets is crucial to our long-term success and the backing of our property portfolio, which is 92% freehold, provides the financial stability that ensures we can consistently deliver our long-term vision and strategy. It is worth remembering that our property portfolio is not recorded in our accounts at current valuation. A Directors' valuation was completed in March which valued the estate at £995.6 million - around £400 million over the value recorded in the accounts - implying a net asset value per share of £13.80¹.

 

Movement between our Managed and Tenanted estates ensures that we can maximise the profit potential of an individual site. During the period, four pubs moved into the Tenanted Inns estate. We will also sell a small number of assets where we do not see long-term value in ownership. In the first half of the year, we disposed of four properties for a total of £7 million at a premium to their book value. Post the period end, we have realised a further £6 million from disposals.

 

We have also acquired three new sites - two during the period and one post period end. We were delighted to open The Queen's Arms, landside at The Queen's Terminal, Heathrow, at the end of July - a site which sits perfectly alongside London's Pride, our airside business at the same terminal. We also acquired The Rising Sun - an attractive site near New Milton in the New Forest. Post the period end, we completed the purchase of a wonderful site in the pretty Cotswold village of Bourton-on-the-Water. This will open in the spring, following a full refurbishment, as The Willow and is a great addition to our Cotswold businesses.

 

During the last recession, we continued to invest in our estate while our competitors did not - ensuring that we were first out of the blocks as trading strengthened and consumer confidence grew. We will again continue with our investment plans and have invested £12 million in the first half including schemes at The Lord Northbrook in Lee, The Vaults in Southsea and The George & Dragon in Westerham - a former tenancy which is now part of our Bel & The Dragon brand, adding another 13 bedrooms to our Managed estate.

 

 

Evolve our business

 

While the pub has retained its role in British life for centuries, businesses must evolve and the digital transformation project we undertook during lockdown plays a crucial role in attracting new customers, communicating reasons to visit to both existing and potential customers, and improving the digital journey for all.

 

To support the excellent activities and events that are taking place in our pubs, we sent out almost six million emails across over 200 campaigns, ensuring customers hear from Fuller's - or their favourite pub - at least once a month. The information fed back from our system tells us that customers who receive email marketing are more likely to visit within 30 days than those who have not. A tight and well-managed digital journey enables us to track response rates and associated spend, measure the return on investment, identify the offers and events that really entice the customers in and help us build lookalike audiences that we can target through digital ads and targeted campaigns.

 

Another element of our digital transformation project is our new hotel booking engine. This has delivered several revolutionary benefits - especially around our aim of reducing our reliance on, and the commission paid to, online travel agents ("OTA"). We have already seen a 20% increase in the value of website direct bookings against H1 2020, excluding Cotswold Inns & Hotels.

 

The new platform integrates with metasearch platforms such as Google, Trivago and TripAdvisor - which means that a customer searching for a hotel in a certain area can be served via a link to our direct booking site, rather than being enticed primarily to an OTA. As well as avoiding the financial commission, this also allows us to build direct contact with our customer - and to suggest alternative Fuller's hotels if their preferred choice is fully booked.

 

The next stage of development for the online hotel journey is through a loyalty scheme roll out, which will allow regular customers who have signed up to our loyalty programme to see a bespoke discount on the best online rate. This will provide another reason to book direct, while ensuring we still honour our pricing commitments to our OTA partners.

 

It is an exciting time for Fuller's as we continue to develop the way we deliver great offers to our customers and promote our fantastic pub and hotel experiences to the wider world. To take us on the next stage of this journey, we have also hired an experienced retail marketer and I am delighted that Sam Bourke will be joining us at the end of November. Sam joins from Wasabi and has previously held positions at The Restaurant Group and ETM, and I know she is going to be a great addition to the Executive Team.

 

 

Own our impact - because Life is too good to waste

 

The ESG agenda has been an important part of our strategy for many years, but energy consumption has never been under such scrutiny as it is today. The work we started some years ago had already helped to reduce our energy consumption, but we are now ramping up our investment in energy saving and it is delivering tangible benefits.

 

Across the estate, we are to invest £0.5 million over the next 12 months delivering a wide range of energy saving measures which we expect to reduce consumption by 5% per annum and save over £0.6 million in the first year alone. The specific elements include improved cellar controls and remote beer coolers, more efficient maintenance of fridges and cellars, heat recovery and the use of an endotherm additive, which improves convection in our hot water systems. 

 

Supporting this activity is a behavioural change programme as human nature is still a key factor in energy consumption. Finally, we have also identified a further 28 kitchens that are suitable for conversion to electricity in the near future. Our bid to reduce our carbon footprint and achieve Net Zero is ongoing, but this year has seen us take major steps in the right direction.

 

The Life is too good to waste programme covers people and communities and we have made good progress with our programme around diversity with the Executive Team undertaking an inclusive leadership programme, the launch of our first menopause policy, and the roll out of a diversity survey so we can identify areas for improvement.

 

We have also continued to deliver for our communities with ongoing support for Special Olympics GB, our key corporate charity, as well as further support for Onside Hammersmith, a youth facility in West London, and the DEC Ukraine appeal.

 

While Special Olympics' key goal is to provide sporting activity for people with intellectual disabilities, our inclusion strategy also creates an environment to provide employment opportunities. In a great example of how we can build a holistic relationship, our recent annual Fuller's football tournament had unified teams for the first time - with every team including Fuller's team members and at least one Special Olympics athlete. This helped to bring down barriers, built confidence on both sides, and brought together several strands of our ESG strategy.

 

 

Tenanted Inns

 

Our Tenanted Inns continue to be an integral, highly profitable and cash-generative part of our business - delivering a profit contribution during the period of £6.8 million (H1 2022: £4.8 million). It provides opportunities for us to move sites between Tenanted and Managed as and when deemed appropriate and we can share best practice in both directions.

 

We have invested £2.0 million in our Tenanted Inns during the period and we will continue to undertake joint projects with well-funded Tenants. Over 90% of our pubs are on substantive agreements and we will be taking learnings from our energy saving initiatives in the Managed estate to roll out across our Tenanted Inns too.

 

It is good to return, post covid, to some of the more fun activities that should be an integral part of any hospitality business and, to that end, it was great to see so many entering our first Tenants' Glorious Gardens competition. The winner was The Plough in Norwood Green, a great example of the way in which an entrepreneurial Tenant builds and personalises their business.

 

 

FINANCIAL REVIEW

 

Group revenue and other income increased by 45% to £168.9 million (H1 2022: £116.3 million). The prior year was impacted by covid restrictions on trade through part of the period, whilst the current year has been affected by the tube and rail strikes. We estimate that the strike action has reduced sales by £1.4 million in the first half of the year. 

 

The current trading environment is challenging. The uncertainty over the UK economy, driven in part by the continued war in Ukraine, has resulted in high levels of inflation and energy costs increasing exponentially. This in turn has contributed to increasing interest rates. These factors together have put additional strain on consumers' disposable income. However, against this background, the Group has delivered an adjusted profit of £9.8 million, more than doubling the adjusted profit from the prior year (H1 2022: £4.6 million).

 

In our Managed Pubs and Hotels business, like for like sales have grown by 20% compared with the prior year, with total sales increasing by 47%. Compared to pre-pandemic levels (PY-2), like for like sales were at 96%, as momentum in the City grew over the period. For the seven weeks post period end they are at 101%, demonstrating continued growth.

 

While overall EBITDA was £28.9 million, it is worth noting that EBITDA for the Managed Pubs and Hotels business was £30.0 million, which represents an increase of 18% from prior year (H1 2022: £25.4 million). However, EBITDA margin fell from 24.3% to 19.5%. This is predominately for three reasons. The VAT rate on food and accommodation has increased from 5% in the prior period to 20% in the current period, utilities has increased by £3.1 million from the prior year, equating to a 2% decline in margin, and thirdly, in the prior year we received a number of grants from the Government as well as a business rates holiday for part of the period. On a like for like basis, EBITDA margin would have been 24.8% compared with the prior year of 24.3% however, given the nature of the adjustments, the current reported margin is more reflective of future expectations for margins.

 

Tenanted Inns revenue grew from £11.9 million to £15.1 million in the current period representing a 27% increase in sales. EBITDA margin also improved from 47.1% to 51.7%. The low cost base of the Tenanted Division means that it is a highly profitable part of the Group and continues to trade strongly despite the economic backdrop.

 

Central costs were £9.2 million in the period which was an increase of £0.7 million on the prior period, mainly due to increased payroll costs as recruitment was paused during lockdowns. While the quantum of central costs was up, the percentage to overall revenue was down from the prior period at 5.4% (H1 2022: 7.3%).

 

During the period, the Group refinanced all its banking facilities and agreed a new unsecured banking facility of £200 million, split between a revolving credit facility of £110 million and a term loan of £90 million. These facilities have been agreed for a tenure of four years through to May 2026. The new facilities bear interest at a margin dependent on the leverage covenant plus a base rate of SONIA. During the period, interest rates have increased sharply with SONIA increasing from 60bps to just over 200bps and this trend is expected to continue. Therefore, on 2 September 2022, the Group entered into a zero-premium cap and collar over £60 million of the term facility. This instrument is in place for a three year period to hedge some of the variability in interest rates. The Group sold a floor of 310bps and bought a cap of 500bps which gives some protection should SONIA exceed 500bps.

 

Net debt (excluding leases) was at £129.2 million (H1 2022: £131.5 million). This is only a marginal decrease from last year as the Group has delivered on its capital allocation framework through investment in the estate and returns to shareholders. A total of £11.8 million was invested in the existing estate in the period, a dividend of £4.6 million was paid to shareholders, and two new pubs were acquired - The Queen's Arms at Heathrow's Terminal 2 and The Rising Sun at New Milton, in the heart of the New Forest. The improvement in EBITDA has meant that net debt/EBIDTA is now at 3x, which is in line with our capital allocation framework.

 

The adjusted finance cost increased to £5.8 million (H1 2022: £5.3 million) mainly due to the rising base rate in the current period but also in the prior period the Group had utilised the Covid Corporate Financing Facility ("CCFF") for the first couple of months which was at a significantly lower interest rate.

 

Separately disclosed items before tax were a credit of £0.9 million (H1 2022: £6.0 million credit) which principally consists of £5.5 million profit on the disposal of four unlicensed properties net of a cost of £1.1 million on the surrender of two leases. Other costs included in the separately disclosed items were reorganisation costs of £0.5 million, which largely relate to the refinancing and a corporate restructuring, and an impairment charge of £2.7 million in respect of four properties.

 

Tax has been provided at an effective rate before separately disclosed items of 21.4% (H1 2022: 19.6%). The increase in the effective tax rate is due to the movement in deferred tax which has been provided at an effective rate based upon the higher rate of corporation tax of 25% which is due to come into effect in April 2023. Disclosure on tax charge is set out in note 5.

 

The net impact of these items results in the basic earnings per share increasing by 7.37p to 13.13p (H1 2022: 5.76p) and adjusted earnings per share increasing by 6.39p to 12.48p (H1 2022: 6.09p).

 

The growth in earnings per share has enabled us to declare an interim dividend of 4.68p (H1 2022: 3.90p), which is an increase of 20% on last year. In addition to the dividend, we announced on 20 September 2022 our intent to repurchase one million 'A' ordinary shares, which we expect to complete within the next few weeks. 

 

The surplus on the defined benefit pension schemes has increased by £6.1 million from the year end and is now showing an accounting surplus of £20.4 million (26 March 2022: surplus £14.3 million, 24 September 2021: surplus £5.1 million). This is a result of the decrease in the present value of the scheme liabilities being significantly higher than the decrease in the fair value of scheme assets. The present value of the scheme liabilities decreased by £35.8 million to £93.8 million (26 March 2022: £129.6 million), which was driven by an increase in the discount rate from 3.00% to 5.20%. As the Group has an unconditional right to refund under the pension trust deed, an asset of £20.4 million has been recognised at 24 September 2022.

 

 

CURRENT TRADING AND OUTLOOK

 

Following on from a good first half performance, we have maintained our forward momentum in the seven weeks post the period end, with like for like sales up by 13% against the same period last year. As commuters return to their offices and international tourists once again visit the Capital, our Central London and City sites have seen like for like sales for the first seven weeks of the second half rise by 20% against the prior year, despite the impact of tube and train strikes.

 

While we look forward to our first Christmas free of restrictions for three years, and the added bonus of a FIFA World Cup, we are trading in an increasingly challenging environment. Cost pressures from energy bills, wage and food inflation, and increasing interest rates continue to impact us and all businesses in the hospitality sector. Our teams are working hard to manage these pressures, while ensuring we continue to deliver an outstanding experience for our customers.

 

We are a long-term business, with excellent foundations both in terms of the strength of our Balance Sheet and our predominately freehold estate, and we have the talent, desire and drive to deliver future growth and success.

 

 

Simon Emeny

Chief Executive

16 November 2022