Notes

This report has been prepared to provide additional information to shareholders to assess the Group's strategies and the potential for those strategies to succeed. The report should not be relied on by any other party or for any other purpose. The report contains certain forward-looking statements. These statements are made by the directors in good faith based on the information available to them up to the time of their approval of this report, but such statements should be treated with caution due to the inherent uncertainties, including both economic and business risk factors, as well as any forward-looking information. Percentage change figures for all performance measures, other than profit before taxation and earnings per share, unless otherwise stated, are quoted after restating prior year figures at a constant exchange rate (CER) for the period to present the performance variance.

30 July 2025

International Personal Finance plc

Half-year financial report for the six months ended 30 June 2025

Principal activity

International Personal Finance is helping to build a better world through financial inclusion by providing affordable credit products and insurance services to underserved consumers across nine markets.

Excellent credit quality and strong growth delivering results ahead of plan

Key highlights

¹   Prior to an exceptional charge of £10.8m in H1-24 (see note 8 for details).

²   At constant exchange rates (CER).

³   Prior to an exceptional tax credit of £2.1m in H1-24  (see note 8 for details).

⁴   H2-24 pre-exceptional profit before tax of £37.9m.

Gerard Ryan, Chief Executive Officer at IPF commented:

"I'm very pleased with the Group's performance in the first half of the year. Our Next Gen strategy is delivering tangible results, we've responded well to good demand for our credit products and achieved strong growth across all our divisions. Customer repayment performance has remained excellent, further strengthening our financial position which has resulted in the Group delivering pre-exceptional profit before tax of £49.9m, an increase of 5.5%. Reflecting this performance and the Board's confidence in our outlook, we are declaring an interim dividend of 3.8p per share, up 11.8% year-on-year.

The strong first-half performance gives us confidence in our ability to deliver ahead of our internal plan for the full year. As we move into the second half, we are focused on accelerating growth, advancing our Next Gen strategy and expanding financial inclusion across our markets - while maintaining our commitment to strong credit quality and sustainable returns. I would like to thank all our colleagues for their outstanding contribution. It's their dedication and customer focus that continue to drive success for all our stakeholders."

Alternative performance measures

This half-year financial report provides alternative performance measures (APMs) which are not defined or specified under the requirements of International Financial Reporting Standards. We believe these APMs provide stakeholders with important additional information on our business. To support this, we have included an accounting policy note on APMs in the notes to this financial report, a glossary indicating the APMs that we use, an explanation of how they are calculated and how we use them, and a reconciliation of the APMs we use to a statutory measure, where relevant.

Investor relations and media contact:

Investor and analyst webcast

International Personal Finance will host a webcast of its 2025 half-year results presentation at 09.00hrs (BST) today - Wednesday 30 July, which can be accessed here.

A copy of this statement can be found on our website at www.ipfin.co.uk.

Legal Entity Identifier: 213800II1O44IRKUZB59

Chief Executive Officer's review

Group performance

The Group delivered a very strong financial and operational performance in the first half of 2025, underpinned by excellent credit quality and good demand across all markets. Profit before tax increased by £2.6m or 5.5% to £49.9m (H1-24: pre-exceptional profit before tax of £47.3m), driven by disciplined execution against our strategy, strong credit quality and sustained growth momentum across all our divisions.

We generated good momentum in customer lending throughout the first half, and delivered an increase of 11% year on year at constant exchange rates (CER). IPF Digital delivered impressive growth of 16% (at CER), led by standout performances in Mexico and Australia, where we are successfully expanding our brand presence and customer reach. In European home credit, we delivered 13% growth (at CER), driven by a strong performance in Romania and improving momentum in Poland where, after a slow start, lending volumes strengthened through the period as we focused on rescaling the business and expanding our credit card offering. Growth was more muted in Mexico home credit but, following the completion and embedding of the upgrade to our front-end IT systems, the business has returned to year-on-year lending growth with performance improving as the half progressed and this has continued into July. With the momentum we are carrying into July, we feel confident in accelerating the rate of growth in the second half of the year.

At the end of June, Group net receivables were £938m, up 12% year on year (at CER), again with good growth being delivered by all three divisions. Carried forward by our momentum in lending, we expect receivables growth to accelerate through the second half of the year, supported by favourable year-on-year comparatives as Poland grows its credit card offering and Mexico home credit builds on its performance in June and July. Customer numbers remain little changed from the year end, but momentum was strongly weighted to quarter two where we saw growth of 14,000 customers.

We are also very pleased to report continued strong customer repayment behaviour across all our markets, resulting in excellent credit quality. The annualised impairment rate improved year on year by 2.2ppts to 8.3%, better than our internal plans and well below our target of 14% to 16%. As the pace of growth picks up in the second half, we expect the impairment rate to move gradually towards our target range over the next two years.

The Group continues to have a robust capital and funding position to support our growth plans. Headroom on debt facilities was £92m at June 2025 and the Group's equity to receivables ratio was 53% at June 2025 (H1-24: 56%) compared with our target of 40%. We continue to assess the appropriate time to commence the additional £15m share buyback announced with the 2024 year-end results.

Based on the growth momentum that we have continued to deliver, the Group's capital strength and the Board's confidence in our outlook, we are pleased to declare an 11.8% increase in the interim  dividend to 3.8 pence per share. This is in line with the Group's policy of paying 33% of our prior year full dividend per share at the half year. The interim dividend will be paid on 26 September 2025 to shareholders on the register at the close of business on 29 August 2025. The shares will be marked ex-dividend on 28 August 2025.

Full details of the Group financial performance are detailed in the financial review section.

Purpose and strategy

We are committed to building a better world through financial inclusion by expanding access to affordable, responsible credit. With 1.7 million customers across nine markets today, we remain focused on growing to 2.5 million people in the medium term and supporting many more underserved consumers with financial products that will help them in their day-to-day lives.

Our Next Gen strategy continues to build momentum across the business, with progress being made against all three strategic pillars. Our growth-focused agenda is designed to strengthen our customer proposition, enhance operational effectiveness, and accelerate value creation across the business.

Next Gen financial inclusion

We are building products, channels and territories to ensure our propositions are attractive to the next generation of customers.

We are focused on expanding our distribution model and product offering to better reach and serve more consumers. We call this approach 'filling in the white spaces', ensuring each market has the right combination of channels and products to meet the needs of its target audience.

We now have over 160,000 active credit cards in Poland and recently launched a fully digital credit card offering which we believe will be a major growth driver in this market. Credit card lending now represents 40% of receivables in Poland home credit, and customers clearly value using the card to shop in-store and online. The credit card's strong appeal gives us confidence to expand into new markets, and  we are now well progressed in planning a launch in Romania and expect to go live in the first quarter of next year.

We continue to scale our retail partnerships model to provide tailored credit solutions at the point of sale. In Romania, we now offer purchase finance at more than 1,100 offline and online stores. In Mexico, we are now partnering with over 70 e-commerce retailers, and our test and learn approach is now focused on increasing conversion and expanding the number of major partners we deal with.

In Mexico home credit, we have opened a new branch in Monterrey, and a second in Ensenada, south of Tijuana, is due to launch shortly. With traction being gained in the newer regions of Tijuana and Tampico, Mexico home credit is well placed to deliver stronger growth. 

We have successfully completed trials of our shorter-term digital loan products in Mexico and Poland, where many customers value the convenience of these products with their shorter repayment duration. These purpose-led products have excellent potential and complement our existing offering in both markets.

In Australia, we have delivered strong, profitable growth over the last two years. Following investment in automation and the customer journey, the unit economics now being delivered by the business has given us confidence to invest more in our brand proposition to capture greater market share.

In Romania, we are expanding our hybrid proposition which is, primarily, a digital credit offering but which can involve a customer representative if needed, either at the underwriting stage or during the loan repayment period. Good demand and improved credit quality are driving further investment in expanding this channel.

Next Gen organisation

We are continuing our journey to become a more efficient organisation that makes a positive impact on society.

Mexico home credit signed a three-year Memorandum of Understanding with UN Women, reinforcing our commitment to gender equality and financial inclusion. Aligned with the Women's Empowerment Principles, it supports economic empowerment, organisational transformation and societal change. With a predominantly female workforce and customer base, this marks a key step in our responsible business journey in one of our largest markets.

We conducted our biannual global people engagement survey in the first half of the year, with 91% of our 20,000 colleagues participating. The results showed strong engagement highlighting the positive impact of our culture and people-focused initiatives.

We also continued to support our communities through our annual Volunteer and Financial Inclusion Month. Nearly 4,000 colleagues took part in activities that combined physical challenges with social impact, raising €110,000 for local causes through our Invisibles programme, which helps underserved groups access financial services and gain visibility with stakeholders who can offer meaningful support.

Next Gen technology and data

We are investing to become a data driven, technology-enabled partner for our customers. 

The development of our mobile apps for customers in Romania, the Czech Republic and Hungary are underway with the first launches expected to go live by the end of 2025. These will complement our existing apps used by home credit customers in Mexico and Poland. In IPF Digital, we now also have around 120,000 customers using our mobile wallet technology.  

We are making strong progress across all divisions in enhancing the customer experience through digitalisation, as reflected in our consistently high Net Promoter Scores. In European home credit, more customers are engaging with and benefitting from our new omnichannel platform, which enables seamless transitions between channels - including call centres, websites and mobile apps. By integrating these touchpoints into a single, unified platform, we are developing a 360-degree view of each customer, enabling a more personalised and efficient service. As part of this transformation, we successfully launched Web Chat for customers in Hungary, the Czech Republic and recently extended this capability to Romania. We have also enhanced data management within the platform, improving access to real-time, data-driven insights for our Customer Service Centres.

As well as enhancing our front-end technology, we continue to enhance our operational resilience, implementing the necessary changes to controls and processes to ensure compliance with the Digital Operational Resilience Act (DORA). We also continue to invest in enhancing Group-wide IT security  and have recently completed the migration from on premise storage to public cloud with AWS across the Group.

We have also commenced a number of strategic projects to improve operational efficiency, including a project to remove most of the paper-based processes that our field and customer representatives have to manage in Europe, overhauling our legacy finance and HR systems to better standardise processes and speed up data processing and upgrading our core platform within our home credit businesses. All of these projects are designed to ensure we are more efficient and agile to enable us to better capture the strong growth potential of the Group.

Regulatory update

The second Consumer Credit Directive (CCD II) came into force in December 2023, with EU Member States required to comply within 24 months. Our European markets are actively progressing their transposition plans to ensure compliance and we continue to monitor any potential impact on the Group.

In the Czech Republic, our smallest operation, a rate cap proposal is now being consulted on by the Czech Legislative Council, after which it will be submitted to the Government for further discussions and potential amendment or approval. We will continue to work with industry groups to ensure that any rate cap is appropriate and assists the provision of responsibly provided credit to those in need. The Czech Republic is the last remaining country where we do not have a rate cap, and this change has been anticipated for some time. We have demonstrated a strong track record in adapting to regulatory changes across the Group, including new rate caps.

Outlook

We have had an excellent start to the year and enter the second half with considerable momentum, underpinned by excellent credit quality and a strong balance sheet. Building on this performance, we are accelerating growth in customer lending across all markets, supported by product expansion, digital innovation, and moving into new geographical areas in Mexico. Our investments in technology will also be key to accelerating the pace of change in the business, driving greater improvements for customer journeys as well as improved operational efficiency. We have a clear roadmap to grow scale across the Group, in particular in key markets such as Poland, Mexico and Australia, and we are confident in delivering our operational and financial plans towards our long-term vision to increase financial inclusion whilst delivering strong returns to our shareholders. Reflecting the impact of stronger growth, we expect second-half profits to be broadly in line with the prior year period.

Financial review

Group

The Group delivered a strong financial performance in the first half of 2025, underpinned by disciplined execution of our Next Gen strategy, an acceleration in growth and excellent credit quality. Profit before tax increased to £49.9m (H1-24: pre-exceptional profit before tax of £47.3m), up £2.6m or 5.5% on a reported basis, and up 18.8% on a constant currency basis after adjusting for a £5.3m adverse impact from weaker currencies, particularly the Mexican peso. The first half financial performance was ahead of our internal plans and provides a strong foundation for a further acceleration of growth in the second half of the year. Reported profit before tax, after an exceptional charge of £10.8m in the first half of 2024 (see note 8), increased by £13.4m or 36.7%.

An analysis of the first half divisional results is shown below:

The detailed income statement of the Group, together with associated KPIs, is set out below:

1 Prior to a pre-tax exceptional charge of £10.8m in 2024 (see note 8 for details).

2 Prior to an exceptional tax credit of £2.1m in H1-24  (see note 8 for details).

3 Based on required equity to receivables of 40%.

Group customer lending increased by 11% year-on-year (at CER), with particularly strong contributions from IPF Digital in Mexico and Australia, and Poland and Romania in European home credit. Poland has now returned to growth, supported by the granting of the full payment institution licence at the end of last year, which allows us to increase credit card lending. Mexico home credit has also returned to lending and customer growth following the IT disruption to field activities in the last quarter of 2024 and the first quarter of this year.

Group net receivables grew strongly, increasing by 12% (at CER) year on year to £937.8m (H1-24: £864.4m), with all three divisions contributing to the growth.

Customer numbers were unchanged at 1.7 million. Excluding Poland, where numbers declined by 10%, the rest of the Group delivered 2% growth. Encouragingly, the Group added 14,000 customers in the second quarter and, with both Mexico home credit and Poland now returning to growth, we expect the upward trend to continue in the second half of 2025.

Our financial model is designed to deliver sustainable returns by optimising three core value drivers - revenue yield, credit performance and operational efficiency - and we remain firmly focused on managing these levers to support delivery of our growth ambitions and drive long-term shareholder value.

The Group's annualised revenue yield decreased by 2.1ppts to 53.3% (H1-24: 55.4%), driven mainly by the flow-through of lower rate caps in Poland and temporary changes in the lending mix in Mexico home credit. Excluding Poland, the yield was 57.1% (H1-24: 59.1%) within the Group's target range of 56% to 58%. We expect our shift to higher yielding products (Poland credit cards and more new customers in Mexico) to move the Group's annualised revenue yield towards our target range by 2027.

Customer repayments continued to be excellent and together with strong lending discipline, we delivered a further 2.2ppt improvement in the annualised impairment rate to 8.3% (H1-24: 10.5%). The very good repayment performance has resulted in a marginal reduction in the impairment coverage provision from 32.9% at December 2024 to 32.0% at June 2025 and continues to reflect our conservative balance sheet position.  We expect growth in Poland to accelerate in the second half, which will lead to a steady increase in the impairment rate due to higher up-front IFRS 9 impairment charges.  Excluding Poland, where the contraction in the receivables book through 2023 and 2024 has benefitted impairment, the Group annualised impairment rate was 14.5% (H1-24: 14.4%) compared with our target range of 14% to 16%.

Cost growth in the first half was successfully limited to 2.5% (at CER) compared with net receivables growth of 11.7% (at CER). We remain focused on delivering cost efficiencies to drive down the Group's cost-income ratio to our medium-term target range of 49% to 51%. At the end of the first half, the Group's annualised cost-income ratio had increased by 2.9ppts to 61.9% (H1-24: 59.0%), due wholly to reduced revenue in Poland following the contraction in the business over the last two years. Excluding Poland, the Group's annualised cost-income ratio was 56.1%, up from 55.2% at June 2024, reflecting the reduction in revenue yield as well as the investment in growth initiatives. We expect the Group's cost-income ratio to improve into our target range of 49% to 51% in the medium term as we grow the lending portfolio and maintain tight discipline on the investments made in building scale and expanding capabilities to accelerate the pace of change across the Group.

The Group continued to deliver good returns with annualised pre-exceptional RoRE at 15.4% (H1-24: 16.2%). We expect returns to moderate a little over the next 18 months as we accelerate growth before returning to target levels in 2027. The Group's annualised RoE, based on actual equity, was 14.7% (H1-24: 10.4%).

Pre-exceptional earnings per share (EPS) grew year on year by 12.7% to 14.2p per share (H1-24: 12.6p), reflecting higher profit, a lower tax rate and a reduced number of shares in issue following successful completion of the £15m share buyback programme in the second half of 2024. Reported EPS of 14.2p per share (H1-24: 8.8p) increased by 61.4%.

Divisional performance

European home credit

¹   Prior to a pre-tax exceptional charge of £5.0m in H1-24 (see note 8).

²   Based on required equity to receivables of 40%.

Our European home credit division continued to perform strongly in the first half of the year, delivering a £6.1m increase in profit before tax to £35.9m (H1-24: pre-exceptional profit before tax of £29.8m), reflecting disciplined execution of our Next Gen strategy as we stepped up growth.

Consumer demand remained strong and lending growth was 13% (at CER) year on year. Supported by continued expansion of the partnership channel, Romania delivered 19% growth (at CER), whilst the granting of a full payment institution licence last November enabled Poland to grow lending by 17%. Both Hungary and the Czech Republic delivered solid growth of just over 5% (at CER).

Closing net receivables increased by 12% (at CER) to £502.1m (H1-24: £444.0m), driven by 14% growth in Hungary and Romania, 10% in Poland and 9% in the Czech Republic. Given the strong momentum in customer lending, we expect European home credit receivables growth to be between 15% and 20% (at CER) for the year as a whole.

Customer numbers ended the first half at 711,000, showing a modest year-on-year reduction of 0.8%. Hungary, Romania and the Czech Republic combined delivered an increase of 4.5%, whilst Poland saw a 9% decline, primarily due to the credit card lending restrictions in the second half of 2024. We are pleased to report that customer numbers in Poland have now stabilised and it was encouraging to see growth returning in June.

The annualised revenue yield has reduced by 1.6ppts to 45.6% (H1-24: 47.2%). We expect the yield to moderate further through the second half of 2025 before growing in 2026 as credit card lending, which carries a higher yield than loans, increases in Poland.

A combination of consistently strong customer repayment performance and the contraction of the portfolio in Poland through 2023 and 2024 resulted in an annualised impairment rate credit of 0.5% (H1-24: charge of 2.2%). As noted previously, we expect the impairment rate to increase as Poland grows strongly over the next two years, before normalising in the medium term to within the target range for European home credit of 8% to 10%.

The year-on-year increase in the annualised cost-income ratio to 69.6% (H1-24: 64.7%) was driven by reduced revenue in Poland and our investment in growth. As the Polish portfolio grows and revenue increases, we expect our cost-income ratio to move towards our target range of 49% to 51%.

European home credit continues to generate strong returns and delivered an annualised RoRE of 21.2% in the first half (H1-24: 21.3%). We expect returns to moderate in the short term as we invest in rebuilding the receivables book in Poland over the next 18 months.

Mexico home credit

 ¹  Based on required equity to receivables of 40%.

On a constant exchange basis, Mexico home credit increased profit before tax by 0.7% to £14.4m. On a reported basis, this was £3.3m lower than last year (H1-24: £17.7m), due to the weaker Mexican peso. 

Having recently embedded significant upgrades to our front-end technology, customer lending grew by only 1.6% (at CER). Now that these changes are complete, we saw a significant pick up in momentum in June where lending volumes increased by 4.6%, and this momentum has continued into July. Supported by strong consumer demand and softer second-half comparators, we expect to deliver full-year lending growth of between 7% and 9% (at CER).

Customer numbers showed a decline of 4% to 683,000, but grew by 6,000 in the second quarter as the technology changes were completed.  We expect a return to customer growth in the second half of the year.

Closing net receivables increased by 3.8% (at CER) to £167.8m, and we expect the pace of growth to accelerate in the second half as lending momentum continues to build. For the full year, we anticipate receivables growth of between 10% to 15% (at CER). The annualised revenue yield declined modestly from 86.5% to 84.4% but we expect the yield to begin to strengthen in the second half as the proportion of new customers grow.

The annualised impairment rate improved year on year to 28.8% (H1-24: 30.5%) which reflects both the greater focus on good-quality existing customers together with targeted actions to ensure lending quality and repayment behaviour. As lending growth increases in the second half, including a greater proportion of new customers, we expect the impairment rate to trend back toward the 30% level, in line with our longer-term expectations.

Our ongoing investment in geographic expansion and the cost of the IT infrastructure upgrade were reflected in a slight increase in the annualised cost-income ratio to 50.7% (H1-24: 49.1%). However, this remains within our 49% to 51% target range.

The annualised RoRE at the end of the first half was 20.4% (H1-24: 24.9%), with the Mexico home credit business continuing to deliver returns in line with the Group's target, despite the disruption experienced over the past 12 months. This excellent performance demonstrates the maturity of the business and its strong operational rhythm, enabling it to maintain returns through periods of change and challenge.

IPF Digital

 ¹  Based on required equity to receivables of 40%.

IPF Digital continues to deliver excellent growth combined with improving profitability and returns. On a constant exchange basis, profit before tax in the first half was £6.9m, up 6.2%. On a reported basis, profit was £0.3m lower than the £7.2m in H1 last year, due the weaker Mexican peso.

Demand for fully remote credit solutions continues to rise, driving strong year-on-year increases in both customer numbers and lending, which were up 13% and 16% respectively (at CER). The standout performers were Mexico and Australia which delivered lending growth of 43% and 28% respectively (both at CER), with Mexico customer numbers surpassing 100,000 during the first half. We are increasing our investment in both the brand and product proposition to maintain the acceleration in growth and capture the very strong growth opportunity in both markets.  

Closing net receivables increased by 16% (at CER) to £267.9m (H1-24: £237.4m), reflecting consistent delivery of our digital strategy across all markets. Mexico and Australia led the way with strong receivables growth of 32% and 28% respectively (both at CER), whilst our other markets in the Baltics, Poland and the Czech Republic delivered combined growth of 9% (at CER). Looking ahead, we continue to expect IPF Digital's overall receivables growth for 2025 will be towards 20% (at CER).

The annualised revenue yield showed a modest reduction of 0.2ppts to 42.7% (H1-24: 42.9%) with the impact of reductions in base rate linked interest rate caps being offset by the growth in the receivables book in Mexico which carries a higher yield.

Customer repayment performance remains strong across all IPF Digital markets, underpinning very good portfolio quality. The annualised impairment rate improved by 0.5ppts to 9.5% (H1-24: 10.0%), reflecting continued discipline in lending and customer repayments. As Mexico becomes a more prominent part of the receivables portfolio, we expect the medium-term impairment rate to move closer to the Group's target range of 14% to 16%.

To support growth and customer acquisition in competitive digital markets, we are investing in building strong, trusted brands alongside technology that enhances speed and simplicity in the customer journey, particularly in Mexico and Australia. These investments, which will drive scale and long-term value, contributed to an 8.5% increase in operating costs (at CER). However, the annualised cost-income ratio improved by 0.9ppts to 52.5% (H1-24: 53.4%) as we build scale. We expect the cost-income ratio to trend toward our medium-term target of approximately 45% for the digital business.

IPF Digital's continued growth and improvement in financial performance has resulted in the annualised RoRE further strengthening year on year by 2.1 ppts to 10.6% (H1-24: 8.5%).

Taxation

The tax charge on the profit for the first half has been based on an expected tax rate for the full year of approximately 38% (H1-24: 40%). In the first half of 2024, an exceptional tax credit of £2.1m was recognised in respect of the total exceptional costs of £10.8m in connection with refinancing the Group's Eurobond (£5.8m) and a restructuring in the Polish home credit business (£5.0m).

Funding and balance sheet

Our strong funding position and balance sheet continue to underpin our growth ambitions.

As at 30 June 2025, the Group held total debt facilities of £650m, comprising £396m in bonds and £254m in bank funding, including £50m of new bank facilities arranged during the first half of the year. Net borrowings at the end of the first half totalled £558m, and the Group has funding headroom of £92m.

Our blended cost of funding continues to reduce steadily and was 12.5% in the first half (H1-24: 13.2%) due to the reduction in interest rates across our markets as well as lower costs of hedging as interest differentials narrowed. 

Both Fitch Ratings and Moody's Ratings reviewed the Group's long-term credit ratings in the first half of the year and reaffirmed their previous assessments. Fitch maintained its rating at BB with a Stable outlook, while Moody's confirmed its Ba3 rating, also with a Stable outlook.

In March we repaid at par and subsequently delisted the remaining €66.7m of our 2020 Eurobonds. The strong secondary market performance of our €341m 2029 Eurobonds and 2027 retail bonds reflects continued investor confidence in our business, and positions us well to access capital markets in due course.

The reduction in Group's equity to receivables ratio to 53% (H1-24: 56%) reflects the completion of the £15m share buyback in the second half of last year and the acceleration in growth in receivables during the first half of this year. Our strong capital position supports the Group's ambitious growth plans and the Group's progressive dividend policy through to the point at which we are delivering our target returns and operating in line with our financial model which we expect to be in 2027. 

The Group's gearing ratio was 1.2 times (H1-24: 1.2 times) at the end of June 2025, comfortably within our covenant limit of 3.75 times, and our interest cover covenant was 2.7 times (H1-24: 2.7 times), again comfortably within our covenant limit of 2.0 times.

Financial statements

Consolidated income statement

The notes to the financial information are an integral part of these condensed consolidated interim financial statements.

Earnings per share - statutory

Earnings per share - pre-exceptional items

Dividend per share

Dividends paid

 Consolidated statement of comprehensive income

Consolidated balance sheet

Consolidated statement of changes in equity

 * Includes foreign exchange reserve, hedging reserve, own shares and capital redemption reserve.

Consolidated cash flow statement