(POS.L) Plexus Holding PLC Buy/Sell

For further information please visit www.posgrip.com or contact:
Ben van Bilderbeek Plexus Holdings PLC Tel: 020 7589 8555
Graham Stevens Plexus Holdings PLC Tel: 020 7589 8555
Alex Dewar Brewin Dolphin Tel: 0845 213 2076
Felicity Edwards St Brides Media & Finance Ltd Tel: 020 7236 1177
Isabel Crossley St Brides Media & Finance Ltd Tel: 020 7236 1177

Results

Chief Executive Ben van Bilderbeek said:

'I am pleased with the financial results and overall operational performance Plexus has delivered during this period of global uncertainty and financial pressures, which also impacted the oil and gas industry in terms of oil price volatility and resultant investment decisions.

"Despite these challenges Plexus has delivered record sales and profits at the EBITDA level, resulting in healthy positive cash flow. This has enabled your Board to initiate the payment of a maiden dividend and to adopt a progressive dividend policy subject to trading results, the economic outlook, and availability of distributable reserves. With this in mind I am pleased to confirm that the Directors propose a final dividend of 0.38p per share totalling £0.3m for the year ended 30 June 2009 which will be submitted for formal approval at the Annual General Meeting.

"Our ongoing capital investment in additional rental inventory, particularly HP/HT exploration wellhead equipment has enabled us to continue to grow sales revenues and win new customers. Although there are some reports of excess industry capacity and caution being aired by operators, resulting in the shortening of forward order visibility, our POS-GRIP wellhead technology continues to be selected against established alternative standards for its ability to deliver a range of operational advantages including improved technical performance, installation time savings, reduced operating costs and enhanced safety. For this reason we firmly believe that our Company and POS-GRIP technology will play a major role in the industry in the years ahead and will in due course be able to penetrate the volume production wellhead market either through organic expansion or in conjunction with potential licensees and alliance partners which will in turn deliver significant value to shareholders."

Summary of Results for the year ended 30 June 2009

£'000 £'000
Turnover 15,105 13,275
EBITDA - before the effect of IFRS 2 4,316 3,810
EBITDA - after the effect of IFRS 2 4,126 3,628
Profit before taxation 1,798 1,905
Basic earnings per share (pence) 1.27 1.61

Chairman's Statement

Business progress

I am pleased to report that the Group made strong progress in the second half of the financial year, and consequently reports a 14% increase in turnover to £15.1m for the year to 30 June 2009, and a 13% increase in EBITDA to £4.3m (before IFRS share based payment charges of £0.19m), resulting in earnings per share of 1.27p.

Strategy

Plexus continued to make excellent progress during the last financial year which saw, as anticipated at the time of our interim results, sales revenues and margins being weighted towards the second half, mostly driven by our HP/­ HT POS-GRIP wellhead rental activities. The growing recognition of the benefits of our proprietary POS-GRIP technology for HP/HT and X-HP/HT applications has been a key part of the strategy that we have pursued since our AIM admission in December 2005. It is therefore pleasing to see the significant levels of investment that we have made over the past few years in rental inventory, infrastructure, and personnel coming together and to enable us to support a growing number of customers around the world. In Egypt for example we now supply BP, Shell, and GDF Suez, which demonstrates how it is possible to establish an initial presence in a new market with new technology and then grow both our reputation and sales revenues.

At the same time however it is impossible to ignore the challenging and volatile global economic trading conditions which have inevitably caused disruption to a number of operators' spending plans which has in turn led to some delays and postponement of planned projects. Bain & Company Inc. ('Bain'), a leading global management consulting firm, in its recent mid-year review explained that operators cutting costs and stalling expansion plans is affecting various projects and reducing oil production capacity that will further add to price volatility when the major markets eventually pick up in North America, China and India. The impact of this is to reduce forward order book levels and associated visibility. However despite these short to medium term considerations from which Plexus is not immune, we will continue to invest in capital equipment, infrastructure, and people as our goal has always been to establish over time POS-GRIP technology as a new industry standard for wellheads and to migrate our equipment from primarily the jack-up rig sector into both subsea and the major production wellhead market. We believe that this is the right course of action, particularly as Bain estimates that for upstream oil projects the tipping point where industry's need to contain costs is overtaken by the desire to expand and grow is around US$65 per barrel. Therefore it is important that Plexus is ready to benefit from what will at some point be an increased level of new exploration, development and production.

Whilst we continue to pursue organic growth from existing activities and seek to encourage interest from potential third party licensees and alliance partners, Plexus maintains an active product research and development programme. These activities not only support our core technology and applications, but also work to identify additional commercial opportunities for exploiting our POS-GRIP technology. The importance of such a strategy is underlined in a recent Ernst & Young oilfield service sector update report where it was concluded that the most successful oil field service companies are likely to be those with a number of specific attributes which include the "development or ownership of specialist proprietary technology".

One such exciting strategic initiative that is currently being pursued by the Company concerns HP/HT exploration wells drilled from a jack-up rig where the weight of casing strings needs to be suspended at the sea bed. Currently once the well has been drilled, irrespective of whether the well is assessed as being commercially viable as a producing well or not, the well has had to be permanently abandoned at the sea bed as no products currently exist which can achieve a tieback to these wells under HP/HT conditions. This is because existing standard mudline suspension technology, unlike POS-GRIP, uses threaded connections which cannot be reliably reconnected or tested with the corrosion resistant materials required for HP/HT production and as each well could cost anywhere from £50m to £200m to drill these are very expensive "throw away" wells. Plexus however has already completed a "proof of concept" exercise using field proven POS-GRIP technology which demonstrates that a 15,000 psi HP/HT Mudline Tieback can be achieved which does not require any rotation to make up and uses POS-GRIP to set metal to metal "HG"® seals (offering a tieback connection which can be qualified to the same standards as existing casing connections in the well). We believe that the potential of POS-GRIP in this application is one of the most far reaching developments in many years for the economics of HP/HT jack-up drilling programmes. We are already in preliminary discussions with several large international oil companies about a Joint Industry Project which would take approximately twelve months to bring the technology to realisation. A further commercial benefit to Plexus would be that any customer wanting to take advantage of this innovation would have to use a Plexus POS-GRIP exploration wellhead for the initial drilling of any well.

Additionally we were delighted to be able to secure a 25% increase in our banking facilities with the Bank of Scotland Corporate. Plexus now has a £4m credit facility on a three year revolving basis with an additional £1m overdraft facility agreed on a yearly term.

A further development of a financial nature concerned the Board's announcement at the end of June 2009 of a maiden interim dividend of 0.3118p per share, totalling £0.25m. We see this milestone as a demonstration of the confidence the Board has in the Group's cashflow, the financial strength of our Group's business model and future prospects. We intend to maintain a progressive dividend policy, but subject always to trading results, economic outlook, and the availability of distributable reserves. Accordingly, the Directors have also decided to propose a final dividend of 0.38p per share, totalling £0.3m. This will be submitted for formal approval at the Annual General Meeting.

Staff

On behalf of the Board, I would like to thank all of our employees, many of whom are new to the Company, for their dedication and hard work during a year that has delivered excellent results and further strengthened our reputation in the HP/HT sector.

Outlook

The last financial year was challenging for the global economy, the oil and gas industry, and for Plexus, and these trading conditions have continued into this financial year even if there are signs of recovery in certain sectors of the economy. We have been fortunate as a combination of longer term contracts with blue chip international oil companies, resultant forward order visibility, and the more stable trading platform that comes from owning a patented proprietary technology has allowed us to report an excellent set of results. However we view the current year with a degree of caution, remaining mindful of the economic slowdown and the resulting postponement of certain oil company investment decisions and associated exploration activity. The impact of these factors is a reduced forward order book as compared to this time last year and therefore less visibility, although with an extensive equipment inventory we are in a position to respond quickly to customer needs as they arise which has already proved to be advantageous. Looking to the future it is important to note that we continue to dialogue with key organisations within the industry about the role that we feel POS-GRIP will be able to play. I therefore remain confident that Plexus and its POS-GRIP technology will gain the recognition of the industry as a key component to be selected in preference to traditional alternatives for the unconventional and HP/HT and X-HP/HT applications arena, and that this will deliver significant shareholder value.

Robert Adair

Non-Executive Chairman

19 October 2009

Chief Executive's Review

Plexus had another successful year despite challenging market conditions dominated by falling oil prices causing a number of oil service companies to report a slowdown in activity. As reported at the half year, turnover geared towards the second half impacted significantly as a result of higher sales revenues and gross margins associated with HP/HT contracts.

Despite the presence of a number of uncertainties in the global economy Plexus has continued to pursue its goal of expanding its rental exploration equipment activities through a combination of winning new blue chip customers and building on relationships with existing customers. These organic activities have resulted in Plexus winning a number of important contracts during the year the most significant of which together with certain commercial developments were as follows:

Having a number of existing and new long-term contracts with many of the international oil and gas companies has provided Plexus with a degree of stability and visibility which has allowed us to continue to invest for the future both in the development of our POS-GRIP technology and rental inventory. This has underpinned our ability to service a larger number of customers and to operate and support a wider range of geographical locations, and I believe demonstrates that our wellhead technology is increasingly being recognised for its ability to deliver a range of operational advantages including improved technical performance, installation time savings, reduced operating costs and enhanced safety.

The success of this strategy and the growing awareness of POS-GRIP technology in areas outside of the North Sea delivered a year on year revenue growth of 14% resulting in sales of £15.1m. Once again, rental of exploration wellhead equipment accounted for the majority of sales revenue with HP/HT generating the largest year on year sales increase of 35% which helped to increase gross margins to 57.9% compared to 54.8% in the prior year. The combination of growth in sales and spread of areas of operation resulted in the need to increase both the number of personnel, general overhead, and investment in rental inventory. As at the year end the number of personnel had grown by 20% to 89 from 74 at the same time last year, total overheads rose to £5.9m against £4.5m in the prior year and capital expenditure totalled £3.2m. I am especially pleased that these results achieved a balance between profitability, cash flow, and capital expenditure that enabled Plexus, as indicated at the half year to initiate the payment of a maiden dividend on the 30 June 2009 and for this to be followed up with a full year dividend subject to shareholder approval at the forthcoming AGM.

Looking to the future I am confident that the long term prospects for the oil and gas industry in general and Plexus together with our POS-GRIP technology in particular remain. Despite the recent oil price declines and related uncertainties the consensus appears to be that the outlook for energy demand and the prospect of a rise in the oil price remains strong. Indeed, even following the recent announcement of a number of large finds in Brazil, Africa, and the Gulf of Mexico which will take some years to come on stream, it is reported that a number of influential organisations see demand exceeding supply if the world economy returns to previous growth rate levels. The importance of enabling technology and new methods of engineering like POS-GRIP to combat such trends is illustrated by a recent warning by an analyst at Wood Mackenzie, the oil and gas consultancy, who stated that supply forecasters already factor into their projections "yet to be discovered fields" because of the incremental technology advances the industry makes, allowing companies to drill deeper and more challenging wells.

I am confident that POS-GRIP is moving ever closer to the point where it will be widely recognised as an essential component of the complex technologies required to exploit the growing number of unconventional reservoirs that exist around the world. Such progress will be key to translating the market success we have had with our exploration equipment methods into the significantly larger volume production wellhead market, and to attracting the support of potential licensees and alliance partners who we continue to interact with as part of our strategy of helping to raise the operational standards, performance, and safety levels of the wellhead industry.

Ben van Bilderbeek

Chief Executive

19 October 2009

Financial Review

Turnover

Turnover for the year was £15.1m, up 14% from £13.3m in the previous year.

The rental business and related equipment and services accounted for over 85% of turnover which was unchanged from last year. Rental of HP/HT exploration equipment once again generated the largest year on year sales increase of 35% as Plexus continued to gain market share in this specialised field. Turnover includes £0.1m of engineering and testing which is significantly reduced from the prior year's level of £1.5m as the need for ongoing development of POS-GRIP technology reduces as a result of our technology being developed to a level where we can now offer POS-GRIP wellhead equipment from inventory across a range of pressures.

Margin

Gross margins have increased to 57.9% from 54.8% in the previous year as HP/HT rental sales further increased as a percentage of total revenues and related economies of scale benefits flowed through.

Overhead expenses

Overhead expenses have increased so as to be able to provide the necessary operational support structure to service an expanding number of customers around the world. Furthermore the increase in overheads that took place in Q4 2008 have now been incurred for a full year. This resulted in total overheads increasing to £5.9m from £4.5m in the previous year, an increase of 31%. Of this increase, overhead staff costs increased by 25% to £3.5m from £2.8m, reflecting the ongoing need to expand headcount to support increased activity levels and more complex projects. Employee headcount at the year end was 89 compared to 74 for the prior year. Other items which increased significantly year on year were overseas base costs, rent and rates related to additional warehousing and storage capacity, travel, and equipment hire costs as a result of the international profile of customers and business activities.

EBITDA

The EBITDA for the year (before IFRS2 share based payment charges of £0.19m) was £4.3m, up from £3.8m (before IFRS2 share based payment charges of £0.18m) the previous year, an increase of 13%. EBITDA margin for the year was marginally lower at 28.6% as compared to 28.7% last year. The Group's ongoing significant investment in people, infrastructure, and inventory has enabled Plexus to in particular grow HP/HT rental sales and this has helped to deliver the year on year EBITDA growth due to the higher gross margins that are generated from these activities.

Profit before tax

Profit before tax of £1.8m compares to a profit last year of £1.9m. It should be noted that although a small decrease this profit is achieved after absorbing a 35% increase in rental asset and other property, plant and equipment depreciation and amortisation of £2.1m, up from £1.6m last year reflecting ongoing significant levels of capital expenditure, and in particular a further expansion of the rental asset inventory. The profit before tax is stated after the IFRS2 charge for share based payments under reporting standard IFRS 2; the charge for the full year is £0.19m compared to £0.18m last year.

Tax

The Group UK Corporation Tax charge was slightly higher than the prior year. This resulted in a tax charge of £0.78m for the year as compared to £0.62m last year.

EPS

The Group reports basic earnings per share of 1.27p compared to 1.61p.

Cash and Balance Sheet

The balance sheet reflects the development of the business during the year and ongoing capital expenditure with the net book value of property, plant and equipment including items in the course of construction increasing to £8.3m from £7.3m last year. Debtors decreased to £4.8m as compared to £6.9m as a result of a number of large contracts being settled during the period. Net bank borrowings closed at £1.3m compared to a £3.1m last year reflecting net cash inflow for the year of £1.8m before the drawdown on the bank loan of £4m, as compared to net cash outflow of £1.4m last year. This was driven by a combination of debtor inflows and growth in profits at the EBITDA level combined with a reduction in capital expenditure. In recognition of the turbulent nature of the capital markets in 2008, and the restrictions being placed on banks' lending capacity the Group took the decision to review the annual overdraft facility arrangement of £4m with the Bank of Scotland Corporate. As a result in January 2009 bank facilities available to the Group were increased to £5m of which £4m of the credit facility is on a three year revolving basis, and £1m is an overdraft facility on a yearly term.

Intellectual property

The Group carries in its balance sheet goodwill and intangible assets of £7.3m. The Directors have considered whether there have been any indications of impairment and have concluded that there have been no such indications. The Directors therefore consider the current carrying values to be appropriate. Indications of impairment are considered annually.

IFRS 2 (Share Based Payments)

IFRS2 charges have been included in the accounts, in line with reporting standards. The "fair value" of share based payments has been computed independently by specialist consultants and is amortised evenly over the expected vesting period from the date of grant. The charge for the year was £0.19m which compares to £0.18m for last year.

Dividends

The Company announced on 17 June 2009 the payment of a maiden interim dividend of 0.3118p per share, totalling £0.25m. This was paid on 30 June 2009.

The Directors have further decided to propose a final dividend of 0.38p per share, totalling £0.3m, for the year ending 30 June 2009, and which will be recommended for formal approval at the Annual General Meeting to be held on 1 December 2009. Subject to this the dividend will be paid before the end of 2009.

Graham Stevens

Finance Director

19 October 2009

Consolidated Income Statement

for the year ended 30 June 2009

Notes £'000 £'000

Revenue 1 15,105 13,275
Cost of sales (6,364) (6,003)

Gross profit 8,741 7,272
Administrative expenses (6,799) (5,167)

Operating profit 1,942 2,105
Finance income 8 14
Finance costs (197) (156)
Share of profit/(loss) of associate 45 (58)

Profit before taxation 1,798 1,905
Income tax expense (780) (616)

Profit after taxation being profit for the
financial year 1,018 1,289

Earnings per share Profit for the year attributable to Plexus Holdings shareholders
Basic 1.27p 1.61p
Diluted 1.27p 1.60p

Consolidated Balance Sheet

at 30 June 2009

Notes £'000 £'000

Assets
Goodwill 722 722
Intangible assets 5 6,618 6,661
Financial assets 60 -
Investment in associate 1 -
Property, plant and equipment 6 8,335 7,329

Total non-current assets 15,736 14,712

Non-current assets
Inventories 3,794 3,478
Trade and other receivables 4,799 6,907
Cash and cash equivalents 2,655 456

Total current assets 11,248 10,841

Total Assets 26,984 25,553
Equity and Liabilities
Called up share capital 7 802 802
Share premium account 15,596 15,596
Share based payments reserve 550 360
Retained earnings 1,499 787

Total equity 18,447 17,545

Liabilities
Deferred tax liabilities 546 377
Bank loans 4,000 -

Total non-current liabilities 4,546 377

Trade and other payables 3,331 3,521
Current income tax liabilities 660 510
Borrowings - 3,600

Total current liabilities 3,991 7,631

Total liabilities 8,537 8,008

Total Equity and Liabilities 26,984 25,553

These financial statements were approved and authorised for issue by the board of directors on 19 October 2009 and were signed on its behalf by: B van Bilderbeek G Stevens
Director Director

Consolidated Statement of Changes in Equity

for the year ended 30 June 2009

Share
Called Up Share Share Premium Based
Capital £'000 Account £'000 Payments
Reserve Retained Earnings
£'000 £'000
Total
£'000
Balance as at 1 July 2007 802 15,596 179 (502) 16,075
Profit for the year - - - 1,289 1,289
Share based payments reserve - - 181 - 181

charge
Balance as at 30 June 2008 802 15,596 360 787 17,545
Profit for the year - - - 1,018 1,018
Share based payments reserve - - 190 - 190

charge
Deferred tax movement on share - - - (56) (56)

options
Interim ordinary dividends - - - (250) (250)
Balance as at 30 June 2009 802 15,596 550 1,499 18,447

Consolidated Cash Flow Statement

for the year ended 30 June 2009

£'000 £'000
Cash flows from operating activities
Profit before taxation 1,798 1,905
Adjustments for:
Depreciation, amortisation and impairment charges 2,139 1,581
Loss on disposal of property, plant and equipment 24 84
Charge for share based payments 190 181
Investment income (8) (14)
Interest expense 197 156
Changes in working capital:
Increase in inventories (316) (355)
Decrease/(increase) in trade and other receivables 2,084 (1,920)
(Decrease)/increase in trade and other payables (29) 27
Cash generated from operations 6,079 1,645
Income taxes paid (517) (155)
Net cash generated from operations 5,562 1,490
Cash flows from investing activities
Acquisition of subsidiary entity - (254)
Deferred consideration in respect of acquisition of (151) -
subsidiary entity
Acquisition of financial asset (80) -
Adjustment to value of associate undertaking (1) -
Purchase of intangible assets (370) (356)
Purchase of property, plant and equipment (2,736) (2,360)
Proceeds of sale of property, plant and equipment - 258
Net cash used in investing activities (3,338) (2,712)
Cash flows from financing activities
Loans drawn down 4,000 -
Interest paid (207) (152)
Interest received 32 3
Equity dividends paid (250) -
Net cash generated from/(used in) financing activities 3,575 (149)
Net increase/(decrease) in cash and cash equivalents 5,799 (1,371)
Cash and cash equivalents at 1 July 2008 (3,144) (1,773)
Cash and cash equivalents at 30 June 2009 2,655 (3,144)

Notes to the Consolidated Financial Statement

1. Revenue

£'000 £'000

By geography
UK 5,314 6,391
Europe 4,933 3,235
Rest of World 4,858 3,649
15,105 13,275

By type
Sale of goods 2,193 1,960
Services 11,613 11,315
Construction contract 1,299 -
15,105 13,275

Turnover is shown by destination as the origin of turnover is all from the UK.

2. Segment reporting

The Group derives turnover from the sale of its POS-GRIP technology and associated products, the rental of wellheads utilising the POS-GRIP technology and service income principally derived in assisting with the commissioning and ongoing service requirements of our equipment. These income streams are all derived from the utilisation of the technology which the Group believes is its only segment.

3. Dividends

£'000 £'000

Ordinary Shares
Interim paid of 0.3118p (2008: nil) per share for the year 250 -

ended 30 June 2009 Ordinary Shares
Final dividend after the year end of 0.38p (2008: nil) per 305 -

share The proposed final dividend has not been accrued at the balance sheet date.

4. Earnings per share

£'000 £'000

Profit attributable to shareholders 1,018 1,289

Number Number
Weighted average number of shares in issue 80,182,569 80,182,569
Dilution effects of share schemes 205,301 409,284

Diluted weighted average number of shares in issue 80,387,870 80,591,853

Basic earnings per share 1.27p 1.61p
Diluted earnings per share 1.27p 1.60p

Basic earnings per share is calculated on the results attributable to ordinary shares divided by the weighted average number of shares in issue during the year. Diluted earnings per share calculations include additional shares to reflect the dilutive effect of employee share schemes and share option schemes.

5. Intangible fixed assets
Patent and
Intellectual Other Computer
Property Development Software
£'000 £'000 £'000 Total
£'000
Cost
As at 1 July 2007 5,403 708 62 6,173
Additions 1,037 344 12 1,393
As at 1 July 2008 6,440 1,052 74 7,566
Additions - 331 39 370
As at 30 June 2009 6,440 1,383 113 7,936
Amortisation
As at 1 July 2007 443 85 34 562
Charge for the year 270 46 27 343
As at 1 July 2008 713 131 61 905
Charge for the year 330 61 22 413
As at 30 June 2009 1,043 192 83 1,318
Net Book Value
As at 30 June 2009 5,397 1,191 30 6,618
As at 30 June 2008 5,727 921 13 6,661
As at 30 June 2007 4,960 623 28 5,611
Patent and other development costs are internally generated.

6. Property, plant and equipment
Assets under
Construction
£'000 Motor
Vehicles
Equipment £'000 Total
£'000 £'000
Cost
As at 1 July 2007 6,400 1,570 27 7,997
Additions 78 2,281 1 2,360
Transfers 3,629 (3,629) - -
Disposals (413) - (6) (419)
As at 1 July 2008 9,694 222 22 9,938
Additions 189 2,547 - 2,736
Transfers 2,631 (2,631) - -
Disposals (63) - - (63)
As at 30 June 2009 12,451 138 22 12,611
Depreciation
As at 1 July 2007 1,432 - 16 1,448
Charge for the year 1,234 - 4 1,238
On disposals (71) - (6) (77)
As at 1 July 2008 2,595 - 14 2,609
Charge for the year 1,702 - 4 1,706
On disposals (39) - - (39)
As at 30 June 2009 4,258 - 18 4,276

Net book value
As at 30 June 2009 8,193 138 4 8,335
As at 30 June 2008 7,099 222 8 7,329
As at 30 June 2007 4,968 1,570 11 6,549

7. Share Capital

£'000 £'000

Authorised: Equity: 110,000,000 Ordinary shares of 1p each 1,100 1,100 Allotted, called up and fully paid:
Equity: 80,182,569 Ordinary shares of 1p each 802 802

8. Reconciliation of net cash flow to movement in net debt

£'000 £'000
Increase/(decrease) in cash in the year 5,799 (1,371)
Cash inflow from increase in net debt (4,000) -
Movement in net debt in year 1,799 (1,371)
Net debt at start of year (3,144) (1,773)
Net debt at end of year (1,345) (3,144)

9. Analysis of net debt
At beginning At end
of year Cash flow of year
£'000 £'000 £'000
Cash in hand and at bank 456 2,199 2,655
Overdrafts (3,600) 3,600 -
Bank loans - (4,000) (4,000)
Total (3,144) 1,799 (1,345)

The financial information above does not constitute the company's statutory accounts for the year ended 30 June 2009.

The statutory financial statements for the year ended 30 June 2009 were approved by the Board on 19 October 2009. On the same date the company's auditors, Horwath Clark Whitehill LLP. issued an unqualified report on those financial statements. The audit report did not include reference to any matters to which the auditor drew attention by way pf emphasis without qualifying the report or contain a statement under section 498(2) or (3) of the Companies Act 2006. A copy of the statutory accounts will be delivered to the Registrar of Companies in due course.

The Annual Report will be circulated to all shareholders and thereafter, copies will be available from the registered office of the Company, Plexus House, 1 Cromwell Place, London, SW7 2JE.

This information is provided by RNS The company news service from the London Stock Exchange

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