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Newbury Racecourse - Interim Results


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Newbury Racecourse plc · NYR

21/09/2023 07:00

Newbury Racecourse - Interim Results
RNS Number : 1240N
Newbury Racecourse PLC
21 September 2023
 

Logo, company name Description automatically generated

 

21 September 2023

 

NEWBURY RACECOURSE PLC

(the "Racecourse" or the "Company")

 

Interim results for the 6 months ended 30 June 2023

 

Newbury Racecourse plc, the racing, entertainment and events business, today announces its half year results for the six months ended 30 June 2023.

 

2023 Business update and outlook

 

·      Statutory turnover increased by 3% to £8.03m (6 months ended 30 June 2022: £7.81m).

·      Operating loss before interest, tax and exceptional items of £0.65m (6 months ended 30 June 2022: operating profit of £0.14m).

·      Consolidated group loss on ordinary activities before tax of £0.57m (6 months ended 30 June 2022: profit of £0.22m).  

·      Declared raceday attendances to 30 June 2023 of 43,015 (2022: 55,133), down 19%. Thirteen meetings compared to fourteen in 2022, with one abandoned in January 2023 due to weather.

·      Following two successful Party in the Paddock events and some strong summer attendances, declared attendances to the end of August are 92,725 (2022: 93,190) on a comparable fixture basis.

·      The impact of inflation, utilities, business rates and additional prize money investment all contributing to an increased cost base.

·      New Media Rights Agreement effective for retail shops from 1 April 2023, with full rights uplift to include digital streaming from 1 January 2024.

·      Prize money paid during the 6 months ended 30 June 2023 increased by £0.45m (23% increase on prior year), which includes a small contribution from World Pool for two races on Lockinge Day. Discussions continue regarding additional World Pool races in 2024.

·      £1.5m investment into Hampshire Stand first floor facilities and the Hennessy Restaurant, equally with Levy Restaurants (the Company's catering partner which is part of the Compass Group).

·      The £1.1m Nursery extension successfully opened in August 2023, increasing capacity by 22%.

·      Eleven of the Company's fixtures have successfully been allocated BHA Premier status for 2024.

·      New irrigation ring main completed as first phase of enhanced irrigation capability with planning permission for a new storage lake facility being sought.                   

 

 

Dominic Burke, Chairman of Newbury Racecourse plc commented:

 

"Trading for the first half of 2023 was as expected, despite raceday attendances falling below 2022 levels at the half-year. Compared with last year, our revenues have been stronger but rising costs and our commitment to prize money increases have had an impact on our profitability as anticipated. We have also made good progress on our strategic investments, improving the experience for our racegoers, increasing the capacity of our very successful day care nursery and improving our irrigation infrastructure."

 

"With the headwinds facing the racing industry the remainder of the year will be challenging but we remain even more confident in the long-term prospects of the Company, given the full effect of the new media rights agreement from 1 January next year, along with the being able to host eleven BHA Premier fixtures during 2024."

 

For further information please contact:

 

Newbury Racecourse plc                                        Tel: 01635 40015

Julian Thick, Chief Executive

Mark Leigh, Finance Director

 

Allenby Capital Limited                                         Tel: 0203 328 5656

Nick Naylor/George Payne (Corporate Finance)            

 

Hudson Sandler                                                   Tel: 0207 796 4133

Charlie Jack

 

CHAIRMAN'S STATEMENT

 

Total turnover increased by 3% compared to the same period in 2022 to £8.03m. Overall operating loss for the six months to 30 June 2023 was £0.65m (2022: profit of £0.14m). The losses before tax for the period were £0.57m (2022: Profit of £0.22m)

 

Trading for the first half of the year was as expected, despite reported raceday attendances being 19% down on 2022. We are starting to see the benefit of our new Media Rights agreement which, for retail, was effective from 1st April. We saw an uplift in revenue from the two races on Lockinge Day which were included in the World Pool betting pool. Our cost base has been affected, as expected, by the impact of high inflation, business rates returning to normal levels following the end of government COVID support in 2022 as well as an increase in utility costs. The cost base has also increased due to our stated commitment to increase prize money. Earlier this year we announced that prize money for 2023 would increase year-on-year by 16% to £6.06m and the executive contribution would increase by 26% to £3.1m. Our non-racing businesses continue to be of significant focus as we seek to broaden our trading activities. The Lodge Hotel, The Rocking Horse Nursery and our Conference & Events businesses are all generating revenue ahead of last year.

 

Despite losing our January fixture to the weather, we have played host to some top class racing this year, demonstrating our continued ability to attract the very best horses across both codes. Highlights to date have included wins in the February Betfair Hurdle for Aucunrisque, Zanza in the Betfair Denman Chase and for Funambule Sivola in the Betfair Game Spirit Chase. The start of the 2023 flat season came during April, with Remarquee, Grand Alliance and Isaac Shelby winning the main races in the Dubai Duty Free Spring Trials. This was followed in May with Al Shaqab Lockinge Stakes which was won by Modern Games.

 

Beyond this set of results, the July Weatherby's Super Sprint Day featured our first Party in the Paddock event of the year with Tom Jones returning to the racecourse and performing to an excited, but damp, crowd after a very wet day's racing. This event saw the highest attendance at the racecourse in almost four years. The feature race of the day attracted twenty runners and was won by Relief Rally ridden by Tom Marquand. Our second Party in the Paddock took place at August's BetVictor Hungerford Day where the BetVictor Hungerford Stakes was won by Witch Hunter ridden by Sean Levey. The day's racing being followed by a vibrant performance by Olly Murs. Up to the end of August declared attendances were back in line with 2022.

 

Meanwhile we now look ahead to the final fixtures of the Autumn Flat programme. The Dubai Duty Free International Weekend in September will be followed by our Oktoberfest themed event during October's weekend racing. Attention will then turn to the National Hunt season in November with both the Winter Carnival weekend and Gold Cup race into their second year of Coral sponsorship. The year will then draw to a close on the 30th of December with the popular festive gathering of the Challow Hurdle.

 

We look forward to welcoming all those associated with the racecourse to these fixtures and our other business activities for the remainder of 2023.

 

Looking ahead to 2024, the racecourse has been successful in securing Premier status for eleven of our twenty-eight fixtures, as well as securing an additional three BHA allocated fixtures. This will enable us to further increase prize money and ensure our racing remains attractive and competitive. Additionally, we will see the full year benefit of the Media Rights agreement from 1st January 2024 and are in discussions to host the Lockinge Day again as a Worldpool fixture.

 

On a separate note, it was announced recently that our Chief Executive for the past ten years, Julian Thick, would be leaving the business in early 2024. On behalf of the board, I would like to take this opportunity to thank Julian for his significant contribution to the company. He leaves the racecourse with the redevelopment completed, the company in a strong financial position with no debt and with a world class racing and events facility upon which the company can build for many years to come.

 

 

 

 

DOMINIC J BURKE

Chairman

21 September 2023

CHIEF EXECUTIVE'S REPORT

 

Performance Review

 

Turnover increased by 3% to £8.03m (2022: £7.81m) in the first half of the year. Gross profit decreased to £0.8m (2022: £1.55m) reflecting the increase in the cost base due to inflation, utilities, business rates and additional prize money. However Administrative expenses saw a marginal increase at £1.45m (2022: £1.41m)

 

Mid-year operating losses of £0.65m (2022: Profit of £0.14m) were in line with expectations, given the anticipated cost increases.

 

Exceptional items in the first six months of 2023 were nil (2022: credit of £0.03m) being the fair value movement on the David Wilson Homes debtor, which has now fully unwound given the debt is fully paid.

 

The pre-tax loss on ordinary activities was £0.57m (2022: profit of £0.22m).

 

Racing

 

The racecourse has hosted thirteen racedays to 30th June 2023, with the January fixture abandoned due to the weather. This compares to fourteen staged during the same period in 2022. Declared attendances in the first six months were 43,015, compared with 55,133 for the same period in 2022.

 

Total media related revenues of £2.85m, were up 7% on the same period in 2022, partly as a consequence of the new Media Rights agreement taking effect for retail from 1st April as well as the Worldpool pool betting arrangement on Lockinge Day.

 

We are grateful to have received continued significant support from all of our sponsors, with particular thanks to Al Shaqab, Betfair, BetVictor, Starlight Children's Foundation, Compton Beauchamp Estates, Goffs, Watership Down Stud and Dubai Duty Free for their committed investment in the first half of the year.

 

Catering, Hospitality and Conference & Events

 

The partnership agreement with Levy Restaurants (part of Compass Group) which commenced in June 2021, is now into its second full financial trading year. The reported royalty income for the first half of 2023 was £0.08m, compared with £0.16m in 2022. The shortfall in performance due to the lower attendances as well as the closure of the Hennessy Restaurant in early 2023 whilst it underwent a substantial refurbishment. This investment was funded equally with Levy and the much-improved facility re-opened in May.

 

Conference & Events has performed well in 2023 as we have relaunched this part of the business following encouraging trading in 2022. Consequently, our revenues up to 30 June 2023 were £0.13m, 10% up on 2022, resulting in an operating profit of £0.07m (2022: profit of £0.08m).

 

The Lodge

 

The Lodge (our 36-bedroom onsite hotel) has performed well in 2023 following its relaunch in early 2022 after 22 months of closure due to COVID. Revenue for the first half of the year was £0.39m (2022: £0.34m) and a reported profit of £0.05m (2022: £0.05m). Occupancy at 30th June 2023 was 65% (2022: 62%) with Average Room Rate up 15% year-on-year.

 

Rocking Horse Nursery

 

The Rocking Horse Nursery has continued to trade strongly this year. Revenues in the first six months of 2023 were £0.98m, up 12% on the comparative period in 2022 of £0.86m with this business unit reporting an operating profit of £0.34m (2022: profit of £0.31m). The single room extension opened in August.

 

 

 

 

 

JULIAN THICK

Chief Executive

21 September 2023


Consolidated Profit and Loss Account

Six months ended 30 June 2023

 

 

Note

Unaudited

6 months 30/06/23

£'000

Unaudited

6 months

30/06/22

£'000

Turnover

7

8,028

7,812

Cost of sales


(7,227)

(6,261)

Gross profit

7

801

1,551

Administrative expenses


(1,450)

(1,407)

Other operating income

8

-

-

Operating (loss)/profit before exceptional items


(649)

144

Exceptional Items

9

-

31

(Loss)/profit before interest and tax


(649)

175

Interest receivable and similar income


   93

   90

Interest payable and similar charges


(14)

(48)

(Loss)/profit before taxation


(570)

217

Tax (charge)/credit

10

52

(109)

(Loss)/profit after taxation


(518)

108





 

Loss / Profit per share (basic and diluted) (See Note 11)


(15.47)p       

  3.23p      

 

All amounts are derived from continuing operations

 

 

 

 

Consolidated Statement of Comprehensive Income

Six months ended 30 June 2023

 


 

 

Unaudited

6 months

30/06/23

£'000

Unaudited

6 months

30/06/22

£'000

(Loss)/profit for the period




(518)

108

Remeasurement of the net defined pension liability




(56)

-

Deferred tax on remeasurement



14

-

Total comprehensive (loss)/income for the period

 

 

 

(560)

108

 

 

 



Consolidated Balance Sheet

As at 30 June 2023

 


 

 

 

 

Note

Unaudited

30/06/23

£'000

 

       Audited

31/12/22

£'000

Fixed assets






Tangible assets


12

42,014


41,395

Investments



117


117

 



42,131


41,512

Current assets



 



Stocks



42


40

Debtors: amounts falling due after more than one year



3,694


3,533

Debtors: amounts falling due within one year



2,031


2,676

Short term deposits at bank



2,000


2,000

Cash at bank and in hand



3,953


4,127




11,720


12,376

Creditors: amounts falling due within one year


(4,365)


(3,787)

Net current assets



7,355


8,589

Total assets less current liabilities



49,486


50,101

Creditors: amounts falling due after more than one year


-


-

Provisions for liabilities


 



Provisions



(3,925)


(3,987)

Pension liability


15

-


-

Net assets



45,561


46,114

Capital grants



 



Deferred capital grants



26


19

Capital and reserves



 



Called up share capital


13

335


335

Share premium account



10,202


10,202

Revaluation reserve



75


75

Equity reserve



143


143

Profit and loss account surplus



34,780


35,340

Shareholders' funds



45,535     


46,095

Net assets



45,561


46,114







The unaudited half year financial statements of Newbury Racecourse PLC, company registration 00080774, were approved by the Board of Directors on 20 September 2023 and signed on its behalf by:

 

 

 

 

 

D J Burke (Chairman)                                                           J M Thick (Chief Executive)

 



Consolidated Statement of Changes in Equity

At 30 June 2023

 

 

 

GROUP

Share Capital £'000

Share

Premium

£'000

Capital

redemption Reserve

£'000

Revaluation reserve £'000

Profit and loss account £'000

Total

 £'000

At 1 January 2023

335

10,202

143

75

35,340

46,095

Loss for the period to 30 June 2023

-

-

-

-

(518)

(518)   

Other comprehensive income

-

-

-

-

(42)

(42)

Total Comprehensive income

 

 

 

 

(560)

(560)

At 30 June 2023

335

10,202

143

75

34,780

45,535

 

 

 






 

GROUP

Share Capital £'000

Share

Premium

£'000

Capital

redemption Reserve

£'000

Revaluation reserve £'000

Profit and loss account £'000

Total

 £'000

At 1 January 2022

335

10,202

143

75

37,857

48,612

Profit for the period to 30 June 2022

-

-

-

-

108    

108

Transactions with owners






 

Dividends (Note 14)

-

-

-

-

(3,000)

(3,000)

Total transactions with owners

 

 

 

 

(3,000)

(3,000)

At 30 June 2022

335

10,202

143

75

34,965

45,720



 

Consolidated Cash Flow Statement

Six months ended 30 June 2023

 




Unaudited

6 months 30/06/23

Unaudited

6 months 30/06/22




£000

£000

Cash flows from operating activities



(Loss)/profit for the financial period

              (518)                   

                108

 

Adjustments for:



Exceptional items

                   -                   

                (31)

Amortisation of capital grants

                 (4)                   

                 (9)

Depreciation charges

                720                   

                640

Interest paid

                 14                   

                 48

Interest received

               (93)                   

                (90)

Tax charge /(credit)

               (52)                   

                109

Decrease/(increase) in stocks

                   1                   

                (21)

Decrease/(increase) in debtors

                539                   

              (592)

Increase in creditors

                795                   

                753

Corporation tax paid

                   -                   

                   -

Other associated property receipts

23

51

Pension funding deficit payments

(70)

(68)

Net cash generated from operating activities

 

                                       

             1,355

                                       

                    

                898

                    

Cash flows from investing activities



Receipts from David Wilson Homes

                   -                   

            10,706

Purchase of fixed assets

           (1,559)

              (594)

Interest received

30


 

Net cash from investing activities

 

                   

           (1,529)                   

                   

                    

            10,112

                    

Cash flows from financing activities



Repayment of bank loan

-

(4,500)

Repayment of CBEL Loan

-

(2,712)

Interest paid

                   -                   

                (17)

Dividend paid

-

(3,000)

 

Net cash used in financing activities

                                       

                   -                   

                    

           (10,229)

 

Net Increase/(decrease) in cash and cash equivalents

                                       

                174                   

                    

                781

 

Cash and cash equivalents at beginning of period

             4,127                   

              6,009

Cash and cash equivalents at the end of period

             3,953                   

              6,790

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Notes to the Interim Financial Statements

Six months ended 30 June 2023

 

RESPONSIBILITY STATEMENT

 

We confirm that to the best of our knowledge:

 

(a)   The condensed set of financial statements has been prepared in accordance with FRS 104 'Interim Financial Reporting' giving a true and fair value of the assets, liabilities, financial position and profit or loss of the undertakings included in the consolidation as a whole as required by DTR 4.2.4R.

 

(b)   The interim report includes a fair review of the information required by DTR 4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year); and

 

(c)   The interim management report includes a fair review of the information required by DTR 4.2.8R (disclosure of related parties' transactions and changes therein).

 

By order of the Board,

 

 

 

 

J M Thick                                                M Leigh

Chief Executive                             Finance Director

 

21 September 2023                                   21 September 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Notes to the Interim Financial Statements

Six months ended 30 June 2023

 


1.    BASIS OF PREPARATION

 

Newbury Racecourse PLC (the "Company") is a public company incorporated, domiciled and registered in England in the UK. The registered number is 00080774 and the registered address is The Racecourse, Newbury, Berkshire, RG14 7NZ.

 

These Group and parent company financial statements were prepared in accordance with Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland ("FRS 102").

 

These interim financial statements do not include all of the notes and disclosures required to comply with FRS102, as they have been prepared in accordance with the content, recognition and measurement principles for interim financial reports, Financial Reporting Standard 104 (FRS 104).

 

The interim financial statements for the six months ended 30 June 2023 do not constitute statutory accounts within the meaning of S434 of the Companies Act 2006. The auditor's report on the accounts of Newbury Racecourse plc for the 12 months to 31 December 2022 was unqualified, did not draw attention to any matters by way of emphasis and did not contain any statement under S498 (2) or (3) of the Companies Act 2006 and has been delivered to the Registrar of Companies.

 

2.    SIGNIFICANT ACCOUNTING POLICIES

 

The Interim Financial Statements have been prepared in accordance with the accounting policies adopted in the Group's most recent annual financial statements for the year ended 31 December 2022 and those expected to be applied for the year ending 31 December 2023.

 

3.    ESTIMATES

 

When preparing the Interim Financial Statements, management undertakes a number of judgements, estimates and assumptions about recognition and measurement of assets, liabilities, income and expenses. The actual results may differ from the judgements, estimates and assumptions made by management, and will seldom equal the estimated results.

 

The judgements, estimates and assumptions applied in the Interim Financial Statements, including the key sources of estimation uncertainty, were the same as those applied in the Group's last annual financial statements for the year ended 31 December 2022. The only exceptions are the estimate of income tax liabilities which is determined in the Interim Financial Statements using the estimated average annual effective income tax rate applied to the pre-tax income of the interim period.

 

4.    GOING CONCERN

 

The Board has undertaken a full, thorough and continual review of the Group's forecasts and associated risks and sensitivities, over the next twelve months. The extent of this review reflects the current economic climate as well as the specific financial circumstances of the Group.

 

The Board identified that the Group's cash flow forecasts are sensitive to fluctuating revenue streams from ticket sales, corporate hospitality, conference and event income. A system of regular reviews of the forecasted business has been implemented to ensure all variable costs are flexed to match anticipated revenues. In addition, a number of race meetings have been insured for adverse weather conditions (and other factors such as animal disease and national mourning), reducing the levels of risk carried by the Group.

 

The Board has reviewed the cash flow and working capital requirements in detail. Following this review, the Board has concluded that it has reasonable expectation that the Group has adequate resources in place to continue in operational existence for the foreseeable future and has not identified a material uncertainty in this regard. On this basis the going concern basis has been adopted in preparing the financial statements.


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Notes to the Interim Financial Statements

Six months ended 30 June 2023

 


5.    REVENUE RECOGNITION

 

Services rendered, raceday income including admissions, catering revenues, sponsorship and licence fee income is recognised on the relevant raceday.  Annual membership income and box rental is recognised over the period to which they relate.

 

Other income streams are also recognised over the period to which they relate, for example, conference income is recognised on the day of the conference, the Lodge hotel income is recognised over the duration of the guests stay and nursery income is recognised as the child attends the nursery.

 

Sale of goods revenue is recognised for the sale of food and liquor when the transaction occurs.

 

6.    PROPERTY RECEIPTS

 

Property receipts are recognised in accordance with the nature of the transaction being that of an exceptional sale of land. The minimum guaranteed sum, as set out in the agreement with David Wilson Homes, is recognised at the point of sale. In accordance with FRS102, at each reporting date, the sum receivable is re-estimated based upon currently projected land value with the difference between this value and the discounted net present value recorded in the profit and loss account.



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Notes to the Interim Financial Statements

Six months ended 30 June 2023

 

7.    SEGMENTAL ANALYSIS

30 June 2023

Turnover

£'000

 Gross

Profit

£'000

Operating (Loss)/profit before exceptional items

£'000

(Loss)/profit before tax £'000

*Net Assets

£'000

Trading

6,628

385

(1,046)

(1,047)

38,172

Nursery

976

337

337

337

3,333

Lodge

394

49

49

49

1,532

Property

30

30

11

91

2,524

Total

8,028

801

(649)

(570)

45,561

 

 

 

 

 

 

30 June 2022

Turnover

£'000

Gross Profit/(Loss)

£'000

Operating (Loss)/profit before exceptional items

£'000

(Loss)/profit before tax £'000

*Net Assets

£'000

Trading

6,581

1,156

(231)

(272)

39,115

Nursery

863

312

312

312

2,674

Lodge

338

53

53

53

1,569

Property

30

30

10

124

2,389

Total

7,812

1,551

144

217

45,747

 

 

* Net assets represents fixed assets less deferred income and term loans for Property, Nursery and Lodge; all working capital is included within the 'Trading' segment.

 

 

8.    EXCEPTIONAL ITEMS

 






 

6 months

30/06/23

£'000

6 months

30/06/22

£'000

DWH debtor movement in fair value






-

31

Total






-

31

 

In accordance with the audited financial statements, accounting transactions related to the DWH agreement are considered outside the ordinary course of business.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Notes to the Interim Financial Statements

Six months ended 30 June 2023

 

9.    TAXATION

 

The tax has been computed in accordance with FRS 104 Interim Financial Reporting.  This requires the company to apply the estimated annual effective tax rate to the loss for the interim period and recognise a tax credit only to the extent that the resulting tax asset is more likely than not to reverse.  

 

10.   PROFIT PER SHARE

 

Basic and diluted loss per share of 15.47p (2022 profit per share: 3.23p) is calculated by dividing the loss attributable to ordinary shareholders for the period ended 30 June 2023 of £518,000 (2022: profit of £108,000) by the weighted average number of ordinary shares during the period of 3,348,326 (2022: 3,348,326).

 

11.   TANGIBLE FIXED ASSETS

 

GROUP




Freehold property

£'000

Fixtures

 and

 fittings

 £'000

Tractors and motor vehicles

£'000

Total

£'000

Cost or valuation








As at 1 January 2023




54,419

11,266

313

65,998

Additions




1,159

176        

12

1,347

Disposals




-

(9)

-

(9)

At 30 June 2023




55,578

11,433

325

67,336

Depreciation








At 1 January 2023




18,137

6,264

202

24,603

Charge for year




371

337

12

720

Disposals




-

(9)

-

(9)

At 30 June 2023




18,508

6,592

214

25,314

Net book value at 30 June 2023




37,070

4,841

111

42,022

Net book value at 31 December 2022




36,282

5,002

111

41,395

 

 








In 1959 a revaluation of part of the freehold land at £117,864 gave rise to an excess of £75,486 over its cost and this sum is included in the total value of this asset.  The excess on revaluation is credited to the Revaluation Reserve.  The net book value of freehold land and buildings (and excluding outdoor fixtures) determined by the historical cost convention is £36,994,000 (2022: £36,051,000).

 

In 2018 the board revisited the residual values and useful economic lives of the land enhancements and major buildings on the site. Savills were instructed to provide an estimate of the residual values and these were applied in re estimating the depreciation charge for those assets. There was no further change in the residual values or useful economic lives during 2023.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Notes to the Interim Financial Statements

Six months ended 30 June 2023

 

12.   SHARE CAPITAL


 

 

 

30/06/23

£'000

30/06/22

£'000

Authorised






Ordinary shares of 10p each




600

600

Total




600

600

 






 




30/06/23

£'000

30/06/22

£'000

Allotted and fully paid






Ordinary shares of 10p each




335

335

Total




335

335







 

13.   DIVIDENDS

 


2023

2022


Pence/share

£'000

Pence/share

£'000

Final dividend for:

 

 

 

 

Year ended 31 December 2022

-

-

89.6p

(3,000)

Dividends paid in the year

 

-

 

(3,000)

           

 

14.   RETIREMENT BENEFIT OBLIGATIONS

The defined benefit obligation as at 30 June 2023 has been determined with reference to the figures recorded at 31 December 2022, which were calculated in accordance with FRS102 s.28. In the Directors' opinion there have not been any significant fluctuations in the key assumptions. The movement in the defined benefit deficit relates to the top-up payment made during the period ended 30 June 2023 of £0.07m, net of interest charges accrued and the restriction on recognition of scheme assets.

 

 

15.   RELATED PARTY TRANSACTIONS

There are no significant changes to the nature and treatment of related party transactions for the period to those reported in the 2022 Annual Report and Accounts.

 

 

 

 

 

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