Half Year Results

 

Press release

18 July 2011

 

WH Ireland Group plc

(“WH Ireland” or “the Group”)

 

Half Year Results

for the six months ended 31 May 2011

 

WH Ireland (AIM: WHI), the financial services group serving the private client and smaller company market, today announces its half year results for the six months ended 31 May 2011. 

 

●	Group turnover increased by 29.7% on the same period last year to £11.41 million (H1 2010: £8.80 million)
●	Profit before tax for the half year ended 31 May 2011 of £0.71m (half year ended 31 May 2010: loss of £0.62m)
●	Adjusted profit before tax (before goodwill impairment and loss on disposal of associate) for the half year ended 31 May 2011 of £1.48m (half year ended 31 May 2010: loss of £0.59m)
●	Basic earnings per share of 2.35p for the period (half year ended 31 May 2010: loss of 0.74p)
●	Adjusted basic earnings per share for the period (after adding back goodwill impairment and loss on disposal of associate) of 6.01p (half year ended 31 May 2010: loss of 0.62p)
●	Equity shareholder funds of £14.10 million, up £0.61 million from year end
●	Total funds under management and control increased by 10.2% from year end to £1.80 billion
●	Successful divestment of 37.28% holding in an Australian stock broking business, enabling the Group to focus on growing the UK operations
●	The Group was profitable for each of the six months in this period, providing a solid base from which to advance

 

Rupert Lowe, Chairman of WH Ireland, commented:  “The Board is pleased to announce that the Group has delivered robust results despite the ongoing challenging market conditions; having achieved profitability for each of the six months in the period, WH Ireland is in a strong position for future growth and to maintain the momentum that we have built.  The Group’s strategic focus is clear, and with new revenue streams including market making in corporate stocks, we look forward to further expanding the team and our presence in our market.” 

 

– Ends –

For further information please contact:

 

WH Ireland Group plc	+44 (0) 20 7220 1666
Rupert Lowe, Chairman
Paul Compton, Chief Executive
Panmure Gordon (UK) Limited	+44 (0)20 7459 3600
Hugh Morgan/Abhishek Majumdar (Corporate Finance)
Adam Pollock (Corporate Broking)
Abchurch Communications	+44 (0)20 7398 7714
Julian Bosdet / Joanne Shears / Oliver Hibberd
Oliver.hibberd@abchurch-group.com

 

Chairman’s statement

The first half of 2011 was very difficult for stock broking businesses.  Markets were flat with remarkably little change during the period, and trading volumes were consequently reduced.  Furthermore, the prevalent nervousness surrounding a variety of issues reduced investors’ risk appetite, particularly for new issues. 

 

Despite this difficult economic backdrop, WH Ireland has achieved robust results for the six months to 31 May 2011, increasing revenues by £2.6 million (29.7%) to £11.4 million.  This revenue increase allied to cost reduction measures has allowed the Group, as compared with the same period last year, to turn a loss before tax of £0.6 million into a profit before tax of £0.7 million.

 

During the first half of the year WH Ireland divested its 37.28% holding in WHI Australia Pty Limited, the holding company of DJ Carmichael Pty Limited, the Australian stock broking business.  This has enabled both management and financial resource to be targeted solely on the Group’s UK operations, whilst continuing the mutually beneficial working relationship with the DJ Carmichael management team in Australia.  The Group has also written down the carrying value of goodwill by £0.5m from historic acquisitions made.  After taking into account this write down and the disposal of the Australian business, the Group’s profit before tax for the six month period would instead have been £1.5 million.

 

The new management team of Chief Executive, Paul Compton and Finance & Operations Director, Alan Kershaw are functioning well.  They are simplifying the incentive schemes available for staff whilst constantly driving down costs.  It is notable that the Group was profitable for each of the six months in this half year, rather than being saved by one large deal in the period, which is further evidence that operationally we now have a solid base from which to advance.

 

Strategically the Group is focussed on its core activities: which are the provision of high quality investment advice and execution to the UK private client market; along with corporate broking advice and equity raising for the UK smaller company market.  Funds under management and control rose to £1.8bn and we now advise 51 quoted corporate advisory and broking clients.

 

The period as a whole has seen three significant developments for the Group: 

1.   The strength and liquidity of the balance sheet was improved through profitability and the realisation of £2.2 million of investments, allowing the repayment of the bank overdraft.  As at 31 May 2011, the Group had £2.6 million of cash at bank after funding its increasing settlement and trading positions

2.   New revenue streams have been developed, with the Group now being one of the few smaller broking houses to offer market-making in its corporate stocks, and a full Contracts for Difference (“CFD”) and spread betting service.  In addition since the end of May, the Group has designed and created its first structured product.  Recruitment has helped to reinvigorate the Group’s corporate broking activity, and equity raised for clients in the comparable period rose from £3.1 million across three deals to £45 million in eleven deals. 

3.   Preparation is underway for what is likely to be the most significant development in small company broking for at least a decade – namely the enhancement of EIS tax relief proposed by the Coalition Government.  These proposals should come into effect from April 2012 and the Group is positioning itself now to make the most of this opportunity. 

 

Looking forward the Group is now well financed, profitable on a consistent basis and, as one of the few firms that offers both private client and corporate broking services, ideally positioned to benefit from the impact of the EIS changes.  During this turnaround period staff have made an enormous contribution to the Group and I would like to thank them for their support.  We now have the opportunity to build on our achievements, in what was a fairly testing first half of the year, and as a result we are actively recruiting more private client brokers into the team.  The Board will review its dividend policy at the year end.

 

Whilst the Board remains aware of the fragile nature of global markets, we view the future with confidence.

 

Rupert Lowe

Chairman

15 July 2011

Consolidated statement of comprehensive income – unaudited

for the half year ended 31 May 2011

 

		Half year	Half year	Year
		ended	ended	ended
		31 May	31 May	30 November
		2011	2010	2010
	Note	£’000	£’000	£’000
			(as restated, note 7)	(as restated, note7)
Revenue	2	11,408	8,799	18,379
Administrative expenses		(10,340)	(9,488)	(19,210)
Operating profit/(loss)		1,068	(689)	(831)
Other income		16	29	45
Investment gains		7	30	259
Fair value losses on investments		(163)	(96)	(72)
Finance income		41	26	54
Finance expense		(38)	(54)	(90)
Share of profit of associates		63	130	226
Profit/(loss) on disposal of associate		(284)	4	(311)
Profit/(loss)before tax		710	(620)	(720)
Tax (charge)/credit		(215)	464	351
Profit/(loss) for the period		495	(156)	(369)
Other comprehensive income
Valuation gains/(losses) on available-for-sale investments		135	20	(192)
Transferred to profit or loss on sale of investments		(9)	(22)	(31)
Tax relating to components of other comprehensive income		(34)	–	60
Total other comprehensive income		92	(2)	(163)
Total comprehensive income		587	(158)	(532)
Profit/(loss) for the period attributable to:
Owners of the parent		495	(156)	(369)
		495	(156)	(369)
Total comprehensive income attributable to:
Owners of the parent		587	(158)	(532)
		587	(158)	(532)
Earnings per share for profit attributable to the ordinary equity holders of the parent during the period
Basic	6	2.35p	(0.74)p	(1.75)p
Diluted	6	2.29p	(0.74)p	(1.75)p

 

 

Consolidated statement of financial position – unaudited

as at 31 May 2011

 

		31 May	31 May	30 November
		2011	2010	2010
	Note	£’000	£’000	£’000
			(as restated, note 7)	(as restated, note 7)
Assets
Non-current assets
Property, plant and equipment		6,195	6,394	6,301
Goodwill		2,349	2,866	2,835
Intangible assets		80	240	161
Associates		–	2,003	1,156
Investments	3	450	1,417	1,483
Loan note receivable		25	335	335
Deferred tax asset		664	912	930
		9,763	14,167	13,201
Current assets
Trade and other receivables		34,279	32,752	37,205
Other investments		807	70	–
Corporation tax recoverable		36	263	21
Cash and cash equivalents	4	2,559	1,600	2,439
		37,681	34,685	39,665
Total assets		47,444	48,852	52,866
Liabilities
Current liabilities
Trade and other payables		(30,639)	(31,828)	(36,495)
Borrowings		(311)	(474)	(305)
Provisions		(96)	–	(149)
		(31,046)	(32,302)	(36,949)
Non-current liabilities
Borrowings		(1,771)	(1,936)	(1,930)
Deferred tax liability		(367)	(313)	(384)
Accruals and deferred income		(139)	(167)	(98)
Provisions		(20)	(135)	(20)
		(2,297)	(2,551)	(2,432)
Total liabilities		(33,343)	(34,853)	(39,381)
Total net assets		14,101	13,999	13,485
Equity
Share capital	5	1,064	1,064	1,064
Share premium		5,724	5,724	5,724
Available-for-sale reserve		139	208	47
Other reserves		1,472	1,472	1,472
Retained earnings		5,989	5,818	5,465
Treasury shares		(287)	(287)	(287)
Total equity		14,101	13,999	13,485

 

 

Consolidated statement of cash flows – unaudited

for the half year ended 31 May 2011

	Half year	Half year	Year
	ended	ended	ended
	31 May	31 May	30 November
	2011	2010	2010
	£’000	£’000	£’000
		(as restated, note 7)	(as restated, note 7)
Operating activities
Profit/(loss) for the period	495	(156)	(369)
Adjustments for:
Depreciation, amortisation and impairment	707	293	562
Financial income	(41)	(26)	(54)
Financial expense	38	54	90
Taxation	215	(464)	(351)
Share of profit of associates	(63)	(130)	(226)
Loss/(profit) on disposal of associates	284	(4)	311
Changes in investments	249	217	272
Gain on sale of property, plant and equipment	–	(34)	(26)
Non-cash adjustment for share option charge	29	46	(94)
Decrease in trade and other receivables	2,926	9,921	5,468
Decrease in trade and other payables	(5,815)	(12,930)	(8,332)
(Decrease)/increase in provisions	(53)	(13)	22
Increase/(decrease) in current asset investments	(807)	785	855
Net cash used in operations	(1,836)	(2,441)	(1,872)
Income taxes (paid)/received	(15)	15	256
Net cash used in operating activities	(1,851)	(2,426)	(1,616)
Investing activities
Proceeds from sale of property, plant and equipment	–	300	291
Proceeds from sale of investments	1,038	–	823
Interest received	41	26	54
Disposal of associate	935	75	75
Acquisition of property, plant and equipment	(34)	(22)	(81)
Acquisition of investments	(128)	(122)	(665)
Repayment/Purchase of loan notes	310	–	–
Net cash generated from investing activities	2,162	257	497
Financing activities
Repayment of borrowings	(153)	(435)	(610)
Interest paid	(38)	(54)	(90)
Net cash used in financing activities	(191)	(489)	(700)
Net increase/(decrease) in cash and cash equivalents	120	(2,658)	(1,819)
Cash and cash equivalents at beginning of period	2,439	4,258	4,258
Cash and cash equivalents at end of period	2,559	1,600	2,439
Clients’ settlement cash	2,503	549	1,573
Group cash	56	1,051	866
Cash and cash equivalents at end of period	2,559	1,600	2,439

 

Condensed consolidated statement of changes in equity – unaudited

for the half year ended 31 May 2011

 

			Available
	Share	Share	for-sale	Other	Retained	Treasury	Total
	capital	premium	reserve	reserves	earnings	shares	equity
	£’000	£’000	£’000	£’000	£’000	£’000	£’000
Balance at 1 December 2009 (as restated, note7)	1,064	5,724	210	1,472	5,928	(287)	14,111
Total comprehensive income for the period (as restated, note 7)	–	–	(2)	–	(156)	–	(158)
Recognition of share-based payments	–	–	–	–	46	–	46
Balance at 31 May 2010 (as restated, note7)	1,064	5,724	208	1,472	5,818	(287)	13,999
Total comprehensive income for the period	–	–	(161)	–	(213)	–	(374)
Recognition of share-based payments	–	–	–	–	(140)	–	(140)
Balance at 30 November 2010	1,064	5,724	47	1,472	5,465	(287)	13,485
Total comprehensive income for the period	–	–	92	–	495	–	587
Recognition of share based payments	–	–	–	–	29	–	29
Balance at 31 May 2011	1,064	5,724	139	1,472	5,989	(287)	14,101

 

The nature and purpose of each reserve is summarised below:

 

Share premium

The share premium is the amount raised on the issue of shares that is in excess of the nominal value of those shares and is recorded less any direct costs of issue.

 

Available-for-sale reserve

The available-for-sale reserve reflects gains or losses arising from the change in fair value of available-for-sale financial assets except for impairment losses which are recognised in the statement of comprehensive income.  When an available-for-sale asset is impaired or derecognised, the cumulative gain or loss previously recognised in the available-for-sale reserve is transferred to the statement of comprehensive income.

 

Other reserves

Other reserves comprise a merger reserve of £1,244k and capital redemption reserve of £228k.

 

Retained earnings

Retained earnings reflect accumulated income, expenses, gains and losses recognised in the statement of comprehensive income and are net of dividends paid to shareholders.  The cumulative effect of changes in accounting policy is also reflected as an adjustment in retained earnings.

 

Treasury shares

Purchases of the Company’s own shares in the market are presented as a deduction from equity, at the amount paid, including transaction costs. That is, treasury shares are shown as a separate class of shareholders’ equity with a debit balance.

 

Notes to the condensed consolidated interim financial statements

for the half year ended 31 May 2011

 

1. Basis of preparation

Statement of compliance

These consolidated interim financial statements have been prepared in accordance with the disclosure requirements of AIM Rules and the recognition and measurements of International Financial Reporting Standards (IFRS), as adopted by the European Union (EU) excluding IAS 34 ‘Interim Financial Reporting’.

 

The consolidated interim financial statements are condensed and do not include all of the information required for full annual financial statements.

 

The information in this interim report is unaudited and does not constitute statutory accounts within the meaning of Section 434(3) of the Companies Act 2006.  The interim report was approved by the Board of Directors on 14 July 2011.  The statutory accounts for the year ended 30 November 2010 have been delivered to the Registrar of Companies in England and Wales.  The auditor has reported on those accounts.  Its report was unqualified, did not draw attention to any matters by way of emphasis, and did not contain a statement under Section 498(2) or 498(3) of the Companies Act 2006.

 

The accounting policies adopted by the Group in the preparation of its 2011 interim financial statements are those which the Group currently expects to adopt in its annual financial statements for the year ending 30 November 2011 and are consistent with those disclosed in the annual financial statements for the year ended 30 November 2010.

 

Going concern

The financial statements of the Group have been prepared on a going concern basis.  In making this assessment, the Directors have prepared detailed financial forecasts for the period to November 2012 which consider the funding and capital position of the Group.  Those forecasts make assumptions in respect of future trading conditions, notably the economic environment and its impact on the Group’s revenues and costs.  In addition to this the nature of the Group’s business is such that there can be considerable variation in the timing of cash inflows.  The forecasts take into account foreseeable downside risks, based on the information that is available to them at the time of approval of these financial statements.

 

Certain activities of the Group are regulated by the FSA which is the single statutory regulator for financial services business in the UK and has responsibility for policy, monitoring and discipline for the financial services industry as a whole.  The FSA requires the Group’s capital resources to be adequate; that is sufficient in terms of quantity, quality and availability, in relation to its regulated activities.  The Directors monitor the Group’s regulatory capital resources on a daily basis and they are prepared to implement appropriate management actions to address any potential deficit as required, these actions may include cost reductions, regulatory capital optimisation programmes or further capital raising.  The Directors consider that, taking account of foreseeable downside risks, regulatory capital requirements will continue to be met.

 

Part of the Group’s funding is provided by bank loans.  The Company has a facility with the Bank of Scotland in respect of a £3m property loan facility repayable over twenty years at 1.25% above base rate and a £2m working capital loan facility repayable over ten years, with a one year capital repayment holiday, at 2.25% above base.  The property loan was drawn down on 4 February 2002 and the working capital facility loan was drawn down on 29 May 2002.  The loans are secured on the 11 St James’s Square property in Manchester and the Bank has a floating charge over the assets of the Group. The Directors and the Group’s Bank have agreed that funding facilities will be available to the Group until 29 February 2012.

 

2. Segmental reporting

Following the adoption of IFRS 8, operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments, and who has been identified as the Board of Directors, comprising both Executive and Non-executive Directors.

 

The Group has four main operating divisions; Private Clients, Wealth Management, Capital Markets and Secondary Trading.  These four segments represent the Group’s reportable segments under IFRS8. 

 

The Private Clients division offers investment management and stockbroking advice and services to individuals.  Wealth Management contains our Independent Financial Advisory (“IFA”) business, giving advice on and acting as intermediary for a range of financial products.  The Capital Markets division provides corporate finance and corporate broking advice and services to companies and acts as Nominated Advisor to clients listed on the Alternative Investment Market (“AIM”).  Secondary Trading contains our Institutional Sales and Research business, which carries out stockbroking activities on behalf of companies as well as conducting research into markets of interest to its clients.  Each reportable segment has a segment manager who is directly accountable to and maintains regular contact with the CODM.  The Head Office segment comprises centrally incurred costs and revenues.

 

2. Segmental reporting continued

Half year ended 31 May 2011

	Private	Wealth	Capital	Secondary	Head
	Clients	Management	Markets	Trading	Office	Group
	£’000	£’000	£’000	£’000	£’000	£’000
Revenue	5,036	589	2,033	2,354	1,396	11,408
Segment result	1,696	(352)	1,001	337	(1,614)	1,068
Other Income	–	–	–	–	16	16
Investment income/gains/(losses)	–	–	(143)	–	(13)	(156)
Finance income	–	–	–	–	41	41
Finance expense	–	–	–	–	(38)	(38)
Share of profit of associates	–	–	–	–	63	63
Loss on disposal of associate	–	–	–	–	(284)	(284)
Profit/(loss) before taxation	1,696	(352)	858	337	(1,829)	710
Taxation	–	–	–	–	(215)	(215)
Profit/(loss) on continuing operations after taxation	1,696	(352)	858	337	(2,044)	495

 

Impairment losses on goodwill totalling £487k are included in the segment results above and can be allocated as follows:

·      £36k Private Clients

·      £200k Wealth Management

·      £251k Secondary Trading

Half year ended 31 May 2010 (as restated, note 7)

	Private	Wealth	Capital	Secondary	Head
	Clients	Management	Markets	Trading	Office	Group
	£’000	£’000	£’000	£’000	£’000	£’000
Revenue	4,589	842	1,271	1,174	923	8,799
Segment result	1,180	(87)	(43)	382	(2,121)	(689)
Other Income	–	–	–	–	29	29
Investment income/gains/(losses)	–	–	(93)	–	27	(66)
Finance income	–	–	–	–	26	26
Finance expense	–	–	–	–	(54)	(54)
Share of profit of associates	–	–	–	–	130	130
Profit on disposal of associate	–	–	–	–	4	4
Profit/(loss) before taxation	1,180	(87)	(136)	382	(1,959)	(620)
Taxation	–	–	–	–	464	464
Profit/(loss) on continuing operations after taxation	1,180	(87)	(136)	382	(1,495)	(156)

 

Impairment losses on goodwill of £30k can be allocated to the Private Clients segment and is included in the segment result above.

Year ended 30 November 2010 (as restated, note 7)

	Private	Wealth	Capital	Secondary	Head
	Clients	Management	Markets	Trading	Office	Group
	£’000	£’000	£’000	£’000	£’000	£’000
Revenue	8,783	1,667	2,801	2,395	2,733	18,379
Segment result	2,263	(257)	367	461	(3,665)	(831)
Other Income	–	–	–	–	45	45
Investment income/gains	–	–	135	–	52	187
Finance income	–	–	–	–	54	54
Finance expense	–	–	–	–	(90)	(90)
Share of profit of associates	–	–	–	–	226	226
Loss on disposal of associate	–	–	–	–	(311)	(311)
Profit/(loss) before taxation	2,263	(257)	502	461	(3,689)	(720)
Taxation	–	–	–	–	351	351
Profit/(loss) on continuing operations after taxation	2,263	(257)	502	461	(3,338)	(369)

 

Impairment losses on goodwill of £74k can be allocated to the Private Clients segment and is included in the segment result above.

2. Segmental reporting continued

Segment assets and segment liabilities are reviewed by the CODM in a consolidated statement of financial position.  Accordingly this information is replicated in the Group Consolidated Statement of Financial Position on page 3.  As no measure of assets of liabilities for individual segments is reviewed regularly by the CODM, no disclosure of total assets or liabilities has been made, in accordance with the amendment to paragraph 23 of IFRS 8.

 

3. Investments

	Half year	Half year	Year
	ended	ended	ended
	31 May	31 May	30 November
	2011	2010	2010
	£’000	£’000	£’000
Available-for-sale investments
Fair value:         quoted	14	231	110
unquoted	347	562	347
	361	793	457
Investments at fair value through the income statement
Fair value:         quoted	–	358	721
warrants	89	266	305
	89	624	1,026
Total investments	450	1,417	1,483

 

Fair value, in the case of quoted investments, represents the bid price at the balance sheet date.  In the case of unquoted investments, the fair value is estimated by reference to recent arm’s length transactions.  The fair value of warrants is estimated using established valuation models.

 

4. Cash, cash equivalents and bank overdrafts

For the purposes of the statement of cash flows, cash and cash equivalents comprise cash in hand, deposits with banks and financial institutions with a maturity of up to three months and bank overdrafts repayable on demand.

 

Cash and cash equivalents represent the Group’s and the Company’s money and money held for settlement of outstanding transactions. 

 

Free money held by our bankers on trust on behalf of clients is not included in the balance sheet.  Free money at 31 May 2011 was £74.8m (31 May 2010: £80.9m; 30 November 2010: £85.5m). 

 

5. Share capital

The total number of authorised ordinary shares is 34.5 million shares of 5p each (31 May 2010 and 30 November 2010: 34.5 million).  The total number of issued ordinary shares is 21.3 million shares of 5p each (31 May 2010: 21.3 million; 30 November 2010: 21.3 million).

 

6. Earnings per share

Basic earnings per share (EPS) is calculated by dividing the profit attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the year, excluding ordinary shares purchased by the Company and held as treasury shares.

 

Diluted EPS is the basic EPS, adjusted for the effect of conversion into fully paid shares of the weighted average number of all dilutive employee share options outstanding during the period.  Options over 345,000 (31 May 2010: 1,474,167) shares are excluded from the EPS calculation as they are anti-dilutive.  Anti-dilutive options represent options issued where the exercise price is greater than the average market price for the period.

 

Reconciliations of the earnings and weighted average number of shares used in the calculations are set out below:

	Half year	Half year	Year
	ended	ended	ended
	31 May	31 May	30 November
	2011	2010	2010
	‘000	‘000	‘000
		(as restated, note 7)	(as restated, note 7)
Weighted average number of shares in issue during the period	21,070	21,070	21,070
Effect of dilutive share options	526	93	75
	21,596	21,163	21,145
	£’000	£’000	£’000
Earnings attributable to ordinary shareholders	495	(156)	(369)
Add back goodwill impairment	487	30	74
Add back loss/(profit) on disposal of associate	284	(4)	311
Adjusted earnings attributable to ordinary shareholders	1,266	(130)	16
Basic EPS
Continuing operations	2.35p	(0.74)p	(1.75)p
Diluted EPS
Continuing operations	2.29p	(0.74)p	(1.75)p
Adjusted EPS from continuing operations
Basic	6.01p	(0.62)p	0.08p
Diluted	5.86p	(0.61)p	0.07p

 

7. Restatement of prior periods

The comparatives have been restated in these interim financial statements to reflect the following adjustments:

 

·      On transition to IFRS on 1 December 2007, the Group elected to measure certain fixed assets at their fair value and use that fair value as their deemed cost at that date.  Accordingly, the revaluation surplus at that time should have been reflected within retained earnings rather than a revaluation reserve.  An adjustment has been made to the opening reserves to reflect this, increasing the retained earnings by £667,000 and decreasing the revaluation reserve by £667,000.  The adjustment has neither an effect on the total comprehensive income nor the total net assets at either the current or previous reporting dates.

·      In the six month period ended 31 May 2010 and the year to 30 November 2010, the Group incorrectly reported a transfer to profit or loss on sale of property, plant and equipment of £102,000 within both other comprehensive income and profit for the year.  IAS 16 requires that the gain on the disposal of property, plant and equipment is the difference between the net disposal proceeds and the carrying amount of the asset.  Accordingly, the comparative information has been restated to reflect this change.  This has resulted in the loss for the six month period to 31 May 2010 and for the year ended 30 November 2010 increasing by £102,000 with a corresponding reduction to the loss from other comprehensive income.  The adjustment had neither an effect on the total comprehensive income nor the total net assets at either the current or previous reporting dates.

 

– Ends –